Haim Chera - 06 Feb 2025 Form 4 Insider Report for VORNADO REALTY TRUST (VNO)

Footnote F1

Represents LTIP Units of Vornado Realty L.P. (the "Operating Partnership"), the operating partnership of Vornado Realty Trust (the "Company"). The LTIP 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 rights to convert LTIP Units into Class A Units and redeem Class A Units do not have expiration dates.

Footnote F2

Pursuant to the terms of the Vornado Realty Trust 2021 Outperformance Plan (the "Plan") the LTIP Units referenced in this Form 4 were issued on January 12, 2021 and were "earned" upon the achievement of performance hurdles as of January 12, 2025, subject to a determination by the Compensation Committee of the Company's Board of Trustees (the "Compensation Committee") that such hurdles were met. The determination that these performance hurdles were met was made by the Compensation Committee on February 6, 2025.

Footnote F3

Represents 22,093 LTIP Units "earned" as of February 6, 2025, based upon certain performance hurdles having been met by the Company and the percentage of the Reporting Person's interest in the performance pool established by the Company under the Plan (the "OPP Base Units"), plus 3,229 LTIP Units (the "OPP Dividend Accrual Units") earned as an accrual for dividends payable on the OPP Base Units.

Footnote F4

The OPP Dividend Accrual Units and one-half of the Base Units were vested when earned, and the other one-half of the OPP Base Units vest on January 12, 2026, subject to continued employment.

Footnote F5

The LTIP Units were originally issued in January 2022 under the Company's 2022 Long Term Performance Plan and were subject to performance hurdles based on achievement of specified operational and relative performance metrics over predetermined performance periods, with the last performance period ending on January 12, 2025 (the "Relative TSR Performance Period"). On February 6, 2025, the Company's Compensation Committee determined the level of achievement of the relative performance metrics for these LTIP Units, resulting in 6,668 LTIP Units (the "LTPP Base Units") being earned at the conclusion of the Relative TSR Performance Period based on the Company's total shareholder return as compared to certain peer indices, and an additional 737 LTIP Units (the "LTPP Dividend Accrual Units") earned as an accrual for dividends payable on the LTPP Base Units.

Footnote F6

The LTPP Dividend Accrual Units and one-half of the LTPP Base Units were vested when earned, and the other one-half of the LTPP Base Units vest on January 12, 2026, subject to continued employment. Each LTPP Base Units and LTPP Dividend Accrual Unit and Class A Unit acquired upon conversion of such LTIP Unit is subject to an additional one-year transfer restriction pursuant to which such LTIP Unit and Class A Unit generally may not be transferred, and the redemption right associated with the Class A Unit may not be exercised until one year after the vesting date.

Footnote F7

Reflects the forfeiture of 1,139 LTIP Units originally issued on April 5, 2023 that were previously reported as beneficially owned by the Reporting Person, but were forfeited based upon the Company's total shareholder return for the period from January 12, 2022 to January 12, 2025.