Verizon (VZ) insider reports 94.205 phantom stock units on Form 4

Rhea-AI Filing Summary

Verizon Communications Inc. (VZ) reported an insider equity-related transaction by its EVP & President–Global Networks & Technology, Joseph J. Russo. On 11/20/2025, Russo acquired 94.205 units of phantom stock at a price of $11.64 per unit under the company’s deferred compensation plan.

After this transaction, Russo beneficially owned 69,030.66 units of phantom stock, held indirectly through the deferred compensation plan. Each phantom stock unit is economically tied to a portion of a share of Verizon common stock and is settled in cash, with payment timing based on elections made under the plan. The filing notes that the total includes phantom stock accumulated through dividend reinvestment.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Russo Joseph J.

Role EVP&Pres-Global Networks&Tech

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock (unitized)	94.205	$11.64	$1K

Holdings After Transaction: Phantom Stock (unitized) — 69,030.66 shares (Indirect, By Deferred Compensation Plan)

Footnotes (1)

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. Includes phantom stock acquired through dividend reinvestment.

Form 4 Insider Transactions: What Each Field Means →

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 NY 10036

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

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

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

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

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)	11/20/2025		A		94.205		(1)	(1)	Common Stock	27	$11.64	69,030.66(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	11/21/2025
	** 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.

FAQ

What insider transaction did Verizon (VZ) disclose in this Form 4?

The Form 4 reports that Joseph J. Russo, EVP & President–Global Networks & Technology at Verizon (VZ), acquired 94.205 units of phantom stock under a deferred compensation plan on 11/20/2025.

How many phantom stock units does the Verizon (VZ) executive own after the transaction?

Following the reported transaction, Joseph J. Russo beneficially owned 69,030.66 units of phantom stock, held indirectly through Verizon’s deferred compensation plan.

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

For Verizon, each phantom stock unit is the economic equivalent of a portion of one share of Verizon common stock and is settled in cash according to the terms of the deferred compensation plan.

Was this a direct or indirect holding for the Verizon (VZ) insider?

The 69,030.66 phantom stock units held by Joseph J. Russo are reported as indirect ownership, held through a deferred compensation plan.

Does the Verizon (VZ) Form 4 mention dividend reinvestment?

Yes. The filing states that the reported holdings include phantom stock acquired through dividend reinvestment under the deferred compensation plan.

Is the Verizon (VZ) phantom stock settled in shares or cash?

The Form 4 explains that Verizon’s phantom stock is settled in cash, with amounts becoming payable upon events chosen by the reporting person under the plan.