Form 4: Verizon CFO Acquires Phantom Stock in Pre-Planned Transaction

Verizon's EVP and CFO, Anthony T. Skiadas, acquired 137.429 phantom stock units through a deferred compensation plan, effective September 11, 2025.

Summary

• Anthony T. Skiadas, Executive Vice President and Chief Financial Officer of Verizon Communications Inc. (VZ), reported an acquisition of derivative securities.
• The transaction involves 137.429 units of phantom stock, acquired at a price of $12.59 per unit.
• The effective date of this transaction is September 11, 2025, indicating a pre-planned acquisition.
• This acquisition was made pursuant to a Rule 10b5-1(c) plan, which allows insiders to establish pre-arranged trading plans to avoid accusations of trading on material non-public information.
• Each phantom stock unit is the economic equivalent of a portion of one share of Verizon common stock and is settled in cash.
• Following this transaction, Mr. Skiadas beneficially owns 128,012.519 phantom stock units, held indirectly through a deferred compensation plan.
• The phantom stock units become payable upon events established by Mr. Skiadas in accordance with the deferred compensation plan.

Sentiment

Score: 7

Explanation: The acquisition of phantom stock by a key executive, even as part of a compensation plan, generally signals alignment of interests with shareholders and confidence in the company's future performance. The transaction being pre-planned under a 10b5-1 plan adds to its routine nature.

Positives

• The acquisition of phantom stock by a key executive, even as part of a compensation plan, aligns management's interests with shareholders.
• The transaction being executed under a Rule 10b5-1 plan demonstrates adherence to corporate governance best practices for insider trading.

Future Outlook

The phantom stock units become payable upon events established by the reporting person in accordance with the deferred compensation plan.

Industry Context

The use of phantom stock and deferred compensation plans is a common practice in executive compensation across various industries, including telecommunications, to incentivize long-term performance and retain key talent.

Comparison to Industry Standards

• The structure of this executive compensation, involving phantom stock and a deferred compensation plan, is consistent with common practices observed in large publicly traded companies like AT&T, T-Mobile, and other major telecommunication firms, which often use similar equity-linked incentives to align executive interests with shareholder value.

Corporate Governance

Related Party Transactions

• This filing details an acquisition of phantom stock by a key executive (Anthony T. Skiadas, EVP and CFO) from the company, which is a common form of related party transaction within executive compensation.

Stakeholder Impact

• Shareholders: May view the executive's increased beneficial ownership as a positive signal of management's commitment and alignment with long-term company performance.
• Management/Employees: The deferred compensation plan provides a long-term incentive and retention mechanism for the EVP and CFO.

Next Steps

• Phantom stock units will become payable upon events established by the reporting person in accordance with the deferred compensation plan.

Key Dates

Recommendation

This Form 4 reports a routine, pre-planned acquisition of phantom stock as part of executive compensation. It does not introduce new material information that would significantly alter the investment thesis for Verizon, thus a 'hold' recommendation remains appropriate.

Keywords

Verizon, VZ, Anthony T. Skiadas, CFO, Phantom Stock, Deferred Compensation, Insider Transaction, SEC Form 4, Executive Compensation, 10b5-1 Plan