Form 4: Verizon Executive Samantha Hammock Reports Phantom Stock Acquisition

EVP & Chief HR Officer of Verizon, Samantha Hammock, reports acquisition of phantom stock units through a deferred compensation plan.

Summary

• Samantha Hammock, EVP & Chief HR Officer at Verizon Communications Inc., filed a Form 4 on August 5, 2024, reporting a transaction that occurred on August 1, 2024.
• The transaction involved the acquisition of 80.169 units of phantom stock at a price of $11.66 each.
• 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.
• Following the reported transaction, Hammock beneficially owns 18,752.409 derivative securities through a deferred compensation plan, which includes phantom stock acquired through dividend reinvestment.

Sentiment

Score: 5

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

Future Outlook

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

Industry Context

Executive compensation practices, including the use of phantom stock, are common in publicly traded companies to align executive interests with shareholder value. This filing provides transparency into the compensation structure of a key Verizon executive.

Comparison to Industry Standards

• Phantom stock plans are a fairly common form of deferred compensation used by large publicly traded companies such as Verizon.
• These plans are often used in conjunction with other equity-based compensation such as stock options and restricted stock units to incentivize long-term performance.
• The specific terms of Verizon's deferred compensation plan, such as vesting schedules and payout triggers, would need to be compared to those of peer companies to fully assess its competitiveness.

Stakeholder Impact

• The filing provides transparency to shareholders regarding executive compensation.
• The use of phantom stock aligns executive interests with the company's performance, potentially benefiting shareholders.

Key Dates