Document:

<Page>

                                                                   EXHIBIT 10.01

                                                                [Citigroup Logo]

December 20, 2001

Stanley Fischer
Washington, DC

Dear Stanley:

    We are delighted to extend you an offer to join Citigroup, the leading
global financial services firm.

    If you accept, you will be joining a family of companies that serves
190 million customers in more than 100 countries and is bound together by a
steady focus on growth, a workforce committed to excellence, and a workplace
based on mutual respect, where every employee can make a difference.

    Upon joining us on February 1, 2002, your title will be Vice Chairman of
Citigroup and you will report to Bob Rubin. Your starting compensation will
consist of bi-monthly salary payments of $20,833, annualized to $500,000. In
addition to your base salary, you will be eligible to be considered for a
discretionary incentive compensation award. You will also receive $500,000 as a
sign-on incentive compensation award. If you voluntarily resign within one year
of your date of hire, you will be required to repay the full amount of this
award. Further, we will assist you in arranging for temporary housing to
facilitate your transition and we will assist you with moving your personal and
professional materials. In particular, we will help you with your special
storage needs for your files. Attached is a draft letter that you have seen
previously with more detail on your job description.

    One of our core values at Citigroup is employee ownership. Currently,
two-thirds of our employees are owners and our goal is for every employee to own
a part of Citigroup. You will be recommended to our Board for a sign-on stock
option grant of 75,000 shares of Citigroup Inc. common stock. This gives you an
opportunity to become an owner of Citigroup and, over time, share in its
success.

    Please read the attached sheet for more details on our compensation and
equity programs; we will send you further information shortly.

<Page>

    We are confident that Citigroup will offer you a rewarding and challenging
career. Please let us know if you accept this offer by signing below. Retain a
copy for your records and return the original to our office as soon as possible.

Sincerely,

<Table>
<S>                                       <C>        <C>
/s/ SANFORD I. WEILL                                 /s/ ROBERT E. RUBIN
---------------------------------------              ---------------------------------------
Sanford I. Weill                                     Robert E. Rubin

Agreed:

/s/ STANLEY FISCHER                       12/20/01
---------------------------------------   -------
Stanley Fischer                           Date
</Table>

<Page>

BELOW IS DETAILED INFORMATION ABOUT YOUR COMPENSATION, CAPITAL ACCUMULATION
  PROGRAM AND ADDITIONAL EQUITY OFFERINGS:

    STARTING COMPENSATION  All compensation and benefits are payable in
accordance with the Company's compensation policies, plans and programs in
effect at the time of payment. Further details regarding these policies, benefit
plans and programs will be provided when you begin your employment. Please note
that all Citigroup compensation, benefits and other policies, plans and programs
are subject to change at management's discretion.

    INCENTIVE COMPENSATION AWARD will be determined at the discretion of
management and are given in accordance with our Capital Accumulation Plan
("CAP"), a tax deferred plan. Under current administrative guidelines, any
incentive compensation award of $20,000 or more is given partly in cash and
partly in restricted stock of Citigroup, which is awarded at a 25% discount from
the market price. Under current guidelines, the CAP award will represent 25% of
your total incentive compensation award. The details of this and other benefit
programs are explained further in your New Hire package.

    For performance year 2002, subject to the terms set forth above, the value
of your incentive compensation award will be guaranteed at $2,000,000, which
includes both the cash and restricted stock components. If your employment is
terminated prior to the regularly scheduled payment of the 2002 incentive
compensation awards, for any reason other than cause, you will receive your 2002
guaranteed incentive award of $2,000,000 at the time of your termination.

    In order to be eligible to receive any incentive compensation, you must be
actively employed on the date payment is made. The CAP plan documents and
administrative guidelines, as may be amended from time to time, will govern the
payment of the restricted stock portion of any incentive award. Furthermore,
payment of any or all of the incentive compensation award is contingent upon the
Company's performance and performance of your job functions in accordance with
the standards established by management, in conformity with the Company's
policies, and in a manner that is not detrimental to, or in conflict with, the
interests of the Company.

    ONGOING INCENTIVE COMPENSATION will be a function of several factors
including the performance of the firm as a whole, your individual performance,
and the performance of any business units or special projects you may have
responsibility for. Generally, if the company is doing well and you are doing
well, as a general matter, our compensation practices would result in an
increase in your incentive compensation. Conversely, if the firm's performance
weakens or if your individual performance weakens, your compensation may
decrease.

    STOCK OPTION GRANT  Recommendations for stock option grants will be
submitted for approval within 90 days of your start date with the Company. The
exercise price of your

<Page>

stock option grant will be determined on the date the recommendation is
approved. It will be set at the closing price of Citigroup common stock on
the trading day immediately prior to the date the recommendation is approved.
More detailed information on the terms and conditions of this grant will be
outlined in the notification materials that will be forwarded to you
following the grant's approval.

    EMPLOYMENT INVESTMENT FUNDS  You will also receive $100,000 in
Citigroup Inc.'s employee investment fund, Citigroup Employee Fund of Funds I,
LP. Further, this contribution will be enhanced with company provided two to one
leverage. Please refer to the fund documents for the controlling terms, which
will be sent under separate cover.

    SEPARATION  After two years of continuous employment with the Company, in
the event that you terminate your employment for purposes of accepting a high
level position with a U.S. or international governmental or regulatory body,
then your outstanding stock options and restricted stock awards shall vest upon
your termination of employment.

    RETIREE MEDICAL BENEFITS  Following 3 years of continuous employment, you
will be eligible to purchase retiree medical coverage through the Company's
program.<Page>
                                                                    Exhibit 4.2

                        OFFICERS' CERTIFICATE PURSUANT TO
                      SECTIONS 102 AND 301 OF THE INDENTURE

                  Pursuant to Section 301 of the Indenture, dated as of June 24,
2002 (the "Indenture"), between Vornado Realty L.P. (the "Company") and The Bank
of New York, as Trustee, the undersigned, the Executive Vice President - Finance
and Administration, Chief Financial Officer of Vornado Realty Trust ("Vornado")
and a Senior Vice President and the Controller of Vornado, respectively, do each
hereby certify on behalf of the Company that pursuant to the unanimous written
consent of the Board of Trustees of Vornado, dated February 17, 1998 (the
"February 1998 Consent"), and the resolutions adopted at a special meeting of
the Pricing Committee of Vornado on June 19, 2002 (the "Pricing Committee
Resolutions"), the Pricing Committee resolved to create a series of securities
designated the "5.625% Notes due 2007" (the "Notes"), to be issued under the
Indenture upon the terms set forth in the Pricing Committee Resolutions attached
hereto as Annex A. The terms certified under this paragraph are part of the
Indenture and are incorporated by reference in this certificate.

                  Pursuant to Section 102 of the Indenture, the undersigned
certify that they have read and are familiar with the provisions of the
Indenture and particularly of Article Three of the Indenture relating to the
issuance of the Notes thereunder and the definitions in the Indenture relating
thereto; that they are generally familiar with the affairs of the Company and
its partnership acts and proceedings; that they have reviewed the February 1998
Consent and the Pricing Committee Resolutions relating to the creation and sale
of the Notes, and such other documents as they deem necessary and proper to give
the opinion expressed herein; that, in their opinion, they have made such
examination or investigation as is necessary to enable them to express an
informed opinion as to whether or not the covenants and conditions precedent
provided in the Indenture relating to the establishment, authentication and
delivery of the Notes have been complied with; and they are of the opinion that
all conditions precedent and covenants provided for in the Indenture relating to
the authentication and delivery of $500,000,000 aggregate principal amount of
the Notes have been complied with.

<Page>

                  IN WITNESS WHEREOF, the undersigned have executed this
certificate on this 24th day of June, 2002.

/s/ Joseph Macnow                                   /s/ Ross Morrisson
----------------------------                        ---------------------------
Joseph Macnow                                       Ross Morrison
Executive Vice President -                          Senior Vice President and
Finance and Administration,                         Controller
Chief Financial Officer

<Page>

                                                                         ANNEX A

          EXCERPTS FROM THE RESOLUTIONS OF THE PRICING COMMITTEE OF THE
                    BOARD OF TRUSTEES OF VORNADO REALTY TRUST

                  (...)

                  FURTHER RESOLVED, that there is hereby approved and
established a series of Debt Securities under the Indenture whose terms are as
follows:

         a.       The Securities of such series are known as the "5.625% Notes
                  due 2007" of the Company (the "Notes").

         b.       The aggregate principal amount of the Security of such series
                  which may be authenticated and delivered under the Indenture
                  is initially limited in aggregate principal amount to
                  U.S.$500,000,000 except for Notes authenticated and delivered
                  upon registration of transfer of, or in exchange for, or in
                  lieu of, other Notes pursuant to Section 304, 305, 306, 906,
                  1107 or 1203 of the Indenture and except for any Notes which,
                  pursuant to Section 303 of the Indenture, are deemed never to
                  have been authenticated and delivered thereunder, PROVIDED
                  that the Company may from time to time, without notice to or
                  the consent of the Holders of the Securities of this series,
                  create and issue further Securities of this series (the
                  "Additional Securities") having the same terms and ranking
                  equally and ratably with the Securities of this series in all
                  respects and with the same CUSIP number as the Securities of
                  this series, or in all respects except for the payment of
                  interest accruing prior to the Issue Date or except for the
                  first payment of interest following the issue date of such
                  Additional Securities. Any Additional Securities will be
                  consolidated and form a single series with the Securities and
                  shall have the same terms as to status, redemption and
                  otherwise as the Securities. Any Additional Securities may be
                  issued pursuant to authorization provided by a resolution of
                  the Board of Trustees of Vornado, a supplement to the
                  Indenture, or under an Officers' Certificate pursuant to the
                  Indenture.

         c.       The Notes shall be issuable in the form of one or more Global
                  Securities registered in the name of The Depository Trust
                  Company's nominee, and shall be deposited with, or on behalf
                  of, The Depository Trust Company, New York, New York. The
                  Notes may be surrendered for registration of transfer and for
                  exchange at the office or agency of the Company maintained for
                  such purpose in the Borough of Manhattan, The City of New
                  York, or at any other office or agency maintained by the
                  Company for such purpose.

<Page>

                                                                         ANNEX A

         d.       The Stated Maturity of the principal of the Notes shall be
                  June 15, 2007.

         e.       The Notes shall bear interest at the rate of 5.625% per annum
                  from June 24, 2002 or from the most recent Interest Payment
                  Date to which interest has been paid or duly provided for, as
                  the case may be, payable semi-annually on June 15 and December
                  15 of each year, commencing on December 15, 2002, until the
                  principal thereof is paid or made available for payment, to
                  the Persons in whose name such Notes (or any Predecessor
                  Notes) are registered at the close of business on the Regular
                  Record Date (or in the case of Defaulted Interest, the Special
                  Record Date) next preceding the Interest Payment Date. Each
                  June 15 and December 15 shall be an Interest Payment Date for
                  the Notes, and June 1 and December 1 (whether or not a
                  Business Day), as the case may be, next preceding an Interest
                  Payment Date shall be the Regular Record Date for the interest
                  payable on such Interest Payment Date. Interest will be
                  computed on the basis of a 360-day year consisting of twelve
                  30-day months.

         f.       The principal of and the interest on the Notes shall be
                  payable at the office or agency of the Company maintained for
                  such purpose in the Borough of Manhattan, The City of New
                  York, as set forth in the form of Note attached hereto as
                  Exhibit A; PROVIDED, HOWEVER, that at the option of the
                  Company payment of interest may be made by check mailed to the
                  address of the Person entitled thereto as such address shall
                  appear in the Security Register and PROVIDED, FURTHER, that if
                  the Note is in the form of a Global Security, payment may be
                  made pursuant to the applicable procedures of the Depositary.

         g.       The Notes shall be redeemable, in whole or in part, at the
                  option of the Company at any time in accordance with Article
                  Eleven of the Indenture and upon the terms and conditions set
                  forth in the form of Note attached hereto as Exhibit A. Any
                  election by the Company to so redeem the Notes shall be
                  evidenced by a resolution of the Board of Trustees of Vornado
                  or the Committee.

         h.       The Company shall not be obligated to redeem or purchase any
                  Note pursuant to any sinking fund or analogous provision, or
                  at the option of any Holder thereof.

         i.       The Notes shall be denominated in U.S. dollars and payments of
                  principal, interest and additional amounts, if any, on the
                  Notes shall be made in U.S. dollars.

                                      - 2-

<Page>

                                                                         ANNEX A

         j.       The Notes shall be defeasible pursuant to Sections 1302 and
                  1303 of the Indenture, and those Sections shall be applicable
                  in their entirety to the Notes. Any election of the Company to
                  defease the Notes pursuant to Section 1302 or Section 1303 of
                  the Indenture shall be evidenced by a resolution of the Board
                  of Trustees.

         k.       The Bank of New York is hereby appointed as a Paying Agent and
                  the Security Registrar for the Notes. The Security Register
                  for the Notes will be maintained by the Security Registrar in
                  the Borough of Manhattan, The City of New York.

         l.       In addition to the covenants set forth in the Indenture, there
                  are established pursuant to Section 301(18) of the Indenture
                  the following covenants for the benefit of the Holders of the
                  Notes and to which the Notes shall be subject:

                  i.       The Company shall not, and shall not permit any
                           Subsidiary to, Incur any Debt, other than
                           Intercompany Debt, if, immediately after giving
                           effect to the Incurrence of the additional Debt and
                           any other Debt, other than Intercompany Debt,
                           Incurred since the end of the period covered by the
                           Company's Annual Report on Form 10-K or Quarterly
                           Report on Form 10-Q, as the case may be, most
                           recently filed with the Securities and Exchange
                           Commission (the "SEC") prior to the Incurrence of the
                           additional Debt and the application of the net
                           proceeds of the additional Debt and such other Debt,
                           Total Outstanding Debt would exceed 60% of Total
                           Assets, in each case determined as of the end of the
                           period covered by that Annual Report on Form 10-K or
                           Quarterly Report on Form 10-Q, as the case may be.

                  ii.      The Company shall not, and shall not permit any
                           Subsidiary to, Incur any Secured Debt, other than
                           Secured Debt that is also Intercompany Debt, if,
                           immediately after giving effect to the Incurrence of
                           the additional Secured Debt and any other Secured
                           Debt, other than Intercompany Debt, Incurred since
                           the end of the period covered by the Company's Annual
                           Report on Form 10-K or Quarterly Report on Form 10-Q,
                           as the case may be, most recently filed with the SEC
                           prior to the Incurrence of the additional Secured
                           Debt and the application of the net proceeds of the
                           additional Secured Debt and such other Secured Debt,
                           the aggregate principal amount of all outstanding
                           Secured Debt is greater than 55% of Total Assets
                           determined as of the end of the period covered by
                           that

                                      - 3-

<Page>

                                                                         ANNEX A

                           Annual Report on Form 10-K or Quarterly Report on
                           Form 10-Q, as the case may be.

                  iii.     The Company shall not, and shall not permit any
                           Subsidiary to, Incur any Debt, other than
                           Intercompany Debt, if, immediately after giving
                           effect to the Incurrence of the additional Debt, the
                           ratio of Annualized Combined EBITDA for the most
                           recent quarterly period covered by the Company's
                           Annual Report on Form 10-K or Quarterly Report on
                           Form 10-Q, as the case may be, most recently filed
                           with the SEC prior to the Incurrence of the
                           additional Debt, to Annualized Interest Expense for
                           that quarter would be less than 1.50 to 1.00 on a pro
                           forma basis after giving effect to the Incurrence of
                           the additional Debt and to the application of the net
                           proceeds therefrom, and calculated on the assumption,
                           without duplication, that:

                                    (a)      the additional Debt and any other
                                             Debt Incurred by the Company or its
                                             Subsidiaries from the first day of
                                             that quarter to the date of
                                             determination, which was
                                             outstanding at the date of
                                             determination, had been Incurred at
                                             the beginning of that period and
                                             continued to be outstanding
                                             throughout that period, and the
                                             application of the net proceeds of
                                             that Debt, including to refinance
                                             other Debt, had occurred at the
                                             beginning of that period;

                                    (b)      the repayment or retirement of any
                                             other Debt repaid or retired by the
                                             Company or its Subsidiaries from
                                             the first day of that quarter to
                                             the date of determination occurred
                                             at the beginning of that period,
                                             except that, in determining the
                                             amount of Debt so repaid or
                                             retired, the amount of Debt under
                                             any revolving credit facility will
                                             be computed based upon the average
                                             daily balance of that Debt during
                                             that period; and

                                    (c)     in the case of any acquisition or
                                            disposition of any asset or group of
                                            assets or the placement of any
                                            assets in service or removal of any
                                            assets from service by the Company
                                            or any of its Subsidiaries from the
                                            first day of that quarter to the
                                            date of determination, including,
                                            without limitation, by merger, or
                                            stock or asset

                                      - 4-

<Page>

                                                                         ANNEX A

                                            purchase or sale, the acquisition,
                                            disposition, placement in service or
                                            removal from service had occurred as
                                            of the first day of that period,
                                            with the appropriate adjustments to
                                            Annualized Interest Expense with
                                            respect to the acquisition,
                                            disposition, placement in service or
                                            removal from service being included
                                            in that pro forma calculation.

                  iv.      The Company and its Subsidiaries shall maintain at
                           all times Unencumbered Assets of not less than 150%
                           of the aggregate principal amount of all outstanding
                           Unsecured Debt of the Company and its Subsidiaries.

                           "Annualized Combined EBITDA" means, for any quarter,
                           the product of Combined EBITDA for such period of
                           time multiplied by four (4), PROVIDED that any
                           non-recurring item that is an expense will be added
                           back to net income in determining such Combined
                           EBITDA before such multiplication and deducted once
                           from such product, and FURTHER PROVIDED that any
                           non-recurring item that is income will be added to
                           such product once and will not be multiplied by four.

                           "Annualized Interest Expense" means, for any quarter,
                           the Interest Expense for that quarter multiplied by
                           four (4).

                           "Another Person's Share" means, in connection with
                           the defined term "Contingent Liabilities of the
                           Company and Subsidiaries", the proportionate portion,
                           based on its direct and indirect ownership interest,
                           of a Person other than the Company or any of its
                           Subsidiaries of the applicable Unconsolidated Joint
                           Venture.

                           "Combined EBITDA" means, for any period of time,
                           without duplication (1) net income (loss) of the
                           Company and its Consolidated Subsidiaries before
                           deductions for Interest Expense, taxes, depreciation
                           and amortization and other non-cash items deducted in
                           arriving at net income (loss), extraordinary items,
                           non-recurring items as determined in good faith by
                           the Company and minority interest, and excluding
                           gains (losses) on dispositions of depreciable real
                           estate of the Company and its Consolidated
                           Subsidiaries; plus (2) net income before deductions
                           for Interest Expense, taxes, depreciation and
                           amortization and other non-cash items deducted in
                           arriving at net income (loss), extraordinary items,

                                      - 5-

<Page>

                                                                         ANNEX A

                           non- recurring items as determined in good faith by
                           the Company, and minority interest and excluding
                           gains (losses) on dispositions of depreciable real
                           estate of Unconsolidated Joint Ventures multiplied by
                           the Company's and its Consolidated Subsidiaries'
                           proportionate portion, based on their direct and
                           indirect ownership interest, of such Unconsolidated
                           Joint Ventures; minus (3) the Company's income (loss)
                           from Unconsolidated Joint Ventures, in each case (1),
                           (2) and (3) for such period as reasonably determined
                           by the Company in accordance with GAAP to the extent
                           GAAP is applicable. Combined EBITDA will be adjusted,
                           without duplication, to give pro forma effect: (x) in
                           the case of any assets having been placed in service
                           or removed from service from the beginning of the
                           period to the date of determination, to include or
                           exclude, as the case may be, any Combined EBITDA
                           earned or eliminated as a result of the placement of
                           such assets in service or removal of such assets from
                           service as if the placement of such assets in service
                           or removal of such assets from service occurred at
                           the beginning of the period; and (y) in the case of
                           any acquisition or disposition of any asset or group
                           of assets from the beginning of the period to the
                           date of determination, including, without limitation,
                           by merger, or stock or asset purchase or sale, to
                           include or exclude, as the case may be, any Combined
                           EBITDA earned or eliminated as a result of the
                           acquisition or disposition of those assets as if the
                           acquisition or disposition occurred at the beginning
                           of the period.

                           "Consolidated Financial Statements" means, with
                           respect to any Person, collectively, the consolidated
                           financial statements and notes to those financial
                           statements, of that Person and its Consolidated
                           Subsidiaries prepared in accordance with GAAP. For
                           purposes of this definition, if as of any date or for
                           any period actual consolidated financial statements
                           of any Person have not been prepared, then this term
                           will include the books and records of that Person
                           ordinarily used in the preparation of such financial
                           statements.

                           "Consolidated Subsidiaries" means, collectively, each
                           Subsidiary of the Company that is consolidated in the
                           Consolidated Financial Statements of the Company.

                           "Contingent Liabilities of the Company and
                           Subsidiaries" means, as of any date, without
                           duplication, those liabilities of the Company and any
                           of its Subsidiaries consisting of indebtedness for
                           borrowed money, as determined in accordance with
                           GAAP, that are or would be stated and quantified as
                           contingent liabilities in the notes to the
                           Consolidated Financial Statements of the Company as
                           of that date; PROVIDED, HOWEVER, that

                                      - 6-

<Page>

                                                                         ANNEX A

                           Contingent Liabilities of the Company and
                           Subsidiaries shall exclude Another Person's Share of
                           Duplicated Obligations.

                           "Debt" means, as of any date, (1) in the case of the
                           Company, all indebtedness and liabilities for
                           borrowed money, secured or unsecured, of the Company;
                           (2) in the case of the Company's Consolidated
                           Subsidiaries, all indebtedness and liabilities for
                           borrowed money, secured or unsecured, of the
                           Consolidated Subsidiaries, including mortgage and
                           other notes payable but excluding any indebtedness
                           which is secured by cash, cash equivalents or
                           marketable securities or defeased; and (3) Contingent
                           Liabilities of the Company and Subsidiaries, in each
                           case as of that date.

                           "Duplicated Obligations" means, as of any date,
                           collectively, all those payment guaranties in respect
                           of indebtedness and other liabilities, secured or
                           unsecured, of Unconsolidated Joint Ventures,
                           including mortgage and other notes payable for which
                           the Company or any of its Subsidiaries, on one hand,
                           and another Person or Persons, on the other hand, are
                           jointly and severally liable.

                           "GAAP" means generally accepted accounting principles
                           in the United States of America as in effect from
                           time to time.

                           "Incur" means, with respect to any Debt or other
                           obligation of any Person, to create, assume,
                           guarantee or otherwise become liable in respect of
                           the Debt or other obligation, and "Incurrence" and
                           "Incurred" have the meanings correlative to the
                           foregoing.

                           "Intercompany Debt" means, as of any date, Debt to
                           which the only parties are Vornado Realty Trust, the
                           Company, or any Subsidiary of either of them as of
                           that date and which, in the case of an event of
                           default under this Security, is subordinated in right
                           of payment to this Security.

                           "Interest Expense" means, for any period of time, the
                           consolidated interest expense for such period of
                           time, whether paid, accrued or capitalized, without
                           deduction of consolidated interest income, of the
                           Company and its Consolidated Subsidiaries, including,
                           without limitation or duplication, or, to the extent
                           not so included, with the addition of: (1) the
                           portion of any rental obligation in respect of any

                                      - 7-

<Page>

                                                                         ANNEX A

                           capital lease obligation allocable to interest
                           expense in accordance with GAAP; (2) the amortization
                           of Debt discounts; and (3) the interest expense and
                           items listed in clauses (1) and (2) above applicable
                           to each of the Unconsolidated Joint Ventures, to the
                           extent not included above, multiplied by the
                           Company's respective direct and indirect ownership
                           interests in the Unconsolidated Joint Ventures, in
                           all cases as reflected in the applicable Consolidated
                           Financial Statements.

                           "Lien" means, without duplication, any mortgage,
                           trust deed, deed of trust, deeds to secure Debt,
                           pledge, security interest, assignment for collateral
                           purposes, deposit arrangement, or other security
                           agreement, excluding any right of setoff but
                           including, without limitation, any conditional sale
                           or other title retention agreement, any financing
                           lease having substantially the same economic effect
                           as any of the foregoing, and any other like agreement
                           granting or conveying a security interest.

                           "Person" means an individual, partnership,
                           corporation, business trust, joint stock company,
                           trust, unincorporated association, joint venture,
                           limited liability company, governmental authority or
                           other entity of whatever nature. For the purposes of
                           this definition, "governmental authority" means any
                           nation or government, any state or other political
                           subdivision of any state, and any entity exercising
                           executive, legislative, judicial, regulatory or
                           administrative functions of or pertaining to
                           government.

                           "Secured Debt" means, as of any date, that portion of
                           Total Outstanding Debt as of that date that is
                           secured by a Lien on real property, securities or
                           intangible assets of the Company, the Consolidated
                           Subsidiaries of the Company or the Unconsolidated
                           Joint Ventures.

                           "Subsidiary" means, with respect to any Person, a
                           corporation, partnership, joint venture, limited
                           liability company or other entity, fifty percent
                           (50%) or more of the outstanding voting stock,
                           partnership interests or membership interests, as the
                           case may be, of which is owned, directly or
                           indirectly, by that Person or by one or more other
                           Subsidiaries of that Person and over which that
                           Person or one or more other Subsidiaries of that
                           Person exercise sole control. For the purposes of
                           this definition, "voting stock" means stock having
                           voting power for the election of directors or
                           trustees, as the case may be, whether at all times or
                           only so long as no senior class of stock has

                                      - 8-

<Page>

                                                                         ANNEX A

                           voting power for the election of directors or
                           trustees by reason of any contingency, and "control"
                           means the power to direct the management and policies
                           of a Person, directly or indirectly, whether through
                           the ownership of voting securities, by contract or
                           otherwise.

                           "Total Assets" means, with respect to any Incurrence
                           of Debt or Secured Debt, as of any date, the sum of
                           (1) Combined EBITDA for the most recent quarterly
                           period covered by the Company's Annual Report on Form
                           10-K or Quarterly Report on Form 10-Q, as the case
                           may be, most recently filed with the SEC prior to
                           such date, annualized (I.E., multiplied by four (4)),
                           and capitalized at a rate of 9.0%, (2) cash, cash
                           equivalents and marketable securities of the Company
                           and its Consolidated Subsidiaries other than
                           restricted cash, cash equivalents and marketable
                           securities pledged to secure Debt, determined in
                           accordance with GAAP, (3) the Company's proportionate
                           portion, based on its direct and indirect ownership
                           interest, of cash, cash equivalents and marketable
                           securities of Unconsolidated Joint Ventures as of
                           such date, determined in accordance with GAAP, (4)
                           without duplication, the cost basis of properties of
                           the Company and its Consolidated Subsidiaries that
                           are under construction as of the end of the quarterly
                           period used for purposes of clause (1) above and the
                           Company's proportionate share of the cost basis of
                           properties of its Unconsolidated Joint Ventures that
                           are under construction as of the end of the quarterly
                           period used for purposes of clause (1) above, in each
                           case as determined by the Company, and (5) without
                           duplication, the proceeds of the Debt or Secured Debt
                           or the assets to be acquired in exchange for such
                           proceeds, as the case may be, other than Intercompany
                           Debt, Incurred from the end of the period covered by
                           the Company's Annual Report on Form 10-K or Quarterly
                           Report on Form 10-Q, as the case may be, most
                           recently filed with the SEC prior to the Incurrence
                           of the Debt or Secured Debt, as the case may be, to
                           the date of determination.

                           "Total Outstanding Debt" means, as of any date, the
                           sum, without duplication, of (1) the aggregate
                           principal amount of all outstanding Debt of the
                           Company as of that date; (2) the aggregate principal
                           amount of all outstanding Debt of the Company's
                           Consolidated Subsidiaries, all as of that date; and
                           (3) the sum of the aggregate principal amount of all
                           Unconsolidated Joint Venture Outstanding Debt of each
                           of the Unconsolidated Joint Ventures multiplied by
                           the Company's respective proportionate portion, based
                           on its direct and indirect ownership interest, in
                           such Unconsolidated Joint Venture as

                                      - 9-

<Page>

                                                                         ANNEX A

                           of that date. For the purposes of this definition,
                           "Unconsolidated Joint Venture Outstanding Debt"
                           means, as of any date, the aggregate principal amount
                           of all outstanding indebtedness and liabilities for
                           borrowed money, secured or unsecured, of the
                           applicable Unconsolidated Joint Venture, including
                           mortgage and other notes payable but excluding any
                           indebtedness which is secured by cash, cash
                           equivalents or marketable securities, all as
                           reflected in the Consolidated Financial Statements of
                           such Unconsolidated Joint Venture as of such date.

                           "Unconsolidated Joint Ventures" means the
                           unconsolidated joint ventures and partially owned
                           entities in which the Company owns a beneficial
                           interest and which are accounted for under the equity
                           method in the Consolidated Financial Statements of
                           the Company. Unconsolidated Joint Ventures excludes
                           Prime Group Realty L.P. and any other unconsolidated
                           joint venture designated from time to time by the
                           Board of Trustees of Vornado Realty Trust as excluded
                           from Unconsolidated Joint Ventures for purposes of
                           these definitions so long as neither the Company nor
                           any of its Consolidated Subsidiaries is an obligor on
                           any indebtedness of that unconsolidated joint
                           venture.

                           "Unencumbered Annualized Combined EBITDA" means, for
                           any quarter, Unencumbered Combined EBITDA for that
                           quarter multiplied by four (4).

                           "Unencumbered Assets" means, as of any date, the sum
                           of (1) Unencumbered Annualized Combined EBITDA for
                           the most recent quarterly period covered by the
                           Company's Annual Report on Form 10- K or Quarterly
                           Report on Form 10-Q, as the case may be, most
                           recently filed with the SEC prior to such date, and
                           capitalized at a rate of 9.0%, (2) cash, cash
                           equivalents and marketable securities of the Company
                           and its Consolidated Subsidiaries as of such time,
                           other than restricted cash, cash equivalents and
                           marketable securities pledged to secure Debt,
                           determined in accordance with GAAP, (3) the Company's
                           proportionate portion, based on its direct and
                           indirect ownership interest, of cash, cash
                           equivalents and marketable securities of
                           Unconsolidated Joint Ventures as of such time, other
                           than restricted cash, cash equivalents and marketable
                           securities pledged to secure Debt, determined in
                           accordance with GAAP, (4) without duplication, the
                           cost basis of properties of the Company and its
                           Consolidated Subsidiaries and the Company's
                           proportionate share of the cost basis of properties
                           of its Unconsolidated Joint Ventures

                                      - 10-

<Page>

                                                                         ANNEX A

                           that are under construction as of the end of the
                           quarterly period used for purposes of clause (1)
                           above, in each case as determined by the Company,
                           except in each case any properties that are pledged
                           to secure Debt, and (5) without duplication, the
                           proceeds of any Debt, other than Intercompany Debt,
                           Incurred from the end of the period covered by the
                           Company's Annual Report on Form 10-K or Quarterly
                           Report on Form 10-Q, as the case may be, most
                           recently filed with the SEC prior to such date, or
                           the assets to be acquired in exchange for such
                           proceeds, except in each case any proceeds or
                           assets that are pledged in respect of Secured Debt.

                           "Unencumbered Combined EBITDA" means, for any
                           quarter, Combined EBITDA for the most recent
                           quarterly period covered by the Company's Annual
                           Report on Form 10-K or Quarterly Report on Form 10-Q,
                           as the case may be, most recently filed with the SEC
                           prior to the time of determination less any portion
                           thereof attributable to assets serving as collateral
                           for Secured Debt, as determined in good faith by the
                           Company.

                           "Unsecured Debt" means, as of any date, that portion
                           of Total Outstanding Debt as of that date that is
                           neither Secured Debt nor Contingent Liabilities of
                           the Company and Subsidiaries.

                           (...)

                                      - 11-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]