- What is Stock Together?
- I got Stock Together
- My Stock Together vested
What is an 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 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.
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 by the closing price of a share of Verizon common stock on the grant date. For example, if your award amount is $2,000 and Verizon’s closing price on the grant date is $60.00, you will receive 34 RSUs - $2,000 / $60.00 = 33.333 units rounded up to the nearest whole unit = 34 RSUs. 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. An example is below: