SL GREEN REALTY CORP
EX-10.1
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<FILENAME>a03-1870_1ex10d1.htm
<DESCRIPTION>EX-10.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.1</font></b></p>

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<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SL GREEN REALTY CORP.<br>
2003 LONG-TERM OUTPERFORMANCE<br>
COMPENSATION PROGRAM</font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 1</font></p>

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<p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GENERAL</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Background</u>.&#160; SL Green Realty Corp. (the &#147;<u>Company</u>&#148;)
maintains the SL Green Realty Corp.&#160;
Amended 1997 Stock Option and Incentive Plan (as amended, modified or
supplemented from time to time, the &#147;<u>Plan</u>&#148;).&#160; Among the forms of compensation contemplated by the Plan are
grants of restricted stock.&#160; This 2003
Long-Term Outperformance Compensation Program (this &#147;<u>Program</u>&#148;) is
adopted in furtherance of the authority to make such grants and provides for
grants of restricted stock awards (each, an &#147;<u>Award</u>&#148;) to designated
Persons.&#160; The Awards shall be subject to
the terms and conditions set forth herein and shall also be subject in all
respects to the Plan.&#160; The Awards and
the Persons entitled to such awards (each, an &#147;<u>Award Recipient</u>&#148;) shall
be evidenced pursuant to plan agreements (each, an &#147;<u>Award Agreement</u>&#148;)
substantially in the form attached hereto.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Administration</u>.&#160; Without limitation of <u>Section 1.1</u>, the
Program and the Awards shall be administered by the Compensation Committee (the
&#147;<u>Committee</u>&#148;) of the Board of Directors of the Company (the &#147;<u>Board</u>&#148;)
in accordance with the Plan.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Definitions</u>.&#160; Capitalized terms used herein without
definitions shall have the meanings given to those terms in the Plan.&#160; In addition, as used herein:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Award Shares</u>&#148; has the meaning given to that
term in <u>Section 2.1.1</u>.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Change of Control</u>&#148; means:</font></p>

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<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any Person, together with all
&#147;affiliates&#148; and &#147;associates&#148; (as such terms are defined in Rule 12b-2 under
the Exchange Act) of such Person, shall become the &#147;beneficial owner&#148; (as such
term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities of the Company representing 25% or more of either (A) the
combined voting power of the Company&#146;s then outstanding securities having the
right to vote in an election of the Board (&#147;<u>Voting Securities</u>&#148;) or (B)
the then outstanding shares of all classes of stock of the Company (in either
such case other than as a result of the acquisition of securities directly from
the Company); or</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; individuals who constitute the Board
(the &#147;<u>Incumbent Directors</u>&#148;) as of the Effective Date cease for any
reason, including, without limitation, as a result of a tender offer, proxy
contest, merger or similar transaction, to constitute at least a majority of
the Board, <u>provided</u> that any person becoming a director of the Company
whose election or nomination for election was approved by a vote of at least a
majority of the Incumbent Directors shall, for purposes hereof, be considered
an Incumbent Director; or</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the stockholders of the Company shall
approve (A) any consolidation or merger of the Company or any subsidiary where
the stockholders of the Company, immediately prior to the consolidation or
merger, would not, immediately after the consolidation or merger, beneficially
own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or</font></p>

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<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">indirectly, shares
representing in the aggregate at least 50% of the voting shares of the
corporation issuing cash or securities in the consolidation or merger (or of
its ultimate parent corporation, if any), (B) any sale, lease, exchange or
other transfer (in one transaction or a series of transactions contemplated or
arranged by any party as a single plan) of all or substantially all of the
assets of the Company or (C) any plan or proposal for the liquidation or
dissolution of the Company.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, an event described in
clause (i)&#160; shall not be a Change of
Control if such event occurs solely as the result of an acquisition of
securities by the Company which, by reducing the number of shares of stock or
other Voting Securities outstanding, increases (x) the proportionate number of
shares of stock of the Company beneficially owned by any Person to 25% or more
of the shares of stock then outstanding or (y) the proportionate voting power
represented by the Voting Securities beneficially owned by any Person to 25% or
more of the combined voting power of all then outstanding Voting Securities; <u>provided</u>,
<u>however</u>, that if any Person referred to in clause (x) or (y) of this
sentence shall thereafter become the beneficial owner of any additional stock
of the Company or other Voting Securities (other than pursuant to a share
split, stock dividend, or similar transaction), then a Change of Control shall
be deemed to have occurred for purposes of the foregoing clause (i).</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Common Stock Price</u>&#148; means, on any date, the
average of the fair market values of one share of the Common Stock for the
twenty (20) trading days ending on (and including, if that day is a trading
day) such date or, if higher, such average computed for the sixty (60) trading
days ending on (and including, if that day is a trading day) such date.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Disability</u>&#148; means, with respect to an Award
Recipient, (i) if the Company has a long-term disability plan in effect, the
termination of employment with the Company of such Award Recipient as a result
of incapacity due to physical or mental illness or other disability which
qualifies such Award Recipient to receive benefits under such long-term
disability plan, (ii) if the Company does not have a long-term disability plan
in effect, the termination of employment with the Company of such Award
Recipient pursuant to the &#147;Disability&#148; provisions of such Award Recipient&#146;s
employment agreement with the Company and (iii)&nbsp;if neither of (i) or (ii)
is applicable to such Award Recipient, a determination by the Committee that
such Award Recipient, as a result of a physical or mental illness or other
disability, has a &#147;Disability&#148; for purposes of this Program.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Dividend Value</u>&#148; means the aggregate amount of
dividends paid on one share of the Common Stock between April 1, 2003 and the
Valuation Date.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Effective Date</u>&#148; means April 1, 2003.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Exchange Act</u>&#148; means the Securities Exchange
Act of 1934, as amended.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Factor</u>&#148; means, with respect to the First
Baseline, a number equal to 40% multiplied by the Fraction, and with respect to
the Second Baseline, a number equal to 48% multiplied by the Fraction.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>fair market value</u>&#148; has the meaning given to
that term in the Plan.</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>First Baseline</u>&#148; means 140% of the Common Stock
Price on the Effective Date; <u>provided</u> that if the Valuation Date occurs
prior to the Measurement Date, then for purposes hereof, the First Baseline
shall be equal to the sum of (a) the Common Stock Price on the Effective Date
plus (b) the Common Stock Price on the Effective Date multiplied by the Factor.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Fraction</u>&#148; means the number of whole calendar
months that have elapsed since the Effective Date divided by 48.</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Measurement Date</u>&#148; means March 31, 2007.</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Outperformance Amount</u>&#148; means&nbsp;a dollar
amount calculated as follows:&#160; subtract
the First Baseline from the Total Return; multiply the resulting amount by the
number of Units outstanding on the Valuation Date; and multiply that resulting
amount by 8%.&#160; If the Total Return
exceeds the Second Baseline, then the Outperformance Amount will be increased
by&nbsp;a dollar amount calculated as follows: subtract the Second Baseline
from the Total Return; multiply the resulting amount by the number of Units
outstanding on the Valuation Date; and multiply that resulting amount by 2%.</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Person</u>&#148; shall have the meaning used in Sections
13(d) and 14(d) of the Exchange Act.</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Second Baseline</u>&#148; means 148% of the Common
Stock Price on the Effective Date; <u>provided</u> that if the Valuation Date
occurs prior to the Measurement Date, then for purposes hereof, the Second
Baseline shall be equal to the sum of (a) the Common Stock Price on the
Effective Date plus (b) the Common Stock Price on the Effective Date multiplied
by the Factor.</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Total Return</u>&#148; means the sum of the Dividend
Value plus the Common Stock Price on the Valuation Date.</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Units</u>&#148; means &#147;Class A Units&#148; and &#147;Class B
Units,&#148; as such terms are defined in the First Amended and Restated Agreement
of Limited Partnership of SL Green Operating Partnership, L.P. dated as of
August 20, 1997 among the Company and the limited partners party thereto, as
amended from time to time.</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Valuation Date</u>&#148; means the earlier of (i) the
Measurement Date and (ii) the date upon which a Change of Control shall occur.</font></p>

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<p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 2</font></p>

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<p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OUTPERFORMANCE AWARDS</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Awards</u>.</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to <u>Section 2.6</u>, each
Person named in an Award Agreement (an &#147;<u>Award Recipient</u>&#148;) is hereby
granted an Award consisting of a number of shares of restricted Common Stock (&#147;<u>Award
Shares</u>&#148;), calculated as of the Valuation Date, equal to the Outperformance
Amount (if any) divided by the Common Stock Price on the Valuation Date and
multiplied by the percentage specified for such Award Recipient in such Award
Recipient&#146;s Award Agreement; <u>provided</u> that the aggregate number of Award
Shares shall not exceed the number of shares of Common Stock with respect to
which awards may then be granted under the Plan on the Valuation Date, and <u>further</u>
<u>provided</u> that the aggregate number of Award Shares shall not exceed 4%
of the number of Units outstanding on the Valuation Date.&#160; The Compensation Committee shall have the
right to increase an Award Recipient&#146;s percentage from time to time and at any
time prior to the Valuation Date, so long as the total percentage to all Award
Recipients does not exceed 100%.</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the terms hereof, the Award
Shares shall be issued as of the earliest of (i)&nbsp;the fourth (4<sup>th</sup>)
anniversary of the Effective Date, (ii)&nbsp;the date upon which a Change of
Control shall occur and (iii)&nbsp;pursuant to <u>Section 2.6.1</u>, the date,
if any, upon which an Award Recipient shall be granted</font></p>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">an Award in accordance
with such section, in each case notwithstanding that, as an administrative
matter, certificates representing the Award Shares may be issued subsequent to
any such date.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Termination and Forfeiture;
Vesting; Change of Control</u>.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; If at any time prior to the Valuation
Date an Award Recipient&#146;s employment by the Company shall terminate or cease
for any reason (except in the case of the death or Disability of such Award
Recipient, in which case the provisions of <u>Section 2.6</u> shall apply),
then such Award Recipient&#146;s Award shall terminate at such time and no Award
Shares shall be distributed in respect thereof.&#160; If at any time on or after the Valuation Date an Award
Recipient&#146;s employment by the Company shall terminate or cease for any reason
(except in the case of the death or Disability of such Award Recipient, in
which case the provisions of <u>Section 2.6</u> shall apply), then all of such
Award Recipient&#146;s Award Shares that remain unvested at such time shall
automatically and immediately be forfeited by such Award Recipient.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to <u>Section 2.6</u>, the Award
Shares shall become vested, with respect to each Award Recipient, as follows:
(i) forty percent (40%) of such Award Recipient&#146;s Award Shares shall become
vested on the fourth (4<sup>th</sup>) anniversary of the Effective Date; and
(ii) an additional twenty percent (20%) of such Award Recipient&#146;s Award Shares
shall become vested on each of the fifth (5<sup>th</sup>) anniversary of the
Effective Date, the sixth (6<sup>th</sup>) anniversary of the Effective Date
and the seventh (7<sup>th</sup>) anniversary of the Effective Date; <u>provided</u>
that all unvested Award Shares that have not previously been forfeited shall
vest immediately upon the occurrence of a Change of Control.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Payments by Award Recipients</u>.&#160; For purposes of Section 3.1(b) of the Plan,
no amount shall be payable to the Company by any Award Recipient at any time in
respect of an Award.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Dividends</u>.&#160; On and after the Valuation Date, if the
Company shall pay a cash dividend on the Common Stock, the Company shall pay
the same cash dividend on each issued and outstanding Award Share without
regard to whether such Award Share has then vested (which dividend shall be
non-refundable, notwithstanding any subsequent forfeiture, if any, of Award
Shares in respect of which such dividend was paid).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Restrictions on Transfer</u>.&#160; No Award Recipient shall assign, transfer,
otherwise encumber or dispose of (&#147;<u>Transfer</u>&#148;) any Award Share prior to
the date on which such Award Share vests.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Death or Disability</u>.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.6.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding any other provision
herein, prior to the Valuation Date if an Award Recipient&#146;s employment by the
Company shall terminate or cease as a result of the death or Disability of such
Award Recipient, then (i) such Award Recipient shall automatically and
immediately be granted an Award calculated as if a Change of Control had
occurred (with respect to such Award Recipient only) on the date of death or
Disability and (ii) all of the Award Shares comprising such Award shall
automatically and immediately vest and be Transferable for all purposes
hereunder.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.6.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding any other provision
herein, on or after the Valuation Date if an Award Recipient&#146;s employment by
the Company shall terminate or cease as a result of the death or Disability of
such Award Recipient, then all of such Award Recipient&#146;s Award Shares shall
automatically and immediately vest and be Transferable for all purposes
hereunder.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 3</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MISCELLANEOUS</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendments</u>.&#160; This 2003 Outperformance Plan and any Award
Agreement may be amended or modified only with the consent of the Company
acting through the Compensation Committee of the Board; <u>provided</u> that
any amendment or modification which adversely affects an Award Recipient must
be consented to by such Award Recipient to be effective as against him. The
Compensation Committee shall have the authority to award Shares to effect the
spirit and intent of this Outperformance Program in the event it determines
that the Award Shares to be granted, if any, based upon the formulas set forth
herein would not reflect the outperformance of the Company relative to industry
indices and the purposes for which the Program was implemented.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Incorporation of Plan</u>.&#160; The provisions of the Plan are hereby
incorporated by reference as if set forth herein.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Stock Certificates; Restrictive
Legends</u></font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; On any date of issuance of Award Shares
or as soon as practicable thereafter, the Company shall issue a stock
certificate to each Award Recipient receiving Award Shares hereunder.&#160; Each such certificate shall be registered in
the name of the appropriate Award Recipient.&#160;
The certificates issued hereunder shall bear a legend referring to the
terms, conditions and restrictions applicable to such Award Shares hereunder,
substantially in the following form (in addition to any other legend the
Committee may determine to be necessary or appropriate):</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES
OF STOCK REPRESENTED HEREBY ARE RESTRICTED BY AND SUBJECT TO THE TERMS AND
CONDITIONS (INCLUDING FORFEITURE) OF THE SL GREEN REALTY CORP. 2003 LONG-TERM
OUTPERFORMANCE COMPENSATION PROGRAM.&#160;
COPIES OF SUCH PROGRAM ARE ON FILE IN THE OFFICES OF SL GREEN REALTY CORP.
AT 420 LEXINGTON AVENUE, NEW YORK, NEW YORK&#160;
10170.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Committee shall require that the
stock certificates evidencing the Award Shares be held in custody by the
Company until the restrictions (including those relating to vesting and
transferability) set forth in this Program shall have lapsed, and that, as a
condition to the issuance of the Award Shares to any Award Recipient such Award
Recipient shall have delivered a stock power, endorsed in blank, relating to
such Award Shares.&#160; If and when such
restrictions lapse, the stock certificates shall be delivered by the Company to
the appropriate Award Recipient or his designee.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any shares of Common Stock or other
securities distributed by the Company in respect of the Award Shares shall be subject
to this <u>Section 3.3</u> including the requirement of an appropriate legend,
the requirement that the certificates representing such shares of Common Stock
or other securities be held in custody by the Company and the condition to
distribution that the Award Recipient have delivered a stock power with respect
to such shares of Common Stock or other securities.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Company shall be consolidated or
merged with another corporation, each Award Recipient shall be required, to the
extent that the Award Shares remain unvested and/or subject to restrictions or
transferability, to deposit with the successor corporation each certificate
that such Award Recipient is entitled to receive by reason of the ownership of
the Award Shares, and the other provisions of this <u>Section 3.3</u> shall
apply to such certificates.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ATTACHMENT TO 2003 OUTPERFORMANCE
PLAN</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESTRICTED STOCK AWARD AGREEMENT</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding Common Stock of</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SL GREEN REALTY CORP.</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issued Pursuant to the<br>
SL Green Realty Corp. 2003 Long-Term<br>
Outperformance Compensation Program<br>
(Constituted Under the SL Green<br>
Realty Corp. Amended 1997 Stock<br>
Option and Incentive Plan)</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This certifies that
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(the &#147;<u>Grantee</u>&#148;) is an Award Recipient (as defined herein) under the SL
Green Realty Corp. 2003 Long-Term Outperformance Compensation Program (the &#147;<u>Program</u>&#148;).&#160; Capitalized terms used but not defined
herein shall have the meanings given to those terms in the Program.&#160; The Grantee&#146;s percentage for purposes of
Section 2.1.1 of the Program is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%, which
percentage may be increased from time to time as provided in the Program.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This certificate is issued pursuant to and is subject
to all of the terms and conditions of the Program and all of the terms and
conditions of the Plan, in each case the terms and conditions of which are
hereby incorporated as though set forth herein, and the receipt of a copy of
which the Grantee hereby acknowledges by his receipt of this certificate.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A determination of the Committee under the Program as
to any questions which may arise with respect to the interpretation of the
provisions of this certificate and of the Program shall be final.&#160; The Committee may authorize and establish
such rules, regulations and revisions thereof, not inconsistent with the
provisions of the Program and the Plan, as it may deem advisable.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITNESS the signature of the Company&#146;s duly authorized
officer.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&#160;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:auto;">&nbsp;</p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.08%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SL GREEN REALTY CORP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;">&nbsp;</p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.92%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;">&nbsp;</p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:auto;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:auto;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:26.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:auto;">&nbsp;</p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:auto;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:auto;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:auto;">&nbsp;</p>
  </td>
  <td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.18%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:auto;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:auto;">&nbsp;</p>
  </td>
  <td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.18%;">
  <p style="margin:0in 0in .0001pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>


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