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Through rigorous process, electrical, and optical simulations, we develop a new silicon depletion-mode vertical p-n junction phase-modulator implemented in Mach-Zehnder modulator configuration, enabling an ultralow measured V ?? L of only ~ 1 V??cm. Further, in a 500-??m-long lumped element device, we demonstrate a 10-Gb/s nonreturn-to-zero data transmission with wide-open complementary output eye diagrams without the use of signal preemphasis.