Document:

Specimen Certificate

	
THIS CERTIFICATE IS TRANSFERABLE

IN THE CITIES OF NEW YORK, N.Y.

AND CHARLOTTE, N.C.
 	
SEE REVERSE FOR

IMPORTANT NOTICE

ON TRANSFER RESTRICTIONS

AND OTHER INFORMATION

CUSIP 929042 70 3
 

VORNADO REALTY TRUST 

_________________ 

a Real Estate
Investment Trust 

Formed Under the Laws of the State of Maryland 

        THIS CERTIFIES THAT     
     ***SPECIMEN***       

is the owner of
     ***(ZERO)***       

fully paid and nonassessable 6.75% Series
F Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference
$25.00 per share, of no par value, of 

VORNADO REALTY TRUST 

_________________ 

(the “Trust”), transferable
on the books of the Trust by the holder hereof in person or by duly authorized attorney,
upon surrender of this Certificate properly endorsed. This Certificate and the shares
represented hereby are issued and shall be held subject to all of the provisions of the
Declaration of Trust and Bylaws of the Trust and any amendments thereto. This Certificate
is not valid until countersigned and registered by the Transfer Agent and Registrar. 

        WITNESS
the facsimile seal and the facsimile signatures of the duly authorized 
officers of the
Trust. 

DATED
     ***SPECIMEN***       

Countersigned and
Registered: 

[IMPRESSION OF TRUST
SEAL] 

WACHOVIA BANK, N.A. 

    (Charlotte, N.C.) 

	  	  	  	
 
	  	Transfer Agent and Registrar 	  	Chief Financial Officer 

	By: 	  	  	  
	  	
 	  	
 
	  	Authorized signature  	  	
Senior Vice President 

and Secretary 

VORNADO REALTY TRUST 

IMPORTANT NOTICE 

        The
Trust will furnish to any shareholder, on request and without charge, a full statement of
the information required by Section 8-203(d) of the Corporations and Associations Article
of the Annotated Code of Maryland with respect to the designations and any preferences,
conversion and other rights, voting powers, restrictions, limitations as to dividends and
other distributions, qualifications, and terms and conditions of redemption of the shares
of each class of beneficial interest which the Trust has authority to issue and, if the
Trust is authorized to issue any preferred or special class in series, (i) the differences
in the relative rights and preferences between the shares of each series to the extent
set, and (ii) the authority of the Board of Trustees to set such rights and preferences of
subsequent series. The foregoing summary does not purport to be complete and is subject to
and qualified in its entirety by reference to the Amended and Restated Declaration of
Trust, as amended (the “Declaration of Trust”), of the Trust, a copy of which
will be sent without charge to each shareholder who so requests. Such request must be made
to the Secretary of the Trust at its principal office or to the Transfer Agent. 

        The
shares of Preferred Stock represented by this certificate are subject to restrictions on
ownership and transfer for the purpose of the Trust’s maintenance of its status as a
real estate investment trust (“REIT”) under the Internal Revenue Code of 1986,
as amended. No Person may Beneficially Own shares of Preferred Stock of any class in
excess of 9.9% of the outstanding Preferred Equity Stock of such class and no Person may
Constructively Own Preferred Stock of any class in excess of 9.9% of the outstanding
Preferred Equity Stock of such class (unless such person is an Existing Constructive
Holder). Any Person who attempts to Beneficially Own or Constructively Own Shares in
excess of the above limitations must immediately notify the Trust. All capitalized terms
used in this legend have the meanings set forth in the Declaration of Trust, a copy of
which, including the restrictions on ownership and transfer, will be sent without charge
to each stockholder who so requests. Such request must be made to the Secretary of the
Trust at its principal office or to the Transfer Agent. If the restrictions on ownership
and transfer are violated, the shares of Preferred Stock represented hereby will be
automatically exchanged for shares of Excess Stock which will be held in trust by the
Trust. 

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN

OR DESTROYED, THE TRUST WILL REQUIRE A BOND OF INDEMNITY 

AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 

        The
following abbreviations, when used in the inscription on the face of this Certificate,
shall be construed as though they were written out in full according to applicable laws
or regulations: 

	  	TEN COM 	– 	as tenants in common 
	  	TEN ENT 	– 	as tenants by the entireties 
	  	JT TEN 	– 	as joint tenants with right of survivorship and not as tenants in 

common 

	  	UNIF GIFT MIN ACT 	
 	Custodian 	
 	  
	  	  	(Cust) 	  	(Minor) 	  

	  	Under Uniform Gifts to Minors Act of 	  
	  	
  	  
	  	(State)  	  

Additional
abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, _______________________ HEREBY SELLS, ASSIGNS 

AND TRANSFERS UNTO 

________________________________________________________________________ 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP 

CODE, OF ASSIGNEE) 

________________________________________________________________________ 

(PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF 

ASSIGNEE) 

________________________ shares of
the shares represented by the within Certificate, and do hereby irrevocably constitute and
appoint ____________________________ Attorney to transfer the said shares on the books of
the within named Trust with full power of substitution in the premises. 

Dated
_____________________ 

     

NOTICE: THE SIGNATURE TO THIS
ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THIS CERTIFICATE IN
EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.Form Director NQSO Award Agreement

RUDDICK
CORPORATION

NON-EMPLOYEE
DIRECTOR

NONQUALIFIED STOCK OPTION AGREEMENT

                  THIS
AWARD AGREEMENT, made and entered into as of the ____ day of _____________,
200__, (the "Grant Date") by and between Ruddick Corporation, a North Carolina
corporation (the "Corporation") and the optionee (the "Participant") set forth
on the attached Notice of Grant of Stock Options and Option Agreement. 

                 WHEREAS,
the Corporation has adopted the Ruddick Corporation 1995 Comprehensive Stock
Option Plan, the Ruddick Corporation 1997 Comprehensive Stock Option and Award
Plan, the Ruddick Corporation 2000 Comprehensive Stock Option and Award Plan
and the Ruddick Corporation 2002 Comprehensive Stock Option and Award Plan
(collectively, "Stock Option Plans" and individually, "Stock Option Plan"); and

               WHEREAS,
the Participant is a Director of the Corporation and therefore is eligible to
receive an option under the Stock Option Plans; and

               WHEREAS,
pursuant to the terms of the Stock Option Plans, a Director may be granted a
Nonqualified Stock Option under the Stock Option Plans;

               NOW,
THEREFORE, the Corporation and the Participant agree as follows:

               1.            Subject
to the terms and conditions set forth herein, in the attached Notice of Grant
of Stock Options and Option Agreement (the "Notice") and in the Stock Option
Plan identified in the Notice (the "Plan"), the Corporation grants to the
Participant, during the period commencing on the Grant Date and ending on the
expiration date specified in the Notice (the "Option Period"), the right to purchase
from the Corporation (the "Stock Option"), up to but not exceeding in the
aggregate that number of shares of the Corporation's common stock (the "Common
Stock") set forth in the Participant's Notice at the price per share specified
in the Notice (the "Option Price"), and the Stock Option may be exercised in
whole or in part, from time to time during the Option Period.

             2.            The
Stock Option granted to the Participant hereunder may not be exercised after
the expiration of the Option Period; provided, however, that the
Stock Option shall be subject to termination before the expiration of the
Option Period as provided in Sections 3(b) or 3(c) hereof.

             3.            The
Stock Option hereby granted shall terminate and be of no force or effect upon
the first to occur of the following events:

  

(a)            The expiration of the Option Period;

(b)           
Except as set forth in Section 3(c) hereof, the expiration of
three months after the Participant ceases to be a Director; 

(c)           
If the Participant (i) ceases to be a Director by reason of the Participant's
death or Disability
(defined as an injury or illness resulting in the inability 

 

 

    

 

 

of a Participant to engage in the Participant's
profession by reason of any medically determinable physical or mental impairment
which can be
expected to result in death or which is to last or can be expected to last for a
continuous period
of not less than twelve months) or (ii) dies within three (3) months after the
Participant ceases to
be a Director, the first to occur of (A) the expiration of one (1) year after
such date of death or Disability and (B) the end of the Option Period. 
During such period the Stock Option may be
exercised by the Participant (in the case of Disability) or the person to whom
the Participant's
rights hereunder shall have passed by will or by the laws of descent and
distribution.

  

                 4.            The
Stock Option hereby granted shall be exercised by the Participant by written
notice (signed by the Participant or the Participant's successors) delivered to
the Corporation at its offices at 301 South Tryon Street, Suite 1800,
Charlotte, North Carolina 28202, Attention: Corporate Secretary, or such other
address to which the Corporation's office may be relocated, from time to time,
on any business day, specifying the whole number of shares the Participant then
desires to purchase.  Full payment for
such shares of Common Stock being acquired hereunder must be made at the time
the option is exercised and  may be made
in cash for an amount in U.S. dollars equal to the price of such shares being
acquired as described in the Participant's Notice.  Payment may also be made in shares of Common Stock previously
held by the Participant or by combining cash and shares previously held.  Payment in shares may be made with shares
received upon the exercise or partial exercise of the Stock Option hereby
granted, whether or not involving a series of exercises or partial exercises
and whether or not share certificates for such shares surrendered have been
delivered to the Participant.  Shares of
Common Stock previously held by the Participant, and surrendered in accordance
with rules and regulations adopted by the Committee for the purpose of making
full or partial payment of the price, shall be valued for such purpose at the
Fair Market Value thereof on the date the Stock Option is exercised.  As soon as practicable after said notice
shall have been received, the Corporation shall deliver to the Participant a
stock certificate registered in the Participant's name representing the shares
acquired under this Stock Option, or electronically transfer such shares to the
Participant's broker, as directed.

                5.            The
Stock Option granted hereunder is a Nonqualified Option and is not intended to
qualify for tax treatment under Code Section 422. 

               6.            As
permitted under the terms of the Plan, the Participant may transfer the Stock
Option for no consideration to or for the benefit of one or more members of the
Participant's Immediate Family (including, without limitation, to a trust for
the benefit of the Participant and/or one or more members of the Participant's
Immediate Family or corporation, partnership or limited liability company
established and controlled by the Participant and/or one or members of the
Participant's Immediate Family).  Any
transferee shall remain subject to all terms and conditions applicable to such
Stock Option prior to such transfer, including all provisions of this
Agreement.  The Participant should
consult with his tax advisor concerning the tax implications of transferring
all or part of the Stock Option granted hereunder.  Any transfer of all or part of the Stock Option shall be made
with notice to the Committee on forms approved by the Committee.

 

2

 

              7.            Whenever
the word "Participant" is used in any provision of this Agreement under
circumstances where the provision should logically be construed to apply to the
estate, personal representative, or beneficiary to whom this Stock Option may
be transferred pursuant to Section 6 hereof or by will or by the laws of
descent and distribution, it shall be deemed to include such person.

             8.            The
Participant shall not be deemed for any purpose to be a shareholder of the
Corporation with respect to any shares as to which this Stock Option shall not
have been exercised and payment made as herein provided and a stock certificate
for such shares actually issued to the Participant.  No adjustment will be made for dividends or other rights for
which the record date is prior to the date of such issuance.

            9.            In
addition to and notwithstanding anything to the contrary contained in the Plan,
in the event of (i) the adoption of a plan of merger or consolidation of the
Corporation with any other corporation or association as a result of which the
holders of the voting capital stock of the Corporation as a group would receive
less than 50% of the voting capital stock of the surviving or resulting
corporation, (ii) the approval by the Board of Directors of the Corporation of
an agreement providing for the sale or transfer (other than as security for
obligations of the Corporation) of substantially all the assets of the
Corporation, or (iii) in the absence of a prior expression of approval of the
Board of Directors, the acquisition of more than 20% of the Corporation's
voting capital stock by any person within the meaning of Section 13(d)(3) of
the Act, other than a person, or group including a person, who beneficially
owned, as of the Effective Date of the Plan, more than 5% of the Corporation's
securities; then, the Stock Option granted hereunder shall become immediately
exercisable in full, subject to any appropriate adjustments in the number of
shares subject to the Stock Option and the Option Price, and shall remain
exercisable for the remaining term of such Stock Option, regardless of any
provision contained herein, in the Plan or in the Participant's Notice limiting
the exercisability of the Stock Option or any portion thereof for any length of
time, but subject to all of the terms hereof (including Section 3 hereof) and
of the Plan not inconsistent with this paragraph.

           The
existence of this Stock Option shall not affect in any way the right or power
of the Corporation or its subsidiaries to make adjustments, reclassifications,
reorganizations or other changes in the Corporation's capital structure or its
business, or to issue any bonds, debentures, preferred or prior preference
stocks ahead of or convertible into, or otherwise affecting the Common Stock or
the rights thereof, or to merge or consolidate, or to dissolve or liquidate, or
to sell or transfer all or any part of its assets or business, or any other
corporation act or proceeding, whether of a similar character or otherwise.

          10.            Anything
in this Award Agreement or the Participant's Notice to the contrary
notwithstanding, if, at any time specified herein for the issue of shares to
the Participant, any law, or any regulation or requirement of the Securities
and Exchange Commission or any other governmental authority having jurisdiction
in the premises, shall require either the Corporation or the Participant to
take any action in connection with the shares of Common Stock then to be
issued, the issue of such shares shall be deferred until such action shall have
been taken; the Corporation shall be under no obligation to take such action;
and the Corporation shall have no liability whatsoever as a result of the
non-issuance of such shares, except to refund to the Participant any
consideration tendered in respect of the exercise price.

3

 

          11.            Any
dispute or disagreement which shall arise under, or as a result of, or pursuant
to, this Agreement or the Participant's Notice shall be determined by or in the
manner specified by the Committee in its absolute and uncontrolled discretion,
and the determinations or interpretations by the Committee shall be final,
binding and conclusive on all persons affected thereby.  The Plan and Award Agreement may be amended,
modified, discontinued or terminated as provided in the Plan.

          12.            Any
notice which either party hereto may be required or permitted to give to the
other shall be in writing, and may be delivered personally or by mail, postage
prepaid, addressed as follows:  to the
Corporate Secretary of the Corporation, at 301 South Tryon Street, Suite 1800,
Charlotte, North Carolina 28202, or at such other address as the Corporation,
by notice to the Participant, may designate in writing from time to time; to
the Participant, at the Participant's address as shown on the records of the
Corporation, or at such other address as the Participant, by notice to the
Corporation, may designate in writing from time to time.

          13.            This
Agreement is subject in all respects to the terms and conditions contained in
the Plan and the Participant's Notice, copies of which are attached hereto and
incorporated herein by reference.  All
capitalized terms used but not defined herein shall have the same meaning as
set forth in the Plan, unless the context clearly indicates otherwise.

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