Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 23, 2026, Verizon Communications Inc. (“Verizon”) and Mr. Daniel H. Schulman, Verizon’s Chief Executive Officer, entered into an amendment to Mr.…
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Item 5.02Item 5.02 - Departure/Election of Directors
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 23, 2026, Verizon Communications Inc. (“Verizon”) and Mr. Daniel H. Schulman, Verizon’s Chief Executive Officer, entered into an amendment to Mr. Schulman’s employment letter agreement, dated as of October 13, 2025 and previously amended as of January 9, 2026 (the “Employment Agreement”), pursuant to which:
The last date of the initial term of Mr. Schulman’s employment was extended from December 31, 2027 to December 31, 2028;
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Following the initial term, the term of the Employment Agreement was made subject to annual one-year extensions unless either party gives the other at least 90 days’ notice of non-extension;
With respect to calendar year 2028, Mr. Schulman will receive an annual base salary and a target annual incentive opportunity no less than that provided during the portion of the initial term ending on December 31, 2027;
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Also with respect to calendar year 2028, Mr. Schulman will receive a long-term incentive award with a target value of at least $25 million, which will be granted during the first three months of 2027 at the same time, and subject to the same terms and conditions, as the 2027 annual long-term incentive awards that are granted to Verizon’s band 1 executives, provided that the time-based vesting conditions for Mr. Schulman’s long-term incentive award will also be deemed satisfied in full upo...
Compensation for Mr. Schulman with respect to any year following 2028 will be determined by the Board at the time that annual compensation decisions are made with respect to compensation of Verizon’s band 1 executives for such year.
