Document:

Exhibit 10.20

MACK-CALI
REALTY CORPORATION

TAX
GROSS-UP AGREEMENT

AGREEMENT
(“Agreement”) effective as of December 5, 2006 by and between Mack-Cali Realty
Corporation (the “Company”) and Mark Yeager (“Employee”).

WHEREAS,
pursuant to the 2000 Employee Stock Option Plan of Mack-Cali Realty Corporation
(the “Plan”), the Company, on December 5, 2006, awarded One Thousand Twenty
Eight (1,028) shares (“Restricted Shares”) of the Company’s common stock, par
value $.01 per share (“Company’s Common Stock”) to the Employee subject to the
terms, conditions, and restrictions set forth in the Plan and the Restricted
Share Award Agreement between the Employee and the Company dated December 5,
2006 (hereinafter, “Restricted Share Award Agreement”); and

WHEREAS,
the Company wishes to provide the Employee with a tax gross-up payment upon the
date of grant applicable to such Restricted Shares;

NOW
THEREFORE, the parties hereto agree as follows:

1.             Employee shall be entitled to
receive a tax gross-up payment (the “Tax Gross-Up Payment”) from the Company
with respect to each tax year in which the Restricted Shares granted pursuant
to the Restricted Share Award Agreement vest and are distributed to him.  Each Tax Gross-Up Payment shall be a dollar amount
equal to forty-three percent (43%) of the fair market value of the Restricted
Shares at the time of vesting, exclusive of dividends.

2.             The Tax Gross-Up Payment shall be
made as soon as practicable following the date of vesting.

3.             The Company shall have the right to
deduct and withhold from the Tax Gross-Up Payment all social security and other
federal, state and local taxes and charges which currently are or which
hereafter may be required by law to be so deducted and withheld.

4.             Nothing in this Agreement shall
confer on the Employee any right to continue as an employee of the Company or
in any way affect the Company’s or any subsidiary’s right to terminate the
Employee’s employment at any time subject to the terms of the Employee’s
employment agreement.

5.             This Agreement contains the entire
understanding of the parties with respect to the payment of the Tax Gross-Up
Payment and this Agreement shall not be modified or amended except in writing
and duly signed by each of the parties.

 

 

6.             This Agreement is not intended to
provide for an elective deferral of compensation that would be subject to
Section 409A of the Internal Revenue Code of 1986, as amended.

7.             This Agreement shall be governed by
the laws of the State of New Jersey applicable to contracts made, and to be
enforced, within the State of New Jersey.

8.             This Agreement shall be binding
upon and inure to the benefit of the successors, assigns and heirs of the
respective parties.

IN
WITNESS WHEREOF, the parties hereto have executed this
Agreement to be effective on the date first above written.

	
  

  	
  Mack-Cali Realty Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mitchell E. Hersh

  
	
   

  	
   

  	
  Mitchell E. Hersh

  
	
   

  	
   

  	
  President and

  
	
   

  	
   

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Employee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Mark Yeager

  
	
   

  	
  Mark Yeager

  

 

 2Exhibit
10.21

MACK-CALI REALTY CORPORATION

RESTRICTED SHARE AWARD AGREEMENT

[Name of Director]

 

AGREEMENT EVIDENCING THE GRANT

OF A RESTRICTED SHARE AWARD PURSUANT

TO THE AMENDED AND RESTATED 2000 DIRECTOR STOCK
OPTION PLAN

OF MACK-CALI REALTY CORPORATION

AGREEMENT (“Agreement”) effective as of December
5, 2006 (“Grant Date”) by and between Mack-Cali Realty Corporation (the “Company”)
and [Name of Director] (“Recipient”).

WHEREAS,
pursuant to the Amended and Restated 2000 Director Stock Option Plan of
Mack-Cali Realty Corporation (the “Plan”), the Company hereby awards shares of
the Company’s common stock, par value $.01 per share (“Common Stock”) to the
Recipient subject to such terms, conditions, and restrictions (hereinafter, “Restricted
Share Award”) as set forth in the Plan, and this Agreement;

NOW THEREFORE,
the parties hereto hereby agree as follows:

1.             Award
of Shares of Restricted Stock.

Pursuant to the Plan, the Committee hereby awards to
the Recipient, effective as of the Grant Date, a Restricted Share Award
representing the conditional receipt of 1,200 shares of Common Stock (“Restricted
Shares”) at no out-of-pocket cost to the Recipient subject to the terms,
conditions and restrictions set forth herein. 
Capitalized terms not otherwise defined in this Agreement shall be as
defined in the Plan.

2.             Award
Restrictions.

(a)           General Rules.  Ownership of Restricted Shares shall not vest
in the Recipient, and shall be subject to forfeiture until the conditions of
Section 2(b) 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.”

(b)           Vesting.  All of the Restricted Shares granted
hereunder shall Vest and be deemed earned on January 1, 2008.  Vesting of the Restricted Shares granted
hereunder is conditioned upon Recipient’s continued service with the Company as
a member of the Board of Directors through and including the Vesting Date.

(c)           Lapse of Restrictions.  Upon the Vesting of Restricted Shares, the
Recipient shall own the Shares free and clear of all restrictions imposed by
this Agreement and the Recipient shall be free to hold or dispose of such
Shares in his discretion, subject to applicable federal and state law or
regulations.

(d)           Prohibition
Against Assignment.  During the
Vesting Period, the Restricted Shares may not be transferred or encumbered by
the Recipient by means of sale, assignment, mortgage, transfer, exchange,
pledge, or otherwise.  The levy of any
execution, attachment, or similar process upon the Restricted Shares shall be
null and void.

3.             Stock
Certificates.

(a)           Certificates.  Restricted Shares shall be evidenced by a
stock certificate registered in the name of the Recipient or a nominee or
nominees therefor.  As soon as
practicable following the date hereof, the Company shall prepare and issue such
certificate for the Restricted Shares (the “Share Certificate”), which shall be
registered in the name of the Recipient or a nominee and which shall bear such
restrictive legend or legends (if any) as the Company may deem necessary or
desirable

 

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under any applicable law.

(b)           Stock
Powers.  The Recipient shall execute
and deliver to the designee of the Company (the “Designee”) stock powers
corresponding to the Share Certificate designating the Company as the
transferee of an unspecified number of Restricted Shares, which stock powers
may be completed by the Designee as specified herein.  The Recipient and the Company each waive the
requirement that the signature of the Recipient on the stock powers be guaranteed.  Upon receipt of a copy of this Agreement and
the stock powers, each signed by the Recipient, the Designee shall promptly
notify the proper officers of the Company and the Share Certificate and stock
powers shall be held by the Company in accordance with the terms of this
Agreement.

(c)           Effect
of Vesting.  Upon Vesting, the
Company shall cause to be delivered to the Recipient (i) a certificate for the
Restricted Shares which have vested free and clear of restrictive legends and
(ii) any stock powers signed hereunder by the Recipient remaining in its
possession related to the vested Restricted Shares.  In the event that the Recipient dies after
Restricted Shares are vested but before delivery of the certificate for the
vested Restricted Shares, such certificate shall be delivered to, and
registered in the name of, the Recipient’s beneficiary or estate, as the case
may be.

(d)           Rights of Stockholder.  Except as otherwise provided in Section 2 and
this Section 3, during the Vesting Period and after the certificates for the
Restricted Shares have been issued, the Recipient shall be entitled to all
rights of a stockholder of the Company, including the right to vote and the
right to receive dividends, with respect to the Restricted Shares subject to
this Agreement.  Subject to applicable
withholding

 

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requirements, if any, dividends on the Restricted Shares shall be paid
to the Recipient when earned and payable.

(e)           Power
of Designee.  The Designee is hereby
authorized by the Recipient to utilize the stock power delivered by the
Recipient to transfer all forfeited Restricted Shares to the Company upon
receipt of instructions from a duly authorized representative of the Company.

4.             Termination of Service.

(a)           Termination Due to Disability,
Death or Retirement; Change in Control. 
If the Recipient’s service as a member of the Board of Directors
terminates due to Disability, death or Retirement, all Restricted Shares
subject to this Agreement and held by, or on behalf of, the Recipient shall be
deemed earned and vested as of the Recipient’s last day of service as a member
of the Board of Directors.  In addition,
all Restricted Shares subject to this Agreement and held by the Recipient on
the date a Change in Control occurs shall be deemed earned and vested as of
such date.

(b)           Termination
for Any Other Reason.  If the
Recipient’s service as a member of the Board of Directors terminates prior to
the Vesting Date and prior to the occurrence of a Change in Control for reasons
other than Disability, death or Retirement, any Restricted Shares subject to
this Agreement that have not been earned and vested on the last day of the
Recipient’s service as a member of the Board of Directors shall be immediately
forfeited.

5.             Withholding.

In connection with
the delivery of any stock certificates, or the making of any payment in
accordance with the provisions of this Agreement, to the extent not

 

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otherwise paid by or on behalf of the Recipient, the Company shall
withhold Restricted Shares or cash amounts (for fractional Restricted Shares)
equal to the taxes, if any, then required by applicable federal, state and
local law to be so withheld.

6.             Adjustments for Capital Changes.

In the event of
any change in the outstanding shares of Common Stock of the Company by reason
of any stock dividend or split, recapitalization, merger, consolidation,
spin-off, reorganization, combination or exchange of shares, or other similar
corporate change, or other increase or decrease in such shares effected without
receipt or payment of consideration by the Company, a duly authorized representative
of the Company shall adjust the number of Restricted Shares granted pursuant to
the Plan and this Agreement to prevent dilution or enlargement of the rights
granted to the Recipient.

7.             No Right to Continued Service.

Nothing in this Agreement shall confer on the
Recipient any right to continue as a member of the Board of Directors.

8.             Notice.

Any notice to the Company hereunder shall be in
writing addressed to:

Mack-Cali Realty
Corporation

P.O. Box 7817

Edison, New Jersey 08818 -7817

Attn:       Mitchell E. Hersh

President and Chief
Executive Officer

Any notice to the Recipient hereunder shall be in
writing addressed to:

 

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Mr. Nathan Gantcher

888 Seventh Avenue

40th Floor

New York, New York 10019

or such other address as the Recipient shall notify
the Company in writing.

9.             Section 409A.

This Restricted Share Award Agreement is not
intended to provide for an elective deferral of compensation that would be
subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
and the Company reserves the right to unilaterally amend or modify this
Agreement to ensure that the awards do not become subject to the requirements
of Section 409A thereof.

10.          Entire Agreement.

This Agreement contains the entire understanding of
the parties and shall not be modified or amended except in writing and duly
signed by each of the parties hereto.  No
waiver by either party of any default under this Agreement shall be deemed a
waiver of any later default hereunder.

11.          Construction.

The various
provisions of this Agreement are severable in their entirety.  Any determination of invalidity or
unenforceability of any one provision shall have no effect on the continuing
force and effect of the remaining provisions. 
All capitalized terms used and not otherwise defined herein shall have
those meanings ascribed to them in the Plan.

 

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12.          Governing Law.

This Agreement shall be governed by the laws of the
State of New Jersey applicable to contracts made, and to be enforced, within
the State of New Jersey.

13.          Successors.

This Agreement shall be binding upon and inure to the
benefit of the successors, assigns and heirs of the respective parties.

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement to be effective on the date
first above written.

	
  

  	
  Mack-Cali Realty Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Mitchell
  E. Hersh

  
	
   

  	
   

  	
  President
  and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  Recipient

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Name of Director]

  

 

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