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

Director Nori Gerardo Lietz reports acquiring phantom stock units in Veris Residential, Inc. through a deferred compensation plan.

Summary

• On July 3, 2024, Nori Gerardo Lietz, a director of Veris Residential, Inc., acquired 1,738.734 phantom stock units.
• These units were accrued under the Veris Residential, Inc. Deferred Compensation Plan for Directors.
• The acquisition includes a quarterly director's fee and a quarterly dividend credited on cumulative phantom stock units.
• The phantom stock units convert to common stock on a one-for-one basis and will be settled in Veris Residential, Inc. common stock upon termination of service or a change in control.
• Following the transaction, Lietz directly owns 27,965.467 phantom stock units.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects a routine transaction related to director compensation, indicating alignment of 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

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.

Comparison to Industry Standards

• Stock-based compensation for directors is a common practice across the real estate industry.
• Companies like Equity Residential (EQR) and AvalonBay Communities (AVB) also utilize stock options and restricted stock units as part of their director compensation packages.
• The specific amount and terms of the compensation vary based on company size, performance, and industry benchmarks.

Stakeholder Impact

• The acquisition of phantom stock units aligns the director's interests with those of the shareholders, potentially leading to better corporate governance and decision-making.
• Employees may view this as a positive sign of management's commitment to the company's long-term success.

Key Dates