Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 69

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 69
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 is summarized below:SharesWeighted-AverageGrant – DateFair ValueOutstanding at January 1, 20221,064,596 $13.79 Granted849,544 16.84 Vested(183,820)16.25 Forfeited(157,162)15.06 Outstanding at December 31, 20221,573,158 $15.02 Granted1,013,153 14.26 Vested(230,306)16.69 Forfeited(59,893)16.04 Outstanding at December 31, 20232,296,112 $14.49 Granted1,080,023 14.47 Vested(722,602)15.39 Forfeited(305,029)9.04 Outstanding at December 31, 20242,348,504 $14.92 A portion of the RSUs are subject to time-based vesting conditions and will vest over three-year period ("TRSUs").  As of December 31, 2024, there are 760,851 TRSUs outstanding and unvested.Additionally, in April 2022, the General Partner granted 59,707 TRSUs subject to time-vesting conditions, vesting over three years, to three executive officers as “inducement awards” intended to comply with New York Stock Exchange Rule 303A.08. As of December 31, 2024, there are 14,467 TRSUs classified as inducement awards outstanding and unvested.Another portion of the annual LTIP Awards have market-based vesting conditions ("PRSUs"), and recipients will only earn the full amount of the PRSUs if, over the three-year performance period, the General Partner achieves an absolute Total Shareholder Return ("TSR") target and if the General Partner’s relative TSR as compared to a group of peer REITs ("Peer Group") exceeds certain thresholds. Depending on the results achieved during the three-year performance periods, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 160% of the shares granted. The market-based award targets are determined annually by the compensation committee of the Board of Directors. As of December 31, 2024, there are 811,115 PRSUs outstanding and unvested. In addition, the Company has granted RSUs with