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 equivalent to 76.283 shares of common stock on October 10, 2024.

Summary

• On October 10, 2024, Joseph J. Russo, an Executive Vice President at Verizon Communications Inc., reported acquiring 76.283 units of phantom stock.
• These phantom stock units are economically equivalent to shares of Verizon common stock and will be settled in cash upon certain events as per the deferred compensation plan.
• The price of the phantom stock was $12.25 per unit.
• Following the transaction, Russo's indirect holdings include 50,303.973 units of phantom stock through a deferred compensation plan, inclusive of phantom stock acquired through dividend reinvestment.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine filing indicating an executive's compensation activity. The acquisition of phantom stock can be seen as a positive sign of confidence, but it's not a major event.

Positives

• The acquisition of phantom stock units by a high-ranking executive could be interpreted as a sign of confidence in the company's future performance.

Future Outlook

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

Industry Context

Executive compensation through phantom stock is a common practice in publicly traded companies, aligning executive interests with shareholder value by linking payouts to company performance.

Comparison to Industry Standards

• Many companies, such as Apple, Microsoft, and Alphabet, use stock options and restricted stock units as part of their executive compensation packages.
• The specific terms and conditions of phantom stock plans can vary widely across companies, depending on factors such as company size, industry, and compensation philosophy.
• Benchmarking against similar companies in the telecommunications industry would provide a more detailed understanding of Verizon's executive compensation practices.

Stakeholder Impact

• The acquisition of phantom stock by an executive can align their interests with those of shareholders, potentially encouraging decisions that increase shareholder value.

Key Dates