BY SCOTT THURM AND ANTON TROIANOVSKI

Verizon Communications Inc. has agreed to increase by $20 million the total disclosed pay for former Chief Executive Ivan Seidenberg, but the recently retired executive won't be getting any more money.

Verizon will recalculate Mr. Seidenberg's compensation for 2009 and 2010 after the Securities and Exchange Commission said the company hadn't properly disclosed discretionary grants of restricted stock given to Mr. Seidenberg in 2007 and 2008.

Verizon maintains its disclosures were proper, but agreed to make the changes in its forthcoming proxy statement to resolve the SEC's concerns. "The SEC did not suggest that anything was improper in past disclosures, ...