ADDENDUM TO VERIZON COMMUNICATIONS INC. LONG-TERM INCENTIVE PLAN
PERFORMANCE STOCK UNIT AGREEMENT
FOR THE 2005-2007 AWARD CYCLE
This is an addendum to the Performance Stock Unit Agreement for the 2005-2007 Award Cycle (the “Agreement”) entered into
between Verizon Communications Inc. (“Verizon” or the “Company”) and Ivan Seidenberg (the “Participant”). The effective
date of this addendum is March 3, 2006, and it shall remain in effect through December 31, 2007.
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 objectives (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 objectives
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 (set forth in Code Section 162(m)(4)(C)) to the tax deductibility limitation imposed
by Code Section 162(m).
3. Achievement of Objectives. 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 to the limitations contained in paragraph 4 below),
based on the Company’s achievement of strategic objectives related to the successful launch of Verizon Business, key
legislative initiatives, FiOS and broad band initiatives, and wireless growth objectives during the Award Cycle; provided that no
payment shall be made pursuant t