TISCH DANIEL R 4

What Happened

• Daniel R. Tisch, a director of Vornado Realty Trust (VNO), was granted 7,168 restricted units of Vornado Realty L.P. (the Operating Partnership) on May 21, 2026. The grant is reported as an award/derivative (Form 4 code A). No per-unit price or cash value is reported on the filing.

Key Details

• Transaction date: May 21, 2026; Form 4 filed May 22, 2026 (filed promptly).
• Amount: 7,168 restricted units (derivative interest); price: N/A.
• Conversion/repayment terms: Restricted Units are convertible into an equivalent number of Class A Units of the Operating Partnership; Class A Units are redeemable for cash or, at the company's election, one common share per unit (or the cash value of such share).
• Vesting and transfer restrictions: The Restricted Units vest immediately but are not transferable while Tisch continues to serve as a trustee, except to convert to Class A Units and redeem them for common shares. Any common shares received upon redemption must be held until he is no longer a trustee.
• Shares owned after transaction: not specified in the provided filing summary.

Context

• This is an equity award (derivative grant) rather than an open-market purchase or sale; such awards create potential future economic interest tied to the company’s equity but are subject to the stated transfer and holding restrictions. The filing appears timely (next-day filing).