Document:

EMPLOYMENT AGREEMENT

This Employment Agreement (this "AGREEMENT") is made effective as of August __,
2000, by and between TAM Restaurants, Inc. ("TAM"), of 1163 Forest Ave., Staten
Island, New York, 11803 and Anthony B. Golio ("MR. GOLIO"), of 9 Shatel Road,
Plainview, New York, 11803.

         A. TAM is engaged in the business of operating multi-unit restaurant
         and catering operations. As of the date of the agreement, it is
         expected by both parties that Mr. Golio will primarily perform the job
         duties at the following location: 1163 Forest Ave., Staten Island, New
         York. Mr. Golio agrees that this location may change over time within
         the metropolitan New York area.

         B. TAM desires to continue to retain the services of Mr. Golio.

         C. Mr. Golio desires to continue being employed by TAM.

Therefore, the parties agree as follows:

1. EMPLOYMENT. TAM shall employ Mr. Golio as the Executive Vice President, Chief
Operating Officer, Chief Financial Officer, and President. Mr. Golio shall
provide to TAM the services described on the attached Exhibit A, which is made a
part of this Agreement by this reference. Mr. Golio accepts and agrees to such
employment, and agrees to be subject to the general supervision, advice and
direction of TAM's Chairman, Kenneth Harris, TAM's Board of Directors and TAM's
Executive Committee.

2. BEST EFFORTS OF EMPLOYEE. Mr. Golio agrees to perform faithfully,
industriously, and to the best of Mr. Golio's ability, experience, and talents,
all of the duties that may be reasonably required by the express and implicit
terms of this Agreement. Such duties shall be provided at such place(s) as the
needs, business, or opportunities of TAM may require from time to time.

3. COMPENSATION OF EMPLOYEE. As compensation for the services provided by Mr.
Golio under this Agreement, TAM will pay Mr. Golio a base annual salary of
$160,000.00 payable on Wednesday of every other week in accordance with the
normal payroll practices of TAM, which are subject to change. This salary will
be retroactive to July 1, 2000.

4. BONUS PAYMENTS. In addition to the payments under the preceding paragraph,
Mr. Golio shall also be entitled to earn bonus payments of up to 20% of his base
compensation as listed above (hereinafter referred to as the "TARGET BONUS").
Target Bonus payments shall be made quarterly, and shall be based on Mr. Golio's
achievement of TAM's overall corporate budget target relative to EBITDA (defined
as earnings before interest, depreciation, taxes and amortization), for all
operating restaurants owned by TAM, inclusive of corporate overhead. Said budget
will be prepared by Mr. Golio and TAM's Controller with input from each of TAM's
operating restaurant's General Managers, and approved by the Board of Directors.
The projected EBITDA included in that budget shall be the target for which Mr.
Golio's bonus payments will be based. However, should TAM experience any

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extraordinary unbudgeted expenses, (i.e. shareholder lawsuits, additional
accounting and legal fees incurred as a result of the sale or potential sale of
TAM, the securing of additional debt or equity financing, etc.) for which Mr.
Golio has no control, then those expenses shall be excluded from any calculation
of EBITDA for the purposes of determining Mr. Golio's bonus payments. Similarly,
an adjustment will be made for any windfall or account adjustment for which Mr.
Golio has no influence or control over.

Using the above definition of EBITDA , should TAM's EBDITA achieve 100% of
projections in any payment period, then Mr. Golio shall receive a bonus equal to
100% of the Target Bonus for that quarter. Should TAM's EBDITA exceed
projections in any payment period, then Mr. Golio shall receive a bonus equal to
100% of the Target Bonus for that quarter, plus the additional percentage of
increase (for example should TAM's EBITDA achieve 105% of projections then, Mr.
Golio shall receive a Target Bonus equal to 105% of the target bonus for that
quarter). Conversely, should TAM's EBITDA fall short of projections in any
payment period, then Mr. Golio shall receive a Target Bonus equal to the
percentage of EBITDA achieved, (for example should TAM's EBITDA achieve 95% of
projection then, Mr. Golio shall receive a bonus equal to 95% of the Target
Bonus for that quarter). Mr. Golio shall receive such bonus payments providing
that TAM achieves at least 80% of its targeted EBDITA projections in any
quarter. Bonus payments shall be made to Mr. Golio within seven (7) business
days of the close of each quarter by TAM's Controller. TAM shall withhold 30% of
each quarterly bonus payment for distribution to Mr. Golio within 7 business
days of the completion of the annual audit conducted by TAM's outside
accountants, at which time the full year EBITDA will be compared to the approved
corporate budget or any approved adjustment thereto, and Mr. Golio will receive
an additional payment (or the next quarterly Target Bonus shall be reduced)
reconciling the bonus payments Mr. Golio received for that year to the total
bonus that he is entitled to based on the year end audit. The Target Bonus shall
be paid pro rata for any period less than a full quarter that Mr. Golio is
employed by TAM. In the event of a "Change of Control" (as defined below) Mr.
Golio shall be immediately entitled to receive 100% of any and all Target Bonus
payments and reserve funds as of the date such Change of Control occurs.

       A. ACCOUNTING. TAM shall maintain records in sufficient detail for
purposes of determining the amount of the Target Bonus. TAM shall provide to Mr.
Golio a written accounting that sets forth the manner in which the Target Bonus
payment was calculated. Mr. Golio, or Mr. Golio's agent, shall have the right to
inspect TAM's records for the purposes of verifying the calculation of the
Target Bonus payments.

       B. DEATH OF THE EMPLOYEE. If Mr. Golio dies during the term of this
Agreement, Mr. Golio's estate shall be entitled to payments or partial Target
Bonus payments for the period ending with the date of Mr. Golio's death.

5. GRANT OF OPTIONS. Mr. Golio shall also be entitled to the grant of options to
purchase common shares of TAM. Specifically, he shall receive options (pursuant
to TAM's 1997 Stock Option Plan) to purchase 100,000 common shares of TAM at an
exercise price equal to $.50 per common share (the "OPTIONS"). The Options shall
become exercisable in the following amounts at the following times: 25% of the
Options shall become exercisable immediately upon the execution of this
Agreement. Thereafter, 25% of the Options shall become exercisable at the end of

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each six-month period following the execution of this Agreement until the full
grant of Options has become fully vested and exercisable. All Options granted as
part of this Agreement shall therefore become fully vested and exercisable 18
months from the date this Agreement has been executed by all parties. However,
in the event of a Change of Control (as defined below), all Options that have
been granted to Mr. Golio which have not become exercisable shall immediately
become exercisable. "Change of Control" shall be defined as: (i) the sale of all
or substantially all of the assets of TAM; (ii) a sale (including an exchange)
of all or substantially all of the shares of stock of TAM; or (iii) the merger,
consolidation, liquidation, amalgamation or like transaction of TAM with or into
another corporation. These options shall shall terminate five years after Mr.
Golio's employment is terminated hereunder.

6. CHANGE OF CONTROL BONUS. In the event that TAM closes a transaction prior to
July 1, 2001 thereby selling all or part of its assets, or a Change of Control
occurs as defined above, resulting in the elimination of Corporate overhead and
the termination of Mr. Golio as President and Chief Operating Officer, Mr. Golio
shall receive a special cash bonus of $50,000 plus the equivalent of six months
salary, continued medical coverage for six months, and an additional grant of
options to purchase 50,000 common shares at an exercise price equal to $.50 per
common share. These options shall vest and be exercisable immediately by Mr.
Golio. This cash bonus and issuance of these options shall occur within five
business days after the termination of Mr. Golio's employment with TAM as set
forth above. These options shall have an exercise price of $.50 per share, and
shall terminate five years after Mr. Golio's employment is terminated hereunder.

7. EXPENSE REIMBURSEMENT. All travel and other expenses (including but not
limited to, meals, postage, professional dues and expenses, cost of job-related
education, if course work is successfully completed) incident to the rendering
of services reasonably incurred on behalf of TAM by Mr. Golio during the term of
this Agreement shall be paid by TAM. If any such expenses are paid in the first
instance by Mr. Golio, TAM shall reimburse him therefor on presentation of
appropriate receipts for any such expenses, provided that any individual expense
over $750 must be approved by the Chairman of the Board of TAM. TAM agrees that
it shall make all lease payments (during the time that Mr. Golio is employed by
TAM pursuant to this Agreement) on his currently owned Chevrolet Blazer, and
related auto insurance, gas, and tolls, and related repairs and maintenance on
such automobile. For the convenience of TAM during his employment, Mr. Golio
will extend us one or more of his credit cards for use by key TAM employees as
payment for normal expenses incurred, TAM shall pay within the terms of such
credit obligations all charges, expenses, fees, late fees, interest charges,
etc. related to such purchases made by said TAM employees provided such
purchases are in connection with the ongoing business of TAM and approved by the
Officers of TAM..

8. BENEFITS. During the time this Agreement is in effect, Mr. Golio shall be
entitled to employment benefits, including personal leave, sick leave, vacation,
health insurance, dental insurance, short and long-term disability insurance,
life insurance, and pension plan as provided by TAM's policies governing these
benefits.

9. TERM/TERMINATION. Mr. Golio's employment under this Agreement shall be for an
unspecified term on an "at will" basis as follows. This Agreement may be
terminated by TAM upon 90 calendar day's written notice, and by Mr. Golio upon

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90 calendar day's written notice. If either TAM or Mr. Golio shall so terminate
this Agreement, Mr. Golio shall be entitled to receive his full salary, Target
Bonus, and welfare benefits (including health insurance) for the term of the
90-day notice period. During this 90 day period, Mr. Golio shall remain on TAM's
payroll, shall assist TAM in any transition process, and his Options shall
continue to become exercisable to the same extent they otherwise would. On the
final day of the 90-day notice period (solely in the event of the termination of
this Agreement by TAM without cause), all of the Options shall vest (if they
have not already) Mr. Golio shall receive, in a lump sum, a severance payment
equal to six month's salary, any Target Bonus payment held in reserve as set
forth above, any earned Target Bonus through such date, and/or deferred Target
Bonus, and his accrued vacation pay. TAM shall continue to pay for Mr. Golio's
health insurance benefits for six (6) months after the conclusion of the
aforementioned 90-day notice period (solely in the event of the termination of
this Agreement by TAM without cause).

If the Board of Directors terminates Mr. Golio for cause then TAM shall have no
further obligation to Mr. Golio other than the payment of salary through the
effective date of termination and Mr. Golio shall have no further obligations or
duties to TAM other than the terms set forth in Section 10 below. For purposes
of this Agreement, "for cause" is defined as: (i) the engaging by the Mr. Golio
in criminal misconduct (including embezzlement and criminal fraud) which is
materially injurious to TAM, monetarily or otherwise, as determined by a court
of competent jurisdiction, or (ii) the conviction of Mr. Golio of a felony by a
court of competent jurisdictionIn such event all Options that have not already
vested shall be returned to TAM.

In the event of the inability of Mr. Golio, by reason of physical or mental
disability, to continue substantially to perform his duties hereunder for a
period of 180 consecutive days, during which 180 day period his salary and any
other benefits hereunder shall not be suspended or diminished. Upon any
termination of Mr. Golio's employment due to such disability, TAM shall have no
further obligations or duties to the Employee, except: all of the Options shall
vest (if they have not already) for the payment of any Target Bonus payment held
in reserve as set forth above, any earned Target Bonus through such date, and/or
deferred Target Bonus, and his accrued vacation pay. TAM shall continue to pay
for Mr. Golio's health insurance benefits for six (6) months after the
conclusion of such period.

10. CONFIDENTIALITY: NON-COMPETITION. Upon termination of employment with TAM,
Mr. Golio hereby agrees not to take copies of or make proprietary confidential
information available to third parties including but not limited to internal
financial documents, personnel lists and compensation, internal correspondence,
customer lists and menu item recipes, formulations and costs without the express
written consent of TAM's Board of Directors. Mr. Golio further agrees that for a
period of six months following his termination he shall not directly or
indirectly hire, offer to hire, entice, solicit or in any other manner persuade
or attempt to persuade any officer or restaurant General Manager then under
employment of TAM to discontinue or alter his relationship with TAM. Failure to
abide by the terms of this Section shall be grounds for the forfeiture of all
severance and bonus payments and stock option grants or net proceeds from the
executions of said options.

11. INDEMNIFICATION: TAM shall indemnify and hold harmless Mr. Golio against any
and all expenses reasonably incurred by him in connection with or arising out of
a) the defense on any action, suit or proceeding in which he is a party, or b)
any claim asserted or threatened against him, in either case by reason of or

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relating to his being or having been an employee, officer or director of the
TAM, whether or not he continues to be such an employee, officer or director at
the time of incurring such expenses, except insofar as such indemnification is
prohibited by law. Such expenses shall include, without limitation, the fees and
disbursements of attorneys, amounts of judgments and amounts of any settlements,
provided that such expenses are agreed to in advance by TAM. The foregoing
indemnification obligation is independent of any similar obligation provided in
TAM's Certificate of Incorporation or Bylaws, and shall apply with respect to
any matters attributable to Mr. Golio's employment.

12. NOTICES. All notices required or permitted under this Agreement shall be in
writing and shall be deemed delivered when delivered in person or on the third
business day after being deposited in the United States mail, postage paid,
addressed as follows:

        TAM:

        Mr. Kenneth Harris
        Chairman of the Board
        C/o Kayne Anderson Investment Management
        1800 Avenue of the Stars
        Los Angeles, Ca 90067

           And

         Mr. Barry Krantz, Director &
           Chairman of Compensation Committee
        11 Ironwood
        Irvine, Ca 92714.

        MR. GOLIO:

        Anthony B. Golio
        9 Shatel Road
        Plainview, New York 11803

Either party may change such addresses from time to time by providing written
notice in the manner set forth above.

13. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the
parties and there are no other promises or conditions in any other agreement
whether oral or written. This Agreement supersedes any prior written or oral
agreements between the parties.

14. AMENDMENT. This Agreement may only be modified or amended, if in writing and
signed by both parties.

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15. SEVERABILITY. If any provisions of this Agreement shall be held to be
invalid or unenforceable for any reason, the remaining provisions shall continue
to be valid and enforceable. If a court of competent jurisdiction finds that any
provision of this Agreement is invalid or unenforceable, but that by limiting
such provision it would become valid or enforceable, then such provision shall
be deemed to be written, construed, and enforced as so limited.

16. WAIVER OF CONTRACTUAL RIGHT. The failure of either party to enforce any
provision of this Agreement shall not be construed as a waiver or limitation of
that party's right to subsequently enforce and compel strict compliance with
every provision of this Agreement.

17. APPLICABLE LAW. It is the intention of the parties hereto that this
Agreement and the performance hereunder and all suits and special proceedings
hereunder be exclusively construed in accordance with and under and pursuant to
the laws of the State of New York and that in any action, special proceeding or
other proceeding that may be brought arising out of, or in connection with or by
reason of this Agreement, the exclusive laws of the State of New York shall be
applicable and shall govern to the exclusion of the law of any other forum,
without regard to the jurisdiction in which any action or special proceeding may
be instituted. Each of the parties consents to the exclusive jurisdiction of the
U.S. District Court sitting in the Southern District of the State of New York or
the Supreme Court of the State of New York sitting in Manhattan, in connection
with any dispute arising under this Agreement and hereby waives, to the maximum
extent permitted by law, any objection, including any objection based on FORUM
NON CONVENIENS, to the bringing of any such proceeding in such jurisdiction.

18. SUCCESSORS. This Agreement shall be binding upon TAM and any of its
successors and assigns. In the event of a Change of Control (as defined above),
the provisions of this Agreement shall be binding upon the corporation resulting
from such merger or to which the assets shall be sold, exchanged, transferred,
or consolidated.

19. EXECUTION IN COUNTERPARTS. This Agreement may be executed by the parties in
one or more counterparts, each of which shall be deemed to be an original but
all of which taken together shall constitute one and the same agreement, and
shall become effective when one or more counterparts has been signed by each of
the parties hereto and delivered to each of the other parties hereto.

TAM Restaurants, Inc.

By:    ___________________________________      Date:  ______________________
       Kenneth Harris
       Chairman of the Board

AGREED TO AND ACCEPTED:

       __________________________________ Date:  ______________________
       Anthony B. Golio<PAGE>

                                               EMPLOYMENT AGREEMENT

                                                        FOR

                                                 MICHAEL GROSSMAN

<PAGE>

                                                 TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                              PAGE
                                                                                              ----
<S>   <C>                                                                                     <C>
1.    EMPLOYMENT...........................................................................      1

2.    EMPLOYMENT PERIOD....................................................................      1

3.    SERVICES / PLACE OF EMPLOYMENT.......................................................      2

4.    COMPENSATION AND BENEFITS............................................................      3

5.    TERMINATION OF EMPLOYMENT AND CHANGE IN CONTROL......................................      6

6.    COMPENSATION UPON TERMINATION OF EMPLOYMENT BY THE COMPANY FOR

      CAUSE OR BY EXECUTIVE WITHOUT GOOD REASON............................................      8

7.    COMPENSATION UPON TERMINATION OF EMPLOYMENT UPON DEATH OR

      DISABILITY...........................................................................      9

8.    COMPENSATION UPON TERMINATION OF EMPLOYMENT BY THE COMPANY

      WITHOUT CAUSE OR BY EXECUTIVE FOR GOOD REASON........................................     11

9.    CHANGE IN CONTROL....................................................................     12

10.   MITIGATION / EFFECT ON EMPLOYEE BENEFIT PLANS AND PROGRAMS...........................     14

11.   CONFIDENTIAL INFORMATION.............................................................     15

12.   RETURN OF DOCUMENTS..................................................................     16

13.   NONCOMPETE...........................................................................     16

14.   REMEDIES.............................................................................     17

15.   INDEMNIFICATION/LEGAL FEES...........................................................     18

16.   SUCCESSORS AND ASSIGNS...............................................................     19

17.   TIMING OF AND NO DUPLICATION OF PAYMENTS.............................................     21

18.   MODIFICATION OR WAIVER...............................................................     21

19.   NOTICES..............................................................................     22

20.   GOVERNING LAW........................................................................     22

21.   SEVERABILITY.........................................................................     22

22.   LEGAL REPRESENTATION.................................................................     23

23.   COUNTERPARTS.........................................................................     23

24.   HEADINGS.............................................................................     23

25.   ENTIRE AGREEMENT.....................................................................     23

26.   SURVIVAL OF AGREEMENTS...............................................................     24

</TABLE>

<PAGE>

                       MICHAEL GROSSMAN EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (the "Agreement") is entered into as of
December 5, 2000, by and between Michael Grossman, an individual residing at
105 Valley View Road, Chappaqua, New York 10514 ("Executive"), and Mack-Cali
Realty Corporation, a Maryland corporation with offices at 11 Commerce Drive,
Cranford, New Jersey 07016 (the "Company").

                                     RECITALS

         WHEREAS, Executive has been promoted to Executive Vice President as
of December 5, 2000; and

         WHEREAS, the Company desires to continue to employ Executive in his
new capacity of Executive Vice President, and Executive desires to continue
to be employed by the Company in his new capacity, pursuant to the terms set
forth herein

         NOW THEREFORE, in consideration of the premises and the mutual
covenants and agreements set forth herein, the parties hereby agree as
follows:

         1.       EMPLOYMENT.

         The Company hereby agrees to employ Executive, and Executive hereby
agrees to accept such employment during the period and upon the terms and
conditions set forth in this Agreement.

         2.       EMPLOYMENT PERIOD.

                  (a) Except as otherwise provided in this Agreement to the
contrary, the terms and conditions of this Agreement shall be and remain in
effect during the period of employment (the "Employment Period") established
under this Paragraph 2. The initial Employment Period shall be for a term
commencing on the date of this

<PAGE>

Agreement and ending on the third (3rd) anniversary of the date of this
Agreement provided, however, that commencing on January 1, 2003 and on each
day thereafter, the Employment Period shall be extended automatically for one
additional day so that a constant one (1) year Employment Period shall be in
effect unless the Company or Executive elects not to extend the term of this
Agreement by giving written notice to the other party, in which case, the
term of this Agreement shall become fixed. Any extension of this Agreement
shall not create an obligation of the Company to issue new awards to
Executive hereunder.

                  (b) Notwithstanding anything contained herein to the
contrary: (i) Executive's employment with the Company may be terminated by
the Company or Executive during the Employment Period, subject to the terms
and conditions of this Agreement; and (ii) nothing in this Agreement shall
mandate or prohibit a continuation of Executive's employment following the
expiration of the Employment Period upon such terms and conditions as the
Board of Directors of the Company (the "Board") and Executive may mutually
agree.

                  (c) If Executive's employment with the Company is
terminated, for purposes of this Agreement the term "Unexpired Employment
Period" shall mean the period commencing on the date of such termination and
ending on the last day of the Employment Period.

         3.       SERVICES / PLACE OF EMPLOYMENT.

                                      2

<PAGE>

                  SERVICES. During the Employment Period, Executive shall
hold the position of Executive Vice President of the Company. Executive shall
devote his best efforts and substantially all of his business time, skill and
attention to the business of the Company (other than absences due to
vacation, illness, disability or approved leave of absence), and shall
perform such duties as are customarily performed by similar executive
officers and as may be more specifically enumerated from time to time by the
Chief Executive Officer; PROVIDED, HOWEVER, that the foregoing is not
intended to preclude Executive from (i) owning and managing personal
investments, including real estate investments, subject to the restrictions
set forth in Paragraph 13 hereof or (ii) engaging in charitable activities
and community affairs, provided that the performance of the activities
referred to in clauses (i) and (ii) does not prevent Executive from devoting
substantially all of his business time to the Company.

         4.       COMPENSATION AND BENEFITS.

                  (a) SALARY. During the Employment Period, the Company shall
pay Executive a minimum annual base salary in the amount of $315,000 (the
"Annual Base Salary") payable in accordance with the Company's regular
payroll practices. Executive's Annual Base Salary shall be reviewed annually
in accordance with the policy of the Company from time to time and may be
subject to upward adjustment based upon, among other things, Executive's
performance, as determined in the sole discretion of the Chief Executive
Officer. In no event shall Executive's Annual Base Salary in effect at a
particular time be reduced without his prior written consent.

                                      3

<PAGE>

                  (b) INCENTIVE COMPENSATION/BONUSES. In addition, Executive
shall be eligible for incentive compensation payable each year in such
amounts as may be determined by the Option and Executive Compensation
Committee of the Board (the "Compensation Committee"). Executive shall be
entitled to receive such bonuses, restricted share awards and options to
purchase shares of common stock, par value $0.01 per share, of the Company
(the "Common Stock") as the Board or the Compensation Committee as the case
may be shall approve, in its sole discretion, including, without limitation,
options, restricted share awards and bonuses contingent upon Executive's
performance and the achievement of specified financial and operating
objectives.

                  (c) RESTRICTED SHARE AWARD/TAX GROSS-UP PAYMENT. Pursuant
to the Employee Stock Option Plan of Mack-Cali Realty Corporation which was
originally effective August 31, 1994 and amended and restated as of December
1, 1998 (the "SOP"), Executive has been awarded a restricted share award in
1999 of 4,000 shares of Common Stock and a restricted share award of 18,519
shares of Common Stock ("Restricted Shares") as of December 5, 2000 (the
"Restricted Share Awards"). Commencing with vesting that will occur in
calendar year 2002, Executive shall be entitled to receive a tax gross-up
payment (the "Tax Gross-Up Payment") from the Company with respect to each
tax year in which Restricted Shares granted pursuant to the Restricted Share
Awards vest and are distributed to him. Each Tax Gross-Up Payment shall be a
dollar amount equal to forty-three (43%) percent of the fair market value of
the Restricted Shares at time of vesting, exclusive of dividends. In the
event vesting occurs with respect to any Restricted Shares as a result of the
achievement of

                                      4

<PAGE>

the required performance goals, such payment shall be made as soon as
practicable after a determination that the performance goals have been
achieved but in no event later than the 90th day of the fiscal year of the
Company immediately following the fiscal year as to which the performance
goals were achieved. In the event vesting occurs for any other reason,
including, without limitation, termination of Executive's employment by the
Company without Cause or by Executive for Good Reason (but excluding a
termination by the Company for Cause or a voluntary quit without Good Reason
by Executive), such payment shall be made as soon as practicable after the
date of vesting but in no event later than the tenth (10th) business day
following such vesting.

                  (d) TAXES AND WITHHOLDING. The Company shall have the right
to deduct and withhold from all compensation all social security and other
federal, state and local taxes and charges which currently are or which
hereafter may be required by law to be so deducted and withheld.

                  (e) ADDITIONAL BENEFITS. In addition to the compensation
specified above and other benefits provided pursuant to this Paragraph 4,
Executive shall be entitled to the following benefits:

               (i)  participation in the SOP, the Mack-Cali Realty Corporation
                    401(k) Savings and Retirement Plan (subject to statutory
                    rules and maximum contributions and non-discrimination
                    requirements applicable to 401(k) plans) and such other
                    benefit plans and programs, including but not limited to
                    restricted stock, phantom stock and/or unit awards, loan
                    programs and any other incentive compensation plans or
                    programs (whether or not employee benefit plans or
                    programs), as maintained by the Company from time to time
                    and made generally available to executives of the Company
                    with such participation to be consistent with reasonable
                    Company guidelines;

                                      5

<PAGE>

               (ii) participation in any health insurance, disability insurance,
                    paid vacation, group life insurance or other welfare benefit
                    program made generally available to executives of the
                    Company; and

              (iii) reimbursement for reasonable business expenses incurred by
                    Executive in furtherance of the interests of the Company
                    including a monthly allowance of one thousand ($1,000)
                    dollars which is intended to cover the cost of local
                    business-related travel expenses exclusive of amounts paid
                    to third-parties (E.G. taxi service).

         5.       TERMINATION OF EMPLOYMENT AND CHANGE IN CONTROL.

                  (a) Executive's employment hereunder may be terminated
during the Employment Period under the following circumstances:

               (i)  CAUSE. The Company shall have the right to terminate
                    Executive's employment for Cause upon Executive's: (A)
                    willful and continued failure to use best efforts to
                    substantially perform his duties hereunder (other than any
                    such failure resulting from Executive's incapacity due to
                    physical or mental illness) for a period of thirty (30) days
                    after written demand for substantial performance is
                    delivered by the Company specifically identifying the manner
                    in which the Company believes Executive has not
                    substantially performed his duties; (B) willful misconduct
                    and/or willful violation of Paragraph 11 hereof, which is
                    materially economically injurious to the Company and the
                    partnership taken as a whole; (C) the willful violation of
                    the provisions of Paragraph 13 hereof; or (D) conviction of,
                    or plea of guilty to a felony. For purposes of this
                    sub-paragraph 5(a), no act, or failure to act, on
                    Executive's part shall be considered "willful" unless done,
                    or omitted to be done, by him (I) not in good faith and (II)
                    without reasonable belief that his action or omission was in
                    furtherance of the interests of the Company.

               (ii) DEATH. Executive's employment hereunder shall terminate upon
                    his death.

               (iii) DISABILITY. The Company shall have the right to terminate
                    Executive's employment due to "Disability" in the event that
                    there is a determination by the Company, upon the advice of
                    an independent qualified physician, reasonably acceptable to
                    Executive, that Executive has become physically or mentally
                    incapable of performing his duties under this Agreement and
                    such

                                      6

<PAGE>

                    disability has disabled Executive for a cumulative
                    period of one hundred eighty (180) days within a twelve (12)
                    month period.

               (iv) GOOD REASON. Executive shall have the right to terminate his
                    employment for "Good Reason": (A) upon the occurrence of any
                    material breach of this Agreement by the Company which shall
                    include but not be limited to; an assignment to Executive of
                    duties materially and adversely inconsistent with
                    Executive's status as Executive Vice President, or a
                    material adverse alteration in the nature of a diminution in
                    Executive's duties and/or responsibilities, reporting
                    obligations, titles or authority; (B) upon a reduction in
                    Executive's Annual Base Salary or a material reduction in
                    other benefits (except for bonuses or similar discretionary
                    payments) as in effect at the time in question, a failure to
                    pay such amounts when due or any other failure by the
                    Company to comply with Paragraph 4 hereof; or (C) upon any
                    purported termination of Executive's employment for Cause
                    which is not effected pursuant to the procedures of
                    sub-paragraph 5(a)(i) (and for purposes of this Agreement,
                    in the event of such failure to comply, no such purported
                    termination shall be effective).

               (v)  WITHOUT CAUSE. The Company shall have the right to terminate
                    the Executive's employment hereunder without Cause subject
                    to the terms and conditions of this Agreement.

               (vi) WITHOUT GOOD REASON. The Executive shall have the right to
                    terminate his employment hereunder without Good Reason
                    subject to the terms and conditions of this Agreement.

              (vii) CHANGE IN CONTROL. For purposes of this Agreement "Change
                    in Control" shall mean that any of the following events has
                    occurred: (A) any "person" or "group" of persons, as such
                    terms are used in Sections 13 and 14 of the Securities
                    Exchange Act of 1934, as amended (the "Exchange Act"), other
                    than any employee benefit plan sponsored by the Company,
                    becomes the "beneficial owner", as such term is used in
                    Section 13 of the Exchange Act, (irrespective of any vesting
                    or waiting periods) of (I) Common Stock or any class of
                    stock convertible into Common Stock and/or (II) Common OP
                    Units or preferred units or any other class of units
                    convertible into Common OP Units, in an amount equal to
                    twenty (20%) percent or more of the sum total of the Common
                    Stock and the Common OP Units (treating all classes of
                    outstanding stock, units or other securities convertible
                    into stock units as if they were converted into Common Stock
                    or Common OP Units as the case may be and then treating
                    Common Stock and Common OP Units

                                      7

<PAGE>

                    as if they were a single class) issued and outstanding
                    immediately prior to such acquisition as if they were a
                    single class and disregarding any equity raise in connection
                    with the financing of such transaction; (B) any Common Stock
                    is purchased pursuant to a tender or exchange offer other
                    than an offer by the Company; (C) the dissolution or
                    liquidation of the Company or the consummation of any merger
                    or consolidation of the Company or any sale or other
                    disposition of all or substantially all of its assets, if
                    the shareholders of the Company and unitholders of the
                    partnership taken as a whole and considered as one class
                    immediately before such transaction own, immediately after
                    consummation of such transaction, equity securities and
                    partnership units possessing less than fifty (50%) percent
                    of the surviving or acquiring company and partnership taken
                    as a whole; or (D) a turnover, during any two (2) year
                    period, of the majority of the members of the Board, without
                    the consent of the remaining members of the Board as to the
                    appointment of the new Board members.

                   (b) NOTICE OF TERMINATION. Any termination of Executive's

employment by the Company or any such termination by Executive (other than on

account of death) shall be communicated by written Notice of Termination to the

other party hereto. For purposes of this Agreement, a "Notice of Termination"

shall mean a notice which shall indicate the specific termination provision in

this Agreement relied upon and shall set forth in reasonable detail the facts

and circumstances claimed to provide a basis for termination of Executive's

employment under the provision so indicated. In the event of the termination of

Executive's employment on account of death, written Notice of Termination shall

be deemed to have been provided on the date of death.

         6.       COMPENSATION UPON TERMINATION OF EMPLOYMENT BY THE COMPANY FOR
                  CAUSE OR BY EXECUTIVE WITHOUT GOOD REASON.

         In the event the Company terminates Executive's employment for Cause or

Executive terminates his employment without Good Reason, the Company shall pay

                                       8
<PAGE>

Executive any unpaid Annual Base Salary at the rate then in effect accrued

through and including the date of termination. In addition, in such event,

Executive shall be entitled (i) to receive any earned but unpaid incentive

compensation or bonuses and (ii) to exercise any options which have vested and

are exercisable in accordance with the terms of the applicable option grant

agreement or plan, and (iii) to retain and/or receive any Restricted Shares

which have vested as of the last day of the Company's fiscal year coincident or

immediately preceding Executive's termination of employment and the

corresponding Tax Gross-Up Payment (irrespective of whether the determination is

made after Executive's termination of employment).

         Except for any rights which Executive may have to unpaid salary amounts

through and including the date of termination, earned but unpaid incentive

compensation or bonuses, vested options, vested Restricted Shares and the

corresponding Tax Gross-Up Payment, the Company shall have no further

obligations hereunder following such termination. The aforesaid amounts shall be

payable in full immediately upon such termination.

         7.       COMPENSATION UPON TERMINATION OF EMPLOYMENT UPON DEATH OR
                  DISABILITY.

         In the event of termination of Executive's employment as a result of

either Executive's death or Disability, the Company shall pay to Executive, his

estate or his personal representative the aggregate of (i) a cash payment of one

million dollars ($1,000,000) in full immediately upon such termination (the

"Fixed Amount") and (ii) reimbursement of expenses incurred prior to date of

termination ("Expense Reimbursement"). Executive (and Executive's dependents)

shall also receive

                                       9

<PAGE>

continuation of health coverage through the end of the Unexpired Employment

Period on the same basis as health coverage is provided by the Company for

active employees and as may be amended from time to time

("Medical Continuation").

         In addition, all (A) incentive compensation payments or programs of

any nature whether stock based or otherwise that are subject to a vesting

schedule including, without limitation, the Restricted Share Awards or any

other restricted stock, phantom stock, units and any loan forgiveness

arrangements granted to Executive ("Incentive Compensation") shall

immediately vest as of the date of such termination ("Vested Incentive

Compensation"), (B) options granted to Executive shall immediately vest as of

the date of such termination (the "Vested Options") and Executive shall be

entitled at the option of Executive, his estate or his personal

representative, within one (1) year of the date of such termination, to

exercise the Vested Options and/or other options which have vested

(including, without limitation, all other options which have previously

vested in accordance with any applicable option grant agreement or plan) (the

"Total Vested Options") and are exercisable in accordance with the terms of

the applicable option grant agreement or plan and/or any other methods or

procedures for exercise applicable to optionees or to require the Company

(upon written notice delivered within one hundred eighty (180) days following

the date of Executive's termination) to repurchase all or any portion of

Executive's vested options to purchase shares of Common Stock at a price

equal to the difference between the Repurchase Fair Market Value (as

hereinafter defined) of the shares of Common Stock for which the options to

be repurchased are exercisable and the exercise price of such options as of

the date of Executive's termination of employment (the "Vested Option

Exercise Election"), and (C)

                                       10
<PAGE>

the Tax Gross-Up Payment(s) applicable to the Restricted Share Awards shall

vest and be paid to Executive at such time as provided in sub-paragraph 4(c)

above (the "Vested Tax Gross-Up Payments"). In the event of a conflict

between any Incentive Compensation grant agreement or program or any option

grant agreement or plan and this Agreement, the terms of this Agreement shall

control.

         Except for any rights which Executive or Executive's estate in the

event of Executive's death may have to all of the above including the Fixed

Amount, Vested Incentive Compensation, Total Vested Options and the Vested

Option Exercise Election, the Vested Tax Gross-Up Payment, Expense

Reimbursement and Medical Continuation (which, in the event of Executive's

death, shall be provided to Executive's dependents), the Company shall have

no further obligations hereunder following such termination.

         For purposes of this Agreement, "Repurchase Fair Market Value" shall

mean the average of the closing price on the New York Stock Exchange (or such

other exchange on which the Common Stock is primarily traded) of the Common

Stock on each of the trading days within the thirty (30) days immediately

preceding the date of termination of Executive's employment.

         8.       COMPENSATION UPON TERMINATION OF EMPLOYMENT BY THE COMPANY
                  WITHOUT CAUSE OR BY EXECUTIVE FOR GOOD REASON.

         In the event the Company terminates Executive's employment for any

reason other than Cause or Executive terminates his employment for Good

Reason, the Company shall pay to Executive and Executive shall be entitled to

receive the aggregate of (i) the Fixed Amount and (ii) Vested Incentive

Compensation, Total Vested

                                    11
<PAGE>

Options and the Vested Option Exercise Election, the Vested Tax Gross-Up

Payment, Expense Reimbursement and Medical Continuation. In the event of a

conflict between any Incentive Compensation grant agreement or program or any

option grant agreement or plan and this Agreement, the terms of this

Agreement shall control. Executive understands that any options exercised

more than ninety (90) days following the date of his termination of

employment which were granted as incentive stock options shall automatically

be converted into non-qualified options.

         Except for any rights which Executive may have to the Fixed Amount,

Vested Incentive Compensation, Total Vested Options and the Vested Option

Exercise Election, the Vested Tax Gross-Up Payment, Expense Reimbursement and

Medical Continuation, the Company shall have no further obligations hereunder

following such termination. The parties both agree that the agreement to make

these payments was consideration and an inducement to obtain Executive's

consent to enter into this Agreement. The payments are not a penalty and

neither party will claim them to be a penalty. Rather, the payments represent

a fair approximation of reasonable amounts due to Executive for the

Employment Period.

         9.       CHANGE IN CONTROL.

                  (a) OPTIONS. Any Incentive Compensation and options granted to

Executive that have not vested as of the date of a Change in Control shall

immediately vest upon the date of the Change in Control. Neither the occurrence

of a Change in Control, nor the vesting in any options as a result thereof shall

require Executive to exercise any options. In the event of a conflict between

any Incentive Compensation

                                      12
<PAGE>

grant agreement or program or any option grant agreement or plan and this

Agreement, the terms of this Agreement shall control.

                  (b) EXCISE TAX GROSS UP. If it is determined by an independent

accountant mutually acceptable to the Company and Executive that as a result

of any payment in the nature of compensation made by the Company to (or for

the benefit of) Executive pursuant to this Agreement or otherwise, an excise

tax may be imposed on Executive pursuant to Section 4999 of the Code (or any

successor provisions), the Company shall pay Executive in cash an amount

equal to X determined under the following formula: (the "Excise Tax Gross

Up"):

                                             E x P
                          X =
                             ---------------------------------
                              1-[(FI x (1-SLI)) + SLI + E + M]

                  where

                  E   =   the rate at which the excise tax is assessed under
                          Section 4999 of the Code (or any successor
                          provisions);

                  P   =   the amount with respect to which such excise tax is
                          assessed, determined without regard to the Excise Tax
                          Gross Up;

                  FI  =   the highest effective marginal rate of
                          income tax applicable to Executive under the
                          Code for the taxable year in question
                          (taking into account any phase-out or loss
                          of deductions, personal exemptions or other
                          similar adjustments);

                  SLI =   the sum of the highest effective marginal
                          rates of income tax applicable to Executive
                          under all applicable state and local laws
                          for the taxable year in question (taking
                          into account any phase-out or loss of
                          deductions, personal exemptions and other
                          similar adjustments); and

                  M   =   the highest marginal rate of Medicare tax
                          applicable to Executive under the Code for
                          the taxable year in question.

                                        13
<PAGE>

With respect to any payment in the nature of compensation that is made to (or

for the benefit of) Executive under the terms of this Agreement or otherwise

and on which an excise tax under Section 4999 of the Code (or any successor

provisions) may be assessed, the payment determined under this sub-paragraph

9(c) shall be paid to Executive at the time of the Change in Control but

prior to the consummation of the transaction with any successor. It is the

intention of the parties that the Company provide Executive with a full tax

gross-up under the provisions of this sub-paragraph, so that on a net

after-tax basis, the result to Executive shall be the same as if the excise

tax under Section 4999 of the Code (or any successor provisions) had not been

imposed. The Excise Tax Gross Up may be adjusted if alternative minimum tax

rules are applicable to Executive.

         10.      MITIGATION / EFFECT ON EMPLOYEE BENEFIT PLANS AND PROGRAMS.

                  (a) MITIGATION. Executive shall not be required to mitigate

amounts payable under this Agreement by seeking other employment or

otherwise, and there shall be no offset against amounts due Executive under

this Agreement on account of subsequent employment. Amounts owed to Executive

under this Agreement shall not be offset by any claims the Company may have

against Executive and such payment shall not be affected by any other

circumstances, including, without limitation, any counterclaim, recoupment,

defense, or other right which the Company may have against Executive or

others.

                  (b) EFFECT ON EMPLOYEE BENEFIT PROGRAMS. The termination of

Executive's employment hereunder, whether by the Company or Executive, shall

have

                                      14
<PAGE>

no effect on the rights and obligations of the parties hereto under the

Company's (i) welfare benefit plans including, without limitation, Medical

Continuation as provided for herein and, health coverage thereafter but only

to the extent required by law, and on the same basis applicable to other

employees and (ii) 401(k) Plan but only to the extent required by law and

pursuant to the terms of the 401(k) Plan.

         11.      CONFIDENTIAL INFORMATION.

                  (a) Executive understands and acknowledges that during his

employment with the Company, he will be exposed to Confidential Information

(as defined below), all of which is proprietary and which will rightfully

belong to the Company. Executive shall hold in a fiduciary capacity for the

benefit of the Company such Confidential Information obtained by Executive

during his employment with the Company and shall not, directly or indirectly,

at any time, either during or after his employment with the Company, without

the Company's prior written consent, use any of such Confidential Information

or disclose any of such Confidential Information to any individual or entity

other than the Company or its employees, attorneys, accountants, financial

advisors, consultants, or investment bankers except as required in the

performance of his duties for the Company or as otherwise required by law.

Executive shall take all reasonable steps to safeguard such Confidential

Information and to protect such Confidential Information against disclosure,

misuse, loss or theft.

                  (b) The term "Confidential Information" shall mean any

information not generally known in the relevant trade or industry or otherwise

not generally available to the public, which was obtained from the Company or

its predecessors or which

                                     15
<PAGE>

was learned, discovered, developed, conceived, originated or prepared during

or as a result of the performance of any services by Executive on behalf of

the Company or its predecessors. For purposes of this Paragraph 11, the

Company shall be deemed to include any entity which is controlled, directly

or indirectly, by the Company and any entity of which a majority of the

economic interest is owned, directly or indirectly, by the Company.

         12.      RETURN OF DOCUMENTS.

         Except for such items which are of a personal nature to Executive

(E.G., daily business planner), all writings, records, and other documents

and things containing any Confidential Information shall be the exclusive

property of the Company, shall not be copied, summarized, extracted from, or

removed from the premises of the Company, except in pursuit of the business

of the Company and at the direction of the Company, and shall be delivered to

the Company, without retaining any copies, upon the termination of

Executive's employment or at any time as requested by the Company.

         13.      NONCOMPETE.

         Executive agrees that:

                  (a) During the Employment Period and, in the event (i) the

Company terminates Executive's employment for Cause, or (ii) Executive

terminates his employment without Good Reason, for a one (1) year period

thereafter, Executive shall not, directly or indirectly, within the continental

United States, engage in, or own, invest in, manage or control any venture or

enterprise primarily engaged in any office-service,

                                      16
<PAGE>

flex, or office property development, acquisition or management activities

without regard to whether or not such activities compete with the Company.

Nothing herein shall prohibit Executive from being a passive owner of not

more than five percent (5%) of the outstanding stock of any class of

securities of a corporation or other entity engaged in such business which is

publicly traded, so long as he has no active participation in the business of

such corporation or other entity.

                  (b) If, at the time of enforcement of this Paragraph 13, a

court shall hold that the duration, scope, area or other restrictions stated

herein are unreasonable, the parties agree that reasonable maximum duration,

scope, area or other restrictions may be substituted by such court for the

stated duration, scope, area or other restrictions and upon substitution by such

court, this Agreement shall be automatically modified without further action

by the parties hereto.

                  (c) For purposes of this Paragraph 13, the Company shall be

deemed to include any entity which is controlled, directly or indirectly, by the

Company and any entity of which a majority of the economic interest is owned,

directly or indirectly, by the Company.

         14.      REMEDIES.

         The parties hereto agree that the Company would suffer irreparable

harm from a breach by Executive of any of the covenants or agreements

contained in Paragraphs 11, 12 or 13 of this Agreement. Therefore, in the

event of the actual or threatened breach by Executive of any of the

provisions of Paragraphs 11, 12 or 13 of this Agreement, the Company may, in

addition and supplementary to other rights and

                                       17
<PAGE>

remedies existing in its favor, apply to any court of law or equity of
competent jurisdiction for specific performance and/or injunctive or other
relief in order to enforce or prevent any violation of the provisions thereof.

         15.      INDEMNIFICATION/LEGAL FEES.

         (a) INDEMNIFICATION. In the event the Executive is made party or
threatened to be made a party to any action, suit or proceeding, whether
civil, criminal, administrative or investigative (a "Proceeding"), by reason
of Executive's employment with or serving as an officer or director of the
Company, whether or not the basis of such Proceeding is alleged action in an
official capacity, the Company shall indemnify, hold harmless and defend
Executive to the fullest extent authorized by Maryland law, as the same
exists and may hereafter be amended, against any and all claims, demands,
suits, judgments, assessments and settlements including all expenses incurred
or suffered by Executive in connection therewith (including, without
limitation, all legal fees incurred using counsel reasonably acceptable to
Executive) and such indemnification shall continue as to Executive even after
Executive is no longer employed by the Company and shall inure to the benefit
of his heirs, executors, and administrators. Expenses incurred by Executive
in connection with any Proceeding shall be paid by the Company in advance
upon request of Executive that the Company pay such expenses; but, only in
the event that Executive shall have delivered in writing to the Company an
undertaking to reimburse the Company for expenses with respect to which
Executive is not entitled to indemnification. The provisions of this
Paragraph shall remain in effect after this Agreement is terminated
irrespective of the reasons for

                                     18
<PAGE>

termination. The indemnification provisions of this Paragraph shall not
supersede or reduce any indemnification provided to Executive under any
separate agreement, or the by-laws of the Company since it is intended that
this Agreement shall expand and extend the Executive's rights to receive
indemnity.

         (b) LEGAL FEES. If any contest or dispute shall arise between the
Company and Executive regarding or as a result of any provision of this
Agreement, the Company shall reimburse Executive for all legal fees and
expenses reasonably incurred by Executive in connection with such contest or
dispute, but only if Executive is successful in respect of substantially all
of Executive's claims pursued or defended in connection with such contest or
dispute. Such reimbursement shall be made as soon as practicable following
the resolution of such contest or dispute (whether or not appealed).

         16.      SUCCESSORS AND ASSIGNS.

         (a) The Company shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company, by agreement
in form and substance satisfactory to Executive, to expressly assume and
agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no such succession had
taken place. Failure of the Company to obtain such agreement prior to the
effectiveness of an such succession shall be a breach of this Agreement and
shall entitle Executive to compensation from the Company in the same amount
and on the same terms as he would be entitled to hereunder if Executive

                                     19
<PAGE>

terminated his employment hereunder for Good Reason except that for purposes
of implementing the foregoing, the date on which any such succession becomes
effective shall be deemed the date of termination. In the event of such a
breach of this Agreement, the Notice of Termination shall specify such date
as the date of termination. As used in this Agreement, "Company" shall mean
the Company as hereinbefore defined and any successor to all or substantially
all of its business and/or its assets as aforesaid which executes and
delivers the agreement provided for in this Paragraph 16 or which otherwise
becomes bound by all the terms and provisions of this Agreement by operation
of law. Any cash payments owed to Executive pursuant to this Paragraph 16
shall be paid to Executive in a single sum without discount for early payment
immediately prior to the consummation of the transaction with such successor.

         (b) This Agreement and all rights of Executive hereunder may be
transferred only by will or the laws of descent and distribution. Upon
Executive's death, this Agreement and all rights of Executive hereunder shall
inure to the benefit of and be enforceable by Executive's beneficiary or
beneficiaries, personal or legal representatives, or estate, to the extent any
such person succeeds to Executive's interests under this Agreement. Executive
shall be entitled to select and change a beneficiary or beneficiaries to receive
any benefit or compensation payable hereunder following Executive's death by
giving the Company written notice thereof. If Executive should die following the
date of termination while any amounts would still be payable to him hereunder if
he had continued to live, all such amounts, unless otherwise provided herein,
shall be paid in accordance with the terms of this Agreement to such person or

                                   20
<PAGE>

persons so appointed in writing by Executive, including, without limitation,
under any applicable plan, or otherwise to his legal representatives or
estate.

         17.      TIMING OF AND NO DUPLICATION OF PAYMENTS.

         All payments payable to Executive pursuant to this Agreement shall
be paid as soon as practicable after such amounts have become fully vested
and determinable. In addition, Executive shall not be entitled to receive
duplicate payments under any of the provisions of this Agreement.

         18.      MODIFICATION OR WAIVER.

         No amendment, modification, waiver, termination or cancellation of
this Agreement shall be binding or effective for any purpose unless it is
made in a writing signed by the party against whom enforcement of such
amendment, modification, waiver, termination or cancellation is sought. No
course of dealing between or among the parties to this Agreement shall be
deemed to affect or to modify, amend or discharge any provision or term of
this Agreement. No delay on the part of the Company or Executive in the
exercise of any of their respective rights or remedies shall operate as a
waiver thereof, and no single or partial exercise by the Company or Executive
of any such right or remedy shall preclude other or further exercise thereof.
A waiver of right or remedy on any one occasion shall not be construed as a
bar to or waiver of any such right or remedy on any other occasion.

                                     21
<PAGE>

         The respective rights and obligations of the parties hereunder shall
survive the Executive's termination of employment and termination of this
Agreement to the extent necessary for the intended preservation of such
rights and obligations.

         19.      NOTICES.

         All notices or other communications required or permitted hereunder
shall be made in writing and shall be deemed to have been duly given if
delivered by hand or delivered by a recognized delivery service or mailed,
postage prepaid, by express, certified or registered mail, return receipt
requested, and addressed to the Chief Executive Officer of the Company or
Executive, as applicable, at the address set forth above (or to such other
address as shall have been previously provided in accordance with this Paragraph
19).

         20.      GOVERNING LAW.

         This agreement will be governed by and construed in accordance with
the laws of the State of New Jersey except as to Paragraph 15(a), without
regard to principles of conflicts of laws thereunder.

         21.      SEVERABILITY.

         Whenever possible, each provision and term of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision or term of this Agreement shall be held to be prohibited by
or invalid under

                                     22
<PAGE>

such applicable law, then, subject to the provisions of Paragraph 13(b)
above, such provision or term shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating or affecting in any manner
whatsoever the remainder of such provisions or term or the remaining
provisions or terms of this Agreement.

         22.      LEGAL REPRESENTATION.

         Each of the Company and Executive have been represented by counsel with
respect to this Agreement.

         23.      COUNTERPARTS.

         This Agreement may be executed in separate counterparts, each of which
is deemed to be an original and both of which taken together shall constitute
one and the same agreement.

         24.      HEADINGS.

         The headings of the Paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute a part hereof and shall
not affect the construction or interpretation of this Agreement.

         25.      ENTIRE AGREEMENT.

         This Agreement constitutes the entire agreement of the parties with
respect to the subject matter hereof and supersedes all other prior agreements
and undertakings, both written and oral, among the parties with respect to the
subject matter hereof.

                                     23

<PAGE>

         26.      SURVIVAL OF AGREEMENTS.

         The covenants made in Paragraphs 5 through 15 and 21 each shall survive
the termination of this Agreement.

                                     24
<PAGE>

         IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first above written.

                                   MACK-CALI REALTY CORPORATION

                                   By: /s/ Mitchell E. Hersh
                                       ---------------------------------
                                       Mitchell E. Hersh
                                       Chief Executive Officer

                                       /s/ Michael Grossman
                                       ---------------------------------
                                       Michael Grossman

                                     25

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