SL Green Realty Corporation
03/04/2026 | Press release | Distributed by Public on 03/04/2026 15:42
Management Change/Compensation (Form 8-K)
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Harrison Sitomer as President
On February 27, 2026, SL Green Realty Corp. (the "Company") appointed Harrison Sitomer to serve as its President and entered into an employment agreement with Mr. Sitomer in connection with his appointment. Mr. Sitomer will also continue to serve as the Company's Chief Investment Officer.
Mr. Sitomer, 36, has served as the Company's Chief Investment Officer since 2022 and has served in a variety of investment roles with the Company since joining the Company in 2012. As Chief Investment Officer, Mr. Sitomer has been responsible for sourcing and executing the Company's acquisitions, dispositions, financings, and joint ventures, along with debt and preferred equity investments. Mr. Sitomer also manages the Food1st Foundation, a 501(c)3 established by the Company in order to serve a dual mission of addressing increased demand for food assistance, while also helping to revitalize New York City's food and beverage industry by reactivating over 35 kitchens. Mr. Sitomer serves on the Board of Directors of the American Friends of the Rabin Medical Center, the Board of Advisors for the Mayor's Fund to Advance New York City and is a member of the David Rockefeller Fellowship Program and the Milken Institute Young Leaders Circle. Mr. Sitomer received a Bachelor of Arts degree from the University of Pennsylvania.
Prior to Mr. Sitomer's appointment, Marc Holliday served as the Company's Chairman, Chief Executive Officer & Interim President. As a result of Mr. Sitomer's appointment, Mr. Holliday ceased to hold the title of Interim President as of February 27, 2026. Mr. Holliday will continue to serve as the Chairman and Chief Executive Officer of the Company.
The following summarizes the material terms of the employment agreement between the Company and Mr. Sitomer:
| Term: | Four years (1/1/26 - 1/1/30), with automatic renewals for successive one-year periods unless either party provides prior written notice of non-renewal. In the event that a Change-in-Control occurs within 18 months prior to the scheduled expiration of the term, Mr. Sitomer may extend the term until the date that is 18 months after the Change-in-Control. |
| Base Salary: | $700,000 per year. |
| Annual Cash Bonus: | Opportunity to earn 50-400% of base salary, based (i) 75% on a formulaic component based upon the achievement of specific goals established in advance by the Compensation Committee (the "Compensation Committee") of the Board of Directors of the Company and (ii) 25% on a discretionary component at the Compensation Committee's discretion. |
| Annual Time-Based Awards: |
Time-Based Component: Mr. Sitomer will be eligible to receive an annual award of time-based LTIP units or restricted stock, as Mr. Sitomer elects, based on the Company's performance during the prior year (such award, the "Annual Time-Based Award"), with one-third of each award vesting on January 1 of each of the first three years following such award. The value of the award each year will be determined by the Compensation Committee based on its evaluation of Mr. Sitomer's performance during the prior year, provided that the amount for target performance will not be less than $3,300,000. The Annual Time-Based Award may accelerate upon a termination of Mr. Sitomer's employment without Cause, or for Good Reason, upon a non-renewal of the then-current term of the agreement, or Mr. Sitomer's termination of employment due to death or disability. The first Annual Time-Based Award will be in the amount of $3,300,000 and will be made in the form of restricted stock promptly following the execution of the employment agreement. Outperformance Modifier: To the extent the Annual Time-Based Award becomes vested in full, the Annual Time-Based Award may be increased by a number of additional units or shares of restricted stock, as applicable, up to 100% of the Annual Time-Based Award (such units or shares of restricted stock, as applicable, the "Outperformance Award"), as set forth below, based upon the achievement of three-year specific operational or financial goals covering a measurement period of three years, which goals will be established in advance by the Compensation Committee. In the event that vesting of the Annual Time-Based Award accelerates, the Outperformance Award will remain eligible to be earned at the conclusion of the three-year performance period. In connection with a Change-in-Control prior the conclusion of any performance period, performance will be determined based on actual, annualized performance through the date of the Change-in-Control (or the most recent practicable date). |
| Outperformance Metric Modifier | ||||||
| Performance Level | Threshold | Target | Maximum | |||
| Percent Modifier | +25% | +50% | +100% | |||
SL Green Realty Corporation published this content on March 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 04, 2026 at 21:42 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]