Does Hans Erik Vestberg’s phantom stock award in Verizon (VZ) involve actual share ownership?

The award does not create direct share ownership; it is an indirect, cash-settled phantom stock position. The Form 4 states each phantom stock share is economically equivalent to a portion of a Verizon common share and is paid in cash under the deferred compensation plan.

Hans Vestberg (NYSE: VZ) awarded phantom stock in Verizon plan

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

VERIZON COMMUNICATIONS INC director Hans Erik Vestberg reported an award of phantom stock units under a deferred compensation plan. The Form 4 shows an acquisition of 183.933 unitized phantom stock units at an economic reference value of $14.47 per unit, credited to an indirect account.

Each phantom stock unit is the economic equivalent of a portion of one share of Verizon common stock, but is settled in cash rather than actual shares. This grant represents an economic interest tied to 52 underlying shares of common stock and becomes payable upon events Vestberg has established under the deferred compensation plan. Following this award, his indirect phantom stock balance in the plan is 224,815.225 units.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Vestberg Hans Erik

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock (unitized)	183.933	$14.47	$3K

Holdings After Transaction: Phantom Stock (unitized) — 224,815.225 shares (Indirect, By Deferred Compensation Plan)

Footnotes (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. Includes phantom stock acquired through dividend reinvestment.

Key Figures

Phantom stock units granted: 183.933 units Reference value per phantom unit: $14.47 per unit Phantom units after transaction: 224,815.225 units +1 more

4 metrics

Phantom stock units granted 183.933 units Award under deferred compensation plan on March 26, 2026

Reference value per phantom unit $14.47 per unit Economic reference price for the phantom stock grant

Phantom units after transaction 224,815.225 units Total indirect phantom stock balance following the award

Underlying common stock exposure 52 shares Underlying Verizon common stock linked to new phantom units

Key Terms

phantom stock, unitized, Deferred Compensation Plan, dividend reinvestment

4 terms

phantom stock financial

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

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

unitized financial

"Phantom Stock (unitized)"

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.

Form 4 Insider Transactions: What Each Field Means →

03/30/2026 - 12:20 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^*

Vestberg Hans Erik

(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)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

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		183.933		⁽¹⁾	⁽¹⁾	Common Stock	52	$14.47	224,815.225⁽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 Hans Erik Vestberg	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

FAQ

What insider transaction did Verizon (VZ) report for Hans Erik Vestberg?

Hans Erik Vestberg reported receiving 183.933 unitized phantom stock units under a deferred compensation plan. These units reference Verizon’s common stock value but are cash-settled, increasing his indirect phantom stock balance to 224,815.225 units after the transaction.

How many phantom stock units did Hans Erik Vestberg receive in this Verizon Form 4?

The Form 4 shows Hans Erik Vestberg acquired 183.933 unitized phantom stock units. Each unit tracks the value of Verizon common stock and is credited to his deferred compensation account as an indirect holding rather than as directly owned Verizon shares.

What is phantom stock in Verizon’s deferred compensation plan for Hans Erik Vestberg?

Verizon’s phantom stock for Hans Erik Vestberg represents cash-settled units economically tied to portions of Verizon common shares. The footnotes explain each phantom share equals a portion of one common share and becomes payable upon events set under the deferred compensation plan.

How is Hans Erik Vestberg’s Verizon phantom stock grant valued in this Form 4?

The phantom stock grant is recorded at a reference value of $14.47 per unit for 183.933 units. This value tracks Verizon’s common stock economically, but settlement occurs in cash according to terms Vestberg selected in the deferred compensation plan.

What underlying Verizon common stock exposure is linked to Hans Erik Vestberg’s new phantom stock units?

The Form 4 discloses that the 183.933 phantom stock units correspond to 52 underlying shares of Verizon common stock. These units provide economic exposure to the stock’s value but remain cash-settled obligations within the deferred compensation plan, not actual share issuances.