Daniel H. Schulman (VZ) awarded cash-settled phantom stock via deferred plan

Rhea-AI Filing Summary

VERIZON COMMUNICATIONS INC director and officer Daniel H. Schulman reported a compensation-related award of phantom stock linked to the company’s common shares. On this Form 4, he acquired 183.933 units of phantom stock at an indicated value of $14.47 per unit through a deferred compensation plan.

Each phantom stock unit is economically equivalent to a portion of one share of Verizon common stock but is settled in cash rather than actual shares. The award corresponds to 52 underlying shares of common stock and is held indirectly through the deferred compensation plan. Following this grant, Schulman’s deferred compensation account reflects a total of 6,783.762 phantom stock units, which become payable upon events he established under the plan, and includes amounts accumulated through dividend reinvestment.

Insights

Equity compensation analyst

Routine phantom stock grant via deferred compensation plan; no open-market trading signal.

This Form 4 shows Daniel H. Schulman receiving 183.933 phantom stock units, economically tied to Verizon common stock but settled in cash. The transaction is coded as an acquisition (A) and classified as a grant or award, indicating compensation rather than a market purchase.

The units are held indirectly through a deferred compensation plan and become payable based on events Schulman previously established. Because these are cash-settled phantom units, there is no change in Verizon’s share count and no direct dilution. The filing lists a total of 6,783.762 phantom units after the transaction, including units from dividend reinvestment, reinforcing that this is an ongoing, programmatic compensation arrangement rather than a directional bet on the stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider SCHULMAN DANIEL H

Role CEO

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock (unitized)	183.933	$14.47	$3K

Holdings After Transaction: Phantom Stock (unitized) — 6,783.762 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.

Key Figures

Phantom stock units granted: 183.933 units Phantom stock unit value: $14.47 per unit Underlying common shares: 52 shares +1 more

4 metrics

Phantom stock units granted 183.933 units Award of phantom stock units on 2026-03-26

Phantom stock unit value $14.47 per unit Indicated value per phantom stock unit for this grant

Underlying common shares 52 shares Common stock equivalent referenced for this phantom stock grant

Total phantom units after grant 6,783.762 units Total phantom stock units held indirectly after transaction

Key Terms

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

3 terms

Phantom Stock (unitized) financial

"security_title: "Phantom Stock (unitized)""

Deferred Compensation Plan financial

"nature_of_ownership: "By 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.

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^*

SCHULMAN DANIEL H

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/26/2026

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)	03/26/2026		A		183.933		(1)	(1)	Common Stock	52	$14.47	6,783.762(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:

Exhibit 24 - Power of Attorney.

	Evgeniya Berezkina, Attorney-in-fact for Daniel H. Schulman	03/30/2026
	** 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)

FAQ

What did Daniel H. Schulman report on this Verizon (VZ) Form 4?

Daniel H. Schulman reported receiving 183.933 units of phantom stock tied to Verizon common stock through a deferred compensation plan. This award is classified as a grant or award acquisition and reflects compensation, not an open-market stock purchase or sale.

Is Daniel H. Schulman buying or selling Verizon (VZ) shares in this filing?

He is not buying or selling Verizon shares in the market. The Form 4 records a grant of 183.933 phantom stock units, a compensation-related award settled in cash, indirectly held in a deferred compensation plan, linked economically to Verizon common stock.

How many phantom stock units does Daniel H. Schulman hold after this Verizon (VZ) transaction?

After the transaction, Daniel H. Schulman holds 6,783.762 phantom stock units in total through the deferred compensation plan. These units track the value of Verizon common stock and include amounts accumulated through dividend reinvestment, but they are ultimately payable in cash.

What is phantom stock in the context of Verizon (VZ) and this Form 4?

In this context, phantom stock is a cash-settled incentive tied to Verizon’s common stock price. Each unit represents the economic equivalent of a portion of one share and becomes payable in cash upon events set under the company’s deferred compensation plan, not as actual shares.

What does the $14.47 figure mean in Daniel H. Schulman’s Verizon (VZ) Form 4?

The $14.47 figure is the indicated value per phantom stock unit for this award. Schulman received 183.933 units at this value through the deferred compensation plan, giving him additional cash-settled exposure to Verizon’s stock performance rather than direct ownership of new shares.

Does this Verizon (VZ) phantom stock award cause share dilution for investors?

The award does not directly dilute existing shareholders because phantom stock is settled in cash instead of new Verizon shares. The units mirror the value of common stock for compensation purposes but do not increase the number of shares outstanding in the market.