Document:

Exhibit 10.30

 

Directors’
Compensation and Retirement Program

 

In May 2004, an external compensation
consultant reviewed the total compensation for directors.  Specifically, retainer fees, meeting fees,
insurance and stock-based long-term incentives were reviewed using, as the
competitive benchmark, levels of total compensation paid to directors of the 30
energy companies which constitute the peer group used for the company’s
executive performance incentive program, 20 general industry companies of
comparable revenue and capitalization size and 14 companies located in the
company’s geographic area or of other relevance.  Set forth below is the compensation for
non-employee directors.  No compensation
is paid to employee directors for their service as directors.

 

Cash Compensation

 

•      An annual cash retainer of $24,000 is paid to non-employee directors on a
quarterly basis.  This level of retainer
was found to be competitive and no changes were made in 2004 to this
compensation component.

 

•       The cash meeting fee is $1,500 for each Board and Committee meeting
attended.  If a non-employee director
participates in a meeting by telephone, the meeting fee is $750.  An additional $1,000 is paid to the Audit
Committee Chair and $500 is paid to each other Committee Chair, for each
Committee meeting attended.

 

Equity-Based Compensation

 

•      The stock option award under the 1999 Non-Employee Directors’ Stock
Incentive Plan that was historically granted to non-employee directors on an
annual basis was replaced in 2003 by a grant of phantom stock units which
vested upon award and were deferred under the Directors’ Deferred Compensation
Plan.  Similarly, in 2004, a grant of
1,320 deferred phantom stock units was awarded which vested upon award.  Dividends will be credited quarterly in the
form of additional stock units.  The
value of the stock units will be paid in cash on the earlier of the director’s
death or retirement from the Board in accordance with the election made under
the Directors’ Deferred Compensation Plan. 
The number of phantom stock units, options, or other stock-based awards,
granted in future years will be based on competitive practices as determined by
a nationally recognized external consultant.

 

•      The non-employee directors are subject to stock ownership guidelines
which require them to hold shares equivalent to two times the annual cash
retainer.  Under the guidelines,
directors have up to two years to acquire a sufficient number of shares to meet
this requirement.

 

Deferred Compensation

 

•      In connection with the enactment of the American Jobs Creation Act of
2004, the company suspended, effective December 31,
2004, the Directors’ Deferred Compensation Plan and adopted, effective January 1,
2005, the 2005 Directors’ Deferred Compensation Plan.  The Directors’ Deferred Compensation Plan
continues to operate for the sole purpose of administering vested amounts under
the plan on or prior to December 31, 2004.

 

•      Non-employee directors’ retainer and fees may be deferred under the 2005
Directors’ Deferred Compensation Plan until Board service ends or a later time,
as the director may elect.

 

•      In May 1999, the directors’ retirement plan was curtailed and the accrued
benefit of each active director was converted to a stock account administered
under the Directors’ Deferred Compensation Plan.  Imputed dividends are credited to the account
as additional shares.  All participants
are vested upon death or termination of service as a director.  Dr. Domm and
Messrs. McConomy, Rohr and Shapira
are the only active directors eligible for benefits under the retirement
plan.  Directors elected after May 1999 are not eligible to participate in the retirement plan.

 

 

Insurance

 

•      The company also provides non-employee directors with $20,000 of life
insurance, $20,000 of accidental death and dismemberment insurance and $250,000
of travel accident insurance while traveling on business for Equitable
Resources.

 

•      Non-employee directors who joined the Board prior to May 25, 1999 may
designate a civic, charitable or educational organization as beneficiary of a
$500,000 gift funded by a life insurance policy purchased by Equitable
Resources.Exhibit 10.75

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
is made and entered into as of May 27, 2004 by and between VORNADO REALTY
TRUST, a Maryland real estate investment trust (the “Company”), and GSEP 2004
Realty Corp., a Delaware corporation (the “Holder”) and wholly-owned subsidiary
of Goldman Sachs 2004 Exchange Place Fund, L.P., a Delaware limited
partnership.

 

WHEREAS, the Holder is receiving on the date hereof
Series D-11 Preferred Units of limited partnership interest (“Units”) in
Vornado Realty L.P., a Delaware limited partnership (the “Partnership”);

 

WHEREAS, in connection therewith, the Company has
agreed to grant to the Holder the Registration Rights (as defined in Section 1
hereof);

 

NOW, THEREFORE, the parties hereto, in consideration
of the foregoing and the mutual covenants and agreements hereinafter set forth,
hereby agree as follows:

 

SECTION 1.  REGISTRATION RIGHTS

 

If Holder receives Series D-11 7.2% Cumulative
Redeemable Preferred Shares of Beneficial Interest, liquidation preference
$25.00 per share, of the Company (“Preferred Shares”) upon redemption of Units
(the “Redemption Shares”) pursuant to the terms of the Second Amended and
Restated Agreement of Limited Partnership of the Partnership, as the same may
be amended from time to time (the “Partnership Agreement”), then, unless such
Redemption Shares are issued to the Holder pursuant to an Issuer Registration
Statement as provided in Section 2 below, Holder shall be entitled to
offer for sale pursuant to a shelf registration statement, the Redemption
Shares, subject to the terms and conditions set forth in Section 3 hereof
(the “Registration Rights”).

 

SECTION 2.  ISSUER REGISTRATION STATEMENT

 

Anything contained herein to the contrary notwithstanding,
in the event that the Redemption Shares are issued by the Company to Holder
pursuant to an effective registration statement (an “Issuer Registration
Statement”) filed with the Securities and Exchange Commission (the “Commission”),
the Company shall be deemed to have satisfied all of its registration
obligations under this Agreement.

 

SECTION 3.  DEMAND REGISTRATION RIGHTS

 

3.1  (a)    Registration Procedure.  Unless such Redemption Shares are issued
pursuant to an Issuer Registration Statement as provided in Section 2
hereof, then subject to Sections 3.1(c) and 3.2 hereof, if the Holder desires
to exercise its Registration Rights with respect to the Redemption Shares, the
Holder shall deliver to the Company a written notice (a “Registration Notice”)
informing the Company of such exercise and

 

 

specifying the number of shares to be offered by such Holder (such
shares to be offered being referred to herein as the “Registrable Securities”).  Such notice may be given at any time on or
after the date a notice of redemption is delivered by the Holder to the
Partnership pursuant to the Partnership Agreement, but must be given at least
fifteen (15) Business Days prior to the consummation of the sale of Registrable
Securities.  As used in this Agreement, a
“Business Day” is any Monday, Tuesday, Wednesday, Thursday or Friday other than
a day on which banks and other financial institutions are authorized or
required to be closed for business in the State of New York or Maryland.  Upon receipt of the Registration Notice, the
Company, if it has not already caused the Registrable Securities to be included
as part of an existing shelf registration statement (prior to the filing of
which the Company shall have given ten (10) Business Days notice to the Holder)
and related prospectus that the Company then has on file with the Commission
(the “Shelf Registration Statement”) (in which event the Company shall be
deemed to have satisfied its registration obligation under this Section 3),
will cause to be filed with the Commission as soon as reasonably practicable
after receiving the Registration Notice a new registration statement and
related prospectus (a “New Registration Statement”) that complies as to form in
all material respects with applicable Commission rules providing for the sale
by the Holder of the Registrable Securities, and agrees (subject to Section 3.2
hereof) to use its best efforts to cause such New Registration Statement to be
declared effective by the Commission as soon as practicable.  (As used herein, “Registration Statement” and
“Prospectus” refer to the Shelf Registration Statement and related prospectus
(including any preliminary prospectus) or the New Registration Statement and
related prospectus (including any preliminary prospectus), whichever is
utilized by the Company to satisfy Holder’s Registration Rights pursuant to
this Section 3, including in each case any documents incorporated therein
by reference.)  The Holder agrees to
provide in a timely manner information regarding the proposed distribution by
the Holder of the Registrable Securities and such other information reasonably
requested by the Company in connection with the preparation of and for
inclusion in the Registration Statement. 
The Company agrees (subject to Section 3.2 hereof) to use its best
efforts to keep the Registration Statement effective (including the preparation
and filing of any amendments and supplements necessary for that purpose) until
the earlier of (i) the date on which Holder consummates the sale of all of the
Registrable Securities registered under the Registration Statement or (ii) the
date on which all of the Registrable Securities are eligible for sale pursuant
to Rule 144(k) (or any successor provision) or in a single transaction pursuant
to Rule 144(e) (or any successor provision) under the Securities Act of 1933,
as amended (the “Act”).  The Company
agrees to provide to Holder a reasonable number of copies of the final
Prospectus and any amendments or supplements thereto.  Notwithstanding the foregoing, the Company
may at any time, in its sole discretion and prior to receiving any Registration
Notice from the Holder, include all of Holder’s Redemption Shares or any
portion thereof in any Shelf Registration Statement.  In connection with any Registration Statement
utilized by the Company to satisfy Holder’s Registration Rights pursuant to
this Section 3, Holder agrees that it will respond within ten (10)
Business Days to any request by the Company to provide or verify information
regarding Holder or Holder’s Registrable Securities as may be required to be
included in such Registration Statement pursuant to the rules and regulations
of the Commission.

 

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(b)  Offers and Sales.  All offers and sales by the Holder under the
Registration Statement referred to in this Section 3 shall be completed
within the period during which the Registration Statement is required to remain
effective pursuant to Section 3.1(a) of this Section 3, and upon
expiration of such period Holder will not offer or sell any Registrable
Securities under the Registration Statement. 
If directed by the Company, the Holder will return all undistributed
copies of the Prospectus in its possession upon the expiration of such period.

 

(c)  Limitations on Registration Rights.  Each exercise of a Registration Right shall
be with respect to a minimum of the lesser of (i) five hundred thousand
(500,000) Preferred Shares or (ii) the total number of Redemption Shares held
by the Holder at such time plus the number of Redemption Shares that may be
issued upon redemption of Units by Holder. 
The right of the Holder to deliver a Registration Notice commences upon
the first date the Holder is permitted to redeem Units pursuant to the
Partnership Agreement and the Holder’s Limited Partner Acceptance of
Partnership Agreement.  The right of the
Holder to deliver a Registration Notice shall expire on the date on which all
of the Redemption Shares held by the Holder or issuable upon redemption of
Units held by the Holder are eligible for sale pursuant to Rule 144(k) (or any
successor provision) or in a single transaction pursuant to Rule 144(e) (or any
successor provision) under the Act.  The
Registration Rights granted pursuant to this Section 3.1 may be exercised
in connection with an underwritten public offering; provided, that the Company shall have the right to select
the underwriter or underwriters in connection with such public offering, which
shall be subject to the reasonable approval of the Holder.

 

3.2  Suspension of Offering.  Upon any notice by the Company, either before
or after the Holder has delivered a Registration Notice, that a negotiation or
consummation of a transaction by the Company or any of its subsidiaries is
pending or an event has occurred, which negotiation, consummation or event
would require additional disclosure by the Company in a Registration Statement
of material information which the Company has a bona fide business purpose for
keeping confidential and the nondisclosure of which in the Registration
Statement might cause the Registration Statement to fail to comply with
applicable disclosure requirements (a “Materiality Notice”), Holder agrees that
it will immediately discontinue offers and sales of the Registrable Securities
under the Registration Statement until Holder receives copies of a supplemented
or amended Prospectus that corrects the misstatement(s) or omission(s) referred
to above and receives notice that any post-effective amendment has become
effective; provided, that the
Company may delay, suspend or withdraw the Registration Statement for such
reason for no more than sixty (60) days after delivery of the Materiality
Notice at any one time. If so directed by the Company, Holder will deliver to
the Company all copies of the Prospectus covering the Registrable Securities
current at the time of receipt of any Materiality Notice.

 

3.3  Qualification.  The Company agrees to use its best efforts to
register or qualify the Registrable Securities by the time the applicable
Registration Statement is

 

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declared effective by the Commission under all applicable state
securities or “blue sky” laws of such jurisdictions as Holder shall reasonably
request in writing, to keep each such registration or qualification effective
during the period such Registration Statement is required to be kept effective
or during the period offers or sales are being made by Holder after delivery of
a Registration Notice to the Company, whichever is shorter, and to do any and
all other acts and things which may be reasonably necessary or advisable to
enable Holder to consummate the disposition in each such jurisdiction of the
Registrable Securities owned by Holder; provided,
however, that the Company shall not be required to (x) qualify
generally to do business in any jurisdiction or to register as a broker or
dealer in such jurisdiction where it would not otherwise be required to qualify
but for this Section 3.3, (y) subject itself to taxation in any such
jurisdiction or (z) submit to the general service of process in any such
jurisdiction.

 

3.4  Whenever
the Company is required to effect the registration of Redemption Shares under
the Act pursuant to Section 3.1 of this Agreement, subject to Section 3.2
hereof, the Company shall:

 

(a)  prepare and
file with the Commission (as soon as reasonably practical after receiving the
Registration Notice, and in any event within 60 days after receipt of such
Registration Notice) the requisite Registration Statement to effect such registration,
which Registration Statement shall comply as to form in all material respects
with the requirements of the applicable form and include all financial
statements required by the Commission to be filed therewith, and the Company
shall use its reasonable best efforts to cause such Registration Statement to
become effective; provided, however, that before filing a Registration
Statement or Prospectus or any amendments or supplements thereto, or comparable
statements under securities or blue sky laws of any jurisdiction, the Company
shall (i) provide Holder with an adequate and appropriate opportunity to
participate in the preparation of such Registration Statement and each
Prospectus included therein (and each amendment or supplement thereto or comparable
statement) to be filed with the Commission and (ii) not file any such
Registration Statement or Prospectus (or amendment or supplement thereto or
comparable statement) with the Commission to which Holder’s counsel or any
underwriter shall have reasonably objected on the grounds that such filing does
not comply in all material respects with the requirements of the Act or of the
rules or regulations thereunder;

 

(b)  prepare and
file with the Commission such amendments and supplements to such Registration
Statement and the Prospectus used in connection therewith as may be necessary
(i) to keep such Registration Statement effective and (ii) to comply with the
provisions of the Act with respect to the disposition of the Redemption Shares
covered by such Registration Statement, in each case until such time as all of
such Redemption Shares have been disposed of in accordance with the intended
methods of disposition by the seller(s) thereof set forth in such Registration
Statement; provided, that except
with respect to any Shelf Registration, such period need not extend beyond nine
months after the effective date of the Registration Statement; and provided  further,
that with respect to any Shelf Registration, such period need not extend beyond
the time

 

4

 

period provided in Section 3.1(a), and which periods, in any
event, shall terminate when all the Redemption Shares covered by such
Registration Statement have been sold (but not before the expiration of the
time period referred to in Section 4(3) of the Act and Rule 174
thereunder, if applicable);

 

(c)  furnish,
without charge, to the Holder and each underwriter, if any, of the securities
covered by such Registration Statement, such number of copies of such Registration
Statement, each amendment and supplement thereto (in each case including all
exhibits), and the Prospectus included in such Registration Statement
(including each preliminary Prospectus) in conformity with the requirements of
the Act, and other documents, as the Holder and such underwriter may reasonably
request in order to facilitate the public sale or other disposition of the
Redemption Shares owned by the Holder;

 

(d)  prior to
any public offering of Redemption Shares, use its reasonable best efforts to
register or qualify the Redemption Shares covered by such Registration
Statement under such other securities or blue sky laws of such jurisdictions as
the Holder or the sole or lead managing underwriter, if any, may reasonably
request to enable the Holder to consummate the disposition in such
jurisdictions of the Redemption Shares owned by the Holder and to continue such
registration or qualification in effect in each such jurisdiction for as long
as such Registration Statement remains in effect (including through new filings
or amendments or renewals), and do any and all other acts and things which may
be necessary or advisable to enable the Holder to consummate the disposition in
such jurisdictions of the Redemption Shares owned by it; provided, however,
that the Company shall not be required to (i) qualify generally to do business
in any jurisdiction where it would not otherwise be required to qualify but for
this Section, (ii) subject itself to taxation in any such jurisdiction or (iii)
consent to general service of process in any such jurisdiction;

 

(e)  promptly
notify the Holder and the sole or lead managing underwriter, if any: (i) when
the Registration Statement, any pre-effective amendment, the Prospectus or any
prospectus supplement related thereto or post-effective amendment to the
Registration Statement has been filed, and, with respect to the Registration
Statement or any post-effective amendment, when the same has become effective,
(ii) of any request by the Commission or any state securities or blue sky
authority for amendments or supplements to the Registration Statement or the
Prospectus related thereto or for additional information, (iii) of the issuance
by the Commission of any stop order suspending the effectiveness of the
Registration Statement or the initiation or threat of any proceedings for that
purpose, (iv) of the receipt by the Company of any notification with respect to
the suspension of the qualification of any Redemption Shares for sale under the
securities or blue sky laws of any jurisdiction or the initiation of any
proceeding for such purpose, (v) of the existence of any fact of which the
Company becomes aware or the happening of any event which results in (A) the
Registration Statement containing an untrue statement of a material fact or
omitting to state a material fact required to be stated therein or necessary to
make any statements therein not

 

5

 

misleading or (B) the Prospectus included in such Registration
Statement containing an untrue statement of a material fact or omitting to
state a material fact required to be stated therein or necessary to make any
statements therein, in the light of the circumstances under which they were
made, not misleading and (vi) of the Company’s reasonable determination that a
post-effective amendment to a Registration Statement would be appropriate or
that there exist circumstances not yet disclosed to the public which make
further sales under such Registration Statement inadvisable pending such
disclosure and post-effective amendment; and, if the notification relates to an
event described in any of the clauses (v) or (vi) of this Section 3.4(e),
subject to Section 3.2, the Company shall promptly prepare a supplement or
post-effective amendment to such Registration Statement or related Prospectus
or any document incorporated therein by reference or file any other required
document so that (1) such Registration Statement shall 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 and
(2) as thereafter delivered to the purchasers of the Redemption Shares being
sold thereunder, such Prospectus shall not include an 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, in the light of the circumstances
under which they were made, not misleading (and shall furnish to the Holder and
each underwriter, if any, a reasonable number of copies of such Prospectus so
supplemented or amended); and if the notification relates to an event described
in clauses (ii) through (iv) of this Section 3.4(e), the Company shall use
its reasonable best efforts to remedy such matters;

 

(f)  make
reasonably available for inspection by the Holder, any sole or lead managing
underwriter participating in any disposition pursuant to such Registration
Statement, Holder’s counsel and any attorney, accountant or other agent retained
by any such seller or any underwriter material financial and other relevant
information concerning the business and operations of the Company and the
properties of the Company and any subsidiaries thereof as may be in existence
at such time as shall be necessary, in the reasonable opinion of such Holder’s
and such underwriters’ respective counsel, to enable them to conduct a
reasonable investigation within the meaning of the Act, and cause the Company’s
and any subsidiaries’ officers, directors and employees, and the independent
public accountants of the Company, to supply such information as may be
reasonably requested by any such parties in connection with such Registration
Statement;

 

(g)  obtain an
opinion from the Company’s counsel and a “cold comfort” letter from the Company’s
independent public accountants who have certified the Company’s financial
statements included or incorporated by reference in such Registration Statement
in customary form and covering such matters as are customarily covered by such
opinions and “cold comfort” letters delivered to underwriters in underwritten
public offerings, which opinion and letter shall be reasonably satisfactory to
the sole or lead managing underwriter, if any, and to the Holder, and furnish
to the Holder participating in the offering and to each underwriter, if any, a
copy of such

 

6

 

opinion and letter addressed to the Holder (in the case of the opinion)
and underwriter (in the case of the opinion and the “cold comfort” letter);

 

(h)  in the case
of an underwritten offering, make generally available to its security holders
as soon as practicable, but in any event not later than eighteen months after
the effective date of the Registration Statement (as defined in Rule 158(c)),
an earnings statement of the Company and its subsidiaries (which need not be
audited) complying with Section 11(a) of the Act and the rules and
regulations of the Commission thereunder (including, at the option of the
Company, Rule 158);

 

(i)  use its
reasonable best efforts to cause all such Redemption Shares to be listed (i) on
the national securities exchange on which the Company’s common shares are then
listed or (ii) if common shares of the Company are not at the time listed on
any national securities exchange (or if the listing of Redemption Shares is not
permitted under the rules of such national securities exchange on which the
Company’s common shares are then listed), on another national securities
exchange;

 

(j)  furnish to
the Holder and the sole or lead managing underwriter, if any, without charge,
at least one manually signed copy of the Registration Statement and any
post-effective amendments thereto, including financial statements and
schedules, all documents incorporated therein by reference and all exhibits
(including those deemed to be incorporated by reference);

 

(k)  if
requested by the sole or lead managing underwriter or the Holder of Redemption
Shares, incorporate in a prospectus supplement or post-effective amendment such
information concerning the Holder, the underwriters or the intended method of
distribution as the sole or lead managing underwriter or the Holder reasonably
requests to be included therein and as is appropriate in the reasonable
judgment of the Company, including, without limitation, information with
respect to the number of Redemption Shares being sold to the underwriters, the
purchase price being paid therefor by such underwriters and any other terms of
the underwritten offering of the Redemption Shares to be sold in such offering;
and

 

(l)  use its
reasonable best efforts to take all other steps necessary to expedite or
facilitate the registration and disposition of the Redemption Shares
contemplated hereby, including obtaining necessary governmental approvals and
effecting required filings; entering into customary agreements (including
customary underwriting agreements, if the public offering is underwritten);
cooperating with the Holder and any underwriters in connection with any filings
required by the National Association of Securities Dealers, Inc. (the “NASD”);
providing appropriate certificates not bearing restrictive legends representing
the Redemption Shares; and providing a CUSIP number and maintaining a transfer
agent and registrar for the Redemption Shares.

 

3.5  Indemnification by the Company.  The Company agrees to indemnify and hold
harmless the Holder and each person, if any, who controls the Holder within the

 

7

 

meaning of Section 15 of the Act or Section 20 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), as follows:

 

(i)  against any and all loss, liability, claim,
damage and expense whatsoever, as incurred, arising out of or based upon any
untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement (or any amendment thereto) pursuant to which the
Registrable Securities were registered under the Act, including all documents
incorporated therein by reference, or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make
the statements therein not misleading or arising out of or based upon any
untrue statement or alleged untrue statement of a material fact contained in any
Prospectus (or any amendment or supplement thereto), including all documents
incorporated therein by reference, or the omission or alleged omission
therefrom of a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading;

 

(ii)  against any and all loss, liability, claim,
damage and expense whatsoever, as incurred, to the extent of the aggregate
amount paid in settlement of any litigation, or investigation or proceeding by
any governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission, if such settlement is effected with the
written consent of the Company; and

 

(iii)  against any and all expense whatsoever, as
incurred (including reasonable fees and disbursements of counsel), reasonably
incurred in investigating, preparing or defending against any litigation, or
investigation or proceeding by any governmental agency or body, commenced or
threatened, in each case whether or not a party, or any claim whatsoever based
upon any such untrue statement or omission, or any such alleged untrue
statement or omission, to the extent that any such expense is not paid under
subparagraph (i) or (ii) above;

 

provided, however,
that the indemnity provided pursuant to this Section 3.5 does not apply
with respect to any loss, liability, claim, damage or expense to the extent
arising out of (A) any untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in conformity with written information
furnished to the Company by the Holder expressly for use in the Registration
Statement (or any amendment thereto) or the Prospectus (or any amendment or
supplement thereto) or (B) the Holder’s failure to deliver an amended or
supplemental Prospectus provided to the Holder by the Company if such loss,
liability, claim, damage or expense would not have arisen had such delivery
occurred.

 

8

 

3.6  Indemnification by the Holder.  The Holder (and each permitted assignee of
the Holder, on a several basis) agrees to indemnify and hold harmless the
Company, and each of its trustees/directors and officers (including each
trustee/director and officer of the Company who signed a Registration
Statement), and each person, if any, who controls the Company within the
meaning of Section 15 of the Act or Section 20 of the Exchange Act,
as follows:

 

(i)  against any and all loss, liability, claim,
damage and expense whatsoever, as incurred, arising out of or based upon any
untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement (or any amendment thereto) pursuant to which the Registrable
Securities were registered under the Act, including all documents incorporated
therein by reference, or the omission or alleged omission therefrom of a
material fact required to be stated therein or necessary to make the statements
therein not misleading or arising out of or based upon any untrue statement or
alleged untrue statement of a material fact contained in any Prospectus (or any
amendment or supplement thereto), including all documents incorporated therein
by reference, or the omission or alleged omission therefrom of a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading;

 

(ii)  against any and all loss, liability, claim,
damage and expense whatsoever, as incurred, to the extent of the aggregate
amount paid in settlement of any litigation, or investigation or proceeding by
any governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission, if such settlement is effected with the
written consent of the Holder; and

 

(iii)  against any and all expense whatsoever, as
incurred (including reasonable fees and disbursements of counsel), reasonably incurred
in investigating, preparing or defending against any litigation, or
investigation or proceeding by any governmental agency or body, commenced or
threatened, in each case whether or not a party, or any claim whatsoever based
upon any such untrue statement or omission, or any such alleged untrue
statement or omission, to the extent that any such expense is not paid under
subparagraph (i) or (ii) above;

 

provided, however,
that the indemnity provided pursuant to this Section 3.6 shall only apply
with respect to any loss, liability, claim, damage or expense to the extent
arising out of (A) any untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in conformity with written information
furnished to the Company by the Holder expressly for use in the Registration
Statement (or any amendment thereto) or the Prospectus (or any amendment or
supplement thereto) or (B) the Holder’s failure to

 

9

 

deliver an amended or supplemental Prospectus provided
to the Holder by the Company if such loss, liability, claim, damage or expense
would not have arisen had such delivery occurred.  Notwithstanding the provisions of this Section 3.6,
the Holder and any permitted assignee shall not be required to indemnify the
Company, its officers, trustees/directors or control persons with respect to
any amount in excess of the amount of the total proceeds to the Holder or such
permitted assignee, as the case may be, from sales of the Registrable Securities
of the Holder under the Registration Statement.

 

3.7  Conduct of Indemnification Proceedings.  An indemnified party hereunder shall give
reasonably prompt notice to the indemnifying party of any action or proceeding
commenced against it in respect of which indemnity may be sought hereunder, but
failure to so notify the indemnifying party (i) shall not relieve it from any
liability which it may have under the indemnity agreement provided in Section 3.5
or 3.6 above, unless and to the extent it did not otherwise learn of such
action and the lack of notice by the indemnified party results in the
forfeiture by the indemnifying party of substantial rights and defenses, and
(ii) shall not, in any event, relieve the indemnifying party from any obligations
to the indemnified party other than the indemnification obligation provided
under Section 3.5 or 3.6 above.  If
the indemnifying party so elects within a reasonable time after receipt of such
notice, the indemnifying party may assume the defense of such action or
proceeding at such indemnifying party’s own expense with counsel chosen by the
indemnifying party and approved by the indemnified party, which approval shall
not be unreasonably withheld; provided,
however, that the indemnifying party will not settle any such action
or proceeding without the written consent of the indemnified party unless, as a
condition to such settlement, the indemnifying party secures the unconditional
release of the indemnified party; and provided
further, that if the indemnified party reasonably determines that a
conflict of interest exists where it is advisable for the indemnified party to
be represented by separate counsel or that, upon advice of counsel, there may
be legal defenses available to it which are different from or in addition to
those available to the indemnifying party, then the indemnifying party shall
not be entitled to assume such defense and the indemnified party shall be
entitled to separate counsel at the indemnifying party’s expense.  If the indemnifying party is not entitled to
assume the defense of such action or proceeding as a result of the second
proviso to the preceding sentence, the indemnifying party’s counsel shall be
entitled to conduct the indemnifying party’s defense and counsel for the
indemnified party shall be entitled to conduct the defense of the indemnified
party, it being understood that both such counsel will cooperate with each
other to conduct the defense of such action or proceeding as efficiently as
possible.  If the indemnifying party is
not so entitled to assume the defense of such action or does not assume such
defense, after having received the notice referred to in the first sentence of
this paragraph, the indemnifying party will pay the reasonable fees and
expenses of counsel for the indemnified party. 
In such event, however, the indemnifying party will not be liable for
any settlement effected without the written consent of the indemnifying
party.  If an indemnifying party is
entitled to assume, and assumes, the defense of such action or proceeding in
accordance with this paragraph, the indemnifying party shall not be liable for
any fees and expenses of counsel for the indemnified party incurred thereafter
in connection with such action or proceeding.

 

10

 

3.8  Contribution.  In order to provide for just and equitable
contribution in circumstances in which the indemnity agreement provided for in
Sections 3.5 and 3.6 above is for any reason held to be unenforceable by the
indemnified party although applicable in accordance with its terms, the Company
and the Holder shall contribute to the aggregate losses, liabilities, claims,
damages and expenses of the nature contemplated by such indemnity agreement
incurred by the Company and the Holder, (i) in such proportion as is
appropriate to reflect the relative fault of the Company on the one hand and
the Holder on the other, in connection with the statements or omissions which
resulted in such losses, claims, damages, liabilities or expenses or (ii) if
the allocation provided by clause (i) above is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative fault of,
but also the relative benefits to, the Company on the one hand and the Holder
on the other, in connection with the statements or omissions which resulted in
such losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations.  The
relative benefits to the indemnifying party and indemnified party shall be
determined by reference to, among other things, the total proceeds received by
the indemnifying party and indemnified party in connection with the offering to
which such losses, claims, damages, liabilities or expenses relate.  The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things,
whether the action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a
material fact, has been made by, or relates to information supplied by, the
indemnifying party or the indemnified party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such
action.

 

The parties hereto agree that it would not be just or
equitable if contribution pursuant to this Section 3.8 were determined by
pro rata allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately preceding
paragraph.  Notwithstanding the
provisions of this Section 3.8, the Holder shall not be required to
contribute any amount in excess of the amount of the total proceeds to the
Holder from sales of the Registrable Securities of the Holder under the Registration
Statement.

 

Notwithstanding the foregoing, no person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation.  For
purposes of this Section 3.8, each person, if any, who controls the Holder
within the meaning of Section 15 of the Act shall have the same rights to
contribution as the Holder, and each trustee/director of the Company, each
officer of the Company who signed a Registration Statement and each person, if
any, who controls the Company within the meaning of Section 15 of the Act
shall have the same rights to contribution as the Company.

 

11

 

SECTION 4.  EXPENSES

 

The Company shall pay all expenses incident to the
performance by the Company of the Company’s registration obligations under
Sections 2 and 3, including (i) all stock exchange, Commission and state
securities registration, listing and filing fees, (ii) all expenses incurred in
connection with the preparation, printing and distributing of any Issuer
Registration Statement or Registration Statement and Prospectus and (iii) fees
and disbursements of counsel for the Company and of the independent public accountants
of the Company.  The Holder shall be
responsible for the payment of any brokerage and sales commissions, fees and
disbursements of the Holder’s counsel, accountants and other advisors and any
transfer taxes relating to the sale or disposition of the Registrable
Securities by the Holder pursuant to Section 3 or otherwise.

 

SECTION 5.  RULE 144 COMPLIANCE

 

The Company covenants that it will use its best
efforts to timely file the reports required to be filed by the Company under
the Act and the Exchange Act so as to enable the Holder to sell Registrable
Securities pursuant to Rule 144 under the Act. 
In connection with any sale, transfer or other disposition by the Holder
of any Registrable Securities pursuant to Rule 144 under the Act, the Company
shall cooperate with the Holder to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold and not
bearing any Act legend, and enable certificates for such Registrable Securities
to be for such number of shares and registered in such names as Holder may
reasonably request at least ten (10) Business Days prior to any sale of
Registrable Securities hereunder.

 

SECTION 6.  MISCELLANEOUS

 

6.1  Integration; Amendment.  This Agreement constitutes the entire agreement
among the parties hereto with respect to the matters set forth herein and
supersedes and renders of no force and effect all prior oral or written
agreements, commitments and understandings among the parties with respect to
the matters set forth herein. Except as otherwise expressly provided in this
Agreement, no amendment, modification or discharge of this Agreement shall be
valid or binding unless set forth in writing and duly executed by the Company
and the Holder.

 

6.2  Waivers. 
No waiver by a party hereto shall be effective unless made in a written
instrument duly executed by the party against whom such waiver is sought to be
enforced, and only to the extent set forth in such instrument.  Neither the waiver by any of the parties
hereto of a breach or a default under any of the provisions of this Agreement,
nor the failure of any of the parties, on one or more occasions, to enforce any
of the provisions of this Agreement or to exercise any right or privilege
hereunder shall thereafter be construed as a waiver of any subsequent breach or
default of a similar nature, or as a waiver of any such provisions, rights or
privileges hereunder.

 

12

 

6.3  Assignment; Successors and Assigns.  This Agreement and the rights granted
hereunder may not be assigned by the Holder without the written consent of the
Company; provided, however, that
the Holder may assign its rights and obligations hereunder, following at least
ten (10) days’ prior written notice to the Company, (i) to the direct equity
owners (e.g., partners or
members) or beneficiaries in connection with a distribution of the Holder’s
Units to its equity owners or beneficiaries and (ii) to a permitted transferee
in connection with a transfer of the Holder’s Units in accordance with the
terms of the Partnership Agreement, if, in the case of (i) and (ii) above, such
persons agree in writing to be bound by all of the provisions hereof.  This Agreement shall inure to the benefit of
and be binding upon the successors and permitted assigns of all of the parties
hereto.

 

6.4  Burden and Benefit.  This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective heirs,
executors, personal and legal representatives, successors and, subject to Section 6.3
above, assigns.

 

6.5  Notices. 
All notices called for under this Agreement shall be in writing and
shall be deemed given upon receipt if delivered personally or by facsimile
transmission and followed promptly by mail, or mailed by registered or
certified mail (return receipt requested), postage prepaid, to the parties at
the addresses set forth below their names in Schedule A hereto, or to any
other address or addressee as any party entitled to receive notice under this
Agreement shall designate, from time to time, to the others in the manner
provided in this Section 6.5 for the service of notices; provided, however, that notices of a
change of address shall be effective only upon receipt thereof.  Any notice delivered to the party hereto to
whom it is addressed shall be deemed to have been given and received on the day
it was received; provided, however,
that if such day is not a Business Day then the notice shall be deemed to have
been given and received on the Business Day next following such day and if any
party rejects delivery of any notice attempted to be given hereunder, delivery
shall be deemed given on the date of such rejection.  Any notice sent by facsimile transmission
shall be deemed to have been given and received on the Business Day next
following the transmission.

 

6.6  Specific Performance.  The parties hereto acknowledge that the
obligations undertaken by them hereunder are unique and that there would be no
adequate remedy at law if either party fails to perform any of its obligations
hereunder, and accordingly agree that each party, in addition to any other
remedy to which it may be entitled at law or in equity, shall be entitled to
(i) compel specific performance of the obligations, covenants and agreements of
the other party under this Agreement in accordance with the terms and
conditions of this Agreement and (ii) obtain preliminary injunctive relief to
secure specific performance and to prevent a breach or contemplated breach of
this Agreement in any court of the United States or any State thereof having
jurisdiction.

 

6.7  Governing Law.  This Agreement, the rights and obligations of
the parties hereto, and any claims or disputes relating thereto, shall be
governed by and

 

13

 

construed in accordance with the laws of the State of New York, but not
including the choice of law rules thereof.

 

6.8  Headings. 
Section and subsection headings contained in this Agreement
are inserted for convenience of reference only, shall not be deemed to be a
part of this Agreement for any purpose, and shall not in any way define or
affect the meaning, construction or scope of any of the provisions hereof.

 

6.9  Pronouns. 
All pronouns and any variations thereof shall be deemed to refer to the
masculine, feminine, neuter, singular or plural, as the identity of the person
or entity may require.

 

6.10  Execution in Counterparts.  To facilitate execution, this Agreement may
be executed in as many counterparts as may be required.  It shall not be necessary that the signature
of or on behalf of each party appears on each counterpart, but it shall be
sufficient that the signature of or on behalf of each party appears on one or
more of the counterparts.  All counterparts
shall collectively constitute a single agreement.  It shall not be necessary in any proof of
this Agreement to produce or account for more than a number of counterparts
containing the respective signatures of or on behalf of both of the parties.

 

6.11  Severability.  If fulfillment of any provision of this
Agreement, at the time such fulfillment shall be due, shall transcend the limit
of validity prescribed by law, then the obligation to be fulfilled shall be
reduced to the limit of such validity; and if any clause or provision contained
in this Agreement operates or would operate to invalidate this Agreement, in
whole or in part, then such clause or provision only shall be held ineffective,
as though not herein contained, and the remainder of this Agreement shall
remain operative and in full force and effect.

 

14

 

IN WITNESS WHEREOF, each of the parties hereto has
caused this Agreement to be duly executed on its behalf as of the date first
hereinabove set forth.

 

	
   

  	
  VORNADO REALTY TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Joseph Macnow

  
	
   

  	
   

  	
  Name:

  	
  Joseph Macnow

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President—

  
	
   

  	
   

  	
   

  	
  Finance and Administration,

  
	
   

  	
   

  	
   

  	
  Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GSEP 2004 REALTY CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric Lane

  
	
   

  	
   

  	
  Name:

  	
  Eric Lane

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 

Schedule A

 

Vornado Realty
Trust

210 Route 4 East

Paramus, New
Jersey 07652

Attention:
Executive Vice President, Finance and Administration

Facsimile: 201-587-0600

 

GSEP 2004 Realty
Corp.

Goldman Sachs 2004
Exchange Place Fund, L.P.

c/o Goldman, Sachs
& Co.

85 Broad Street

New York, New York
10004

Facsimile Number: 
(212) 357-9429

Attention:  Eric Lane

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]