Document:

Exhibit 10.2

 

ESCROW AGREEMENT

 

THIS ESCROW AGREEMENT
(“Agreement”) is made and entered into as of February 5, 2021, by and between: FS Development Holdings, LLC,
a Delaware limited liability company (“Sponsor”), FS Development Corp., a Delaware corporation (“Parent”),
Shareholder Representative Services LLC, a Colorado limited liability company solely in its capacity as the representative of the
Company Securityholders (the “Stockholder Representative”), solely in its capacity as the representative, agent
and attorney-in-fact of the stockholders of the Company, and Continental Stock Transfer & Trust Company, a New York corporation
(the “Escrow Agent”).

 

WHEREAS, Parent,
FSG Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (“Merger Sub”), Gemini Therapeutics,
Inc., a Delaware corporation (the “Company”), and the Stockholder Representative entered into an Agreement and
Plan of Merger, dated October 15, 2020 (the “Merger Agreement”), providing for, among other things, the merger
of Merger Sub with and into the Company and the conversion of shares of Company Capital Stock (other than the Dissenting Shares)
into the right to receive a number of Parent Class A Shares equal to the Closing Consideration Conversion Ratio in accordance with
the terms set forth in the Merger Agreement; and

 

WHEREAS, pursuant
to Section 4.1(i) of the Merger Agreement, Parent is required to deposit 2,150,000 Parent Class A Shares, par value $0.0001 per
share (the “Escrow Shares”), which Escrow Shares would otherwise be issuable to the Escrow Participants (as
defined in the Merger Agreement), with the Escrow Agent on the date hereof in connection with the indemnification obligations of
the Escrow Participants as contemplated by the Merger Agreement; and

  

NOW THEREFORE, in
consideration of the foregoing and of the mutual covenants hereinafter set forth, the parties hereto agree as follows:

 

I. Appointment; Defined Terms.

 

(a) Sponsor and the Stockholder Representative
hereby appoint the Escrow Agent as its escrow agent for the purposes set forth herein, and the Escrow Agent hereby accepts such
appointment under the terms and conditions set forth herein.

 

(b) All capitalized terms with respect
to the Escrow Agent shall be defined herein. The Escrow Agent shall act only in accordance with the terms and conditions contained
in this Agreement and shall have no duties or obligations with respect to the Merger Agreement.

 

2. Escrow Shares.

 

(a) Parent agrees to deposit the Escrow
Shares with the Escrow Agent on the date hereof. The Escrow Agent shall hold the Escrow Shares as a book-entry position registered
on a pro rata basis in the proportion set forth next to the name of each stockholder of the Company as indicated on Exhibit
A.

 

(b) Escrow Shares.

 

(i) For so long as the Escrow
Shares are held by the Escrow Agent, with respect to any matter for which the Escrow Shares are permitted to vote, the Escrow Agent
shall vote, or cause to be voted, the Escrow Shares in the manner directed by the Stockholder Representative. In the absence of
an instruction from the Stockholder Representative, the Escrow Agent shall not vote any of the shares comprising the Escrow Shares.

  

(ii) Any dividends or other distributions
paid with respect to the Escrow Shares (collectively, the “Escrowed Dividends”) shall be delivered to the Escrow
Agent and shall immediately be disbursed by the Escrow Agent to the same person or entity to whom such Escrow Shares are to be
released in accordance with the terms of this Agreement. For the avoidance of doubt, any release or distribution of Escrow Dividends
is intended to comply with, and shall be effected in accordance with, Rev. Proc. 84-42, 1984-1 C.B. 521.

 

     

     

    

 

(iii) In the event of any stock
split, reverse stock split, stock dividend, recapitalization, reorganization, merger, consolidation, combination, exchange of shares,
liquidation, spin-off or other similar change in capitalization or event, or any distribution to holders of the common stock of
Parent other than a regular cash dividend, the Escrow Shares under Section 2(a) above shall be appropriately adjusted on
a pro rata basis.

 

3. Disposition and Termination.

 

(a) In the event that the Escrow Agent
receives an instruction letter signed by each of Sponsor and the Stockholder Representative, the Escrow Agent shall promptly distribute
all or any portion of the Escrow Shares as directed by such instruction letter.

 

4. Escrow Agent.

 

(a) The Escrow Agent shall have only those
duties as are specifically and expressly provided herein, which shall be deemed purely ministerial in nature, and no other duties
shall be implied. The Escrow Agent shall neither be responsible for, nor chargeable with, knowledge of, nor have any requirements
to comply with, the terms and conditions of any other agreement, instrument or document between Parent or Sponsor and any other
person or entity, in connection herewith, if any, including without limitation the Merger Agreement or nor shall the Escrow Agent
be required to determine if any person or entity has complied with any such agreements, nor shall any additional obligations of
the Escrow Agent be inferred from the terms of such agreements, even though reference thereto may be made in this Agreement. In
the event of any conflict between the terms and provisions of this Agreement, those of the Merger Agreement, any schedule or exhibit
attached to this Agreement, or any other agreement between Parent or Sponsor and any other person or entity, the terms and conditions
of this Agreement shall control. The Escrow Agent may rely upon and shall not be liable for acting or refraining from acting upon
any written notice, document, instruction or request furnished to it hereunder and believed by it to be genuine and to have been
signed or presented by the applicable person without inquiry and without requiring substantiating evidence of any kind. The Escrow
Agent shall not be liable to any beneficiary or other person for refraining from acting upon any instruction setting forth, claiming,
containing, objecting to, or related to the transfer or distribution of the Escrow Shares, or any portion thereof, unless such
instruction shall have been delivered to the Escrow Agent in accordance with Section 10 below and the Escrow Agent has been
able to satisfy any applicable security procedures as may be required hereunder and as set forth in Section 10. The Escrow
Agent shall be under no duty to inquire into or investigate the validity, accuracy or content of any such document, notice, instruction
or request. The Escrow Agent shall have no duty to solicit any payments which may be due it or the Escrow Shares nor shall the
Escrow Agent have any duty or obligation to confirm or verify the accuracy or correctness of any amounts deposited with it hereunder.

 

(b) The Escrow Agent shall not be liable
for any action taken, suffered or omitted to be taken by it in good faith except to the extent that a final adjudication of a court
of competent jurisdiction determines that the Escrow Agent’s fraud, gross negligence or willful misconduct was the primary
cause of any loss. The Escrow Agent may execute any of its powers and perform any of its duties hereunder directly or through affiliates
or agents. The Escrow Agent may consult with counsel, accountants and other skilled persons to be selected and retained by it.
The Escrow Agent shall not be liable for any action taken, suffered or omitted to be taken by it in good faith, in accordance with,
or in reliance upon, the advice or opinion of any such counsel, accountants or other skilled persons except to the extent that
a final adjudication of a court of competent jurisdiction determines that the Escrow Agent’s fraud, gross negligence or willful
misconduct was the primary cause of any loss. In the event that the Escrow Agent shall be uncertain or believe there is some ambiguity
as to its duties or rights hereunder or shall receive instructions, claims or demands which, in its opinion, conflict with any
of the provisions of this Agreement, it shall be entitled to refrain from taking any action and its sole obligation shall be to
keep safely all property held in escrow until it shall be given a direction in writing which eliminates such ambiguity or uncertainty
to the satisfaction of the Escrow Agent or by a final and non-appealable order or judgment of a court of competent jurisdiction.

 

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5. Succession.

 

(a) The Escrow Agent may resign and be
discharged from its duties or obligations hereunder by giving thirty (30) days’ advance notice in writing of such resignation
to the other parties hereto specifying a date when such resignation shall take effect, provided that such resignation shall
not take effect until a successor escrow agent has been appointed in accordance with this Section 5. If the parties hereto
have jointly failed to appoint a successor escrow agent prior to the expiration of thirty (30) days following receipt of the notice
of resignation, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor escrow agent
or for other appropriate relief, and any such resulting appointment shall be binding upon all of the parties hereto. The Escrow
Agent’s sole responsibility after such thirty (30) day notice period expires shall be to hold the Escrow Shares and to deliver
the same to a designated substitute escrow agent, if any, or in accordance with the directions of a final order or judgment of
a court of competent jurisdiction, at which time of delivery the Escrow Agent’s obligations hereunder shall cease and terminate,
subject to the provisions of Section 7 below. In accordance with Section 7 below, the Escrow Agent shall have the
right to withhold, as security, an amount of shares equal to any dollar amount due and owing to the Escrow Agent, plus any costs
and expenses the Escrow Agent shall reasonably believe may be incurred by the Escrow Agent in connection with the termination of
this Agreement.

 

(b) Any entity into which the Escrow Agent
may be merged or converted or with which it may be consolidated, or any entity to which all or substantially all the escrow business
may be transferred, shall be the Escrow Agent under this Agreement without further act.

 

6. Compensation and Reimbursement. The
Escrow Agent shall be entitled to compensation for its services under this Agreement as Escrow Agent and for reimbursement for
its reasonable and documented out-of-pocket costs and expenses, in the amounts and payable as set forth on Schedule 2. All
amounts owing under the foregoing sentence shall be paid by Parent. The Escrow Agent shall also be entitled to payment of any amounts
to which the Escrow Agent is entitled under the indemnification provisions contained herein as set forth in Section 7; provided,
however, that such compensation, expenses, disbursements and advances shall not be paid from the Escrow Shares. The obligations
of Parent set forth in this Section 6 shall survive the resignation, replacement or removal of the Escrow Agent or the termination
of this Agreement.

 

7. Indemnity.

 

a) The Escrow Agent shall be indemnified
and held harmless by Parent from and against any expenses, including counsel fees and disbursements, or loss suffered by the Escrow
Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises
out of or relates to this Agreement, the services of the Escrow Agent hereunder, other than expenses or losses arising from the
fraud, gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of
any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto
in writing and keep the parties advised with respect to all developments concerning such claim. In the event of the receipt of
such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in the any state or
federal court located in New York County, State of New York.

  

b) The Escrow Agent shall not be liable
for any action taken or omitted by it in good faith and in the exercise of its own best judgment (absent gross negligence or willful
misconduct), and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or
advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not
only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper
person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission
of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the
duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

c) The Escrow Agent shall not be liable
for any action taken by it in good faith and believed by it to be authorized or within the rights or powers conferred upon it by
this Agreement (absent gross negligence or willful misconduct), and may consult with counsel of its own choice and shall have full
and complete authorization and indemnification, for any action taken or suffered by it hereunder in good faith and in accordance
with the opinion of such counsel.

 

d) This Section 7 shall survive
termination of this Agreement or the resignation, replacement or removal of the Escrow Agent for any reason.

 

    3

     

    

 

8. Patriot Act Disclosure/Taxpayer Identification
Numbers/Tax Reporting.

 

(a) Patriot Act Disclosure. Section
326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001 (“USA PATRIOT Act”) requires the Escrow Agent to implement reasonable procedures to verify the identity
of any person that opens a new account with it. Accordingly, parties hereto acknowledge that Section 326 of the USA PATRIOT Act
and the Escrow Agent’s identity verification procedures require the Escrow Agent to obtain information which may be used
to confirm identity, including without limitation name, address and organizational documents (“identifying information”).
The parties hereto agree to provide the Escrow Agent with information and consent to the Escrow Agent obtaining from third parties
any such identifying information required as a condition of opening an account with or using any service provided by the Escrow
Agent.

 

(b) The underlying transaction does not
constitute an installment sale requiring any tax reporting or withholding of imputed interest or original issue discount to the
IRS or other taxing authority.

 

9. Notices. All notices and communications
hereunder shall be deemed to have been duly given and made if in writing and if (i) served by personal delivery upon the party
for whom it is intended, (ii) delivered by registered or certified mail, return receipt requested, or by Federal Express or similar
overnight courier, or (iii) sent by facsimile or email, provided that the receipt of such facsimile or email is promptly confirmed,
by telephone, electronically or otherwise, to the party at the address set forth below, or such other address as may be designated
in writing hereafter, in the same manner, by such party:

 

If to Sponsor:

FS Development
Holdings, LLC

600 Montgomery
Street, Suite 4500

San Francisco,
California 94111

Attn: Jim Tananbaum

E-mail:Jim@foresitecapital.com

 

If to Parent:

 

FS Development
Corp.

600 Montgomery
Street, Suite 4500

San Francisco,
California 94111

Attn: Jim Tananbaum

E-mail:Jim@foresitecapital.com

 

If to the Stockholder Representative:

 

Shareholder
Representative Services LLC

950 17th Street,
Suite 1400

Denver, CO
80202

Attention:
Managing Director

Email: deals@srsacquiom.com

Facsimile:
(303) 623-0294

Telephone:
(303) 648-4085

 

If to the Escrow Agent:

 

Continental
Stock Transfer and Trust

One State Street
- 30th Floor

New York, New
York 10004

Facsimile No:
(212) 616-7615

Attention:
George Dalton

 

    4

     

    

 

Notwithstanding the above, in the case
of communications delivered to the Escrow Agent, such communications shall be deemed to have been given on the date received by
an officer of the Escrow Agent or any employee of the Escrow Agent who reports directly to any such officer at the above-referenced
office. In the event that the Escrow Agent, in its sole discretion, shall determine that an emergency exists, the Escrow Agent
may use such other means of communication as the Escrow Agent deems appropriate. For purposes of this Agreement, “Business
Day” shall mean any day other than a Saturday, Sunday or any other day on which the Escrow Agent located at the notice
address set forth above is authorized or required by law or executive order to remain closed.

 

10. Security Procedures. Notwithstanding
anything to the contrary as set forth in Section 9, any instructions setting forth, claiming, containing, objecting to,
or in any way related to the transfer or distribution, including but not limited to any transfer instructions that may otherwise
be set forth in a written instruction permitted pursuant to Section 3 of this Agreement, may be given to the Escrow Agent
only by confirmed facsimile or other electronic transmission (including e-mail) and no instruction for or related to the transfer
or distribution of the Escrow Shares, or any portion thereof, shall be deemed delivered and effective unless the Escrow Agent actually
shall have received such instruction by facsimile or other electronic transmission (including e-mail) at the number or e-mail address
provided to Sponsor and the Stockholder Representative by the Escrow Agent in accordance with Section 9 and as further evidenced
by a confirmed transmittal to that number.

 

(a) In the event transfer instructions
are so received by the Escrow Agent by facsimile or other electronic transmission (including e-mail), the Escrow Agent is authorized
to seek confirmation of such instructions by telephone call-back to the person or persons designated on Schedule 1 hereto,
and the Escrow Agent may rely upon the confirmation of anyone purporting to be the person or persons so designated. The persons
and telephone numbers for call-backs may be changed only in a writing actually received and acknowledged by the Escrow Agent.

 

(b) Assuming compliance with the provisions
of this Agreement, Sponsor acknowledges that the Escrow Agent is authorized to deliver the Escrow Shares to the custodian account
or recipient designated by Sponsor and the Stockholder Representative in writing.

 

11. Compliance with Court Orders.
In the event that any escrow property shall be attached, garnished or levied upon by any court order, or the delivery thereof shall
be stayed or enjoined by an order of a com1, or any order, judgment or decree shall be made or entered by any court order affecting
the property deposited under this Agreement, the Escrow Agent is hereby expressly authorized, in its sole discretion, to obey and
comply with all writs, orders or decrees so entered or issued, which it is advised by opinion of legal counsel of its own choosing
is binding upon it, whether with or without jurisdiction, and in the event that the Escrow Agent reasonably obeys or complies with
any such writ, order or decree it shall not be liable to any of the parties hereto or to any other person, entity, firm or corporation,
by reason of such compliance notwithstanding such writ, order or decree be subsequently reversed, modified, annulled, set aside
or vacated.

 

12. Miscellaneous. Except for changes
to transfer instructions as provided in Section 10, the provisions of this Agreement may be waived, altered, amended or
supplemented, in whole or in part, only by a writing signed by the Escrow Agent and the other parties hereto. Neither this Agreement
nor any right or interest hereunder may be assigned in whole or in part by the Escrow Agent or any other party hereto without the
prior consent of all the other parties hereto. This Agreement shall be governed by and construed under the laws of the State of
New York. Each of the parties hereto irrevocably waives any objection on the grounds of venue, forum non-conveniens or any similar
grounds and irrevocably consents to service of process by mail or in any other manner permitted by applicable law and consents
to the jurisdiction of any court of the State of New York or United States federal court, in each case, sitting in New York County,
New York. To the extent that in any jurisdiction any party may now or hereafter be entitled to claim for itself or its assets,
immunity from suit, execution attachment (before or after judgment), or other legal process, such party shall not claim, and it
hereby irrevocably waives, such immunity. The parties further hereby waive any right to a trial by jury with respect to any lawsuit
or judicial proceeding arising or relating to this Agreement. No party to this Agreement is liable to any other party for losses
due to, or if it is unable to perform its obligations under the terms of this Agreement because of, acts of God, fire, war, terrorism,
floods, strikes, electrical outages, equipment or transmission failure, or other causes reasonably beyond its control. This Agreement
may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. All signatures of the parties to this Agreement may be transmitted by facsimile or other electronic
transmission (including e-mail), and such facsimile or other electronic transmission (including e-mail) will, for all purposes,
be deemed to be the original signature of such party whose signature it reproduces, and will be binding upon such party. If any
provision of this Agreement is determined to be prohibited or unenforceable by reason of any applicable law of a jurisdiction,
then such provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions thereof, and any such prohibition or unenforceability in such jurisdiction shall not invalidate
or render unenforceable such provisions in any other jurisdiction. A person who is not a party to this Agreement shall have no
right to enforce any term of this Agreement. The parties represent, warrant and covenant that each document, notice, instruction
or request provided by such party to the other party shall comply with applicable laws and regulations. Where, however, the conflicting
provisions of any such applicable law may be waived, they are hereby irrevocably waived by the parties hereto to the fullest extent
permitted by law, to the end that this Agreement shall be enforced as written. Except as expressly provided in Section 7
above, nothing in this Agreement, whether express or implied, shall be construed to give to any person or entity other than the
Escrow Agent and the other parties hereto any legal or equitable right, remedy, interest or claim under or in respect of this Agreement
or the Escrow Shares escrowed hereunder.

 

[remainder of page intentional left blank]

 

    5 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date set forth above.

 

	SPONSOR:	 
	 	 
	FS DEVELOPMENT HOLDINGS, LLC
	 	 	 
	By: 	/s/ Jim Tananbaum	 
	Name:	Jim Tananbaum	 
	Title:	Chief Executive Officer	 
	Telephone: 	 415-877-4887	 
	 	 	 
	PARENT:
	 	 
	FS DEVELOPMENT CORP.
	 
	By:	/s/ Jim Tananbaum	 
	Name:	Jim Tananbaum	 
	Title:	Chief Executive Officer	 
	Telephone: 	415-877-4887	 
	 	 	 
	STOCKHOLDER REPRESENTATIVE:
	 	 	 
	
        SHAREHOLDER REPRESENTATIVE SERVICES
        LLC,

        solely in its capacity as the representative
        of the Company Securityholders

	 	 	 
	By:	/s/ Sam Riffe	 
	Name:	Sam Riffe	 
	Title:	Managing Director	 
	 	 	 
	 	 
	CONTINENTAL STOCK TRANSFER AND TRUST
	 	 	 
	By:	/s/ Isaac Ragan	 
	Name:	Isaac Ragan	 
	Title:	Vice President	 
	Telephone: 	212-845-3291	 

 

    6 

     

    

Schedule l

 

Telephone Number(s) and authorized signature(s)
for

Person(s) Designated by Sponsor to
give Escrow Shares Transfer Instructions

 

	Name	 	Telephone Number	 	Signature
	Jim Tananbaum 	 	650 954 8801	 	/s/ Jim Tananbaum
	Dennis D. Ryan	 	415 606 1311 	 	/s/ Dennis D. Ryan

  

    Schedule 1 - 1 

     

    

 

Telephone Number(s) and authorized signature(s)
for

Person(s) Designated by Stockholder
Representative to give Escrow Shares Transfer Instructions

 

	Name	 	Telephone Number	 	Signature
	 	 	 	 	 
	Authorized Representative #1	 	 	 	 
	Chris Letang	 	(303) 957-2855	 	/s/ Chris Letang
	Managing Director	 	 	 	 
	 	 	 	 	 
	Authorized Representative #2	 	 	 	 
	Casey McTigue	 	(415) 363-6081	 	/s/ Casey McTigue
	Executive Director	 	 	 	 
	 	 	 	 	 
	Authorized Representative #3	 	 	 	 
	Lon LeClair	 	(303) 222-2078	 	/s/ Lon LeClair
	President	 	 	 	 
	 	 	 	 	 
	Authorized Representative #4	 	 	 	 
	Paul Koenig	 	(303) 957-2850	 	/s/ Paul Koenig
	Managing Director	 	 	 	 

 

    Schedule 1 - 2 

     

    

EXHIBIT A

 

	ESCROW PARTICIPANT	 	ESCROW SHARES	 
	Adarsha Koirala	 	 	216	 
	Amilcar Ribeiro	 	 	3,598	 
	Andrew Herbert	 	 	6,529	 
	Atlas Venture Fund X, L.P.	 	 	481,118	 
	Atlas Ventures Opportunity Fund I, IL.P.	 	 	87,393	 
	Claude Knopf	 	 	1,567	 
	Dean Bok	 	 	653	 
	Eric Sullivan	 	 	5,441	 
	James McLaughlin	 	 	117,531	 
	Johanna Seddon	 	 	6,530	 
	Kimberly Nasiff	 	 	351	 
	Lei Cheng	 	 	220	 
	Lightstone Singapore L.P.	 	 	156,760	 
	Lightstone Ventures (A), L.P.	 	 	44,941	 
	Lightstone Ventures, L.P.	 	 	329,873	 
	Liping Zhang	 	 	1,341	 
	Lisa Huang	 	 	627	 
	Michael Ehrmann	 	 	1,175	 
	Nancy Holekamp	 	 	163	 
	Nelly Kuklin	 	 	973	 
	OrbiMed Private Investments VI, L.P.	 	 	637,036	 
	Paul Barlow	 	 	6,529	 
	Pavitra Ramachandran	 	 	90	 
	Philip Reilly	 	 	4,836	 
	Pingjuan Li	 	 	317	 
	Renta Hutabarat	 	 	2,000	 
	Richard McKenna	 	 	494	 
	Scott Lauder	 	 	12,537	 
	Stephen Squinto	 	 	10,364	 
	Tatiana Rokhlina	 	 	97	 
	Wu Capital	 	 	228,391	 
	Zhao-Xue Yu	 	 	309	 

 

 

Exhibit AExhibit 10.1

 

EXECUTION VERSION

 

AMENDED AND RESTATED EMPLOYMENT AND NONCOMPETITION
AGREEMENT

 

This AMENDED AND RESTATED EMPLOYMENT AND
NONCOMPETITION AGREEMENT (“Agreement”) is made as of February 4, 2021 (the “Execution Date”), by and between
Matthew DiLiberto (“Executive”) and SL Green Realty Corp., a Maryland corporation with its principal place of business
at 420 Lexington Avenue, New York, New York 10170 (the “Employer”), and amends in its entirety and completely restates
that certain amended and restated employment agreement between Executive and the Employer dated as of February 2, 2018 (the “Prior
Agreement”).

 

1.            
Term. The term of this Agreement shall commence on January 1, 2021 and, unless earlier terminated as provided in
Section 6 below, shall terminate on January 1, 2023 (the “Current Term”); provided, however, that Sections 4 and 8
(and any enforcement or other procedural provisions hereof affecting Sections 4 and 8) hereof shall survive the termination of
this Agreement as provided therein. The Current Term shall automatically be extended for successive six-month periods (each, a
 “Renewal Term”), unless either party gives the other party at least three months’ prior written notice of non-renewal;
provided that, with respect to the first Renewal Term that occurs after a Change-in-Control and would otherwise extend beyond the
date that is 18 months after the Change-in-Control, either party may elect for such Renewal Term to end on the date that is 18
months and one day after the Change-in-Control by giving the other party written notice at least three months prior to the scheduled
commencement of such Renewal Term. The period of Executive’s employment hereunder consisting of the Current Term and all
Renewal Terms, if any, is herein referred to as the “Employment Period.” Subject to Section 6 and unless specified
otherwise by the party electing not to renew this Agreement, Executive’s employment with the Employer shall terminate immediately
after the expiration of the Employment Period. For avoidance of doubt, such termination will not be deemed to occur during the
Employment Period and, accordingly, except as set forth in Section 7(f), Executive will not be entitled to receive any payment
or benefits under Section 7 as a result of or in connection with such termination.

 

2.             
Employment and Duties.

 

(a)               
Duties. During the Employment Period, Executive shall be employed in the business of the Employer and its affiliates.
Executive shall serve the Employer as a senior corporate executive and shall have the title of Chief Financial Officer of the Employer.
Executive will report to the Chief Executive Officer of the Employer and to the President of the Employer. Executive’s duties
and authority shall be those as would normally attach to Executive’s position as Chief Financial Officer, including such
duties and responsibilities as are customary among persons employed in similar capacities for similar companies, and as set forth
in the By-laws of the Employer and as otherwise established from time to time by the Board of Directors of the Employer (the “Board”)
and the Chief Executive Officer of the Employer, but in all events such duties shall be commensurate with his position as Chief
Financial Officer of the Employer.

 

(b)                Best
Efforts. Executive agrees to his employment as described in this Section 2 and agrees to devote substantially all of his
business time and efforts to the performance of his duties under this Agreement, except as otherwise approved by the Board;
provided, however, that nothing herein shall be interpreted to preclude Executive, so long as there is no material
interference with his duties hereunder, from (i) participating as an officer or director of, or advisor to, any charitable or
other tax-exempt organizations or otherwise engaging in charitable, fraternal or trade group activities; (ii) investing and
managing his assets as an investor in other entities or business ventures; provided that he performs no management or similar
role (or, in the case of investments other than those in entities or business ventures engaged in the Business (as defined in
Section 8), he performs a management role comparable to the role that a significant limited partner would have, but performs
no day-to-day management or similar role) with respect to such entities or ventures and such investment does not violate
Section 8 hereof; and provided, further, that, in any case in which another party involved in the investment has a material
business relationship with the Employer, Executive shall give prior written notice thereof to the Board; or (iii) serving as
a member of the board of directors of a for-profit corporation with the approval of the Chief Executive Officer of the
Employer.

 

(c)               
Travel. In performing his duties hereunder, Executive shall be available for all reasonable travel as the needs of
the Employer’s business may require. Executive shall be based in New York City or Westchester County, or within 50 miles
of Manhattan but not in New Jersey or Long Island.

 

     

     

    

 

3.            
Compensation and Benefits. In consideration of Executive’s services hereunder, the Employer shall compensate
Executive as provided in this Agreement.

 

(a)               
Base Salary. The Employer shall pay Executive an aggregate minimum annual salary at the rate of $575,000 per annum
from the beginning of the Employment Period through the end of the Employment Period (“Base Salary”). Base Salary shall
be payable bi-weekly in accordance with the Employer’s normal business practices. Base Salary shall be reviewed by the Board
or Compensation Committee of the Board at least annually.

 

(b)               
Incentive Compensation/Bonuses. In addition to Base Salary, with respect to fiscal year 2021 and thereafter during
the Employment Period, Executive shall be eligible for and shall receive, upon approval of the Board or Compensation Committee
of the Board, such annual bonuses as the Employer, in its sole discretion, may deem appropriate to reward Executive for job performance.
Such annual bonuses may be payable upon the achievement of specific goals established in advance by the Compensation Committee
of the Board or may be discretionary. In addition, Executive shall be eligible to participate in any other bonus or incentive compensation
plans in effect with respect to senior executive officers of the Employer, as the Board or Compensation Committee of the Board,
in its sole discretion, may deem appropriate to reward Executive for job performance.

 

(c)               
Stock Options. As determined by the Board or Compensation Committee of the Board, in its sole discretion, Executive
shall be eligible to participate in the Employer’s then current stock option and incentive plan, which authorizes the grant
of stock options and stock awards of the Employer’s common stock (“Common Stock”) and other equity-based awards
or any successor thereto (any such plan being referred to herein as the “Plan”).

 

(d)               
Other Equity Awards. On the Execution Date, the Employer shall grant Executive awards with terms as set forth on
Exhibit A hereto.

 

(e)               
Expenses. Executive shall be reimbursed for all reasonable business related expenses incurred by Executive at the
request of or on behalf of the Employer, provided that such expenses are incurred and accounted for in accordance with the policies
and procedures established by the Employer. Any expenses incurred during the Employment Period but not reimbursed by the Employer
by the end of the Employment Period, shall remain the obligation of the Employer to so reimburse Executive.

 

(f)                 Health
and Welfare Benefit Plans. During the Employment Period, Executive and Executive’s immediate family shall be
entitled to participate in such health and welfare benefit plans as the Employer shall maintain from time to time for the
benefit of senior executive officers of the Employer and their families, on the terms and subject to the conditions set forth
in such plan. Nothing in this Section shall limit the Employer’s right to change or modify or terminate any benefit
plan or program as it sees fit from time to time in the normal course of business so long as it does so for all senior
executives of the Employer.

 

    2

     

    

 

(g)               
Vacations. Executive shall be entitled to paid vacations in accordance with the then regular procedures of the Employer
governing senior executive officers.

 

(h)               
Other Benefits. During the Employment Period, the Employer shall provide to Executive such other benefits, as generally
made available to other senior executives of the Employer; provided that it is acknowledged that the Employer’s Chief Executive
Officer and Chairman may be provided with additional benefits not made available to Executive.

 

(i)                
Timing of Expense Reimbursement. All in-kind benefits provided and expenses eligible for reimbursement under this
Agreement must be provided by the Employer or incurred by Executive during the time periods set forth in this Agreement. All reimbursements
shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the
taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable
expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement
in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another
benefit.

 

(j)                 Post-Change-in-Control
Compensation. If a Change-in-Control occurs during the Employment Period, then, unless the parties hereto agree
otherwise, for the period from the Change-in-Control through the end of the Employment Period, in lieu of the compensation
set forth in Sections 3(a)-(d) above for such period, the Employer shall pay Executive an amount (the
 “Change-in-Control Period Compensation”) during such period in cash at a per annum rate at least equal to the sum
of the following: (i) Executive’s Base Salary in effect immediately prior to the Change-in-Control (which shall be
considered Executive’s Base Salary for all periods following the Change-in-Control for purposes of Section 7 below);
(ii) the average of the annual cash bonuses earned by Executive for the three most recently completed fiscal years for
which the amount of the annual cash bonus has been determined (including any portion of the annual cash bonus paid in the
form of shares of Common Stock, stock units or other equity awards, as determined at the time of grant by the Compensation
Committee of the Board, in its sole discretion, and reflected in the minutes or consents of the Compensation Committee of the
Board relating to the approval of such equity awards, but excluding any annual or other equity awards made other than as
payment of a cash bonus) (the “Average Annual Cash Bonus”) prior to the Change-in-Control (which shall be
considered Executive’s annual cash bonus for all periods following the Change-in-Control for purposes of Section 7
below); and (iii) the value of that portion of Executive’s equity awards (other than any awards that are or, at grant,
were subject to performance-based vesting conditions (“Performance-Based Awards”) or equity awards that were
granted in lieu of annual cash bonus, as determined at the time of grant by the Compensation Committee of the Board, in its
sole discretion, and reflected in the minutes or consents of the Compensation Committee of the Board relating to the approval
of such equity awards) that vested during the most recently completed fiscal year prior to the Change-in-Control. The value
of the equity awards in the foregoing clause (iii) shall be equal to (A) for all equity awards that deliver the full value of
the underlying securities, the Fair Market Value of such securities as of the vesting date; (B) for each award of stock
options, that percentage of the grant date fair value of such award which is equal to the percentage of the award that became
so vested; and (C) for all other equity awards, the Fair Market Value of such awards on the vesting date as determined by the
Compensation Committee of the Board. For purposes of the foregoing, “Fair Market Value” of a security on a
particular date means (i) if the securities are then listed on a national securities exchange, the closing sales price of
such security on the principal national securities exchange on which such securities are listed on such date (or, if such
date is not a trading day, on the last trading day preceding such date ), (ii) if the securities are not then listed on a
national securities exchange but are then traded on an over-the-counter market, the average of the closing bid and asked
prices for such securities in such over-the-counter market for such date (or, if there were no sales on such date in such
market, on the last preceding date on which there was a sale of such securities in such market, as determined by the
Compensation Committee of the Board), or (iii) if the securities are not then listed on a national securities exchange or
traded on an over-the-counter market, such value as the Compensation Committee of the Board in its discretion may in good
faith determine; provided that, where the securities are so listed or traded, the Compensation Committee of the Board may
make such discretionary determinations where the securities have not been traded for 10 trading days. The Change-in-Control
Period Compensation shall be payable bi-weekly in accordance with the Employer’s normal business practices. The
Employer, with the consent of Executive, may grant substitute equity awards in lieu of the component of the Change-in-Control
Period Compensation attributable to the value of Executive’s equity awards as set forth in clause (iii) above.

 

    3

     

    

 

4.             
Indemnification and Liability Insurance. The Employer agrees to indemnify Executive to the extent permitted by applicable
law, as the same exists and may hereafter be amended, from and against any and all losses, damages, claims, liabilities and expenses
asserted against, or incurred or suffered by, Executive (including the costs and expenses of legal counsel retained by the Employer
to defend Executive and judgments, fines and amounts paid in settlement actually and reasonably incurred by or imposed on such
indemnified party) with respect to any action, suit or proceeding, whether civil, criminal administrative or investigative in which
Executive is made a party or threatened to be made a party, either with regard to his entering into this Agreement with the Employer
or in his capacity as an officer or director, or former officer or director, of the Employer or any affiliate thereof for which
he may serve in such capacity. The Employer also agrees to secure and maintain officers and directors liability insurance providing
coverage for Executive. The provisions of this Section 4 shall remain in effect after this Agreement is terminated irrespective
of the reasons for termination.

 

5.             
Employer’s Policies. Executive agrees to observe and comply with the reasonable rules and regulations of the
Employer as adopted by the Board and the Chief Executive Officer from time to time regarding the performance of his duties and
communicated to Executive, and to carry out and perform orders, directions and policies communicated to him from time to time by
the Board and the Chief Executive Officer, so long as same are otherwise consistent with this Agreement.

 

6.             
Termination. Executive’s employment hereunder may be terminated under the following circumstances:

 

(a)           
Termination by the Employer.

 

(i)            
Death. Executive’s employment hereunder shall terminate upon his death.

 

(ii)            Disability.
If, as a result of Executive’s incapacity due to physical or mental illness or disability, Executive shall have been
incapable of performing his duties hereunder even with a reasonable accommodation on a full-time basis for the entire period
of four consecutive months or any one hundred and twenty (120) days in a one hundred and eighty (180) day period, and within
thirty (30) days after written Notice of Termination (as defined in Section 6(d)) is given he shall not have returned to the
performance of his duties hereunder on a full-time basis, the Employer may terminate Executive’s employment
hereunder.

 

    4

     

    

 

(iii)          
Cause. The Employer may terminate Executive’s employment hereunder for Cause by the Chief Executive Officer
of the Employer or a majority vote of all of the members of the Board upon written notice to Executive. For purposes of this Agreement,
 “Cause” shall mean Executive’s: (A) engaging in conduct which is a felony; (B) material breach of any of his
obligations under Sections 8(a) through 8(e) of this Agreement; (C) willful misconduct of a material nature or gross negligence
with regard to the Employer or any of its affiliates; (D) material fraud with regard to the Employer or any of its affiliates;
(E) willful or material violation of any reasonable written rule, regulation or policy of the Employer applicable to senior executives
unless such a violation is cured within thirty (30) days after written notice of such violation by the Board or the Chief Executive
Officer; or (F) failure to competently perform his duties which failure is not cured within thirty (30) days after receiving notice
from the Employer specifically identifying the manner in which Executive has failed to perform (it being understood that, for this
purpose, the manner and level of Executive’s performance shall not be determined based on the financial performance (including
without limitation the performance of the stock) of the Employer). For clarity, conduct shall not be considered “willful”
with respect to any action taken or not taken based on the advice of the Employer’s outside legal counsel.

 

(iv)          
Without Cause. Executive’s employment hereunder may be terminated by the Employer at any time without Cause
(as defined in Section 6(a)(iii) above), by the Chief Executive Officer of the Employer or a majority vote of all of the members
of the Board upon written notice to Executive, subject only to the severance and other payment provisions specifically set forth
in Section 7.

 

(b)          
Termination by Executive.

 

(i)            
Disability. Executive may terminate his employment hereunder for Disability within the meaning of Section 6(a)(ii)
above.

 

(ii)           
With Good Reason. Executive’s employment hereunder may be terminated by Executive with Good Reason by written
notice to the Board providing at least ten (10) days’ notice prior to such termination. For purposes of this Agreement, termination
with “Good Reason” shall mean the occurrence of one of the following events within sixty (60) days prior to such termination:

 

(A)             
a material change in duties, responsibilities, status or positions with the Employer that does not represent a promotion
from or maintaining of Executive’s duties, responsibilities, status or positions, except in connection with the termination
of Executive’s employment for Cause, disability, retirement or death;

 

(B)             
a failure by the Employer to pay compensation when due in accordance with the provisions of Section 3, which failure
has not been cured within twenty (20) business days after the notice of the failure (specifying the same) has been given by Executive
to the Employer;

 

    5

     

    

 

(C)            
 a material breach by the Employer of any provision of this Agreement, which breach has not been cured within thirty
(30) days after notice of noncompliance (specifying the nature of the noncompliance) has been given by Executive to the Employer;

 

(D)             
the Employer’s requiring Executive to be based in an office not meeting the requirements of the last sentence
of Section 2(c);

 

(E)              
a reduction by the Employer in Executive’s Base Salary to less than the minimum Base Salary set forth in Section
3(a);

 

(F)              
the failure by the Employer to continue in effect an equity award program or other substantially similar program
under which Executive is eligible to receive awards;

 

(G)             
a material reduction in Executive’s benefits under any benefit plan (other than an equity award program) compared
to those currently received (other than in connection with and proportionate to the reduction of the benefits received by all or
most senior executives or undertaken in order to maintain such plan in compliance with any federal, state or local law or regulation
governing benefits plans, including, but not limited to, the Employee Retirement Income Security Act of 1974, which shall not constitute
Good Reason for the purposes of this Agreement); or

 

(H)             
the failure by the Employer to obtain from any successor to the Employer an agreement to be bound by this Agreement
pursuant to Section 15 hereof, which has not been cured within thirty (30) days after the notice of the failure (specifying the
same) has been given by Executive to the Employer.

 

(iii)          
Without Good Reason. Executive shall have the right to terminate his employment hereunder without Good Reason, subject
to the terms and conditions of this Agreement.

 

(c)           
Definitions. The following terms shall be defined as set forth below.

 

(i)            
A “Change-in-Control” shall be deemed to have occurred if:

 

(A)             
any Person, together with all “affiliates” and “associates” (as such terms are defined in
Rule 12b-2 under the Securities Exchange Act of 1934 (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 Employer
representing 25% or more of either (1) the combined voting power of the Employer’s then outstanding securities having
the right to vote in an election of the Board (“Voting Securities”) or (2) the then outstanding shares of all
classes of stock of the Employer (in either such case other than as a result of the acquisition of securities directly from the
Employer); or

 

(B)              the
members of the Board at the beginning of any consecutive 24-calendar-month period commencing on or after the date hereof (the
 “Incumbent Directors”) cease for any reason other than due to death to constitute at least a majority of the
members of the Board; provided that any director whose election, or nomination for election by the Employer’s
stockholders, was approved by a vote of at least a majority of the Incumbent Directors, shall be deemed to be an Incumbent
Director; or

 

    6

     

    

 

(C)             
there is consummated (1) any consolidation or merger of the Employer or any subsidiary that would result in the Voting
Securities of the Employer outstanding immediately prior to such merger or consolidation representing (either by remaining outstanding
or by being converted into voting securities of the surviving entity) less than 50% of the total voting power of the voting securities
of the surviving entity outstanding immediately after such merger or consolidation or ceasing to have the power to elect at least
a majority of the board of directors or other governing body of such surviving entity or (2) 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 Employer, if the shareholders of the Employer and unitholders of SL Green Operating Partnership, L.P.
(the “Partnership”) taken as a whole and considered as one class immediately before such transaction own, immediately
after consummation of such transaction, equity securities and partnership units possessing less than 50% of the surviving or acquiring
company and partnership taken as a whole; or

 

(D)             
the stockholders of the Employer shall approve any plan or proposal for the liquidation or dissolution of the Employer.

 

Notwithstanding the foregoing, a
 “Change-in-Control” shall not be deemed to have occurred for purposes of the foregoing clause (A) solely as the result
of an acquisition of securities by the Employer 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 Employer beneficially owned by any Person 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 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 Employer 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 (A).

 

(ii)           
“Person” shall have the meaning used in Sections 13(d) and 14(d) of the Exchange Act; provided however, that
the term “Person” shall not include (A) Executive or (B) the Employer, any of its subsidiaries, or any trustee, fiduciary
or other person or entity holding securities under any employee benefit plan of the Employer or any of its subsidiaries. In addition,
no Change-in-Control shall be deemed to have occurred under clause (i)(A) above by virtue of a “group” (as such term
is used in Sections 13(d) and 14(d) of the Exchange Act) becoming a beneficial owner as described in such clause, if any individual
or entity described in clause (A) or (B) of the foregoing sentence is a member of such group.

 

    7

     

    

 

(d)            Notice
of Termination. Any termination of Executive’s employment by the Employer or by Executive (other than on account of
death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 11 of
this Agreement. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall
indicate the specific termination provision in this Agreement relied upon and, as applicable, shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the
provision so indicated. Executive’s employment shall terminate as of the effective date set forth in the Notice of
Termination (the “Termination Date”), which date shall not be more than thirty (30) days after the date of the
Notice of Termination. For avoidance of doubt, a notice of non-renewal pursuant to Section 1 shall not be considered a Notice
of Termination. Upon any Termination Date, at the request of the Board, Executive agrees to resign from any positions then
held by Executive with the Employer and any of its subsidiaries.

 

7.             
Compensation Upon Termination; Change-in-Control.

 

(a)           
Termination By Employer Without Cause or By Executive With Good Reason. If, during the Employment Period (i) Executive
is terminated by the Employer without Cause pursuant to Section 6(a)(iv) above, or (ii) Executive shall terminate his employment
hereunder with Good Reason pursuant to Section (6)(b)(ii) above, then the Employment Period shall terminate as of the Termination
Date, Executive shall be entitled to receive his earned and accrued but unpaid Base Salary on the Termination Date, and Executive
shall also be entitled to the following payments and benefits in lieu of any further compensation for periods subsequent to the
Termination Date, subject, in the case of the following items, to (1) Executive’s execution of a mutual release agreement
with the Employer in form and substance reasonably satisfactory to Executive and the Employer, whereby, in general, each party
releases the other from all claims such party may have against the other party (other than (A) claims against the Employer relating
to the Employer’s obligations under this Agreement, including without limitation, Executive’s rights to indemnification
and D&O insurance coverage and to vested benefits under any employee benefit plan of the Employer or any affiliate of the Employer
in which Executive participates, and certain other specified agreements arising in connection with or after Executive’s termination,
including, without limitation, Employer’s obligations hereunder to provide severance payments and benefits and accelerated
vesting of equity awards and (B) claims against Executive relating to or arising out of any act of fraud, intentional misappropriation
of funds, embezzlement or any other action with regard to the Employer or any of its affiliated companies that constitutes a felony
under any federal or state statute committed or perpetrated by Executive during the course of Executive’s employment with
the Employer or its affiliates, in any event, that would have a material adverse effect on the Employer, or any other claims that
may not be released by the Employer under applicable law) (the “Release Agreement”), which the Employer shall execute
within five (5) business days after such execution by Executive, and (2) the effectiveness and irrevocability of the Release Agreement
with respect to Executive within thirty (30) days after the Termination Date (with the 30th day after the Termination
Date being referred to herein as the “Payment Date”):

 

(i)             On
the Payment Date, (A)(I) if the Termination Date occurs on or before June 30 in the year of termination, Executive shall
receive a prorated annual cash bonus equal to (x) the Average Annual Cash Bonus multiplied by (y) a fraction, the numerator
of which is the number of days in the fiscal year in which Executive’s employment terminates through the Termination
Date and the denominator is the number of days in such year through and including June 30th or (II) if the
Termination Date occurs on or after July 1 in the year of termination, Executive shall receive an amount equal to the Average
Annual Cash Bonus (the “Prorated Bonus”) plus (B) in the event that Executive’s annual cash bonus for the
year prior to the year of termination had not been determined as of the Termination Date, an amount equal to the Average
Annual Cash Bonus (the “Prior Year Bonus” and, together with the Prorated Bonus, the “Final Bonus
Payment”).

 

    8

     

    

 

(ii)           
Executive shall receive as severance pay, in a single payment on the Payment Date, an amount in cash equal to the sum of
(A) the Executive’s annual Base Salary in effect immediately prior to the Termination Date (the “Current Annual Base
Salary”), and (B) the Average Annual Cash Bonus.

 

(iii)          
If Executive was participating in the Employer's group health, dental and/or vision plan immediately prior to the Termination
Date, then the Employer shall pay to Executive a monthly cash payment for a period of twelve (12) months after the Termination
Date equal to the amount of monthly employer contribution that the Employer would have made to provide health, dental and/or vision
insurance to Executive if Executive had remained employed by the Employer. Notwithstanding the foregoing, the Employer shall in
no event be required to make the payments otherwise required by this Section 7(a)(iii) after such time as Executive becomes entitled
to receive benefits of the same type from another employer or recipient of Executive’s services (such entitlement being determined
without regard to any individual waivers or other similar arrangements).

 

(iv)         
Any unvested shares of restricted stock, restricted stock units, LTIP Units or other equity-based awards (i.e., shares,
units or other awards then still subject to restrictions under the applicable award agreement) granted to Executive by the Employer
or the Partnership shall not be forfeited on the Termination Date and shall become vested (i.e., free from such restrictions),
and any unexercisable or unvested stock options granted to Executive by the Employer shall not be forfeited on the Termination
Date and shall become vested and exercisable, on the Payment Date. Any unexercised stock options granted to Executive by the Employer
shall remain exercisable until the second January 1 to follow the Termination Date or, if earlier, the expiration of the initial
applicable term stated at the time of the grant. For avoidance of doubt, the provisions of this Section 7(a)(iv) shall not apply
to Performance-Based Awards, which shall be governed by their terms as in effect from time to time.

 

(v)          
In the event such termination occurs in connection with or within eighteen (18) months after a Change-in-Control then, in
addition to the payments and benefits set forth above (or, as specifically cited below, in lieu of such payments and benefits):
(A) in lieu of the severance payment set forth in Section 7(a)(ii), Executive shall receive as severance pay, in a single payment
on the Payment Date, an amount in cash equal to two (2.0) times the sum of (I) the Current Annual Base Salary and (II) the Average
Annual Cash Bonus; (B) the monthly cash payments provided for in the first sentence of Section 7(a)(iii) above shall be extended
from twelve (12) months to twenty-four (24) months, but shall otherwise be subject to the terms of Section 7(a)(iii); (C) neither
Executive nor the Employer shall be required to execute the Release Agreement; and (D) if such Change-in-Control also constitutes
a “change in the ownership” of the Employer, a “change in the effective control” of the Employer or a “change
in ownership of a substantial portion of the assets” of the Employer, each within the meaning of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), and the regulations promulgated thereunder, then the Payment Date shall
occur on the Termination Date.

 

Other than as may be provided under
Section 4, Section 8, Section 19 or Section 20 or as expressly provided in this Section 7(a) or Section 7(e), the Employer shall
have no further obligations hereunder following such termination.

 

    9

     

    

 

(b)           
Termination By the Employer For Cause or By Executive Without Good Reason. If, during the Employment Period, (i)
Executive is terminated by the Employer for Cause pursuant to Section 6(a)(iii) above, or (ii) Executive voluntarily terminates
his employment hereunder without Good Reason pursuant to Section 6(b)(iii) above, then the Employment Period shall terminate as
of the Termination Date and Executive shall be entitled to receive his earned and accrued but unpaid Base Salary on the Termination
Date, but, for avoidance of doubt, shall not be entitled to any annual cash bonus for the year in which the termination occurs,
severance payment, continuation of benefits or acceleration of vesting or extension of exercise period of any equity awards, except
as otherwise provided in the documentation applicable to such equity awards. Other than as may be provided under Section 4, Section
8, Section 19 or Section 20 or as expressly provided in this Section 7(b) or Section 7(e), the Employer shall have no further obligations
hereunder following such termination.

 

(c)           
Termination by Reason of Death. If Executive’s employment terminates due to his death during the Employment
Period, Executive’s estate (or a beneficiary designated by Executive in writing prior to his death) shall be entitled to
the following payments and benefits:

 

(i)            
On the Termination Date, Executive’s estate (or a beneficiary designated by Executive in writing prior to his death)
shall receive an amount equal to any earned and accrued but unpaid Base Salary and the Final Bonus Payment.

 

(ii)            Executive’s
estate (or a beneficiary designated by Executive in writing prior to his death) shall be credited with twelve (12) months
service after termination under any provisions governing restricted stock, restricted stock units, LTIP Units, options or
other equity-based awards granted to Executive or Executive’s estate (or a beneficiary designated by Executive in
writing prior to his death) by the Employer or the Partnership relating to the vesting or initial exercisability thereof,
and, if such twelve (12) months of credit would fall within a vesting period, a pro rata portion of the unvested shares of
restricted stock, restricted stock units, LTIP Units or other equity-based awards granted to Executive by the Employer or the
Partnership that otherwise would have become vested upon the conclusion of such vesting period (assuming, if applicable, the
attainment of any required performance goals) shall become vested on the date of Executive’s termination due to his
death, and a pro rata portion of the unexercisable stock options granted to Executive by the Employer that otherwise would
have become exercisable upon the conclusion of such vesting period (assuming, if applicable, the attainment of any required
performance goals) shall become exercisable on the date of Executive’s termination due to such death; provided that any
unvested or unexercisable restricted stock, restricted stock units, LTIP Units, options or other equity-based awards that
were granted as payment of a cash bonus, as determined at the time of grant by the Compensation Committee of the Board, in
its sole discretion, and reflected in the minutes or consents of the Compensation Committee of the Board relating to the
approval of such equity awards, shall become fully vested and exercisable on the date of Executive’s death. For
avoidance of doubt, the provisions of this Section 7(c)(ii) shall not apply to (1) Performance-Based Awards, which shall be
governed by their terms as in effect from time to time, and (2) stock option grants made under the Plan to the extent such
options shall become fully vested and exercisable on the date of Executive’s termination due to such death in
accordance with their terms as currently in effect. Furthermore, upon such death, any vested unexercised stock options
granted to Executive by the Employer shall remain vested and exercisable until the earlier of (A) the date on which the term
of such stock options otherwise would have expired, or (B) the second January 1 after the date of Executive’s
termination due to his death.

 

Other than as may be provided under Section 4, Section
8, Section 19 or Section 20 or as expressly provided in this Section 7(c) or Section 7(e), the Employer shall have no further obligations
hereunder following such termination.

 

    10

     

    

 

(d)           
Termination by Reason of Disability. In the event that Executive’s employment terminates during the Employment
Period due to his disability as defined in Section 6(a)(ii) above, Executive shall be entitled to receive his earned and accrued
but unpaid Base Salary on the Termination Date and Executive shall be entitled to the following payments and benefits in lieu of
any further compensation for periods subsequent to the Termination Date, subject to (1) Executive’s execution of the Release
Agreement, which Release Agreement the Employer shall execute within five (5) business days after such execution by Executive,
and (2) the effectiveness and irrevocability of the Release Agreement with respect to Executive within thirty (30) days after the
Termination Date:

 

(i)            
On the Payment Date, Executive shall receive the Final Bonus Payment.

 

(ii)           
Executive shall receive as severance pay, in a single payment on the Payment Date, an amount in cash equal to the sum of
(A) the Current Annual Base Salary and (B) the Average Annual Cash Bonus.

 

(iii)          
If Executive was participating in the Employer's group health, dental and/or vision plan immediately prior to the Termination
Date, then the Employer shall pay to Executive a monthly cash payment for a period of thirty-six (36) months after the Termination
Date equal to the amount of monthly employer contribution that the Employer would have made to provide health, dental and/or vision
insurance to Executive if Executive had remained employed by the Employer. Notwithstanding the foregoing, the Employer shall in
no event be required to make the payments otherwise required by this Section 7(d)(iii) after such time as Executive becomes entitled
to receive benefits of the same type from another employer or recipient of Executive’s services (such entitlement being determined
without regard to any individual waivers or other similar arrangements).

 

(iv)          Executive
shall be credited with twelve (12) months of service after termination under any provisions governing restricted stock,
restricted stock units, LTIP Units, options or other equity-based awards granted to Executive by the Employer or the
Partnership relating to the vesting or initial exercisability thereof and, if such twelve (12) months of credit would fall
within a vesting period, a pro rata portion of the unvested shares of restricted stock, restricted stock units, LTIP Units or
other equity-based awards granted to Executive by the Employer or the Partnership that otherwise would have become vested
upon the conclusion of such vesting period (assuming, if applicable, the attainment of any required performance goals) shall
become vested on the Payment Date, and a pro rata portion of the unvested or unexercisable stock options granted to Executive
by the Employer that otherwise would have become vested or exercisable upon the conclusion of such vesting period (assuming,
if applicable, the attainment of any required performance goals) shall become vested and exercisable on the Payment Date;
provided that any unvested or unexercisable restricted stock, restricted stock units, LTIP Units, options or other
equity-based awards that were granted as payment of a cash bonus, as determined at the time of grant by the Compensation
Committee of the Board, in its sole discretion, and reflected in the minutes or consents of the Compensation Committee of the
Board relating to the approval of such equity awards shall become fully vested and exercisable on the Payment Date. Any
vested unexercised stock options granted to Executive by the Employer shall remain vested and exercisable until the earlier
of (A) the date on which the term of such stock options otherwise would have expired, or (B) the second January 1 after the
Termination Date. For avoidance of doubt, the provisions of this Section 7(d)(iv) shall not apply to
(1) Performance-Based Awards, which shall be governed by their terms as in effect from time to time, and (2) stock
option grants made under the Plan to the extent such options shall become fully vested and exercisable on the date of
Executive’s termination due to such disability in accordance with their terms as currently in effect.

 

Other than as may be provided under Section 4, Section
8, Section 19 or Section 20 or as expressly provided in this Section 7(d) or Section 7(e), the Employer shall have no further obligations
hereunder following such termination.

 

    11

     

    

 

(e)           
Notwithstanding any of the foregoing provisions to the contrary and without regard to any release requirement, Executive
(or his estate, as applicable) shall be entitled to (i) receive payment for any already accrued but unused vacation days and any
unreimbursed expenses already incurred on behalf of the Employer (to the extent consistent with the Employer’s expense reimbursement
policies absent a termination), (ii) retain any already vested stock options or any other already vested equity-based compensation
(subject, in each case, to the terms of the underlying option or equity award agreement and plan (including, without limitation,
any provision of an option providing for its expiration upon or within a certain number of days following termination)), and (iii)
retain any vested rights in any 401(k) plans in which he participated during his employment, in the case of each of (i)-(iii) above,
as of the Termination Date. Nothing in this Section 7 shall be construed to limit any rights Executive may have to elect to continue
his health coverage pursuant to 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”).

 

(f)            
Change-in-Control Non-Renewal. In the event that the Employment Period ends within 18 months after a Change-in-Control
as a result of the Employer delivering a written notice of non-renewal pursuant to Section 1 in connection with or following the
Change-in-Control, then, upon the termination of Executive’s employment with the Employer, Executive will be entitled to
receive all the benefits and payments provided for under Section 7(a) to the same extent as if such termination had been the termination
of Executive during the Employment Period by the Employer without Cause pursuant to Section 6(a)(iv) within 18 months after a Change-in-Control,
except that, for purposes of determining the amount of the Current Annual Base Salary and the Average Annual Cash Bonus, the Termination
Date will be deemed to be the last day of the Employment Period.

 

8.              Confidentiality;
Prohibited Activities. Executive and the Employer recognize that due to the nature of his employment and relationship
with the Employer, Executive has access to and develops confidential business information, proprietary information, and trade
secrets relating to the business and operations of the Employer. Executive acknowledges that (i) such information is valuable
to the business of the Employer, (ii) disclosure to, or use for the benefit of, any person or entity other than the Employer,
would cause irreparable damage to the Employer, (iii) the principal businesses of the Employer are the acquisition,
development, management, leasing or financing of (A) any office real estate property, including without limitation the
origination of first-mortgage and mezzanine debt or preferred equity financing for real estate projects throughout the United
States and (B) any multi-family residential or retail real estate property located in the borough of Manhattan (collectively,
the “Business”) and (iv) the Employer is one of the limited number of persons who have developed a business such
as the Business. Executive further acknowledges that his duties for the Employer include the duty to develop and maintain
client, customer, employee, and other business relationships on behalf of the Employer; and that access to and development of
those close business relationships for the Employer render his services special, unique and extraordinary. In recognition
that the goodwill and business relationships described herein are valuable to the Employer, and that loss of or damage to
those relationships would destroy or diminish the value of the Employer, and in consideration of the compensation (including
severance) arrangements hereunder, and other good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged by Executive, Executive agrees as follows:

 

    12

     

    

 

(a)               
Confidentiality. During the term of this Agreement (including any renewals or extensions), and at all times thereafter,
Executive shall maintain the confidentiality of all confidential or proprietary information of the Employer (“Confidential
Information”), and, except in furtherance of the business of the Employer or as specifically required by law or by court
order, he shall not directly or indirectly disclose any such information to any person or entity; nor shall he use Confidential
Information for any purpose except for the benefit of the Employer. For purposes of this Agreement, “Confidential Information”
includes, without limitation: client or customer lists, identities, contacts, business and financial information (excluding those
of Executive prior to employment with Employer); investment strategies; pricing information or policies, fees or commission arrangements
of the Employer; marketing plans, projections, presentations or strategies of the Employer; financial and budget information of
the Employer; new personnel acquisition plans; and all other business related information which has not been publicly disclosed
by the Employer. This restriction shall apply regardless of whether such Confidential Information is in written, graphic, recorded,
photographic, data or any machine-readable form or is orally conveyed to, or memorized by, Executive. For the avoidance of doubt,
Section 8(a) shall not interfere with Executive’s rights to retain copies of any documents or data relating to Executive’s
compensation and benefits (including, without limitation, copies of this Employment Agreement, and side letters and any documents
relating to any of Executive’s equity-based award rights or other compensation and benefits) and/or discuss the same with
Executive’s advisors or immediate family (in each case, on a confidential basis). In addition, nothing in this Agreement
shall be interpreted or applied to prohibit Executive from disclosing matters that are protected under any applicable whistleblower
laws, including reporting possible violations of laws or regulations, or responding to inquiries from, or testifying before, any
governmental agency or self-regulating authority, all without notice to or consent from the Employer. Additionally, Executive is
hereby notified that the immunity provisions in Section 1833 of title 18 of the United States Code provide that an individual cannot
be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made
(1) in confidence to federal, state or local government officials, either directly or indirectly, or to an attorney, and is solely
for the purpose of reporting or investigating a suspected violation of the law, (2) under seal in a complaint or other document
filed in a lawsuit or other proceeding, or (3) to Executive’s attorney in connection with a lawsuit for retaliation for reporting
a suspected violation of law (and the trade secret may be used in the court proceedings for such lawsuit) as long as any document
containing the trade secret is filed under seal and the trade secret is not disclosed except pursuant to court order.

 

    13 

     

    

 

(b)                Prohibited
Activities. Because Executive’s services to the Employer are essential and because Executive has access to the
Employer’s Confidential Information, Executive covenants and agrees that, so long as the Employer has not materially
breached its obligations to Executive under this Agreement (or, in the event such breach has occurred, the Employer has cured
such breach or such breach only occurred following a material breach by Executive of his obligations under this
Agreement):

 

(i)                
during the Employment Period, and for the one-year period following the termination of Executive by either party for any
reason other than (A) non-renewal at the expiration of the Current Term or any Renewal Term or (B) termination by the Employer
without Cause or Executive with Good Reason in connection with or within eighteen (18) months after a Change-in-Control, Executive
will not, anywhere in the United States, without the prior written consent of the Board which shall include the unanimous consent
of the Directors other than any other officer of the Employer, directly or indirectly (individually, or through or on behalf of
another entity as owner, partner, agent, employee, consultant, or in any other capacity), engage, participate or assist, as an
owner, partner, employee, consultant, director, officer, trustee or agent, in any element of the Business, subject, however, to
Section 8(c) below; and

 

(ii)              
during the Employment Period, and during (x) in the case of clause (A) below, the two-year period following the termination
of Executive by either party for any reason (including the expiration of the term of the Agreement) other than a termination in
connection with or within eighteen (18) months after a Change-in-Control that constitutes a termination either by the Employer
without Cause or by Executive with Good Reason, or (y) the one-year period following such termination in the case of clause (B)
below, Executive will not, without the prior written consent of the Board which shall include the unanimous consent of the Directors
who are not officers of the Employer, directly or indirectly (individually, or through or on behalf of another entity as owner,
partner, agent, employee, consultant, or in any other capacity), (A) solicit, encourage, or engage in any activity to induce any
employee of the Employer to terminate employment with the Employer, or to become employed by, or to enter into a business relationship
with, any other person or entity, or (B) solicit, encourage, or engage in any activity to induce any prospective party to a transaction
with the Employer (including, without limitation, potential purchases, sales or leases of real estate assets) that is under agreement,
negotiation or active consideration by the Employer to not enter into or complete such transaction with the Employer (or to only
do so on terms less favorable to the Employer than otherwise would have been obtained); provided that, following the termination
of Executive, this clause (B) shall only apply to transactions that were under agreement, negotiation or active consideration by
the Employer during the six-month period prior to such termination. For purposes of this subsection, the term “employee”
means any individual who is an employee of or consultant to the Employer (or any affiliate) during the six-month period prior to
Executive’s last day of employment.

 

(c)                Other
Investments/Activities. Notwithstanding anything contained herein to the contrary, Executive is not prohibited by this
Section 8 from making investments (i) expressly disclosed to the Employer in writing before the date hereof; (ii) solely for
investment purposes and without participating in the business in which the investments are made, in any entity that engages,
directly or indirectly, in the acquisition, development, construction, operation, management, financing or leasing of office
real estate properties, regardless of where they are located, if (x) Executive’s aggregate investment in each such
entity constitutes less than one percent of the equity ownership of such entity, (y) the investment in the entity is in
securities traded on any national securities exchange, and (z) Executive is not a controlling person of, or a member of a
group which controls, such entity; or (iii) if the investment is made in (A) assets other than Competing Properties
(including, without limitation, multi-family residential or retail real estate properties located outside of the borough of
Manhattan) or (B) any entity other than one that is engaged, directly or indirectly, in the acquisition, development,
construction, operation, management, financing or leasing of Competing Properties. For purposes of this Agreement, a
 “Competing Property” means: (i) an office real estate property located outside of New York City, unless the
property (A) is not an appropriate investment opportunity for the Employer, (B) is not directly competitive with the
Businesses of the Employer and (C) has a fair market value at the time Executive’s investment is made of less than $25
million, (ii) an office real estate property located in New York City or (iii) a multi-family residential or retail real
estate property located in the borough of Manhattan.

 

    14 

     

    

 

(d)               
Employer Property. Executive acknowledges that all originals and copies of materials, records and documents generated
by him or coming into his possession during his employment by the Employer are the sole property of the Employer (“Employer
Property”). During his employment, and at all times thereafter, Executive shall not remove, or cause to be removed, from
the premises of the Employer, copies of any record, file, memorandum, document, computer related information or equipment, or any
other item relating to the business of the Employer, except as required by law or legal process or in furtherance of his duties
under this Agreement. When Executive terminates his employment with the Employer, or upon request of the Employer at any time,
Executive shall promptly deliver to the Employer all originals and copies of Employer Property in his possession or control and
shall not retain any originals or copies in any form, except that Executive may retain a copy of his Rolodex or other similar contact
list. For the avoidance of doubt, Section 8(d) shall not interfere with Executive’s rights to retain copies of any documents
or data relating to Executive’s compensation and benefits (including, without limitation, copies of this Employment Agreement,
and side letters and any documents relating to any of Executive’s equity-based award rights or other compensation and benefits)
and/or discuss the same with Executive’s advisors or immediate family (in each case, on a confidential basis).

 

(e)               
No Disparagement. For one (1) year following termination of Executive’s employment for any reason, Executive
shall not intentionally disclose or cause to be disclosed any negative, adverse or derogatory comments or information about (i)
the Employer and its parent, affiliates or subsidiaries, if any; (ii) any product or service provided by the Employer and its parent,
affiliates or subsidiaries, if any; or (iii) the Employer’s and its parent’s, affiliates’ or subsidiaries’
prospects for the future. For one (1) year following termination of Executive’s employment for any reason, the Employer shall
not disclose or cause to be disclosed any negative, adverse or derogatory comments or information about Executive. Nothing in this
Section shall prohibit either the Employer or Executive from testifying truthfully in any legal or administrative proceeding or
otherwise truthfully responding to any other request for information or testimony that Executive is legally required to respond
to, or making any legally required disclosures, and/or discussing any of the above with the Employer’s legal advisors or
Executive’s legal advisors on a confidential basis.

 

(f)                 Remedies.
Executive declares that the foregoing limitations in Sections 8(a) through 8(e) above are reasonable and necessary for the
adequate protection of the business and the goodwill of the Employer. If any restriction contained in this Section 8 shall be
deemed to be invalid, illegal or unenforceable by reason of the extent, duration or scope thereof, or otherwise, then the
court making such determination shall have the right to reduce such extent, duration, scope, or other provisions hereof to
make the restriction consistent with applicable law, and in its reduced form such restriction shall then be enforceable in
the manner contemplated hereby. In the event that Executive breaches any of the promises contained in this Section 8,
Executive acknowledges that the Employer’s remedy at law for damages will be inadequate and that the Employer will be
entitled to specific performance, a temporary restraining order or preliminary injunction to prevent Executive’s
prospective or continuing breach and to maintain the status quo. The existence of this right to injunctive relief, or other
equitable relief, or the Employer’s exercise of any of these rights, shall not limit any other rights or remedies the
Employer may have in law or in equity, including, without limitation, the right to arbitration contained in Section 9 hereof
and the right to compensatory and monetary damages. Executive hereby agrees to waive his right to a jury trial with respect
to any action commenced to enforce the terms of this Agreement. Executive shall have remedies comparable to those of the
Employer as set forth above in this Section 8(f) if the Employer breaches Section 8(e).

 

    15 

     

    

 

(g)               
Transition. Regardless of the reason for his departure from the Employer, Executive agrees that at the Employer’s
sole costs and expense, for a period of not more than thirty (30) days after termination of Executive, he shall take all steps
reasonably requested by the Employer to effect a successful transition of client and customer relationships to the person or persons
designated by the Employer, subject to Executive’s obligations to his new employer.

 

(h)               
Cooperation with Respect to Litigation. During the Employment Period and at all times thereafter, Executive agrees
to give prompt written notice to the Employer of any formally asserted claim relating to the Employer and to cooperate fully, in
good faith and to the best of his ability with the Employer in connection with any and all pending, potential or future claims,
investigations or actions which directly or indirectly relate to any action, event or activity about which Executive has or is
reasonably believed by the Employer to have direct material knowledge in connection with or as a result of his employment by the
Employer hereunder, provided that Executive is not waiving any legal rights he may have. Such cooperation will include all assistance
that the Employer, its counsel or its representatives may reasonably request, including reviewing documents, meeting with counsel,
providing factual information and material, and appearing or testifying as a witness; provided, however, that the Employer will
reimburse Executive for all reasonable expenses, including travel, lodging and meals, and reasonable legal fees and expenses (except
to the extent that legal representation is provided by the Employer at the Employer’s expense) incurred by him in fulfilling
his obligations under this Section 8(h) and, except as may be required by law or by court order, should Executive then be employed
by an entity other than the Employer, such cooperation will not materially interfere with Executive’s then current employment
or his efforts to obtain new employment. In addition, for all time that Executive reasonably expends at the request of the Employer
in cooperating with the Employer pursuant to this Section 8(h) when Executive is no longer employed by the Employer, the Employer
shall compensate Executive at a per diem rate equal to the sum of (A) Base Salary in Executive’s last fiscal year of employment
during the Employment Period plus (B) Executive’s actual annual cash bonus for the last full fiscal year of employment during
the Employment Period for which such a bonus was determined, divided by 220; provided that Executive’s right to such compensation
shall not apply to time spent in activities that could have been compelled pursuant to a subpoena, including testimony and related
attendance at depositions, hearings or trials.

 

(i)                
Survival. The provisions of this Section 8 and any other provisions relating to the enforcement thereof shall survive
termination of Executive’s employment.

 

9.                   Arbitration.
Any controversy or claim arising out of or relating to this Agreement or the breach of this Agreement (other than a
controversy or claim arising under Section 8, to the extent necessary for the Employer (or its affiliates, where applicable)
to avail itself of the rights and remedies referred to in Section 8(f)) that is not resolved by Executive and the Employer
(or its affiliates, where applicable) shall be submitted to binding arbitration by the American Arbitration Association in
New York, New York in accordance with New York law and the Commercial Arbitration Rules (the “Rules”) of the
American Arbitration Association (the “AAA”), and a neutral arbitrator will selected in a manner consistent with
such Rules. Such arbitration shall be confidential and private and conducted in accordance with the Rules. Any such
arbitration proceeding shall take place in New York City before a single arbitrator (rather than a panel of arbitrators).
Each party shall bear its respective costs (including attorney’s fees, and there shall be no award of attorney’s
fees. Judgment upon the final award(s) rendered by such arbitrator, after giving effect to the AAA internal appeals process,
may be entered in any court having jurisdiction thereof. The determination of the arbitrator shall be conclusive and binding
on the Employer (or its affiliates, where applicable) and Executive.

 

    16 

     

    

 

10.              
Conflicting Agreements. Executive hereby represents and warrants that the execution of this Agreement and the performance
of his obligations hereunder will not breach or be in conflict with any other agreement to which he is a party or is bound, and
that he is not now subject to any covenants against competition or similar covenants which would affect the performance of his
obligations hereunder.

 

11.              
Notices. All notices or other communications required or permitted to be given hereunder shall be in writing and
shall be delivered by hand or sent, postage prepaid, by registered or certified mail or overnight courier service and shall be
deemed given when so delivered by hand, or if mailed, three (3) days after mailing (one (1) business day in the case of express
mail or overnight courier service), and, further, shall be sent by email, as follows:

 

(a)          
if to Executive:

 

Matthew DiLiberto, at the mailing address and email
address (if provided) shown on the execution page hereof

 

(b)         
if to the Employer:

 

SL Green Realty Corp.

420 Lexington Avenue

New York, New York 10170

Attn: General Counsel

Email: andrew.levine@slgreen.com

 

or such other address as either party may from time
to time specify by written notice to the other party hereto.

 

12.              
Amendments. No amendment or modification of this Agreement shall be effective unless it shall be in writing and signed
by the parties hereto. No waiver of rights under this Agreement shall be effective against any party hereto unless in writing and
signed by such party.

 

13.              
Severability. If any provision of this Agreement (or any portion thereof) or the application of any such provision
(or any portion thereof) to any person or circumstances shall be held invalid, illegal or unenforceable in any respect by a court
of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof (or the
remaining portion hereof) or the application of such provision to any other persons or circumstances.

 

14.              
Withholding. The Employer shall be entitled to withhold from any payments or deemed payments any amount of tax withholding
it determines to be required by law.

 

    17 

     

    

 

15.              
 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of both parties and their
respective successors and assigns, including any corporation with which or into which the Employer may be merged or which may succeed
to its assets or business, provided, however, that the obligations of Executive are personal and shall not be assigned by him.
This Agreement shall inure to the benefit of and be enforceable by Executive’s personal and legal representatives, executors,
administrators, assigns, heirs, distributees, devisees and legatees.

 

16.              
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement, and shall become effective when one or more such counterparts have been signed by each of the parties and delivered
to the other party.

 

17.              
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York applicable to agreements made and to be performed entirely within such State, without regard to the conflicts of law principles
of such State.

 

18.              
Choice of Venue. Subject to the provisions of Section 9, Executive and the Employer each agree to submit to the jurisdiction
of the United States District Court for the Southern District of New York or the Supreme Court of the State of New York, New York
County, for the purpose of any action to enforce any of the terms of this Agreement.

 

19.               Parachutes.

 

(a)   
Notwithstanding any other provision of this Agreement, if all or any portion of the payments and benefits provided under
this Agreement (including without limitation any accelerated vesting and any other payment or benefit received in connection with
a Change-in-Control or the termination of Executive’s employment), or any other payments and benefits which Executive receives
or is entitled to receive under any plan, program, arrangement or other agreement, whether from the Employer or an affiliate of
the Employer, or any combination of the foregoing, would constitute an excess “parachute payment” within the meaning
of Section 280G of the Code (whether or not under an existing plan, arrangement or other agreement) (each such parachute payment,
a “Parachute Payment”), and would result in the imposition on Executive of an excise tax under Section 4999 of the
Code or any successor thereto, then the following provisions shall apply:

 

(i)                
If the Parachute Payments, reduced by the sum of (1) the Excise Tax and (2) the total of the federal, state, and local income
and employment taxes payable by Executive on the amount of the Parachute Payments which is in excess of the Threshold Amount, are
greater than or equal to the Threshold Amount, Executive shall be entitled to the full benefits payable under this Agreement.

 

(ii)               If
the Threshold Amount is less than (x) the Parachute Payments, but greater than (y) the Parachute Payments reduced by the sum
of (1) the Excise Tax and (2) the total of the federal, state, and local income and employment taxes on the amount of the
Parachute Payments which is in excess of the Threshold Amount, then the Parachute Payments shall be reduced (but not below
zero) to the extent necessary so that the Parachute Payment shall not exceed the Threshold Amount. In such event, the
Parachute Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the
Parachute Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section
280G of the Code: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the
Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the
foregoing Parachute Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1,
Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1,
Q&A-24(b) or (c).

 

    18 

     

    

 

(b)   
For the purposes of this Section 19, “Threshold Amount” shall mean three times Executive’s “base
amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar ($1.00);
and “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, and any interest or penalties incurred
by Executive with respect to such excise tax.

 

(c)   
The determination as to which of the alternative provisions of Section 19(a) shall apply to Executive shall be made by a
certified public accounting firm of national reputation reasonably selected by the Employer. Executive and the Employer shall provide
the accounting firm with all information which any accounting firm reasonably deems necessary in computing the Threshold Amount.
For purposes of determining which of the alternative provisions of Section 19(a) shall apply, Executive shall be deemed to pay
federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in
which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in
each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction
of such state and local taxes. Any determination by the accounting firm shall be binding upon the Employer and the Executive.

 

20.            Section 409A.

 

(a)   
Anything in this Agreement to the contrary notwithstanding, if at the time of Executive’s separation from service
within the meaning of Section 409A of the Code, the Employer determines that Executive is a “specified employee” within
the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that Executive becomes entitled
to under this Agreement on account of Executive’s separation from service would be considered deferred compensation subject
to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i)
of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A)
six (6) months and one day after Executive’s separation from service, or (B) Executive’s death. If any such delayed
cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts
that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the
installments shall be payable in accordance with their original schedule. Any payments delayed pursuant to this Section 20(a) shall
bear interest during the period of such delay at the simple rate of 5% per annum.

 

(b)   
The parties intend that this Agreement will be administered in accordance with Section 409A of the Code and that the compensation
arrangements under this Agreement be in full compliance with Section 409A of the Code. This Agreement shall be construed in a manner
to give effect to such intention. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section
409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code.
The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully
comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided
hereunder without additional cost to either party.

 

    19 

     

    

 

(c)   
 To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation”
under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination
of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.”
The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions
set forth in Treasury Regulation Section 1.409A-1(h).

 

(d)   
Each payment under this Agreement or otherwise (including any installment payments) shall be treated as a separate payment
for purposes of Section 409A of the Code.

 

(e)   
All in-kind benefits provided and expenses eligible for reimbursement under this Agreement must be provided by the Employer
or incurred by Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively
practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year
in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year
shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such
right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 

(f)    
The Employer makes no representation or warranty and shall have no liability to Executive or any other person if any provisions
of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an
exemption from, or the conditions of, such Section.

 

21.              
Entire Agreement. This Agreement (including, without limit, any attached exhibits hereto and any equity and award
agreements referred to herein or therein) contains the entire agreement and understanding between the parties hereto with respect
to the subject matter hereof and, as of the Effective Date, supersedes all prior agreements and understandings relating to such
subject matter, including, without limitation, the Prior Agreement; provided, however, that no provision in this Agreement shall
be construed to adversely affect any of Executive’s rights to compensation or benefits (including equity compensation) payable
in accordance with the terms of the Prior Agreement (and applicable equity award agreements) or any of Executive’s rights
to indemnification with respect to Executive’s service under the Prior Agreement. The parties hereto shall not be liable
or bound to any other party in any manner by any representations, warranties or covenants relating to such subject matter except
as specifically set forth herein.

 

22.              
Section Headings. Section headings used in this Agreement are included for convenience of reference only and will
not affect the meaning of any provision of this Agreement.

 

23.              
Board Approval. The Employer represents that the Board (or the Compensation Committee thereof) has approved the economic
terms of this Agreement.

 

[Remainder of page
intentionally left blank]

 

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IN WITNESS WHEREOF, this Agreement is entered
into as of the date and year first written above.

 

	 	SL GREEN REALTY CORP.
	 	 
	 	By:	/s/ Andrew S. Levine
	 	 	Name: Andrew S. Levine
	 	 	Title: Executive Vice President

 

	EXECUTIVE:	 
	 	 
	/s/ Matthew DiLiberto	 
	Name: Matthew DiLiberto	 
	 	 
	Address:	 
	 	 
	Email Address:	 

 

[Signature
Page to DiLiberto Employment Agreement]

 

     

     

    

 

EXHIBIT A

 

LONG-TERM INCENTIVE PLAN UNITS (“LTIP
UNITS”)

 

LTIP Units (Time-Based Vesting)

 

		1.	Plan: SL Green Realty Corp. Fourth Amended and Restated 2005 Stock Option and Incentive Plan (the “2005 Plan”)

 

		2.	Type of Award: LTIP units in SL Green Operating Partnership, L.P.

 

		3.	Total Number of Units: 31,020

 

		4.	Distributions will be paid on all 31,020 units whether vested or not.

 

		5.	Vesting: Subject to acceleration as set forth in the Agreement, 15,510 of the units shall vest on each of January 1, 2022 and
January 1, 2023, if and as employment continues.

 

    A-1

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