PAPA CHRISTOPHER J 4
4 · Veris Residential, Inc. · Filed May 27, 2026
Research Summary
AI-generated summary of this filing
Veris Residential (VRE) Director C. Papa Sells 10,463 Shares in Merger
What Happened
Christopher J. Papa, a director of Veris Residential, disposed of 7,942 common shares and 2,521.478 phantom stock units (total 10,463.478) on May 27, 2026. Under the merger agreement, each share (and the shares underlying phantom units) was converted into the right to receive $19.00 in cash, yielding approximately $198,806.08 in aggregate consideration. This was a cash-out as part of the company’s merger, not an open-market sale.
Key Details
- Transaction date: May 27, 2026; Filing date: May 27, 2026.
- Price / consideration: $19.00 per share under the Merger Agreement.
- Shares/units disposed: 7,942 common shares + 2,521.478 vested phantom stock units = 10,463.478 total.
- Approximate total proceeds: 10,463.478 × $19 = $198,806.08.
- Shares owned after transaction: All reported shares and related phantom units were cancelled/converted at closing (effectively zero remaining from those holdings).
- Footnotes: F1 — common shares cancelled and converted to cash under the Merger Agreement; F2 — vested phantom stock units automatically cancelled and converted to cash at the same $19/share rate.
- Transaction code: D (Disposition to issuer). This was a merger cash-out, not a market sale or purchase.
Context
This filing reflects the company’s merger closing and mandatory cash-out of stock and director phantom units. Such dispositions in connection with a corporate transaction are routine and reflect contractual merger terms rather than a director-initiated sale.
Insider Transaction Report
- Disposition to Issuer
Common Stock, $0.01 par value
[F1]2026-05-27−7,942→ 0 total - Disposition to Issuer
Phantom Stock Units
[F2]2026-05-27−2,521.478→ 0 total→ Common Stock, $0.01 par value (2,521.478 underlying)
Footnotes (2)
- [F1]On May 27, 2026, pursuant to the Agreement and Plan of Merger, dated as of February 23, 2026 (the "Merger Agreement"), by and among the Veris Residential, Inc. (the "Issuer"), Veris Residential, L.P., AC Residential Acquisition LP ("Parent"), AC Residential REIT LLC ("Merger Sub I"), and AC Residential OP LP, the Issuer merged with and into Merger Sub I (the "Merger") and each share of the Issuer's common stock, par value $0.01 per share (the "Shares"), held by the reporting person was cancelled and converted into the right to receive an amount in cash equal to $19.00 (the "Merger Consideration"), without interest thereon and less applicable withholding taxes.
- [F2]Pursuant to the terms and conditions of the Merger Agreement, on May 27, 2026 at the effective time of the Merger (the "Effective Time"), vested phantom stock units ("Phantom Stock Units") issued pursuant to the Issuer's deferred compensation plan for directors automatically were cancelled and converted into the right to receive an amount in cash equal to the product of (i) the number of Shares underlying such Phantom Stock Units immediately prior to the Effective Time and (ii) the Merger Consideration, without interest thereon.