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I work in Finance. The rule is to say as little as possible. So keep your head down and do your work until the VP speaks up.
No. I'll acknowledge them with a good morning and small talk for a bit if they seem interested, but then I'm going to my desk, putting my headphones in and getting to work. I'm busy. They're busy. We don't need to chitchat just for the sake of avoiding silence.
1000% initiate conversation. Good for you and them to have a name to a face. Could lead to future opportunities or networking.
No. I will say good morning and tend to my business outside of that unless conversation is initiated.