TARGAN RONALD G 4
4 · VORNADO REALTY TRUST · Filed May 31, 2011
Insider Transaction Report
Form 4
TARGAN RONALD G
Director
Transactions
- Award
Restricted Units
2011-05-26+941→ 3,252 total→ Common Shares (941 underlying)
Footnotes (3)
- [F1]On May 26, 2011, 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 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]These Restricted Units vest ratably over a three-year period with the initial vesting occurring on May 29, 2012. These units are not transferable until the reporting person is no longer serving as a member of the Company's Board of Trustees, other than in connection with a conversion of the Restricted Units to Class A Units and a redemption of such Class A Units for Common Shares. Any Common Shares issued in connection with such a redemption must be held by the reporting person until such person is no longer a member of the Company's Board of Trustees.
- [F3]Of these 3,252 Restricted Units, (i) 999 are fully vested, (ii) 807 are scheduled to vest in May of 2012, (iii) 753 are scheduled to vest in May of 2013, and (iv) 693 are scheduled to vest in May of 2014.