Barry Langer - Jan 11, 2023 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 11, 2023
Transactions value $: $0
Form type: 4
Date filed: 1/13/2023, 03:06 PM
Previous filing: Jan 14, 2022
Next filing: Apr 6, 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		+45.5K			45.5K	Jan 11, 2023	Common Shares	45.5K		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 11, 2023, 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, 2024, 2025, 2026 and 2027, subject to the reporting person's continuous service with the Company at each vesting date.

Content

On January 11, 2023, 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, 2024, 2025, 2026 and 2027, subject to the reporting person's continuous service with the Company at each vesting date.