Beinecke Candace K 4

What Happened

• Candace K. Beinecke, a director of Vornado Realty Trust (VNO), received a grant of 7,168 restricted units of Vornado Realty L.P. on May 21, 2026 (transaction code A — award). No cash price was reported; these are derivative restricted units that can convert into Class A units of the Operating Partnership and ultimately be redeemed for cash or one-for-one for Vornado common shares.

Key Details

• Transaction date: May 21, 2026; Form 4 filed May 22, 2026 (timely filing).
• Security and amount: 7,168 restricted units (derivative award); price: N/A.
• Vesting/transfer: The restricted units vest immediately but are not transferable while Beinecke remains a trustee, except for conversion/redemption events. Any common shares received on redemption must be held until she is no longer a board member.
• Conversion/redemption mechanics: Restricted Units convert to Class A Units, which are redeemable for cash or, at the company’s election, one-for-one for common shares (or the cash value).
• Ownership after transaction: Not specified in the provided filing summary.

Context

• This was an equity compensation award, not an open-market purchase or sale. Such awards compensate insiders and may be part of director pay; they are not a direct market signal of buying or selling interest. The units are derivative and subject to transfer and holding restrictions tied to board service.