Verizon (VZ) EVP Joseph Russo receives additional phantom stock units in plan

Rhea-AI Filing Summary

Verizon Communications executive Joseph J. Russo reported a compensation-related grant of phantom stock units through a deferred compensation plan. He acquired 84.361 unitized phantom stock units, each tied economically to Verizon common stock and settled in cash, bringing his indirect deferred plan balance to 83,217.081 units. These units become payable upon events he previously elected under the plan and include amounts accumulated through dividend reinvestment.

Insights

Equity compensation analyst

Routine deferred compensation grant with no open-market trading impact.

Executive Joseph J. Russo received 84.361 unitized phantom stock units under a deferred compensation plan. This is classified as a grant or award, not an open-market purchase or sale, and is settled in cash rather than actual Verizon shares.

The award increases his indirect phantom stock balance to 83,217.081 units, economically linked to Verizon common stock performance. Payouts depend on previously selected events under the plan, making this a typical long-term incentive and deferral mechanism rather than a directional trading signal.

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)	84.361	$13.08	$1K

Holdings After Transaction: Phantom Stock (unitized) — 83,217.081 shares (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 granted: 84.361 units Phantom stock balance after grant: 83,217.081 units Phantom stock reference price: $13.0800 per unit +1 more

4 metrics

Phantom stock units granted 84.361 units Grant under deferred compensation plan on 2026-06-17

Phantom stock balance after grant 83,217.081 units Indirect holdings via deferred compensation plan

Phantom stock reference price $13.0800 per unit Economic reference price for the awarded units

Underlying common stock equivalent 24.0000 shares Underlying Verizon common stock referenced by derivative award

Key Terms

Phantom Stock (unitized), Deferred Compensation Plan, dividend reinvestment, grant/award acquisition

4 terms

Phantom Stock (unitized) financial

"Each share of phantom stock is the economic equivalent of a portion of one share of common stock and is settled in cash."

Deferred Compensation Plan financial

"The shares of phantom stock become payable upon events established by the reporting person 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.

grant/award acquisition financial

"transaction_action: grant/award acquisition classified as Grant, award, or other acquisition."

FAQ

What did Verizon (VZ) executive Joseph J. Russo report on this Form 4?

Joseph J. Russo reported receiving 84.361 unitized phantom stock units through a deferred compensation plan. This increased his indirect phantom stock balance to 83,217.081 units, providing cash-settled value linked to Verizon common stock rather than actual shares changing hands on the open market.

Is Joseph J. Russo buying or selling Verizon (VZ) stock in this filing?

No open-market buying or selling occurred. The filing shows an acquisition of phantom stock units as a compensation grant within a deferred compensation plan, settled in cash. It reflects internal compensation accounting rather than a discretionary market trade in Verizon common stock.

How many phantom stock units does Joseph J. Russo hold after this Verizon (VZ) grant?

After the reported grant, Joseph J. Russo indirectly holds 83,217.081 unitized phantom stock units in a deferred compensation plan. These units mirror the economic performance of Verizon common stock but are ultimately paid in cash according to the plan’s payout events and elections.

What are phantom stock units in the context of Verizon (VZ) compensation?

Phantom stock units are bookkeeping entries that track the value of Verizon common stock without issuing actual shares. For Russo, each phantom stock unit equals part of one share’s economic value and is settled in cash at payout events under the company’s deferred compensation plan.

How are Joseph J. Russo’s Verizon (VZ) phantom stock units paid out?

The phantom stock units are settled in cash rather than Verizon shares. Payment occurs upon events established by Joseph J. Russo in line with the deferred compensation plan, such as specified future dates or separation-related triggers defined under the plan’s terms.

Do Verizon (VZ) dividends affect Joseph J. Russo’s phantom stock balance?

Yes. The filing notes that his phantom stock total includes units acquired through dividend reinvestment. When Verizon pays dividends, equivalent amounts are credited as additional phantom stock units within the deferred compensation plan, compounding the value of his existing phantom holdings.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/18/2026 - 02:03 PM Accepted by SEC EDGAR 06/18/2026 - 02:03 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)
06/17/2026

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)	06/17/2026		A		84.361		(1)	(1)	Common Stock	24	$13.08	83,217.081(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	06/18/2026
	** 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)