Puri Mandakini 4

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.