Verizon executive granted phantom stock units

Verizon Communications Inc. executive Joseph J. Russo, EVP & President–Global Networks & Technology, reported a grant of 88.094 derivative units of Phantom Stock (unitized) on 2026-07-16, held indirectly through a deferred compensation plan.

Rhea-AI Filing Summary

Verizon Communications Inc. executive Joseph J. Russo, EVP & President–Global Networks & Technology, reported a grant of 88.094 derivative units of Phantom Stock (unitized) on 2026-07-16, held indirectly through a deferred compensation plan. Each phantom share is economically linked to common stock and settled in cash, becoming payable upon events he established under the plan. Following this award, his indirect holdings total 83,397.208 phantom stock units, including amounts acquired through dividend reinvestment, tied in this transaction to 25 underlying shares of common stock.

Insider Trade Summary

Grant/Award: 88.094 shares

Grant/Award 1 txn

Insider Russo Joseph J.

Role EVP&Pres-Global Networks&Tech

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock (unitized) F1, F2	88.094	$12.53	$1K

Holdings After Transaction: Phantom Stock (unitized) — 83,397.208 contracts (Indirect, By Deferred Compensation Plan)

Footnotes (2)

1. F1. Each share of phantom stock is the economic equivalent of a portion of one share of common stock and is settled in cash. The shares of phantom stock become payable upon events established by the reporting person in accordance with the deferred compensation plan.
2. F2. Includes phantom stock acquired through dividend reinvestment.

Key Figures

Phantom stock units acquired: 88.0940 units Recorded value per phantom stock unit: $12.5300 Total phantom stock units held indirectly: 83397.2080 units +1 more

4 metrics

Phantom stock units acquired 88.0940 units Grant, award, or other acquisition on 2026-07-16

Recorded value per phantom stock unit $12.5300 Assigned transaction price per phantom stock (unitized) unit

Total phantom stock units held indirectly 83397.2080 units Indirect deferred compensation plan holdings after the transaction, including dividend reinvestment

Underlying common stock shares 25.0000 shares Common stock referenced as underlying security for this phantom stock transaction

Key Terms

Phantom Stock (unitized), Deferred Compensation Plan, dividend reinvestment

3 terms

Phantom Stock (unitized) financial

"Security titled “Phantom Stock (unitized)” reported as a derivative holding"

Deferred Compensation Plan financial

"Payable upon events established in accordance with the deferred compensation plan"

A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.

dividend reinvestment financial

"Includes phantom stock acquired through dividend reinvestment"

Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.

FAQ

What insider transaction did Verizon (VZ) executive Joseph J. Russo report?

Joseph J. Russo reported a grant of 88.094 phantom stock units held indirectly via a deferred compensation plan. These cash-settled units are economically linked to Verizon common stock and increased his total phantom stock holdings to 83,397.208 units.

How many phantom stock units in total does Joseph J. Russo now hold at Verizon (VZ)?

After the reported transaction, Joseph J. Russo indirectly holds 83,397.208 phantom stock units. This total, held through a deferred compensation plan, includes units acquired via dividend reinvestment as well as the newly granted 88.094 units.

What is phantom stock in the context of Verizon (VZ) executive compensation?

Verizon’s phantom stock is described as the economic equivalent of a portion of one share of common stock and is settled in cash. These units become payable upon events the reporting person establishes under the company’s deferred compensation plan.

Is Joseph J. Russo’s Verizon (VZ) phantom stock held directly or indirectly?

Joseph J. Russo’s reported phantom stock is held indirectly, noted as “By Deferred Compensation Plan.” This means the position is maintained within a deferred compensation arrangement rather than as directly held Verizon common shares.

What underlying common stock is referenced in Joseph J. Russo’s Verizon (VZ) phantom stock grant?

The reported phantom stock transaction references 25 shares of Verizon common stock as the underlying security. Each phantom unit represents the economic equivalent of a portion of a common share but is ultimately settled in cash, not stock.

Was Joseph J. Russo’s Verizon (VZ) phantom stock transaction part of a Rule 10b5-1 plan?

The filing’s Rule 10b5-1 checkbox is not marked as an affirming trading plan. The transaction is characterized as a grant or award of phantom stock units under a deferred compensation plan, rather than as an open-market trade.

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Available on EDGAR 07/17/2026 - 02:54 PM Accepted by SEC EDGAR 07/17/2026 - 02:53 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Russo Joseph J.

(Last) (First) (Middle)

VERIZON COMMUNICATIONS INC.

1095 AVENUE OF THE AMERICAS

(Street)

NEW YORK NEW YORK 10036

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
VERIZON COMMUNICATIONS INC [ VZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP&Pres-Global Networks&Tech

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock (unitized)	(1)	07/16/2026		A		88.094		(1)	(1)	Common Stock	25	$12.53	83,397.208(2)	I	By Deferred Compensation Plan

Explanation of Responses:

1. Each share of phantom stock is the economic equivalent of a portion of one share of common stock and is settled in cash. The shares of phantom stock become payable upon events established by the reporting person in accordance with the deferred compensation plan.

2. Includes phantom stock acquired through dividend reinvestment.

Remarks:

	Evgeniya Berezkina, Attorney-in-fact for Joseph J. Russo	07/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)