Veris Residential (VRE) has shared an announcement.
Veris Residential, Inc. has renewed its executive employment agreement with CEO Mahbod Nia, keeping him at the helm with a substantial compensation package. This includes a base salary of $800,000 with potential yearly increases, bonuses of up to 200% based on performance, and $4.4 million in annual equity awards. Additionally, Nia is covered for health benefits, tax assistance, and a possible $700,000 relocation allowance. If terminated without cause, he is entitled to severance up to three times his salary and bonus, along with extended medical coverage and accelerated equity vesting. The agreement also imposes non-compete and confidentiality obligations on Nia post-employment.
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