VZ Insider Filing: Kyle Malady Reports Deferred-Comp Phantom Stock Acquisition

Rhea-AI Filing Summary

Kyle Malady, EVP and Group CEO-VZ Business at Verizon Communications (VZ), reported a non-derivative/derivative-equivalent transaction on 08/14/2025 under a Form 4. The filing shows acquisition of 139.437 units of phantom stock (unitized), each unit being the economic equivalent of a portion of one share of common stock and settled in cash. The filing records an associated line showing 40 shares of common stock at $12.41 and total beneficial ownership following the transaction of 388,442.851 units held indirectly through a deferred compensation plan. Footnotes state phantom units become payable per the reporting person’s elections under the deferred compensation plan and include units acquired through dividend reinvestment.

Positive

• Transaction disclosed under Section 16, satisfying insider reporting requirements
• Use of deferred compensation plan indicates the acquisition is compensation-related and cash-settled, not an open-market sale

Negative

• No open-market purchase or sale data provided to indicate trading interest by the reporting person
• Filing does not clarify the $12.41 figure’s exact context beyond the table line shown

Insights

Corporate Governance Expert

TL;DR: Routine deferred-compensation settlement reported by an executive; no open-market purchase or sale disclosed.

The Form 4 documents an internal acquisition of phantom stock under Verizon’s deferred compensation plan rather than an open-market trade. The filing explicitly states the units are cash-settled and payable per the executive’s plan elections, and that dividend reinvestment contributed to the reported balance. From a governance perspective, this is a routine disclosure of executive compensation deferral and does not indicate a change in control or a transaction involving company equity being transferred on public markets.

Securities Analyst

TL;DR: Transaction is compensation-related and recorded as indirect beneficial ownership; it appears non-material to company capitalization.

The Form 4 records acquisition of 139.437 phantom stock units and shows a large indirect holding of 388,442.851 units via the deferred compensation plan. The disclosure includes a $12.41 figure associated with a 40-share line item and notes dividend reinvestment. There is no explicit cash purchase or sale on the open market, no exercise of equity awards for actual share issuance, and no change to outstanding common stock cited in this filing. Impact on share count or liquidity is not indicated in the document.

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
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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^*

Malady Kyle

(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 Group CEO-VZ Business

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2025

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)	08/14/2025		A		139.437		(1)	(1)	Common Stock	40	$12.41	388,442.851(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 Kyle Malady	08/15/2025
	** 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 Kyle Malady (VZ) report on Form 4?

The Form 4 reports acquisition of 139.437 phantom stock units on 08/14/2025 and indirect beneficial ownership of 388,442.851 units via a deferred compensation plan.

Are the phantom stock units settled in shares or cash?

The filing states each phantom stock unit is the economic equivalent of a portion of one share and is settled in cash.

Does the filing show an open-market trade for VZ shares?

No. The filing documents acquisition via a deferred compensation plan and does not disclose any open-market purchase or sale.

What does the filing say about dividends?

Footnote information specifies that the reported phantom stock total includes units acquired through dividend reinvestment.

What is the reporting person’s title and relationship to Verizon?

The reporting person is Kyle Malady, listed as EVP and Group CEO-VZ Business and an officer of Verizon Communications.