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

Joseph J. Russo, EVP and President of Global Networks and Technology at Verizon Communications Inc., is set to acquire additional phantom stock units through a deferred compensation plan, increasing his indirect beneficial ownership.

Summary

• Joseph J. Russo, Verizon's EVP and President of Global Networks and Technology, is the reporting person in this SEC Form 4 filing.
• The filing details the acquisition of 92.168 units of phantom stock on June 18, 2025.
• Each phantom stock unit is the economic equivalent of a portion of one share of common stock and is settled in cash.
• The phantom stock units become payable upon events established by Mr. Russo in accordance with the deferred compensation plan.
• The acquired phantom stock units represent 26 shares of Verizon Common Stock.
• The price of the derivative security (phantom stock) for this transaction was $11.89 per unit.
• Following this transaction, Mr. Russo's indirect beneficial ownership of derivative securities (phantom stock) will total 65,819.334 units.
• This total includes phantom stock acquired through dividend reinvestment.
• The ownership is indirect, held through a deferred compensation plan.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. While a routine compensation event, an executive increasing their holdings (even phantom stock) generally signals confidence in the company's future and aligns their interests with shareholders. It's not a direct cash investment, but it's not negative.

Positives

• The acquisition of additional phantom stock by a key executive, Joseph J. Russo, indicates continued alignment of management's interests with the company's long-term performance.
• The increase in beneficial ownership, even through a deferred compensation plan, can be viewed as a positive signal regarding the executive's confidence in the company's future.

Risks

• The value of phantom stock is tied to the performance of Verizon's common stock, meaning a decline in share price would reduce the economic value of these holdings.
• Phantom stock is settled in cash, not actual shares, which means the executive does not gain direct voting rights or equity ownership from these specific units.

Future Outlook

The document does not provide forward-looking statements or guidance regarding the company's future performance, focusing solely on an executive's planned acquisition of phantom stock.

Industry Context

This Form 4 filing is a routine disclosure of executive compensation and holdings within the telecommunications industry. It does not provide broader insights into industry trends or competitive dynamics, but rather reflects an individual executive's compensation structure and indirect equity alignment.

Related Party Transactions

• The acquisition of phantom stock is part of a deferred compensation plan, which is a standard arrangement between the company and its executive.

Stakeholder Impact

• Shareholders: The increase in executive's phantom stock holdings aligns management's financial interests with shareholder value creation, as the value of phantom stock is tied to the common stock price.
• Employees: This filing specifically relates to executive compensation and does not directly impact the broader employee base.
• Creditors: No direct impact on creditors is indicated by this filing.

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 Communications Inc., VZ, Joseph J. Russo, SEC Form 4, Phantom Stock, Deferred Compensation Plan, Insider Holdings, Executive Compensation, Derivative Securities, Telecommunications