4/A: Veris Residential Executive Taryn D. Fielder Receives Stock Grants, Amends Previous Filing
SEC Form 4/A (Amendment to Statement of Changes in Beneficial Ownership)
Taryn D. Fielder, EVP, General Counsel & Secretary of Veris Residential, Inc., received time-vesting, performance-vesting, and outperformance-vesting restricted stock units on March 12, 2024, and amended a previous filing to correct the total amount of securities beneficially owned.
Summary
- Taryn D. Fielder, an executive at Veris Residential, Inc., received grants of restricted stock units on March 12, 2024.
- These grants include time-vesting restricted stock units (TVRSUs), performance-vesting restricted stock units (PVRSUs), and outperformance-vesting restricted stock units (OPVRSUs).
- The TVRSUs vest in three equal annual installments starting March 12, 2025.
- 50% of the PVRSUs may vest based on the company's absolute total stockholder return (TSR) over three years, and the other 50% may vest based on the company's TSR relative to a peer group of 19 REITs over the same period.
- The PVRSUs may vest between 0% and 160% of the target performance level.
- The OPVRSUs may vest on March 12, 2027, from 0% to 100% based on the company's adjusted funds from operations per share for the fiscal year ending December 31, 2026.
- An amendment was filed to correct the total amount of securities beneficially owned, changing it from 62,919 to 83,399.
Sentiment
Score: 7
Explanation: The document is neutral to slightly positive. It reflects standard executive compensation practices and corrects a minor reporting error. The vesting conditions incentivize performance, which is generally viewed favorably.
Positives
- The grant of restricted stock units aligns the executive's interests with those of the shareholders, incentivizing performance and long-term value creation.
Future Outlook
The vesting of the restricted stock units is contingent upon future performance metrics related to total stockholder return and adjusted funds from operations per share.
Industry Context
The granting of stock-based compensation is a common practice in the real estate industry to align executive compensation with company performance and shareholder value.
Comparison to Industry Standards
- Stock-based compensation is a common practice among publicly traded REITs to incentivize executives.
- Peer groups for TSR comparisons are typically composed of similar-sized REITs with comparable investment strategies.
- Vesting schedules and performance metrics vary widely based on company-specific goals and industry benchmarks.
Stakeholder Impact
- Shareholders may view the stock grants positively as they align executive interests with company performance.
- Employees may see the grants as a sign of confidence in the company's future prospects.
Key Dates
| Date | Description |
|---|---|
| 03/12/2024 | Date of restricted stock unit grants (TVRSUs, PVRSUs, OPVRSUs) |
| 03/14/2024 | Date of original Form 4 filing that was later amended |
| 03/12/2025 | First vesting date for TVRSUs |
| 12/31/2026 | Fiscal year end used for OPVRSU vesting determination |
| 03/12/2027 | Potential vesting date for OPVRSUs |
| 03/11/2025 | Date of signature on the amended form |
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