Document:

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 4.4  

        Unless this Security is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), 55
Water Street, New York, New York, to the Issuer (as defined below) or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative
of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

        This Security is a Global Security within the meaning set forth in the Indenture hereinafter referred to and is registered in the name of DTC or a nominee of DTC.
This Security is exchangeable for Securities registered in the name of a person other than DTC or its nominee only in the limited circumstances described in the Indenture, and may not be transferred
except as a whole by DTC to a nominee of DTC or another nominee of DTC or by DTC or its nominee to a successor Depository or its nominee.

	Registered No. 1	 	PRINCIPAL AMOUNT
	CUSIP No.:	 	$26,105,000

MACK-CALI REALTY, L.P.  

 5.82% NOTE DUE 2013  

        MACK-CALI REALTY, L.P., a limited partnership duly organized and existing under the laws of the State of Delaware (herein referred to as the
"Issuer" which term shall include any Successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
CEDE &
CO., or registered assigns, upon presentation, the principal sum of TWENTY-SIX MILLION ONE HUNDRED AND FIVE THOUSAND AND 00/100 DOLLARS on March 15, 2013, and to pay interest on the
outstanding principal amount thereon from March 14, 2003, or from the immediately preceding Interest Payment Date to which interest has been paid
or duly provided for, semi-annually in arrears on March 15 and September 15 in each year, commencing September 15, 2003, at the rate of 5.82% per annum, until the
entire principal hereof is paid or made available for payment. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid
to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest which shall be the March 1 or September 1 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such
Regular Record Date, and may either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be
fixed by the Trustee, notice whereof shall be given to Holders of the Securities not more than 15 days and not less than 10 days prior to such Special Record Date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all
as more fully provided in the Indenture. Payment of the principal of and interest on this Security will be made at the office or agency maintained for that purpose in the City of Wilmington, Delaware
or elsewhere as provided in the Indenture, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;  provided, however,
that at the option of the Issuer payments of principal and interest on the Notes (other than payments of principal and interest due
at Maturity) may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to an account of
the Person entitled thereto located within the United States. 

        Securities
of this series are one of a duly authorized issue of securities of the Issuer (herein called the "Securities"), issued and to
be issued in one or more series under an Indenture, dated as of 

 

March 16, 1999, among the Issuer, Mack-Cali Realty Corporation and Wilmington Trust Company, (herein called the "Trustee", which
term includes any successor trustee under the Indenture), as supplemented by Supplemental Indenture No. 1, dated as of March 16, 1999, as further supplemented by Supplemental Indenture
No. 2, dated as of August 2, 1999, as further supplemented by Supplemental Indenture No. 3, dated as of December 21, 2000, as further supplemented by Supplemental Indenture
No. 4, dated as of January 29, 2001, as further supplemented by Supplemental Indenture No. 5, dated as of December 20, 2002 and as further supplemented by Supplemental
Indenture No. 6, dated as of March 14, 2003 (as so supplemented, herein called the "Indenture"), between the Issuer and the Trustee to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the
Trustee and the Holders of the Securities and of the terms upon which the Securities are authenticated and delivered. This Security is one of the series designated in the first page thereof, limited
in aggregate principal amount to $26,105,000, except as the aggregate principal amount may be increased pursuant to Section 2.2 of Supplemental Indenture No. 6 referred to above. 

        Securities
of this series may be redeemed at any time at the option of the Issuer, in whole or in part, upon notice of not more than 60 nor less than 30 days prior to the
Redemption Date, at a redemption price equal to the sum of (i) the principal amount of the Securities being redeemed plus accrued and unpaid interest thereon up to but not including the
Redemption Date and (ii) the Make-Whole Premium, if any, with respect to such Securities. 

        The
Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Issuer on this Security and (b) certain restrictive covenants and the
related defaults and Events of Default applicable to the Issuer, in each case, upon compliance by the Issuer with certain conditions set forth in the Indenture, which provisions apply to this
Security. 

        If
an Event of Default with respect to the Securities shall occur and be continuing, the principal of the Securities may be declared due and payable in the manner and with the effect
provided in the Indenture. 

        As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given written notice to the Trustee of a continuing Event of Default with respect to
the Securities, the Holders of not less than a majority in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice,
request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any interest on or after
the respective due dates expressed herein. 

        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders
of the Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series of Securities then Outstanding affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be 

2

 

conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security. 

        No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay
the principal of (and Make-Whole Premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

        As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Issuer in any Place of Payment where the principal of (and Make-Whole Premium, if any) and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly executed by the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees. 

        Except
as set forth in Section 302 of the Indenture, the Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral
multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of
this series of a different authorized denomination, as requested by the Holder surrendering the same. 

        No
service charge shall be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith. 

        Prior
to due presentment of this Security for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary. 

        No
recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this Security, or because of any indebtedness evidenced hereby or thereby, shall be had
against any promoter, as such, or against any past, present or future shareholder, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any
successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of this Security by the Holder thereof and as part of the consideration for the issue of the Securities of this series. 

        All
capitalized terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

        THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

        Pursuant
to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused "CUSIP" numbers to be printed on the Securities of this
series as a convenience to the Holders of such Securities. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed
only on the other identification numbers printed hereon. 

3

 

        Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURE PAGE FOLLOWS]

4

 

        IN
WITNESS WHEREOF, MACK-CALI REALTY, L.P. has caused this instrument to be duly executed. 

Dated:
March 14, 2003 

	 	 	MACK-CALI REALTY, L.P.
	
 	
 	

By:	

Mack-Cali Realty Corporation, its

General Partner
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

	Attest:	 
	

 Name:

Title:

	

 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION:  

        This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

	 	 	WILMINGTON TRUST COMPANY,

    as Trustee
	

 	
 	

By:	

 
	 	 	 	
 Authorized Signatory

5

 

 
 
 

ASSIGNMENT FORM
  
    FOR VALUE RECEIVED, the undersigned hereby
  sells, assigns and transfers unto    
  

PLEASE
INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

(Please Print or Typewrite Name and Address including Zip Code of Assignee) 

the within Security of Mack-Cali Realty, L.P. and hereby does irrevocably constitute and appoint 

Attorney to transfer said Security on the books of the within-named Issuer with full power of substitution in the premises. 

	Dated:	 	 	 	 
	 	 	 	 	

	 	 	
	 	

NOTICE:
The signature to this assignment must correspond with the name as it appears on the first page of the within Security in every particular, without alteration or enlargement or any change
whatever. 

Signature(s)
must be guaranteed by an institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities Transfer Agent Medallion Program (STAMP);
(ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) another guarantee program acceptable to the Trustee. 

	 	
 Signature Guarantee

6

QuickLinks

ASSIGNMENT FORMQuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.1  

 
 

MACK-CALI REALTY CORPORATION    
  

 
 

PURCHASE AGREEMENT    
  

 
 

Dated as of March 14, 2003    
  

 

 
 

TABLE OF CONTENTS    
  

	 
	 	 
	 	Page

	1.	 	ISSUANCE OF STOCK AND DEPOSITARY SHARES	 	1
	 	 	(a) Authorization	 	1
	 	 	(b) Registration Statement and Prospectuses	 	1
	2.	 	AGREEMENTS TO SELL AND PURCHASE	 	1
	 	 	(a) Purchase and Sale of the Depositary Shares; the Closing	 	1
	3.	 	REPRESENTATIONS OF THE COMPANY	 	2
	 	 	(a) Organization; Qualification, Etc.	 	2
	 	 	(b) Authorization	 	2
	 	 	(c) Priority	 	2
	 	 	(d) Compliance with Securities Laws; Disclosure	 	2
	 	 	(e) Compliance with Other Instruments	 	3
	 	 	(f) Warranty as to Depositary Shares and Series C Preferred Stock	 	3
	 	 	(g) Governmental Consents	 	3
	 	 	(h) Litigation; Governmental Orders	 	3
	 	 	(i) Taxes	 	4
	 	 	(j) Compliance with ERISA	 	4
	 	 	(k) Registration Statement and Prospectus Supplement	 	5
	 	 	(l) Independent Accountants	 	5
	 	 	(m) Financial Statements	 	5
	 	 	(n) REIT Qualification	 	5
	4.	 	COVENANTS OF THE COMPANY	 	5
	 	 	(a) Continued Compliance with Securities Laws	 	5
	 	 	(b) Additional Directors	 	5
	5.	 	CONDITIONS OF CLOSING	 	5
	 	 	(a) Authorizations	 	5
	 	 	(b) Opinion of Counsel to the Company	 	6
	 	 	(c) Representations and Warranties Correct, Performance of Obligations	 	6
	 	 	(d) Prior Purchase of Notes	 	6
	 	 	(e) CUSIP Number	 	6
	6.	 	DIVIDENDS	 	6
	 	 	(a) Payment	 	6
	 	 	(b) First Dividend Payment	 	6
	7.	 	MISCELLANEOUS	 	6
	 	 	(a) Expenses	 	6
	 	 	(b) Reliance on and Survival of Representations	 	7
	 	 	(c) Successors and Assigns	 	7
	 	 	(d) Notices	 	7
	 	 	(e) Governing Law	 	7
	 	 	(f) Headings; Counterparts	 	7
	SCHEDULE I—Purchaser Information	 	 
	EXHIBIT A—Form of Articles Supplementary for Series C Preferred Stock of Mack-Cali Realty Corporation	 	 
	EXHIBIT B—Form of Deposit Agreement	 	 
	EXHIBIT C—Form of Opinion of Counsel to the Company

	 	 

i

 
 

PURCHASE AGREEMENT    
  

        This PURCHASE AGREEMENT (this "Agreement") is made as of March 14, 2003 by and between
Mack-Cali Realty Corporation, a corporation formed under the laws of the State of Maryland (the "Company"), having its principal office at
11 Commerce Drive, Cranford, New Jersey 07016, and Teachers Insurance and Annuity Association of America, a corporation formed under the laws of the State of New York (the
"Purchaser"), having its principal office at 730 Third Avenue, New York, New York 10017. 

 
 

W I T N E S S E T H    
  

        WHEREAS, the Company has authorized for issuance a series of preferred stock of the Company designated as the
Series C Preferred Stock (as defined below); and 

        WHEREAS, the Company desires to sell and the Purchaser desires to purchase an aggregate of 1,000,000 Depositary Shares, each representing
1/100 of a share of the Series C Preferred Stock; 

        NOW THEREFORE, in consideration of the mutual promises and covenants herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

        1.    ISSUANCE OF STOCK AND DEPOSITARY SHARES.    

        (a)    Authorization.    The Company has duly authorized the issuance and deposit with the Depositary (as defined
below) of a series of 8% cumulative redeemable perpetual preferred stock, stated value $2,500 per share (the "Series C Preferred Stock"), the
terms, rights and preferences of which are set forth in the Articles Supplementary attached hereto as Exhibit A (the "Articles"). All capitalized
terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in the Articles or the Deposit Agreement dated as of March 14, 2003, by and among the Company and
EquiServe Trust Company, N.A., as Depositary thereunder (the "Depositary"), and the holders from time to time of the Depositary Receipts issued
thereunder (the "Deposit Agreement"), attached hereto as Exhibit B.  

        (b)    Registration Statement and Prospectuses.    The Company has filed with the Securities
and Exchange Commission (the "Commission") (i) a Registration Statement on Form S-3 (Registration Statement
333-57103) (the "Registration Statement"), including a Prospectus, dated September 25, 1998, relating to, among other things, certain
of the Company's equity securities (the "Base Prospectus") and (ii) a Prospectus Supplement, dated March 14, 2003, to the Base Prospectus
relating to the Series C Preferred Stock (the "Prospectus Supplement" and, together with the Base Prospectus, the
"Prospectus"). As used herein, the terms "Registration Statement," "Base Prospectus," "Prospectus Supplement" and "Prospectus" include in each case the
material incorporated by reference therein. 

        2.    AGREEMENTS TO SELL AND PURCHASE.    

        (a)    Purchase and Sale of the Depositary Shares; the Closing.    

        (i)    Subject
to the terms and conditions of this Agreement, the Company shall sell to the Purchaser and the Purchaser shall purchase from the Company 1,000,000 Depositary
Shares, each representing 1/100 of a share of Series C Preferred Stock of the Company, for an aggregate purchase price of Twenty-Five Million Dollars ($25,000,000) (the
"Purchase Price"). 

        (ii)  On
the Closing Date (defined below), 10,000 shares of Series C Preferred Stock will be deposited by the Company against delivery of Depositary Receipts
(evidencing the Depositary Shares) to be issued by EquiServe Trust Company, N.A., as Depositary, under the Deposit Agreement. 

        (iii)  The
closing of the purchase of the Depositary Shares (the "Closing") shall be held at the offices of Pryor Cashman
Sherman & Flynn LLP, 410 Park Avenue, New York, New York 10022, at 10:00 a.m., New York time, on March 14, 2003 or on such other business day as mutually agreed upon by the
parties (the "Closing Date"). 

 

        3.    REPRESENTATIONS OF THE COMPANY.    The Company represents and warrants to the Purchaser as follows: 

        (a)    Organization; Qualification, Etc.    The Company is a corporation duly incorporated, validly existing and in
good standing under the laws of the State of Maryland and has all requisite power and authority to own its properties and to carry on its business as now conducted and as proposed to be conducted. The
Company is duly qualified as a foreign corporation to do business, and is in good standing, in each jurisdiction in which the character of the properties owned or held under lease by it or the nature
of the business now conducted by it and proposed to be conducted by it requires such qualification, except where the failure to be so qualified or to be in good standing would not have a Material
Adverse Effect. As used in this Agreement, "Material Adverse Effect" means a material adverse effect on (i) the business, operations, affairs,
financial condition, assets or properties of the Company and its subsidiaries taken as a whole, or (ii) the ability of the Company to perform its obligations under this Agreement and the
Deposit Agreement (collectively, the "Transaction Documents"), or (iii) the validity or enforceability of the Transaction Documents. 

        (b)    Authorization.    The Company has all requisite power and authority to enter into the Transaction Documents, to
issue and deposit with the Depositary the Series C Preferred Stock and to sell and deliver the Depositary Shares, and to perform its obligations under the terms and provisions of the
Transaction Documents. The execution and delivery of the Transaction Documents and the Articles have been duly authorized by all requisite action on the part of the Company. This Agreement
constitutes, and the Deposit Agreement will constitute, the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, except as
limited by general equitable principles and by applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting the rights of creditors generally. 

        (c)    Priority.    The Series C Preferred Stock will, with respect to dividend rights and rights upon
liquidation, dissolution or winding up of the Company, rank (i) senior to all classes or series of common stock, par value $.01, of the Company (the "Common Stock") and to all equity securities
issued by the Company ranking junior to the Series C Preferred Stock with respect to dividend rights or rights upon liquidation, dissolution or winding up of the Company; (ii) on a
parity with all other capital stock issued by the Company, other than those equity securities referred to in clauses (i) and (iii) hereof; and (iii) junior to all equity
securities issued by the Company the terms of which specifically provide that such equity securities rank senior to the Series C Preferred Stock with respect to dividend rights or rights upon
liquidation, dissolution or winding up of the Company. The term "equity securities" does not include convertible debt securities, which will rank senior to the Series C Preferred Stock prior to
conversion. All shares of Series C Preferred Stock shall rank equally with one another and shall be identical in all respects. 

        (d)    Compliance with Securities Laws; Disclosure.    

        (i)    The
Registration Statement and the Prospectus (A) comply in all material respects with the Securities Act of 1933, as amended (the
"Securities Act") and the applicable rules and regulations thereunder, (B) correctly describe in all material respects the business of the
Company and (C) do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 

        (ii)  The
documents incorporated or deemed to be incorporated by reference in the Registration Statement and the Prospectus, at the time they were filed with the Commission,
complied in all material respects with the requirements of the Securities and Exchange Act of 1934, as amended (the "Exchange Act") and the rules and
regulations of the Commission 

2

 

thereunder and, when read together with the other information in the Prospectus, on the Closing Date, do not include any untrue statement of material fact or omit to state any material fact necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading. 

        (e)    Compliance with Other Instruments.    The consummation of the transactions contemplated by this Agreement and
the performance of the terms and provisions of the Transaction Documents will not result in any breach of, or constitute a default under, or result in the creation of any lien in respect of any
property of the Company under, any indenture, mortgage, deed of trust, bank loan or credit agreement, organizational instrument, or other agreement or instrument to which the Company is a party or by
which the Company or any of its properties is bound, nor will they result in the violation of any applicable federal or state laws, statutes, rules, regulations, ordinances or requirements promulgated
by governmental authorities, except where such breach, default, creation or violation could not reasonably be expected to result in a Material Adverse Effect. The Company is not in violation of, in
default under or in breach of any agreement or instrument to which the Company is bound, except where such violation, default or breach would not have a Material Adverse Effect. 

        (f)    Warranty as to Depositary Shares and Series C Preferred Stock.    The Company represents and warrants
that the issuance of the Series C Preferred Stock, the deposit of the Series C Preferred Stock with the Depositary pursuant to the terms of the Deposit Agreement and the sale of the
Depositary Shares to the Purchaser pursuant to the terms of this Agreement, have been duly and validly authorized and, when executed and delivered against payment therefor pursuant to the Transaction
Documents, the Series C Preferred Stock will be validly issued, fully paid and nonassessable, and, when executed and delivered against payment therefor pursuant to the Transaction Documents,
the Depositary Receipts evidencing the Depositary Shares will be validly issued and entitled to the full benefits, subject to the terms, of the Deposit Agreement. Such representation and warranty
shall survive the deposit of the Series C Preferred Stock and the issuance of the Depositary Receipts pursuant to the Deposit Agreement. Assuming due authorization, execution and delivery of
the Deposit Agreement by the Depositary, each Depositary Share will represent 1/100 of a share of a validly issued, outstanding, fully paid and nonassessable share of Series C Preferred Stock. 

        (g)    Governmental Consents.    Except for the filing of the Registration Statement and the Prospectus, no consent,
approval or authorization of, or registration, filing or declaration with, any Governmental Body is required for the execution, delivery or performance by the Company of the Transaction Documents. 

        (h)    Litigation; Governmental Orders.    There are no actions, suits or proceedings pending or, to the knowledge of
the Company, threatened against the Company or any of its properties in any court or before any arbitrator or Governmental Body, except for those actions, suits or proceedings an adverse decision with
respect to which would not have a Material Adverse Effect. The Company is not, and the consummation of the transactions contemplated by this Agreement and the performance of the terms
and provisions of the Transaction Documents will not cause the Company to be, (i) in default under any Order of any court, arbitrator or Governmental Body, (ii) subject to any Order of
any court or Governmental Body or (iii) in violation of any statute or other rule or regulation of any Governmental Body, the violation of which would have a Material Adverse Effect. 

        As
used in this Agreement, the term "Governmental Body" includes any applicable federal, state, county, city, municipal or other
governmental department, commission, board, bureau, agency, authority or instrumentality, whether domestic or foreign; and the term "Order" includes any
order, writ, injunction, decree, judgment, award, determination or written direction or demand. 

3

 

        (i)    Taxes.    The Company has filed all tax returns that are required to have been filed by it in any jurisdiction.
All taxes shown to be due and payable on such returns and all other taxes and assessments payable by the Company, to the extent the same have become due and payable, have been paid. The Company does
not know of any proposed material tax assessment against the Company and, in the opinion of the Company, all of its tax liabilities are adequately provided for on the books of the Company. 

        (j)    Compliance with ERISA.    

        (i)    The
Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of
non-compliance as have not resulted in and could not reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred any liability
pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in Section 3 of ERISA) and no event, transaction or
condition has occurred or exists that could reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any lien on any of
the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to such penalty or excise tax provisions or to Section 401(a)(29) or
412 of the Code, other than such liabilities or liens as would not be individually or in the aggregate Material. 

        (ii)  The
present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end of such Plan's most recently
ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan's most recent actuarial valuation report, did not exceed the aggregate current value of the assets
of such Plan allocable to such benefit liabilities. The term "benefit liabilities" has the meaning specified in Section 4001 of ERISA and the terms "current value" and "present value" have the
meaning specified in Section 3 of ERISA. 

        (iii)  The
Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under Section 4201 or
4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. 

        (iv)  The
expected post-retirement benefit obligation (determined as of the last day of the Company's most recently ended fiscal year in accordance with Financial
Accounting Standards Board Statement No. 106, without regard to liabilities attributable to continuation coverage mandated by Section 4980B of the Code) of the Company and its
subsidiaries is not Material. 

        (v)  As
used in this Agreement, the following terms have the following meanings: 

        "Code"
means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder. 

        "ERISA"
means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder. 

        "ERISA
Affiliate" means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under Section 414 of the Code. 

        "Material"
means material in relation to the business, operations, affairs, financial condition, assets or properties of the Company and its subsidiaries taken as a whole. 

        "Multiemployer
Plan" means any Plan that is a "multiemployer plan" (as such term is defined in Section 4001(a)(3) of ERISA). 

4

 

        "Plan"
means an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is or, within the preceding five years, has been established or maintained or to which
contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have
any liability. 

        (k)    Registration Statement and Prospectus Supplement.    The Prospectus Supplement will be filed with the
Securities and Exchange Commission in the manner and within the time period required by Rule 424(b). The Registration Statement has been declared effective under the Securities Act, and no stop
order suspending the effectiveness of the Registration Statement and no order directed at any document incorporated by reference in the Prospectus Supplement or any amendment or supplement thereto has
been issued, and no proceedings for that purpose have been instituted or threatened by the Securities and Exchange Commission. 

        (l)    Independent Accountants.    The accountants who certified the financial statements and supporting schedules
included or incorporated by reference in the Registration Statement and the Prospectus are independent public accountants as required by the Securities Act and the rules and regulations of the
Commission thereunder. Such accountants have not notified the Company or the Company's board of directors of any illegal acts that are required to be reported pursuant to Section 10A of the
Exchange Act. 

        (m)    Financial Statements.    The consolidated financial statements of Mack-Cali Realty Corporation and
its subsidiaries included or incorporated by reference in the Registration Statement and the Prospectus, together with the related schedules and notes, present fairly the financial position of
Mack-Cali Realty Corporation and its subsidiaries at the respective dates indicated and the results of its operations and its cash flows for the periods represented. Such financial
statements have been prepared in conformity with generally accepted accounting principles. 

        (n)    REIT Qualification.    Commencing with its taxable year ended December 31, 1994, the Company was
organized and has operated in conformity with the requirements for qualification and taxation as a real estate investment trust (a "REIT") under the
Code, and its proposed method of operating will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code, and the Company has not taken or omitted to take
any action which would reasonably be expected to cause its qualification as a REIT to be lost. 

        4.    COVENANTS OF THE COMPANY.    The Company covenants to the Purchaser as follows: 

        (a)    Continued Compliance with Securities Laws.    To the extent applicable, the Company will comply with the
Securities Act and the applicable rules and regulations thereunder and the Exchange Act and the applicable rules and regulations thereunder. 

        (b)    Additional Directors.    The Company shall at all times ensure that it has a sufficient number of available
seats on its board of directors such that if the holders of the Series C Preferred Stock become entitled at any time to appoint two additional directors to the Company's board of directors
pursuant to Section 7(a) of the Articles, such appointment will not cause the Company to violate the provision of its Charter or By-laws with respect to the maximum number of
directors allowed thereunder. 

        5.    CONDITIONS OF CLOSING.    The Purchaser's obligation to consummate the transactions contemplated hereunder shall
be subject to the conditions hereinafter set forth: 

        (a)    Authorizations.    All authorizations, approvals or permits of any Governmental Body that are required in
connection with the authorization and issuance of the Series C Preferred Stock and the consummation of the other transactions contemplated hereby and all documents and papers 

5

 

relating thereto shall be reasonably satisfactory to the Purchaser, and the Purchaser shall have received copies of such documents and papers, all in form and substance satisfactory to the Purchaser,
as the Purchaser may reasonably request in connection therewith. 

        (b)    Opinion of Counsel to the Company.    The Purchaser shall have received opinions, dated the Closing Date,
addressed to it and otherwise satisfactory in scope and substance to it, from Pryor Cashman Sherman & Flynn LLP, counsel to the Company, substantially in the form of  Exhibit C hereto and
covering such other matters incident to the transactions contemplated hereby as it may reasonably request. In rendering the
opinions contemplated by this Section 5(b), Pryor Cashman Sherman & Flynn LLP shall rely, as to certain matters of Maryland law, upon an opinion of Ballard Spahr Andrews &
Ingersoll, LLP, addressed to the Purchaser and to Pryor Cashman Sherman & Flynn LLP. 

        (c)    Representations and Warranties Correct; Performance of Obligations.    All representations and warranties of
the Company contained in Section 3 of this Agreement (except as affected by the transactions hereby contemplated) shall be true in all material respects on and as of the Closing Date; and the
Company shall have performed in all material respects all obligations on its part required to be performed under this Agreement on or prior to the Closing Date. 

        (d)    Prior Purchase of Notes.    Mack-Cali Realty, L.P., a Delaware limited partnership (the "Operating
Partnership"), shall have purchased from Purchaser $25,000,000 of the Operating Partnership's 7.18% Notes due 2003 (CUSIP No. 55448QACO) currently held by the Purchaser, for an aggregate purchase
price of $26,105,000. 

        (e)    CUSIP Number.    The Company shall have obtained a CUSIP number issued by Standard & Poor's CUSIP
Service Bureau (in cooperation with the Securities Valuation Office of the National Association of Insurance Commissioners) for the Depositary Shares and the Series C Preferred Stock. 

        6.    DIVIDENDS.    

        (a)    Payment.    Notwithstanding anything to the contrary in the Transaction Documents, but subject to the terms of
the Articles, so long as the Purchaser or any nominee designated by the Purchaser shall be the holder of any Depositary Shares representing the Series C Preferred Stock, the Company shall cause
the Depositary Agent to punctually pay to the Purchaser all dividends declared by the Board of Directors of the Company on such stock out of funds legally available for payment of dividends and paid
by the Company to the Depositary Agent at the address and in the manner set forth in the Deposit Agreement, or at such other place and in such other manner as the Purchaser may designate by notice to
the Company and the Depositary Agent in the manner provided in the Deposit Agreement. 

        (b)    First Dividend Payment.    The Company and the Purchaser hereby agree that, to the extent declared by the Board
of Directors of the Company, the Company shall pay the first dividend on the Depositary Shares on July 15, 2003 in the aggregate amount of $672,222.22. 

        7.    MISCELLANEOUS.    

        (a)    Expenses.    Whether or not the transactions contemplated hereby are consummated, the Company shall:
(i) concurrently with the Closing, pay the reasonable fees and disbursements of Debevoise & Plimpton, special counsel to the Purchaser, and any other fees and expenses due and owing on
or prior to the Closing Date under this Agreement or the Deposit Agreement, (ii) pay the reasonable fees and disbursements of the Deposit Agent and of special counsel to the Purchaser in
connection with any amendment, waiver or consent with respect to this Agreement and the Deposit Agreement, and all other reasonable expenses in connection therewith, and (iii) reimburse the
Purchaser for its reasonable out-of-pocket expenses in connection with such 

6

 

transactions, amendments, waivers or consents, and any items of the character referred to in clause (ii) which shall have been paid by the Purchaser. 

        (b)    Reliance on and Survival of Representations.    All agreements, representations and warranties herein and in
any certificates or other instruments delivered pursuant to this Agreement or the Deposit Agreement shall (i) be deemed to be material and to have been relied upon by the other parties hereto
notwithstanding any investigation heretofore or hereafter made by or on behalf of such party and (ii) survive the execution and delivery of this Agreement and the Deposit Agreement. 

        (c)    Successors and Assigns.    All covenants and agreements in this Agreement by or on behalf of the respective
parties hereto shall bind and inure to the benefit of their respective successors and assigns. 

        (d)    Notices.    All notices and other communications provided for in this Agreement shall be in writing and
delivered or mailed, first class postage prepaid, or transmitted by telecopier and confirmed by a similar mailed writing addressed (i) if to the Company, at the address set forth at the head of
this Agreement (marked for the attention of the Executive Vice President and Chief Financial Officer of the
Company), or at such other address as the Company may hereafter designate by notice to the Purchaser at the time outstanding, or (ii) if to any Purchaser, at the address as set forth in U
hereto for the Purchaser or at such other address as the Purchaser may hereafter designate by notice to the Company. 

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

        (f)    Headings; Counterparts.    The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect any of the terms hereof. This Agreement may be executed and delivered in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. 

7

 

        IN WITNESS WHEREOF, the undersigned have executed this Purchase Agreement as of the day and year first above written. 

	 	 	MACK-CALI REALTY

CORPORATION
	

 	
 	
By:	

/s/  BARRY LEFKOWITZ      
	 	 	 	
 Name:  Barry Lefkowitz

Title:    Executive Vice President and Chief Financial Officer
	

 	
 	
TEACHERS INSURANCE AND

ANNUITY ASSOCIATION OF

AMERICA
	

 	
 	

By:	

/s/  JOSEPH ROMANO      
	 	 	 	
 Name: Joseph Romano

Title: Director

8

QuickLinks

MACK-CALI REALTY CORPORATION

PURCHASE AGREEMENT

Dated as of March 14, 2003

TABLE OF CONTENTS

PURCHASE AGREEMENT

W I T N E S S E T H

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}]]