Form 4: SL Green Director Stephen Green Boosts Phantom Stock Holdings

SL Green Realty Corp. Director Stephen L. Green reported the acquisition of 5,004.259 phantom stock units, increasing his total beneficial ownership to 33,333.235 units.

Summary

• Stephen L. Green, a Director of SL Green Realty Corp., acquired 5,004.259 Phantom Stock Units.
• The transaction date for this acquisition was January 5, 2026.
• Following this transaction, Stephen L. Green beneficially owns a total of 33,333.235 Phantom Stock Units.
• Phantom Stock Units convert to Common Stock on a 1-for-1 basis.
• These units become payable in Common Stock (or cash in certain cases) upon the earlier of (i) January 1 coincident with or next following the reporting person ceasing to be a director or death, or (ii) a change of control of the Issuer, to the extent vested.
• The reporting person has the option to elect installment payments for distributions and may receive distributions for unforeseeable emergencies.

Sentiment

Score: 6

Explanation: The acquisition of phantom stock units by a director is a routine insider transaction that generally signals continued alignment with shareholder interests, contributing a slightly positive sentiment.

Positives

• A director's acquisition of additional equity-linked securities (Phantom Stock Units) can signal continued confidence in the company's future performance and aligns management's interests with shareholders.

Future Outlook

The Phantom Stock Units are subject to vesting conditions and become payable upon specific future events, including the reporting person ceasing to be a director, death, or a change of control of the Issuer. The reporting person may elect installment payments for distributions.

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction, common in the real estate investment trust (REIT) sector and across publicly traded companies. It reflects a director's ongoing equity participation and compensation structure.

Related Party Transactions

• The acquisition of Phantom Stock Units by Stephen L. Green, a Director, constitutes an insider transaction.

Stakeholder Impact

• Shareholders may view the director's increased equity holdings as a positive sign of alignment between management and shareholder interests.

Next Steps

• Phantom Stock Units will become payable upon the earlier of specific conditions, including the reporting person ceasing to be a director, death, or a change of control of the Issuer.

Key Dates

Recommendation

The acquisition of phantom stock units by a director is a routine insider transaction that generally signals continued alignment with shareholder interests. However, it does not provide sufficient new information to alter a fundamental investment thesis, thus a 'hold' recommendation is appropriate.

Keywords

SL Green Realty Corp, SLG, Stephen L. Green, Form 4, insider transaction, phantom stock units, beneficial ownership, director, equity compensation