Form 4: Verizon Executive Acquires Phantom Stock Units

Verizon's EVP-Public Policy & Chief Legal Officer, Vandana Venkatesh, acquired 109.08 phantom stock units through a deferred compensation plan.

Summary

• Vandana Venkatesh, Executive Vice President of Public Policy and Chief Legal Officer at Verizon Communications Inc., acquired phantom stock units.
• The transaction occurred on November 20, 2025.
• A total of 109.08 phantom stock units were acquired.
• The acquisition was made pursuant to a contract, instruction, or written plan for the purchase of equity securities, intended to satisfy Rule 10b5-1(c).
• Each phantom stock unit is the economic equivalent of a portion of one share of common stock and is settled in cash.
• The phantom stock units become payable upon events established by the reporting person in accordance with the deferred compensation plan.
• The price of the derivative security (phantom stock) was $11.64.
• The underlying security for the phantom stock is Common Stock, with 31 shares.
• Following this transaction, Venkatesh beneficially owns 47,762.466 phantom stock units indirectly through a deferred compensation plan.
• The total beneficially owned phantom stock includes units acquired through dividend reinvestment.

Sentiment

Score: 6

Explanation: The filing reports a routine executive compensation event involving the acquisition of phantom stock, which is a neutral to slightly positive indicator as it aligns executive interests with shareholder value without implying significant operational changes or financial performance shifts.

Positives

• The acquisition of phantom stock aligns the executive's financial interests with the long-term performance of Verizon Communications Inc.
• Participation in a deferred compensation plan is a standard component of executive remuneration, indicating a structured approach to compensation.

Future Outlook

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

Industry Context

This transaction represents a routine executive compensation event, where phantom stock is used to align management incentives with shareholder value, a common practice in large publicly traded companies within the telecommunications sector and broader industries.

Comparison to Industry Standards

• The use of phantom stock as part of executive compensation and deferred compensation plans is a widely adopted practice across major U.S. corporations, including those in the telecommunications industry like AT&T and T-Mobile, to retain key talent and incentivize long-term performance.
• The structure, where phantom stock is the economic equivalent of common stock and settled in cash, is a standard mechanism for providing equity-like benefits without issuing actual shares immediately, similar to plans observed at companies such as Microsoft or Apple for their senior executives.

Corporate Governance

Stakeholder Impact

• Shareholders: The acquisition of phantom stock by an executive generally aligns management's interests with those of shareholders, potentially fostering long-term value creation.
• Employees: No direct impact on general employees is indicated by this specific filing.

Next Steps

• The 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 acquisition of phantom stock by a Verizon executive as part of a deferred compensation plan. Such transactions are standard components of executive compensation and do not typically signal a material change in the company's operational performance, financial outlook, or strategic direction. Therefore, it does not provide new information that would warrant a change from an existing investment thesis.

Keywords

Verizon, VZ, Form 4, Insider Transaction, Phantom Stock, Executive Compensation, Deferred Compensation, Vandana Venkatesh