MANDELBAUM DAVID 4

What Happened David Mandelbaum, a director of Vornado Realty Trust (VNO), received a grant of 7,168 restricted units of Vornado Realty L.P. on May 21, 2026. The filing lists this as a derivative award (no per-share price or cash value reported). These restricted units are convertible into an equivalent number of Class A Units of the Operating Partnership, which are redeemable for cash or, at the company's election, one common share per unit.

Key Details

• Transaction type: Award/Grant of restricted units (derivative) on 2026-05-21 (reported on Form 4 filed 2026-05-22).
• Amount: 7,168 restricted units; price/value: N/A in filing.
• Vesting/transferability: Units vest immediately but are not transferable while Mandelbaum remains a board member, except as needed to convert/redeem to Class A Units and Common Shares. Any Common Shares received on redemption must be held until he is no longer a trustee. (See footnotes F1–F2.)
• Shares owned after transaction: Not specified in the filing.
• Timeliness: Filing appears timely (transaction 2026-05-21; Form 4 filed 2026-05-22).

Context This was an award of restricted partnership units (a derivative equity grant), not an open‑market purchase or sale. The units convert one-for-one into Class A Units, which can be redeemed for cash or converted into common shares of Vornado at the company’s election — effectively a deferred-equity award with holding/transfer restrictions while the recipient serves on the board. Such grants are routine compensation for directors and do not by themselves indicate buying or selling intent in the public market.