Vornado Realty Trust (VNO) CAO awarded 4,061 restricted units in Form 4

Rhea-AI Filing Summary

Vornado Realty Trust Chief Accounting Officer Deirdre K. Maddock received an equity grant of 4,061 restricted units of Vornado Realty L.P. on March 2, 2026. These restricted units were awarded at no cash cost to her and are treated as derivative securities.

The restricted units vest in four equal installments on March 2 of 2027, 2028, 2029 and 2030, contingent on her continued service with the company. Once certain conditions are met and the awards vest, each restricted unit can be converted into one Class A Unit of the operating partnership, which may then be redeemed for cash or, at the company’s election, one common share of Vornado Realty Trust or the cash value of that share.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Maddock Deirdre K.

(Last) (First) (Middle)

C/O VORNADO REALTY TRUST

888 SEVENTH AVENUE

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
VORNADO REALTY TRUST [ VNO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Units(1)	(1)	03/02/2026		A		4,061		(2)	(2)	Common Shares	4,061	(1)	4,061	D

Explanation of Responses:

1. On March 2, 2026, 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"). 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.

2. The Restricted Units vest in four equal installments on March 2, 2027, 2028, 2029 and 2030, subject to the reporting person's continuous service with the Company at each vesting date.

	/s/ Ryan Saum, Attorney-in-Fact	03/04/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did Vornado Realty Trust (VNO) report for Deirdre K. Maddock?

Vornado Realty Trust reported that Chief Accounting Officer Deirdre K. Maddock received a grant of 4,061 restricted units of Vornado Realty L.P. on March 2, 2026. The award was granted at no cash cost and represents equity-based compensation subject to vesting conditions.

How do the restricted units granted to VNO executive Deirdre Maddock vest?

The restricted units granted to Deirdre Maddock vest in four equal installments on March 2 of 2027, 2028, 2029 and 2030. Each vesting installment is conditioned on her continuous service with Vornado Realty Trust through the applicable vesting date, aligning the award with long-term tenure.

What can the restricted units granted at Vornado Realty L.P. be converted into?

After certain events occur and the awards vest, each restricted unit can be converted into an equivalent number of Class A Units of Vornado Realty L.P. Those Class A Units are redeemable for cash or, at Vornado Realty Trust’s election, for common shares of the company on a one-for-one basis or their cash value.

Does Deirdre Maddock’s Form 4 for Vornado Realty Trust involve a stock purchase or sale?

The Form 4 reflects an acquisition through a grant or award, not an open-market stock purchase or sale. Deirdre Maddock received 4,061 restricted units as equity compensation, recorded with transaction code “A” for a grant, award, or other acquisition under insider reporting rules.

What type of security was reported in Deirdre Maddock’s Vornado Realty Trust Form 4?

The reported security is “Restricted Units” of Vornado Realty L.P., classified as a derivative security. These units are designed to convert into Class A Units of the operating partnership after vesting, which can then be redeemed for either cash or common shares of Vornado Realty Trust.

How many securities does Deirdre Maddock hold after this Vornado Realty Trust transaction?

Following the March 2, 2026 grant, Deirdre Maddock is reported as directly holding a total of 4,061 restricted units. This figure reflects the newly awarded derivative securities and represents her outstanding balance of this particular class of equity-based compensation.