Document:

AMENDMENT AND RESTATEMENT OF
                    EMPLOYMENT AND NONCOMPETITION AGREEMENT

     This AMENDMENT AND RESTATEMENT OF EMPLOYMENT AND NONCOMPETITION AGREEMENT
("Agreement") is made as of the 15th day of August, 2000 by and between
Gregg Rechler ("Executive") and Reckson Associates Realty Corp., a Maryland
corporation with a principal place of business at 225 Broadhollow Road,
Melville, New York 11747 (the "Employer") and amends, supersedes and
completely restates the Employment and Noncompetition Agreement made as of
June 1, 1998 (the "Prior Agreement") by and between the Executive and the
Employer.

     1. Term. The term of this Agreement shall commence on the date first
above written and, unless earlier terminated as provided in Paragraph 7 below,
shall terminate on the fifth anniversary of such date (the "Original Term");
provided, however, that Sections 6 and 8 hereof shall survive the termination
of this Agreement as provided therein. The Original Term may be extended for
such period or periods, if any, as agreed to by Executive and the Employer
(each a "Renewal Term"). The period of Executive's employment hereunder
consisting of the Original Term and all Renewal Terms is herein referred to as
the "Employment Period".

     2. Employment and Duties.

          (a) During the Employment Period, Executive shall be employed in the
business of the Employer and its affiliates. Executive shall serve the
Employer as a senior corporate executive with the titles Co-Chief Operating
Officer, Executive Vice President and Secretary of the Employer. Executive's
duties and authority shall be as set forth in the By-laws of the Employer and
as otherwise established by the Board of Directors of the Employer, and shall
be commensurate with his titles and positions with the Employer.

          (b) Executive agrees to his employment as described in this
Paragraph 2 and agrees to devote substantially all of his business time and
efforts to the performance of his duties under this Agreement, except as
otherwise approved by the Board of Directors of the Employer; provided,
however, that nothing herein shall be interpreted to preclude Executive from
investing his assets as a passive investor in other entities or business
ventures, provided that he performs no management or similar role with respect
to such other entities or ventures and such investment does not violate
Section 8 hereof.

          (c) In performing his duties hereunder, Executive shall be available
for reasonable travel as the needs of the Employer's business require.
Executive shall be based in Nassau County, Suffolk County or New York County,
New York.

     3. Compensation and Benefits. In consideration of Executive's services
hereunder, the Employer shall compensate Executive as provided in this Section
3.

          (a) Base Salary. The Employer shall pay Executive an aggregate
annual salary at the rate of $400,000 per annum during the Employment Period
("Base Salary"), subject to withholding for applicable federal, state and
local taxes. Base Salary shall be payable in accordance with the Employer's
normal business practices, but in no event less frequently than monthly.
Executive's Base Salary shall be reviewed no less frequently than annually by
the Employer and may be increased, but not decreased, by the Employer during
the Employment Period.

          (b) Incentive Compensation. In addition to the Base Salary payable
to Executive pursuant to Section 3(a), during the Employment Period Executive
shall be eligible to participate in any incentive compensation plans in effect
with respect to senior executive officers of the Employer, subject to
Executive's compliance with such criteria as the Employer's Board of Directors
may establish for Executive's participation in such plans from time to time.
Any awards to Executive under such plans will be established by the Employer's
Board of Directors, or a committee thereof, in its sole discretion.

          (c) Stock Options. During the Employment Period, Executive shall be
eligible to participate in employee stock option plans established from time
to time for the benefit of senior executive officers and other employees of
the Employer in accordance with the terms and conditions of such plans. All
decisions regarding awards to Executive under the Employer's stock option
plans shall be made in the sole discretion of the Employer's Board of
Directors, or a committee thereof.

          (d) Expenses. Executive shall be reimbursed for all reasonable
business related expenses incurred by Executive at the request of or on behalf
of the Employer, subject to such reasonable requirements with respect to
substantiation and documentation as may be specified by the Employer.

          (e) Medical and Dental Insurance. During the Employment Period,
Executive and Executive's immediate family shall be entitled to participate in
such medical and dental benefit plans as the Employer shall maintain from time
to time for the benefit of senior executive officers of the Employer and their
families, on the terms and subject to the conditions set forth in such plans.

          (f) Life Insurance and Disability Insurance. During the Employment
Period, the Employer shall provide Executive with life insurance policies and
coverage and comprehensive disability insurance coverage of the same type and
at the same levels in effect with respect to other senior executive officers
of the Employer.

          (g) Vacations. Executive shall be entitled to four weeks of paid
vacation per annum in accordance with the then regular procedures of the
Employer governing senior executive officers.

          (h) Other Benefits. During the Employment Period, the Employer shall
provide to Executive such other benefits, including sick leave and the right
to participate in retirement or pension plans, as are made generally available
to senior executive officers and employees of the Employer from time to time.

     4. Indemnification and Liability Insurance. The Employer agrees to
indemnify Executive with respect to any actions commenced against Executive in
his capacity as an officer or director, or former officer or director, of the
Employer or any affiliate thereof for which he may serve in such capacity. The
Employer also agrees to use its best efforts to secure and maintain officers
and directors liability insurance providing coverage for Executive.

     5. Employer's Policies. Executive agrees to observe and comply with the
rules and regulations of the Employer as adopted by its Board of Directors
regarding the performance of his duties and to carry out and perform orders,
directions and policies communicated to him from time to time by the
Employer's Board of Directors.

     6. Nondisclosure Covenant.

          (a) General. All records, financial statements and similar documents
obtained, reviewed or compiled by Executive in the course of the performance
by him of services for the Employer, whether or not confidential information
or trade secrets, shall be the exclusive property of the Employer. Executive
shall have no rights in such documents upon any termination of this Agreement.

          (b) Confidential Information. Executive will not disclose to any
person or entity (except as required by applicable law or in connection with
the performance of his duties and responsibilities hereunder), or use for his
own benefit or gain, any confidential information of the Employer obtained by
him incident to his employment with the Employer. The term "confidential
information" includes, without limitation, financial information, business
plans, prospects and opportunities which have been discussed or considered by
the management of the Employer but does not include any information which has
become part of the public domain by means other than Executive's
non-observance of his obligations hereunder. This paragraph shall survive the
termination of this Agreement.

     7.       Termination and Severance Payments.

          (a) At-Will Employment. Executive's employment hereunder is "at
will" and may be terminated by the Employer at any time with or without Good
Reason (as defined in Section 7(e) below), by a majority vote of all of the
members of the Board of Directors of the Employer upon written notice to
Executive, subject only to the severance provisions specifically set forth in
this Section 7, and by the Executive at any time, whether pursuant to Section
7(b) or otherwise.

          (b) Termination by Executive. The Employment Period and Executive's
employment hereunder may be terminated effective immediately by Executive by
written notice to the Board of Directors of the Employer within 30 days of the
occurrence of (i) a failure of the Board of Directors of the Employer to elect
Executive to offices with the same or substantially the same duties and
responsibilities as set forth in Section 2, or (ii) a material failure by the
Employer to comply with the provisions of Section 3 or a material breach by
the Employer of any other provision of this Agreement.

          (c) Certain Benefits upon Termination by Executive. Except as
specifically provided in this Section 7 or otherwise required by law, all
compensation and benefits to Executive under this Agreement shall terminate on
the date of termination of the Employment Period. Notwithstanding the
foregoing, if the Employment Period is terminated pursuant to Section 7(b) or
if Executive's employment is terminated by the Employer other than for Good
Reason, Executive shall be entitled to the following benefits:

               (i) The Employer shall continue to pay Executive's Base Salary
          for the remaining term of this Agreement after the date of
          Executive's termination, at the rate in effect on the date of his
          termination and on the same periodic payment dates as payment would
          have been made to Executive had the Employment Period not been
          terminated;

               (ii) For the remaining term of this Agreement, Executive shall
          continue to receive all benefits described in Section 3 existing
          immediately prior to the date of termination, without taking into
          account any changes in such benefits effected in violation of this
          Agreement. For purposes of the application of such benefits,
          Executive shall be treated as if he had remained in the employ of
          the Employer with a Base Salary at the rate in effect on the date of
          termination;

               (iii) For purposes of any stock option plan of the Employer,
          Executive shall be treated as if he had remained in the employ of
          the Employer for the remaining term of this Agreement after the date
          of Executive's termination so that (x) any stock options or other
          awards (including restricted stock grants) of the Executive under
          such plan shall continue to vest and become exercisable, and (y)
          Executive shall be entitled to exercise any exercisable options or
          other rights;

               (iv) If, in spite of the provisions above, any benefits or
          service credits under any benefit plan or program of the Employer
          may not be paid or provided under such plan or program to Executive,
          or to Executive's dependents, beneficiaries or estate, because
          Executive is no longer considered to be an employee of the Employer,
          the Employer shall pay or provide for payment of such benefits and
          service credits to Executive, or to Executive's dependents,
          beneficiaries or estate, for the remaining term of this Agreement;
          and

               (v) Nothing herein shall be deemed to obligate Executive to
          seek other employment in the event of any such termination and any
          amounts earned or benefits received from such other employment will
          not serve to reduce in any way the amounts and benefits payable in
          accordance herewith.

          (d) Termination by the Employer for Good Reason. If (i) Executive is
terminated for Good Reason or (ii) Executive shall voluntarily terminate his
employment hereunder (other than pursuant to Section 7(b) hereof), then the
Employment Period shall terminate as of the effective date set forth in the
written notice of such termination (the "Termination Date") and Executive
shall be entitled to receive only his Base Salary at the rate then in effect
until the Termination Date and any outstanding stock options held by Executive
shall expire in accordance with the terms of the stock option plan or option
agreement under which the stock options were granted.

          (e) Definitions. The following terms shall be defined as set forth
below.

          (i) A "Change-in-Control" shall be deemed to have occurred after the
     effective date of this Agreement if:

               (A) any Person, together with all "affiliates" and "associates"
          (as such terms are defined in Rule 12b-2 under the Securities
          Exchange Act of 1934 (the "Exchange Act")) of such Person, shall
          become the "beneficial owner" (as such term is defined in Rule 13d-3
          under the Exchange Act), directly or indirectly, of securities of
          the Employer representing 30% or more of (A) the combined voting
          power of the Employer's then outstanding securities having the right
          to vote in an election of the Employer's Board of Directors ("Voting
          Securities"), (B) the combined voting power of the Employer's then
          outstanding Voting Securities and any securities convertible into
          Voting Securities, or (C) the then outstanding shares of all classes
          of stock of the Employer; or

               (B) individuals who, as of the effective date of this
          Agreement, constitute the Employer's Board of Directors (the
          "Incumbent Directors") cease for any reason, including, without
          limitation, as a result of a tender offer, proxy contest, merger or
          similar transaction, to constitute at least a majority of the
          Employer's Board of Directors, provided that any person becoming a
          director of the Employer subsequent to the effective date of this
          Agreement whose election or nomination for election was approved by
          a vote of at least a majority of the Incumbent Directors (other than
          an election or nomination of an individual whose initial assumption
          of office is in connection with an actual or threatened election
          contest relating to the election of the directors of the Employer,
          as such terms are used in Rule 14a-11 of Regulation 14A under the
          Exchange Act) shall, for purposes of this Agreement, be considered
          an Incumbent Director; or

               (C) the stockholders of the Employer shall approve (1) any
          consolidation or merger of the Employer or any subsidiary where the
          stockholders of the Employer, immediately prior to the consolidation
          or merger, would not, immediately after the consolidation or merger,
          beneficially own (as such term is defined in Rule 13d-3 under the
          Exchange Act), directly or indirectly, but based solely on their
          prior ownership of shares of the Employer, shares representing in
          the aggregate more than 60% of the voting shares of the corporation
          issuing cash or securities in the consolidation or merger (or of its
          ultimate parent corporation, if any), (2) any sale, lease, exchange
          or other transfer (in one transaction or a series of transactions
          contemplated or arranged by any party as a single plan) of all or
          substantially all of the assets of the Employer or (3) any plan or
          proposal for the liquidation or dissolution of the Employer;

     Notwithstanding the foregoing, a "Change-in-Control" shall not be deemed
to have occurred for purposes of the foregoing clause (A) solely as the result
of an acquisition of securities by the Employer which, by reducing the number
of shares of stock or other Voting Securities outstanding, increases (x) the
proportionate number of shares of stock of the Employer beneficially owned by
any Person to 30% or more of the shares of stock then outstanding or (y) the
proportionate voting power represented by the Voting Securities beneficially
owned by any Person to 30% or more of the combined voting power of all then
outstanding Voting Securities; provided, however, that if any Person referred
to in clause (x) or (y) of this sentence shall thereafter become the
beneficial owner of any additional stock of the Employer or other Voting
Securities (other than pursuant to a share split, stock dividend, or similar
transaction), then a "Change-in-Control" shall be deemed to have occurred for
purposes of the foregoing clause (A).

          (ii) "Good Reason" shall mean a finding by the Employer's Board of
     Directors that Executive has (A) acted with gross negligence or willful
     misconduct in connection with the performance of his material duties
     hereunder; (B) defaulted in the performance of his material duties
     hereunder and has not corrected such action within 15 days of receipt of
     written notice thereof; (C) willfully acted against the best interests of
     the Employer, which act has had a material and adverse impact on the
     financial affairs of the Employer; or (D) been convicted of a felony or
     committed a material act of common law fraud against the Employer or its
     employees and such act or conviction has had, or the Employer's Board of
     Directors reasonably determines will have, a material adverse effect on
     the interests of the Employer; provided, however, that a finding of Good
     Reason shall not become effective unless and until the Board of Directors
     provides the Executive notice that it is considering making such finding
     and a reasonable opportunity to be heard by the Board of Directors.

          (iii) "Person" shall have the meaning used in Sections 13(d) and
     14(d) of the Exchange Act; provided however, that the term "Person" shall
     not include (A) any executive officer of the Employer on the date hereof,
     or (B) the Employer, any of its subsidiaries, or any trustee, fiduciary
     or other person or entity holding securities under any employee benefit
     plan of the Employer or any of its subsidiaries.

          (f) Termination by Reason of Death. The Employment Period shall
terminate upon Executive's death and in such event, the Employer shall pay
Executive's Base Salary for a period of six (6) months from the date of his
death, or such longer period as the Employer's Boards of Directors may
determine, to Executive's estate or to a beneficiary designated by Executive
in writing prior to his death. Any unexercised or unvested stock options shall
remain exercisable or vest upon Executive's death only to the extent provided
in the applicable option plan and option agreements.

          (g) Termination by Reason of Disability. In the event that Executive
shall become unable to efficiently perform his duties hereunder because of any
physical or mental disability or illness, Executive shall be entitled to be
paid his Base Salary until the later of such time when (i) the period of
disability or illness (whether or not the same disability or illness) shall
exceed 180 consecutive days during the Employment Period and (ii) Executive
becomes eligible to receive benefits under a comprehensive disability
insurance policy obtained by the Employer (the "Disability Period"). Following
the expiration of the Disability Period, the Employer may terminate this
Agreement upon written notice of such termination. Any unexercised or unvested
stock options shall remain exercisable or vest upon such termination only to
the extent provided in the applicable option plan and option agreements .

          (h) Arbitration in the Event of a Dispute Regarding the Nature of
Termination. In the event that the Employer terminates Executive's employment
for Good Reason and Executive contends that Good Reason did not exist, the
Employer's only obligation shall be to submit such claim to arbitration before
the American Arbitration Association ("AAA"). In such a proceeding, the only
issue before the arbitrator will be whether Executive was in fact terminated
for Good Reason. If the arbitrator determines that Executive was not
terminated for Good Reason, the only remedy that the arbitrator may award is
entitlement to the severance payments and benefits specified in Paragraph
7(c), the costs of arbitration, and Executive's attorneys' fees. If the
arbitrator finds that Executive was terminated for Good Reason, the arbitrator
will be without authority to award Executive anything, the parties will each
be responsible for their own attorneys' fees, and the costs of arbitration
will be paid 50% by Executive and 50% by the Employer.

     8. Noncompetition Covenant.

          (a) Because Executive's services to the Employer are essential and
because Executive has access to the Employer's confidential information,
Executive covenants and agrees that (i) during the Employment Period and (ii)
in the event that this Agreement is terminated by the Employer for Good Reason
or by Executive other than pursuant to Section 7(b) hereof, during the
Noncompetition Period Executive will not, without the prior written consent of
the Board of Directors of the Employer which shall include the unanimous
consent of the Directors who are not officers of the Employer, directly or
indirectly:

               (A) engage, participate or assist, as an owner, partner,
          employee, consultant, director, officer, trustee or agent, in any
          business that engages or attempts to engage in, directly or
          indirectly, the acquisition, development, construction, operation,
          management or leasing of any industrial or office real estate
          property in any of the submarkets throughout the tri-state
          metropolitan area of New York, New Jersey and Connecticut in which
          the Company is operating, or

               (B) intentionally interfere with, disrupt or attempt to disrupt
          the relationship, contractual or otherwise, between the Employer or
          its affiliates and any tenant, supplier, contractor, lender,
          employee or governmental agency or authority.

          (b) For purposes of this Section 8, the Noncompetition Period shall
mean the period commencing on the date of termination of Executive's
employment under this Agreement and ending on the later of (i) the third
anniversary of the effective date of the Prior Agreement, or (ii) the first
anniversary of the date of termination of Executive's employment under this
Agreement.

          (c) Notwithstanding anything contained herein to the contrary,
Executive is not prohibited by this Section 8 from (i) maintaining his
investment in any Option Property (as such term is defined in the Employer's
final prospectus relating to the initial public offering of the Employer's
Common Stock), or (ii) from making investments in any entity that engages,
directly or indirectly, in the acquisition, development, construction,
operation, management or leasing of industrial or office real estate
properties, regardless of where they are located, if the shares or other
ownership interests of such entity are publicly traded and Executive's
aggregate investment in such entity constitutes less than five percent (5%) of
the equity ownership of such entity.

          (d) The provisions of this Section 8 shall survive the termination
of this Agreement.

     9. Conflicting Agreements. Executive hereby represents and warrants that
the execution of this Agreement and the performance of his obligations
hereunder will not breach or be in conflict with any other agreement to which
he is a party or is bound, and that he is not now subject to any covenants
against competition or similar covenants which would affect the performance of
his obligations hereunder.

     10. Notices. Any notice required or permitted hereunder shall be in
writing and shall be deemed sufficient when given by hand, by nationally
recognized overnight courier or by express, registered or certified mail,
postage prepaid, return receipt requested, and addressed to the Employer or
Executive, as applicable, at the address indicated above (or to such other
address as may be provided by notice).

     11. Miscellaneous. This Agreement and the Severance Agreement (i)
constitute the entire agreement between the parties concerning the subject
matter hereof and supersedes any and all prior agreements or understandings,
(ii) may not be assigned by Executive without the prior written consent of the
Employer, and (iii) may be assigned by the Employer and shall be binding upon,
and inure to the benefit of, the Employer's successors and assigns. Headings
herein are for convenience of reference only and shall not define, limit or
interpret the contents hereof.

     12. Amendment. This Agreement may be amended, modified or supplemented by
the mutual consent of the parties in writing, but no oral amendment,
modification or supplement shall be effective.

     13. Specific Enforcement. The provisions of Sections 6 and 8 of this
Agreement are to be specifically enforced if not performed according to their
terms. Without limiting the generality of the foregoing, the parties
acknowledge that the Employer may be irreparably damaged and there may be
no adequate remedy at law for Executive's breach of Sections 6 and 8 of this
Agreement and further acknowledge that the Employer may seek entry of a
temporary restraining order or preliminary injunction, in addition to any
other remedies available at law or in equity, to enforce the provisions
thereof.

     14. Severability. If a court of competent jurisdiction adjudicates any
one or more of the provisions hereof as invalid, illegal or unenforceable in
any respect, such provision(s) shall be ineffective only to the extent and
duration of such invalidity, illegality or unenforceability and such
invalidity, illegality or unenforceability shall not affect the remaining
substance of such provision or any other provision of this Agreement and this
Agreement shall be construed as if such invalid, illegal or unenforceable
provision had been limited or modified (consistent with its general intent) to
the extent necessary so that it shall be valid, legal and enforceable. If it
shall not be possible to so limit or modify such invalid, illegal or
unenforceable provision, this Agreement shall be construed as if such invalid,
illegal or unenforceable provision had never been contained herein, and the
parties will use their best efforts to substitute a valid, legal and
enforceable provision which, insofar as practicable, implements the purpose
and intent of the provision originally contained herein.

     15. Governing Law. This Agreement shall be construed and governed by the
laws of the State of New York.

     IN WITNESS WHEREOF, this Agreement is entered into as of the date and
year first above written.

                    RECKSON ASSOCIATES REALTY CORP.

                    By:
                        ------------------------------------------------------
                        Name:
                        Title:

                        ------------------------------------------------------
                        Gregg RechlerAMENDMENT AND RESTATEMENT OF
                              SEVERANCE AGREEMENT

     AMENDMENT AND RESTATEMENT OF SEVERANCE AGREEMENT, dated as of the 15th day
of August, 2000 (the "Agreement") by and between Gregg Rechler (the
"Executive"), and Reckson Associates Realty Corp., a Maryland corporation with
a principal place of business at 225 Broadhollow Road, Melville, New York
11747 (the "Employer") and amends, supersedes and completely restates the
Severance Agreement made as of February 25, 1998 by and among the Executive
and the Employer.

     Terms used in this Agreement with the initial letter capitalized shall,
unless otherwise defined herein, have the meanings specified in the Amendment
and Restatement of Employment and Noncompetition Agreement, dated August 15,
2000, between the Employer and the Executive and in any amendment to or
restatement of such agreement (the "Employment Agreement").

                             W I T N E S S E T H :

     WHEREAS, Executive and Employer have previously entered into the
Employment Agreement; and

     WHEREAS, the Employer desires to continue to employ the Executive and the
Executive desires to continue to be employed by the Employer.

     NOW THEREFORE, in consideration of the premises and subject to the terms
and conditions set forth herein, the parties hereto agree as follows:

     1. Employment and Noncompetition Agreement. This Agreement is
supplementary to and, except as explicitly set forth herein, does not limit or
alter any of the terms and conditions established under the Employment
Agreement.

     2. Term. The term and duration of this Agreement shall be identical to
the term of the Employment Agreement, provided, however, that if a
Change-in-Control shall occur during the Employment Period, the term of this
Agreement, the Employment Agreement and the Employment Period shall continue
in effect until the later of (i) the date on which the term of the Employment
Agreement otherwise would have ended or (ii) the date which is sixty months
beyond the end of the calendar year in which the Change-in-Control occurs.
Section 1 of the Employment Agreement is hereby amended in accordance with the
foregoing.

     3. Termination and Severance Payments. Sections 7(a), (b) and (c) of the
Employment Agreement are hereby superseded in their entirety by this Section
3.

          (a) At-Will Employment. Executive's employment pursuant to the
Employment Agreement is "at will" and may be terminated by the Employer at any
time with or without Good Reason, by a majority vote of all of the members of
the Board of Directors of the Employer upon written notice to Executive,
subject only to the severance provisions specifically set forth in this
Section 3 and in Sections 7(d) through 7(h) of the Employment Agreement.

          (b) Termination by Executive. The Employment Period and Executive's
employment under the Employment Agreement may be terminated effective
immediately by Executive by written notice to the Board of Directors of the
Employer (i) within 30 days of the occurrence of a failure of the Board of
Directors of the Employer to elect Executive to offices with the same or
substantially the same duties and responsibilities as set forth in Section 2
of the Employment Agreement, (ii) within 30 days of the occurrence of a
material failure by the Employer to comply with the provisions of Section 3 of
the Employment Agreement or a material breach by the Employer of any other
provision of the Employment Agreement, (iii) at any time during the 30 day
period beginning on the effective date of a Change in Control and the 30 day
period beginning one year after the effective date of a Change-in-Control, or
(iv) within 30 days of the occurrence of a Force Out. For this purpose, a
Force Out shall be deemed to have occurred in the event of:

          (i) a change in duties, responsibilities, status or positions with
     the Employer, which, in Executive's reasonable judgment, does not
     represent a promotion from or maintaining of Executive's duties,
     responsibilities, status or positions as in effect immediately prior to
     the Change-in-Control, or any removal of Executive from or any failure to
     reappoint or reelect Executive to such positions, except in connection
     with the termination of Executive's employment for Good Reason,
     disability, retirement or death;

          (ii) a reduction by the Employer in Executive's Base Salary as in
     effect immediately prior to the Change-in-Control;

          (iii) the failure by the Employer to continue in effect any of the
     benefit plans, programs or arrangements in which Executive is
     participating at the time of the Change-in-Control of the Employer
     (unless Executive is permitted to participate in any substitute benefit
     plan, program or arrangement with substantially the same terms and to the
     same extent and with the same rights as Executive had with respect to the
     benefit plan, program or arrangement that is discontinued) other than as
     a result of the normal expiration of any such benefit plan, program or
     arrangement in accordance with its terms as in effect at the time of the
     Change-in-Control, or the taking of any action, or the failure to act, by
     the Employer which would adversely affect Executive's continued
     participation in any of such benefit plans, programs or arrangements on
     at least as favorable a basis to Executive as is the case on the date of
     the Change-in-Control or which would materially reduce Executive's
     benefits in the future under any of such benefit plans, programs or
     arrangements or deprive Executive of any material benefits enjoyed by
     Executive at the time of the Change-in-Control;

          (iv) the failure by the Employer to provide and credit Executive
     with the number of paid vacation days to which Executive is then entitled
     in accordance with the Employer's normal vacation policies as in effect
     immediately prior to the Change-in-Control;

          (v) the Employer's requiring Executive to be based in an office
     located beyond a reasonable commuting distance from Executive's residence
     immediately prior to the Change-in-Control, except for required travel
     relating to the Employer's business to an extent substantially consistent
     with the business travel obligations which Executive undertook on behalf
     of the Employer prior to the Change-in-Control;

          (vi) the failure by the Employer to obtain from any successor to the
     Employer an agreement to be bound by this Agreement and the Employment
     Agreement; or

          (vii) any refusal by the Employer to continue to allow Executive to
     attend to matters or engage in activities not directly related to the
     business of the Employer which, prior to the Change-in-Control, Executive
     was permitted by the Employer's Boards of Directors to attend to or
     engage in.

          (c) Certain Benefits upon Termination by Executive. Except as
specifically provided in this Section 3 or in Sections 7(d) through 7(h) of
the Employment Agreement or as otherwise required by law, all compensation and
benefits to Executive under the Employment Agreement shall terminate on the
date of termination of the Employment Period. Notwithstanding the foregoing,
if the Employment Period is terminated pursuant to Section 3(b) or if
Executive's employment is terminated by the Employer other than for Good
Reason, Executive shall be entitled to the following benefits:

               (i) The Employer shall pay the Executive (x) his or her full
          Base Salary though the date of termination at the rate in effect on
          such date, (y) compensation for accrued but unused vacation time,
          plus (z) a pro rata portion of the Executive's incentive
          compensation for the calendar year in which the event of termination
          occurs, assuming that the Executive would have received incentive
          compensation for such full calendar year equal to the product of (A)
          the Base Salary that would be payable to the Executive pursuant to
          subsection 3(a) of the Employment Agreement for such full calendar
          year and (B) the greater of (a) 1/2 or (b) a percentage equal to the
          following

                  (I) the sum of (x) the cash bonus awarded to the Executive
                  for the immediately preceding fiscal year, (y) the product
                  of the price per share of Common Stock on the date of
                  termination (as equitably adjusted to reflect any changes in
                  the capitalization of the Employer) and the aggregate number
                  of shares of Common Stock granted, sold or covered by
                  options or loans awarded to the Executive as incentive
                  compensation for the immediately preceding fiscal year, and
                  (z) the value of all other incentive compensation paid or
                  awarded to the Executive for the immediately preceding
                  fiscal year (including, without limitation, all such
                  incentive compensation includible in the Executive's gross
                  income and reported on an Internal Revenue Service Form
                  W-2), divided by (II) the Executive's Base Salary for the
                  immediately preceding fiscal year,

          (the greater of clauses (a) and (b) being herein referred to as the
          "Deemed Bonus Percentage");

               (ii) The Employer shall pay as severance to the Executive, not
          later than the tenth day following the date of termination, a lump
          sum severance payment (the "Severance Payment") equal to the
          aggregate of all compensation that would have been due to the
          Executive hereunder had his or her employment not been so terminated
          (without duplication of subsection 3(c)(i) above), including,
          without limitation, (A) Base Salary (at the greater of the rate
          payable pursuant to subsection 3(a) of the Employment Agreement or
          the highest rate then payable to any Executive Vice President of the
          Employer), and (B) all incentive compensation which would have been
          due to the Executive pursuant to subsection 3(b) of the Employment
          Agreement, through the expiration of this Agreement (as such
          Agreement may continue in effect under Section 2 hereof in the event
          of a Change-in-Control) assuming that the Executive would have
          received incentive compensation for each calendar year through the
          expiration of this Agreement (as such Agreement may continue in
          effect under Section 2 hereof in the event of a Change-in-Control)
          equal to the product of (x) the Base Salary payable to the Executive
          pursuant to clause (A), and (y) the Deemed Bonus Percentage (or, if
          greater, the highest Deemed Bonus Percentage determined with respect
          to any Executive Vice President of the Employer), payable in the
          same proportions of cash, grants of securities, loans to purchase
          securities, loan forgiveness and gross-up payments as the incentive
          compensation paid to the Executive for the immediately preceding
          fiscal year; provided, however, that such Severance Payment shall
          not be payable to the Executive until (I) the Executive has executed
          and delivered to the Employer a general release in a form to be
          determined by the Employer in good faith, and (II) any applicable
          revocation period with respect to such release has expired. For
          purposes of determining Executive's annual compensation in the
          preceding sentence, compensation payable to the Executive by the
          Employer shall include, without limitation, every type and form of
          compensation includible in the Executive's gross income in respect
          of his or her employment by the Employer (including, without
          limitation, all income reported on an Internal Revenue Service Form
          W-2), compensation income recognized as a result of the Executive's
          exercise of stock options or sale of the stock so acquired and any
          annual incentive compensation paid in cash or securities to such
          Executive;

                           (iii) An amount equal to the Additional Amount
         pursuant to Section 5 below and an amount equal to the Income Tax
         Payment pursuant to Section 6 below;

                           (iv) For the remaining term of the Employment
         Agreement, Executive shall continue to receive all benefits described
         in Section 3 of the Employment Agreement existing immediately prior
         to the date of termination (without taking into account any changes
         in such benefits effected in violation of the Employment Agreement)
         and any other benefits then provided by Employer to Executive in
         addition to those described in Section 3 of the Employment Agreement,
         including, but not limited to, the life insurance coverage provided
         by Employer to Executive and the automobile provided by Employer to
         Executive and automobile insurance and maintenance in respect of such
         automobile. For purposes of the application of such benefits,
         Executive shall be treated as if he or she had remained in the employ
         of the Employer with a Base Salary at the rate in effect on the date
         of termination;

                           (v) For purposes of any equity compensation plan of
         the Employer, (x) any stock options or other awards (including
         restricted stock grants) of the Executive under such plan shall vest
         and become exercisable upon any such termination, and (y) Executive
         shall be treated as if he or she had remained in the employ of the
         Employer for the remaining term of the Employment Agreement after the
         date of Executive's termination so that Executive shall be entitled
         to exercise any exercisable options or other rights;

                           (vi) For purposes of any section 401(k) plan or
         other deferred compensation plan of the Employer, Executive shall be
         treated as if he or she had remained in the employ of the Employer
         for the remaining term of the Employment Agreement after the date of
         Executive's termination so that Executive may continue to receive all
         matching contributions as provided by the Employer in connection with
         such plan or any other contributions by Employer in connection with
         such plan as in effect immediately prior to such termination;

                           (vii) The amount of any outstanding loans made by
         the Employer to the Executive, together with any interest accrued on
         any such loans, and any related "tax" loans made by the Employer to
         the Executive in respect of tax liabilities owing as the result of
         the forgiveness of such loans (including forgiveness pursuant to the
         terms of this Section 3(c)(vii)), together with any interest accrued
         on any such tax loans, shall be deemed forgiven and Executive shall
         have no further liability in respect thereof;

                           (viii) If, in spite of the provisions above, any
         benefits or service credits under any benefit plan or program of the
         Employer may not be paid or provided under such plan or program to
         Executive, or to Executive's dependents, beneficiaries or estate,
         because Executive is no longer considered to be an employee of the
         Employer, the Employer shall pay or provide for payment of such
         benefits and service credits to Executive, or to Executive's
         dependents, beneficiaries or estate, for the remaining term of the
         Employment Agreement; and

                           (ix) Nothing herein shall be deemed to obligate
         Executive to seek other employment in the event of any such
         termination and any amounts earned or benefits received from such
         other employment will not serve to reduce in any way the amounts and
         benefits payable in accordance herewith.

     4. Expenses. Section 3(d) of the Employment Agreement is hereby
supplemented by this Section 4. In addition to the expenses referred to in
Section 3(d) of the Employment Agreement, the Employer shall pay all legal
fees and related expenses (including the costs of experts, evidence and
counsel) incurred by the Executive as they become due as a result of (i) the
termination of the Employment Period or Executive's employment pursuant to
this Agreement or the Employment Agreement (including all such fees and
expenses, if any, incurred in contesting or disputing any such termination),
(ii) the Executive seeking to obtain or enforce any right or benefit provided
by this Agreement, the Employment Agreement or by any other plan or
arrangement maintained by the Employer under which the Executive is or may be
entitled to receive benefits or (iii) any action taken by the Employer against
the Executive, unless and until such time that a final judgement has been
rendered in favor of the Employer and all appeals related to any such action
have been exhausted; provided however, that the circumstances set forth above
occurred on or after a Change-in-Control.

     5. Additional Amount. Whether or not Section 3 is applicable, if in the
opinion of tax counsel selected by the Executive and reasonably acceptable to
the Employer, the Executive has received or will receive any compensation or
recognize any income (whether or not pursuant to this Agreement, the
Employment Agreement or any plan or other arrangement of the Employer and
whether or not the Employment Period or the Executive's employment with the
Employer has terminated) which will constitute an "excess parachute payment"
within the meaning of Section 280G(b)(1) of the Code (or for which a tax is
otherwise payable under Section 4999 of the Code), then the Employer shall pay
the Executive an additional amount (the "Additional Amount") equal to the sum
of (i) all taxes payable by the Executive under Section 4999 of the Code with
respect to all such excess parachute payments and any such Additional Amount,
plus (ii) all federal, state and local income taxes payable by Executive with
respect to any such Additional Amount. Any amounts payable pursuant to this
Section 4 shall be paid by the Employer to the Executive within 30 days of
each written request therefor made by the Executive.

     6. Income Tax Payment. Whether or not Section 3 is applicable, if (i) the
Executive has received or will receive any compensation or recognize any
income (whether or not pursuant to this Agreement, the Employment Agreement or
any plan or other arrangement of the Employer and whether or not the
Employment Period or the Executive's employment with the Employer has
terminated) in connection with a "Change-in-Control" (as that term may be
interpreted in this Agreement, the Employment Agreement or any plan or other
arrangement of the Employer), and (ii) such compensation or income represents
non-cash compensation or income (including, without limitation, non-cash
compensation or income attributable to the vesting or exercise of stock
options and other awards (including restricted stock grants) under any stock
option plan of the Employer), then the Employer shall pay the Executive in
cash an amount (the "Income Tax Payment") equal to the sum of (A) all federal,
state and local income taxes payable by Executive with respect to such
non-cash compensation or income, plus (B) all federal, state and local income
taxes payable by Executive with respect to any such Income Tax Payment. The
Income Tax Payment shall be paid by the Employer to the Executive within 30
days of the written request therefor made by the Executive.

     7. Notices. Any notice required or permitted hereunder shall be in
writing and shall be deemed sufficient when given by hand, by nationally
recognized overnight courier or by express, registered or certified mail,
postage prepaid, return receipt requested, and addressed to the Employer or
Executive, as applicable, at the address indicated above (or to such other
address as may be provided by notice).

     8. Miscellaneous. This Agreement (i) may not be assigned by Executive
without the prior written consent of the Employer and (ii) may be assigned by
the Employer and shall be binding upon, and inure to the benefit of, the
Employer's successors and assigns. Headings herein are for convenience of
reference only and shall not define, limit or interpret the contents hereof.

     9. Amendment. This Agreement may be amended, modified or supplemented by
the mutual consent of the parties in writing, but no oral amendment,
modification or supplement shall be effective.

     10. Severability. If a court of competent jurisdiction adjudicates any
one or more of the provisions hereof as invalid, illegal or unenforceable in
any respect, such provision(s) shall be ineffective only to the extent and
duration of such invalidity, illegality or unenforceability and such
invalidity, illegality or unenforceability shall not affect the remaining
substance of such provision or any other provision of this Agreement and this
Agreement shall be construed as if such invalid, illegal or unenforceable
provision had been limited or modified (consistent with its general intent) to
the extent necessary so that it shall be valid, legal and enforceable. If it
shall not be possible to so limit or modify such invalid, illegal or
unenforceable provision, this Agreement shall be construed as if such invalid,
illegal or unenforceable provision had never been contained herein, and the
parties will use their best efforts to substitute a valid, legal and
enforceable provision which, insofar as practicable, implements the purpose
and intent of the provision originally contained herein.

     11. Governing Law. This Agreement shall be construed and governed by the
laws of the State of New York.

     IN WITNESS WHEREOF, this Agreement is entered into as of the date and
year first above written.

                               RECKSON ASSOCIATES REALTY CORP.

                          By:
                              -------------------------------------------------
                              Name:
                              Title:

                              -------------------------------------------------
                              Gregg Rechler

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