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Get filing alertsVerizon extends CEO Schulman's term through 2028 with $25M long-term incentive award
Filed July 24, 2026 · Period ending July 23, 2026 · ~1 min read
Key Changes
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CEO Daniel Schulman's employment term extended one year through December 31, 2028, with guaranteed 2028 base salary and annual incentive at 2027 levels or higher.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Schulman to receive $25M long-term incentive award for 2028 service, granted in early 2027 alongside other executive awards, with accelerated vesting if employment ends due to succession.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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After the initial term ending December 2028, the employment agreement will be subject to annual one-year extensions unless either party provides 90 days' notice.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
Summary
Verizon extended CEO Daniel Schulman's employment term by one year through December 31, 2028, and committed to a $25 million long-term incentive award for his 2028 service. The extension guarantees his 2028 base salary and annual incentive will match or exceed 2027 levels. The $25M award will be granted in early 2027 alongside other executive compensation, with time-based vesting deemed fully satisfied if his employment terminates due to a succession event after the grant date.
The extension provides CEO continuity through 2028 and locks in compensation terms one year in advance. The succession-triggered vesting provision suggests the board is planning for an orderly leadership transition while retaining Schulman through the extended term. After December 2028, the agreement converts to annual one-year extensions unless either party opts out with 90 days' notice, giving both sides flexibility for future planning.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
With respect to calendar year 2028, Mr. Schulman will receive an annual base salary and a target annual incentive opportunity no less than that provided during the portion of the initial term ending on December 31, 2027
For calendar year 2028, Schulman's annual base salary and target annual incentive will be guaranteed at levels no less than those provided during 2027. This ensures compensation continuity during the extended term.
Added in current filing · verify on EDGAR →
Also with respect to calendar year 2028, Mr. Schulman will receive a long-term incentive award with a target value of at least $25 million, which will be granted during the first three months of 2027 at the same time, and subject to the same terms and conditions, as the 2027 annual long-term incentive awards that are granted to Verizon’s band 1 executives
Schulman will receive a long-term incentive award with a target value of at least $25 million for his 2028 service, to be granted in early 2027 alongside other executive awards. The time-based vesting will be deemed fully satisfied if his employment terminates due to a succession event after the grant date. This will be his sole long-term incentive for 2028.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 27, 2026 · How we verify