Form 4: SL Green Realty Corp: CEO Marc Holliday Reports Transaction of LTIP Units

Marc Holliday, President & CEO of SL Green Realty Corp, reports the conversion and redemption of LTIP Units for cash.

Summary

• On March 29, 2024, Marc Holliday, the President & CEO of SL Green Realty Corp, reported a transaction involving LTIP Units.
• 60,000 LTIP Units were converted into Common Units, and subsequently redeemed for cash.
• The price per Common Unit was based on the average closing prices of SL Green's Common Stock for the ten consecutive trading days ending on March 28, 2024.
• Following the reported transaction, Holliday beneficially owns 1,274,079 derivative securities.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing related to executive compensation, and does not contain information that would significantly impact investor sentiment positively or negatively.

Industry Context

This filing reflects standard executive compensation practices within publicly traded real estate companies, where LTIP units are used to align management's interests with those of shareholders.

Comparison to Industry Standards

• The use of LTIP units is a common practice among REITs such as Simon Property Group, Equity Residential, and Public Storage, to incentivize executives and align their interests with long-term shareholder value.
• The terms of the LTIP units, including the conversion and redemption rights, are generally consistent with industry standards for executive compensation in similar companies.

Stakeholder Impact

• The transaction has a minor impact on shareholders as it involves the conversion and redemption of existing equity-based compensation.
• The transaction has a minor impact on employees as it involves the conversion and redemption of existing equity-based compensation.

Key Dates