Form 4: SL Green Director Peggy Lamb Acquires Phantom Stock Units

SL Green Realty Corp. Director Peggy Lamb reported the acquisition of 5,004.259 phantom stock units, increasing her beneficial ownership to 9,087.665 units, effective January 5, 2026.

Summary

• Peggy Lamb, a Director of SL Green Realty Corp., acquired 5,004.259 phantom stock units.
• The transaction date for this acquisition is January 5, 2026.
• Following this transaction, Ms. Lamb beneficially owns a total of 9,087.665 phantom stock units.
• These phantom stock units convert to common stock on a 1-for-1 basis.
• The units become payable in common stock (or cash in certain cases) upon the earlier of January 1 coincident with or next following her ceasing to be a director or her death, or a change of control of the Issuer, to the extent vested.
• Ms. Lamb has the option to elect installment payments and may receive distributions for unforeseeable emergencies.
• The transaction was made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 5

Explanation: The filing reports a routine, pre-arranged compensation grant to a director, which is a neutral event for the company's immediate financial health or strategic direction. It reflects standard corporate governance and compensation practices.

Positives

• Director Peggy Lamb's beneficial ownership in SL Green Realty Corp. increased by 5,004.259 phantom stock units, aligning her interests further with shareholders.
• The acquisition of phantom stock units at a $0 price indicates a compensation grant, which is a common practice for director remuneration.

Negatives

• No direct negatives are apparent from this routine compensation filing.

Risks

• The value of the phantom stock units is tied to the performance of SL Green Realty Corp.'s common stock, exposing the holder to market fluctuations.
• The units are subject to vesting conditions, meaning the full benefit is not immediately realized and depends on continued service or specific corporate events.

Future Outlook

The phantom stock units are scheduled to become payable upon specific future events, including the earlier of January 1 coincident with or next following the reporting person ceasing to be a director or her death, or a change of control of the Issuer. The reporting person also has options for installment payments and distributions for unforeseeable emergencies.

Industry Context

This filing represents a routine equity compensation grant to a director, a common practice in publicly traded companies across various industries, including real estate investment trusts (REITs) like SL Green Realty Corp. Such grants are designed to align the interests of directors with long-term shareholder value creation.

Comparison to Industry Standards

• The grant of phantom stock units as director compensation is a standard practice in corporate governance, comparable to compensation structures seen in other REITs and large public companies.
• For example, directors at companies like Boston Properties (BXP) or Vornado Realty Trust (VNO) often receive a portion of their compensation in equity or equity-linked instruments to foster long-term alignment.
• The specific number of units (5,004.259) and the $0 price are typical for such grants, reflecting a performance or service-based award rather than a purchase.

Corporate Governance

Related Party Transactions

• The acquisition of phantom stock units by a director constitutes a related party transaction, as it involves compensation from the company to a member of its board.

Stakeholder Impact

• Shareholders: The grant aligns the director's interests with shareholders by tying a portion of her compensation to the company's stock performance. It also represents a potential future dilution when the units convert to common stock, though this is typically factored into compensation plans.

Next Steps

• The phantom stock units will convert to common stock and become payable upon the earlier of specific future events, including the director ceasing service, death, or a change of control.

Key Dates

Keywords

SL Green Realty Corp, SLG, Peggy Lamb, Form 4, SEC filing, beneficial ownership, phantom stock units, director compensation, equity compensation, Rule 10b5-1, insider transaction