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

David Mandelbaum, a director of Vornado Realty Trust, was granted 7,400 restricted units of Vornado Realty L.P. on May 23, 2024.

Summary

• On May 23, 2024, David Mandelbaum, a director of Vornado Realty Trust, received a grant of 7,400 restricted units of Vornado Realty L.P.
• 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 Mandelbaum 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 Mandelbaum is no longer a member of the Board of Trustees.

Sentiment

Score: 7

Explanation: The document is a routine disclosure of a director's compensation. It's neutral to slightly positive as it indicates alignment of 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.

Stakeholder Impact

• The grant of restricted units aligns the director's interests with those of the shareholders.
• The restricted units are a form of compensation for the director.

Key Dates