VORNADO REALTY TRUST 4
4 · VORNADO REALTY TRUST · Filed May 19, 2008
Insider Transaction Report
Form 4
TARGAN RONALD G
Director
Transactions
- Award
Restricted Units
2008-05-15+309→ 572 total→ Common Shares (309 underlying)
Footnotes (2)
- [F1]On May 15, 2008, the reporting person received a grant of 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 are convertible by the holder, upon vesting, into an equivalent number of Class A Units of the Operating Partnership, which are redeemable at the election of the holder for Common Shares of the Company on a one-for-one basis or the cash value of such shares, at the Company's option.
- [F2]These Restricted Units vest in equal portions over a five-year period with the initial vesting occurring on May 15, 2009. These units are not transferable until the reporting person is no longer serving as a Board Member.