Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 78

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 78
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 reserved for issuance under the plan from 4,600,000 to 6,565,000 shares.In June 2024, stockholders of the Company approved the termination of the 2013 Plan and the establishment of the 2024 Incentive Stock Plan (the "2024 Plan"), under which a total of 2,885,207 shares has been reserved for issuance.  No new awards will be granted under the 2013 Plan.Stock OptionsAs of September 30, 2025, the Company had 1,530,000 options granted and outstanding, all of which are vested.No stock options were exercised under any stock option plans for the nine months ended September 30, 2025 and 2024. The Company has a policy of issuing new shares to satisfy stock option exercises.As of September 30, 2025 and December 31, 2024, the stock options outstanding had a weighted average remaining contractual life of approximately 3.0 years and 2.6 years, respectively. The Company recognized stock compensation expense related to stock options of zero and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, and $0.1 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively.Restricted Stock AwardsThe Company has issued Restricted Stock Awards ("RSAs") in the form of restricted stock units to non-employee members of the Board of Directors, which allow the holders to each receive shares of the Company’s common stock following a one-year vesting period. Vesting of the RSAs issued is based on time and service. On June 11, 2025 and July 23, 2025, the Company issued RSAs to non-employee members of the Board of Directors, of which 67,729 unvested RSAs were outstanding at September 30, 2025. The Company recognized stock compensation expense related to RSAs of $0.2 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively, and $0.8 million and $0.7 million for the nine months ended September 30, 2025 and 2024, respectively.As of September 30, 2025, the Company had $0.7 million unrecognized compensation cost related to unvested RSAs granted under the Company’s stock compensation plans. That cost is