Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 67

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 67
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 have been reserved for issuance. No new awards will be granted under the 2013 Plan. At December 31, 2024, 2,878,826 shares remained available for issuance under the 2024 Plan.Stock OptionsInformation regarding the Company’s stock option plans is summarized below: SharesUnder OptionsWeightedAverageExercisePriceAggregateIntrinsicValue$(000’s)Outstanding at January 1, 2022 ($14.39 - $17.31)2,080,000$16.42 $4,072Granted250,00016.33 Outstanding at December 31, 2022 ($14.39 - $20.00)2,330,000$16.41 —Granted— — Outstanding at December 31, 2023 ($14.39 - $20.00)2,330,000$16.41 —Granted— — Outstanding at December 31, 2024 ($14.39 - $20.00)2,330,000$16.41 $1,363Options exercisable at December 31, 20241,346,667

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The fair value of each option grant is estimated on the date of grant using the Black-Scholes model. The following assumptions are included in the Company’s fair value calculations of stock options granted during the year ended December 31, 2022.  No stock options were granted during the years ended December 31, 2024 and 2023.2022 AprilExpected life (in years)4.0Risk-free interest rate2.77 %Volatility38.0 %Dividend yield2.6 %No stock options were exercised under any stock option plans for the years ended December 31, 2024, 2023 and 2022. The Company has a policy of issuing new shares to satisfy stock option exercises.As of December 31, 2024 and 2023, the stock options outstanding had a weighted average remaining contractual life of approximately 2.6 years and 3.6 years, respectively.  As of December 31, 2024, the Company had $0.1 million unrecognized compensation cost related to unvested stock options granted under the Company’s stock compensation plans.The Company recognized stock compensation expense related to stock options of $0.6 million, $1.7 million and $1.2 million for the years ended December 31, 2024