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VERIZON COMMUNICATIONS

(VZ)
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VERIZON COMMUNICATIONS INC : Change in Directors or Principal Officers, Other Events (form 8-K)

05/03/2021 | 08:31am EDT

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;

           Appointment of Certain Officers; Compensatory Arrangements of Certain
           Officers.


On May 2, 2021, in connection with the transactions described in Item 8.01 of this Form 8-K, the Human Resources Committee of the Board of Directors of Verizon Communications Inc. ("Verizon") approved a special cash retention award for Mr. Guru Gowrappan, Executive Vice President and Group CEO - Verizon Media, in the amount of $3,000,000, which will vest and be payable by Verizon to Mr. Gowrappan if he remains continuously employed with Verizon Media on the six-month anniversary of the date the transactions contemplated by the Purchase Agreement described in Item 8.01 of this Form 8-K are consummated (the "Closing Date"), or if his employment is involuntarily terminated by Verizon Media without cause after the Closing Date, but prior to the six-month anniversary of the Closing Date.



Item 8.01. Other Events.


On May 2, 2021, Verizon, together with Verizon Business International Holdings B.V., a private limited liability company (besloten vennootschap) organized under the laws of the Netherlands and wholly owned subsidiary of Verizon (together with Verizon, the "Sellers"), entered into a stock purchase agreement (the "Purchase Agreement") with College Parent, L.P., a Delaware limited partnership ("Purchaser"). Pursuant to the Purchase Agreement, upon the terms and subject to the conditions thereof, the Sellers will sell to Purchaser all of the outstanding equity interests of Oath Inc., a Delaware corporation, and Verizon Media Netherlands B.V., a private limited liability company (besloten vennootschap) organized under the laws of the Netherlands, which together comprise Verizon's Verizon Media Group business (the "Sale"). The consideration for the Sale will consist of $4.25 billion in cash, subject to customary adjustments, $750,000,000 in non-convertible preferred limited partnership units of the Purchaser, and 10% of the fully-diluted common limited partnership units of Purchaser.

The Sale is subject to customary regulatory approvals and closing conditions.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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