Verizon Communications 8-K

Summary

CEO employment agreement amendment. Verizon extended Daniel Schulman’s initial employment term through 12/31/2028; afterward, it renews annually unless either party gives at least 90 days’ notice of non-extension.

Key Figures

• 2028 compensation: annual base salary and target annual incentive opportunity no less than the amounts provided during the portion of the initial term ending 12/31/2027.
• Long-term incentive award for 2028 service: target value of at least $25M, to be granted in the first three months of 2027. It is his sole long-term incentive opportunity for 2028; time-based vesting will be deemed satisfied upon termination due to a succession event on or after the grant date.
• Compensation for years after 2028 will be determined by the board when it makes annual compensation decisions for band 1 executives.