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VZ » Topics » 2008 Company Results and Annual Performance Awards

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

2008 Company Results and Annual Performance Awards

Despite a recessionary economy, Verizon reported strong 2008 results including:

 

 

·

Return on equity of 14.3%1;

 

·

Adjusted EPS of $2.541, which, after considering the net impact of pension income and other postretirement benefit costs, for compensation purposes was 1.6% lower than the target performance measure range as described above;

 

·

Consolidated adjusted total revenue growth of 5.1%2, or 2.2% higher than the target performance measure range as described above; and

  · 122% of the diversity measure for new hires and promotions and 133% of the diversity supplier spending measure.

 

After considering the level of performance described above, the Committee and, for Mr. Seidenberg, the Board, approved payment of Short-Term Plan awards at 95% of the target level. The following table shows the amount of the Short-Term Plan awards paid to each named executive officer.

 

Named Executive Officer   

Actual

2008 Short-Term Plan Award

Mr. Seidenberg

    $3,740,625

Mr. Strigl

    $1,888,125

Mr. Barr

    $   924,469

Ms. Toben

    $1,246,875

Mr. McAdam

    $   881,719

 

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