Form 4: Verizon Executive Samantha Hammock Reports Acquisition of Phantom Stock

EVP & Chief HR Officer of Verizon, Samantha Hammock, reports acquisition of phantom stock units settled in cash, as well as holdings through a deferred compensation plan.

Summary

• Samantha Hammock, EVP & Chief HR Officer at Verizon Communications Inc., filed a Form 4 on July 22, 2024.
• The report details the acquisition of phantom stock units on July 18, 2024, with a value of $12 per unit, totaling 77.873 units.
• These phantom stock units are the economic equivalent of Verizon common stock and are settled in cash upon events established by the reporting person in accordance with the deferred compensation plan.
• Hammock also holds 18,375.871 units of phantom stock indirectly through a deferred compensation plan, which includes stock acquired through dividend reinvestment.

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

Executive compensation packages often include phantom stock as a way to align executive interests with shareholder value, providing a cash-settled equivalent to equity ownership.

Comparison to Industry Standards

• Phantom stock grants are a common component of executive compensation packages in large corporations like Verizon.
• Companies such as AT&T and Comcast also utilize similar deferred compensation and equity-based incentive plans for their executives.
• The specific number of units and valuation depend on individual performance and company policies, making direct comparisons challenging without further context.

Stakeholder Impact

• The acquisition of phantom stock by a key executive can signal confidence in the company's future performance to shareholders.
• The deferred compensation plan impacts the executive's long-term financial incentives.

Key Dates