Summary
Verizon Communications Inc. (VZ) has filed an 8-K detailing an amendment to the performance stock unit (PSU) award for Daniel H. Schulman. The amendment refines the terms of a $30 million target value PSU award originally slated for 2026. This award is now scheduled to be granted in the first quarter of 2026, aligning with the company's annual long-term incentive equity grants for executive officers. The modified award features a vesting date of December 31, 2027, contingent on Mr. Schulman's continued employment. The performance metrics for vesting are split, with 50% tied to Verizon's adjusted earnings per share (EPS) targets for a period ending December 31, 2027, and the remaining 50% linked to Verizon's total shareholder return (TSR) relative to a peer group. The TSR portion is further divided into two tranches with distinct performance periods, offering a potential payout range of 0-200% of the target PSUs.
Key Highlights
- 1Amendment to Daniel H. Schulman's $30 million target value Performance Stock Unit (PSU) award.
- 2PSU award grant date shifted to Q1 2026, coinciding with annual executive equity grants.
- 3Vesting date set for December 31, 2027, subject to continued employment.
- 450% of the award is performance-based on adjusted Earnings Per Share (EPS) targets through December 31, 2027.
- 5The other 50% of the award is based on Total Shareholder Return (TSR) relative to a comparator group.
- 6TSR portion has two tranches with specific performance periods (ending Dec 31, 2026 and Dec 31, 2027 respectively).
- 7Payout for the TSR component can range from 0% to 200% of the target PSU value.