Form 4: Verizon Executive Acquires Phantom Stock Units

Joseph J. Russo, EVP & President of Global Networks & Technology at Verizon, acquired phantom stock units equivalent to 80.169 shares of common stock on August 1, 2024.

Summary

• On August 1, 2024, Joseph J. Russo, an executive at Verizon Communications Inc., acquired phantom stock units.
• The acquisition involved 80.169 phantom stock units, each equivalent to a portion of one share of common stock.
• These units are settled in cash and become payable based on events established by the reporting person in accordance with the deferred compensation plan.
• Following the transaction, Russo beneficially owns 49,918.354 derivative securities through a deferred compensation plan, including phantom stock acquired through dividend reinvestment.

Sentiment

Score: 5

Explanation: This is a routine filing related to executive compensation, and doesn't inherently indicate positive or negative sentiment. It's a neutral event.

Industry Context

Executive compensation through stock and phantom stock is a common practice in publicly traded companies like Verizon to align management's interests with those of shareholders.

Comparison to Industry Standards

• Phantom stock plans are a common form of executive compensation, similar to restricted stock units (RSUs) offered by companies like AT&T and Comcast.
• The value of the phantom stock is tied to Verizon's stock performance, aligning Russo's incentives with shareholder value, a practice seen across the telecommunications industry.

Stakeholder Impact

• The acquisition of phantom stock units aligns the executive's interests with those of the shareholders, potentially driving decisions that increase shareholder value.

Key Dates