Form 4: Verizon Executive Joseph J. Russo Reports Acquisition of Phantom Stock

EVP & President of Global Networks & Technology at Verizon, Joseph J. Russo, reports acquiring phantom stock units through a deferred compensation plan.

Summary

• Joseph J. Russo, an Executive Vice President at Verizon Communications Inc., filed a Form 4 on September 3, 2024, reporting a transaction involving phantom stock.
• On August 29, 2024, Russo acquired 79.402 units of phantom stock at a price of $11.77 per unit.
• These phantom stock units are the economic equivalent of Verizon common stock and will be settled in cash upon certain events as per the deferred compensation plan.
• Following the reported transaction, Russo beneficially owns 50,079.538 units of phantom stock through a deferred compensation plan, which includes phantom stock acquired through dividend reinvestment.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing related to executive compensation, indicating a neutral sentiment.

Future Outlook

The phantom stock will be settled in cash upon events established by the reporting person in accordance with the deferred compensation plan.

Industry Context

Executive compensation packages often include phantom stock as a way to align executive interests with shareholder value, providing a cash payout equivalent to stock performance without diluting existing shares.

Stakeholder Impact

• The transaction has a minor impact on shareholders as it relates to executive compensation and alignment of interests.

Key Dates