VORNADO REALTY TRUST — Director's Dealing 2021

Nov 12, 2021

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: VORNADO REALTY TRUST (VNO)
CIK: 0000899689
Period of Report: 2021-11-02

Reporting Person: Maddock Deirdre K. (SVP - Chief Accounting Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	340	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Options (Right to Buy)	$82.4398	2027-01-13	Common Shares (244)		Direct
Options (Right to Buy)	$70.3102	2028-01-12	Common Shares (335)		Direct
Options (Right to Buy)	$62.6188	2029-01-14	Common Shares (387)		Direct
Options (Right to Buy)	$66.86	2030-01-13	Common Shares (1562)		Direct
Options (Right to Buy)	$36.72	2030-03-30	Common Shares (1462)		Direct
Restricted Units	$		Common Shares (1521)		Direct
Restricted Stock Units	$		Common Shares (21)		Direct
Restricted Stock Units	$		Common Shares (49)		Direct
Restricted Stock Units	$		Common Shares (280)		Direct
Restricted Stock Units	$		Common Shares (230)		Direct

Footnotes

F1: Common shares of beneficial interest, par value $.04 per share (the "Common Shares"), of Vornado Realty Trust ("the Company").

F2: 193 of these options are vested. The remaining options vest in two equal installments on each of January 10, 2022 and January 10, 2023.

F3: 391 of these options are vested. The remaining options vest ratably on each of January 10, 2022, January 10, 2023 and January 10, 2024.

F4: 366 of these options are vested. The remaining options vest ratably on each of January 10, 2022, January 10, 2023 and January 10, 2024.

F5: On January 12, 2021 the reporting person received a grant of restricted units (the "Restricted Units") of Vornado Realty L.P. (the "Operating Partnership"), the operating partnership of the Company. 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.

F6: The Restricted Units vest in equal portions over a four-year period with the initial vesting occurring on January 10, 2022.

F7: These Restricted Stock Units were granted on January 12, 2018 and vest on January 10, 2022. Prior to the vesting of the award, if the Company pays a dividend on its Common Shares, the reporting person will receive an amount in cash equal to in value to the dividends that the reporting person would have received has the reporting person been the actual owner of the number of Common Shares.

F8: Each restricted stock unit represents a contingent right to receive one Common Share.

F9: These Restricted Stock Units were granted on January 14, 2019 and vest ratably on January 10, 2022 and January 10, 2023. Prior to the vesting of the award, if the Company pays a dividend on its Common Shares, the reporting person will receive a cash amount equal to the value of the dividends that the reporting person would have received had the reporting person been the actual owner of the number of Common Shares.

F10: These Restricted Stock Units were granted on January 13, 2020 and vest ratably on January 10, 2022, January 10, 2023 and January 10, 2024. Prior to the vesting of the award, if the Company pays a dividend on its Common Shares, the reporting person will receive a cash amount equal to the value of the dividends that the reporting person would have received had the reporting person been the actual owner of the number of Common Shares.

F11: These Restricted Stock Units were granted on March 30, 2020 and vest ratably on January 10, 2022, January 10, 2023 and January 10, 2024. Prior to the vesting of the award, if the Company pays a dividend on its Common Shares, the reporting person will receive a cash amount equal to the value of the dividends that the reporting person would have received had the reporting person been the actual owner of the number of Common Shares.