X0306 4 2020-05-14 0 0000899689 VORNADO REALTY TRUST VNO 0001111794 TISCH DANIEL R 888 7TH AVENUE NEW YORK NY 10019 1 0 0 0 Restricted Units 2020-05-14 4 A 0 5310 A Common Shares 5310 5310 D On May 14, 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"). 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 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. These Restricted Units vest immediately. These units are not transferable until the reporting person is no longer serving as a member of the Company's Board of Trustees, other than in connection with a conversion of the Restricted Units to Class A Units and a redemption of such Class A Units for Common Shares. Any Common Shares issued in connection with such a redemption must be held by the reporting person until such person is no longer a member of the Company's Board of Trustees. /s/ Steven Santora, Attorney in Fact 2020-05-18