Company: SLG-PI
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0001104659-25-037534
Chunk: 49

Company: SL GREEN REALTY CORP
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 49
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 York, New York is redeveloped into a hotel/casino, AND (ii) the completed project commences operating revenue and achieves a specific projected EBITDA milestone. Debt Fund Carried Interest : Mr. Holliday is eligible to receive a payout contingent on the profitability of our opportunistic debt fund ONLY IF earnings first accrue to the Company. Per the incentive structure, Mr. Holliday would receive 12% of the carried interest distribution, if any, received by the general partner of our opportunistic debt fund.

| ​ | The Committee designed these new business incentives following a thoughtful review of alternative compensation structures used by companies outside of the REIT industry and following discussions with stockholders during the Company’s most recent off-season engagement.These incentives will be paid ONLY IF the applicable performance conditions are satisfied. | ​ |

RETENTION PERFORMANCE INCENTIVE (CEO) In connection with entering into his new employment agreement, Mr. Holliday received a retention performance incentive grant of Class O LTIP units in December 2024 with a notional value of $4.5 million. The award is subject to both time-based vesting conditions and performance-based vesting conditions, with the performance-based vesting conditions satisfied if the average per share price of our common stock equals or exceeds $100.00—an increase of nearly 50% over the grant date conversion price of $68.07—for any trailing twenty trading day period between the grant date and the fifth anniversary thereafter. Subject to achievement of the foregoing performance hurdle and continued employment, the award vests ratably on December 31, 2025, December 31, 2026, and December 31, 2027. In structuring and negotiating the terms of the retention performance incentive, the Committee considered similar awards granted in 2023 by our peers at Paramount Group, Inc. and Vornado Realty Trust, which also incorporated a 20-day trailing trading day average stock price requirement to satisfy the performance-based vesting condition.

| ​ | The Committee granted this performance incentive as part ofits succession plan to ensure Mr. Holliday’s continued service and pivotal role in developing SLG’s next generation of leaders. In particular, we are focused on identifying an officer to assume the role of President, in which role Mr. Holliday has served on an interim basis since January 2024. | ​ |
| ​ | As designed, the incentive only provides realized value if our stock price increases nearly 50% from the date of grant, which represents significant stockholder value creation