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| Summary
Compensation Table |
 |
| |
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|
|
Long-Term
Compensation |
|
|
|
| |
| |
|
|
| (a) |
(b) |
|
(c) |
|
(d) |
|
(e) |
|
(f) |
|
(g) |
|
(h) |
|
(i) |
|
|
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| |
|
|
|
|
|
|
Other
Annual |
|
Stock |
|
Underlying |
|
LTIP
|
|
All
Other |
|
Name and
|
|
|
Salary
|
|
Bonus
|
|
Compensation |
|
Award(s)
|
|
Options/SARs |
|
Payouts
|
|
Compensation |
|
| Principal Position |
Year |
|
($000s) |
|
($000s) |
|
($000s) |
|
($000s) |
|
Granted (#) |
|
($000s) |
|
($000s) |
|
|
| Ivan G. Seidenberg |
2005 |
|
2,100.0 |
|
4,147.5 |
|
130.3 |
1
|
11,340.1 |
2
|
0 |
|
0 |
|
1,707.1 |
3
|
|
Chairman &
CEO
|
2004 |
|
1,557.7 |
|
3,375.0 |
|
114.0 |
|
6,300.1 |
|
468,300 |
|
0 |
|
1,719.5 |
|
|
| |
2003 |
|
1,500.0 |
|
2,775.0 |
|
188.8 |
|
4,200.9 |
|
492,200 |
|
2,515.2 |
|
1,662.1 |
|
|
|
| Lawrence T. Babbio,
Jr. |
2005 |
|
1,200.0 |
|
1,800.0 |
|
191.2 |
1
|
7,500.5 |
2
|
0 |
|
0 |
|
982.4 |
3
|
|
Vice Chairman
& President
|
2004 |
|
1,106.8 |
|
1,760.6 |
|
621.7 |
|
3,201.3 |
|
238,000 |
|
0 |
|
1,317.5 |
|
|
| |
2003 |
|
1,035.0 |
|
1,418.0 |
|
626.5 |
|
2,073.5 |
|
242,600 |
|
0 |
|
1,286.5 |
|
|
|
Dennis F. Strigl
|
2005 |
|
1,125.0 |
|
1,912.5 |
|
129.7 |
1
|
7,031.7 |
2
|
0 |
|
0 |
|
1,010.7 |
3
|
|
Executive Vice
President &
|
2004 |
|
950.0 |
|
1,862.0 |
|
183.3 |
|
3,769.1 |
|
211,900 |
|
0 |
|
999.2 |
|
|
| President &
CEO |
2003 |
|
875.0 |
|
1,540.0 |
|
154.9 |
|
1,753.6 |
|
205,100 |
|
0 |
|
850.5 |
|
|
| Verizon Wireless
Joint Venture |
|
|
William P. Barr
|
2005 |
|
840.0 |
|
995.4 |
|
9.2 |
1
|
4,410.1 |
2
|
0 |
|
0 |
|
596.7 |
3
|
|
| Executive Vice
President & |
2004 |
|
802.9 |
|
1,044.9 |
|
38.1 |
|
1,973.8 |
|
146,700 |
|
0 |
|
653.9 |
|
|
| General Counsel |
2003 |
|
750.0 |
|
834.0 |
|
36.0 |
|
1,279.5 |
|
149,700 |
|
0 |
|
648.3 |
|
|
|
Doreen A. Toben
|
2005 |
|
825.0 |
|
977.6 |
|
25.4 |
1
|
4,331.5 |
2
|
0 |
|
0 |
|
577.3 |
3
|
|
| Executive Vice
President & CFO |
2004 |
|
776.9 |
|
1,012.5 |
|
52.7 |
|
1,912.8 |
|
142,200 |
|
0 |
|
784.7 |
|
|
| |
2003 |
|
765.4 |
|
777.0 |
|
37.7 |
|
1,190.9 |
|
139,500 |
|
0 |
|
772.2 |
|
|
|
|
1
|
For 2005,
the column “Other Annual Compensation” includes: incremental
costs for personal use of Company aircraft; incremental costs
for the personal use of a Company apartment; and financial planning
allowances for the named executives described below. This disclosure
also includes certain perquisites and other personal benefits
provided to the named executive officers. The total incremental
cost to the company for each perquisite and other personal benefit
provided to each of the named executive officers is described
in more detail below: |
|
|
|
Personal
Use |
|
Personal
Use |
|
Personal
Use |
|
Financial |
|
Personal
Travel |
|
|
of Company |
|
of Company |
|
of Company |
|
Planning |
|
and
Related Tax |
|
| Name |
|
Aircraft |
|
Vehicle |
|
Apartment |
|
Allowances |
|
Reimbursement |
|
|
| Mr.
Seidenberg |
|
$ |
115,409 |
|
$ |
4,849 |
|
$ |
0 |
|
$ |
10,000 |
|
$ |
0 |
|
| Mr.
Babbio |
|
|
117,919 |
|
|
5,922 |
|
|
57,405 |
|
|
10,000 |
|
|
0 |
|
| Mr.
Strigl |
|
|
101,884 |
|
|
6,064 |
|
|
0 |
|
|
10,000 |
|
|
11,707 |
|
|
| Ms.
Toben |
|
|
15,914 |
|
|
0 |
|
|
0 |
|
|
9,500 |
|
|
0 |
|
|
|
2
|
The data reflects
the dollar value of the performance stock units and restricted
stock units based on the average price of Verizon’s
common stock on the grant date, February 2, 2005. Actual
payment of the performance stock units will be determined
based on Verizon’s Total Shareholder Return (TSR)
relative to the TSR of the companies that make up the
Standard and Poor’s 500 and to the TSR of certain
companies in Verizon’s telecommunications, broadband,
wireless and cable industry peer group. On each dividend
payment date, restricted units are credited to the participant’s
account. The number of restricted stock units is determined
by dividing the dividend that would have been paid on
the shares represented by the stock units in the participant’s
account by the average price of the Company’s common
stock on the New York Stock Exchange Composite Transaction
Tape on the dividend payment date. The table reflects
Mr. Seidenberg’s restructured 2005 long-term incentive
award, as discussed in the Report of the Human Resources
Committee on Executive Compensation. Based on the closing
price of Verizon’s Common Stock on December 31, 2005,
the aggregate unit amounts and dollar value held by the
named executive officers was: |
|
|
| Name |
Number
of PSUs |
|
Number
of RSUs |
|
Aggregate
Dollar Value |
|
|
| Mr.
Seidenberg |
|
|
326,003 |
|
|
|
|
|
0 |
|
|
|
|
$ |
9,819,210 |
|
| Mr.
Babbio |
|
|
129,373 |
|
|
|
|
|
86,249 |
|
|
|
|
|
6,494,535 |
|
| Mr.
Strigl |
|
|
121,287 |
|
|
|
|
|
80,858 |
|
|
|
|
|
6,088,607 |
|
| Mr.
Barr |
|
|
76,069 |
|
|
|
|
|
50,713 |
|
|
|
|
|
3,818,674 |
|
| Ms.
Toben |
|
|
74,711 |
|
|
|
|
|
49,811 |
|
|
|
|
|
3,750,603 |
|
|
|
| 3 |
For 2005, the column “All Other Compensation”
includes: Company contributions to the qualified savings plans,
the non-qualified Executive Deferral Plan, and the Verizon Excess
Pension Plan. In addition, in 2003 the Company’s split
dollar life insurance program was terminated, and the company
recovered all premiums it had paid under the program. In order
to maintain commensurate life insurance benefits for senior
managers, the policies have been converted to an executive life
insurance program wherein Verizon partially pays for such coverage
in the form of a bonus. The 2005 Company contributions for these
plans that were made to the named executives are as follows: |
|
| Name |
|
|
|
Qualified
Savings
Plans |
|
Nonqualified
Executive
Deferral Plan |
|
Verizon
Excess
Pension Plan |
|
Life
Insurance
Bonus Plan |
|
|
| Mr.
Seidenberg |
|
|
|
|
$ |
10,039 |
|
$ |
1,343,250 |
|
$ |
132,300 |
|
$ |
221,507 |
|
| Mr.
Babbio |
|
|
|
|
|
10,500 |
|
|
700,922 |
|
|
69,300 |
|
|
201,667 |
|
| Mr.
Strigl |
|
|
|
|
|
10,500 |
|
|
734,690 |
|
|
64,050 |
|
|
201,420 |
|
| Mr.
Barr |
|
|
|
|
|
10,223 |
|
|
418,113 |
|
|
44,100 |
|
|
124,272 |
|
| Ms.
Toben |
|
|
|
|
|
10,500 |
|
|
405,375 |
|
|
43,050 |
|
|
118,353 |
|
| The
following table provides information as to stock options and
stock appreciation rights (referred to
as SARs) exercised by each of the named executive officers during
2005. The table sets forth the
value of the stock options and stock appreciation rights held
by such officers at year-end measured in
terms of the closing price of Verizon's common stock
on December 31, 2005. |
|
| |
|
| Aggregated Option/SAR
Exercises in Last Fiscal Year and FY-End Option/SAR Values |
|
|
| |
|
|
|
|
Number
of Securities |
|
Value
of Unexercised |
|
| |
Shares |
|
Value |
|
Underlying Options/SARs |
|
In-the-Money
Options/SARs |
|
| |
Acquired
on |
|
Realized |
|
at F-Y-End (#) |
|
at
F-Y-End ($000s) |
|
|
| Name |
Exercise
(#) |
|
($000s) |
|
Exercisable |
|
Unexercisable |
|
Exercisable |
|
Unexercisable |
|
|
| Mr. Seidenberg |
— |
|
— |
|
4,528,446 |
|
476,267 |
|
0.0 |
|
0.0 |
|
| Mr. Babbio,
Jr. |
640.0 |
|
2.2 |
|
2,589,471 |
|
239,534 |
|
0.0 |
|
0.0 |
|
| Mr. Strigl |
— |
|
— |
|
1,484,409 |
|
209,634 |
|
0.0 |
|
0.0 |
|
| Mr. Barr |
— |
|
— |
|
1,336,900 |
|
147,700 |
|
0.0 |
|
0.0 |
|
| Ms. Toben |
— |
|
— |
|
786,474 |
|
141,300 |
|
0.0 |
|
0.0 |
|
|
|
|
|
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