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VNO > SEC Filings for VNO > Form 8-K on 21-Mar-2013All Recent SEC Filings

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Other Events

Item 8.01. Other Events.

On March 15, 2013, the Compensation Committee (the "Committee") of the Board of Trustees of Vornado Realty Trust ("Vornado") approved Vornado's 2013 Outperformance Awards, a multi-year, performance-based equity compensation award and related form of award agreement (the "2013 OPP"). Awards under the 2013 OPP constitute awards under Vornado's shareholder approved 2010 Omnibus Share Plan.

Under the 2013 OPP, participants, including Vornado's Chairman, have the opportunity to earn compensation payable in the form of equity awards if and only if Vornado outperforms a predetermined total shareholder return ("TSR") and/or outperforms the market with respect to relative total TSR in the second and/or third year during a three-year performance period. Specifically, awards under our 2013 OPP may potentially be earned if Vornado (i) achieves a TSR above that of the SNL US REIT Index (the "Index") over a two-year or three-year performance period (the "Relative Component"), and/or (ii) achieves a TSR level greater than 7% per annum, or 21% over the three-year performance period (the "Absolute Component"). To the extent awards would be earned under the Absolute Component but Vornado underperforms the Index, such awards earned under the Absolute Component would be reduced (and potentially fully negated) based on the degree to which Vornado underperforms the Index. In certain circumstances, in the event Vornado outperforms the Index but awards would not otherwise be earned under the Absolute Component, awards may still be earned under the Relative Component. Moreover, to the extent awards would otherwise be earned under the Relative Component but Vornado fails to achieve at least a 6% per annum absolute TSR level, such awards earned under the Relative Component would be reduced based on Vornado's absolute TSR performance, with no awards being earned in the event Vornado's TSR during the applicable measurement period is 0% or negative, irrespective of the degree to which it may outperform the Index. If the designated performance objectives are achieved, OPP Units are also subject to time-based vesting requirements. Share dividend payments on awards issued accrue during the performance period and are paid to participants if and only if awards are ultimately earned based on the achievement of the designated performance objectives. In addition, all of our senior executive officers are required to hold any earned OPP awards (or related equity) for at least one year following vesting.

The form of award agreement for the 2013 OPP is substantially the same as the form of award agreement implementing Vornado's 2012 Outperformance Plan, which was filed by Vornado as Exhibit 99.4 to Vornado's Current Report on Form 8-K dated March 30, 2012 and is incorporated herein by reference.

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