Form 4: Vornado Realty Trust Director Daniel Tisch Receives Grant of 7,400 Restricted Units

Director Daniel Tisch of Vornado Realty Trust received a grant of 7,400 restricted units that vest immediately and are convertible into common shares.

Summary

• On May 23, 2024, Daniel Tisch, a director of Vornado Realty Trust, received a grant of 7,400 restricted units of Vornado Realty L.P., the operating partnership of Vornado Realty Trust.
• These restricted units vest immediately.
• The restricted units are convertible into Class A Units of the Operating Partnership, which are redeemable for cash or common shares of Vornado Realty Trust on a one-for-one basis.
• The common shares issued upon redemption must be held until Tisch is no longer a member of the Board of Trustees.
• The restricted 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.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, which is generally viewed neutrally to positively as it aligns management and shareholder interests.

Positives

• The grant of restricted units aligns the director's interests with those of the company and its shareholders.
• Immediate vesting provides an immediate incentive for the director.

Industry Context

Grants of restricted stock units are a common form of executive compensation in the real estate industry, aligning management's interests with those of shareholders.

Comparison to Industry Standards

• Similar grants are common among REITs such as Simon Property Group (SPG) and Public Storage (PSA), where equity-based compensation is used to incentivize long-term performance.
• The vesting schedule and transfer restrictions are also typical, ensuring that the director remains invested in the company's success.

Stakeholder Impact

• Shareholders may view the grant positively as it incentivizes the director to act in their best interests.
• The grant has no immediate impact on employees, customers, suppliers, or creditors.

Key Dates