Letter Agreement Regarding Temporary Base Salary Reduction between SL Green Realty Corp. and Marc Holliday
This agreement is between SL Green Realty Corp. and Executive Marc Holliday. It confirms that Marc Holliday consents to a reduction in his annual base salary from $1,350,000 to $1,250,000 for the 2018 calendar year, retroactive to January 18, 2018. The agreement also states that this salary reduction does not qualify as 'Good Reason' for resignation under the terms of his existing employment agreement. Both parties have signed to acknowledge and accept these terms.
Exhibit 10.2
April 30, 2018
TO: SL Green Realty Corp.
420 Lexington Avenue, 19th Floor
New York, New York 10170
Attn: Chief Legal Officer
The undersigned (“Executive”) hereby consents to the reduction of the aggregate per annum minimum base salary payable pursuant to Section 3(a) of the Amended and Restated Employment and Noncompetition Agreement between SL Green Realty Corp. and Executive, dated as of February 10, 2016 (the “Employment Agreement”), from $1,350,000 to $1,250,000, which reduction shall be effective for calendar year 2018 (retroactive to January 18, 2018), and that such reduction in salary shall not constitute Good Reason (as defined in the Employment Agreement).
[Signature Page Follows]
IN WITNESS WHEREOF, the parties have executed this Letter Agreement as of the date first written above.
| SL GREEN REALTY CORP. |
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| By: | /s/ Andrew S. Levine |
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| Name: | Andrew S. Levine |
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| Title: | Chief Legal Officer, General Counsel and Executive Vice President |
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| EXECUTIVE |
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| By: | /s/ Marc Holliday |
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| Name: | Marc Holliday |
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