Form 4: SL Green Realty Corp CEO Marc Holliday Reports Transaction in Company's Equity

Marc Holliday, CEO of SL Green Realty Corp, reports the acquisition and disposal of LTIP Units and Common Units, resulting in a change in beneficial ownership.

Summary

• On February 13, 2025, Marc Holliday, the President & CEO of SL Green Realty Corp, reported a transaction involving LTIP Units.
• 100,000 LTIP Units were issued to Holliday pursuant to the Issuer's equity-based compensatory programs.
• These LTIP Units can be converted into Class A Units of limited partnership interest in SL Green Operating Partnership, L.P.
• Each Common Unit acquired upon conversion of an LTIP Unit may be presented for redemption for cash or Common Stock.
• The redemption right generally cannot be exercised until two years from the date of the grant.
• Each LTIP Unit was converted into a Common Unit, and each resulting Common Unit was presented for redemption.
• The Common Units presented for redemption were redeemed for cash, at a price per Common Unit based on the average of the closing prices of the Issuer's Common Stock for the ten consecutive trading days ending on February 12, 2025.
• The price was $65.7.
• Following the reported transactions, Holliday beneficially owns 1,435,882 shares of Common Stock.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing detailing transactions in company equity. It doesn't contain overtly positive or negative information, but reflects ongoing compensation practices.

Positives

• The transaction reflects the CEO's participation in the company's equity-based compensation programs, aligning his interests with those of the shareholders.

Future Outlook

The redemption right for Common Units generally cannot be exercised until two years from the date of the grant of the LTIP units.

Industry Context

This filing is a routine disclosure related to executive compensation and equity ownership, common in the real estate industry.

Comparison to Industry Standards

• Equity-based compensation is a standard practice in the real estate industry to align management's interests with shareholders.
• Companies like Boston Properties (BXP) and Vornado Realty Trust (VNO) also utilize LTIP units and stock options as part of their executive compensation packages.
• The terms of the LTIP units, such as the vesting period and redemption rights, are generally consistent with industry norms.

Stakeholder Impact

• The transaction provides transparency to shareholders regarding executive compensation and ownership.

Key Dates