Puri Mandakini 4

4 · VORNADO REALTY TRUST · Filed May 22, 2026

AI-generated summary of this filing

Updated May 22, 2026

Vornado (VNO) Director Puri Mandakini Receives Restricted Units Award

What Happened

Puri Mandakini, a director of Vornado Realty Trust, received a grant of 7,168 restricted units of Vornado Realty L.P. on May 21, 2026 (transaction code A). No cash price is reported (N/A) because this is a compensation award/derivative grant rather than an open-market trade. The units are convertible into Class A units of the Operating Partnership, which are redeemable one-for-one for either cash or Vornado common shares at the company's election.

Key Details

Transaction date: 2026-05-21; Form 4 filed: 2026-05-22 (timely).
Grant: 7,168 Restricted Units (derivative award); price: N/A.
Vesting: These Restricted Units vest immediately (footnote F2).
Transfer/holding restrictions: Units are not transferable while Mandakini remains a Board member except for conversion/redemption; any common shares issued on redemption must be held until she is no longer a trustee (footnotes F1–F2).
Shares owned after transaction: not specified in the filing.
Transaction code: A (award/grant); this is compensation, not a purchase or sale.

Context

This is a compensation/award event (not an open-market purchase), so it increases potential ownership but does not reflect a market buy or sale. The units convert through the partnership structure into Class A units and then can be redeemed for cash or common shares one-for-one; because they vested immediately, Mandakini gains the economic interest subject to the stated holding restrictions.

Form 4

Period: 2026-05-21

Director

Transactions

Award
Restricted Units
[F1][F2]
2026-05-21+7,168→ 7,168 total
→ Common Shares (7,168 underlying)

Footnotes (2)

[F1]On May 21, 2026, 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 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 beneficial interest, $0.04 par value per share (the "Common Shares") of the Company on a one for one basis or the cash value of such shares.
[F2]These Restricted Units vest immediately. 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.

Signature

/s/ Ryan Saum, Attorney-in-Fact|2026-05-22

1 file