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Exhibit 10.18    
  

 
 

FIRST AMENDMENT TO THE
  RESTRICTED SHARE AWARD AGREEMENT
  FOR MICHAEL A. GROSSMAN EFFECTIVE AS OF MARCH 12, 2001    
  

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

        Whereas, the Company and the Recipient entered into an Agreement Evidencing the Grant of a Restricted Share Award effective as of
March 12, 2001 (the "Agreement"), pursuant to which the Company awarded 18,519 shares of the Company's common stock, par value $.01 per share ("Common Stock") to the Recipient pursuant to the
2000 Employee Stock Option Plan of Mack-Cali Realty Corporation (the "Plan"), and 

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

        Now Therefore, the parties hereto hereby agree as follows: 

        1.    Definitions.    

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

        2.    Amendments to the Restricted Share Award Agreement.    

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

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

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

        "(b)    Vesting.    An aggregate of 18,519 Restricted Shares may vest in the Recipient on a year by year basis over a
seven to nine year Vesting Period. The number of Restricted Shares which have been vested and earned on each Vesting Date on a year by year basis as a result of the Performance Goals specified in
Section 2(c) below being satisfied is as follows: 

	Restricted Shares
 
	 	Vesting Date

	5,555	 	January 1, 2002

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

	Restricted Shares
 
	 	Vesting Date

	6,482	 	January 2, 2003

 

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

	Restricted Shares
 
	 	Vesting Date

	972	 	 	January 1, 2004
	972	 	 	January 1, 2005
	1,296	 	 	January 1, 2006
	1,621	 	 	January 1, 2007
	1,621	 	 	January 1, 2008"

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

        "(d)    Time Vesting.    6,482 Restricted Shares shall vest on January 2, 2003. 

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

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

THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK. 

2

 

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

	 	 	Mack-Cali Realty Corporation
	

 	
 	
By:	

/s/  MITCHELL E. HERSH      
 Name: Mitchell E. Hersh

Title: Chief Executive Officer
	

 	
 	
Recipient
	

 	
 	

/s/  MICHAEL A. GROSSMAN      
 Michael A. Grossman

3

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Exhibit 10.18

FIRST AMENDMENT TO THE RESTRICTED SHARE AWARD AGREEMENT FOR MICHAEL A. GROSSMAN EFFECTIVE AS OF MARCH 12, 2001<Page>

                                                                     Exhibit 4.0

<Table>
<S>                                 <C>                                                      <C>
  [SEAL]                                                                                                  [SEAL]

                                                    THE AMERICAN CORPORATION
                                     INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

COMMON STOCK                                                                                  SEE REVERSE FOR CERTAIN DEFINITIONS

</Table>

THIS
CERTIFIES
that

is the owner of

    FULLY PAID AND NON-ASSESSABLE SHARES OF THE $.001 PAR VALUE COMMON STOCK

transferable only on the books of the Corporation by the holder hereof in
person or by a duly authorized attorney upon surrender of this certificate
properly endorsed. This certificate is not valid until countersigned by the
Transfer Agent. This certificate and the shares represented hereby are issued
and shall be held subject to all of the provisions of the Certificate of
Incorporation and By-Laws of the Corporation and all amendments thereto,
copies of which are on file with the Transfer Agent, to all of which the
holder of this certificate, by acceptance hereof, assents.
     IN WITNESS WHEREOF, the Corporation has caused this certificate to be
signed by the facsimile signatures of its duly authorized officers and to be
sealed with the facsimile seal of the Corporation.

<Table>
<S>                             <C>                               <C>
                                  CORPORATE
                                    SEAL

                                    2002
                                  DELAWARE

SECRETARY                                                          CHAIRMAN

</Table>

         -C-  SECURITY-COLUMBIAN     UNITED STATES BANKNOTE CORPORATION

<Page>

                           THE AMERICAN CORPORATION

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<Table>
<S>                                                                    <C>
     TEN COM -- as tenants in common                                    UNIF GIFT MIN ACT -- ______________ Custodian ___________
     TEN ENT -- as tenants by the entireties                                                     (Cust)                 (Minor)
     JT TEN  -- as joint tenants with right                                                  under Uniform Gifts to Minors
                of survivorship and not as                                                   Act ________________________________
                tenants in common                                                                           (State)
</Table>

   Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED, ______________ hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE
---------------------------------------

---------------------------------------

_______________________________________________________________________________
   (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE,
                                 OF ASSIGNEE)

_______________________________________________________________________________

_______________________________________________________________________________

________________________________________________________________________ Shares
of the common stock represented by the within Certificate and does hereby
irrevocably constitute and appoint

______________________________________________________________________ Attorney
to transfer the said stock on the books of the within-named Corporation with
full power of substitution in the premises.

Dated _____________________   _________________________________________________
                              NOTICE: The signature to this assignment must
                              correspond with the name as written upon the
                              face of the Certificate in every particular,
                              without alteration or enlargement or any change
                              whatever.

THESE SECURITIES SHALL BE PROMPTLY DEPOSITED INTO AN ESCROW ACCOUNT UNTIL THE
CLOSING OF THE COMPANY'S INITIAL PUBLIC OFFERING OF SECURITIES AND THE
CLOSING OF A BUSINESS COMBINATION, SUCH AS A MERGER OR ACQUISITION.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR
INVESTMENT PURPOSES ONLY AND MAY ONLY BE SOLD, TRANSFERRED OR ASSIGNED
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR AN EXEMPTION THEREFROM, AND PURSUANT TO APPLICABLE STATE
SECURITIES LAW.

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