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.
Key points
- 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
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 20, 2023.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.