Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 62

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 the approximately 5.4 million shares of the General Partner’s common stock reserved for issuance under the DRIP.INCENTIVE STOCK PLANIn May 2013, the General Partner established the 2013 Incentive Stock Plan under which a total of 4,600,000 shares has been reserved for issuance. In June 2021, stockholders of the Company approved the Amended and Restated 2013 Incentive Stock Plan (as so amended and restated, the "2013 Plan") to increase the total shares 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 March 31, 2025, the Company has 2,330,000 options granted and outstanding, of which 2,246,666 are vested.No stock options exercised under any stock option plans for the three months ended March 31, 2025 and 2024. The Company has a policy of issuing new shares to satisfy stock option exercises.As of March 31, 2025 and December 31, 2024, the stock options outstanding had a weighted average remaining contractual life of approximately 2.3 years and 2.6 years, respectively.  As of March 31, 2025, the Company had $17 thousandunrecognized 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 $0.1 million and $0.3 million for the three months ended March 31, 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 26, 2024, the Company issued RSAs to non-employee members of the Board of Directors, of which 71,232 unvested RSAs were outstanding at March 31,