Document:

<PAGE>
                                                                   EXHIBIT 10.3

                               FIRST AMENDMENT OF
                               SUBLEASE AGREEMENT

         This FIRST AMENDMENT OF SUBLEASE is made and entered into as of October
10, 2001 by and between Movado Group, Inc., a New York corporation
("Sublandlord") and National Financial Services LLC, a Delaware limited
liability company ("Subtenant").

         WHEREAS, Sublandlord and Subtenant entered into a sublease as of
October 1, 2001 (the "Sublease") for a portion of the Master Premises (as
defined in the Sublease) consisting of the 4th floor of the Building (as defined
in the Sublease) containing 56,629 rentable square feet shown on the demising
plan annexed to the Sublease as Exhibit "B" ("Original Sublease Premises") and
Sublandlord and Subtenant desire to expand the Original Sublease Premises by
subleasing the remainder of the Master Premises consisting of 28,225 rentable
square feet on the 5th floor of the Building ("Additional Sublease Premises") as
shown on Exhibit "A" annexed hereto and made a part hereof, and to otherwise
amend certain terms and conditions contained in the Sublease on the terms and
conditions hereafter set forth.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties mutually covenant and
agree as follows:

         1. Definitions. All capitalized and non-capitalized terms used in this
First Amendment which are not separately defined herein but are defined in the
Sublease shall have the meaning given to any such term in the Sublease. Except
as otherwise expressly provided in this First Amendment, for the Additional
Sublease Premises Term the term "Sublease Premises" shall have the same meaning
as the term "Master Premises" and the Sublease shall be deemed amended
accordingly. All terms and agreements contained in the Sublease shall apply to
the Additional Sublease Premises demised herein with the same force and effect
as if the same had been set forth herein, except as otherwise expressly provided
in this First Amendment.

         2. Demise of Additional Sublease Premises. Sublandlord hereby subleases
and demises to Subtenant and Subtenant hereby hires and subleases from
Sublandlord the Additional Sublease Premises (which the parties stipulate
contain 28,225 rentable square feet) upon and subject to the terms, covenants
and conditions herein after set forth.

         3. Lease Term.
         (a) Notwithstanding anything to the contrary contained in the Sublease
Agreement, the Sublease Commencement Date shall be October 1, 2001. The term
applicable to the Additional Sublease Premises only (the "Additional Sublease
Premises Term") shall commence on the date that Landlord consents to this First
Amendment and Sublandlord vacates the Additional Sublease Premises and notifies

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Subtenant thereof, and the Additional Sublease Premises Term shall end, unless
sooner terminated as provided herein, on December 31, 2001 ("Additional Sublease
Premises Expiration Date") provided, however, that in the event Sublandlord
shall have failed to vacate the Additional Sublease Premises on or before
November 15, 2001 or Landlord shall have failed to consent to this First
Amendment on or before November 15, 2001, then Subtenant shall have the right to
terminate this First Amendment upon written notice to Sublandlord. Sublandlord
will remove all of its moveable personal property from the Additional Sublease
Premises prior to vacating the same.

         (b) If Sublandlord vacates the Additional Sublease premises on or
before October 24, 2001, Subtenant will reimburse Sublandlord up to $15,000 of
Sublandlord's reasonable expenses incurred in connection therewith. If
Sublandlord vacates the Additional Sublease Premises after October 24, 2001 but
on or before November 1, 2001, Subtenant will reimburse Sublandlord up to
$10,000 of Sublandlord's reasonable expenses incurred in connection therewith.
Any reimbursement of expenses required under this section 3(b) will be paid to
Sublandlord within twenty (20) days after Subtenant's receipt of a statement
from Sublandlord setting forth such expenses.

         4. Subrental. Beginning with the Additional Sublease Premises
Commencement Date and thereafter during the Additional Sublease Premises Term
and ending on the Additional Sublease Premises Expiration Date, the Base Rental
shall be $84,854/month.

         5. Subtenant's Additional Covenants.
         (a) After delivery of possession to Subtenant of the south side of the
4th floor constituting part of the Original Sublease Premises, Subtenant shall
in no event do anything or permit anything to be done therein before November 1,
2001, including, without limitation, any demolition or construction, that will
materially interfere with, disrupt or otherwise adversely affect Sublandlord's
data room or telephone closets or any of the computer or telecommunication
equipment therein or Sublandlord's use thereof.

         (b) DELETED

             6. Entire Agreement. It is understood and acknowledged that there
are no oral agreements between the parties hereto affecting this First
Amendment and the Sublease, as amended by this First

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Amendment, supercedes and cancels any and all previous negotiations,
arrangements, brochures, agreements and understandings, if any, between the
parties hereto or displayed by Sublandlord to Subtenant with respect to the
subject matter thereof, and none thereof shall be used to interpret or construe
this Sublease. Except as expressly amended herein, the Sublease shall remain in
full force and effect as if the same had been set forth in full herein.

IN WITNESS WHEREOF, the parties have entered into this First Amendment of
Sublease as of the date first written above.

   SUBLANDLORD:                   SUBTENANT:
   MOVADO GROUP, INC.             NATIONAL FINANCIAL SERVICES LLC
   A New York corporation         A Delaware limited liability company

    By:/s/ Efraim Grinberg        By: /s/ Jeffrey S. Wallace

    Its:President                 Its: Vice President & Chief Financial Officer

                                       3<PAGE>
                                                                    Exhibit 10.4

                            THIRD AMENDMENT TO LEASE

1.   PARTIES

     1.1  THIS AGREEMENT made the 6th day of November, 2001 is between MACK-CALI
          REALTY, L.P. ("Lessor") whose address is c/o Mack-Cali Realty
          Corporation, 11 Commerce Drive, Cranford, New Jersey 07016 and MOVADO
          GROUP, INC. ("Lessee"), whose address is Mack Centre II, One Mack
          Drive, Paramus, New Jersey.

2.   STATEMENT OF FACTS

     2.1  Lessor and Lessee entered into a Lease dated December 21, 2000, as
          amended by First Amendment to Lease dated December 21, 2000 and Second
          Amendment to the lease dated July 26, 2001 (hereinafter collectively,
          the "Lease") covering approximately 57,535 gross rentable square feet
          on the third (3rd) floor ("Premises") in the building located at Mack
          Centre II, One Mack Drive, Paramus, New Jersey ("Building"); and

     2.2  Lessee desires to expand the Premises by leasing approximately 6,024
          gross rentable square feet on the third (3rd) floor of the Building
          contiguous to the Premises ("Second Expansion Premises"), as shown on
          Exhibit A attached hereto and made a part hereof; and

     2.3  The parties desire to amend certain terms of the Lease as set forth
          below.

3.   AGREEMENT

          NOW, THEREFORE, in consideration of the terms, covenants and
     conditions hereinafter set forth, Lessor and Lessee agree as follows:

     3.1  The above recitals are incorporated herein by reference.

     3.2  All capitalized and non-capitalized terms used in this Agreement which
          are not separately defined herein but are defined in the Lease shall
          have the meaning given to any such term in the Lease.

     3.3  The Term applicable to the Second Expansion Premises shall commence on
          the date the Second Expansion Premises are delivered to Lessee (the
          "Effective Date") and shall terminate at 11:59 p.m. on June 30, 2013,
          said date being the Expiration Date, as defined in the Lease. Lessor
          shall use reasonable efforts to deliver the Second Expansion Premises
          to Lessee on or about December 1, 2001 but shall have no liability for
          failure to deliver same by said date.

     3.4  Lessor hereby leases the Second Expansion Premises to Lessee, and
          Lessee shall accept the Second Expansion Premises on the Effective
          Date in its "AS-IS" condition with the Building systems serving the
          Second Expansion Premises in good working order. Lessor represents
          that to the best of its knowledge there are no unlawful quantities of
          asbestos or contaminates in the Second Expansion Premises.

     3.5  Lessee, at its sole cost and expense, shall perform improvement work
          to the Second Expansion Premises including, without limitation,
          legally demising the Second Expansion Premises in accordance with
          Exhibit B attached hereto and made part hereof. Lessor shall provide
          an allowance towards such improvements work of up to ONE HUNDRED FIFTY
          THOUSAND SIX HUNDRED AND 00/100 DOLLARS ($150,600.00) ("Lessor's
          Construction Allowance.

     3.6  From and after the Effective Date, the following shall be effective:

          a.   Lessor shall lease to Lessee and Lessee shall hire from Lessor
               the Second Expansion Premises as shown on Exhibit A attached
               hereto and made part hereof.

          b.   The Premises shall be defined as approximately 63,559 gross
               rentable square feet on the third (3rd) floor of the Building and
               Paragraph 7 of the Preamble to the Lease be shall deemed amended
               accordingly.

                                       1

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     c.   In addition to the Fixed Basic Rent payable applicable to the
          Premises, Lessee shall pay Lessor Fixed Basic Rent applicable to the
          Second Expansion Premises which shall accrue as follows and Paragraph
          10 of the Preamble to the Lease shall be deemed supplemented
          accordingly:

          <Table>
          <Caption>
          Lease Year(s)            Yearly Rate         Monthly Installment
          <S>                      <C>                 <C>
          Effective Date-6/30/05   $149,094.00         $12,424.50
          7/1/05-6/30/09           $161,142.00         $13,428.50
          7/1/09-6/30/13           $173,190.00         $14,432.50
          </Table>

          Notwithstanding anything hereinabove to the contrary, Lessee's
          obligation to pay the accrual of Fixed Basic Rent for the Second
          Expansion Premises shall commence only on the three (3) month
          anniversary of the Effective Date.

     d.   Parking Spaces as defined in Paragraph 14 of the Preamble to the Lease
          shall be amended to be a total of two hundred fifty-four (254) spaces,
          forty-three (43) of which shall be assigned and two hundred eleven
          (211) of which shall be unassigned. As shown on Exhibit C attached
          hereto and made a part hereof.

     e.   Lessee shall pay Lessor the cost of electricity consumed within the
          Second Expansion Premises in accordance with Article 22 Building
          Standard Office Electrical Service of the Lease.

     f.   Lessee's Percentage applicable to the Second Expansion Premises shall
          be 1.72%.

     g.   Lessee shall pay Lessor, as Additional Rent, Lessee's Percentage
          applicable to the Second Expansion Premises of the increased cost to
          Lessor for each of the categories set forth in Article 23 (Additional
          Rent) over the Base Period Costs set forth in Paragraph 2 of the
          Preamble of Lease. Notwithstanding anything hereinabove to the
          contrary, Lessee shall have no obligation to pay Lessee' Percentage
          applicable to the Second Expansion Premises of the increased cost to
          Lessor over the Base Period Costs for the Second Expansion Premises
          during the first twelve (12) months following the Effective Date.

     h.   The term "Second Expansion Premises" shall have the same meaning as
          the term "Premises" as in the Lease, and the Lease shall be deemed
          amended accordingly. All terms and agreements contained in the Lease
          shall apply to the Second Expansion Premises demised herein with the
          same force and effect as if the same had been set forth in full herein
          except as otherwise expressly provided in this Agreement.

     i.   Lessor shall use the Second Expansion Premises primarily as an
          employee cafeteria with secondary uses as: a watch sale/company store,
          a customer service window for drop off and pick up of company
          products, and offices/conference rooms. As part of Lessee's cafeteria
          needs, Lessor agrees to permit Lessee to install, at Lessee's sole
          cost and expense, several exhaust ducts directly to the exterior of
          the Building, or in the alternative, to the roof of the Building
          through a Building airshaft vent or similar vent or similar opening.
          Such work by Lessee shall be subject to plans approved by Lessor,
          which approval shall not be unreasonably withheld, delayed or
          conditioned. Lessee shall remove any such alterations at the
          expiration or sooner termination of the Term and restore the Second
          Expansion Premises and the Building to the condition existing prior to
          such alteration.

     j.   Lessee shall have the right to install, at Lessee's sole cost and
          expense, a new electric riser through Lessor's common Building shaft.
          Such work by Lessee shall be subject to plans approved by Lessor,
          which approval shall not be unreasonably withheld, delayed or
          conditioned. Lessee shall remove any such alterations at the
          expiration or sooner termination of the Term and restore the Second
          Expansion Premises and the Building to the condition existing prior to
          such alteration.

3.7  This Agreement shall not extend or otherwise amend the Term or Fixed Basic
Rent

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<PAGE>
       applicable to the Premises as defined herein.

3.8    Each of Lessor and Lessee represent and warrant to the other that no
       broker except Alexander Summer LLC (the "Broker") brought about this
       transaction, and each agrees to indemnify and hold the other harmless
       from any and all claims of any other broker arising out of or in
       connection with negotiations of, or entering into of, this Agreement.
       Lessor agrees to pay Broker pursuant to a separate agreement and to
       indemnify and hold harmless Lessee with respect to claims by the Broker.

3.9    Except as expressly amended herein, the Lease shall remain in full force
       and effect as if the same had been set forth in full herein, and Lessor
       and Lessee hereby ratify and confirm all of the terms and conditions
       thereof.

3.10   This Agreement shall be binding upon and inure to the benefit of the
       parties hereto and their respective legal representatives, successors and
       permitted assigns.

3.11   Each party agrees that it will not raise or assert as a defense to any
       obligation under the Lease or this Agreement or make any claim that the
       Lease or this Agreement is invalid or unenforceable due to any failure of
       this document to comply with ministerial requirements including, but not
       limited to, requirements for corporate seals, attestations, witnesses,
       notarizations, or other similar requirements, and each party hereby
       waives the right to assert any such defense or make any claim of
       invalidity or unenforceability due to any of the foregoing.

       IN WITNESS WHEREOF, Lessor and Lessee have hereunto set their hands and
seals the date and year first above written, and acknowledge one to the other
that they possess the requisite authority to enter into this transaction and to
sign this Agreement.

LESSOR                                       LESSEE
MACK-CALI REALTY, L.P.                       MOVADO GROUP, INC.

By: Mack-Cali Realty Corporation,
    its general partner

By: /s/ Michael A. Grossman                  By: /s/ [ILLEGIBLE]
   --------------------------------              -------------------------------
   Michael A. Grossman                           Name:
   Executive Vice President                      Title:

                                       3
<PAGE>
                                   EXHIBIT A

                     LOCATION OF SECOND EXPANSION PREMISES

                              [FLOOR PLAN GRAPHIC]

THIRD (3RD) FLOOR
ONE MACK DRIVE
PARAMUS, NEW JERSEY

<PAGE>
                                   EXHIBIT B

                         LESSEE'S WORK AND ALTERATIONS

Lessee may make the alterations required for Lessee's use of the Second
Expansion Premises (hereinafter the "Work") after the Effective Date of the
Second Amendment subject to the following:

     a.   Lessee, at its sole cost and expense, shall prepare and submit to
          Lessor, for Lessor's and governmental approval, the following
          descriptive information, detailed architectural and engineering
          drawings and specifications (hereinafter the "Plans") for the Work.
          The Plans shall be as complete and finished as required to completely
          describe the Work and shall include, but not be limited to, the
          following:

          i.     Demolition Plans depicting all existing conditions to be
                 removed, abandoned or cut patched.

          ii.    Architectural floor plans depicting partition locations and
                 types; door location, size, and hardware types.

          iii.   Structural plans, if required, depicting new structural
                 components and their connections to existing elements.

          iv.    Electrical plans depicting any new and existing electrical
                 wiring, devices, fixtures and equipment.

          v.     Mechanical plans depicting any new plumbing, piping, heating,
                 ventilating, air conditioning equipment, and duct work and its
                 connections to existing elements.

          vi.    Life Safety System plans depicting all new or altered alarm
                 system fixtures, devices, detectors and wiring within the
                 Second Expansion Premises and their connection to existing
                 systems.

          vii.   Coordinated reflected ceiling plan showing ceiling systems and
                 materials and all of the above items and their proximity to one
                 another.

          viii.  Finish plans showing locations and types of all interior
                 finishes with a schedule of all proposed materials and
                 manufacturers.

          The Plans shall provide for all systems and construction components
          complying with the requirements of all governmental authorities and
          insurance bodies having jurisdiction over the Building.

     b.   The Plans for the Work are subject to Lessor's prior written approval
          which shall not be unreasonably withheld, provided, however, that
          Lessor may in any event disapprove the Plans if they are incomplete,
          inadequate or inconsistent with the terms of the Lease or with the
          quality and architecture of the Building. Lessor agrees to approve or
          disapprove the Plans within three (3) business days of receipt of same
          (the "Lessor's Approval Period"). If Lessor disapproves the Plans or
          any portion thereof, Lessor shall promptly notify Lessee thereof and
          of the revisions which Lessor reasonably requires in order to obtain
          Lessor's approval Lessee shall, at its sole cost and expense, submit
          the Plans, in such form as may be necessary, with the appropriate
          governmental agencies for obtaining required permits and certificates.
          Any changes required by any governmental agency affecting the Work or
          the Plans shall be complied with by Lessee in completing said Work at
          Lessee's sole cost and expense. Lessee shall submit completed Plans to
          Lessor simultaneously with Lessee's submission of said plans to the
          local building department.

2.   Lessor shall permit Lessee to solicit competitive pricing and select its
     own general and/or individual subcontractors to perform the Work in its
     sole cost subject to the following:

     a.   All general contractors shall be subject to Lessor's prior written
          approval, which shall

                               Exhibit B - Page 1
<PAGE>
        not be unreasonably withheld.

     b. Intentionally omitted.

     c. Lessee shall be permitted to use the same team of architects and
        contractors who built Lessee's current office space on the third floor
        of the Building.

     d. If Lessee does not use the same team of architects and contractors who
        built Lessee's current office space on the third floor of the Building,
        then Lessee shall use the Base Building Sub-Contractors and their
        respective trades are set forth in Paragraph 6 below.

     e. Lessee notifies Lessor in writing of Lessee's selection of general and
        subcontractors.

     f. All costs associated with the biding process soliciting competitive
        pricing will be at the sole cost and expense of the Lessee.

3.   Intentionally omitted.

4.   If Lessee elects to engage another general contractor, or individual
     sub-contractors, Lessee shall, at its sole cost and expense, complete the
     Work. Lessee shall complete such Work through its own contractors in
     accordance with the following terms and conditions:

     a. Lessee's workmen and mechanics shall work in harmony and not interfere
        with the labor employed by Lessor, Lessor's mechanics or contractors or
        by any other Lessee or their mechanic or contractors, if any. If at any
        time Lessee and/or its contractors cause disharmony or interference with
        the operation of the Building, Lessor shall give forty-eight (48) hours
        written notice to Lessee and Lessee shall promptly resolve any dispute
        so that the tenor of the construction process and the operation of the
        Building is returned to that which existed prior to Lessor's notice.
        Such entry by Lessee's contractors shall be deemed controlled by all of
        the terms, covenants, provisions and conditions of the Lease.*

     b. Prior to the commencement of the Work, Lessee shall provide Lessor with
        evidence of Lessee's contractors and sub-contractors carrying such
        worker's compensation, general liability, personal and property
        insurance required by law and in amounts no less than the amounts set
        forth in Paragraph 8 herein. Lessor shall not be liable in any way for
        any injury, loss or damage which may occur to any portion of the Work,
        Lessee's decorations, or installments so made, the same being solely at
        Lessee's risk.

     c. All proposed Building System work, including the preparation of the
        plans and specifications identified herein, shall be approved by
        Lessor's engineers (the "Engineering Review"), and the reasonable cost
        thereof shall be Lessee's responsibility.

     d. Lessor shall afford Lessee and its contractors the opportunity to use
        the Building facilities in order to enable Lessee and its contractors to
        perform the Work, provided however, that Lessee and its contractors
        shall remain responsible for the scheduling and transportation of
        materials and equipment used in the performance of such work. Lessee
        shall give Lessor adequate prior notice with regard to the scheduling
        and transportation of materials in and out of the Building. Lessor shall
        furnish, at Lessor's expense, water, electricity, heat and ventilation
        during the performance of the Work during regular construction trade
        hours of 8:00 a.m. to 5:00 p.m., Monday through Friday, exclusive of
        trade holidays. Scavenger service shall be provided by Lessor at
        Lessee's expense.

     e. All plans, changes to the plans and work installed by Lessee and its
        sub-contractors shall require inspections to be made by Lessor's Base
        Building Sub-Contractors at Lessee's or Lessee's contractors expense
        (the "Inspection Fees"). The Base Building Sub-Contractors shall supply
        Lessor with certification that work so preformed has been completed in
        accordance with the Plans which have been previously approved

                              Exhibit B -- Page 2
<PAGE>
          by Lessor. If a Base Building Sub-Contractor is selected and actually
          installs the work, the Inspection Fees described in this paragraph
          with respect to such work shall not be required.

     f.   Lessee shall be responsible for all cleaning and removal of debris
          necessitated by the performance of the Work. If Lessee fails to
          provide such cleaning and removal, the same may be performed by Lessor
          on Lessee's behalf (except if the debris is only located within the
          Premises, Lessor shall give Lessee three (3) days notice prior to
          performing such work) and Lessee will pay Lessor an amount equal to
          the contractor's charge therefore.

     g.   Neither the outside appearance nor the strength of the Building or of
          any of its structural parts shall be affected by the Work.

     h.   The proper functioning of any of the Building Systems shall not be
          adversely affected or the usage of such systems by Lessee shall not be
          materially increased above the projected usage of such systems
          indicated by the current plans and specifications of the Building.

     i.   Lessee and its general and sub-contractors shall be bound by and
          observe all of the conditions and covenants contained in the Lease and
          this Exhibit A.

     j.   Lessor shall designate a "Project Manager" as its representative in
          the Building who shall be responsible for coordination and supervision
          of the Work as it pertains to the daily operation of the Building.
          The Project Manager and his subordinates shall be granted access to
          the Second Expansion Premises at all times during the construction
          period.

5.   Any part of the Work other than Lessee's trade fixtures and equipment
     within the Second Expansion Premises shall become the property of the
     Lessor upon installation. Furthermore, with respect to any material and
     installation which is part of the Work, Lessee shall not be entitled to
     remove (unless replaced with equivalent property), pledge or sell same
     unless otherwise agreed to in  writing by Lessor and Lessee. No refund,
     credit, or removal of said items shall be permitted at the termination of
     the Lease. Items installed that are not integrated in any such way with
     other common building materials do not fall under this provision (Example:
     shelving, furniture, trade fixtures equipment).

6.   Lessor shall provide a cash contribution of up to ONE HUNDRED FIFTY
     THOUSAND SIX HUNDRED AND 00/100 DOLLARS ($150,600.00) ("Lessor's
     Construction Allowance") for payment of the costs associated with the
     completion of The Work. Lessor's Construction Allowance shall be payable
     within fifteen (15) days of Lessor's receipt of the following and shall be
     payable notwithstanding that the Effective Date of the Second Amendment to
     Lease may not have yet occurred:

     a.   Copy of the Certificate of Occupancy (temporary and permanent) issued
          by the local construction official;

     b.   AIA Document G704, Certificate of substantial completion issued and
          signed by Lessee's Architect;

     c.   Release of Lien statements from the general and all sub-contractors
          associated with the Work and invoices evidencing the cost of said
          work; and

     d.   Lessee shall provide Lessor a set of reproducible drawings of the
          Plans and a "CAD" file (in .DWG or .DXF format) of the "As-Built"
          Plans.

7.   The Base Building Sub-Contractors are:

          FIRE SPRINKLER CONTRACTOR
          "To be provided by Lessor upon request from Lessee."

          ELECTRICAL CONTRACTOR

                             Exhibit B - Page 3
<PAGE>
          "To be provided by Lessor upon request from Lessee."

          PLUMBING CONTRACTOR
          "To be provided by Lessor upon request from Lessee."

          HVAC CONTRACTOR
          "To be provided by Lessor upon request from Lessee."

8.   Lessee's Contractor's Insurance:

     a.   The Lessee shall require any and all contractors of the Lessee
          performing work on or about the Second Expansion Premises to obtain
          and/or maintain specific insurance coverage for events which could
          occur while operations are being performed and which could occur after
          the completion of the work. The insurance coverage of the contractor
          shall be at least equal to the coverage required by Article 30 of the
          Lease and the contractor shall name Lessor and, if requested,
          Mortgagee as additional insureds on all policies of liability
          insurance.

     b.   The contractor shall purchase and maintain such insurance as will
          protect itself and Lessor and Lessee from claims set forth below which
          may arise out of or result from its operations under the contract and
          after contract completion with Lessee, whether such operations are
          performed by the contractor or by any subcontractor or by anyone
          directly or indirectly employed by any of them or by anyone for whose
          acts any of them may be liable. The insurance coverage shall include
          but not be limited to protection for:

          i.   Claims under Workers or Workmens Compensation, Disability
               Benefits, and other Employee Benefit Acts;

          ii.  Claims for damages because of bodily injury, occupational
               sickness, disease or death of its employees;

          iii. Claims for damages because of bodily injury, sickness, disease,
               or death of any person other than its employees;

          iv.  Claims for damages insured by the usual personal injury liability
               coverages which are sustained by (i) any person as a result of an
               offense directly or indirectly related to the employment of such
               person by the contractor, or (ii) by any other person;

          v.   Claims for damages, other than to the work itself, because of
               injury to or destruction of tangible property, including loss of
               use resulting therefrom;

          vi.  Claims for damages because of bodily injury or death of any
               person and/or property damage arising out of the ownership,
               maintenance, or use of any motor vehicle; and

          vii. Claims which include the foregoing, but not limited thereto,
               which may occur while operations are being performed and claims
               which may occur after operations are completed.

     c.   Lessee shall secure evidence of Lessee's contractor's insurance
          coverage adequate to protect Lessor and Lessee.

     d.   The contract between the Lessee and its contractor shall require that
          the Lessee's contractor hold the Lessor harmless in a form and manner
          equal to the indemnity agreement in Article 12, "Indemnification" of
          the Lease agreement.

     e.   Lessee shall cause to be executed a waiver of all subrogation rights
          their contractors have or may have against Lessor and any Mortgagee
          involved in the Second Expansion Premises in any way, for damages
          caused by fire or other perils so insured.

                                     -END-

                               Exhibit B - Page 4

<PAGE>
                                   EXHIBIT C

                      LOCATIONS OF ASSIGNED PARKING SPACES

                             [PARKING LOT GRAPHIC]

MACK-CALI CENTRE II
ONE MACK DRIVE
PARAMUS, NEW JERSEY

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