Helman William W 4

What Happened
William W. Helman, a director of Vornado Realty Trust (VNO), was granted 7,168 restricted units of Vornado Realty L.P. on May 21, 2026. The filing lists this as an award/grant (transaction code A); no purchase price or cash amount is reported. The restricted units are a derivative interest convertible into an equivalent number of Class A Units of the Operating Partnership, which in turn are redeemable for cash or, at the company's election, one common share of Vornado per unit.

Key Details

• Transaction date: 2026-05-21 (reported on Form 4 filed 2026-05-22). Filing was timely (within Form 4 deadlines).
• Transaction type: Award/Grant (A) — 7,168 Restricted Units; price/value = N/A in the filing.
• Derivative mechanics: Restricted Units convert to Class A Units; Class A Units are redeemable for cash or one common share per unit.
• Vesting/transfer restrictions: Units vest immediately but are not transferable while Helman remains a board member (except for conversion/redemption). Any common shares received on redemption must be held until he leaves the Board.
• Shares owned after transaction: Not disclosed in the provided filing details.

Context
This was a compensation award to a director (not an open-market buy or sell). Because the units vest immediately but carry transfer and holding restrictions tied to board service, they represent deferred/structured compensation rather than an immediate liquidity event. No sale or cash received was reported, and no price/value was provided in the Form 4.