ROTH STEVEN 4

What Happened
Steven Roth, Chairman and CEO of Vornado Realty Trust, disposed of 26,428 common shares on May 18, 2026 via a gift (transaction code G). The filing reports the shares at $0.00 per share (total reported value $0) because the transfer was a gift to a family trust rather than a market sale.

Key Details

• Transaction date: May 18, 2026; Form 4 filed May 20, 2026 (appears timely).
• Transaction type: Gift (G); 26,428 Common Shares transferred; reported price $0.00; disposition.
• Background: These shares were part of a grantor retained annuity trust originally funded May 16, 2024 with 122,858 shares. Upon termination on May 18, 2026, 26,428 shares were transferred to a family trust and 96,430 were distributed to Mr. Roth and subsequently contributed to other entities reported as indirectly owned. (See footnotes F2–F3.)
• Reported holdings/related entities: the filing notes large indirect holdings remain, including 3,519,032 shares held by Interstate Properties (Mr. Roth is managing general partner) (F4), shares held by a limited liability company managed by Mr. Roth (F5), shares held by his spouse (F6), and shares held by the Daryl and Steven Roth Foundation (F7). The filing limits assertions of beneficial ownership where applicable.
• No cash sale or open-market transaction occurred; this was a non‑market transfer (gift).

Context
Gifts are transfers for estate/planning or family purposes and do not necessarily reflect the insider’s view of the stock’s near‑term prospects. This transaction stems from the termination of a previously funded grantor retained annuity trust and internal transfers to family and entities; Mr. Roth continues to have significant reported indirect interests in Vornado through other entities and trusts.