Vornado Realty Trust sets 40% development fee pool for employees, pays $6.4 million
Vornado's Compensation Committee created a Development Fee Pool equal to 40% of net development fees received from third parties, starting with the 350 Park Avenue project and extending to future projects. On December 15, 2023, the committee approved $6.4 million in cash payments to four executives tied to completing the 350 Park Avenue transaction. The filing ties the pool to outside capital raising, and it does not report a financial result for shareholders.
- Development Fee Pool equals 40% of net development fees received from third parties, including from the 350 Park Avenue project and future projects
- Fees paid by wholly-owned Company developments are excluded from the pool
- On December 15, 2023, the committee approved payments of $2.2 million to Mr. Roth, $1.4 million each to Messrs. Franco, Langer and Weiss
- Pool size depends on the anticipated 36% interest in the 350 Park Avenue joint venture, which has not yet been formed