Form 4: SL Green CEO Marc Holliday Redeems Over 120,000 LTIP Units for Cash

SL Green Realty Corp.'s President and CEO, Marc Holliday, redeemed 121,838 LTIP Units for cash, valued at $65.01 per unit, on June 23, 2025.

Summary

• Marc Holliday, President & CEO and Director of SL Green Realty Corp., reported a transaction on June 23, 2025.
• He disposed of 121,838 LTIP Units, which were issued pursuant to the Issuer's equity-based compensatory programs.
• These LTIP Units were converted into Common Units of SL Green Operating Partnership, L.P.
• The Common Units were subsequently presented for redemption and, at the election of the Issuer, were redeemed for cash.
• The redemption price was $65.01 per Common Unit, which was based on the average of the closing prices of SLG Common Stock for the ten consecutive trading days ending on June 20, 2025.
• Following this transaction, Marc Holliday beneficially owns 1,309,444 LTIP Units.

Sentiment

Score: 5

Explanation: The filing reports a standard executive compensation transaction involving the redemption of vested LTIP units for cash, which is a neutral event in terms of company performance or strategic direction.

Positives

• The company fulfilled its obligation to redeem LTIP Units for cash as per the terms of the partnership agreement, demonstrating adherence to compensation commitments.

Negatives

• The transaction represents an insider sale of equity-linked compensation, which, while a common practice for executives to monetize vested awards, can sometimes be perceived by the market as a reduction in direct equity exposure.

Risks

• NA

Future Outlook

No forward-looking statements or guidance are provided in this document.

Management Comments

• Marc Holliday, as President & CEO and Director, executed the redemption of his vested LTIP Units as part of his compensation arrangement.

Industry Context

This transaction is a standard executive compensation event within the REIT industry, where LTIP units are a common form of equity-based incentive. The valuation of the redeemed units is directly tied to the company's stock performance within the real estate sector.

Comparison to Industry Standards

• LTIP units are a prevalent form of equity-based compensation in the REIT industry, designed to align executive interests with long-term shareholder value, similar to practices at other major REITs.
• The mechanism allowing the company to elect between cash or stock for redemption provides flexibility, a common feature in such partnership agreements across the sector.
• The use of a 10-day average closing price to determine the redemption value is a typical and transparent method for establishing fair market value in executive compensation transactions within the industry.

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• Redemption of 121,838 LTIP Units by Marc Holliday, President & CEO and Director, for cash from SL Green Realty Corp., which constitutes a transaction between a related party (executive) and the company.

Stakeholder Impact

• Shareholders: The transaction represents a cash outflow for the company to fulfill compensation obligations, which is a planned expense. It also indicates an executive monetizing a portion of their equity-linked compensation.
• Employees: No direct impact on general employees is mentioned in this filing.

Next Steps

• NA

Key Dates

Keywords

SL Green Realty Corp, SLG, Marc Holliday, LTIP Units, Common Units, insider transaction, SEC Form 4, executive compensation, beneficial ownership, real estate investment trust, REIT