Form 4: Verizon Executive Joseph J. Russo Reports Acquisition of Phantom Stock
SEC Filing
EVP & President of Global Networks & Technology at Verizon, Joseph J. Russo, reports acquiring phantom stock units equivalent to 24 shares of common stock at $11.25 each.
Summary
- On May 23, 2024, Joseph J. Russo, an EVP & President at Verizon Communications Inc., reported acquiring phantom stock.
- The transaction involved the acquisition of phantom stock units equivalent to 24 shares of common stock.
- The price of the phantom stock was $11.25 per unit.
- Following the reported transaction, Russo beneficially owns 48,726.894 shares of phantom stock indirectly through a deferred compensation plan, including shares acquired through dividend reinvestment.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing, so the sentiment is neutral.
Future Outlook
The phantom stock becomes payable upon events established by the reporting person in accordance with the deferred compensation plan.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive compensation and ownership.
Key Dates
| Date | Description |
|---|---|
| 05/23/2024 | Date of the phantom stock transaction |
| 05/28/2024 | Date of signature for the Form 4 filing |
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