Company: VRE
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000924901-25-000035
Chunk: 65

Company: Veris Residential, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 65
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holder-approved 2013 Incentive Stock Plan (as amended and restated and approved by stockholders at the 2021 annual meeting, the “2013 Plan”) and related forms of award agreements.

On April 22, 2024, the Board of Directors of the Company adopted, and stockholders approved at the 2024 annual meeting, the Veris Residential, Inc. 2024 Incentive Stock Plan (the "2024 Plan"). The 2024 Plan gives the Company

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the ability to grant stock options, performance shares, performance share units, stock appreciation rights (“SARs”), restricted stock, unrestricted stock, restricted stock units and phantom stock units, including long term incentive plan units (“LTIP Units”) of limited partnership interests in Veris Residential, L.P. (collectively, “Awards”) to key employees, consultants, advisors and non-employee members of the Board of Directors of the Company and its subsidiaries. Upon approval of the 2024 Plan, the 2013 Plan was terminated and no new Awards were made under the 2013 Plan.

SERVICE-VESTING STOCK UNITS (RSUS)

The RSUs granted to the named executive officers in 2024 vest ratably over a three-year service period, generally subject to continued employment. The RSUs incorporate an additional Operational Outperformance Modifier (subject generally to continued service through the three-year 2024-2026 performance period) which can result in an award of up to 200% of the target number of RSUs, based on the achievement of superior results for 2025 AFFO attainment ranging from $0.90 per share (at which level no additional award is earned) up to or exceeding $1.00 per share (at which level the award is earned at 200%), with linear interpolation between those threshold and maximum amounts. At the time these RSUs were granted, the achievement of the outperformance AFFO goals was not probable. This outperformance modifier is designed to incentivize exceptional operational execution of the Company’s strategies.

PERFORMANCE-VESTING STOCK UNITS (PSUs)

The 2024 PSUs are designed to align executive and stockholder interests by tying executive performance to relative and absolute stock performance of the Company over a three-year performance period from March 12, 2024 through March 11, 2027. Recipients will earn the maximum awards only if, over the three-year performance period, the Company achieves a thirty percent