Coming soon to your portfolio.
Christy shares the latest news on our Stock Together program.
On today’s special Wednesday edition of Up To Speed Live, host Andy Choi and Chief Human Resources Officer Christy Pambianchi shared details about our first payout of Stock Together, which will be happening soon.
Stock Together: First payout
You might remember Andy hosted a live quiz about the Stock Together program last year on Up To Speed. We explained how the broad-based equity program gives employees the opportunity to share in the value of Verizon as a company.
Today, Christy reiterated that the program vests over time, and the payout value will be based on our stock price, so that every eligible employee gets the opportunity to share in our success.
For eligible employees who received a Stock Together grant in 2020, the first third of their award vested yesterday, March 2, at $54.98 per share. The payout will be available on March 9. While the vesting price is less than the grant price of $57.32, through dividend equivalent units we are delivering 100% of the value awarded on the grant date. All in all, it shows that we did an incredible job through an extraordinary year. Let’s keep our focus on continuing to grow our company, so that the next payout will be even better.
The Stock Together award vests over a three-year period, paying out ⅓ each year.
Important note: The first payment will be available in your Fidelity account (not your paycheck) on March 9, 2021. In order to access those funds, go into NetBenefits and activate your Fidelity account, if you haven’t done so already.
For employees based in the United States, you can request a check or fund transfer from the Fidelity website, or you can use your Fidelity brokerage account to reinvest your money. For our employees outside the United States, you can request a wire transfer in U.S. dollars or your local currency.
For our employees in China and India, please note that you will be paid through local payroll due to regulatory requirements.
But wait, there’s more
On March 1, we granted a new Stock Together award for 2021. All eligible employees, as of March 1, will be able to view their new 2021 Stock Together award in their Fidelity account on March 31.
There is also a great video in About You that outlines what will happen once the award has vested. And remember, log in to Fidelity at NetBenefits.com/Verizon to keep track ofStock Together awards and review grant information.
If you have any questions, email them to email@example.com.
Click here for a transcript of the webcast.