SL Green Realty Extends CEO and Chairman Marc Holliday’s Term Through 2028

SL Green Realty Corp., a leading real estate investment trust, announced in a recent 8-K filing with the Securities and Exchange Commission that they have extended the term of Marc Holliday, the Company’s Chief Executive Officer and Chairman. The extension will last for an additional three and a half years, now through July 18, 2028, from the initial expiration date in 2024.

Under the terms of the extension, Mr. Holliday will continue to serve as the Chief Executive Officer and Chairman. Additionally, he will retain his title as Interim President until the effective date of the new employment agreement on January 18, 2025. The agreement outlines various compensation packages and benefits for Mr. Holliday during this extended period.

Some key highlights of the new agreement include:
– A base salary of $1,400,000 per year.
– An opportunity to earn a formulaic annual cash bonus ranging from 50% to 400% of the base salary.
– Time-based and performance-based stock awards with specified vesting schedules and performance metrics.
– A one-time casino bonus of $10,000,000, contingent upon certain milestones related to the building at 1515 Broadway, New York.
– Membership interests in the general partner of the Company’s debt fund, offering Mr. Holliday 12% of carried interest distributions.

Furthermore, the agreement includes provisions for severance benefits, restrictive covenants, and compensation details in the event of a Change-in-Control. Mr. Holliday will be entitled to various benefits if there is a termination without Cause or in connection with a Change-in-Control.

Upon entering into the new agreement, Mr. Holliday was also granted 217,917 Class O LTIP Units, which are subject to time-based and performance-based vesting conditions. These units may be converted into common units of limited partnership interest in the Company’s operating partnership.

The filing notes that all specifics discussed are included in the employment agreement filed as Exhibit 10.1 with the SEC. This detailed agreement provides a comprehensive breakdown of the terms and conditions of Mr. Holliday’s extended employment with SL Green Realty.

The shareholders and stakeholders of SL Green Realty will be closely monitoring the outcomes of this extended agreement and the attainment of performance metrics outlined in the filing.

The 8-K filing also includes updates on the agreement of limited partnership of SL Green Operating Partnership, L.P., and relevant financial statements and exhibits related to the extension of Mr. Holliday’s employment agreement.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read SL Green Realty’s 8K filing here.

About SL Green Realty

3SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.