Document:

Exhibit 10.5

 

Lock-Up Agreement
- Vornado

 

[Date]

 

Bear, Stearns & Co. Inc.

Credit Suisse First Boston LLC

As Representatives of the several

Underwriters referred to below

c/o Bear, Stearns & Co. Inc.

383 Madison Avenue

New York, New York 10179

Attention: Equity Capital Markets

 

Newkirk Realty Trust,
Inc. Lock-Up Agreement

 

Ladies and Gentlemen:

 

This letter
agreement (this “Agreement”) relates to the proposed public offering (the “Offering”)
by Newkirk Realty Trust, Inc., a Maryland corporation (the “Company”), of its
common stock, $.01 par value (the “Stock”).

 

In order to induce you and the other underwriters for
which you act as representatives (the “Underwriters”) to underwrite the
Offering, the undersigned hereby agrees that, except as otherwise provided
herein without the prior written consent of Bear, Stearns & Co. Inc. (“Bear
Stearns”), during the period from the date hereof until the first anniversary
of the date of the final prospectus for the Offering (the “Lock-Up Period”),
the undersigned (a) will not, directly or indirectly, offer, sell, agree to
offer or sell, solicit offers to purchase, grant any call option or purchase
any put option with respect to, pledge, borrow or otherwise dispose of any
Relevant Security (as defined below), and (b) will not establish or increase
any “put equivalent position” or liquidate or decrease any “call equivalent
position” with respect to any Relevant Security (in each case within the
meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder), or otherwise enter into any
swap, derivative or other transaction or arrangement that transfers to another,
in whole or in part, any economic consequence of ownership of a Relevant
Security, whether or not such transaction is to be settled by delivery of
Relevant Securities, other securities, cash or other consideration.  As used herein “Relevant Security” means the
Stock, any other equity security of the Company or any of its subsidiaries and
any security convertible into, or exercisable or exchangeable for, any Stock or
other such equity security held by the undersigned immediately following the
Offering including, without limitation, units of limited partnership interest
in The Newkirk Master Limited Partnership, a Delaware limited partnership (the “Partnership”).

 

Notwithstanding the foregoing:

 

 

(i)            if (x) during the last 17 days of
the Lock-Up Period the Company issues an earnings release or material news or a
material event relating to the Company occurs; or (y) prior to the expiration
of the Lock-Up Period, the Company announces that it will release earnings
results during the 16-day period beginning on the last day of the 90-day
period; the restrictions imposed in this Letter Agreement shall continue to
apply until the expiration of the 18-day period beginning on the issuance of
the earnings release or the occurrence of the material news or material event;
provided, however, that this sentence shall not apply if the research published
or distributed on the Company is compliant with Rule 139 of the Securities Act
and the Company’s securities are actively traded as defined in Rule 101(c)(1)
of Regulation M of the Exchange Act;

 

(ii)           the undersigned shall be permitted to
transfer or otherwise assign Relevant Securities to an affiliate of the
undersigned provided that such affiliate agrees to be bound by the terms of
this agreement.

 

The undersigned hereby authorizes the Company during
the Lock-Up Period to cause any transfer agent for the Relevant Securities to
decline to transfer, and to note stop transfer restrictions on the stock
register and other records relating to, Relevant Securities for which the
undersigned is the record holder and, in the case of Relevant Securities for
which the undersigned is the beneficial but not the record holder, agrees
during the Lock-Up Period to cause the record holder to cause the relevant
transfer agent to decline to transfer, and to note stop transfer restrictions
on the stock register and other records relating to, such Relevant
Securities.  The undersigned hereby
further agrees that, without the prior written consent of Bear Stearns, during
the Lock-up Period the undersigned (x) will not file or participate in the
filing with the Securities and Exchange Commission of any registration
statement, or circulate or participate in the circulation of any preliminary or
final prospectus or other disclosure document with respect to any proposed
offering or sale of a Relevant Security and (y) will not exercise any rights
the undersigned may have to require registration with the Securities and
Exchange Commission of any proposed offering or sale of a Relevant Security.

 

The undersigned hereby represents and warrants that
the undersigned has full power and authority to enter into this Agreement and
that this Agreement constitutes the legal, valid and binding obligation of the
undersigned, enforceable in accordance with its terms.  Upon request, the undersigned will execute
any additional documents necessary in connection with enforcement hereof.  Any obligations of the undersigned shall be
binding upon the successors and assigns of the undersigned from the date first
above written.

 

This Agreement shall be governed by and construed in
accordance with the laws of the State of New York.  Delivery of a signed copy of this letter by
facsimile transmission shall be effective as delivery of the original hereof.

 

Very truly yours,

 

[VORNADO ENTITY]

 

2Exhibit 10.8

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT is made and entered into as of            ,
2005, between Newkirk Realty Trust, Inc., a Maryland corporation (the “Company”),
and                       
(together with its successors and permitted assigns, “Shareholder”).

 

WHEREAS, Shareholder is the holder of limited partnership units (“Partnership
Units”) of The Newkirk Master Limited Partnership (the “Operating Partnership”),
a Delaware limited partnership of which the Company is the general partner;

 

WHEREAS, such units may be redeemed for shares of the Company’s common
stock, on or after the first anniversary of the closing of the initial public
offering of the Company’s common stock; and

 

WHEREAS, the Company has agreed to grant to Shareholder the
registration rights described herein relating to the issuance and the resale of
the common stock issuable upon redemption of the Partnership Units.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and other good and valid consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement
hereby agree as follows:

 

1.             CERTAIN DEFINITIONS.

 

In addition to the terms defined elsewhere in this Agreement, the following
terms shall have the following meanings:

 

“Affiliate” of any Person means any other Person that directly, or indirectly
through one or more intermediaries, controls, or is controlled by, or is under
common control with, such Person. The term “control” (including the terms “controlled
by” and “under common control with”) as used with respect to any Person means
the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise.

 

“Agreement” means this Registration Rights Agreement, including all amendments,
modifications and supplements and any exhibits or schedules to any of the
foregoing, and shall refer to this Registration Rights Agreement as the same
may be in effect at the time such reference becomes operative.

 

“Business Day” means any day on which commercial banks are open for business
in New York, New York and on which the New York Stock Exchange or such other
exchange as the Common Stock is listed is open for trading.

 

 

“Common Stock” means common stock, par value $.01 per share, of the Company.

 

“Conversion Shares” means any of the shares of Common Stock issued or issuable
upon redemption of the Partnership Units.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

“Holder” means any holder of record of Registrable Common Stock (as defined
below). For purposes of this Agreement, the Company may deem and treat the registered
holder of Registrable Common Stock as the Holder and absolute owner thereof,
and the Company shall not be affected by any notice to the contrary.

 

“Operating Partnership” means The Newkirk Master Limited Partnership, a
Delaware limited partnership, and any successor thereto.

 

“Other Registration Rights Agreements” means that certain Registration
Rights Agreement, dated         , 2005,
by and between the Company and [First Union Real Estate Equity and Mortgage
Investments], that certain Registration Rights Agreement, dated          ,
2005, by and between the Company and [Apollo Real Estate Investment Fund III (“Apollo”)],
and that certain Registration Rights Agreement, dated        ,
2005, by and between the Company and [Vornado Realty L.P.].

 

“Partnership Units” means partnership units of the Operating Partnership.

 

“Person” means any individual, sole proprietorship, partnership, limited
liability company, joint venture, trust, incorporated organization, association,
corporation, institution, public benefit corporation, government (whether
federal, state, county, city, municipal or otherwise, including, without
limitation, any instrumentality, division, agency, body or department thereof)
or any other entity.

 

“Prospectus” means the prospectus or prospectuses included in any Registration
Statement, as amended or supplemented by any prospectus supplement with respect
to the terms of the offering of any portion of the Registrable Common Stock
covered by such Registration Statement and by all other amendments and supplements
to the prospectus, including any preliminary prospectus or supplement, post-effective
amendments and all material incorporated by reference in such prospectus or
prospectuses.

 

“Redemption Date” shall mean the date on which Partnership Units held
by the Selling Stockholder are first redeemable for shares of Common Stock.

 

“Registrable Common Stock” means those Conversion Shares issued or issuable
to the Shareholder upon redemption of those               
Partnership Units currently held by the Shareholder, if the Shareholder were to
receive or receives Conversion Shares upon redemption of such Partnership Units,
including any securities issued in respect of such 

 

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securities by reason of or in
connection with any exchange for or replacement of such securities or any stock
dividend, stock distribution, stock split, purchase in any rights offering or
in connection with any combination of shares, recapitalization, merger or consolidation,
or any other equity securities issued pursuant to any other pro rata
distribution with respect to the Common Stock, until, in the case of any such
securities, the earliest to occur of (i) the date on which its resale has
been registered effectively pursuant to the Securities Act and disposed of in accordance
with the Registration Statement relating to it or (ii) the date on which
either it is distributed to the public pursuant to Rule 144 or is saleable
without restriction pursuant to Rule 144(k) promulgated by the Commission
pursuant to the Securities Act as confirmed in a written opinion of counsel to
the Company addressed to the Holder. All references herein to a “Holder” or “Holder
of Registrable Common Stock” shall include the holder or holders of Partnership
Units to the extent of the Conversion Shares then underlying such Partnership
Units. For purposes of determining the number of shares of Registrable Common
Stock held by a Holder and the number of shares of Registrable Common Stock
outstanding, for purposes of this Agreement (including the definition of “Holder”)
but not for any other purpose, any holder of record of Partnership Units shall
be deemed to be a Holder of the number of Conversion Shares issuable upon
conversion of such Partnership Units and all such Conversion Shares shall be
deemed to be outstanding shares of Registrable Common Stock.

 

“Registration Statement” means any registration statement of the Company
which covers any of the Registrable Common Stock pursuant to the provisions of
this Agreement, including the Prospectus, amendments and supplements to such
Registration Statement, including post-effective amendments, all exhibits and
all materials incorporated by reference in such Registration Statement.

 

“Rule 415” means Rule 415 promulgated by the SEC pursuant to
the Securities Act, as such Rule may be amended from time to time, or any
similar Rule or regulation hereafter adopted by the Commission as a
replacement thereto having substantially the same effect as such rule.

 

“SEC” means the Securities and Exchange Commission.

 

“Securities Act” means the Securities Act of 1933, as amended.

 

“Shelf Registration Statement” shall have the meaning set forth in Section 4
hereof.

 

“underwritten registration or underwritten offering” means a registration
in which securities of the Company are sold to underwriters for reoffering to
the public.

 

2.             AUTOMATIC AND DEMAND
REGISTRATIONS.

 

(a)           Issuance
Registration.  To the extent
permitted by applicable rules and regulations promulgated by the SEC, the
Company shall file a registration statement (the 

 

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“Initial Registration Statement”)
with the SEC on the appropriate form for a continuous offering to be made
pursuant to Rule 415 providing for the delivery to the Holders of Common
Stock issued pursuant to such registration statement upon the tendering of Class A
Units for redemption or exchange.  The
Company will use commercially reasonable best efforts to effect (at the
earliest possible date) the registration, under the Securities Act, of such
Common Stock.  If such registration
statement ceases to be effective for any reason at any time prior to the
delivery of all Common Stock registered thereunder, then the Company shall use
its commercially reasonable efforts to obtain the prompt withdrawal of any
order suspending the effectiveness thereof. 
The Company shall be responsible for all Registration Expenses in
connection with any registration pursuant to this Section 2(a).  The Company shall promptly supplement and amend
such registration statement and the prospectus included therein if required by
the rules, regulations or instructions applicable to the registration statement
used for such registration statement or by the Securities Act.  Any registration statement filed pursuant to
this Section 2(a) shall not eliminate any right to registration
provided under other sections of this Agreement.

 

(b)           Right to Request
Registration.  Any time after the
Redemption Date, a Holder may request pursuant to this Section 2(b) registration
under the Securities Act of the resale of all or part of the Shareholder’s Registrable
Common Stock (“Demand Registration”); provided, that if the Company is eligible
to use a Shelf Registration Statement (as defined in Section 4 hereof),
the Holder shall be required to request that the Company register its
Registrable Common Stock on a Shelf Registration Statement rather than
requesting Demand Registrations and shall not be entitled to request any Demand
Registrations while such Shelf Registration is effective and available for
registration of the Registrable Common Stock.

 

(c)           Number of Demand
Registrations.  Subject to the
provisions of Section 2(b), the Shareholder shall be entitled to request an
aggregate of two Demand Registrations per year, and shall not be entitled to
request that less than 25% of the Registrable Securities be included in any
Demand Registration.

 

(d)           Restrictions on
Demand Registrations.  The Company
shall not be obligated to effect any Demand Registration within six months
after the effective date of a previous Demand Registration, a previous Shelf
Registration (as hereinafter defined) or a previous registration under which
the Shareholder had piggyback rights pursuant to Section 3 hereof wherein
the Shareholder was permitted to register, and sold, at least 25% of the shares
of Registrable Common Stock requested to be included therein.  In no event shall the Company be obligated to
effect more than two (2) Demand Registrations hereunder or under the Other
Registration Rights Agreements in any single twelve (12) month period, with the
first such period measured from the date of the first Demand Registration and
ending on the same date twelve months following such Demand Registration,
whether or not a Business Day; provided, however,
that if (i) the Company is requested to effect a Demand Registration
under this Agreement which is not otherwise designated by the Shareholder to be
a “shelf” registration statement and (ii) is also requested to effect one
or more Demand Registrations (as such term is defined in each of the Other
Registration Rights Agreements) pursuant to the Other Registration Rights 

 

4

 

Agreements within any eighteen
(18) month period during which the Corporation is eligible to file a
registration statement on Form S-3 or on a successor form, then the
Company shall only be obligated with respect to such latter registration
statement during such period to register that percentage of the Registrable
Common Stock equal to the product obtained by dividing (i) the number of
shares of Registrable Common Stock held by the Shareholder by (ii) the
total number of shares of Registrable Common Stock covered under this Agreement
and all of the Other Registration Rights Agreements.  The Company may (i) postpone for up to
ninety (90) days the filing or the effectiveness of a Registration Statement
for a Demand Registration if, based on the good faith judgment of the Company’s
board of directors, such postponement or withdrawal is necessary in order to
avoid premature disclosure of a matter the board has determined would be
reasonably expected to result in a material adverse effect to the Company’s
business, financial condition, results of operations or prospects or the loss
of a material opportunity to be disclosed at such time or (ii) postpone
the filing of a Demand Registration in the event the Company shall be required
to prepare audited financial statements as of a date other than its fiscal year
end (unless the stockholders requesting such registration agree to pay the
expenses of such an audit); provided, however, that in no event shall the
Company withdraw a Registration Statement under clause (i) after such
Registration Statement has been declared effective; and provided, further,
however, that in any of the events described in clause (i) or (ii) above,
the Shareholder shall be entitled to withdraw such request and, if such request
is withdrawn, such Demand Registration shall not count as one of the permitted
Demand Registrations. The Company shall provide written notice to the Shareholder
of (x) any postponement or withdrawal of the filing or effectiveness of a
Registration Statement pursuant to this Section 2(e), (y) the Company’s
decision to file or seek effectiveness of such Registration Statement following
such withdrawal or postponement and (z) the effectiveness of such Registration
Statement. The Company may defer the filing of a particular Registration
Statement pursuant to this Section 2(d) only once.

 

(f)            Selection of Underwriters.
 If any of the Registrable Common Stock
covered by a Demand Registration or a Shelf Registration pursuant to Section 4
hereof is to be sold in an underwritten offering, the Shareholder, if it is the
Holder who instructed the Demand Registration or Shelf Registration, or in the
case of a transaction representing a “shelf takedown”, the Holder initiating
such transaction, shall have the right to select the managing underwriter(s) to
administer the offering subject to the approval of the Company, which will not
be unreasonably withheld; provided, however,
that the Company shall have the right to select the managing underwriter,
subject to the approval of the Holder, which shall not be unreasonably
withheld, in the event of any underwritten offering pursuant to a Demand
Registration or “shelf takedown” where the Company is bearing the expenses of
such Demand Registration or “shelf takedown”.

 

(g)           Effective Period of
Demand Registrations.  After any
Demand Registration filed pursuant to this Agreement has become effective, the
Company shall use its best efforts to keep such Demand Registration effective
until such time as the Registrable Common Stock registered thereon has been
disposed of pursuant thereto.  If the
Company shall withdraw any Demand Registration pursuant to subsection (e) of
this 

 

5

 

Section 2 before any of
the Shareholders Registrable Common Shares covered by the withdrawn Demand
Registration are unsold (a “Withdrawn Demand Registration”), the Shareholder
shall be entitled to a replacement Demand Registration that (subject to the
provisions of this Article 2) the Company shall use its best efforts to
keep effective until such time as the Registrable Common Stock registered
thereon has been disposed of pursuant thereto.  Such additional Demand Registration otherwise
shall be subject to all of the provisions of this Agreement.

 

(h)           Other Company Stock.  In no event shall the Company agree to
register Common Stock or any other securities for issuance by the Company or
for resale by any Persons other than the Shareholder in any registration
statement filed pursuant to Section 2(b), without the express written
consent of Vornado Realty L.P., which consent shall be entirely discretionary.

 

(i)            Conversion to Form S-3.  In the event that at any time a Demand
Registration Statement is in effect and the Company is eligible to register on Form S-3
or any successor thereto then available, the Company shall as promptly as
reasonably practicable convert such registration statement to Form S-3 or
such successor form.

 

6

 

3.             PIGGYBACK
REGISTRATIONS.

 

(a)           Right to Piggyback.
 At any time after the Redemption Date, whenever
the Company proposes to register any of its common equity securities under the
Securities Act (other than the Initial Registration Statement, or a
registration statement on Form S-8 or on Form S-4 or any similar
successor forms thereto), whether for its own account or for the account of one
or more stockholders of the Company, and the registration form to be used may
be used for any registration of Registrable Common Stock (a “Piggyback
Registration”), the Company shall give prompt written notice (in any event
within 10 business days after its receipt of notice of any exercise of other
demand registration rights) to the Holder of its intention to effect such a
registration and, subject to Sections 3(b) and 3(c), shall include in such
registration all Registrable Common Stock of the Shareholder with respect to
which the Company has received written requests for inclusion therein within 20
days after the receipt of the Company’s notice. The Company may postpone or
withdraw the filing or the effectiveness of a Piggyback Registration at any
time in its sole discretion.

 

(b)           Priority on Primary
Registrations.  If a Piggyback
Registration is an underwritten primary registration on behalf of the Company,
and the managing underwriters advise the Company in writing that in their
opinion the number of securities requested to be included in such registration
exceeds the number that can be sold in such offering and/or that the number of
shares of Registrable Common Stock proposed to be included in any such
registration would adversely affect the price per share of the Company’s equity
securities to be sold in such offering, the underwriting shall be allocated
among the Company and all Holders pro rata on the basis of the Common Stock and
Registrable Common Stock offered for such registration by the Company and each
Holder, respectively, electing to participate in such registration.

 

(c)           Priority on
Secondary Registrations.  If a
Piggyback Registration is an underwritten secondary registration on behalf of a
holder of the Company’s securities other than Registrable Common Stock (“Non-Holder
Securities”), and the managing underwriters advise the Company in writing that in
their opinion the number of securities requested to be included in such registration
exceeds the number that can be sold in such offering and/or that the number of
shares of Registrable Common Stock proposed to be included in any such
registration would adversely affect the price per share of the Company’s equity
securities to be sold in such offering, the underwriting shall be allocated
among the holders of Non-Holder Securities and all Holders pro rata on the
basis of the Non-Holder Securities and Registrable Common Stock offered for such
registration by the holder of Non-Holder Securities and each Holder, respectively,
electing to participate in such registration.

 

(d)           Selection of
Underwriters.  If any Piggyback
Registration is an underwritten primary offering, the Company shall have the
right to select the managing underwriter or underwriters to administer any such
offering.

 

7

 

(e)           Other Registrations.
 If the Company has previously filed a Registration
Statement with respect to shares of Registrable Common Stock pursuant to Sections
2 (other than Section 2(a)) or 4 hereof or pursuant to this Section 3,
and if such previous registration has not been withdrawn or abandoned, the
Company shall not be obligated to cause to become effective any other
registration of such same shares of Registrable Common Stock or any of its securities
under the Securities Act, whether on its own behalf or at the request of any
holder or holders of such securities.

 

4.             SHELF REGISTRATIONS.

 

(a)           After the Redemption
Date, at the Holder’s election (such election to be made if the Holder may not
elect to exercise any Demand Registrations, subject to Section 4(b) below),
if at any time that the Company is eligible to use Form S-3 or any
successor thereto then available to the Company providing for the resale
pursuant to Rule 415 from time to time by the Shareholder of any and all Registrable
Common Stock held by the Shareholder (a “Shelf Registration Statement”) the
Shareholder requests that the Company file a Shelf Registration Statement for a
public offering of all or any portion of the Registrable Common Stock held by
the Holder, then the Company shall use its best efforts to register under the
Securities Act pursuant to a Shelf Registration Statement, for public sale in
accordance with the method of disposition specified in such notice, the number
of shares of Registrable Common Stock specified in such notice. Whenever the
Company is required by this Section 4 to use its best efforts to effect
the registration of Registrable Common Stock, each of the procedures and
requirements of Section 2 (including but not limited to the requirement
that the Company notify all Holders from whom notice has not been received and
provide them with the opportunity to participate in the offering) shall apply
to such registration. The Company shall use its commercially reasonable efforts
to keep the Shelf Registration Statement effective until the earliest to occur
of the date on which all of the Registrable Common Stock ceases to be
Registrable Common Stock.

 

(b)           If at any time the
Company is not eligible to use a Shelf Registration Statement, a Holder may
during such time exercise Demand Registration Rights, regardless of any
previous exercise of their rights under Section 4(a).

 

(c)           A filing pursuant to
this Section 4 shall not relieve the Company of any obligation to effect
registration of Registrable Common Stock pursuant to Section 2 or Section 3
hereof, except as provided therein.

 

5.             REGISTRATION
PROCEDURES.

 

Whenever the Holder requests that any of its Registrable Common Stock
be registered pursuant to this Agreement, the Company shall use its best
efforts to effect the registration and the sale of such Registrable Common
Stock in accordance with the intended methods of disposition thereof, and
pursuant thereto the Company shall as expeditiously as possible:

 

8

 

(a)           prepare and file with
the SEC a Registration Statement with respect to such Registrable Common Stock
and use its best efforts to cause such Registration Statement to become
effective as soon as practicable thereafter; and before filing a Registration
Statement or Prospectus or any amendments or supplements thereto, furnish to
the Shareholder and the underwriter or underwriters, if any, copies of all such
documents proposed to be filed, including documents incorporated by reference
in the Prospectus and, if requested by the Shareholder, the exhibits
incorporated by reference, and the Shareholder shall have the opportunity to
object to any information pertaining to the Shareholder that is contained
therein and the Company will make the corrections reasonably requested by the
Shareholder with respect to such information prior to filing any Registration
Statement or amendment thereto or any Prospectus or any supplement thereto;

 

(b)           prepare and file with
the SEC such amendments and supplements to such Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep such
Registration Statement effective for such period as is necessary to complete
the distribution of the securities covered by such Registration Statement and
comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such Registration Statement during
such period in accordance with the intended methods of disposition by the
sellers thereof set forth in such Registration Statement;

 

(c)           furnish to each seller
of Registrable Common Stock such number of copies of such Registration
Statement, each amendment and supplement thereto, the Prospectus included in
such Registration Statement (including each preliminary Prospectus) and such
other documents as such seller may reasonably request in order to facilitate
the disposition of the Registrable Common Stock owned by such seller;

 

(d)           use its commercially
reasonable efforts to become and remain eligible to file registration
statements on Form S-3 or any successor thereto then available, and if
applicable to utilize “well known seasoned issuer status”, and to register or
qualify such Registrable Common Stock under such other securities or blue sky
laws of such jurisdictions as any seller reasonably requests and do any and all
other acts and things which may be reasonably necessary or advisable to enable
such seller to consummate the disposition in such jurisdictions of the
Registrable Common Stock owned by such seller (provided, that the Company will
not be required to (i) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this
subparagraph (d), (ii) subject itself to taxation in any such jurisdiction
or (iii) consent to general service of process in any such jurisdiction);

 

(e)           notify each seller of
such Registrable Common Stock, at any time when a Prospectus relating thereto
is required to be delivered under the Securities Act, of the occurrence of any
event as a result of which the Prospectus included in such Registration
Statement contains an untrue statement of a material fact or omits any fact
necessary to make the statements therein not misleading, and prepare a
supplement or amendment to such Prospectus so that such Prospectus shall not
contain an untrue statement of a 

 

9

 

material fact or omit to state
any material fact necessary to make the statements therein not misleading;

 

(f)            in the case of an
underwritten offering, enter into such customary agreements together with the
Operating Partnership (including underwriting agreements in customary form) and
take all such other actions as the underwriters, if any, reasonably request in
order to expedite or facilitate the disposition of such Registrable Common
Stock (including, without limitation, effecting a stock split or a combination
of shares and making members of senior management of the Company available to
participate in, and cause them to cooperate with the underwriters in connection
with, “road-show” and other customary marketing activities (including
one-on-one meetings with prospective purchasers of the Registrable Common
Stock)) and cause to be delivered to the underwriters and the sellers, if any,
opinions of counsel to the Company and the Operating Partnership in customary
form, as well as closing certificates and other customary documents covering
such matters as are customarily covered by opinions for and certificates in an
underwritten public offering as the underwriters may request and addressed to
the underwriters and the sellers; provided, however,
 that notwithstanding anything else
contained in this Agreement, the Company shall not be obligated to effect an
aggregate of more than three underwritten offerings or participate in more than
two “road shows” (which, for the purposes of this sentence shall not include
presentations that involve only telephonic or internet-based marketing and do
not require any travel by the Company’s management) in any twenty-four (24)
month period, and not more than one underwritten offering every six (6) months
under this Agreement or under the Other Registration Rights Agreements; and provided further, however, that
if an underwritten public offering (including a public sale to a registered
broker-dealer) is effected at the request of Apollo or First Union under the
Other Registration Rights Agreements, the Shareholder shall have the right to
participate in such offering, and Apollo shall have the right to participate in
any underwritten public offering effected at the request of the Shareholder
under this Agreement; and if the managing underwriters or broker-dealers of any
such underwritten offering advise Apollo, First Union and the Holder in writing
that in their opinion the number of shares of Registrable Common Stock proposed
to be included in any such offering exceeds the number of securities that can
be sold in such offering and/or that the number of shares of Registrable Common
Stock proposed to be included in any such offering would materially adversely
affect the price per share of the Company’s equity securities to be sold in
such offering, Apollo, First Union and the Holder shall include in such
offering only the number of shares of Registrable Common Stock that, in the
opinion of such managing underwriters (or registered broker-dealer), can be
sold.  If the number of shares that can
be sold exceeds the number of shares of Registrable Common Stock proposed to be
sold, such excess shall be allocated pro rata among the holders of Common Stock
desiring to participate in such offering based on the amount of such Common
Stock initially requested to be registered by such holders or as such holders
may otherwise agree.

 

Only Apollo, the Shareholder, First Union, and their affiliates holding
Registrable Common Stock shall be entitled to participate in any public
underwritten offerings pursuant to this Agreement with respect to Registrable
Common Stock (which for 

 

10

 

purposes of this paragraph (f) includes
Registrable Common Stock as defined in the Other Registration Rights Agreements)

 

If any of Apollo, the Shareholder or First Union determines not to
participate in an underwritten offering with respect to which it is entitled
hereunder to participate in hereunder or under the Other Registration Rights
Agreements, then the non-participating party shall agree to such lockup period
with respect to its Common Stock as the managing underwriters or broker dealer
deems reasonably necessary for purposes of effecting the public offering.

 

(g)           make available, for
inspection by any seller of Registrable Common Stock, any underwriter
participating in any disposition pursuant to such Registration Statement, and
any attorney, accountant or other agent retained by any such seller or
underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, and cause the Company’s officers, directors,
employees and independent accountants to supply all information reasonably
requested by any such seller, underwriter, attorney, accountant or agent in
connection with such Registration Statement;

 

(h)           to use its best efforts
to cause all such Registrable Common Stock to be listed on each securities
exchange on which securities of the same class issued by the Company are then
listed or, if no such similar securities are then listed, on Nasdaq or a
national securities exchange selected by the Company;

 

(i)            provide a transfer
agent and registrar for all such Registrable Common Stock not later than the
effective date of such Registration Statement;

 

(j)            if requested, cause to
be delivered, immediately prior to the effectiveness of the Registration
Statement (and, in the case of an underwritten offering, at the time of
delivery of any Registrable Common Stock sold pursuant thereto), letters from
the Company’s independent certified public accountants addressed to the
Shareholder (unless the Shareholder does not provide to such accountants the
appropriate representation letter required by rules governing the
accounting profession) and each underwriter, if any, stating that such
accountants are independent public accountants within the meaning of the Securities
Act and the applicable rules and regulations adopted by the SEC thereunder,
and otherwise in customary form and covering such financial and accounting
matters as are customarily covered by letters of the independent certified
public accountants delivered in connection with primary or secondary underwritten
public offerings, as the case may be;

 

(k)           make generally
available to its stockholders a consolidated earnings statement (which need not
be audited) for the 12 months beginning after the effective date of a
Registration Statement as soon as reasonably practicable after the end of such
period, which earnings statement shall satisfy the requirements of an earning
statement under Section 11(a) of the Securities Act;

 

11

 

(l)            promptly notify the
Shareholder and the underwriter or underwriters, if any:

 

(i)            when the Registration
Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement
or post-effective amendment to the Registration Statement has been filed and,
with respect to the Registration Statement or any post-effective amendment,
when the same has become effective;

 

(ii)           of any SEC comments
applicable to the Registration Statement or Prospectus or written request from
the SEC for any amendments or supplements to the Registration Statement or Prospectus;

 

(iii)          of the notification to
the Company by the SEC of its initiation of any proceeding with respect to the issuance
by the SEC of any stop order suspending the effectiveness of the Registration
Statement;

 

(iv)          of the receipt by the
Company of any notification with respect to the suspension of the qualification
of any Registrable Common Stock for sale under the applicable securities or
blue sky laws of any jurisdiction;

 

(v)           of the existence of,
any fact or the happening of any event that makes any statement of material
fact made in any registration statement filed pursuant to this Agreement or
related prospectus untrue in any material respect, or that requires the making
of any changes in such registration statement so that, in the case of the
registration statement, it will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading and that, in the case
of the prospectus, such prospectus will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; and

 

(vi)          of the determination by
the Company that a post-effective amendment to a registration statement filed
pursuant to this Agreement will be filed with the SEC.

 

The Company shall file all reports required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations adopted
by the SEC thereunder, and take such further action as the Shareholder may reasonably
request, all to the extent required to enable the Shareholder to be eligible to
sell Registrable Common Stock pursuant to Rule 144 (or any similar rule then
in effect).

 

In connection with any registration pursuant to which any of a Holder’s
Registrable Common Stock is to be sold, the Company may require that the Holder
furnish to the Company any other information regarding the Holder and the
distribution of such securities as the Company may from time to time reasonably
request in writing.

 

12

 

The Holders agree by having their stock treated as Registrable Common
Stock hereunder that, upon notice of the happening of any event described in l(v) above
(a “Suspension Notice”), the Holders will forthwith discontinue disposition of
Registrable Common Stock until the Shareholder is advised in writing by the
Company that the use of the Prospectus may be resumed and is furnished with a
supplemented or amended Prospectus as contemplated by Section 5(e) hereof,
and, if so directed by the Company, the Holders will deliver to the Company (at
the Company’s expense) all copies, other than permanent file copies then in the
Holder’s possession, of the Prospectus covering such Registrable Common Stock
current at the time of receipt of such notice; provided, however, that such
postponement of sales of Registrable Common Stock shall not exceed ninety (90)
days in the aggregate in any one year; provided, further, however, that not
later than the last day of such ninety (90) day period or such shorter period
as may apply, the Company shall have provided to the Holders a supplemented or
amended Prospectus as contemplated by Section 5(e) hereof.  If the Company shall give any notice to
suspend the disposition of Registrable Common Stock pursuant to a Prospectus,
the Company shall extend the period of time during which the Company is
required to maintain the Registration Statement effective pursuant to this
Agreement by the number of days during the period from and including the date
of the giving of such notice to and including the date the Shareholder either
is advised by the Company that the use of the Prospectus may be resumed or
receives the copies of the supplemented or amended Prospectus contemplated by Section 5(e).
In any event, the Company shall not be entitled to deliver more than one (1) Suspension
Notice in any one year.

 

13

 

6.             REGISTRATION
EXPENSES.

 

(a)           All expenses incident
to the Company’s performance of or compliance with this Agreement, including,
without limitation, all registration and filing fees, , underwriting discounts
and commissions, NASD fees, fees and expenses of compliance with securities or
blue sky laws, listing application fees, printing expenses, transfer agent’s
and registrar’s fees, cost of distributing Prospectuses in preliminary and
final form as well as any supplements thereto, and fees and disbursements of
counsel for the Company and all independent certified public accountants and
other Persons retained by the Company (all such expenses being herein called “Registration
Expenses”), shall be borne by the Shareholder; provided,
however, that the Company shall bear the expenses, exclusive of
underwriting discounts and commissions, incident to the Initial Registration
Statement, one Registration Statement filed pursuant to Section 4(a), including
up to three “shelf takedowns” or offerings pursuant to Rule 430A under the
Securities Act, if applicable, and up to three Demand Registrations pursuant to
Section 2(b), but in no event shall the Company be obligated to bear the
expense of more than three offerings (exclusive of the expenses incident to the
Initial Registration Statement and one Registration Statement filed pursuant to
Section 4(a)) pursuant to this Section 6(a) (or four offerings
if the Shareholder is unable, through its commercially reasonable efforts, to
dispose of all its Registrable Common Stock after such three offerings).  The Company shall pay its internal expenses
(including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), and the expense of any annual
audit or quarterly review, and the expense of any liability insurance.

 

7.             INDEMNIFICATION.

 

(a)           The Company and the
Operating Partnership shall indemnify, to the fullest extent permitted by law, each
Holder, its officers, directors, trustees, partners, and Affiliates and each
Person who controls such Holder (within the meaning of the Securities Act)
against all losses, claims, damages, expenses and liabilities, joint or
several, actions or proceedings, to which each such indemnified party may
become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages, expenses or liabilities (or actions or proceedings in respect
thereof) arise out of or based upon any untrue or alleged untrue statement of
material fact contained in any Registration Statement, Prospectus or any
amendment thereof or supplement thereto or any omission or alleged omission of
a material fact required to be stated therein or necessary to make the
statements therein not misleading or any violation or alleged violation by the
Company of the Securities Act, the Exchange Act or applicable “blue sky” laws
and the Company and the Operating Partnership will reimburse each such Holder
and each such director, trustee, officer, partner, agent, employee or affiliate,
underwriter and controlling person for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, expense, liability action or proceeding, except insofar as the
same are made in reliance and in conformity with information relating to the
Shareholder furnished in writing to the Company by the Shareholder expressly
for use therein or caused by the Shareholder’s failure to deliver to the
Shareholder’s immediate purchaser a copy of the Registration Statement or
Prospectus 

 

14

 

or any amendments or
supplements thereto (if the same was required by applicable law to be so
delivered) after the Company has furnished the Shareholder with a sufficient
number of copies of the same. In connection with an underwritten offering, the
Company shall indemnify such underwriters, their officers and directors and
each Person who controls such underwriters (within the meaning of the
Securities Act) to the same extent as provided above with respect to the
indemnification of the Shareholder.

 

(b)           In connection with any
Registration Statement in which the Shareholder is participating, the
Shareholder shall furnish to the Company in writing such information and
affidavits as the Company reasonably requests for use in connection with any
such Registration Statement or Prospectus and, shall indemnify, to the fullest
extent permitted by law, the Company, its officers, directors, Affiliates, and
each Person who controls the Company (within the meaning of the Securities Act)
against all losses, claims, damages, expenses and liabilities joint or several,
actions or proceedings, to which each such indemnified party may become subject
under the Securities Act or otherwise, insofar as such losses, claims, damages,
expenses or liabilities (or actions or proceedings in respect thereof) arise
out of or based upon any untrue or alleged untrue statement of material fact
contained in the Registration Statement, Prospectus or preliminary Prospectus
or any amendment thereof or supplement thereto or any omission or alleged
omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, and the Holder will reimburse each of the
Company and the Operating Partnership and each such director, trustee, officer,
partner, agent, employee or affiliate, underwriter and controlling person for
any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, expense, liability
action or proceeding, but only to the extent that the same are made in reliance
and in conformity with information relating to the Shareholder furnished in
writing to the Company by the Shareholder expressly for use therein or caused
by the Shareholder’s failure to deliver to the Shareholder’s immediate purchaser
a copy of the Registration Statement or Prospectus or any amendments or
supplements thereto (if the same was required by applicable law to be so delivered)
after the Company has furnished the Shareholder with a sufficient number of
copies of the same.

 

(c)           Any Person entitled to
indemnification hereunder shall (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification
and (ii) unless in such indemnified party’s reasonable judgment a conflict
of interest between such indemnified and indemnifying parties may exist with
respect to such claim, permit such indemnifying party to assume the defense of
such claim with counsel reasonably satisfactory to the indemnified party. If
such defense is assumed, the indemnifying party shall not be subject to any
liability for any settlement made by the indemnified party without its consent
(but such consent will not be unreasonably withheld). An indemnifying party who
is not entitled to, or elects not to, assume the defense of a claim shall not
be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party there may be one or
more legal or equitable defenses available to such indemnified party which are
in addition to or may conflict with those available to another indemnified
party with respect to such claim. 

 

15

 

Failure to give prompt written
notice shall not release the indemnifying party from its obligations hereunder.

 

(d)           The indemnification
provided for under this Agreement shall remain in full force and effect
regardless of any investigation made by or on behalf of the indemnified party
or any officer, director or controlling Person of such indemnified party and
shall survive the transfer of securities.

 

(e)           If the indemnification
provided for in or pursuant to this Section 7 is due in accordance with
the terms hereof, but is held by a court to be unavailable or unenforceable in
respect of any losses, claims, damages, liabilities or expenses referred to
herein, then each applicable indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified Person as a result of such losses, claims, damages, liabilities or
expenses in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party on the
other in connection with the statements or omissions which result in such
losses, claims, damages, liabilities or expenses as well as any other relevant
equitable considerations. The relative fault of the indemnifying party on the
one hand and of the indemnified Person on the other shall be determined by
reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the indemnifying party or by
the indemnified party, and by such party’s relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or
omission. In no event shall the liability of any selling Holder be greater in
amount than the amount of net proceeds received by such Holder upon such sale
or the amount for which such indemnifying party would have been obligated to
pay by way of indemnification if the indemnification provided for under Section 7(a) or
7(b) hereof had been available under the circumstances.

 

(f)            In the event that advances are not made
pursuant to this Section 8 or payment has not otherwise been timely made,
each indemnified party shall be entitled to seek a final adjudication in an
appropriate court of competent jurisdiction of the entitlement of the
indemnified party to indemnification or advances hereunder.

 

The Company, the Operating Partnership
and the Holders agree that they shall be precluded from asserting that the
procedures and presumptions of this Section 7 are not valid, binding and
enforceable.  The Company, the Operating
Partnership and the Holders further agree to stipulate in any such court that
the Company, the Operating Partnership, and the Holders are bound by all the
provisions of this Section 7 and are precluded from making any assertion
to the contrary.

 

To the extent deemed appropriate
by the court, interest shall be paid by the indemnifying party to the
indemnified party at a reasonable interest rate for amounts which the
indemnifying party has not timely paid as the result of its indemnification and
contribution obligations hereunder.

 

16

 

In the event that any
indemnified party is a party to or intervenes in any proceeding to which the
validity or enforceability of this Section 7 is at issue or seeks an
adjudication to enforce the rights of any indemnified party under, or to recover
damages for breach of, this Section 7, the indemnified party, if the
indemnified party prevails in whole in such action, shall be entitled to
recover from the indemnifying party and shall be indemnified by the
indemnifying party against, any expenses incurred by the indemnified
party.  If it is determined that the
indemnified party is entitled to indemnification for part (but not all) of the
indemnification so requested, expenses incurred in seeking enforcement of such
partial indemnification shall be reasonably prorated among the claims, issues
or matters for which the indemnified party is entitled to indemnification and
for such claims, issues or matters for which the indemnified party is not so
entitled.

 

The indemnity agreements contained in this Section 7 shall be in
addition to any other rights (to indemnification, contribution or otherwise)
which any indemnified party may have pursuant to law or contract and shall
remain operative and in full force and effect regardless of any investigation
made or omitted by or on behalf of any indemnified party and shall survive the
transfer of any Registrable Common Stock by any Holder.

 

8.             PARTICIPATION IN
UNDERWRITTEN REGISTRATIONS.

 

No Person may participate in any registration hereunder that is underwritten
unless such Person (a) agrees to sell such Person’s securities on the
basis provided in any underwriting arrangements approved by the Person or Persons
entitled hereunder to approve such arrangements and (b) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements
and other documents required under the terms of such underwriting arrangements.

 

9.             RULE 144.

 

The Company covenants that it will file the reports required to be filed
by it under the Securities Act and the Exchange Act and the rules and regulations
adopted by the SEC thereunder, and it will take such further action as the
Shareholder may reasonably request to make available adequate current public information
with respect to the Company meeting the current public information requirements
of Rule 144(c) under the Securities Act (to the extent such information
is available), to the extent required to enable the Shareholder to sell Registrable
Common Stock without registration under the Securities Act within the
limitation of the exemptions provided by (i) Rule 144 under the
Securities Act, as such Rule may be amended from time to time, or (ii) any
similar rule or regulation hereafter adopted by the SEC. Upon the request
of the Shareholder, the Company will deliver to the Shareholder a written
statement as to whether it has complied with such information and requirements.

 

10.          MISCELLANEOUS.

 

(a)           Notices.  All notices, requests and other communications
to any party hereunder shall be in writing (including facsimile or similar
writing) and shall be given,

 

17

 

If to the Company:

 

Newkirk Realty Trust, Inc.

7 Bulfinch Place

Suite 500

Boston, Massachusetts 02114

Attn:  Carolyn Tiffany

Fax:  (617) 742-4643

 

with a copy to:

 

Katten Muchin Rosenman

575 Madison Avenue

New York, New York 10022

Attn:

Fax:

 

If to the Shareholder:

 

Vornado Realty Trust

Address: 888 Seventh Avenue

New York, NY 10019

Facsimile No.: (212) 894-7035

ATTN: Cliff Broser

 

With a copy to

Sullivan & Cromwell LLP

125 Broad Street

New York, New York 10004

Attn: William G. Farrar

Facsimile No. (212) 558-1600

 

or such other address or facsimile number as such party (or transferee)
may hereafter specify for the purpose by notice to the other parties. Each such
notice, request or other communication shall be effective (a) if given by facsimile,
when such facsimile is transmitted to the facsimile number specified in this Section and
the appropriate facsimile confirmation is received or (b) if given by any
other means, when delivered at the address specified in this Section.

 

(b)           No Waivers.  No failure or delay by any party in exercising
any right, power or privilege hereunder shall operate as a waiver thereof nor
shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. The
rights and remedies herein provided shall be cumulative and not exclusive of
any rights or remedies provided by law.

 

18

 

(c)           Expenses.  Except as otherwise provided for herein or
otherwise agreed to in writing by the parties, all costs and expenses incurred
in connection with the preparation of this Agreement shall be paid by the
Company.

 

(d)           Successors and
Assigns.  The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns; provided,
however, that neither party may assign its rights or obligations
under this Agreement without the prior written consent of the other party,
except that the Shareholder may assign its rights hereunder to any Affiliate.

 

(e)           Governing Law.  This Agreement shall be construed in
accordance with and governed by the law of the State of New York, without
regard to principles of conflicts of law.

 

(f)            Jurisdiction.  Any suit, action or proceeding seeking to enforce
any provision of, or based on any matter arising out of or in connection with,
this Agreement or the transactions contemplated hereby may be brought in any
federal or state court located in the County and State of New York, and each of
the parties hereby consents to the jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such suit, action or proceeding and
irrevocably waives, to the fullest extent permitted by law, any objection which
it may now or hereafter have to the laying of the venue of any such suit, action
or proceeding in any such court or that any such suit, action or proceeding
which is brought in any such court has been brought in an inconvenient forum.
Process in any such suit, action or proceeding may be served on any party
anywhere in the world, whether within or without the jurisdiction of any such
court. Without limiting the foregoing, each party agrees that service of
process on such party as provided in Section 10(a) shall be deemed effective
service of process on such party.

 

(g)           Waiver of Jury Trial.

 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(h)           Counterparts;
Effectiveness.  This Agreement may be
signed in any number of counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same
instrument.

 

(i)            Entire Agreement.
 This Agreement constitutes the entire agreement
between the parties with respect to the subject matter of this Agreement and
supersedes all prior agreements and understandings, both oral and written,
between the parties with respect to the transactions contemplated herein. No
provision of this Agreement or any other agreement contemplated hereby is
intended to confer on any Person other than the parties hereto any rights or
remedies.

 

19

 

(j)            Captions.  The captions herein are included for
convenience of reference only and shall be ignored in the construction or
interpretation hereof.

 

(k)           Severability.  If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any party. Upon such
a determination, the parties shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties as closely as possible in an
acceptable manner in order that the transactions contemplated hereby be
consummated as originally contemplated to the fullest extent possible.

 

(l)            Amendments.  The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given
without the prior written consent of the parties hereto.

 

(m)          Aggregation of Stock.
 All Registrable Common Stock held by or acquired
by any Affiliated Persons will be aggregated together for the purpose of
determining the availability of any rights under this Agreement.

 

(n)           Equitable Relief.
 The parties hereto agree that legal
remedies may be inadequate to enforce the provisions of this Agreement and that
equitable relief, including specific performance and injunctive relief, may be
used to enforce the provisions of this Agreement.

 

(o)           No Inconsistent Agreements.  None of the Company or the Operating
Partnership has entered and neither of them will enter into any agreement that
is inconsistent with the rights granted to the Shareholder in this Agreement or
that otherwise conflicts with the provisions hereof.  The rights granted to the Shareholder
hereunder do not in any way conflict with and are not inconsistent with the
rights granted to the holders of the Company’s or the Operating Partnership’s
other issued and outstanding securities under any such agreements. From and
after the date of this Agreement, neither the Company nor the Operating
Partnership will enter into any agreement with any holder or prospective holder
of any securities of the Company or the Operating Partnership which would grant
such holder or prospective holder more favorable rights than those granted to
the Shareholder hereunder or substantially similar or equivalent rights to
those granted to the Shareholder. 
Notwithstanding the foregoing, the provisions of this Section 10(o)
shall not apply to the Other Registration Rights Agreements.

 

(p)           No Adverse Action
Affecting the Registrable Common Stock. 
Neither the Company nor the Operating Partnership shall take any action
with respect to the Registrable Common Stock with an intent to adversely affect
or that does adversely affect 

 

20

 

the ability of any of the
Holders to include such Registrable Common Stock in a registration undertaken
pursuant to this Agreement or their offer and sale.  Notwithstanding the foregoing, the provisions
of this Section 10(p) shall not apply to the Other Registration Rights
Agreements.

 

IN WITNESS WHEREOF, this Registration Rights Agreement has been duly executed
by each of the parties hereto as of the date first written above.

 

21

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