X0306 4 2020-04-18 0 0000899689 VORNADO REALTY TRUST VNO 0000904503 ROTH STEVEN 888 SEVENTH AVENUE NEW YORK NY 10019 1 1 0 0 Chairman & CEO Restricted Units 2020-04-18 4 D 0 4675 D Common Shares 4675 7291 D 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. As a result of the ongoing impact of the COVID19 pandemic on the Company, on April 18, 2020, the Compensation Committee of the Company's Board of Trustees approved, effective April 1, 2020, the reporting person's waiver of his entitlement to these Restricted Units. The Restricted Units that were not reacquired by the Company will continue to vest ratably throughout 2020, subject to the continued employment of the reporting person during the vesting period. /s/ Steven Santora, Attorney in Fact 2020-04-21