Form 4: Verizon Executive Joseph Russo Acquires Phantom Stock Through Deferred Compensation Plan

Verizon Communications Inc. EVP and President of Global Networks & Technology, Joseph J. Russo, acquired 93.767 units of phantom stock through a deferred compensation plan, increasing his indirect beneficial ownership to 66,001.237 units.

Summary

• Joseph J. Russo, EVP & President Global Networks & Technology at Verizon Communications Inc., acquired 93.767 units of phantom stock.
• The transaction date is listed as July 17, 2025, which is also the date the phantom stock becomes exercisable.
• Each phantom stock unit is the economic equivalent of a portion of one share of common stock and is settled in cash.
• The acquisition was made through a deferred compensation plan.
• Following this transaction, Russo's indirect beneficial ownership of phantom stock totals 66,001.237 units.
• The phantom stock units are valued at $11.69 per unit.
• The total beneficial ownership includes phantom stock acquired through dividend reinvestment.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The transaction is routine executive compensation, indicating continued executive alignment with the company's long-term performance through a deferred compensation plan. It's not a major event but reflects ongoing executive participation in company equity.

Positives

• The acquisition of phantom stock by an executive through a deferred compensation plan indicates continued alignment of executive interests with shareholder value and participation in long-term incentive programs.

Future Outlook

The phantom stock units will become payable upon events established by the reporting person in accordance with the deferred compensation plan, indicating future settlement.

Industry Context

This is a routine executive compensation disclosure for a major telecommunications company. Such plans are common in the industry to align executive incentives with long-term company performance.

Comparison to Industry Standards

• Executive deferred compensation plans involving phantom stock are standard practice across large corporations, including those in the telecommunications sector like AT&T, T-Mobile, and Comcast, to provide long-term incentives and retain key talent.
• The specific amount of phantom stock acquired (93.767 units) is relatively small in the context of a large executive's total compensation and holdings, suggesting a routine accrual rather than a significant new grant.

Related Party Transactions

• The acquisition of phantom stock by an executive through a deferred compensation plan is a related party transaction as it involves compensation between the company and a key management personnel.

Stakeholder Impact

• Primarily impacts the executive's compensation structure and aligns their long-term interests with shareholders.
• No direct immediate impact on customers, suppliers, or creditors.

Next Steps

• The phantom stock units will become payable upon events established by the reporting person in accordance with the deferred compensation plan.

Key Dates

Recommendation

Keywords

Verizon, VZ, Joseph Russo, SEC Form 4, Phantom Stock, Deferred Compensation, Executive Compensation, Insider Transaction, Stock Ownership