The IBEW and CWA have finalized an agreement with the company, on a one time basis, to allow Verizon to grant 50 Verizon Communications restricted stock units to full time members and employees who are on the payroll on February 1st 2018. This grant to members and employees includes members on company approved leaves of absence, including without limitation short term disability leave and accident disability leave, provided that the member returns to work prior to January 31st 2020. The 50 restricted stock units or (RSU’s) will split into two vesting dates. 25 of the RSU’s will become vested on January 31st 2019 and the remaining 25 will become vested on January 31st 2020. At each of these vesting dates the 25 RSU’s will be valued at the stock price on that vesting date. At that time a cash value will be awarded to members minus any withholding taxes and other legally required deductions. The amount of cash that is paid shall equal the number of RSU’s that vested on each of these 2 dates times the closing price of Verizon’s common stock on the NYSE as of the vested date. There are no other options for these stock units. All payments under these award terms shall be made in cash. If you should retire you will still be awarded the 50 stock units on both vesting dates. The only members who will not be awarded RSU’s are members who are terminated for just cause and members who do not return to work prior to January 31st 2020. Members will receive a grant notice in the mail from Verizon explaining this offering. If you have any questions please call this office.
