MATHIAS ANDREW W 4

What Happened

Andrew W. Mathias, a director of SL Green Realty Corp. (SLG), was reported to have acquired two awards of 100,617 LTIP units each on 2026-02-12 (total 201,234 units). The reported acquisition price for each award was $0.00, indicating these were vested long-term incentive plan (LTIP) units/derivative awards rather than an open-market cash purchase. The awards were originally tied to performance over 2023–2025 and vested on December 31, 2025.

Key Details

• Transaction date: 2026-02-12 (reported on Form 4 filed 2026-02-17).
• Grant details: Two entries of 100,617 LTIP units each (total 201,234 units); reported price $0.00 (derivative award/vested LTIP).
• Vesting/performance: Footnotes indicate the LTIP units were earned based on SL Green’s total stockholder return vs. peer groups for the 2023–2025 period and vested in full on 12/31/2025 (see F1 and F3).
• Conversion/redemption: LTIP units may be converted into common units of the operating partnership and, typically, those common units may be redeemed for cash equal to fair market value or for shares of SLG common stock at the issuer’s election; conversion/redemption rights and restrictions are described in the filing (see F2).
• Restriction: Each vested LTIP unit and any common unit received on conversion is subject to an additional two‑year no‑sell/no‑redemption provision (until earlier of two years after vesting, termination of employment, or a change in control).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Timeliness: The Form 4 was filed 2026-02-17 for a 2026-02-12 transaction, which appears to be one business day late from the typical Form 4 two-business-day filing requirement.

Context

These entries reflect the vesting/recognition of performance-based LTIP awards rather than purchases or sales; no cash was exchanged at the reported $0.00 price. Such awards are common compensation for executives and directors and can be subject to multi-year transfer or redemption restrictions, so they do not necessarily indicate an immediate change in insider sentiment.