Document:

Exhibit 10.1

 

 

 

SL GREEN REALTY CORP.

 

2005 STOCK OPTION AND INCENTIVE 
PLAN

 

 

 

 

TABLE OF CONTENTS

 

	
  1.

  	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  EFFECTIVE
  DATE AND TERMINATION OF PLAN

  	
   

  
	
   

  	
   

  	
   

  
	
  3.

  	
  ADMINISTRATION OF PLAN

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  SHARES AND
  UNITS SUBJECT TO THE PLAN

  	
   

  
	
   

  	
   

  	
   

  
	
  5.

  	
  PROVISIONS
  APPLICABLE TO STOCK OPTIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  6.

  	
  PROVISIONS
  APPLICABLE TO RESTRICTED STOCK

  	
   

  
	
   

  	
   

  	
   

  
	
  7.

  	
  PROVISIONS
  APPLICABLE TO PHANTOM SHARES

  	
   

  
	
   

  	
   

  	
   

  
	
  8.

  	
  PROVISIONS
  APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS

  	
   

  
	
   

  	
   

  	
   

  
	
  9.

  	
  OTHER EQUITY-BASED AWARDS

  	
   

  
	
   

  	
   

  	
   

  
	
  10.

  	
  PERFORMANCE GOALS

  	
   

  
	
   

  	
   

  	
   

  
	
  11.

  	
  TAX
  WITHHOLDING

  	
   

  
	
   

  	
   

  	
   

  
	
  12.

  	
  REGULATIONS AND
  APPROVALS

  	
   

  
	
   

  	
   

  	
   

  
	
  13.

  	
  INTERPRETATION
  AND AMENDMENTS; OTHER RULES

  	
   

  
	
   

  	
   

  	
   

  
	
  14.

  	
  CHANGES IN CAPITAL
  STRUCTURE

  	
   

  
	
   

  	
   

  	
   

  
	
  15.

  	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A
  PERFORMANCE GOALS

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT B
  PERFORMANCE GOALS

  	
   

  

 

i

 

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1

 

SL GREEN REALTY CORP.

 

2005 STOCK OPTION AND INCENTIVE PLAN

 

SL Green Realty Corp., a Maryland corporation, wishes to attract and
retain qualified key employees, Directors, officers, advisors, consultants and
other personnel and encourage them to increase their efforts to make the
Company’s business more successful whether directly or through its Subsidiaries
or other affiliates.  In furtherance
thereof, the SL Green Realty Corp. 2005 Stock Option and Incentive Plan is
designed to provide equity-based incentives to certain Eligible Persons.  Awards under the Plan may be made to Eligible
Persons in the form of Options, Restricted Stock, Phantom Shares, Dividend
Equivalent Rights or other forms of equity-based compensation.

 

1. DEFINITIONS.

 

Whenever used herein, the following terms shall have
the meanings set forth below:

 

“Annual Rate” means the number of Shares subject to Awards granted in a
single year divided by the number of Shares of the Company’s outstanding Common
Stock at the end of such year.

 

“Award,” except where referring to a particular category of grant under
the Plan, shall include Incentive Stock Options, Non-Qualified Stock Options,
Restricted Stock, Phantom Shares, Dividend Equivalent Rights and other
equity-based Awards as contemplated herein.

 

“Award Agreement” means a written agreement in a form approved by the
Committee to be entered into between the Company and the Participant as
provided in Section 3.  An Award
Agreement may be, without limitation, an employment or other similar agreement
containing provisions governing grants hereunder, if approved by the Committee
for use under the Plan.

 

“Board” means the Board of Directors of the Company.

 

“Cause” means, unless otherwise provided in the Participant’s Award
Agreement, (i) engaging in (A) willful or gross misconduct or (B) willful
or gross neglect; (ii) repeatedly failing to adhere to the directions of
superiors or the Board or the written policies and practices of the Company or
its Subsidiaries or its affiliates; (iii) the commission of a felony or a
crime of moral turpitude, dishonesty, breach of trust or unethical business
conduct, or any crime involving the Company or its Subsidiaries, or any
affiliate thereof; (iv) fraud, misappropriation or embezzlement; (v) any
illegal act detrimental to the Company its Subsidiaries or any affiliate
thereof; (vi) repeated failure to devote substantially all of the
Participant’s business time and efforts to the Company or its Subsidiaries, or
any affiliate thereof, if required by the Participant’s employment agreement; or
(vii) the Participant’s failure 
adequately and competently to perform his duties after receiving notice
from the Company or its Subsidiaries, or any affiliate thereof specifically
identifying the manner in which the Participant has failed to perform; provided,
however, that, if at any particular time the Participant is subject to an
effective employment agreement or consulting agreement with the Company, then,
in lieu of the foregoing definition, “Cause” shall at that time have such
meaning as may be specified in such employment agreement.

 

“Change in Control” means:

 

 

(i)                                     any
“person,” including a “group” (as such terms are used in Sections 13(d) and
14(d) of the Exchange Act, together with all “affiliates” and “associates”
(as such terms are defined in Rule 12b-2 under the Exchange Act) of such
person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company
representing 25% or more of either (A) the combined voting power of the
Company’s then outstanding securities having the right to vote in an election
of the Board (“Voting Securities”) or (B) the then outstanding shares of
all classes of stock of the Company (in either such case other than as a result
of the acquisition of securities directly from the Company); or

 

(ii)                                  the
members of the Board at the beginning of any consecutive 24-calendar-month
period commencing on or after the initial effective date of the Plan (the “Incumbent
Directors”) cease for any reason including without limitation, as a result of a
tender offer, proxy contest, merger or similar transaction, to constitute at
least a majority of the Board; provided that any person becoming a director of
the Company whose election or nomination was approved by a vote of at least a
majority of the members of the Board then still in office who were members of
the Board at the beginning of such 24-calendar-month period, shall, for
purposes hereof, be considered an Incumbent Director; or

 

(iii)                               the
shareholders of the Company shall approve (A) any consolidation or merger
of the Company or any subsidiary where the shareholders of the Company,
immediately prior to the consolidation or merger, would not, immediately after
the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3
under the Exchange Act), directly or indirectly, shares representing in the
aggregate at least 50% of the voting shares of the corporation issuing cash or
securities in the consolidation or merger (or of its ultimate parent
corporation, if any), (B) any sale, lease, exchange or other transfer (in
one transaction or a series of transactions contemplated or arranged by any
party as a single plan) of all or substantially all of the assets of the
Company or (C) any plan or proposal for the liquidation or dissolution of
the Company.

 

Notwithstanding the
foregoing clause (i), an event described in clause (i) shall not be a
Change in Control if such event occurs solely as the result of an acquisition
of securities by the Company which, by reducing the number of shares of stock
or other Voting Securities outstanding, increases (x) the proportionate number
of shares of stock of the Company beneficially owned by any “person” (as
defined above) to 25% or more of the shares of stock then outstanding or (y)
the proportionate voting power represented by the Voting Securities
beneficially owned by any “person” (as defined above) to 25% or more of the
combined voting power of all then outstanding Voting Securities; provided, however,
that if any “person” referred to in clause (x) or (y) of this sentence shall
thereafter become the beneficial owner of any additional stock of the Company
or other Voting Securities (other than pursuant to a share split, stock
dividend, or similar transaction), then a Change in Control shall be deemed to
have occurred for purposes of the foregoing clause (i).

 

Notwithstanding the foregoing, no event or condition shall constitute a
Change in Control to the extent that, if it were, a 20% tax would be imposed
under Section 409A of the Code; provided that, in such a case, the event
or condition shall continue to constitute a Change in Control to the maximum
extent possible (e.g., if applicable, in regard of vesting without an
acceleration of distribution) without causing the imposition of such 20% tax.

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

2

 

“Committee” means the
Compensation Committee of the Board.

 

“Common Stock” means the shares of common stock of the Company as
constituted on the effective date of the Plan, and any other shares into which
such common stock shall thereafter be changed by reason of a recapitalization,
merger, consolidation, split-up, combination, exchange of shares or the like.

 

“Company” means SL Green Realty Corp., a Maryland
corporation.

 

“Director” means a non-employee director of the
Company or its Subsidiaries.

 

“Disability” means, unless otherwise provided by the Committee in the
Participant’s Award Agreement, a disability which renders the Participant
incapable of performing all of his or her material duties for a period of at
least 150 consecutive or non-consecutive days during any consecutive
twelve-month period.  Notwithstanding the
foregoing, no circumstances or condition shall constitute a Disability to the
extent that, if it were, a 20% tax would be imposed under Section 409A of
the Code; provided that, in such a case, the event or condition shall continue
to constitute a Disability to the maximum extent possible (e.g., if applicable,
in regard of vesting without an acceleration of distribution) without causing
the imposition of such 20% tax.

 

“Dividend Equivalent Right” means a right awarded under Section 8
of the Plan to receive (or have credited) the equivalent value of dividends
paid on Common Stock.

 

“Eligible Person” means a key employee, Director, officer, advisor,
consultant or other personnel of the Company and its Subsidiaries or other
person expected to provide significant services (of a type expressly approved
by the Committee as covered services for these purposes) to the Company or its
Subsidiaries.

 

“Exchange Act” means the Securities Exchange Act of
1934, as amended.

 

“Fair Market Value” per Share as of a particular date means (i) if
Shares are then listed on a national stock exchange, the closing sales price
per Share on the exchange for the last preceding date on which there was a sale
of Shares on such exchange, as determined by the Committee, (ii) if Shares
are not then listed on a national stock exchange but are then traded on an
over-the-counter market, the average of the closing bid and asked prices for
the Shares in such over-the-counter market for the last preceding date on which
there was a sale of such Shares in such market, as determined by the Committee,
or (iii) if Shares are not then listed on a national stock exchange or
traded on an over-the-counter market, such value as the Committee in its
discretion may in good faith determine; provided that, where the Shares are so
listed or traded, the Committee may make such discretionary determinations
where the Shares have not been traded for 10 trading days.

 

“Full-Value Award” means an Award other than an Option, Stock
Appreciation Right or other Award that does not deliver the full value at grant
thereof of the underlying shares.

 

“Fungible Pool Unit” shall be the
measuring unit used for purposes of the Plan, as specified in Section 4,
to determine the number of Shares which may be subject to Awards hereunder,
which shall consist of Shares in the proportions (ranging from .8 to 3.9) as
set forth in Section 4(a).

 

“Grantee” means an Eligible Person granted Restricted Stock, Phantom
Shares, Dividend Equivalent Rights or such other equity-based Awards as may be
granted pursuant to Section 9.

 

3

 

“Incentive Stock Option” means an “incentive stock option” within the
meaning of Section 422(b) of the Code.

 

“Non-Qualified Stock Option” means an Option which is
not an Incentive Stock Option.

 

“Option” means the right to purchase, at a price and for the term fixed
by the Committee in accordance with the Plan, and subject to such other
limitations and restrictions in the Plan and the applicable Award Agreement, a
number of Shares determined by the Committee.

 

“Optionee” means an Eligible Person to whom an Option is granted, or
the Successors of the Optionee, as the context so requires.

 

“Option Price” means the price per Share, determined
by the Board or the Committee, at which an Option may be exercised.

 

“Participant” means a Grantee or Optionee.

 

 “Phantom Share” means a right,
pursuant to the Plan, of the Grantee to payment of the Phantom Share Value.

 

“Phantom Share Value,” per Phantom Share, means the Fair Market Value
of a Share of Class A Common Stock, or, if so provided by the Committee,
such Fair Market Value to the extent in excess of a base value established by
the Committee at the time of grant.

 

“Plan” means the Company’s 2005 Stock Option and Incentive Plan, as set
forth herein and as the same may from time to time be amended.

 

“Restricted Stock” means an award of Shares that are
subject to restrictions hereunder.

 

“Retirement” means, unless otherwise provided by the Committee in the
Participant’s Award Agreement, the Termination of Service (other than for
Cause) of a Participant on or after the Participant’s attainment of age 65 or
on or after the Participant’s attainment of age 55 with five consecutive years
of service with the Company and or its Subsidiaries or its affiliates.

 

“Securities Act” means the Securities Act of 1933, as amended.

 

“Settlement Date” means the date determined under Section 7.4(c).

 

“Shares” means shares of Common Stock of the Company.

 

“Stock Appreciation Right” means the right to settle
an Option as provided for in Section 5.7.

 

“Subsidiary” means any corporation (other than the Company) that is a “subsidiary
corporation” with respect to the Company under Section 424(f) of the
Code.  In the event the Company becomes a
subsidiary of another company, the provisions hereof applicable to subsidiaries
shall, unless otherwise determined by the Committee, also be applicable to any
company that is a “parent corporation” with respect to the Company under Section 424(e) of
the Code.

 

“Successor of the Optionee” means the legal representative of the
estate of a deceased Optionee or the person or persons who shall acquire the
right to exercise an Option by bequest or inheritance or by reason of the death
of the Optionee.

 

4

 

“Termination of Service” means a Participant’s termination of
employment or other service, as applicable, with the Company and its
Subsidiaries.

 

“Three-Year Average Annual Rate” means the average of the Annual Rates
for the first three calendar years following the effective date of the Plan.

 

2. EFFECTIVE DATE AND
TERMINATION OF PLAN.

 

The effective date of the Plan is April 1, 2005.  The Plan shall not become effective unless
and until it is approved by the requisite percentage of the holders of the
Common Stock of the Company.  The Plan
shall terminate on, and no Award shall be granted hereunder on or after, the 10-year
anniversary of the earlier of the approval of the Plan by (i) the Board or
(ii) the shareholders of the Company; provided, however, that the Board
may at any time prior to that date terminate the Plan; and provided, further,
that all Awards made under the Plan prior to a Plan termination shall remain in
effect until such Awards have been satisfied or terminated in accordance with
the terms and provisions of the Plan and the applicable Award Agreement.

 

3. ADMINISTRATION OF PLAN.

 

(a)                             The
Plan shall be administered by the Committee appointed by the Board. Unless
otherwise determined by the Board, the Committee, upon and after such time as
it is covered in Section 16 of the Exchange Act, shall consist of at least
two individuals each of whom shall be a “nonemployee director” as defined in Rule 16b-3
as promulgated by the Securities and Exchange Commission (“Rule 16b-3”)
under the Exchange Act and shall, at such times as the Company is subject to Section 162(m)
of the Code (to the extent relief from the limitation of Section 162(m) of
the Code is sought with respect to Awards), qualify as “outside directors” for
purposes of Section 162(m) of the Code; provided that no action taken by
the Committee (including without limitation grants) shall be invalidated
because any or all of the members of the Committee fails to satisfy the
foregoing requirements of this sentence. 
If and to the extent applicable, no member of the Committee may act as
to matters under the Plan specifically relating to such member.  Notwithstanding
the other foregoing provisions of this Section 3(a), any Award under the
Plan to a person who is a member of the Committee shall be made and administered
by the Board.  If no Committee is
designated by the Board to act for these purposes, the Board shall have the
rights and responsibilities of the Committee hereunder and under the Award
Agreements.

 

(b)                            Subject
to the provisions of the Plan, the Committee shall in its discretion (i) authorize
the granting of Awards to Eligible Persons; and (ii) determine the
eligibility of Eligible Persons to receive an Award, as well as determine the
number of Shares to be covered under any Award Agreement, considering the
position and responsibilities of the Eligible Persons, the nature and value to
the Company of the Eligible Person’s present and potential contribution to the
success of the Company whether directly or through its Subsidiaries and such
other factors as the Committee may deem relevant.

 

(c)                             The
Award Agreement shall contain such other terms, provisions and conditions not
inconsistent herewith as shall be determined by the Committee.  In the event that any Award Agreement or
other agreement hereunder provides (without regard to this sentence) for the
obligation of the Company or any affiliate thereof to purchase or repurchase
Shares from a Participant or any other person, then, notwithstanding the
provisions of the Award Agreement or such other agreement, such obligation
shall not apply to the extent that the purchase or repurchase would not be
permitted under governing state law.  The
Participant shall take whatever additional actions and execute whatever additional
documents the Committee may in its reasonable judgment deem necessary or
advisable in order to carry out or effect one or more of the obligations or
restrictions imposed on the Participant pursuant to the express provisions of
the Plan and the Award Agreement.

 

5

 

(d)                            The
Committee may provide, in its discretion, that (i) all stock issued
hereunder be initially maintained in separate brokerage account for the
Participant at a brokerage firm selected by, and pursuant to an arrangement
with, the Company; and (ii) in the case of vested Shares, the Participant
may move such Shares to another brokerage account of the Participant’s choosing
or request that a stock certificate be issued and delivered to him or her.

 

(e)                             The
Committee, in its discretion, may delegate to the Chief Executive Officer of
the Company all or part of the Committee’s authority and duties with respect to
awards, including, without limitation, the granting of awards to individuals
who are not subject to the reporting and other provisions of Section 16 of
the Act and who are not and are not expected to be “covered employees” within
the meaning of Section 162(m) of the Code. 
Any such delegation by the Committee may, in the sole discretion of the
Committee, include a limitation as to the amount of awards that may be awarded
during the period of the delegation and may contain guidelines as to the
determination of the option exercise price, or price of other awards and the
vesting criteria.  The Committee may
revoke or amend the terms of a delegation at any time but such action shall not
invalidate any prior actions of the Committee’s delegate that were consistent
with the terms of the Plan.

 

4. SHARES AND UNITS
SUBJECT TO THE PLAN.

 

(a)                             Subject
to adjustments as provided in Section 14, the total number of Shares
subject to Awards granted under the Plan, in the aggregate, may not exceed
3,500,000 (the “Fungible Pool Limit”). 
Each Share issued or to be issued in connection with Full-Value Awards
that vest or are granted based on the achievement of the performance goals set
forth in Exhibit A shall be counted against the Fungible Pool Limit as 2.6
Fungible Pool Units.  Each Share issued
or to be issued in connection with any other Full-Value Awards shall be counted
against the Fungible Pool Limit as 3.9 Fungible Pool Units.  Options, Stock Appreciation Rights and other
Awards that do not deliver the full value at grant thereof of the underlying
Shares and that expire 10 years from the date of grant shall be counted against
the Fungible Pool Limit as 1 Fungible Pool Unit.  Options, Stock Appreciation Rights and other
Awards that do not deliver the full value at grant thereof of the underlying
Shares and that expire five years from the date of grant shall be counted
against the Fungible Pool Limit as .8 of a Fungible Pool Unit.  (For these purposes, the number of Shares
taken into account with respect to a Stock Appreciation Right shall be the
number of Shares underlying the Stock Appreciation Rights at grant (i.e., not
the final number of Shares delivered upon exercise of the Stock Appreciation
Rights).)  Shares that have been granted
as Restricted Stock or that have been reserved for distribution in payment for
Options, Phantom Shares or other equity-based Awards but are later forfeited or
for any other reason are not payable under the Plan may again be made the
subject of Awards under the Plan.

 

(b)                            At
the end of the third calendar year following the effective date of the Plan,
the Three-Year Average Annual Rate shall not exceed the greater of (i) 2%
or (ii) the mean of the Company’s GICS peer group (collectively, the “Target
Rate”).  For purposes of calculating the
number of Shares granted in a year in connection with the limitation set forth
in the foregoing sentence, Shares underlying Full-Value Awards will be taken
into account as (i) 1.5 Shares if the Company’s annual Common Stock price
volatility is 53% or higher, (ii) two Shares if the Company’s annual
Common Stock price volatility is between 25% and 52%, and (iii) four
Shares if the Company’s annual Common Stock price volatility is less than
25%.  (For the avoidance of doubt, the
Annual Rate in any one year during the three-year period following the
effective date of the Plan may exceed the Target Rate, provided that the
Three-Year Average Annual Rate does not exceed the Target Rate.)

 

(c)                             Shares
subject to Dividend Equivalent Rights, other than Dividend Equivalent Rights
based directly on the dividends payable with respect to Shares subject to
Options or the dividends payable on a number of Shares corresponding to the
number of Phantom Shares awarded, shall be subject

 

6

 

to the limitation of Section 4.1(a).  If any Phantom Shares, Dividend Equivalent
Rights or other equity-based Awards under Section 9 are paid out in cash,
then, notwithstanding the first sentence of Section 4.1(a) above (but
subject to the second sentence thereof) the underlying Shares may again be made
the subject of Awards under the Plan.

 

(d)                            The
certificates for Shares issued hereunder may include any legend which the
Committee deems appropriate to reflect any rights of first refusal or other
restrictions on transfer hereunder or under the Award Agreement, or as the
Committee may otherwise deem appropriate.

 

(e)                             No
award may be granted under the Plan to any person who, assuming exercise of all
options and payment of all awards held by such person, would own or be deemed
to own more than 9.8% of the outstanding shares of Common Stock.  Subject to adjustments as provided in Section 14,
no Eligible Person shall be granted Awards (with Shares subject to Awards being
counted, depending on the type of Award, in the proportions ranging from .8 to
3.9, as described in Section 4(a)) in any one year covering more than
700,000 Shares, it being expressly contemplated that Awards in exclusively one
category (e.g., Options) can (but need not) be used in the discretion of the
Committee to reach the limitation set forth in this sentence.

 

5. PROVISIONS
APPLICABLE TO STOCK OPTIONS.

 

5.1                                 Grant
of Option.

 

Subject to the other terms of the Plan, the Committee (or, as expressly
permitted by Section 3, the Chief Executive Officer) shall, in its
discretion as reflected by the terms of the applicable Award Agreement: (i) determine
and designate from time to time those Eligible Persons to whom Options are to
be granted and the number of Shares to be optioned to each Eligible Person; (ii) determine
whether to grant Incentive Stock Options or to grant Non-Qualified Stock
Options, or both (to the extent that any Option does not qualify as an
Incentive Stock Option, it shall constitute a separate Non-Qualified Stock
Option); provided that Incentive Stock Options may only be granted to
employees; (iii) determine the time or times when and the manner and condition
in which each Option shall be exercisable and the duration of the exercise
period; (iv) designate each Option as one intended to be an Incentive
Stock Option or as a Non-Qualified Stock Option; and (v) determine or
impose other conditions to the grant or exercise of Options under the Plan as
it may deem appropriate.

 

5.2                                 Option
Price.

 

The Option Price shall be determined by the Committee on the date the
Option is granted and reflected in the Award Agreement, as the same may be
amended from time to time.  The Option
Price shall not be less than 100% of the Fair Market Value of a Share on the
day the Option is granted.  Any
particular Award Agreement may provide for different exercise prices for
specified amounts of Shares subject to the Option.

 

5.3                                 Period
of Option and Vesting.

 

(a)                             Unless
earlier expired, forfeited or otherwise terminated, each Option shall expire in
its entirety upon the 10th anniversary of the date of grant or shall have such
other term (which may be shorter, but not longer) as is set forth in the
applicable Award Agreement (except that, in the case of an individual described
in Section 422(b)(6) of the Code (relating to certain 10% owners) who
is granted an Incentive Stock Option, the term of such Option shall be no more
than five years from the date of grant). 
The Option shall also expire, be forfeited and terminate at such times
and in such circumstances as otherwise provided hereunder or under the Award
Agreement.

 

7

 

(b)                            Each
Option, to the extent that the Optionee has not had a Termination of Service
and the Option has not otherwise lapsed, expired, terminated or been forfeited,
shall first become exercisable according to the terms and conditions set forth
in the Award Agreement, as determined by the Committee at the time of
grant.  Unless otherwise provided in the
Award Agreement, no Option (or portion thereof) shall ever be exercisable if
the Optionee has a Termination of Service before the time at which such Option
(or portion thereof) would otherwise have become exercisable, and any Option
that would otherwise become exercisable after such Termination of Service shall
not become exercisable and shall be forfeited upon such termination.  Notwithstanding the foregoing provisions of
this Section 5.3(b), Options exercisable pursuant to the schedule set
forth by the Committee at the time of grant may be fully or more rapidly
exercisable or otherwise vested at any time in the discretion of the
Committee.  Upon and after the death of an
Optionee, such Optionee’s Options, if and to the extent otherwise exercisable
hereunder or under the applicable Award Agreement after the Optionee’s death,
may be exercised by the Successors of the Optionee.

 

5.4                                 Exercisability
Upon and After Termination of Optionee.

 

(a)                             Subject to provisions of the Award Agreement, in
the event the Optionee has a Termination of Service other than by the Company
or its Subsidiaries for Cause, or other than by reason of death, Retirement or
Disability, no exercise of an Option may occur after the expiration of the
three-month period to follow the termination, or if earlier, the expiration of
the term of the Option as provided under Section 5.3(a); provided
that, if the Optionee should die after the Termination of Service, such
termination being for a reason other than Cause, Disability or Retirement, but
while the Option is still in effect, the Option (if and to the extent otherwise
exercisable by the Optionee at the time of death) may be exercised until the
earlier of (i) one year from the date of the Termination of Service of the
Optionee, or (ii) the date on which the term of the Option expires in
accordance with Section 5.3(a).

 

(b)                            Subject
to provisions of the Award Agreement, in the event the Optionee has a
Termination of Service on account of death or Disability or Retirement, the
Option (whether or not otherwise exercisable) may be exercised until the
earlier of (i) one year from the date of the Termination of Service of the
Optionee, or (ii) the date on which the term of the Option expires in
accordance with Section 5.3.

 

(c)                             Notwithstanding
any other provision hereof, unless otherwise provided in the Award Agreement,
if the Optionee has a Termination of Service by the Company for Cause, the
Optionee’s Options, to the extent then unexercised, shall thereupon cease to be
exercisable and shall be forfeited forthwith.

 

5.5                                 Exercise
of Options.

 

(a)                             Subject
to vesting, restrictions on exercisability and other restrictions provided for
hereunder or otherwise imposed in accordance herewith, an Option may be
exercised, and payment in full of the aggregate Option Price made, by an
Optionee only by written notice (in the form prescribed by the Committee) to
the Company specifying the number of Shares to be purchased.

 

(b)                            Without
limiting the scope of the Committee’s discretion hereunder, the Committee may
impose such other restrictions on the exercise of Incentive Stock Options
(whether or not in the nature of the foregoing restrictions) as it may deem
necessary or appropriate.

 

8

 

5.6                                 Payment.

 

(a)                             The
aggregate Option Price shall be paid in full upon the exercise of the
Option.  Payment must be made by one of
the following methods:

 

(i)                                a
certified or bank cashier’s check or wire transfer;

 

(ii)                             subject
to Section 12(e), the proceeds of a Company loan program or third-party
sale program or a notice acceptable to the Committee given as consideration
under such a program, in each case if permitted by the Committee in its
discretion, if such a program has been established and the Optionee is eligible
to participate therein;

 

(iii)                          if
approved by the Committee in its discretion, Shares of previously owned Common
Stock, which have been previously owned for more than six months, having an
aggregate Fair Market Value on the date of exercise equal to the aggregate
Option Price; or

 

(iv)                         by any
combination of such methods of payment or any other method acceptable to the
Committee in its discretion.

 

(b)                            Except
in the case of Options exercised by certified or bank cashier’s check, the
Committee may impose limitations and prohibitions on the exercise of Options as
it deems appropriate, including, without limitation, any limitation or
prohibition designed to avoid accounting consequences which may result from the
use of Common Stock as payment upon exercise of an Option.

 

(c)                             The
Committee may provide that no Option may be exercised with respect to any
fractional Share.  Any fractional Shares
resulting from an Optionee’s exercise that is accepted by the Company shall in
the discretion of the Committee be paid in cash.

 

5.7                                 Stock
Appreciation Rights.

 

The Committee, in its discretion, may also permit (taking into account,
without limitation, the application of Section 409A of the Code, as the Committee may deem appropriate)
the Optionee to elect to exercise an Option by receiving a combination of
Shares and cash, or, in the discretion of the Committee, either Shares or
solely in cash, with an aggregate Fair Market Value (or, to the extent of
payment in cash, in an amount) equal to the excess of the Fair Market Value of
the Shares with respect to which the Option is being exercised over the
aggregate Option Price, as determined as of the day the Option is exercised.

 

5.8                                 Exercise
by Successors.

 

An Option may be exercised, and payment in full of the aggregate Option
Price made, by the Successors of the Optionee only by written notice (in the
form prescribed by the Committee) to the Company specifying the number of
Shares to be purchased.  Such notice shall
state that the aggregate Option Price will be paid in full, or that the Option
will be exercised as otherwise provided hereunder, in the discretion of the
Company or the Committee, if and as applicable.

 

5.9                                 Nontransferability
of Option. 

 

Each Option granted under the Plan shall be nontransferable by the
Optionee except by will or the laws of descent and distribution of the state
wherein the Optionee is domiciled at the time of his death; provided, however,
that the Committee may (but need not) permit other transfers, where the

 

9

 

Committee concludes that such transferability (i) does
not result in accelerated U.S. federal income taxation, (ii) does not
cause any Option intended to be an Incentive Stock Option to fail to be
described in Section 422(b) of the Code, and (iii) is otherwise
appropriate and desirable; and provided, further, that in no event may an
Option be transferred by the Optionee for consideration without shareholder
approval.

 

5.10                           Deferral.

 

Except as provided in the Award Agreement, the Committee (taking into
account, without limitation, the possible application of Section 409A of
the Code, as the Committee may deem
appropriate) may establish a program under which Participants will have Phantom
Shares subject to Section 7 credited upon their exercise of Options,
rather than receiving Shares at that time.

 

5.11                           Certain
Incentive Stock Option Provisions

 

(a)                                  The
aggregate Fair Market Value, determined as of the date an Option is granted, of
the Common Stock for which any Optionee may be awarded Incentive Stock Options
which are first exercisable by the Optionee during any calendar year under the
Plan (or any other stock option plan required to be taken into account under Section 422(d) of
the Code) shall not exceed $100,000.

 

(b)                                 If
Shares acquired upon exercise of an Incentive Stock Option are disposed of in a
disqualifying disposition within the meaning of Section 422 of the Code by
an Optionee prior to the expiration of either two years from the date of grant
of such Option or one year from the transfer of Shares to the Optionee pursuant
to the exercise of such Option, or in any other disqualifying disposition
within the meaning of Section 422 of the Code, such Optionee shall notify
the Company in writing as soon as practicable thereafter of the date and terms
of such disposition and, if the Company (or any affiliate thereof) thereupon
has a tax-withholding obligation, shall pay to the Company (or such affiliate)
an amount equal to any withholding tax the Company (or affiliate) is required
to pay as a result of the disqualifying disposition.

 

(c)                                  The
Option Price with respect to each Incentive Stock Option shall not be less than
100%, or 110% in the case of an individual described in Section 422(b)(6) of
the Code (relating to certain 10% owners), of the Fair Market Value of a Share
on the day the Option is granted.  In the
case of an individual described in Section 422(b)(6) of the Code who
is granted an Incentive Stock Option, the term of such Option shall be no more
than five years from the date of grant.

 

6. PROVISIONS
APPLICABLE TO RESTRICTED STOCK.

 

6.1                                 Grant
of Restricted Stock.

 

(a)                             In
connection with the grant of Restricted Stock, whether or not performance goals
(as provided for under Section 10) apply thereto, the Committee shall
establish one or more vesting periods with respect to the shares of Restricted
Stock granted, the length of which shall be determined in the discretion of the
Committee.  Subject to the provisions of
this Section 6, the applicable Award Agreement and the other provisions of
the Plan, restrictions on Restricted Stock shall lapse if the Grantee satisfies
all applicable employment or other service requirements through the end of the
applicable vesting period.  Nothing in
this Section 6 shall limit the Committee’s authority, and the Committee is
expressly authorized, to grant Shares which are fully vested upon grant (and
for which there is no period of forfeiture), and which are subject to the rules of
this Section 6.

 

(b)                            Subject
to the other terms of the Plan, the Committee may, in its discretion as
reflected by the terms of the applicable Award Agreement:  (i) authorize the granting of Restricted
Stock

 

10

 

to Eligible Persons; (ii) provide a specified purchase price for the Restricted
Stock (whether or not the payment of a purchase price is required by any state
law applicable to the Company); (iii) determine the restrictions
applicable to Restricted Stock and (iv) determine or impose other
conditions, including any applicable performance goals, to the grant of
Restricted Stock under the Plan as it may deem appropriate.

 

6.2                                 Certificates.

 

(a)                             Unless
otherwise provided by the Committee, each Grantee of Restricted Stock shall be
issued a stock certificate in respect of Shares of Restricted Stock awarded
under the Plan.  Each such certificate
shall be registered in the name of the Grantee. Without limiting the generality
of Section 4.1(c), the certificates for Shares of Restricted Stock issued
hereunder may include any legend which the Committee deems appropriate to
reflect any restrictions on transfer hereunder or under the Award Agreement, or
as the Committee may otherwise deem appropriate, and, without limiting the generality
of the foregoing, shall bear a legend referring to the terms, conditions, and
restrictions applicable to such Award, substantially in the following form:

 

The transferability of
this certificate and the shares of stock represented hereby are subject to the
terms and conditions (including forfeiture) of the SL Green Realty Corp. 2005
Stock Option and Incentive Plan and an Award Agreement entered into between the
registered owner and SL Green Realty Corp. Copies of such Plan and Award
Agreement are on file in the offices of SL Green Realty Corp., at 420 Lexington
Avenue, New York, New York 10170.

 

(b)                            The
Committee may require that any stock certificates evidencing such Shares be
held in custody by the Company until the restrictions hereunder shall have
lapsed, and that, as a condition of any Award of Restricted Stock, the Grantee
shall have delivered to the Company a stock power, endorsed in blank, relating
to the stock covered by such Award.  If
and when such restrictions so lapse, the stock certificates shall be delivered
by the Company to the Grantee or his or her designee as provided in Section 6.3
(and the stock power shall be so delivered
or shall be discarded).

 

6.3                                 Restrictions
and Conditions.

 

Unless otherwise provided by the Committee, the Shares of Restricted
Stock awarded pursuant to the Plan shall be subject to the following
restrictions and conditions:

 

(i)                                                                                     Subject
to the provisions of the Plan and the Award Agreements, during a period
commencing with the date of such Award and ending on the date the period of
forfeiture with respect to such Shares lapses, the Grantee shall not be
permitted voluntarily or involuntarily to sell, transfer, pledge, anticipate,
alienate, encumber or assign Shares of Restricted Stock awarded under the Plan
(or have such Shares attached or garnished). 
Subject to the provisions of the Award Agreements and clause (iii) below,
the period of forfeiture with respect to Shares granted hereunder shall lapse
as provided in the applicable Award Agreement. 
Notwithstanding the foregoing, unless otherwise expressly provided by
the Committee, the period of forfeiture with respect to such Shares shall only
lapse as to whole Shares.

 

(ii)                                                                                  Except
as provided in the foregoing clause (i), below in this clause (ii) or in Section 14,
or as otherwise provided in the applicable Award Agreement, the Grantee shall
have, in respect of the Shares of Restricted Stock, all of the rights of a
shareholder of the Company, including the right to vote the Shares and the
right to

 

11

 

receive
any cash dividends currently; provided, however that, if provided in an Award
Agreement, cash dividends on such Shares shall (A) be held by the Company
(unsegregated as a part of its general assets) until the period of forfeiture
lapses (and forfeited if the underlying Shares are forfeited), and paid over to
the Grantee (without interest) as soon as practicable after such period lapses
(if not forfeited), or (B) treated as may otherwise be provided in an
Award Agreement.  Certificates for Shares
(not subject to restrictions) shall be delivered to the Grantee or his or her
designee, at the request thereof, promptly after, and only after, the period of
forfeiture shall lapse without forfeiture in respect of such Shares of
Restricted Stock.

 

(iii)                                                                               Except
as otherwise provided in the applicable Award Agreement, if the Grantee has a
Termination of Service by the Company and its Subsidiaries for Cause, or by the
Grantee for any reason, during the applicable period of forfeiture, then (A) all
Shares still subject to restriction shall thereupon, and with no further
action, be forfeited by the Grantee, and (B) in
the event the Grantee has paid a cash purchase price for the forfeited Shares,
the Company shall pay to the Grantee as soon as practicable (and in no event
more than 30 days) after such termination an amount equal to the lesser of (x)
the amount paid by the Grantee (if any) for such forfeited Restricted Stock as
contemplated by Section 6.1, and (y) the Fair Market Value on the date of
termination of the forfeited Restricted Stock.

 

7. PROVISIONS
APPLICABLE TO PHANTOM SHARES.

 

7.1                                 Grant
of Phantom Shares.

 

Subject to the other terms of the Plan, the Committee shall, in its
discretion as reflected by the terms of the applicable Award Agreement:  (i) authorize the granting of Phantom
Shares to Eligible Persons and (ii) determine or impose other conditions
to the grant of Phantom Shares under the Plan as it may deem appropriate.

 

7.2                                 Term.

 

The Committee may provide in an Award Agreement that any particular
Phantom Share shall expire at the end of a specified term.

 

7.3                                 Vesting.

 

Phantom Shares shall vest as provided in the applicable Award
Agreement.

 

7.4                                 Settlement
of Phantom Shares.

 

(a)                             Each
vested and outstanding Phantom Share shall be settled by the transfer to the
Grantee of one Share; provided that the Committee at the time of grant may
provide that a Phantom Share may be settled (i) in cash at the applicable
Phantom Share Value or (ii) in cash or by transfer of Shares as elected by
the Grantee in accordance with procedures established by the Committee (taking into account, without limitation, Section 409A
of the Code, as the Committee may deem appropriate).

 

(b)                            Phantom
Shares shall be settled with a single-sum payment by the Company; provided
that, with respect to Phantom Shares of a Grantee which have a common
Settlement Date, the Committee may permit the Grantee to elect in accordance
with procedures established by the Committee

 

12

 

(taking into account, without
limitation, Section 409A of the Code, as the Committee may deem
appropriate) to receive installment payments over a period not to exceed
10 years.

 

(c)                             (i) Unless
otherwise provided in the applicable Award Agreement, the “Settlement Date”
with respect to a Phantom Share is as soon as practicable after (but not later
than the first day of the month to follow) the date on which the Phantom Share
vests; provided that a Grantee may elect, in accordance with procedures to be
established by the Committee, that such Settlement Date will be deferred as
elected by the Grantee to as soon as practicable after (but not later than the
first day of the month to follow) the Grantee’s Termination of Service, or such
other time as may be permitted by the Committee.  Unless
otherwise determined by the Committee, elections under this Section 7.4(c)(i) must,
except as may otherwise be permitted under the rules applicable under Section 409A
of the Code, (A) be effective at least one year after they are made, or,
in the case of payments to commence at a specific time, be made at least one
year before the first scheduled payment and (B) defer the commencement of
distributions for at least five years.

 

(ii)                                  Notwithstanding
Section 7.4(c)(i), the Committee may provide that distributions of Phantom
Shares can be elected at any time in those cases in which the Phantom Share
Value is determined by reference to Fair Market Value to the extent in excess
of a base value, rather than by reference to unreduced Fair Market Value.

 

(iii)                               Notwithstanding the
foregoing, the Settlement Date, if not earlier pursuant to this Section 7.4(c),
is the date of the Grantee’s death.

 

(d)                            Notwithstanding
the other provisions of this Section 7, in the event of a Change in
Control, the Settlement Date shall be the date of such Change in Control and
all amounts due with respect to Phantom Shares to a Grantee hereunder shall be
paid as soon as practicable (but in no event more than 30 days) after such
Change in Control, unless such Grantee elects otherwise in accordance with
procedures established by the Committee.

 

(e)                             Notwithstanding
any other provision of the Plan, a Grantee may receive any amounts to be paid
in installments as provided in Section 7.4(b) or deferred by the
Grantee as provided in Section 7.4(c) in the event of an “Unforeseeable
Emergency.”  For these purposes, an “Unforeseeable
Emergency,” as determined by the Committee in its sole discretion, is a severe
financial hardship to the Grantee resulting from a sudden and unexpected
illness or accident of the Grantee or “dependent,” as defined in Section 152(a) of
the Code, of the Grantee, loss of the Grantee’s property due to casualty, or
other similar extraordinary and unforeseeable circumstances arising as a result
of events beyond the control of the Grantee. 
The circumstances that will constitute an Unforeseeable Emergency will
depend upon the facts of each case, but, in any case, payment may not be made
to the extent that such hardship is or may be relieved:

 

(i)                                through
reimbursement or compensation by insurance or otherwise,

 

(ii)                             by
liquidation of the Grantee’s assets, to the extent the liquidation of such
assets would not itself cause severe financial hardship, or

 

(iii)                          by
future cessation of the making of additional deferrals under Section 7.4 (b) and
(c).

 

Without limitation, the
need to send a Grantee’s child to college or the desire to purchase a home
shall not constitute an Unforeseeable Emergency.  Distributions of amounts because of an

 

13

 

Unforeseeable Emergency
shall be permitted to the extent reasonably needed to satisfy the emergency
need.

 

7.5                                 Other
Phantom Share Provisions.

 

(a)                             Rights
to payments with respect to Phantom Shares granted under the Plan shall not be
subject in any manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance, attachment, garnishment, levy, execution, or other legal
or equitable process, either voluntary or involuntary; and any attempt to anticipate,
alienate, sell, transfer, assign, pledge, encumber, attach or garnish, or levy
or execute on any right to payments or other benefits payable hereunder, shall
be void.

 

(b)                            A
Grantee may designate in writing, on forms to be prescribed by the Committee, a
beneficiary or beneficiaries to receive any payments payable after his or her
death and may amend or revoke such designation at any time.  If no beneficiary designation is in effect at
the time of a Grantee’s death, payments hereunder shall be made to the Grantee’s
estate.  If a Grantee with a vested
Phantom Share dies, such Phantom Share shall be settled and the Phantom Share
Value in respect of such Phantom Shares paid, and any payments deferred
pursuant to an election under Section 7.4(c) shall be accelerated and
paid, as soon as practicable (but no later than 60 days) after the date of
death to such Grantee’s beneficiary or estate, as applicable.

 

(c)                             The
Committee may establish a program under which distributions with respect to
Phantom Shares may be deferred for periods in addition to those otherwise
contemplated by foregoing provisions of this Section 7.  Such program may include, without limitation,
provisions for the crediting of earnings and losses on unpaid amounts, and, if
permitted by the Committee, provisions under which Participants may select from
among hypothetical investment alternatives for such deferred amounts in
accordance with procedures established by the Committee.

 

(d)                            Notwithstanding
any other provision of this Section 7, any fractional Phantom Share will
be paid out in cash at the Phantom Share Value as of the Settlement Date.

 

(e)                             No
Phantom Share shall be construed to give any Grantee any rights with respect to
Shares or any ownership interest in the Company.  Except as may be provided in accordance with Section 8,
no provision of the Plan shall be interpreted to confer upon any Grantee any
voting, dividend or derivative or other similar rights with respect to any
Phantom Share.

 

7.6                                 Claims
Procedures.

 

(a)                             To
the extent that the Plan is determined by the Committee to be subject to the
Employee Retirement Income Security Act of 1974, as amended, the Grantee, or
his beneficiary hereunder or authorized representative, may file a claim for
payments with respect to Phantom Shares under the Plan by written communication
to the Committee or its designee.  A
claim is not considered filed until such communication is actually
received.  Within 90 days (or, if special
circumstances require an extension of time for processing, 180 days, in which
case notice of such special circumstances should be provided within the initial
90-day period) after the filing of the claim, the Committee will either:

 

(i)                                approve
the claim and take appropriate steps for satisfaction of the claim; or

 

(ii)                             if the
claim is wholly or partially denied, advise the claimant of such denial by
furnishing to him a written notice of such denial setting forth (A) the
specific reason or reasons for the denial; (B) specific reference to
pertinent provisions of the Plan on which the denial is based and, if the
denial is based in 

 

14

 

whole
or in part on any rule of construction or interpretation adopted by the
Committee, a reference to such rule, a copy of which shall be provided to the
claimant; (C) a description of any additional material or information
necessary for the claimant to perfect the claim and an explanation of the
reasons why such material or information is necessary; and (D) a reference
to this Section 7.6 as the provision setting forth the claims procedure
under the Plan.

 

(b)                            The
claimant may request a review of any denial of his claim by written application
to the Committee within 60 days after receipt of the notice of denial of such
claim.  Within 60 days (or, if special
circumstances require an extension of time for processing, 120 days, in which
case notice of such special circumstances should be provided within the initial
60-day period) after receipt of written application for review, the Committee
will provide the claimant with its decision in writing, including, if the
claimant’s claim is not approved, specific reasons for the decision and
specific references to the Plan provisions on which the decision is based.

 

8. PROVISIONS
APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS.

 

8.1                                 Grant
of Dividend Equivalent Rights.

 

Subject to the other terms of the Plan, the Committee shall, in its
discretion as reflected by the terms of the Award Agreements, authorize the
granting of Dividend Equivalent Rights to Eligible Persons based on the regular
cash dividends declared on Common Stock, to be credited as of the dividend
payment dates, during the period between the date an Award is granted, and the
date such Award is exercised, vests or expires, as determined by the Committee.  Such Dividend Equivalent Rights shall be
converted to cash or additional Shares by such formula and at such time and
subject to such limitation as may be determined by the Committee.  With respect to Dividend Equivalent Rights
granted with respect to Options intended to be qualified performance-based
compensation for purposes of Section 162(m) of the Code, such Dividend
Equivalent Rights shall be payable regardless of whether such Option is
exercised.  If a Dividend Equivalent
Right is granted in respect of another Award hereunder, then, unless otherwise
stated in the Award Agreement, in no event shall the Dividend Equivalent Right
be in effect for a period beyond the time during which the applicable portion
of the underlying Award is in effect.

 

8.2                                 Certain
Terms.

 

(a)                             The
term of a Dividend Equivalent Right shall be set by the Committee in its
discretion.

 

(b)                            Unless
otherwise determined by the Committee, except as contemplated by Section 8.4,
a Dividend Equivalent Right is exercisable or payable only while the
Participant is an Eligible Person.

 

(c)                             Payment
of the amount determined in accordance with Section 8.1 shall be in cash,
in Common Stock or a combination of the both, as determined by the Committee.

 

(d)                            The
Committee may impose such employment-related conditions on the grant of a
Dividend Equivalent Right as it deems appropriate in its discretion.

 

8.3                                 Other
Types of Dividend Equivalent Rights.

 

The Committee may establish a program under which Dividend Equivalent
Rights of a type whether or not described in the foregoing provisions of this Section 8
may be granted to Participants.

 

15

 

For example, and without limitation, the Committee may
grant a dividend equivalent right in respect of each Share subject to an Option
or with respect to a Phantom Share, which right would consist of the right
(subject to Section 8.4) to receive a cash payment in an amount equal to
the dividend distributions paid on a Share from time to time.

 

8.4                                 Deferral.

 

The Committee may establish a program (taking into account, without
limitation, the possible application of Section 409A of the Code, as the Committee may deem appropriate)
under which Participants (i) will have Phantom Shares credited, subject to
the terms of Sections 7.4 and 7.5 as though directly applicable with respect
thereto, upon the granting of Dividend Equivalent Rights, or (ii) will
have payments with respect to Dividend Equivalent Rights deferred.  In the case of the foregoing clause (ii),
such program may include, without limitation, provisions for the crediting of
earnings and losses on unpaid amounts, and, if permitted by the Committee,
provisions under which Participants may select from among hypothetical
investment alternatives for such deferred amounts in accordance with procedures
established by the Committee.

 

9. OTHER EQUITY-BASED AWARDS

 

The Committee shall have the right (i) to
grant other Awards based upon the Common Stock having such terms and conditions
as the Committee may determine, including, without limitation, the grant of
shares based upon certain conditions, the grant of convertible preferred
shares, convertible debentures and other exchangeable or redeemable securities
or equity interests, and the grant of stock appreciation rights, (ii) to
grant limited-partnership or any other membership or ownership interests (which
may be expressed as units or otherwise) in a Subsidiary or operating or other
partnership (or other affiliate of the Company), with any Shares being issued
in connection with the conversion of (or other distribution on account of) an
interest granted under the authority of this clause (ii) to be subject,
for the avoidance of doubt, to Section 4 and the other provisions of the
Plan, and (iii) to grant Awards valued by reference to book value, fair
value or performance parameters relative to the Company or any Subsidiary or
group of Subsidiaries.

 

10. PERFORMANCE GOALS.

 

The Committee, in its discretion, (i) may
establish one or more performance goals as a precondition to the issuance or
vesting of Awards, and (ii) may provide, in connection with the
establishment of the performance goals, for predetermined Awards to those
Participants (who continue to meet all applicable eligibility requirements)
with respect to whom the applicable performance goals are satisfied.  In the case of any grant intended to
qualify as performance based compensation under Section 162(m) of the Code
(including, for these purposes, grants constituting performance based
compensation, as determined without regard to certain shareholder approval and
disclosure requirements by virtue of an applicable transition rule), the Committee (i) may use one or a
combination of the performance goals set forth in Exhibit B; and (ii) may
establish other goals (with shareholder approval of other types of goals)
intended to be performance goals as contemplated by Section 162(m) of the
Code and the regulations thereunder.

 

11. TAX WITHHOLDING.

 

11.1                           In
General.

 

The Company shall be entitled to withhold from any payments or deemed
payments any amount of tax withholding determined by the Committee to be
required by law.  Without limiting the

 

16

 

generality of the foregoing, the Committee may, in its
discretion, require the Participant to pay to the Company at such time as the
Committee determines the amount that the Committee deems necessary to satisfy
the Company’s obligation to withhold federal, state or local income or other
taxes incurred by reason of (i) the exercise of any Option, (ii) the
lapsing of any restrictions applicable to any Restricted Stock, (iii) the
receipt of a distribution in respect of Phantom Shares or Dividend Equivalent
Rights or (iv) any other applicable income-recognition event (for example,
an election under Section 83(b) of the Code).

 

11.2                           Share
Withholding.

 

(a)                             Upon
exercise of an Option, the Optionee may, if approved by the Committee in its
discretion, make a written election to have Shares then issued withheld by the
Company from the Shares otherwise to be received, or to deliver previously
owned Shares, in order to satisfy the liability for such withholding
taxes.  In the event that the Optionee
makes, and the Committee permits, such an election, the number of Shares so
withheld or delivered shall have an aggregate Fair Market Value on the date of
exercise sufficient to satisfy the applicable withholding taxes.  Where the exercise of an Option does not give
rise to an obligation by the Company to withhold federal, state or local income
or other taxes on the date of exercise, but may give rise to such an obligation
in the future, the Committee may, in its discretion, make such arrangements and
impose such requirements as it deems necessary or appropriate.

 

(b)                            Upon
lapsing of restrictions on Restricted Stock (or other income-recognition
event), the Grantee may, if approved by the Committee in its discretion, make a
written election to have Shares withheld by the Company from the Shares
otherwise to be released from restriction, or to deliver previously owned
Shares (not subject to restrictions hereunder), in order to satisfy the
liability for such withholding taxes.  In
the event that the Grantee makes, and the Committee permits, such an election,
the number of Shares so withheld or delivered shall have an aggregate Fair
Market Value on the date of exercise sufficient to satisfy the applicable
withholding taxes.

 

(c)                             Upon
the making of a distribution in respect of Phantom Shares or Dividend
Equivalent Rights, the Grantee may, if approved by the Committee in its
discretion, make a written election to have amounts (which may include Shares)
withheld by the Company from the distribution otherwise to be made, or to
deliver previously owned Shares (not subject to restrictions hereunder), in
order to satisfy the liability for such withholding taxes.  In the event that the Grantee makes, and the
Committee permits, such an election, any Shares so withheld or delivered shall
have an aggregate Fair Market Value on the date of exercise sufficient to
satisfy the applicable withholding taxes.

 

11.3                           Withholding
Required.

 

Notwithstanding anything contained in the Plan or the Award Agreement
to the contrary, the Participant’s satisfaction of any tax-withholding
requirements imposed by the Committee shall be a condition precedent to the
Company’s obligation as may otherwise be provided hereunder to provide Shares
to the Participant and to the release of any restrictions as may otherwise be
provided hereunder, as applicable; and the applicable Option, Restricted Stock,
Phantom Shares or Dividend Equivalent Rights shall be forfeited upon the
failure of the Participant to satisfy such requirements with respect to, as
applicable, (i) the exercise of the Option, (ii) the lapsing of
restrictions on the Restricted Stock (or other income-recognition event) or (iii) distributions
in respect of any Phantom Share or Dividend Equivalent Right.

 

17

 

12. REGULATIONS AND APPROVALS.

 

(a)                             The
obligation of the Company to sell Shares with respect to an Award granted under
the Plan shall be subject to all applicable laws, rules and regulations,
including all applicable federal and state securities laws, and the obtaining
of all such approvals by governmental agencies as may be deemed necessary or
appropriate by the Committee.

 

(b)                            The
Committee may make such changes to the Plan as may be necessary or appropriate
to comply with the rules and regulations of any government authority or to
obtain tax benefits applicable to an Award.

 

(c)                             Each
grant of Options, Restricted Stock, Phantom Shares (or issuance of Shares in
respect thereof) or Dividend Equivalent Rights (or issuance of Shares in
respect thereof), or other Award under Section 9 (or issuance of Shares in
respect thereof), is subject to the requirement that, if at any time the
Committee determines, in its discretion, that the listing, registration or
qualification of Shares issuable pursuant to the Plan is required by any
securities exchange or under any state or federal law, or the consent or approval
of any governmental regulatory body is necessary or desirable as a condition
of, or in connection with, the issuance of Options, Shares of Restricted Stock,
Phantom Shares, Dividend Equivalent Rights, other Awards or other Shares, no
payment shall be made, or Phantom Shares or Shares issued or grant of
Restricted Stock or other Award made, in whole or in part, unless listing,
registration, qualification, consent or approval has been effected or obtained
free of any conditions in a manner acceptable to the Committee.

 

(d)                            In
the event that the disposition of stock acquired pursuant to the Plan is not
covered by a then current registration statement under the Securities Act, and
is not otherwise exempt from such registration, such Shares shall be restricted
against transfer to the extent required under the Securities Act, and the
Committee may require any individual receiving Shares pursuant to the Plan, as
a condition precedent to receipt of such Shares, to represent to the Company in
writing that such Shares are acquired for investment only and not with a view
to distribution and that such Shares will be disposed of only if registered for
sale under the Securities Act or if there is an available exemption for such
disposition.

 

(e)                             Notwithstanding
any other provision of the Plan, the Company shall not be required to take or
permit any action under the Plan or any Award Agreement which, in the
good-faith determination of the Company, would result in a material risk of a
violation by the Company of Section 13(k) of the Exchange Act.

 

13. INTERPRETATION AND
AMENDMENTS; OTHER RULES.

 

The Committee may make such rules and regulations and establish
such procedures for the administration of the Plan as it deems
appropriate.  Without limiting the
generality of the foregoing, the Committee may (i) determine the extent,
if any, to which Options, Phantom Shares or Shares (whether or not Shares of
Restricted Stock) or Dividend Equivalent Rights shall be forfeited (whether or
not such forfeiture is expressly contemplated hereunder); (ii) interpret
the Plan and the Award Agreements hereunder, with such interpretations to be conclusive and binding on all persons and
otherwise accorded the maximum deference permitted by law, provided that the
Committee’s interpretation shall not be entitled to deference on and after a
Change in Control except to the extent that such interpretations are made
exclusively by members of the Committee who are individuals who served as
Committee members before the Change in Control; and (iii) take any other
actions and make any other determinations or decisions that it deems necessary
or appropriate in connection with the Plan or the administration or
interpretation thereof.  In the event of
any dispute or disagreement as to the interpretation of the Plan or of any
rule, regulation or procedure, or as to any question, right or obligation
arising from or related to the Plan, the decision of the Committee, except as
provided in clause (ii) of the foregoing sentence, shall be final and
binding upon all persons.  The Committee may, in its discretion, delegate the authority and

 

18

 

responsibility to act pursuant
to the Plan with respect to ministerial administrative matters, which actions
shall at all times be subject to the supervision of the Committee, and the
actions of such a delegee in accordance with the foregoing shall be considered
the actions of the Committee hereunder.  Unless
otherwise expressly provided hereunder, the Committee, with respect to any grant,
may exercise its discretion hereunder at the time of the Award or
thereafter.  The Board may amend the Plan
as it shall deem advisable, except that no amendment may adversely affect a
Participant with respect to an Award previously granted unless such amendments
are required in order to comply with applicable laws; provided, however, that
the Plan may not be amended without shareholder approval in any case in which
amendment in the absence of shareholder approval would cause the Plan to fail
to comply with any applicable legal requirement or applicable exchange or
similar rule.

 

14. CHANGES IN CAPITAL STRUCTURE.

 

(a)                             If
(i) the Company or its Subsidiaries shall at any time be involved in a
merger, consolidation, dissolution, liquidation, reorganization, exchange of
shares, sale of all or substantially all of the assets or stock of the Company
or its Subsidiaries or a transaction similar thereto, (ii) any stock
dividend, stock split, reverse stock split, stock combination,
reclassification, recapitalization or other similar change in the capital
structure of the Company or its Subsidiaries, or any distribution to holders of
Common Stock other than cash dividends, shall occur or (iii) any other
event shall occur which in the judgment of the Committee necessitates action by
way of adjusting the terms of the outstanding Awards, then:

 

(x)  the maximum
aggregate number of Shares which may be made subject to Options and Dividend
Equivalent Rights under the Plan, the maximum aggregate number and kind of
Shares of Restricted Stock that may be granted under the Plan, the maximum
aggregate number of Phantom Shares and other Awards which may be granted under
the Plan may be appropriately adjusted by the Committee in its discretion; and

 

(y)
the Committee may take any such action as in its discretion shall be necessary
to maintain each Participants’ rights hereunder (including under their Award
Agreements) with respect to Options, Phantom Shares and Dividend Equivalent
Rights (and, as appropriate, other Awards under Section 9), so that they
are substantially proportionate to the rights existing in such Options, Phantom
Shares and Dividend Equivalent Rights (and other Awards under Section 9)
prior to such event, including, without limitation, adjustments in (A) the
number of Options, Phantom Shares and Dividend Equivalent Rights (and other
Awards under Section 9) granted, (B) the number and kind of shares or
other property to be distributed in respect of Options, Phantom Shares and
Dividend Equivalent Rights (and other Awards under Section 9 as
applicable), (C) the Option Price and Phantom Share Value, and (D) performance-based
criteria established in connection with Awards; provided that, in the
discretion of the Committee, the foregoing clause (D) may also be applied
in the case of any event relating to a Subsidiary if the event would have been
covered under this Section 14(a) had the event related to the
Company.

 

To the extent that such action shall include an increase or decrease in
the number of Shares (or units of other property then available) subject to all
outstanding Awards, the number of Shares (or units) available under Section 4
shall be increased or decreased, as the case may be, proportionately, as may be
determined by the Committee in its discretion.

 

(b)                            Any
Shares or other securities distributed to a Grantee with respect to Restricted
Stock or otherwise issued in substitution of Restricted Stock shall be subject
to the restrictions and

 

19

 

requirements imposed by Section 6, including
depositing the certificates therefor with the Company together with a stock
power and bearing a legend as provided in Section 6.2(a).

 

(c)                             If
the Company shall be consolidated or merged with another corporation or other
entity, each Grantee who has received Restricted Stock that is then subject to
restrictions imposed by Section 6.3(a) may be required to deposit
with the successor corporation the certificates, if any, for the stock or
securities or the other property that the Grantee is entitled to receive by
reason of ownership of Restricted Stock in a manner consistent with Section 6.2(b),
and such stock, securities or other property shall become subject to the
restrictions and requirements imposed by Section 6.3(a), and the certificates
therefor or other evidence thereof shall bear a legend similar in form and
substance to the legend set forth in Section 6.2(a).

 

(d)                            If
a Change in Control shall occur, then the Committee, as constituted immediately
before the Change in Control, may make such adjustments as it, in its
discretion, determines are necessary or appropriate in light of the Change in
Control, provided that the Committee determines that such adjustments do not
have an adverse economic impact on the Participant as determined at the time of
the adjustments.

 

(e)                             The
judgment of the Committee with respect to any matter referred to in this Section 13
shall be conclusive and binding upon each Participant without the need for any
amendment to the Plan.

 

15. MISCELLANEOUS.

 

15.1                           No
Rights to Employment or Other Service.

 

Nothing in the Plan or in any grant made pursuant to the Plan shall
confer on any individual any right to continue in the employ or other service
of the Company or its Subsidiaries or interfere in any way with the right of
the Company or its Subsidiaries and its shareholders to terminate the
individual’s employment or other service at any time.

 

15.2                           Right
of First Refusal; Right of Repurchase.

 

At the time of grant, the Committee may provide in connection with any
grant made under the Plan that Shares received hereunder shall be subject to a
right of first refusal pursuant to which the Company shall be entitled to
purchase such Shares in the event of a prospective sale of the Shares, subject
to such terms and conditions as the Committee may specify at the time of grant
or (if permitted by the Award Agreement) thereafter, and to a right of
repurchase, pursuant to which the Company shall be entitled to purchase such
Shares at a price determined by, or under a formula set by, the Committee at
the time of grant or (if permitted by the Award Agreement) thereafter.

 

15.3                           No
Fiduciary Relationship.

 

Nothing contained in the Plan (including without limitation Sections
7.5(c) and 8.4), and no action taken pursuant to the provisions of the
Plan, shall create or shall be construed to create a trust of any kind, or a
fiduciary relationship between the Company or its Subsidiaries, or their
officers or the Committee, on the one hand, and the Participant, the Company,
its Subsidiaries or any other person or entity, on the other.

 

20

 

15.4                           No
Fund Created.

 

Any and all payments hereunder to any Participant under the Plan shall
be made from the general funds of the Company (or, if applicable, a
Participating Company), no special or separate fund shall be established or
other segregation of assets made to assure such payments, and the Phantom
Shares (including for purposes of this Section 15.4 any accounts
established to facilitate the implementation of Section 7.4(c)) and any
other similar devices issued hereunder to account for Plan obligations do not
constitute Common Stock and shall not be treated as (or as giving rise to)
property or as a trust fund of any kind; provided, however, that the Company
may establish a mere bookkeeping reserve to meet its obligations hereunder or a
trust or other funding vehicle that would not cause the Plan to be deemed to be
funded for tax purposes or for purposes of Title I of the Employee Retirement
Income Security Act of 1974, as amended. 
The obligations of the Company under the Plan are unsecured and
constitute a mere promise by the Company to make benefit payments in the future
and, to the extent that any person acquires a right to receive payments under
the Plan from the Company, such right shall be no greater than the right of a
general unsecured creditor of the Company. 
(If any affiliate of the Company is or is made responsible with respect
to any Awards, the foregoing sentence shall apply with respect to such
affiliate.)  Without limiting the
foregoing, Phantom Shares and any other similar devices issued hereunder to
account for Plan obligations are solely a device for the measurement and
determination of the amounts to be paid to a Grantee under the Plan, and each
Grantee’s right in the Phantom Shares and any such other devices is limited to
the right to receive payment, if any, as may herein be provided.

 

15.5                           Notices.

 

All notices under the Plan shall be in writing, and if to the Company,
shall be delivered to the Board or mailed to its principal office, addressed to
the attention of the Board; and if to the Participant, shall be delivered
personally, sent by facsimile transmission or mailed to the Participant at the
address appearing in the records of the Company.  Such addresses may be changed at any time by
written notice to the other party given in accordance with this Section 15.5.

 

15.6                           Exculpation
and Indemnification.

 

The Company shall indemnify and hold harmless the members of the Board
and the members of the Committee from and against any and all liabilities,
costs and expenses incurred by such persons as a result of any act or omission
to act in connection with the performance of such person’s duties,
responsibilities and obligations under the Plan, to the maximum extent
permitted by law.

 

15.7                           Captions.

 

The use of captions in this Plan is for convenience.  The captions are not intended to provide
substantive rights.

 

15.8                           Governing
Law.

 

THE PLAN SHALL BE GOVERNED BY THE LAWS OF MARYLAND WITHOUT REFERENCE TO
PRINCIPLES OF CONFLICT OF LAWS.

 

21

 

EXHIBIT A

 

PERFORMANCE GOALS

 

(i) 7% FFO growth.

 

(ii) 10% total return to shareholders.

 

(iii) Total return to shareholders in the top
one-third of the “peer group”.

 

For purposes of this Exhibit A,
“peer group” shall be a group of approximately 20 to 25 office REITs as
determined by the Board at the time an Award is granted.  Such “peer group” may not change with respect
to any particular Award.

 

22

 

EXHIBIT B

 

PERFORMANCE GOALS

 

Performance-Based Awards intended to qualify as “performance
based” compensation under Section 162(m) of the Code, may be payable upon
the attainment of objective performance goals that are established by the
Committee and relate to one or more Performance Criteria, in each case on
specified date or over any period, up to 10 years, as determined by the
Committee.  Performance Criteria may (but
need not) be based on the achievement of the specified levels of performance
under one or more of the measures set out below relative to the performance of
one or more other corporations or indices.

 

“Performance Criteria” means the following business
criteria (or any combination thereof) with respect to one or more of the
Company, any Subsidiary or any division or operating unit thereof:

 

(i)                                     pre-tax income,

 

(ii)                                  after-tax income,

 

(iii)                               net income (meaning net income as
reflected in the Company’s financial reports for the applicable period, on an
aggregate, diluted and/or per share basis),

 

(iv)                              operating income,

 

(v)                                 cash flow,

 

(vi)                              earnings per share,

 

(vii)                           return on equity,

 

(viii)                        return on invested capital or assets,

 

(ix)                                cash and/or funds available for
distribution,

 

(x)                                   appreciation in the fair market value of
the Common Stock,

 

(xi)                                return on investment,

 

(xii)                             total return to shareholders,

 

(xiii)                          net earnings growth,

 

(xiv)                         stock appreciation (meaning an increase
in the price or value of the Common Stock after the date of grant of an award
and during the applicable period),

 

(xv)                            related return ratios,

 

(xvi)                         increase in revenues,

 

(xvii)                      net earnings,

 

23

 

	
  (xviii)

  	
  changes (or the absence of changes) in the per share
  or aggregate market price of the Company’s Common Stock,

  
	
   

  	
   

  
	
  (xix)

  	
  number of securities sold,

  
	
   

  	
   

  
	
  (xx)

  	
  earnings before any one or more of the following
  items: interest, taxes, depreciation or amortization for the applicable
  period, as reflected in the Company’s financial reports for the applicable
  period,

  
	
   

  	
   

  
	
  (xxi)

  	
  total revenue growth (meaning the increase in total
  revenues after the date of grant of an award and during the applicable
  period, as reflected in the Company’s financial reports for the applicable
  period),

  
	
   

  	
   

  
	
  (xxii)

  	
  the Company’s published ranking against its peer
  group of real estate investment trusts based on total shareholder return, and

  
	
   

  	
   

  
	
  (xxiii)

  	
  FFO.

  

 

 

Performance Goals may be absolute amounts or
percentages of amounts or may be relative to the performance of other companies
or of indexes.

 

Except as otherwise expressly provided, all financial
terms are used as defined under Generally Accepted Accounting Principles (“GAAP”)
and all determinations shall be made in accordance with GAAP, as applied by the
Company in the preparation of its periodic reports to shareholders.

 

To the extent permitted by Section 162(m) of the
Code, unless the Committee provides otherwise at the time of establishing the
Performance Goals, for each fiscal year of the Company, the Committee may
provide for objectively determinable adjustments, as determined in accordance
with GAAP, to any of the Performance Criteria described above for one or more
of the items of gain, loss, profit or expense: (A) determined to be
extraordinary or unusual in nature or infrequent in occurrence, (B) related
to the disposal of a segment of a business, (C) related to a change in
accounting principle under GAAP, (D) related to discontinued operations
that do not qualify as a segment of a business under GAAP, and (E) attributable
to the business operations of any entity acquired by the Company during the
fiscal year.

 

24Exhibit 10.2

 

SAMPLE FORM OF
STOCK OPTION AWARD

 

OPTION CERTIFICATE

NONQUALIFIED STOCK OPTION

(Non-Assignable)

 

           
Shares

 

To Purchase Common Stock of

 

SL GREEN REALTY CORP.

 

Issued Pursuant to the

SL Green Realty Corp. 2005 Stock Option and Incentive Plan

 

THIS
CERTIFIES that effective as of                             
(the “Date of Grant”),                        
(the “Grantee”) was granted an option (the “Option”) to purchase all or any
part of                     
fully paid and non-assessable shares of the common stock, par value $0.01 per
share (the “Common Stock”), of SL GREEN REALTY CORP. (the “Company”), pursuant
to the SL Green Realty Corp. 2005 Stock Option and Incentive Plan, as amended
from time to time (the “Plan”) (capitalized terms used but not defined shall
have the respective meanings ascribed thereto by the Plan), at an Option price
of $         per share, upon and
subject to the following terms and conditions:

 

1.                                       Expiration:  This Option shall expire on                              .

 

2.                                       Limitations
on Exercise:  This Option may be
exercised or surrendered during the Grantee’s lifetime only by the
Grantee.  This Option shall not be
transferable by the Grantee otherwise than by will or by the laws of descent
and distribution, as set forth under the Plan.

 

3.                                       Vesting:  Subject to the provisions of the Plan, this
Option will first become vested and exercisable with respect to                     
shares of Common Stock covered hereby on [insert date], with respect to an
additional                    
shares on [insert date], and with respect to an additional                     
shares on [insert date]; [provided that as a condition to each such vesting,
the Grantee remains in continuous employment with the Company or any of its
Affiliates on such vesting date].

 

 

4.                                       Type of Option; No Dividend Equivalent
Rights:  The Option is not an “incentive stock option”
as defined in Section 422 of the Internal Revenue Code of 1986, as
amended.  There are no Dividend
Equivalent Rights associated with the Option.

 

5.                                       Miscellaneous:

 

(a)                                  THIS OPTION CERTIFICATE SHALL BE GOVERNED
BY THE LAWS OF THE STATE OF MARYLAND WITHOUT REFERENCE TO PRINCIPLES OF
CONFLICT OF LAWS.  The captions of this
Option certificate are not part of the provisions hereof and shall have no
force or effect.  This Option certificate
may not be amended or modified except by a written agreement executed by the
parties hereto or their respective successors and legal representatives.  The invalidity or unenforceability of any
provision of this Option certificate shall not affect the validity or
enforceability of any other provision of this Option certificate.

 

(b)                                 A determination of the Committee under
the Plan as to any questions which may arise with respect to the interpretation
of the provisions of the Option and of the Plan shall be final.  The Committee may authorize and establish
such rules, regulations and revisions thereof not inconsistent with the
provisions of the Plan, as it may deem advisable.  The Committee may make such rules and
regulations and establish such procedures for the administration of this
Agreement as it deems appropriate. 
Without limiting the generality of the foregoing, the Committee may
interpret this Agreement, with such interpretations to be conclusive and
binding on all persons and otherwise accorded the maximum deference permitted
by law.  In the event of any dispute or
disagreement as to the interpretation of this Agreement or of any rule,
regulation or procedure, or as to any question, right or obligation arising
from or related to this Agreement, the decision of the Committee shall be final
and binding upon all persons.

 

(c)                                  All notices hereunder shall be in
writing, and if to the Company or the Committee, shall be delivered to the
Board or mailed to its principal office, addressed to the attention of the
Board; and if to the Grantee, shall be delivered personally or mailed to the
Grantee at the address appearing in the records of the Company.  Such addresses may be changed at any time by
written notice to the other party given in accordance with this paragraph.

 

(d)                                 The failure of the Grantee or the Company
to insist upon strict compliance with any provision of this Option certificate
or the Plan, or to assert any right the Grantee or the Company, respectively,
may have under this Option certificate or the Plan, shall not be deemed to be a
waiver of such provision or right or any other provision or right of this
Option certificate or the Plan.

 

(e)                                  Nothing in this Option certificate shall
confer on the Grantee any right to continue in the employment of the Company or
its Affiliates or interfere in any way with the right of the Company or its
Affiliates to terminate the Grantee’s employment at any time.

 

(f)                                    This Option certificate contains the
entire agreement between the parties with respect to the subject matter hereof
and supersedes all prior agreements, written or oral,

 

2

 

with respect thereto[; provided, however, that, in the
event of any inconsistencies between this Agreement and the Grantee’s
employment agreement with the Company then in effect (the “Employment Agreement”),
the Employment Agreement shall control].

 

(g)                                 The
Option and this Option certificate are issued pursuant to and are subject to
all of the terms and conditions of the Plan, the terms and conditions of which
are hereby incorporated as though set forth at length, and the receipt of a
copy of which the Grantee hereby acknowledges by his receipt of this Option
certificate.

 

WITNESS the seal of the
Company and the signatures of its duly authorized officers.

 

Dated:                ,
200    

 

 

	
   

  	
  SL GREEN REALTY
  CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

(SEAL)

 

 

ATTEST:

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

ACCEPTED AND AGREED:

 

 

	
   

  	
   

  
	
  Name:

  
	
   

  
	
  Date:

  	
   

  	
   

  
			

 

3

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