Frontier (FYBR) EVP equity converted and paid out in Verizon merger
Rhea-AI Filing Summary
Frontier Communications Parent, Inc. executive Veronica Bloodworth, EVP & Chief Network Officer, reported the treatment of her equity in connection with the company’s merger with Verizon Communications Inc. At the merger’s effective time on January 20, 2026, each outstanding Frontier share was automatically converted into the right to receive $38.50 in cash per share, without interest.
Bloodworth’s holdings of common stock and restricted stock units were either vested and canceled for cash at this per‑share amount or converted into restricted stock units of Verizon, using an exchange ratio equal to 38.5/39.7141. Performance-based restricted stock units tied to the 2024–2026 and 2025–2027 performance periods were settled in cash at $38.50 per underlying share based on actual performance through the effective time, while remaining unvested portions were converted into Verizon restricted stock units under substantially similar terms.
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Insights
Executive equity is cashed out or rolled over as Frontier merges into Verizon.
The filing describes how Veronica Bloodworth’s Frontier equity was handled when Frontier became a wholly owned subsidiary of Verizon on January 20, 2026. Each Frontier share was converted into the right to receive $38.50 in cash. Her time-based restricted stock units granted in 2023, 2024 and part of 2025 vested at closing and were canceled for cash at this same per‑share price.
Remaining 2025 RSUs and portions of performance-based awards for the 2025–2027 period were converted into Verizon restricted stock units using an exchange ratio of 38.5/39.7141. Performance-based units tied to the 2024–2026 and prorated 2025–2027 periods paid out in cash at $38.50 per underlying share, based on actual performance at the effective time. Overall, this reflects standard executive equity treatment in a cash merger with partial rollover into acquirer equity.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Performance-based Restricted Stock Unit | 112,959 | $0.00 | -- |
| Disposition | Performance-based Restricted Stock Unit | 41,286 | $0.00 | -- |
| Disposition | Common Stock | 310,491 | $0.00 | -- |
| Disposition | Common Stock | 14,882 | $0.00 | -- |
| Disposition | Common Stock | 13,256 | $0.00 | -- |
Footnotes (1)
- In connection with the terms of the Agreement and Plan of Merger, dated September 4, 2024 (the "Merger Agreement"), by and among the Issuer, Verizon Communications Inc. ("Parent"), France Merger Sub Inc., a wholly owned Subsidiary of Parent ("Merger Sub"), in accordance with the Merger Agreement, Merger Sub merged with and into the Issuer, with the Issuer surviving such merger as a wholly-owned subsidiary of Parent upon the consummation of the merger on January 20, 2026 (the "Effective Time"). At the Effective Time, each outstanding share of Issuer common stock ("Share") was automatically converted into the right to receive an amount in cash equal to $38.50 per share, without interest. Represents the time-based restricted stock units ("RSUs") previously granted on March 13, 2023 and March 13, 2024, as well as a prorated portion of the RSUs granted on March 12, 2025 ("2025 RSUs"), which at the Effective Time were vested and canceled and the holder thereof became entitled to receive an amount in cash equal to the number of Shares underlying such award multiplied by $38.50. Represents the remaining portion of 2025 RSUs which, at the Effective Time, was converted into a number of unvested restricted stock units of Parent ("Parent RSUs") equal to the number of such RSUs multiplied by an exchange ratio equal to (38.5/39.7141), which was obtained by dividing the Merger Consideration by the five day volume weighted average price of Parent common stock ending with the second complete trading day immediately prior to the Effective Date (the "Exchange Ratio"). The Parent RSUs are subject to the same terms and conditions as applied to the RSUs prior to the Effective Time. Represents the performance-based restricted stock units ("PSUs") previously granted in respect of the 2024-2026 performance period, as well as a prorated portion of the PSUs previously granted in respect of the 2025-2027 performance period ("2025-2027 PSUs"), which at the Effective Time were vested and canceled and the holder thereof became entitled to receive an amount in cash equal to the number of Shares underlying such award multiplied by $38.50, based on attainment of all applicable performance goals at the actual level of performance measured at the Effective Time. Represents the remaining portion of 2025-2027 PSUs which, at the Effective Time, was converted into a number of Parent RSUs equal to the number of such PSUs, based on attainment of all applicable performance goals at the actual level of performance measured at the Effective Time, multiplied by the Exchange Ratio. The Parent RSUs are subject to the same terms and conditions as applied to the PSUs (excluding performance-based vesting conditions) prior to the Effective Time.
