VERIZON COMMUNICATIONS INC — Form 10-Q

Verizon amended CEO Daniel H. Schulman's employment agreement on July 23, 2026, extending his Initial Term through December 31, 2028, with automatic calendar-year extensions thereafter (subject to 90-day non-renewal notice). His compensation remains unchanged through end of 2027 (Initial Compensation Period); 2028 and beyond compensation to be determined by the Board. A 2028 annual LTI award of at least $25 million was granted (equal to annualized target value during 2026–2027). Upon a Succession Event (orderly transition to successor CEO before term expiration), Schulman receives cash severance equaling base salary and STIP through the scheduled expiration date.