Form 4: Verizon Executive Craig L. Silliman Reports Changes in Beneficial Ownership

Craig L. Silliman, EVP & President of Verizon Global Services, reports changes in beneficial ownership of Verizon Communications Inc. stock, including phantom stock units.

Summary

• Craig L. Silliman, an executive at Verizon Communications Inc., filed a Form 4 with the SEC.
• The filing reports changes in his beneficial ownership of the company's securities.
• The reported transactions involve phantom stock units and common stock.
• On May 24, 2024, Silliman acquired 26,452.811 phantom stock units.
• Following the reported transaction, Silliman beneficially owns 317,341.294 phantom stock units through a deferred compensation plan.
• 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 becomes payable upon events established by the reporting person in accordance with the deferred compensation plan.
• The reporting person had the right to transfer the value of these shares into an alternative investment under the deferred compensation plan.
• The report also mentions phantom stock acquired through dividend reinvestment.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing reporting changes in beneficial ownership, which is neutral in sentiment.

Industry Context

This filing is a routine disclosure required by the SEC for corporate insiders, providing transparency into their transactions in the company's stock. It is typical for executives to hold and trade company stock as part of their compensation and investment strategies.

Comparison to Industry Standards

• Executive compensation packages often include stock options, restricted stock units (RSUs), and phantom stock to align management's interests with those of shareholders.
• Companies like AT&T (T) and T-Mobile (TMUS) also utilize similar equity-based compensation plans for their executives.
• The specific terms and conditions of these plans, such as vesting schedules and performance metrics, can vary widely across companies and industries.
• Comparing the total equity compensation of Verizon executives to that of their peers at other telecommunications companies would provide a more comprehensive assessment of its competitiveness.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the transactions of company insiders.
• It can influence investor sentiment depending on the nature and volume of the transactions.

Key Dates