Document:

Exhibit 10.14

MACK-CALI
REALTY CORPORATION

TAX
GROSS-UP AGREEMENT

AGREEMENT
(“Agreement”) effective as of December 5, 2006 by and between Mack-Cali Realty
Corporation (the “Company”) and Michael Grossman (“Employee”).

WHEREAS,
pursuant to the 2000 Employee Stock Option Plan of Mack-Cali Realty Corporation
(the “Plan”), the Company, on December 5, 2006, awarded eight thousand five
hundred (8,500) shares (“Restricted Shares”) of the Company’s common stock, par
value $.01 per share (“Company’s Common Stock”) to the Employee subject to the
terms, conditions, and restrictions set forth in the Plan and the Restricted
Share Award Agreement between the Employee and the Company dated December 5,
2006 (hereinafter, “Restricted Share Award Agreement”); and

WHEREAS,
the Company wishes to provide the Employee with a tax gross-up payment upon the
date of grant applicable to such Restricted Shares;

NOW
THEREFORE, the parties hereto agree as follows:

1.             Employee shall be entitled to
receive a tax gross-up payment (the “Tax Gross-Up Payment”) from the Company
with respect to the Restricted Shares granted pursuant to the Restricted Share
Award Agreement.  Each Tax Gross-Up
Payment shall be a dollar amount equal to forty-three percent (43%) of the fair
market value of the Restricted Shares as of the date hereof, exclusive of
dividends.

2.             The Tax Gross-Up Payment shall be
made as soon as practicable following the date of grant but in no event later
than December 31, 2006.

3.             The Company shall have the right to
deduct and withhold from the Tax Gross-Up Payment 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.

4.             Nothing in this Agreement shall
confer on the Employee any right to continue as an employee of the Company or
in any way affect the Company’s or any subsidiary’s right to terminate the
Employee’s employment at any time subject to the terms of the Employee’s
employment agreement.

5.             This Agreement contains the entire
understanding of the parties with respect to the payment of the Tax Gross-Up
Payment and this Agreement shall not be modified or amended except in writing
and duly signed by each of the parties.

 

 

6.             This Agreement is not intended to
provide for an elective deferral of compensation that would be subject to
Section 409A of the Internal Revenue Code of 1986, as amended.

7.             This Agreement shall be governed by
the laws of the State of New Jersey applicable to contracts made, and to be
enforced, within the State of New Jersey.

8.             This Agreement shall be binding
upon and inure to the benefit of the successors, assigns and heirs of the
respective parties.

IN
WITNESS WHEREOF, the parties hereto have executed this
Agreement to be effective on the date first above written.

 

	
  

  	
  Mack-Cali Realty Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mitchell E. Hersh

  
	
   

  	
   

  	
  Mitchell E. Hersh

  
	
   

  	
   

  	
  President and

  
	
   

  	
   

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Employee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Michael Grossman

  
	
   

  	
  Michael Grossman

  

 

 2Exhibit
10.15

MACK-CALI REALTY CORPORATION

RESTRICTED SHARE AWARD AGREEMENT

MICHAEL GROSSMAN

 

 

AGREEMENT
EVIDENCING THE GRANT

OF A RESTRICTED SHARE AWARD PURSUANT

TO THE 2000 EMPLOYEE STOCK OPTION PLAN

OF MACK-CALI REALTY CORPORATION

AGREEMENT (“Agreement”) effective as of December
5, 2006 (“Grant Date”) by and between Mack-Cali Realty Corporation (the “Company”)
and Michael Grossman (“Recipient”).

WHEREAS,
pursuant to the 2000 Employee Stock Option Plan of Mack-Cali Realty Corporation
(the “Plan”), the Company hereby awards shares of the Company’s common stock,
par value $.01 per share (“Common Stock”) to the Recipient subject to such
terms, conditions, and restrictions (hereinafter, “Restricted Share Award”) as
set forth in the Plan, this Agreement, and the Employment Agreement dated as of
December 5, 2000 by and between the Company and Recipient (the “Employment
Agreement”);

NOW THEREFORE,
the parties hereto hereby agree as follows:

1.             Award
of Shares of Restricted Stock.

(a)           Award.  Pursuant to the Plan, the Committee hereby
awards to the Recipient, effective as of the Grant Date, a Restricted Share
Award representing the conditional receipt of 2,055 shares of Common Stock (“Restricted
Shares”) at no out-of-pocket cost to the Recipient subject to the terms,
conditions and restrictions set forth herein. 
Capitalized terms not otherwise defined in this Agreement shall be as
defined in the Plan.

(b)  Employment
Agreement.  The provisions of the
Plan and this Agreement are subject to the terms of the Recipient’s Employment
Agreement.

 

 

2.             Award
Restrictions.

(a)           General
Rules.  Ownership of Restricted Shares
shall not vest in the Recipient, and shall be subject to forfeiture until the
conditions of Section 2(b) and (c) or Section 4 are fully satisfied.  For purposes of this Agreement, the following
concepts shall be defined as follows: (i) the lapse of restrictions on the
Recipient’s rights with respect to the Restricted Shares granted hereunder
shall be referred to as “Vesting”; (ii) the period between the Grant Date and
the date of Vesting shall be referred to as the “Vesting Period”; and (iii) the
date Vesting occurs shall be referred to as the “Vesting Date.”

(b)           Vesting.  An aggregate of 2,055 Restricted Shares shall
vest in the Recipient and be deemed earned on a year by year basis during the
Vesting Period.  The number of Restricted
Shares scheduled to be vested and earned on each Vesting Date on a year by year
basis is as follows:

	
  

  	
  Restricted Shares

  	
   

  	
   

  	
   

  	
  Vesting Date

  	
   

  
	
   

  	
  1027

  	
   

  	
   

  	
  January
  1, 2007

  
	
   

  	
  1028

  	
   

  	
   

  	
  January 1, 2008

  
									

 

(c)           Employment Requirement.   Subject to the terms of the Employment
Agreement, vesting of any portion of the Restricted Shares granted hereunder is
conditioned upon Recipient’s continued employment with the Company on each
Vesting Date.  Any Restricted Shares that
have not been earned and vested upon cessation of employment shall
automatically be forfeited and returned to the Company.

(d)           Lapse
of Restrictions.  Upon the Vesting of
Restricted Shares, the Recipient shall own the Shares free and clear and,
subject to the provisions 

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of subparagraph (e) below, the Recipient shall be free to hold or
dispose of such Shares in his discretion, subject to applicable federal and
state law or regulations.      

(e)           Restriction
on Sale.  Notwithstanding the vesting
of ownership of that portion of the Restricted Shares scheduled to be vested
and earned on January 1, 2007 (the “First Vested Shares”), Recipient agrees
that the First Vested Shares may not be disposed of on or prior to, and shall
not be transferable until, the first day following the six month anniversary of
the Grant Date (the “FVS Holding Period”). This restriction shall not affect
the vesting of ownership in the First Vested Shares in Recipient as provided
for herein, and shall not apply to any subsequent vesting of the Restricted
Shares.

(f)            Prohibition
Against Assignment.  During the
Vesting Period and until expiration of the FVS Holding Period with respect to
the First Vested Shares, the Restricted Shares may not be transferred or
encumbered by the Recipient by means of sale, assignment, mortgage, transfer,
exchange, pledge, or otherwise.  The levy
of any execution, attachment, or similar process upon the Restricted Shares
shall be null and void.

3.             Stock Certificates.

(a)           Certificates.  Restricted Shares shall be evidenced by one
or more stock certificates registered in the name of the Recipient or a nominee
or nominees therefor.  As soon as
practicable following the date hereof, the Company shall prepare and issue
separate certificates for the Restricted Shares scheduled to vest in each year
(the “Share Certificates”), which shall be registered in the name of the
Recipient or a nominee and which shall bear such restrictive legend or legends
(if any) 

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as the Company may deem necessary or desirable under any applicable
law.

(b)           Stock
Powers.  The Recipient shall execute
and deliver to the designee of the Company (the “Designee”) stock powers
corresponding to the Share Certificates designating the Company as the
transferee of an unspecified number of Restricted Shares, which stock powers
may be completed by the Designee as specified herein.  The Recipient and the Company each waive the
requirement that the signature of the Recipient on the stock powers be
guaranteed.  Upon receipt of a copy of
this Agreement and the stock powers, each signed by the Recipient, the Designee
shall promptly notify the proper officers of the Company and the Share
Certificates and stock powers shall be held by the Company in accordance with
the terms of this Agreement.

(c)           Effect
of Vesting.  Upon Vesting, the
Company shall cause to be delivered to the Recipient (i) a certificate for the
Restricted Shares which have vested free and clear of restrictive legends and
(ii) any stock powers signed hereunder by the Recipient remaining in its
possession related to the vested Restricted Shares.  In the event that the Recipient dies after
Restricted Shares are vested but before delivery of the certificate for the
vested Restricted Shares, such certificate shall be delivered to, and
registered in the name of, the Recipient’s beneficiary or estate, as the case
may be.

(d)           Rights
of Stockholder.  Except as otherwise
provided in Section 2 and this Section 3, during the Vesting Period and after
the certificates for the Restricted Shares have been issued, the Recipient
shall be entitled to all rights of a stockholder of the Company, including the
right to vote and the right to receive 

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dividends, with respect to the Restricted Shares subject to this
Agreement and not previously forfeited as specified herein.  Subject to applicable withholding
requirements, if any, dividends on the Restricted Shares shall be paid to the
Recipient when earned and payable.

(e)           Power
of Designee.  The Designee is hereby
authorized by the Recipient to utilize the stock power delivered by the
Recipient to transfer all forfeited Restricted Shares to the Company upon
receipt of instructions from a duly authorized representative of the Company.

4.             Termination of Employment; Change in Control.

(a)           Termination Due to Disability,
Death or for Good Reason; Change in Control.  Unless otherwise provided in the Employment
Agreement and notwithstanding any provision of the Plan to the contrary, if the
Recipient terminates employment with the Company due to Disability (as defined
in the Employment Agreement), death, for Good Reason (as defined in the
Employment Agreement) or a termination initiated by the Company without Cause
(as defined in the Employment Agreement), all Restricted Shares subject to this
Agreement and held by, or on behalf of, the Recipient shall be deemed earned
and vested as of the Recipient’s last day of employment with the Company.  In addition, unless otherwise provided in the
Employment Agreement and notwithstanding any provision of the Plan to the
contrary, all Restricted Shares subject to this Agreement and held by the Recipient
on the date a Change in Control (as defined in the Employment Agreement) occurs
shall be deemed earned and vested as of such date.

(b)           Termination
for Any Other Reason.  Unless
otherwise 

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provided in the Employment Agreement, if the Recipient’s employment
with the Company terminates prior to the Vesting Date and prior to the
occurrence of a Change in Control for reasons other than Disability, death, a
termination initiated by the Company without Cause or by Recipient for Good
Reason, any Restricted Shares subject to this Agreement that have not been
earned and vested prior to the Recipient’s termination of employment shall be
immediately forfeited on the last day of the Recipient’s employment with the
Company.

5.             Withholding.

In connection with the delivery of any stock
certificates, or the making of any payment in accordance with the provisions of
this Agreement, to the extent not otherwise paid by or on behalf of the
Recipient, the Company shall withhold Restricted Shares or cash amounts (for
fractional Restricted Shares) equal to the taxes then required by applicable
federal, state and local law to be so withheld.

6.             Adjustments for Capital Changes.

In the event of
any change in the outstanding shares of Common Stock of the Company by reason
of any stock dividend or split, recapitalization, merger, consolidation,
spin-off, reorganization, combination or exchange of shares, or other similar
corporate change, or other increase or decrease in such shares effected without
receipt or payment of consideration by the Company, a duly authorized
representative of the Company shall adjust the number of Restricted Shares
granted pursuant to the Plan and this Agreement to prevent dilution or
enlargement of the rights granted to the Recipient.

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7.             No Right to Continued Employment.

Nothing in this Agreement shall confer on the
Recipient any right to continue as an employee of the Company or in any way
affect the Company’s or any subsidiary’s right to terminate the Recipient’s
employment at any time.

8.             Notice.

Any notice to the Company hereunder shall be in
writing addressed to:

Mack-Cali Realty
Corporation

P.O. Box 7817

Edison, New Jersey 
08818-7817

Attn:       Mitchell E. Hersh

President and Chief
Executive Officer

Any notice to the Recipient hereunder shall be in writing
addressed to:

Mr. Michael
Grossman

105 Valley View

Chappaqua, New York 10514

or such other address as the Recipient shall notify
the Company in writing.

9.             Section 409A.

This Restricted Share
Award Agreement is not intended to provide for an elective deferral of
compensation that would be subject to Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”), and the Company reserves the right to
unilaterally amend or modify this Agreement to ensure that the awards do not
become subject to the requirements of Section 409A thereof.

10.            Entire Agreement; Effect
of Employment Agreement.

(a)           Entire
Agreement.  This Agreement contains
the entire understanding of the parties and shall not be modified or amended
except in writing and duly signed by each of the parties hereto.  No waiver by either party of any default 

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under this Agreement shall be deemed a waiver of any later default
hereunder.

(b)           Effect
of Employment Agreement.  In the
event the Employment Agreement with the Company contains additional rights,
duties and/or obligations with respect to the Recipient, such terms and
conditions shall govern the Recipient’s Restricted Share Award as if such terms and conditions had been set forth herein;
and in the event of any conflict or inconsistency between the terms of the
Employment Agreement or this Agreement, the terms and conditions of the
Employment Agreement shall control.

11.          Construction.

The various provisions of this Agreement are severable
in their entirety.  Any determination of
invalidity or unenforceability of any one provision shall have no effect on the
continuing force and effect of the remaining provisions.

12.          Governing Law.

This Agreement shall be governed by the laws of the
State of New Jersey applicable to contracts made, and to be enforced, within
the State of New Jersey.

13.          Successors.

This Agreement shall be binding upon and inure to the
benefit of the successors, assigns and heirs of the respective parties.

[Remainder of page intentionally left blank]

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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement to be effective on the date
first above written.

	
  

  	
  Mack-Cali Realty Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mitchell E. Hersh

  
	
   

  	
   

  	
  Mitchell
  E. Hersh

  
	
   

  	
   

  	
  President
  and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Recipient

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Michael Grossman

  
	
   

  	
   

  	
  Michael
  Grossman

  

 

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