Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 68

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 68
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, 2023 and 2022, 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 26, 2024, the Company issued RSAs to non-employee members of the Board of Directors, of which 71,232 unvested RSAs were outstanding at December 31, 2024. The Company recognized stock compensation expense related to RSAs of $1.0 million, $0.8 million, and $0.7 million, for the years ended December 31, 2024, 2023 and 2022, respectively. Information regarding the RSAs grant activity is summarized below:SharesWeighted-AverageGrant – DateFair ValueOutstanding at January 1, 202239,529 $17.71 Granted49,784 14.06 Vested(39,529)17.71 Outstanding at December 31, 202249,784 $14.06 Granted54,184 16.98 Vested(49,784)14.06 Outstanding at December 31, 202354,184 $16.98 Granted71,232 14.60 Vested(54,184)16.98 Outstanding at December 31, 202471,232 $14.60 As of December 31, 2024, the Company had $0.5 million of total unrecognized compensation cost related to unvested RSAs granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 0.5 years.All currently outstanding and unvested RSAs provided to the non-employee members of the Board of Directors were issued under the 2024 Plan.

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Long-Term Incentive Plan AwardsThe Company has granted long-term incentive plans awards (“LTIP Awards”) to executive officers, senior management, and certain other employees of the Company. LTIP Awards generally are granted in the form of restricted stock units (each, an “RSU” and collectively, the “RSU LTIP Awards”) and constitute awards under the 2013 Plan and 2024 Plan.Information regarding the LTIP Awards grant activity