Form 4: Verizon Executive Reports Acquisition of Phantom Stock Units
SEC Form 4 Filing
Joseph J. Russo, EVP & President of Global Networks & Technology at Verizon, reported the acquisition of phantom stock units on June 6, 2024.
Summary
- Joseph J. Russo, an executive at Verizon Communications Inc., filed a Form 4 on June 10, 2024, reporting a transaction involving derivative securities.
- On June 6, 2024, Russo acquired phantom stock units, with each unit representing the economic equivalent of one share of Verizon's common stock.
- The transaction involved the acquisition of 79.26 phantom stock units at a price of $11.79 per unit.
- Following the reported transaction, Russo beneficially owns 48,806.154 phantom stock units through a deferred compensation plan, including units acquired through dividend reinvestment.
- The phantom stock units are settled in cash and become payable upon events established by Russo in accordance with the deferred compensation plan.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing related to executive compensation, and does not inherently indicate positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into the holdings of company insiders. This filing indicates Russo's continued investment in Verizon's future performance through phantom stock units.
Key Dates
| Date | Description |
|---|---|
| 06/06/2024 | Date of phantom stock acquisition |
| 06/10/2024 | Date of Form 4 filing |
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