Shankar Arumugavelu - 01 Jul 2024 Form 3 Insider Report for VERIZON COMMUNICATIONS INC (VZ)

Footnote F1

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. The number of shares is based upon 197,484.578 units held as of July 1, 2024.

Footnote F2

Each Performance Stock Unit (PSU) represents the right to receive one share of common stock, plus accrued dividends, on the payment date with respect to the date that the PSU vests. The PSUs will vest on December 31, 2024, subject to the terms of the PSU Agreement, which also provides for an additional number of units to vest if certain performance conditions unrelated to the price of the issuer's stock are achieved.

Footnote F3

Each Restricted Stock Unit (RSU) represents the right to receive one share of common stock, plus accrued dividends, on the payment date with respect to the date that the RSU vests. Subject to the terms of the RSU Agreement, the RSUs will vest on March 1, 2025.

Footnote F4

Each RSU represents the right to receive one share of common stock, plus accrued dividends, on the payment date with respect to the date that the RSU vests. Subject to the terms of the RSU Agreement, the RSUs will vest in two equal installments on March 1, 2025 and March 1, 2026, respectively.

Footnote F5

Each Special RSU represents the right to receive one share of common stock, plus accrued dividends, on the payment date with respect to the date that the RSU vests. Subject to the terms of the RSU Agreement, the RSUs will vest on October 16, 2025.

Footnote F6

Each RSU represents the right to receive one share of common stock, plus accrued dividends, on the payment date with respect to the date that the RSU vests. Subject to the terms of the RSU Agreement, the RSUs will vest in three equal annual installments beginning on March 1, 2025.