Barry Langer - Jan 12, 2022 Form 4 Insider Report for VORNADO REALTY TRUST (VNO)

Role: EVP - Dev. Co-Head of R.E.
Signature: /s/ Ryan Saum, Attorney in Fact
Stock symbol: VNO
Transactions as of: Jan 12, 2022
Transactions value $: $0
Form type: 4
Date filed: 1/14/2022, 03:38 PM
Next filing: Jan 13, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	VNO	Restricted Units	Award		+18.5K			18.5K	Jan 12, 2022	Common Shares	18.5K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On January 12, 2022, the reporting person received a grant of restricted units (the "Restricted Units") of Vornado Realty L.P. (the "Operating Partnership"), the operating partnership of Vornado Realty Trust (the "Company"). The Restricted Units are a class of units of the Operating Partnership that following the occurrence of certain events and upon vesting are convertible by the holder into an equivalent number of Class A Units of the Operating Partnership ("Class A Units"). Class A Units of the Operating Partnership are redeemable by the holder for cash or, at the Company's election, common shares of the Company on a one-for-one basis or the cash value of such shares.
F2	The Restricted Units vest in four equal installments on January 10, 2023, 2024, 2025 and 2026, subject to the reporting person's continuous service with the Company at each vesting date.

Content

On January 12, 2022, the reporting person received a grant of restricted units (the "Restricted Units") of Vornado Realty L.P. (the "Operating Partnership"), the operating partnership of Vornado Realty Trust (the "Company"). The Restricted Units are a class of units of the Operating Partnership that following the occurrence of certain events and upon vesting are convertible by the holder into an equivalent number of Class A Units of the Operating Partnership ("Class A Units"). Class A Units of the Operating Partnership are redeemable by the holder for cash or, at the Company's election, common shares of the Company on a one-for-one basis or the cash value of such shares.

The Restricted Units vest in four equal installments on January 10, 2023, 2024, 2025 and 2026, subject to the reporting person's continuous service with the Company at each vesting date.