Policy on Executive Severance Agreements

The Corporation will not enter into any new employment agreement or severance agreement with an executive officer that provides for severance benefits exceeding 2.99 times the sum of the executive's base salary plus non-equity incentive plan payment, without seeking shareholder ratification of the agreement. "Severance benefits" includes:

• Payments in connection with the termination of the executive's employment;
• Payments for any consulting services;
• Payments to secure an agreement not to compete with Verizon;
• Payments to settle any litigation or claim;
• Payments or benefits that are not generally available to similarly situated management employees;
• Payments in excess of, or outside of, the terms of a plan or policy; and
• Payments to offset tax liability in respect of any of the foregoing

Policy on Executive Compensation Consultant

During the tenure of the Human Resources Committee's independent outside compensation consultant, the consultant shall not provide any services to the Corporation other than the services provided to the Committee.

Business Conduct and Ethics

Verizon is committed to operating our business with the highest level of integrity, responsibility and accountability. We have adopted a strict Code of Conduct that applies to all employees, including the CEO, the Chief Financial Officer and the Controller. The Code of Conduct describes each employee’s responsibility to conduct business with the highest ethical standards and provides guidance in preventing, reporting and remediating potential compliance violations in key areas. Directors are expected to act in compliance with the spirit of the Code of Conduct, as well as comply with the specific ethical provisions of the Corporate Governance Guidelines. The Code of Conduct and Corporate Governance Guidelines are available on this website.

The Board is strongly predisposed against waiving any of the business conduct and ethics provisions applicable to Directors or executive officers. In the event of a waiver, we will promptly disclose the Board’s action on this website.