Form 4: Verizon Executive Joseph J. Russo Reports Acquisition of Phantom Stock Units
SEC Form 4 Filing
Verizon's EVP & President of Global Networks & Technology, Joseph J. Russo, acquired 77.014 phantom stock units through a deferred compensation plan.
Summary
- Joseph J. Russo, an Executive Vice President and President of Global Networks & Technology at Verizon Communications Inc., reported a transaction involving phantom stock units.
- On December 5, 2024, Mr. Russo acquired 77.014 phantom stock units at a price of $12.14 per unit.
- These phantom stock units are the economic equivalent of common stock and will be settled in cash upon certain events as per the deferred compensation plan.
- Following this transaction, Mr. Russo's total holdings include 51,435.054 phantom stock units, which includes units acquired through dividend reinvestment.
- The phantom stock units are held indirectly through a deferred compensation plan.
Sentiment
Score: 7
Explanation: The document is a routine SEC filing related to executive compensation, which is generally neutral. The acquisition of phantom stock is a positive for the executive but doesn't have a significant impact on the company's overall performance or outlook.
Industry Context
This is a routine filing related to executive compensation and is common practice for publicly traded companies.
Comparison to Industry Standards
- Executive compensation packages often include phantom stock or similar instruments as a way to align executive interests with shareholder value.
- The use of deferred compensation plans is a common practice among large corporations like Verizon to provide long-term incentives to their executives.
- The reporting of these transactions is a standard requirement under SEC regulations, ensuring transparency in insider trading activities.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is part of an executive's compensation package.
- The transaction does not directly impact employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 12/05/2024 | Date of the phantom stock unit acquisition. |
| 12/09/2024 | Date the form was signed by Brandon N. Egren, Attorney-in-fact for Joseph J. Russo. |
Keywords
phantom stock, deferred compensation, insider trading, executive compensation, Verizon, VZ, stock units
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