Document:

Exhibit
10.9

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

 

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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

 

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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 the Shareholder., 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.

 

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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.

 

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                (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:

 

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                (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 Vornado, 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, Vornado, 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
Vornado, 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

 

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

 

                If
any of Vornado, 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;

 

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                (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:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  With a copy to

  

 

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.

 

                (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.

 

18

 

                (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.

 

                (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

 

19

 

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 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.

 

 

20Exhibit
10.10

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

 

2

 

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

 

3

 

“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 after the third anniversary of the date of this Agreement) 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 third anniversary of
the date of this Agreement, 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

 

4

 

the Other Registration Rights Agreements)
pursuant to the Other Registration Rights 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

 

5

 

the Company shall withdraw any Demand Registration
pursuant to subsection (e) of this 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 the Shareholder., 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 Vornado 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 Vornado, Apollo 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, Vornado, Apollo 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
Vornado, the Shareholder, and Apollo, 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

 

10

 

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

 

                If
any of Vornado, the Shareholder or Apollo 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:

  	
   

  	
   

  
	
   

  	
   

  	
  With a copy to

  

 

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.

 

                (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.

 

18

 

                (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.

 

                (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

 

19

 

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 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.

 

 

20

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