Company: SLG-PI
Filing Date: 2025-05-23
Form Type: DEFA14A
Source: 0001104659-25-052509
Chunk: 4

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-23
Form: DEFA14A
Chunk 4
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 updates to clarify that a diminution in the CEO’s compensation would constitute 
 good reason.                                                                                                                            |

We Have Designed a Pay Program That Enables a Pay-for-Performance Culture

The Committee believes that the actions taken in direct response to
stockholder feedback are consistent with our executive compensation philosophy and further strengthened the link between Company performance
and executive pay outcomes.

The link between pay and performance is already reflected in the compensation
reported in the 2025 proxy statement. Notably, for 2024:

| · | Approximately 94% of CEO pay and 92% of other NEO pay was at risk; |

| · | Approximately 94% of CEO compensation and 88% of other NEO compensation was equity based; and |

| · | 100% of annual bonus for the CEO and 60% of the CFO’s annual bonus was based on Company performance against preset goals. |

This pay-for-performance linkage is confirmed by a LOW CONCERN level under the Initial Quantitative Concern of the ISS Pay-For-Performance Quantitative Screen.

The CEO’s Agreement Also Incentivizes the Execution of SLG’s Visionary Long-Term Strategy

As disclosed in the 2025 proxy statement, the highlights of the new
CEO agreement include:

| · | Base salary is the only fixed pay element |

| · | 100% of CEO annual incentive based on formulaic outcome |

| · | Elimination of short-term performance goals for long-term equity incentives, in line with prior commitment |

| · | Reduction of performance-based equity awards target value from $7.5 million to $5 million |

| · | Modified cash severance to average bonus in prior two years (from maximum bonus) for certain termination events |

| · | Incentivizing the long-term visionary strategy to diversify beyond SLG’s traditional portfolio of well-located, amenitized and 
 sustainable Class A assets by:                                                                                                 |

| o | Building new highly profitable, complementary businesses |

| o | Leveraging Company’s scale, integrated platform and market expertise |

| o | Developing recurring, incremental revenue streams with limited G&A expense, and |

| o | Diversifying the business to lessen exposure to business cycles |

For further details, please see the section captioned “CEO Agreement
Extends Our Track Record of Board Responsiveness; Consideration of Say-on-Pay Vote” on pages 2 and 44 of our 2025 proxy statement.

Conclusion

The Board and Committee deeply values all stockholder feedback and
is proud