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 equivalent to 83.452 shares of common stock through a deferred compensation plan.

Summary

• Joseph J. Russo, an Executive Vice President at Verizon Communications Inc., filed a Form 4 detailing changes in his beneficial ownership.
• The transaction involved the acquisition of phantom stock units equivalent to 83.452 shares of Verizon's common stock on April 25, 2024.
• These phantom stock units were acquired through a deferred compensation plan and are settled in cash, with each unit representing a portion of one share of common stock.
• Following the reported transaction, Russo beneficially owns 47,759.978 shares of common stock indirectly through the deferred compensation plan, which includes phantom stock acquired through dividend reinvestment.

Sentiment

Score: 5

Explanation: This is a routine regulatory filing related to executive compensation. It doesn't inherently indicate positive or negative sentiment, but rather reflects standard corporate governance practices.

Industry Context

Form 4 filings are a routine part of executive compensation and provide transparency into the holdings of company insiders. This filing indicates Russo's continued investment in Verizon's stock through deferred compensation.

Stakeholder Impact

• The filing provides transparency to shareholders regarding executive compensation and alignment of interests.

Key Dates