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 23 shares of common stock through a deferred compensation plan.

Summary

• On April 11, 2024, Joseph J. Russo, an EVP & President at Verizon Communications Inc., reported acquiring 81.506 units of phantom stock.
• These phantom stock units are economically equivalent to a portion of one share of Verizon's common stock and will be settled in cash upon events established by Russo in accordance with the deferred compensation plan.
• The price of the phantom stock was $11.47 per unit.
• Following the transaction, Russo's indirectly held beneficial ownership includes 47,676.526 units of phantom stock through a deferred compensation plan, including phantom stock acquired through dividend reinvestment.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing, so the sentiment is neutral. It simply reports a transaction.

Future Outlook

The phantom stock becomes payable upon events established by the reporting person in accordance with the deferred compensation plan.

Industry Context

This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies like Verizon. It provides transparency into the equity-based compensation of key executives.

Stakeholder Impact

• The transaction has a minor impact on shareholders as it relates to executive compensation and does not significantly alter the company's financial position.

Key Dates