Form 4: Verizon Executive Reports Acquisition of Phantom Stock Units

Joseph J. Russo, EVP & President of Global Networks & Technology at Verizon, reported the acquisition of phantom stock units through a deferred compensation plan.

Summary

• On November 7, 2024, Joseph J. Russo, an executive at Verizon Communications Inc., reported acquiring phantom stock units.
• The transaction involved the acquisition of 80.752 phantom stock units at a price of $11.57 each.
• These units are the economic equivalent of Verizon common stock and are settled in cash upon certain events as per the deferred compensation plan.
• Following the reported transaction, Russo beneficially owns 51,280.931 shares of common stock, including phantom stock acquired through dividend reinvestment.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing an executive's acquisition of phantom stock units. It doesn't inherently convey positive or negative sentiment.

Industry Context

Executive compensation through stock and phantom stock is a common practice in publicly traded companies like Verizon to align management's interests with those of the shareholders.

Comparison to Industry Standards

• Verizon's executive compensation practices, including the use of phantom stock, are generally in line with those of other large telecommunications companies such as AT&T (T) and Comcast (CMCSA).
• These companies often use a mix of salary, stock options, restricted stock units (RSUs), and performance-based bonuses to incentivize their executives.
• The specific mix and terms of these compensation elements can vary widely based on company performance, industry trends, and individual executive contributions.

Stakeholder Impact

• The acquisition of phantom stock units by a Verizon executive could be viewed positively by shareholders as it aligns the executive's interests with the company's performance.
• The transaction itself has minimal direct impact on employees, customers, suppliers, or creditors.

Key Dates