Form 4: Verizon Executive Craig L. Silliman Reports Changes in Beneficial Ownership
SEC Form 4 Filing
EVP & President of Verizon Global Services, Craig L. Silliman, reports acquisition and disposal of Verizon Communications Inc. stock and restricted stock units.
Summary
- Craig L. Silliman, EVP & President of Verizon Global Services, filed a Form 4 detailing changes in his beneficial ownership of Verizon Communications Inc. securities.
- On March 1, 2024, Silliman acquired shares through the vesting of restricted stock units (RSUs) and disposed of shares to cover tax obligations.
- Specifically, 14,367, 15,586, and 28,007 shares were acquired through RSU vesting from the 2021, 2022, and 2023 awards respectively.
- Simultaneously, 7,012, 7,606, and 15,520 shares were disposed of at a price of $40.2 to satisfy tax withholding requirements.
- Silliman also acquired 77,115 restricted stock units from the 2024 award.
- Following these transactions, Silliman directly owns 92,410 shares of common stock and indirectly owns 5,155 shares through a 401(k).
- He also holds 77,115 restricted stock units from the 2024 award, 56,017 from the 2023 award and 15,587 from the 2022 award.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing changes in beneficial ownership, with no inherent positive or negative sentiment.
Future Outlook
The 2024 RSUs will vest in three equal annual installments beginning on March 1, 2025.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into the trading activities of company insiders.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units (RSUs) that vest over time, aligning executive interests with long-term shareholder value.
- Companies like AT&T and T-Mobile also utilize RSUs as part of their executive compensation plans.
- The vesting schedules and terms of RSU agreements can vary across companies and are often benchmarked against industry peers.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive stock ownership.
- The transactions have a minimal impact on the overall market capitalization of Verizon.
Key Dates
| Date | Description |
|---|---|
| 03/01/2022 | Beginning of vesting for 2021 Restricted Stock Units in three equal annual installments. |
| 03/01/2023 | Beginning of vesting for 2022 Restricted Stock Units in three equal annual installments. |
| 03/01/2024 | Date of earliest transaction: vesting of RSUs and disposal of shares for tax obligations; beginning of vesting for 2023 Restricted Stock Units in three equal annual installments. |
| 03/01/2025 | Beginning of vesting for 2024 Restricted Stock Units in three equal annual installments. |
| 03/05/2024 | Date of Form 4 filing. |
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