SL Green Realty Corp (SLG) director updates Phantom Stock Unit holdings

Rhea-AI Filing Summary

SL Green Realty Corp. director John H. Alschuler Jr. reported transactions in Phantom Stock Units tied to the company’s common stock. On January 5, 2026, he acquired 5,004.259 Phantom Stock Units at a price of $0, bringing his balance in this plan to 21,500.477 units.

Also on January 5, 2026, 5,004.259 Phantom Stock Units were settled in cash at $46.96 per unit, reducing his balance to 16,496.218 units. On January 9, 2026, a further 1,644.673 Phantom Stock Units were settled in cash at $45.87 per unit, leaving 14,851.55 units outstanding.

The footnotes explain that each Phantom Stock Unit is linked 1‑for‑1 to a share of common stock and generally becomes payable in common stock or, in some cases, cash upon the earlier of the director leaving the board, the director’s death, or a change of control of the company, subject to vesting and program elections.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ALSCHULER JOHN H JR

(Last) (First) (Middle)

C/O SL GREEN REALTY CORP.

ONE VANDERBILT AVENUE - 28TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SL GREEN REALTY CORP [ SLG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/05/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Units	(1)	01/05/2026		A		5,004.259		(2)	(2)	Common Stock	5,004.259	$0	21,500.477	D
Phantom Stock Units	(1)	01/05/2026		I(3)			5,004.259	(2)	(2)	Common Stock	5,004.259	$46.96	16,496.218	D
Phantom Stock Units	(1)	01/09/2026		I(3)			1,644.673	(2)	(2)	Common Stock	1,644.673	$45.87	14,851.55	D

Explanation of Responses:

1. The Phantom Stock Units convert to Common Stock on a 1-for-1 basis.

2. The Phantom Stock Units become payable in Common Stock (or in certain cases in cash) upon (unless the reporting person elects otherwise in accordance with the documents governing the applicable program) the earlier of (i) the January 1 coincident with or next following the earlier of (A) the reporting person's ceasing to be a director, and (B) the reporting person's death, and (ii) a change of control of the Issuer (as determined under such governing documents), in each case to the extent vested. In addition, the reporting person (i) has been permitted to elect to receive distributions in the form of installment payments, and (ii) may be permitted to receive distributions for certain unforeseeable emergencies.

3. Represents settlement of Phantom Stock Units in cash, based on the price set forth in Column 8 above. Prior to payment, the reporting person had the right to transfer the value of the reporting person's Phantom Stock Units into an alternative investment account.

	/s/ John H. Alschuler, Jr., by Andrew S. Levine, Attorney-in-Fact	01/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who is the insider in SL Green Realty (SLG) reporting these transactions?

The reporting person is John H. Alschuler Jr., who serves as a director of SL Green Realty Corp.

What type of securities did John H. Alschuler Jr. transact in for SLG?

He reported transactions in Phantom Stock Units, which are derivative securities linked to SL Green Realty Corp. common stock on a 1‑for‑1 basis.

How many Phantom Stock Units did the SLG director acquire on January 5, 2026?

On January 5, 2026, he acquired 5,004.259 Phantom Stock Units at a price of $0 per unit.

What Phantom Stock Units were settled in cash by the SLG director and at what prices?

On January 5, 2026, 5,004.259 Phantom Stock Units were settled in cash at $46.96 per unit. On January 9, 2026, an additional 1,644.673 units were settled in cash at $45.87 per unit.

How many Phantom Stock Units does the SLG director hold after these transactions?

After the reported transactions, he beneficially owns 14,851.55 Phantom Stock Units.

When do SL Green Realty (SLG) Phantom Stock Units generally become payable?

According to the footnotes, the Phantom Stock Units become payable in common stock (or in certain cases in cash) upon the earlier of the director ceasing to be a director, the director’s death, or a change of control of SL Green Realty Corp., in each case to the extent vested, subject to program elections.

Can the SLG director choose how Phantom Stock Units are distributed?

The footnotes state that the director has been permitted to elect to receive installment payments and may be permitted to receive distributions in certain unforeseeable emergencies, as provided in the governing plan documents.