VORNADO REALTY TRUST — Director's Dealing 2020

Jan 15, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VORNADO REALTY TRUST (VNO)
CIK: 0000899689
Period of Report: 2020-01-13

Reporting Person: ROTH STEVEN (Director, Chairman & CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-01-13	Restricted Units	$	A	14957	Acquired		Common Shares (14957)	Direct
2020-01-13	Restricted Units	$	A	11966	Acquired		Common Shares (11966)	Direct

Footnotes

F1: On January 13, 2020, the reporting person received a grant of restricted units (the "Restricted Units") of Vornado Realty L.P. (the "Operating Partnership"), the operating partnership of Vornado Realty Trust (the "Company" or "VNO"). The Restricted 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.

F2: The Restricted Units vest immediately.

F3: The Restricted Units vest ratably throughout 2020, subject to the continued employment of the reporting person during the vesting period.