Verizon EVP awarded phantom stock units

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

Joseph J. Russo reported an indirect award of 76.285 phantom stock units under a deferred compensation plan. The units reference Verizon common stock, adding to his deferred account balance of 81,531.559 phantom stock units after the transaction.

Q: What is the value reference for Joseph J. Russo’s new Verizon phantom stock award?

The new phantom stock award references a value of $14.47 per unit. Each unit is economically linked to a portion of one Verizon common share, but the arrangement is settled in cash according to the deferred compensation plan’s terms.

Q: How are Joseph J. Russo’s Verizon phantom stock units under the deferred compensation plan paid out?

According to the disclosure, each phantom stock unit is settled in cash and becomes payable upon events that Joseph J. Russo established under the deferred compensation plan. The units track Verizon’s stock value and can grow through dividend reinvestment.

Verizon Communications Inc. executive Joseph J. Russo, EVP and President of Global Networks & Technology, reported an indirect award of phantom stock tied to Verizon common shares.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Verizon Communications Inc. executive Joseph J. Russo, EVP and President of Global Networks & Technology, reported an indirect award of phantom stock tied to Verizon common shares. On March 26, 2026, he acquired 76.285 units of phantom stock at an economic reference value of $14.47 per unit 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 rather than actual shares. This particular award corresponds to 22 underlying shares of common stock. After this transaction, his deferred compensation account held 81,531.559 phantom stock units, which also include amounts accumulated through dividend reinvestment.

Insider Trade Summary

Grant/Award: 76.285 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)	76.285	$14.47	$1K

Holdings After Transaction: Phantom Stock (unitized) — 81,531.559 contracts (Indirect, By Deferred Compensation Plan)

Footnotes (2)

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.
F2. Includes phantom stock acquired through dividend reinvestment.

Key Figures

Phantom stock units awarded: 76.285 units Reference value per phantom unit: $14.47 per unit Phantom stock balance after transaction: 81,531.559 units +1 more

4 metrics

Phantom stock units awarded 76.285 units Grant on March 26, 2026 under deferred compensation plan

Reference value per phantom unit $14.47 per unit Economic equivalent value for new phantom stock grant

Phantom stock balance after transaction 81,531.559 units Total phantom stock units in deferred compensation account after award

Underlying common shares for grant 22 shares Underlying Verizon common stock tied to this phantom award

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.

FAQ

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

Joseph J. Russo reported an indirect award of 76.285 phantom stock units under a deferred compensation plan. The units reference Verizon common stock, adding to his deferred account balance of 81,531.559 phantom stock units after the transaction.

Is Joseph J. Russo’s Verizon (VZ) phantom stock award an actual stock purchase?

No, this is not an actual stock purchase. The filing shows an award of phantom stock units, which are cash-settled and track the value of Verizon common shares, rather than delivering real stock into a brokerage account.

How many Verizon phantom stock units does Joseph J. Russo hold after this transaction?

After the reported award, Joseph J. Russo’s deferred compensation account holds 81,531.559 phantom stock units. This balance reflects the new 76.285-unit grant plus prior phantom stock, including units accumulated through dividend reinvestment.

What is the value reference for Joseph J. Russo’s new Verizon phantom stock award?

The new phantom stock award references a value of $14.47 per unit. Each unit is economically linked to a portion of one Verizon common share, but the arrangement is settled in cash according to the deferred compensation plan’s terms.

How many underlying Verizon (VZ) common shares are tied to Joseph J. Russo’s new phantom stock units?

The filing states that this specific phantom stock grant corresponds to 22 underlying shares of Verizon common stock. The phantom units remain part of a cash-settled deferred compensation arrangement rather than direct ownership of those common shares.

How are Joseph J. Russo’s Verizon phantom stock units under the deferred compensation plan paid out?

According to the disclosure, each phantom stock unit is settled in cash and becomes payable upon events that Joseph J. Russo established under the deferred compensation plan. The units track Verizon’s stock value and can grow through dividend reinvestment.

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Accepted by SEC EDGAR 03/30/2026 - 12:17 PM

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

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)
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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock (unitized)	⁽¹⁾	03/26/2026		A		76.285		⁽¹⁾	⁽¹⁾	Common Stock	22	$14.47	81,531.559⁽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 Joseph J. Russo	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)

Source: View Original Filing on SEC EDGAR

Verizon EVP awarded phantom stock units

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