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VZ » Topics » 2008 Long-Term Plan Award Opportunities

This excerpt taken from the VZ DEF 14A filed Mar 23, 2009.

2008 Long-Term Plan Award Opportunities

For 2008, Ms. Toben and Messrs. Strigl, Barr and McAdam received 60% of their 2008 Long-Term Plan award opportunity in the form of PSUs and 40% in the form of RSUs. This allocation reflects the Committee’s focus on encouraging both outstanding relative TSR performance and the retention of the Company’s highly-qualified senior management team. Because the Committee believes that the CEO has the primary responsibility for increasing the value of Verizon’s stock, Mr. Seidenberg’s entire Long-Term Plan award opportunity for 2008, consistent with prior performance cycles, consists of PSUs. Also consistent with prior performance cycles, Mr. Seidenberg’s 2008 award provides a separate opportunity to earn an additional payout. This additional opportunity is based upon the Company’s performance relating to certain pre-established strategic initiatives. However, Mr. Seidenberg’s total payout cannot exceed the maximum award value.

 

The following table shows the Long-Term Plan awards granted to the named executive officers during 2008. A description of the 2008 PSU awards, including the performance requirements, follows the table.

 

              Award Mix at Target
Named Executive Officer   

2008 Target
Award Value

in Total

   

Target %

of Base

Salary

  

PSUs

(Based on
Relative TSR)

   RSUs

Mr. Seidenberg

    $ 13,125,000    625%   100%*   0%

Mr. Strigl

   $ 8,281,250    625%   60%   40%

Mr. Barr

    $ 4,541,250    525%   60%   40%

Ms. Toben

   $ 4,593,750    525%   60%   40%

Mr. McAdam

   $ 4,331,250    525%   60%   40%

* As described on page 36, the Committee has the discretion to recommend that the Board increase the value of Mr. Seidenberg’s award based upon performance relating to strategic initiatives.

 

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