Company: VRE
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000924901-25-000035
Chunk: 66

Company: Veris Residential, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 66
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 of macroeconomic uncertainty.

The three-year performance period of the PSUs granted in 2022 ended on March 10, 2025. The Company determined that the absolute TSR component of the award (75% of the award value) was below the threshold level and did not vest and that 160% of the relative TSR component of the award (25% of the award value) vested based on ranking at the 77.3 rd percentile, performance above the maximum level. In addition, the Company determined on March 10, 2025 that the outperformance modifier attached to the RSUs granted in 2022 had vested and increased the original award value to 200% based on actual AFFO. In calculating the relative TSR component of the PSUs granted in 2022, Apartment Income REIT Corp. was removed from the Peer Group following its acquisition and privatization by Blackstone Real Estate Partners X in June 2024.

CHIEF EXECUTIVE OFFICER EMPLOYMENT AGREEMENT AND COMPENSATION ARRANGEMENTS

On March 18, 2024, the Company and Mack-Cali UK Ltd. (now Veris Residential UK, Ltd.), a wholly owned subsidiary of the Operating Partnership, entered into an amended and restated employment agreement with Mr. Nia (the "CEO Employment Agreement") as the Company's Chief Executive Officer that provides as follows:

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• A term of one year, commencing on March 8, 2024, subject to automatic annual renewals thereafter unless earlier terminated;

• An annual base salary of $800,000, subject to potential merit increases (but not decreases) each year;

• A target annual bonus opportunity of 150% of base salary (the “Target Bonus”), with a threshold bonus of 50% of the Target Bonus, and a maximum bonus of 200% of the Target Bonus, based on performance goals to be established annually by the Compensation Committee; and

• Each calendar year while Mr. Nia is employed, Mr. Nia is eligible for an annual equity award under the Company’s then-current equity incentive plan with a target annual aggregate grant date fair value of $4,400,000. One-half of each annual equity award will vest subject to time-based vesting conditions, and the remaining one-half of each annual equity award will vest subject to performance-based vesting conditions.

• In addition to standard employee benefits (including health coverage for Mr. Nia and his dependents in