<PAGE>

                                                                    Exhibit 10.1


                         RECKSON ASSOCIATES REALTY CORP.
                            LONG-TERM INCENTIVE PLAN
                             OP UNIT AWARD AGREEMENT



Name of Grantee: Scott H. Rechler ("Grantee")
No. of LTIP OP Units: 100,000
Date of Grant: April 4, 2006



                                    RECITALS

         A. The Grantee is an executive officer of Reckson Associates Realty
Corp. (the "Company") or one of its Affiliates.

         B. The Grantee was selected by the Compensation Committee of the Board
of Directors of the Company (the "Committee") to receive an award of Long-Term
Incentive Plan OP Units ("LTIP OP Units") in Reckson Operating Partnership, L.P.
(the "Partnership") in the number specified above and having the rights
specified herein and in the Supplement to the Amended and Restated Agreement of
Limited Partnership of the Partnership (the "Partnership Agreement")
Establishing 2006 LTIP Units of Limited Partnership Interest (the "Partnership
Agreement Supplement").

         NOW, THEREFORE, the Company hereby grants to the Grantee, effective as
of the Date of Grant specified above, the number of LTIP OP Units listed above
subject to the terms and conditions of this Agreement.

         1. Restrictions and Conditions:

            (a) The records of the Partnership evidencing the LTIP OP Units
granted herein shall bear an appropriate legend, as determined by the
Partnership in its sole discretion, to the effect that such LTIP OP Units are
subject to restrictions as set forth herein, in the Partnership Agreement
Supplement and in the Partnership Agreement.

            (b) None of the LTIP OP Units awarded to the Grantee hereunder shall
be sold, assigned, transferred, pledged, hypothecated, given away or in any
other manner disposed of, encumbered, whether voluntarily or by operation of
law, or redeemed in accordance with the Partnership Agreement or the Partnership
Agreement Supplement (a) prior to vesting, (b) for a period of two (2) years
beginning on the Date of Grant specified above other than in connection with a
Change-in-Control, or (c) unless such transfer is in compliance with all
applicable securities laws (including, without limitation, the Securities Act),
and such disposition is in accordance with the applicable terms and conditions
of the Partnership Agreement and the Partnership Agreement Supplement. In
connection with any transfer of LTIP OP Units, the Company may require the
transferor to provide at the Grantee's own expense an opinion of counsel to the
transferor, satisfactory to the Company, that such transfer is in compliance
with all foreign, federal and state securities laws (including, without
limitation, the Securities Act). Any attempted disposition of LTIP OP Units not
in accordance with the terms and conditions of this Section 1(b) shall be null
and void, and the Partnership shall not reflect on its records any change in
record ownership of any LTIP OP Units as a result of any such disposition, shall
otherwise refuse to recognize any such disposition and shall not in any way give
effect to any such disposition of any LTIP OP Units.


<PAGE>

            (c) Except as otherwise provided in Section 2 hereof or elsewhere
herein, if the Grantee's employment with the Company or its Affiliates is
voluntarily or involuntarily terminated for any reason prior to vesting of the
LTIP OP Units granted herein, the Grantee shall forfeit all LTIP OP Units that
are not vested as of the date of such termination of employment.

         2. Vesting of the LTIP OP Units: The LTIP OP Units generally will
become vested as follows:

            (a) 50.0% of the LTIP OP Units will become cumulatively vested on
December 31, 2007 and December 31, 2008 (each, an "Annual Vesting Date"); in
each case provided that the Grantee remains in continuous employment with the
Company or any of its Affiliates until such date; and provided, further, that
any LTIP OP Units which otherwise would become vested on such Annual Vesting
Date will not become so vested unless the Company has achieved, during the
calendar year completed on December 31, 2006, (i) a total return to shareholders
(including all Common Stock dividends and stock appreciation) based on the
respective Initial Base Price that either (x) is at or above the 50th percentile
of the total return to shareholders achieved by members of the Peer Group during
the same period, or (y) subject to the provisions of Section 2(e), equals a
total return of at least 9% per annum or (ii) a per share increase in annual
Funds from Operations of 5% or more. If the vesting performance requirement is
not satisfied for the calendar year ending December 31, 2006, the LTIP OP Units
will not be forfeited and will become vested on December 31, 2007, or if the
performance requirement is not satisfied at such date the LTIP OP Units will not
be forfeited and will become vested on December 31, 2008, if on either of such
dates the vesting performance requirement is satisfied on a cumulative and
compounded basis as measured for an extended performance period beginning with
the annual period for which the vesting performance requirement was not
satisfied through the relevant date. For purposes of this Section, (i) the
performance of the Company relative to the performance of members of the Peer
Group will be determined using the VWAP for the last ten trading days of the
Company's Common Stock and the common stock of the members of the Peer Group at
the applicable calendar year end, and (ii) the per annum percentage performance
of the Company will be determined using the VWAP for the last ten trading days
for the period ending at the applicable calendar year end. If the vesting
performance requirement is not satisfied at December 31, 2008, subject to
Section 2(d), the LTIP OP Units will be forfeited.


                                       2
<PAGE>

            (b) Notwithstanding the foregoing, if a Change-in-Control occurs
prior to December 31, 2008 and the Grantee remains in continuous employment with
the Company or any of its Affiliates until such occurrence, all non-vested LTIP
OP Units will thereupon become fully vested provided that, if a
Change-in-Control shall occur and (i) (a) the Company continues in existence as
a public company or (b) another company is the successor to the Company in a
transaction whereby holders of Common Stock receive common stock of the
successor company (or a combination of common stock and cash) and such successor
company expressly assumes the obligations of the Company as the general partner
of the Partnership, and (ii) (a) the Partnership continues in existence as the
operating partnership of the Company (in the event described in clause (i)(a)
above) or (b) another limited partnership, limited liability company or similar
entity is the successor to the Partnership in a transaction whereby holders of
OPU and LTIP OP Units receive equity interests in such successor entity having
substantially identical rights, voting powers, restrictions, limitations as to
distributions, qualifications and terms and conditions of redemption as the OPU
and LTIP OP Units, respectively, and expressly assumes the obligations under
this Agreement, and (iii) the Grantee continues employment with the Company or
such successor company or their Affiliates, as the case may be, then no vesting
shall occur under this Section 2(b) as a result of such Change-in-Control, but
this Agreement and the awards hereunder shall continue in effect on the terms
hereof, subject to the adjustment of the Initial Base Price as may be
appropriate pursuant to Section 4 hereof.

            (c) Notwithstanding the foregoing, if the Grantee's employment with
the Company and all Affiliates is terminated prior to December 31, 2008 by
reason of the Grantee's death or Disability, by the Grantee for Good Reason or
in the event a Force Out occurs subsequent to a Change-in-Control, or by the
Company or any Affiliate for any reason other than Cause or transfer to another
Affiliate, all non-vested LTIP OP Units will thereupon become fully vested. If
the Grantee's employment with the Company and all Affiliates is terminated prior
to December 31, 2008 for any other reason, any LTIP OP Units that have not yet
become vested will thereupon be forfeited.

            (d) Notwithstanding the foregoing, if the Grantee remains in
continuous employment with the Company or any of its Affiliates until an
applicable Annual Vesting Date but the vesting performance requirement is not
satisfied at such date (or any extended performance period as contemplated in
Section 2(b) above), and if the Committee determines that it nevertheless would
be consistent with the spirit and intent of this Agreement to vest some or all
of the LTIP OP Units that otherwise would have become vested on that Annual
Vesting Date, then the Committee, in its sole and absolute discretion, may elect
to vest some or all of such LTIP OP Units.

            (e) Notwithstanding the foregoing, in the event that (i) the LTIP OP
Units would become vested as a result of the Company achieving a total return of
at least 9% per annum in accordance with the terms of Section 2(a), (ii) the
appreciation in the share price of the Common Stock alone has not resulted in
the Company achieving such a 9% per annum total return (i.e., without taking
into account any dividends paid to holders of Common Stock), and (iii) the
Company's Dividend Payout Ratio with regard to its Cash Available for
Distribution exceeds 100% for any relevant annual period or periods, the
Committee may, in its sole discretion, review whether it is appropriate for the
LTIP OP Units to vest for such period or periods, and may determine that the
LTIP OP Units shall not vest, in whole or in part, based upon such facts as it
deems appropriate including, but not limited to, the effect on the Dividend
Payout Ratio of rent concessions, tenant improvements, capital expenditures by
the Company and similar matters that represent uses of operating cash flow for
the purpose of generating incremental cash flow or other returns for the
Company.


                                       3
<PAGE>

         3. Distributions. Distributions on the LTIP OP Units shall be paid
currently to the Grantee in accordance with the terms of the Partnership
Agreement.

         4. Adjustment. The Committee will make or provide for such adjustments
in the number of LTIP OP Units and the vesting performance requirements
applicable to LTIP OP Units, as the Committee may in good faith determine to be
equitably required in order to prevent any dilution or expansion of the rights
of the Grantee that otherwise would result from (i) any stock dividend, stock
split, combination of shares, recapitalization or similar change in the capital
structure of the Company or similar events with respect to the partnership
interests in the Partnership or (ii) any merger, consolidation, spin-off,
spin-out, split-off, split-up, reorganization, partial or complete liquidation
or other distribution of assets, issuance of warrants or other rights to
purchase securities or any other transaction or event having an effect similar
to any of the foregoing.

         5. Compliance With Law. The Partnership and the Grantee will make
reasonable efforts to comply with all applicable securities laws. In addition,
notwithstanding any provision of this Agreement to the contrary, no LTIP OP
Units will become vested or be paid at a time that such vesting or payment would
result in a violation of any such law.

         6. Investment Representation; Registration.

            (a) The Grantee hereby makes the covenants, representations and
warranties set forth on EXHIBIT B attached hereto. All of such covenants,
warranties and representations shall survive the execution and delivery of this
Agreement by the Grantee. The Grantee shall immediately notify the Partnership
upon discovering that any of the representations or warranties set forth on
EXHIBIT B were false when made or have, as a result of changes in circumstances,
become false.

            (b) The Partnership may make a notation in its records and/or affix
a legend to the certificates (if any) representing the LTIP OP Units issued
pursuant to this Agreement to the effect that such units have not been
registered under the Securities Act and may only be sold or transferred upon
registration or pursuant to an exemption therefrom.

            (c) The Partnership will have no obligation to register under the
Securities Act any LTIP OP Units.

         7. Severability. In the event that one or more of the provisions of
this Agreement may be invalidated for any reason by a court, any provision so
invalidated will be deemed to be separable from the other provisions hereof, and
the remaining provisions hereof will continue to be valid and fully enforceable.

         8. Governing Law. This Agreement is made under, and will be construed
in accordance with, the laws of the State of New York, without giving effect to
the principles of conflicts of laws of such State.

         9. Transferability. This Agreement is personal to the Grantee, is
non-assignable and is not transferable in any manner, by operation of law or
otherwise, other than by will or the laws of descent and distribution.


                                       4
<PAGE>

         10. Amendment. The Grantee acknowledges that this Agreement may be
amended or canceled by the Partnership for the purpose of satisfying changes in
law or for any other lawful purpose, provided that no such action shall
adversely affect the Grantee's rights under this Agreement without the Grantee's
written consent.

         11. No Obligation to Continue Employment. Neither the Company nor any
Affiliate is obligated by or as a result of this Agreement to continue the
Grantee in employment and this Agreement shall not interfere in any way with the
right of the Company or any Affiliate to terminate the employment of the Grantee
at any time.

         12. Notices. Notices hereunder shall be mailed or delivered to the
Partnership at its principal place of business and shall be mailed or delivered
to the Grantee at the address on file with the Partnership or, in either case,
at such other address as one party may subsequently furnish to the other party
in writing.

         13. Withholding and Taxes. No later than the date as of which an amount
first becomes includible in the gross income of the Grantee for income tax
purposes or subject to Federal Insurance Contributions Act withholding with
respect to any award under this Agreement, such Grantee will pay to the Company
or, if appropriate, any of its Affiliates, or make arrangements satisfactory to
the Company regarding the payment of, any United States federal, state or local
or foreign taxes of any kind required by law to be withheld with respect to such
amount. The obligations of the Company under this Agreement will be conditional
on such payment or arrangements, and the Company and its Affiliates shall, to
the extent permitted by law, have the right to deduct any such taxes from any
payment otherwise due to the Grantee.

         14. Successors and Assigns. This Agreement shall be binding upon the
Partnership's successors and assigns, whether or not this Agreement is expressly
assumed.

         15. Certain Definitions.

             (a) "Affiliate" means any person or entity that, at the time of
reference, is controlled by, controlling of or under common control with the
Company.

             (b) "Cash Available for Distribution" means the Company's cash
available for distribution to holders of the Company's Common Stock on an "as
committed" basis as announced by the Company for the relevant period.

             (c) "Cause" means a finding by the Company's Board of Directors
that the Grantee has (i) acted with gross negligence or willful misconduct in
connection with the performance of his material duties to the Company or any
Affiliate; (ii) defaulted in the performance of his material duties to the
Company or any Affiliate and has not corrected such action within 15 days of
receipt of written notice thereof; (iii) willfully acted against the best
interests of the Company or any Affiliate, which act has had a material and
adverse impact on the financial affairs of the Company or such Affiliate; or
(iv) been convicted of a felony or committed a material act of common law fraud
against the Company, any Affiliate or any of their employees and such act or
conviction has had, or the Company's Board of Directors reasonably determines
will have, a material adverse effect on the interests of the Company or such
Affiliate; provided, however, that a finding of Cause will not become effective
unless and until the Board of Directors provides the Grantee notice that it is
considering making such finding and a reasonable opportunity to be heard by the
Board of Directors.


                                       5
<PAGE>

             (d) A "Change-in-Control" will be deemed to have occurred if
following the Date of Grant:

                  (i) any Person, together with all "affiliates" and
         "associates" (as such terms are defined in Rule 12b-2 under the
         Securities Exchange Act of 1934 (the "Exchange Act")) of such Person,
         shall become the "beneficial owner" (as such term is defined in Rule
         13d-3 under the Exchange Act), directly or indirectly, of securities of
         the Company representing 30% or more of (A) the combined voting power
         of the Company's then outstanding securities having the right to vote
         in an election of the Company's Board of Directors ("Voting
         Securities"), (B) the combined voting power of the Company's then
         outstanding Voting Securities and any securities convertible into
         Voting Securities, or (C) the then outstanding shares of all classes of
         stock of the Company; or

                  (ii) individuals who, as of the effective date of this
         Agreement, constitute the Company's Board of Directors (the "Incumbent
         Directors") 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 Company's Board of Directors,
         provided that any person becoming a director of the Company subsequent
         to the effective date of this Agreement whose election or nomination
         for election was approved by a vote of at least a majority of the
         Incumbent Directors (other than an election or nomination of an
         individual whose initial assumption of office is in connection with an
         actual or threatened election contest relating to the election of the
         directors of the Company, as such terms are used in Rule 14a-11 of
         Regulation 14A under the Exchange Act) shall, for purposes of this
         Agreement, be considered an Incumbent Director; or

                  (iii) consummation of (1) 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
         indirectly, but based solely on their prior ownership of shares of the
         Company, shares representing in the aggregate more than 60% of the
         voting shares of the corporation issuing cash or securities in the
         consolidation or merger (or of its ultimate parent corporation, if
         any), or (2) 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

                  (iv) stockholder approval of any plan or proposal for the
         liquidation or dissolution of the Company.


                                       6
<PAGE>

                  Notwithstanding the foregoing, a "Change-in-Control" shall not
         be deemed to have occurred for purposes of the foregoing clause (i) (A)
         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 30%
         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 30% or more of the combined voting
         power of all then outstanding Voting Securities; provided, however,
         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-in-Control" shall be deemed to have occurred for purposes of
         the foregoing clause (i), and (B) solely as a result of the direct or
         indirect acquisition of beneficial ownership of Voting Securities by
         any executive officers of the Company on the date hereof and/or the
         Company, any of its subsidiaries, or any trustee, fiduciary or other
         person or entity holding securities under any employee benefit plan of
         the Company or any of its subsidiaries if the Grantee is one of the
         executive officers participating in such acquisition.

             (e) "Common Stock" means the shares of common stock, par value
$0.01 per share, of the Company.

             (f) "Disability" means that the Grantee has been unable to
efficiently perform his duties to the Company and all Affiliates because of any
physical or mental injury or illness until the earlier of such time when (i) the
period of injury or illness (whether or not the same injury or illness) exceeds
180 consecutive days or (ii) the Grantee becomes eligible to receive benefits
under a comprehensive disability insurance policy maintained or sponsored by the
Company.

             (g) "Dividend Payout Ratio" means the quotient, expressed as a
percentage, derived by dividing the aggregate dividends paid on shares of the
Company's Common Stock during a relevant period by the Cash Available for
Distribution for such period.

             (h) "Employment Agreement" means the Amendment and Restatement of
Employment and Noncompetition Agreement, dated as of August 15, 2000, between
the Grantee and the Company as may be amended or restated from time to time, or
any agreement entered into by the Company and the Grantee after the date hereof
with respect to the Grantee's employment by the Company.

             (i) "Force Out" means

                  (i) a change in duties, responsibilities, status or positions
         with the Company or successor company, which, in the Grantee's
         reasonable judgment, does not represent a promotion from or maintaining
         of the Grantee's duties, responsibilities, status or positions as in
         effect immediately prior to the Change-in-Control, or any removal of
         the Grantee from or any failure to reappoint or reelect the Grantee to
         such positions, except in connection with the termination of the
         Grantee's employment for Cause, Disability, retirement or death;


                                       7
<PAGE>

                  (ii) a reduction by the Company or such successor company in
         the Grantee's base salary as in effect immediately prior to the
         Change-in-Control;

                  (iii) the failure by the Company or such successor company to
         provide and credit the Grantee with the number of paid vacation days to
         which the Grantee is then entitled in accordance with the Company or
         such successor company's normal vacation policies as in effect
         immediately prior to the Change-in-Control;

                  (iv) the Company or such successor company requiring the
         Grantee to be based in an office located beyond a reasonable commuting
         distance from the Grantee's residence immediately prior to the
         Change-in-Control, except for required travel relating to the Company
         or such successor company's business to an extent substantially
         consistent with the business travel obligations which the Grantee
         undertook on behalf of the Company or such successor company prior to
         the Change-in-Control;

                  (v) the failure by the Company or such successor company to
         obtain from any successor to the Company or such successor company an
         agreement to be bound by this Agreement and the Employment Agreement;

                  (vi) any refusal by the Company or such successor company to
         continue to allow the Grantee to attend to matters or engage in
         activities not directly related to the business of the Company or such
         successor company which, prior to the Change in-Control, the Grantee
         was permitted by the Company or such successor company's Boards of
         Directors to attend to or engage in; or

                  (vii) the failure by the Company or such successor company to
         continue in effect any of the benefit plans, programs or arrangements
         in which the Grantee is participating at the time of the
         Change-in-Control of the Company or such successor company (unless the
         Grantee is permitted to participate in any substitute benefit plan,
         program or arrangement with substantially the same terms and to the
         same extent and with the same rights as the Grantee had with respect to
         the benefit plan, program or arrangement that is discontinued) other
         than as a result of the normal expiration of any such benefit plan,
         program or arrangement in accordance with its terms as in effect at the
         time of the Change-in-Control, or the taking of any action, or the
         failure to act, by the Company or such successor company which would
         adversely affect the Grantee's continued participation in any of such
         benefit plans, programs or arrangements on at least as favorable a
         basis to the Grantee as is the case on the date of the
         Change-in-Control or which would materially reduce the Grantee's
         benefits in the future under any of such benefit plans, programs or
         arrangements or deprive the Grantee of any material benefits enjoyed by
         the Grantee at the time of the Change-in-Control.

             (j) "Funds from Operations" means the Company's funds from
operations as defined by the National Association of Real Estate Investment
Trusts and as may be adjusted by the Company.


                                       8
<PAGE>

             (k) "Good Reason" means the occurrence of any of the following
events or conditions, which event or condition is not corrected by the Company
within 30 days of written notice from the Grantee: (i) any failure of the Board
of Directors of the Company to elect the Grantee to offices with the same or
substantially the same duties and responsibilities as in effect on the Date of
Grant, (ii) any material failure by the Company or any Affiliate to timely pay
or provide to the Grantee any compensation or benefits required to be paid or
provided under the terms of any employment or similar agreement in effect during
the term of this Agreement between the Grantee and the Company or such
Affiliate, (iii) any material breach by the Company or any Affiliate of any
other provision of any employment or similar agreement in effect during the term
of this Agreement between the Grantee and the Company or such Affiliate, and
(iv) any failure by the Company or any Affiliate to timely offer to renew (and
to hold such offer to renew open for acceptance for a reasonable period of time)
on substantially identical terms until at least the fourth anniversary of the
Date of Grant any employment agreement in effect on the Date of Grant between
the Grantee and the Company or such Affiliate.

             (l) "Initial Base Price" means $35.98 per share of the Common Stock
of the Company.

             (m) An "OPU" means a Class A common operating partnership unit of
the Partnership.

             (n) "Peer Group" means the business entities set forth on EXHIBIT A
to this Agreement, and any successors to the businesses or assets of such
entities as determined by the Committee in its sole and absolute discretion. If
an entity listed on such Exhibit ceases to exist during the term of this
Agreement and the Committee determines that there is no successor to the
business or assets of such entity, then such entity will cease to be treated as
a member of the Peer Group to the extent and for the periods determined by the
Committee in its sole and absolute discretion.

             (o) "Person" has the meaning used in Sections 13(d) and 14(d) of
the Exchange Act.

             (p) "Securities Act" means the Securities Act of 1933.

             (q) "VWAP" means the volume weighted average closing price per
share of a security on the primary exchange or other quotation system on which
the security is traded.

                            [signature page follows]


                                       9
<PAGE>

         IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed as of the 4th day of April, 2006.


                               RECKSON ASSOCIATES REALTY CORP.




                               By:      /s/ Jason M. Barnett
                                     -------------------------------------------
                                     Name:  Jason M. Barnett
                                     Title:  Senior Executive Vice President--
                                     Corporate Initiatives and General
                                     Counsel





                               RECKSON OPERATING PARTNERSHIP, L.P.




                               By:      /s/ Jason M. Barnett
                                     -------------------------------------------
                                     Name:  Jason M. Barnett
                                     Title:  Senior Executive Vice President--
                                     Corporate Initiatives and General
                                     Counsel





                                     /s/ Scott H. Rechler
                                    --------------------------------------------
                                     Scott H. Rechler


                                       10
<PAGE>

                        Exhibit A - Peer Group Companies




                         American Financial Realty Trust
                            Arden Realty Group, Inc.
                             Boston Properties, Inc.
                             Brandywine Realty Trust
                         CarrAmerica Realty Corporation
                       Crescent Real Estate Equities, Inc.
                         Equity Office Properties Trust
                          Mack-Cali Realty Corporation
                             Maguire Properties Inc.
                            Prentiss Properties Trust
                           SL Green Realty Corporation
                             Trizec Properties Inc.
                              Vornado Realty Trust
<PAGE>

                                                                       EXHIBIT B



               GRANTEE'S COVENANTS, REPRESENTATIONS AND WARRANTIES

         The Grantee hereby represents, warrants and covenants as follows:

         (a) The Grantee is an individual with income (without including any
income of the Grantee's spouse) in excess of $200,000, or joint income with the
Grantee's spouse, in excess of $300,000, in each of the two most recent years,
and the Grantee reasonably expects to reach the same income level in the current
year.

         (b) The Grantee has received and had an opportunity to review the
following documents (the "Background Documents"):

             (i)       The Company's latest Annual Report to Stockholders;

             (ii)      The Company's Proxy Statement for its most recent Annual
                       Meeting of Stockholders;

             (iii)     The Company's Report on Form 10-K for the fiscal year
                       most recently ended;

             (iv)      The Company's Form 10-Q for the most recently ended
                       quarter if one has been filed by the Company with the
                       Securities and Exchange Commission since the filing of
                       the report described in clause (iii) above;

             (v)       Each of the Company's Current Report(s) on Form 8-K, if
                       any, filed since the end of the fiscal year most recently
                       ended;

             (vi)      The Partnership Agreement; and

             (vii)     The Company's Amended and Restated Certificate of
                       Incorporation.

         The Grantee also acknowledges that any delivery of the Background
Documents and other information relating to the Company and the Partnership
prior to the determination by the Partnership of the suitability of the Grantee
as an LTIP OP Unitholder shall not constitute an offer of LTIP OP Units until
such determination of suitability shall be made.

         (c) The Grantee hereby represents and warrants that

             (i)       The Grantee either (i) is an "accredited investor" as
                       defined in Rule 501(a) under the Securities Act of 1933,
                       as amended (the "Securities Act"), or (ii) by reason of
                       his or her business and financial experience, together
                       with the business and financial experience of those
                       persons, if any, retained by the Grantee to represent or
                       advise him or her with respect to the grant to him or her
                       of LTIP OP Units, has such knowledge, sophistication and
                       experience in financial and business matters and in
                       making investment decisions of this type that he or she
                       (A) is capable of evaluating the merits and risks of an
                       investment in the Partnership and of making an informed
                       investment decision, (B) is capable of protecting his or
                       her own interest or has engaged representatives or
                       advisors to assist him or her in protecting his or her
                       interests, and (C) is capable of bearing the economic
                       risk of such investment.


                                      B-1
<PAGE>

             (ii)      The Grantee understands that (A) the award of LTIP OP
                       Units involves risks different from, and in certain
                       circumstances substantially greater than those involved
                       in an award of a comparable number of shares of
                       restricted common stock of the Company; (B) the Grantee
                       is responsible for consulting his or her own tax advisors
                       with respect to the application of the U.S. federal
                       income tax laws, and the tax laws of any state, local or
                       other taxing jurisdiction to which the Grantee is or by
                       reason of the award of LTIP OP Units may become subject,
                       to his or her particular situation; (C) the Grantee has
                       not received or relied upon business or tax advice from
                       the Company, the Partnership or any of their respective
                       employees, agents, consultants or advisors; (D) the
                       Grantee provides services to the Partnership on a regular
                       basis and in such capacity has access to such
                       information, and has such experience of and involvement
                       in the business and operations of the Partnership, as the
                       Grantee believes to be necessary and appropriate to make
                       an informed decision to accept this Award of LTIP OP
                       Units; and (E) an investment in the Partnership involves
                       substantial risks. The Grantee has been given the
                       opportunity to make a thorough investigation of matters
                       relevant to the LTIP OP Units and has been furnished
                       with, and has reviewed and understands, materials
                       relating to the Partnership and its activities
                       (including, but not limited to, the Background
                       Documents). The Grantee has been afforded the opportunity
                       to obtain any additional information (including any
                       exhibits to the Background Documents) deemed necessary by
                       the Grantee to verify the accuracy of information
                       conveyed to the Grantee. The Grantee confirms that all
                       documents, records, and books pertaining to his or her
                       receipt of LTIP OP Units which were requested by the
                       Grantee have been made available or delivered to the
                       Grantee. The Grantee has had an opportunity to ask
                       questions of and receive answers from the Partnership and
                       the Company, or from a person or persons acting on their
                       behalf, concerning the terms and conditions of the LTIP
                       OP Units. THE GRANTEE HAS RELIED UPON, AND IS MAKING ITS
                       DECISION SOLELY UPON, THE BACKGROUND DOCUMENTS AND OTHER
                       WRITTEN INFORMATION PROVIDED TO THE GRANTEE BY THE
                       PARTNERSHIP OR THE COMPANY. The Grantee did not receive
                       any tax, legal or financial advice from the Partnership
                       or the Company and, to the extent it deemed necessary,
                       has consulted with its own advisors in connection with
                       its evaluation of the Background Documents and this
                       Agreement and the Grantee's receipt of LTIP OP Units.

             (iii)     The LTIP OP Units to be issued will be acquired for the
                       account of the Grantee for investment only and not with a
                       current view to, or with any intention of, a distribution
                       or resale thereof, in whole or in part, or the grant of
                       any participation therein, without prejudice, however, to
                       the Grantee's right (subject to the terms of the LTIP OP
                       Units and this Agreement) at all times to sell or
                       otherwise dispose of all or any part of his or her LTIP
                       OP Units in compliance with the Securities Act, and
                       applicable state securities laws, and subject,
                       nevertheless, to the disposition of his or her assets
                       being at all times within his or her control.


                                      B-2
<PAGE>

             (iv)      The Grantee acknowledges that (A) the LTIP OP Units to be
                       issued have not been registered under the Securities Act
                       or state securities laws by reason of a specific
                       exemption or exemptions from registration under the
                       Securities Act and applicable state securities laws and,
                       if such LTIP OP Units are represented by certificates,
                       such certificates will bear a legend to such effect, (B)
                       the reliance by the Partnership on such exemptions is
                       predicated in part on the accuracy and completeness of
                       the representations and warranties of the Grantee
                       contained herein, (C) such LTIP OP Units, therefore,
                       cannot be resold unless registered under the Securities
                       Act and applicable state securities laws, or unless an
                       exemption from registration is available, (D) there is no
                       public market for such LTIP OP Units and (E) the
                       Partnership has no obligation or intention to register
                       such LTIP OP Units under the Securities Act or any state
                       securities laws or to take any action that would make
                       available any exemption from the registration
                       requirements of such laws. The Grantee hereby
                       acknowledges that because of the restrictions on transfer
                       or assignment of such LTIP OP Units acquired hereby that
                       are set forth in the Partnership Agreement or this
                       Agreement, the Grantee may have to bear the economic risk
                       of his or her ownership of the LTIP OP Units acquired
                       hereby for an indefinite period of time.

             (v)       The Grantee has determined that the LTIP OP Units are a
                       suitable investment for the Grantee.

             (vi)      No representations or warranties have been made to the
                       Grantee by the Partnership or the Company, or any
                       officer, director, shareholder, agent, or affiliate of
                       any of them, and the Grantee has received no information
                       relating to an investment in the Partnership or the LTIP
                       OP Units except the information specified in Paragraph
                       (b) above.

         (d) So long as the Grantee holds any LTIP OP Units, the Grantee shall
disclose to the Partnership in writing such information as may be reasonably
requested with respect to ownership of LTIP OP Units as the Partnership may deem
reasonably necessary to ascertain and to establish compliance with provisions of
the Internal Revenue Code of 1986, as amended (the "Code"), applicable to the
Partnership or to comply with requirements of any other appropriate taxing
authority.

         (e) The address set forth on the signature page of this Agreement is
the address of the Grantee's principal residence, and the Grantee has no present
intention of becoming a resident of any country, state or jurisdiction other
than the country and state in which such residence is sited.


                                      B-3
<PAGE>

         (f) The representations of the Grantee as set forth above are true and
complete to the best of the information and belief of the Grantee, and the
Partnership shall be notified promptly of any changes in the foregoing
representations.


                                      B-4