The following are highlights of the Special Restricted Stock Units (RSU) Grant:
Date of Grant is 2/1/18
Grant is 50 RSUs for FTEs and 25 RSUs for PTEs
RSUs are hypothetical shares of Verizon common stock.
RSUs earn dividend equivalents for each dividend that is declared during the vesting period, which are credited as additional RSUs and are subject to the same vesting and payment requirements
Vesting dates: 50% of the RSUs vest on 1/31/19 and remainder vest 1/31/20
Those employees on an approved LOA on the grant date will get the grant when they return to work, as long as it is prior to 1/31/20
Payments will be made in cash after the applicable installment vests
The amount of cash will be equal to the number of RSUs vested multiplied by the closing price of VZ stock as of the vesting date (less withholdings and deductions)
If an employee is terminated for cause prior to a payout, any unvested RSUs will terminate and no payment will be made
Employees who resign will lose any unvested RSUs and no payment will be made
The following will not be considered a resignation for purposes of this grant and employees will not lose the RSUs if they separate for any of the following reasons:
Retirement
Termination due to layoff
Termination due to the company accepting the employee as a volunteer in connectionwith a surplus declaration (including pursuant to IPP, ISP, EIPP or EISP, or Special EIPP or EISP Offer)
Termination due to being work-completed as a temporary employee
Termination due to death or disability as defined in the grant (i.e., STD exhaustion and inability to Return to Work, or LTD)
Under the above circumstances, any unvested RSUs will vest and they will be paid at the same time that vested RSUs are paid to employees generally (i.e. following the 1/31/19 and 1/31/20 vesting dates).
