Document:

Exhibit 10.72  

DEFERRED STOCK AGREEMENT  

        AGREEMENT, dated as of March 4, 2002, by and between Vornado Realty Trust, a Maryland real estate investment trust ("the Company") and Sandeep Mathrani
(the "Employee"). 

        WHEREAS,
the Company has entered into an Employment Agreement with the Employee dated February 4, 2002 (the "Employment Agreement"); 

        WHEREAS,
the Employee and the Company desire to enter into an agreement as required pursuant to the Employment Agreement setting forth the terms under which the Company will pay to him
in the future common shares of beneficial interest of the Company (the "Stock"); 

        NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the Employee and the Company agree as follows: 

        1.    Payment of Stock.    The Company agrees to pay the Employee 23,798 shares of Stock, together with such
additional amounts as promised herein, at such time or times and subject to the terms and conditions of this Agreement. 

        2.    The Stock Unit Account.    The Company shall credit to a bookkeeping account (the "Account") maintained by the
Company for the Employee's benefit 23,798 stock units, each of which shall be deemed to be the equivalent of one share of Stock (the "Stock Units"). One-third of the Stock Units will vest
on the first anniversary of the Commencement Date (as such term is defined in the Employment Agreement) and an additional one-third of the Stock Units shall vest on each of the next two
anniversaries of such date, provided that Employee is still employed by the Company on each such date. The Employee shall be fully vested in all of the Stock Units in the event of the termination of
his employment pursuant to Sections 6 (b), (c), (e) or (f) of the Employment Agreement. The Employee shall also be fully vested in all of the Stock Units in the event of a Sale (as such
term is defined in the Employment Agreement). 

        The
Company agrees that whenever any dividend is declared on the Stock, it will pay to the Employee in cash, on the date such dividend is paid, dividend equivalents in an amount per
vested Stock Unit held in the Account as of the record date for such dividend equal to the amount per share of Stock paid by the Company to the Holders of record of the Stock; provided that Employee
will be paid no less than $22,500 per calendar year of employment with respect to such dividend equivalents. 

        3.    Payment of the Account.    Except as otherwise provided in this Agreement the Company shall pay to the Employee
on March 4, 2005 (the "Payment Date") that number of shares of Stock which is equal to the number of vested Stock Units then credited to his Account. Notwithstanding the foregoing, in the event
of a Sale, or upon the Employee's termination of employment pursuant to Sections 6(b), (c), (e) of (f) of the Employment Agreement prior to the third anniversary of the Commencement
Date, the Company shall pay to the Employee that number of shares of Stock which is equal to all of the Stock Units credited to his Account, in a lump sum with 10 business days following such Sale or
termination. 

        4.    Form of Payment.    Payments pursuant to the first sentence of Section 3 shall be made by the Company in
a lump sum to the Employee as soon as practicable after the Payment Date, but in no case more than 10 business days after the Payment Date. The Employee may elect to change (i) the form of
payment (to a lump sum or up to 10 equal annual installments) or (ii) the Payment Date to a later (but not an earlier) Payment Date, provided that any such election is made prior to
January 1 of the year prior to the year in which the Payment Date then in effect would occur. 

        5.    Beneficiary.    In the event of the Employee's death prior to the payment with respect to all of the vested
Stock Units credited to his Account, the remaining payments shall be made to Ayesha Bulchandani Mathrani or the last beneficiary designated in writing which is received by the Company prior to the
Employee's death or, if no designated beneficiary survives the Employee, such payments shall be made in a lump sum to the Employee's estate. 

        6.    Source of Payments.    The Employee's right to receive payment under this Agreement shall be an unfunded
entitlement and shall be an unsecured claim against the general assets of the Company. The Employee has only the status of a general unsecured creditor hereunder, and this Agreement constitutes only a
promise by the Company to pay the value of the Account on any required payment due. The Company may withhold from any amounts payable under this Agreement such Federal, state and local taxes as shall
be required to be withheld pursuant to any applicable law or regulation. 

        7.    Nontransferability.    This Agreement shall not be assignable or transferable by the Employee (otherwise than by
will or the laws of descent and distribution) or by the Company (other than to successors of the Company) and no amounts deferred under this Agreement, or any rights therein, shall be subject in any
manner to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, levy, lien, attachment, garnishment, debt or other charge or disposition of any kind. 

        8.    No Right to Employment.    Nothing in this Agreement shall confer upon Employee the right to remain in
employment with the Company. 

        9.    Entire Agreement.    This Agreement and the Employment Agreement contain all the understandings between the
parties hereto pertaining to the matters referred to herein, and supersede all undertakings and agreements, whether oral or in writing, previously entered into by them with respect thereto. 

        10.    Amendment or Modification; Waiver.    No provision of this Agreement may be amended, modified or waived unless
such amendment or modification is agreed to in writing, signed by the Employee and by a duly authorized officer of the Company, and such waiver is set forth in writing and signed by the party to be
charged. No waiver by any party hereto of any breach by another party hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of a similar
or dissimilar condition or provision at the same tune, any prior time or any subsequent time. 

        11.    Notices.    Any notice to be given hereunder shall be in writing and shall be deemed given when delivered
personally, sent by courier or telecopy or registered or certified mail, postage prepaid, return receipt requested, addressed to the party concerned at the address indicated below or to such other
address as such party may subsequently give notice of hereunder in writing: 

If
to the Employee: 

Sandeep
Mathrani

35 E. 75th St.

New York, NY 10021 

If
to the Company: 

Vornado
Realty Trust

888 Seventh Avenue

New York, New York 10019

Attention: Chief Operating Officer; and 

Vornado
Realty Trust

210 Route 4 East

Paramus, New Jersey 07652

Attention: Chief Financial Officer 

        Any
notice delivered personally or by courier under this Section 11 shall be deemed given on the date delivered and any notice sent by telecopy or registered or certified mail,
postage prepaid, return receipt requested, shall be deemed given on the date telecopied or mailed. 

        12.    Severability.    If any provision of this Agreement or the application of any such provision to any party or
circumstances shall be determined by any court of competent jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement or the application of such provision to such
person or
circumstances, other than those to which it is so determined to be invalid and unenforceable, shall not be affected thereby, and each provision hereof shall be validated and shall be enforced to the
fullest extent permitted by law. 

        13.    Successors.    This Agreement shall inure to the benefit of and be binding upon each successor of the Company,
and upon the Employee's beneficiaries, legal representatives or estate, as the case may be. 

        14.    Survivorship.    The respective rights and obligations of the parties hereunder shall survive any termination
of this Agreement to the extent necessary to the intended preservation of such rights and obligations. 

        15.    Governing Law.    This Agreement will be governed by and construed in accordance with the laws of the State of
New York, without regard to its conflict of law principles. 

        16.    Headings.    All descriptive headings of sections and paragraphs in this Agreement are intended for convenience
of reference only, and they form no part of this Agreement and shall not affect its interpretation. 

        17.    Counterparts.    This Agreement may be executed in counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

	 	 	VORNADO REALTY TRUST
	

 	
 	

By:	
 	

/s/  MICHAEL FASCITELLI      

	

 	
 	

 	
 	

/s/  SANDEEP MATHRANI      

	 	 	 	 	Sandeep MathraniQuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

Exhibit 10.73    
    

 
 

PROMISSORY NOTE    
    

	U.S.$2,000,000.00	 	 	 	March 11, 2004

New York City, New York

FOR VALUE RECEIVED, the undersigned, MELVYN BLUM, an individual residing at 1 Central Park West, Apartment #27G, New York, New York 10023
("Payor"), hereby promises to pay to VORNADO REALTY TRUST, a Maryland real estate investment trust
("Payee"), or its order, at its principal offices located at 888 Seventh Avenue, New York, New York 10019, the principal amount of TWO MILLION DOLLARS
($2,000,000.00). Interest shall accrue on this Note at the rate per annum (calculated on the basis of the number of days lapsed since the last payment) equal to 1.57% and accrued and unpaid interest
shall be due and payable quarterly in arrears on the tenth day following the then current calendar quarter, until the principal amount of this Note and all accrued interest hereon shall have been paid
in full. 

        Interest
due on this Note shall be calculated on the basis of a 365-day year for the actual number of days elapsed during the applicable period. Any payment required to be
made hereunder on a day which is not a business day shall due and owing on the first business day thereafter. Failure by the Payor to pay any sum due hereunder when due and payable which has not been
cured by the Payor within 30 days following actual receipt of written notice given by the Payee shall constitute an event of default under this Note and the Payee may, at its sole option
exercised by notice to the Payor, declare the entire outstanding principal balance hereof, together with all unpaid interest accrued hereon, to be immediately due and
payable in full. Upon the occurrence of an event of default hereunder, the Payee may exercise all rights and remedies available to it hereunder or otherwise. 

        The
principal amount hereof and all accrued and unpaid interest hereon shall be due and payable on the Maturity Date (as defined below). For purposes of this Note, the term
"Maturity Date" shall mean the earliest of (i) 30 days from the Date Payor ceases to be employed by Payee, (ii) The Date Payor is
terminated for cause and (iii) March 10, 2007. The Payor shall have the right to prepay all or any portion of the amounts evidenced by this Note at any time without premium or penalty;  provided, however, such prepayment shall include all interest accrued and unpaid hereunder as of the
date of such prepayment. 

        Failure
by Payor to pay any sum due hereunder when due and payable which has not been cured by Payor within 30 days following actual receipt of written notice given by Payee, or
the occurrence of an event of default under any of the documents, relating to the indebtedness evidenced by this Note shall constitute an Event of Default under this note and Payee may, at its sole
option exercised by notice to Payor, declare the entire outstanding principal balance hereof, together with all unpaid interest accrued hereon, to be immediately due and payable in full. Upon the
occurrence of an Event of Default, Payee may exercise all rights and remedies available to it under this note or otherwise. 

        If
this Note is collected by legal proceedings (including proceedings in the probate or bankruptcy courts) then all costs and expenses of collection or enforcement shall be added to the
principal of, and be collectible as part of, this Note. 

        In
case any one or more of the provisions of this Note shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired thereby. 

        THIS NOTE IS MADE UNDER AND IS TO BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS
CHOICE-OF-LAW RULES.

        IN
WITNESS WHEREOF, the Payor has caused this instrument to be duly executed on the date in the year first above written. 

	

 	

/s/  MELVYN BLUM      
 Melvyn Blum

1

 

SIGNATURE
PAGE TO TWO MILLION DOLLAR ($2,000,000) PROMISSORY NOTE

DATED MARCH 11, 2004, PAYABLE TO VORNADO REALTY TRUST. 

2

 

State
of New York 

County
of New York 

        I
am a Notary, an officer authorized to take acknowledgments and proofs in this State. I sign this acknowledgment below to certify that it was made before me. 

        On
March 11, 2004, Melvyn Blum appeared before me in person. I am satisfied that this person is the person named in and who signed the foregoing instrument. This person
acknowledged signing, sealing and delivering the foregoing instrument as this person's act and deed for the uses and purposes expressed in the foregoing instrument. 

	

 	

/s/  BEATRICE A. MALDONADO      
 Beatrice A. Maldonado

Notary Public, State of New York

No. 01MA6017525

Qualified in New York County

Commission Expires December 14, 2006

3

QuickLinks

Exhibit 10.73

PROMISSORY NOTE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]