Chera Haim 4

What Happened
Chera Haim, Executive Vice President and Head of Retail for Vornado Realty Trust, was granted 16,661 LTIP units of Vornado Realty L.P. on February 5, 2026. The award is recorded as an "A" (award/acquisition) at $0.00 (derivative units), reflecting a performance-based long‑term incentive grant rather than an open‑market purchase or cash transaction.

Key Details

• Transaction date: February 5, 2026; Form 4 filed February 6, 2026 (timely).
• Grant amount: 16,661 LTIP units (15,475 LTPP Base Units + 1,186 LTPP Dividend Accrual Units).
• Price reported: $0.00 (derivative award, not a cash purchase).
• Vesting: Half of both the Base Units and Dividend Accrual Units vested immediately when earned; the other half vests January 12, 2027, subject to continued employment.
• Conversion/restrictions (F1 & F3): LTIP Units convert into Class A Units of the Operating Partnership and those Class A Units can be redeemed for cash or, at the company's election, exchanged one-for-one for Vornado common shares. Conversion and redemption rights do not expire. Each LTIP Unit and any Class A Unit acquired on conversion is subject to an additional one‑year transfer restriction following vesting (redeem/exercise restriction for one year).
• How units were earned (F2): These LTIP Units were originally granted under the 2023 Long Term Performance Plan and were earned based on achievement of specified operational and relative total shareholder return (TSR) performance metrics over performance periods ending January 12, 2026.
• Shares owned after transaction: Not specified in the Form 4 filing.

Context
This was a performance-based derivative award (long-term incentive plan) tied to company and relative TSR metrics, not a cash purchase or sale. Such awards reward multi-year performance and have vesting and transfer restrictions; they do not by themselves indicate an immediate buy/sell decision by the insider.