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

Mandakini Puri, a director of Vornado Realty Trust, received a grant of 7,400 restricted units convertible into common shares, which vest immediately but are subject to transfer restrictions.

Summary

• On May 23, 2024, Mandakini Puri, 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 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 restricted units vest immediately but are not transferable until Puri is no longer a member of the Company's Board of Trustees, except for conversion to Class A Units and redemption for Common Shares.
• Any Common Shares received upon redemption must be held until Puri is no longer a board member.

Sentiment

Score: 7

Explanation: The document reflects a routine director compensation matter, which is generally neutral to slightly positive as it aligns director interests with shareholders.

Positives

• The grant of restricted units aligns the director's interests with those of the shareholders.

Industry Context

This type of equity compensation is common for directors of publicly traded companies, aligning their interests with shareholders.

Comparison to Industry Standards

• Director compensation packages often include a mix of cash and equity.
• Restricted units are a common form of equity compensation, similar to grants at companies like Boston Properties (BXP) and Simon Property Group (SPG).
• The vesting and transfer restrictions are typical to ensure long-term alignment with the company's performance.

Stakeholder Impact

• The grant of restricted units aligns the director's interests with those of the shareholders, potentially encouraging decisions that benefit the company's long-term performance.

Key Dates