Form 4: Veris Residential EVP Taryn Fielder Reports Stock Vesting and Forfeiture
SEC Form 4 Filing
Taryn D. Fielder, EVP, General Counsel & Secretary of Veris Residential, Inc., reports vesting of performance-based restricted stock units and forfeiture of unvested units.
Summary
- On March 10, 2025, Taryn D. Fielder, EVP, General Counsel & Secretary of Veris Residential, Inc., vested in 7,310 performance vesting restricted stock units (PVRSUs).
- Fielder also forfeited 15,849 PVRSUs that did not vest at the end of the applicable three-year performance period.
- The vested PVRSUs represent a contingent right to receive one share of common stock of Veris Residential, Inc.
- Additionally, 2,200 shares were forfeited for net share settlement of taxes on shares issued upon vesting of PVRSUs at a price of $16.575.
- Following these transactions, Fielder directly owns 105,302 shares of Veris Residential, Inc.
- The reporting person also owns 0 derivative securities.
Sentiment
Score: 6
Explanation: The document is neutral in tone, reporting routine executive compensation-related transactions. The forfeiture of shares due to unmet performance metrics is a slightly negative aspect, but overall, the filing is standard and expected.
Negatives
- 15,849 PVRSUs were forfeited because performance metrics were not met.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and stock ownership, common in the real estate investment trust (REIT) sector. It provides transparency into the equity-based compensation of Veris Residential's executives.
Comparison to Industry Standards
- Performance-based vesting of restricted stock units is a common practice in the REIT industry to align executive compensation with company performance.
- The specific TSR metrics used by Veris Residential, both absolute and relative to a peer group, are typical performance measures used in executive compensation plans.
- Companies like AvalonBay Communities, Equity Residential, and Simon Property Group also utilize similar performance-based equity compensation plans for their executives.
Stakeholder Impact
- Shareholders are informed about executive compensation and alignment with company performance.
- Employees may be impacted by the performance metrics used for vesting, as they reflect overall company success.
Key Dates
| Date | Description |
|---|---|
| 03/09/2025 | End of the three-year performance period for PVRSU vesting. |
| 03/10/2025 | Date of vesting and forfeiture of PVRSUs, and the transaction date. |
| 03/12/2025 | Date of signature of the Form 4 filing. |
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