Form 4: Veris Residential Director Nori Gerardo Lietz Reports Acquisition of Phantom Stock Units

Director Nori Gerardo Lietz reported the acquisition of phantom stock units in Veris Residential, Inc. through a deferred compensation plan.

Summary

• On September 30, 2024, Nori Gerardo Lietz, a director of Veris Residential, Inc., acquired 1,479.738 phantom stock units.
• These units were obtained through the Veris Residential, Inc. Deferred Compensation Plan for Directors.
• The phantom stock units convert to common stock on a one-for-one basis and are settled in Veris Residential, Inc. common stock upon termination of board service or a change in control.
• Following the transaction, Lietz directly owns 29,445.205 shares of Veris Residential common stock.
• The price of the derivative security is $17.86.

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 incentivizes 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

Directors often receive stock-based compensation to align their interests with shareholders and incentivize long-term value creation. Deferred compensation plans are a common tool for this purpose.

Stakeholder Impact

• The transaction aligns the director's interests with those of the shareholders, potentially leading to better corporate governance and decision-making.

Key Dates