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Exhibit 10.3    
  


 
 

FIRST AMENDMENT TO THE
  RESTRICTED SHARE AWARD AGREEMENT
  FOR MITCHELL E. HERSH EFFECTIVE AS OF JULY 1, 1999    
  


        This Amendment No. 1 is made, effective as of January 2, 2003 by and between Mack-Cali Realty Corporation, a Maryland corporation (the
"Company") and Mitchell E. Hersh (the "Recipient"). 


        Whereas, the Company and the Recipient entered into an Agreement Evidencing the Grant of a Restricted Share Award effective as of
July 1, 1999 (the "Agreement"), pursuant to which the Company awarded 62,500 shares of the Company's common stock, par value $.01 per share ("Common Stock") to the Recipient pursuant to the
Employee Stock Option Plan of Mack-Cali Realty Corporation which was originally effective August 31, 1994 and amended and restated as of December 1, 1998 (the "Plan"), and 



        Whereas, pursuant to the terms of, and authority granted under, the Plan and the Agreement, the Company and Recipient wish to amend the
Agreement as set forth herein; 


        Now Therefore, the parties hereto hereby agree as follows: 


        1.    Definitions.    


        Capitalized
terms not otherwise defined herein shall have the meanings set forth in the Agreement. 


        2.    Amendments to the Restricted Share Award Agreement.    


        (i)    Section 2(a)
of the Agreement is hereby deleted in its entirety and replaced with the following: 



        "(a)    General Rules.    Ownership of Restricted Shares shall not vest in the Recipient, and shall be subject to
forfeiture until the conditions of Sections 2(b), (c), (d) and (e) or Section 4 are fully satisfied. For purposes of this Agreement, the following concepts shall be defined as
follows: (i) the lapse of restrictions on the Recipient's rights with respect to the Restricted Shares granted hereunder shall be referred to as "Vesting"; (ii) the period between the
Grant Date and the date of Vesting shall be referred to as the "Vesting Period"; and (iii) the date Vesting occurs shall be referred to as the "Vesting Date." " 




        (ii)    Section 2(b)
of the Agreement is hereby deleted in its entirety and replaced with the following: 



        "(b)    Vesting.    An aggregate of 62,500 Restricted Shares may vest in the Recipient on a year by year basis over a
nine to eleven year Vesting Period. The number of Restricted Shares which have been vested and earned on each Vesting Date on a year by year basis as a result of the Performance Goals specified in
Section 2(c) below being satisfied is as follows: 



	Restricted Shares
 
	 	Vesting Date

	  9,375	 	January 1, 2000
	  9,375	 	January 1, 2001
	12,500	 	January 1, 2002






The
number of Restricted Shares scheduled to be vested and earned on January 2, 2003 as specified in Section 2(d) below is as follows: 



	Restricted Shares
 
	 	Vesting Date

	15,625	 	January 2, 2003








 

The
number of Restricted Shares initially scheduled to be vested and earned on each Vesting Date on a year by year basis provided the Annual Performance Targets applicable pursuant to
Section 2(e) below are satisfied is as follows: 



	Restricted Shares
 
	 	Vesting Date

	2,344	 	January 1, 2004
	2,344	 	January 1, 2005
	3,125	 	January 1, 2006
	3,906	 	January 1, 2007
	3,906	 	January 1, 2008"






        (iii)    Sections
2(d) and 2(e) of the Agreement shall be renumbered as Sections 2(f) and 2(g), respectively, and the following new sections 2(d) and 2(e) shall be inserted: 



        "(d)    Time Vesting.    15,625 Restricted Shares shall vest on January 2, 2003. 


        (e)    Annual Performance Targets.    (i) The Restricted Shares shall vest on the applicable Vesting Date on a
year by year basis provided that the Annual Performance Targets (as hereinafter defined) for the calendar year ending on the last day of the Company's fiscal year immediately preceding such Vesting
Date are met. The "Annual Performance Targets" shall mean the annual performance targets for each applicable calendar year as determined by the Executive Compensation and Option Committee of the
Company's Board of Directors and communicated to the Recipient no later than the last day of the first calendar quarter of the applicable calendar year; and (ii) In the event that the Annual
Performance Targets for any calendar year are not satisfied so that the Restricted Shares do not vest on the Vesting Date on which they were scheduled to vest had the Annual Performance Targets been
met, such Restricted Shares that failed to vest on such Vesting Date shall vest on any subsequent Vesting Date provided that the Annual Performance Targets for a subsequent calendar year are met. If
any Restricted Shares remain unvested as of January 1, 2008, Annual Performance Targets shall be set for the 2008 calendar year and if any Restricted Shares have not vested by January 1,
2009, Annual Performance Targets shall be set for the 2009 calendar year. The Vesting Date applicable to the 2008 calendar year is January 1, 2009 and for the 2009 calendar year is
January 1, 2010. Any Restricted Shares that have not been earned and vested by January 1, 2010 shall automatically be canceled or forfeited." 




        3.    Miscellaneous.    Except as specifically amended above, the Agreement and all provisions thereof shall remain in
full force and effect and are hereby ratified and confirmed. Additionally, upon the effectiveness of this Amendment, on and after the date hereof, each reference in the Agreement to "this Agreement",
"hereunder", "hereof", "herein" or words of like import, and each reference to the Agreement in any document relating to the Agreement, shall mean and be a reference to the Agreement as amended
hereby. 


THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK. 


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In Witness Whereof, the parties hereto have executed this Amendment effective as of the date first written above. 



	 	 	Mack-Cali Realty Corporation
	

 	
 	

By:	

/s/  TIMOTHY M. JONES      
 Name: Timothy M. Jones

Title: President
	

 	
 	
Recipient
	

 	
 	

/s/  MITCHELL E. HERSH      
 Mitchell E. Hersh




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Exhibit 10.3


FIRST AMENDMENT TO THE RESTRICTED SHARE AWARD AGREEMENT FOR MITCHELL E. HERSH EFFECTIVE AS OF JULY 1, 1999