Company: SLG-PI
Filing Date: 2025-05-23
Form Type: DEFA14A
Source: 0001104659-25-052509
Chunk: 3

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-23
Form: DEFA14A
Chunk 3
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 in 2024-2025

As outlined in the 2025 proxy statement, the Committee took the following
actions in designing the CEO’s new agreement:

Base Salary

| · | Increased base salary for the first time since 2018, and it remains the only fixed pay element |

Annual Incentive

| · | Increased maximum payout subject to a rigorous incentive payout curve, with 100% of annual incentive based on formulaic outcome |

Long-term Performance Equity Awards

| · | Eliminated short-term performance periods by adopting exclusively three-year performance goals, and |

| · | Reduced target value from $7.5 million to $5 million. |

Annual Time-based Equity Awards

| · | Added an outperformance modifier to the CEO’s annual time-based equity awards based on Company performance against preset three-year 
 operational or financial goals, and                                                                                                  |

Severance Provisions

| · | Reduced potential cash severance to be based on “average bonus in prior two years” compared to “maximum bonus” 
 in prior contracts.                                                                                            |

Committee Responsiveness in Prior Years

In direct response to feedback received in prior years, the Committee
implemented the following enhancements in its 2023 executive compensation:

| · | A vesting cap for performance-based awards subject to relative TSR performance such that the awards cannot be earned above target 
 level when absolute TSR is negative even if relative TSR outperforms peers.                                                       |

| · | A formulaic cash bonus component for our CFO’s annual cash bonus that accounts for 60% of his annual bonus, eliminating a 100% 
 discretionary annual bonus.                                                                                                    |

| · | Eliminated automobile benefits for leased and company-owned vehicles for all NEOs. |

Additional CEO Contract Modifications Anticipated in 2025

The Committee continues to receive feedback from stockholders and ISS
in connection with the CEO’s new agreement. Therefore, in addition to the actions already taken, the Committee and CEO expect to
further modify the CEO’s new agreement during 2025 to:

| · | More closely align the description of the $5,000,000 annual time-based award with the CEO’s prior contract to clarify that the          
 amount of such award is not guaranteed, with the ultimate value to be determined by the Committee based on performance during the prior 
 year; and                                                                                                                               |

| · | Eliminate provisions that provide for formulaic cash payments following a change in control in lieu of existing base salary, annual     
 bonus and equity award entitlements, with corresponding