Langer Barry 4
4 · VORNADO REALTY TRUST · Filed Feb 6, 2026
Research Summary
AI-generated summary of this filing
Vornado (VNO) EVP Barry Langer Receives LTIP Award
What Happened
Barry Langer, EVP — Development Co‑Head of Real Estate at Vornado Realty Trust, received 41,958 LTIP Units on February 5, 2026 (transaction code A). The award was reported at $0.00 per unit because these are long‑term incentive partnership units (derivative units) rather than a cash purchase. The grant consists of 38,971 performance "Base" units and 2,987 dividend accrual units earned based on the company’s relative TSR performance over the performance period that ended January 12, 2026.
Key Details
- Transaction date: February 5, 2026; Form 4 filed February 6, 2026 (appears timely).
- Amount: 41,958 LTIP Units; reported price $0.00 (derivative award, not an open‑market trade).
- Vesting: One‑half of both the Base Units and Dividend Accrual Units vested when earned (Feb 5, 2026); the remaining one‑half vests January 12, 2027, subject to continued employment.
- Conversion/redeemability: LTIP Units convert to an equivalent number of Operating Partnership Class A Units, which are redeemable for cash or, at the company’s election, one common share of Vornado on a one‑for‑one basis. Conversion and redemption rights have no expiration.
- Transfer restriction: Each unit and any Class A Unit issued on conversion is subject to an additional one‑year transfer restriction (redemption/exercise generally not available until one year after vesting).
- Source/plan: Units were originally issued under the 2023 Long Term Performance Plan and earned following Compensation Committee certification of performance for the Relative TSR period.
- Shares owned after transaction: Not specified in the provided summary of the filing.
Context
This is a performance‑based compensation award (not a purchase or sale). Such LTIP awards reward relative performance vs. peers and include vesting and transfer restrictions; they do not represent an immediate cash transaction or open‑market buying activity.
Insider Transaction Report
Form 4
Langer Barry
EVP - DEV. CO-HEAD OF R.E.
Transactions
- Award
LTIP Units
[F1][F2][F3]2026-02-05+41,958→ 79,506 total→ Common Shares (41,958 underlying)
Footnotes (3)
- [F1]Represents LTIP Units of Vornado Realty L.P. (the "Operating Partnership"), the operating partnership of Vornado Realty Trust (the "Company"). The LTIP Units are a class of units of the Operating Partnership that following the occurrence of certain events and upon vesting are convertible by the holder into an equivalent number of Class A Units of the Operating Partnership ("Class A Units"). Class A Units of the Operating Partnership are redeemable by the holder for cash or, at the Company's election, common shares of the Company on a one-for-one basis or the cash value of such shares. The rights to convert LTIP Units into Class A Units and redeem Class A Units do not have expiration dates.
- [F2]The LTIP Units were originally issued in January 2023 under the Company's 2023 Long Term Performance Plan and were subject to performance hurdles based on achievement of specified operational and relative performance metrics over predetermined performance periods, with the last performance period ending on January 12, 2026 (the "Relative TSR Performance Period"). On February 5, 2026, the Company's Compensation Committee determined the level of achievement of the relative performance metrics for these LTIP Units, resulting in 38,971 LTIP Units (the "LTPP Base Units") being earned at the conclusion of the Relative TSR Performance Period based on the Company's total shareholder return as compared to certain peer indices, and an additional 2,987 LTIP Units (the "LTPP Dividend Accrual Units") earned as an accrual for dividends payable on the LTPP Base Units.
- [F3]One-half of the LTPP Dividend Accrual Units and one-half of the LTPP Base Units were vested when earned, and the other one-half of the LTPP Dividend Accrual Units and the other one-half of the LTPP Base Units vest on January 12, 2027, subject to continued employment. Each LTPP Base Units and LTPP Dividend Accrual Unit and Class A Unit acquired upon conversion of such LTIP Unit is subject to an additional one-year transfer restriction pursuant to which such LTIP Unit and Class A Unit generally may not be transferred, and the redemption right associated with the Class A Unit may not be exercised until one year after the vesting date.
Signature
/s/ Ryan Saum, Attorney-in-Fact|2026-02-06