Form 4: Veris Residential Director Cumenal Reports Acquisition of Phantom Stock Units

Director Frederic Cumenal reports acquisition of phantom stock units convertible to common stock in Veris Residential, Inc.

Summary

• Frederic Cumenal, a director of Veris Residential, Inc., filed a Form 4 disclosing changes in beneficial ownership.
• On March 31, 2025, Cumenal acquired 1,591.595 phantom stock units under the Veris Residential, Inc. Deferred Compensation Plan for Directors.
• These units were accrued as a quarterly director's fee and dividend credit.
• The phantom stock units convert to common stock on a one-for-one basis and will be settled in common stock upon termination of service or a change in control.
• Following the transaction, Cumenal directly owns 32,085.804 shares of Veris Residential, Inc. common stock.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a neutral to slightly positive sentiment as it aligns director interests with shareholders.

Positives

• The acquisition of phantom stock units aligns the director's interests with those of the shareholders.
• The deferred compensation plan encourages long-term commitment from the director.

Future Outlook

The phantom stock units will be settled in Veris Residential, Inc. common stock upon the termination of the reporting person's service on the Board of Directors or upon a change in control of Veris Residential, Inc.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Stakeholder Impact

• The transaction provides transparency to shareholders regarding director compensation and ownership.

Key Dates

Keywords

Form 4, Veris Residential, Director, Cumenal, Phantom Stock Units, Beneficial Ownership, Deferred Compensation Plan