Exhibit 10c
FORM OF ADDENDUM
TO
VERIZON COMMUNICATIONS INC.
LONG-TERM INCENTIVE PLAN
PERFORMANCE STOCK UNIT
AGREEMENT
This is an addendum to the
Performance Stock Unit Agreement (the “Agreement”)
entered into between Verizon Communications Inc.
(“Verizon” or the “Company”) and
(the “Participant”). The effective date of this
addendum is
, and it shall remain in effect through
.
1. Purpose.
The purpose of this addendum is to
describe the terms of an arrangement between the Participant and
the Company wherein the Participant can earn a long-term incentive
payout under the Agreement, based on the extent to which the
Company achieves certain strategic initiatives (as defined in
paragraph 3 below) during the Award Cycle. Except as modified by
this addendum, all of the terms and conditions of the Agreement
shall remain in effect.
2. Payment.
Subject to the limitation set forth
in paragraph 4 below, the Committee shall have the sole
discretion to determine the size of any additional payment pursuant
to this addendum, based on the Company’s achievement of the
strategic initiatives referred to in paragraph 3 below. This
addendum and any payment made in accordance with this addendum are
not intended to comply with the Performance-Based Exception to the
tax deductibility limitation imposed by Code
Section 162(m).
3. Achievement of
Initiatives. The
Committee shall have the sole discretion to determine whether the
Participant is entitled to a payout pursuant to this addendum and
the size of any such payout (subject
