What is a RSU?
A Restricted Stock Unit or “RSU” is a hypothetical share of Verizon common stock. The RSU awards vest (or are earned) over a 3-year period, with 1/3 of the RSUs vesting on each of the first, second and third year anniversaries of the grant date. If you satisfy the vesting requirement for the award, you will receive a cash payment equal to the value of the RSUs that vest on each of the applicable vesting dates.
What's a vesting schedule?
In order for you to vest (or earn) the RSUs, you must remain actively employed by the Company through each of the three vesting dates. If you leave Verizon before the last vesting date, the reason you leave will determine what happens to your unvested RSUs.
What is a DEU?
Dividend Equivalent Units (DEUs) are additional units that will be added to your RSU balance and are equivalent in value to the actual dividend payment made to Verizon shareholders. A DEU will be credited for each quarterly dividend that is declared by Verizon’s Board of Directors after the grant date. DEUs are only paid for awards that ultimately vest.
I got Stock Together. Where do I see my grant?
Visit www.NetBenefits.com/Verizon to keep track of your Stock Together awards.
I got Stock Together. What will I receive?
Eligible employees will receive an award of RSUs in a fixed dollar amount based on their job level, work location, and scheduled hours on the grant date. The award value for wireline associates is based on eligibility to participate in a Verizon pension plan.
The actual number of RSUs each employee will receive will be determined by dividing the employee’s fixed dollar amount grant date value by the closing price of a share of Verizon Communications Inc. common stock on the NYSE on the applicable grant date. For example, if the dollar amount of your grant date value for a particular year is $2,000 and Verizon’s closing price on that year’s grant date is $40.00, you will receive 50 RSUs: $2,000 / $40.00 = 50 units. Eligible international employees will receive a cash bonus opportunity that will be based on and will track the value of RSUs.
The actual value of your payout depends upon the closing price of Verizon’s common stock on each of the vesting dates in year 1, year 2, and year 3, subject to any tax withholding obligations and legally required deductions.
My Stock Together vested. How do I get paid?
Vested RSUs will be paid in cash through your Fidelity brokerage account as soon as administratively possible after each of the vesting dates. For those employees that are in certain countries, the payment will be made through your local Payroll. The payments are subject to any tax withholding obligations.
Fidelity Facts
As a reminder, here’s how you can log into Fidelity. Visit www.NetBenefits.com/Verizon to keep track of your Stock Together awards.
Here, you can find other important information, such as:
- Your Grant Notice
- The Verizon Long Term Incentive Plan document
- The value of your RSUs
- Vesting dates
- and Other resources Fidelity provides as our stock plan services provider
Below are the links to the Account Activation Instructions.
US
Fidelity Account Activation Instructions - US Employees
Outside of US
Fidelity Account Activation Instructions - International Employees
