Form 4: Verizon Executive Acquires Phantom Stock Units Through Deferred Compensation Plan

Joseph J. Russo, EVP & President of Global Networks & Technology at Verizon, acquired phantom stock units equivalent to 79.658 shares of common stock through a deferred compensation plan on July 3, 2024.

Summary

• On July 3, 2024, Joseph J. Russo, an executive at Verizon Communications Inc., acquired 79.658 units of phantom stock through a deferred compensation plan.
• Each unit of phantom stock is economically equivalent to one share of Verizon's common stock and will be settled in cash upon events established by Russo in accordance with the deferred compensation plan.
• The price of the phantom stock was $11.73 per unit.
• Following the transaction, Russo indirectly owns 48,967.202 units of phantom stock through the deferred compensation plan, which includes phantom stock acquired through dividend reinvestment.

Sentiment

Score: 6

Explanation: The document reflects a routine transaction related to executive compensation, which is neither particularly positive nor negative. It's a standard practice and doesn't indicate any significant change in the company's outlook.

Positives

• The acquisition of phantom stock aligns the executive's interests with the company's performance.
• The deferred compensation plan allows for tax-advantaged savings and investment.

Industry Context

Executive compensation packages often include stock options, restricted stock, or phantom stock to incentivize performance and align executive interests with shareholder value. Deferred compensation plans are also common for executives to defer income and potentially reduce their tax burden.

Comparison to Industry Standards

• Verizon's executive compensation practices, including the use of phantom stock and deferred compensation plans, are generally in line with industry standards for large telecommunications companies.
• Companies like AT&T and Comcast also utilize similar compensation strategies to attract and retain top talent.
• The specific terms and conditions of these plans can vary significantly between companies, but the underlying principles are often the same.

Stakeholder Impact

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

Key Dates