Verizon EVP Joseph J. Russo Acquires Phantom Stock via Deferred Comp Plan

Executive Summary

On October 9, 2026, Verizon Communications Inc. ($VZ) filed a Form 4 disclosing that Joseph J. Russo, Executive Vice President and President of Global Networks & Technology, acquired 83.411 units of unitized phantom stock on October 8, 2026. The transaction was valued at $13.23 per unit, representing an aggregate value of approximately $1,103.53.

Transaction Details

• Security: Phantom Stock (unitized)
• Transaction Code: A (Grant, award, or other acquisition)
• Shares/Units Acquired: 83.411 (representing 24 shares of underlying common stock)
• Transaction Price: $13.23
• Total Transaction Value: $1,103.53
• Ownership Type: Indirect (Held by Deferred Compensation Plan)
• Post-Transaction Holdings: 85,116.19 units of phantom stock

Analysis & Market Implications

• Significance: Low. This transaction reflects a routine, automated credit under the company's executive deferred compensation plan rather than an open-market, discretionary purchase.
• Economics: Each phantom stock unit is the cash-settled economic equivalent of a fraction of Verizon common stock, payable upon retirement or scheduled distribution dates determined by the participant.
• Sentiment: Neutral. Routine deferred compensation acquisitions do not indicate an active directional stance on company stock performance.