VZ Form 4: CFO Reports 137.429 Cash-Settled Phantom Units

Rhea-AI Filing Summary

Anthony T. Skiadas, Executive Vice President and Chief Financial Officer of Verizon Communications Inc. (VZ), reported a transaction dated 09/11/2025 showing acquisition of 137.429 units of phantom stock under a deferred compensation plan. Each phantom stock unit is the economic equivalent of a portion of one share of common stock and is settled in cash. The filing shows an attributed underlying common stock amount of 39 shares at a price of $12.59 and reports 128,012.519 phantom stock units beneficially owned following the transaction, with the filing noting phantom stock includes units acquired through dividend reinvestment. The phantom units become payable upon events established by the reporting person under the deferred compensation plan. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Skiadas on 09/12/2025.

Positive

• Disclosure completeness: Form 4 provides explicit details on phantom unit amount, settlement type, and inclusion of dividend reinvestment
• No immediate dilution: Phantom stock is cash-settled and does not create new common shares

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider deferred-compensation acquisition of phantom stock; no direct issuance of common shares and limited market impact.

The report documents a non-derivative economic-equivalent award (phantom stock) acquired by the CFO under Verizon's deferred compensation plan. The units are cash-settled and not direct equity, which means there is no immediate dilution of shares outstanding. The filing discloses a modest incremental acquisition of 137.429 phantom units and a large aggregate balance of 128,012.519 units, including dividend reinvestment. For investors, this is an insider compensation/deferral disclosure rather than an operational or financial performance signal.

Corporate Governance Expert

TL;DR: Compensation governance item: disclosure of deferred cash-settled units consistent with executive pay practices.

The transaction is recorded under a deferred compensation plan and settled in cash upon plan events, per the explanatory notes. Disclosure by an EVP/CFO via Form 4 is standard practice to satisfy Section 16 reporting. The presence of dividend reinvestment into phantom units is explicitly noted, indicating the plan credits dividend equivalents. The filing contains no indication of stock option exercises, share disposals, or other governance concerns.

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

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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^*

Skiadas Anthony T

(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 and CFO

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2025

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)	09/11/2025		A		137.429		(1)	(1)	Common Stock	39	$12.59	128,012.519(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 Anthony T. Skiadas	09/12/2025
	** 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 did Anthony T. Skiadas report on Form 4 for VZ?

He reported acquisition of 137.429 phantom stock units under Verizon's deferred compensation plan, dated 09/11/2025.

Does the reported transaction issue new Verizon (VZ) common shares?

No. The filing states the phantom stock is cash-settled and is the economic equivalent of a portion of a share, not an issuance of common stock.

How many phantom stock units does Mr. Skiadas own after the transaction?

128,012.519 phantom stock units are reported as beneficially owned following the transaction.

Was dividend reinvestment involved in the phantom stock holdings?

Yes. The filing explicitly states phantom stock includes units acquired through dividend reinvestment.

Who signed the Form 4 on behalf of Anthony T. Skiadas?

Evgeniya Berezkina, Attorney-in-fact, signed the Form 4 on 09/12/2025.