Document:

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                                                                    Exhibit 10.4

                         REGISTRATION RIGHTS AGREEMENT

          THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and
entered into as of June 1, 2000 by and among HQ Global Holdings, Inc., a
Delaware corporation (the "Company") and CarrAmerica Realty Corporation, a
Maryland corporation ("Carr").

          This Agreement is in connection with (i) the Stockholders Agreement of
even date herewith (the "Stockholders Agreement") among the Company, as issuer
of the common stock, par value $.01 per share (the "Securities"), FrontLine
Capital Group (formerly known as Reckson Service Industries, Inc.) ("RSI"),
Carr, and (ii) the Agreement and Plan of Merger among RSI, VANTAS Incorporated,
a Nevada corporation ("VANTAS"), Carr and HQ Global Workplaces, Inc., a Delaware
corporation ("HQ Global"), (iii) the Stock Purchase Agreement dated as of
January 20, 2000 by and between RSI and Carr, and (iv) the Stock Purchase
Agreement dated as of January 20, 2000 by and among RSI, VANTAS, Carr,
OmniOffices (UK) Limited and OmniOffices (Lux) 1929 Holding Company S.A. In
order to induce Carr to consummate the transactions contemplated by the
foregoing agreements, the Company has agreed to provide to the Holders (as
hereinafter defined) the registration rights set forth in this Agreement.

          In consideration of the foregoing, the parties hereto agree as
follows:

          1.   Definitions. As used in this Agreement, the following
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capitalized defined terms shall have the following meanings:

     "Advice" shall have the meaning set forth in the last paragraph of Section
      ------
3 hereof.

     "Affiliate" has the same meaning as given to that term in Rule 405 under
      ---------
the Securities Act or any successor rule thereunder.

     "Agreement" shall have the meaning set forth in the preamble to this
      ---------
Agreement.

     "Business Day" means any day other than a Saturday, a Sunday, or a day on
      ------------
which banking institutions in The City of New York are authorized or required by
law, executive order or regulation to remain closed.

     "Company" shall have the meaning set forth in the preamble to this
      -------
Agreement and also includes the Company's successors and permitted assigns.

     "Effectiveness Period" shall have the meaning set forth in Section 2(a)
      --------------------
hereof.

     "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended
      ------------
from time to time.

     "Holder" shall mean Carr and each holder of Registrable Securities that
      ------
becomes a party hereto after the date hereof in accordance with the terms of
this Agreement, for so long as any of them own any Registrable Securities, and
each of their respective successors, assigns and direct and indirect transferees
who become holders of record of Registrable Securities.
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     "Inspectors" shall have the meaning set forth in Section 3(i) hereof.
      ----------

     "IPO" shall have the meaning set forth in the Stockholders Agreement.
      ---

     "Issue Date" shall mean the date of original issuance of the Securities
      ----------
pursuant to the Agreement.

     "Person" shall mean an individual, partnership, corporation, joint venture,
      ------
trust or unincorporated organization, limited liability corporation, other form
of business or legal entity or a government or agency or political subdivision
thereof.

     "Prospectus" shall mean the prospectus included in a Shelf Registration
      ----------
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus
supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to a prospectus, including post-effective
amendments, and, in each case, including all documents incorporated by reference
therein.

     "Records" shall have the meaning set forth in Section 3(i) hereof.
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     "Registrable Securities" shall mean the Securities; provided, however, that
      ----------------------                             --------  -------
Securities shall cease to be Registrable Securities when the earlier of the
following occurs (i) a Shelf Registration Statement with respect to such
Securities for the resale thereof shall have been declared effective under the
Securities Act and such Securities shall have been disposed of pursuant to such
Shelf Registration Statement, (ii) such Securities shall have been sold to the
public pursuant to Rule 144(k) (or any similar provision then in force, but not
Rule 144A) under the Securities Act or are eligible to be sold without
restriction as contemplated by Rule 144(k) or (iii) such Securities shall have
ceased to be outstanding.

     "Registration Expenses" shall mean any and all expenses incident to
      ---------------------
performance of or compliance by the Company with this Agreement, including
without limitation:  (i) all SEC or National Association of Securities Dealers,
Inc. (the "NASD") registration and filing fees, (ii) all fees and expenses
           ----
incurred in connection with compliance with state securities or blue sky laws
(including reasonable fees and disbursements of one counsel for all underwriters
or Holders as a group in connection with blue sky qualification of any of the
Registrable Securities), (iii) all expenses of any Persons in preparing or
assisting in preparing, word processing, printing and distributing any Shelf
Registration Statement, any Prospectus and any amendments or supplements
thereto, (iv) all fees and expenses incurred in connection with the listing, if
any, of the Registrable Securities on any securities exchange or quoted on
NASDAQ, and (v) all fees and disbursements of counsel for the Company and of its
independent public accountants, including the expenses of any "cold comfort"
letters required by or incident to such performance and compliance.

     "Rule 144(k) Period" shall mean the period of two years (or such shorter
      ------------------
period as may hereafter be referred to in Rule 144(k) under the Securities Act
(or similar successor rule)) commencing on the Issue Date.

     "SEC" shall mean the Securities and Exchange Commission.
      ---

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     "Securities" shall have the meaning set forth in the recitals hereto.
      ----------

     "Securities Act" shall mean the Securities Act of 1933, as amended from
      --------------
time to time.

     "Shelf Registration" shall mean a registration effected pursuant to Section
      ------------------
2(a) hereof.

     "Shelf Registration Statement" shall mean a "shelf" registration statement
      ----------------------------
of the Company pursuant to the provisions of Section 2(a) hereof which covers
all of the Registrable Securities on an appropriate form under Rule 415 under
the Securities Act, or any similar rule that may be adopted by the SEC, and all
amendments and supplements to such registration statement, including post-
effective amendments, in each case including the Prospectus contained therein,
all exhibits thereto and all documents incorporated by reference therein.

          2.   Registration Under the Securities Act.
               -------------------------------------

          (a)  Shelf Registration.  The Company shall file a Shelf Registration
               ------------------
Statement providing for the sale by the Holders of all of the Registrable
Securities then owned by the Holders (or which the Holders may be entitled to
receive) within thirty (30) days after the IPO and shall use its best efforts to
have such Shelf Registration Statement declared effective by the SEC within 90
days after the IPO.  No Holder of Registrable Securities shall be entitled to
include any of its Registrable Securities in any Shelf Registration pursuant to
this Agreement unless and until such Holder agrees in writing to be bound by all
of the provisions of this Agreement applicable to such Holder and furnishes to
the Company in writing, within 10 Business Days after receipt of a request
therefor, such information as the Company may, after conferring with counsel
with regard to information relating to Holders that would be required by the SEC
to be included in such Shelf Registration Statement or Prospectus included
therein, reasonably request for inclusion in any Shelf Registration Statement or
Prospectus included therein.  Each Holder as to which any Shelf Registration is
being effected agrees to furnish to the Company  all information with respect to
such Holder necessary to make the information previously furnished to the
Company by such Holder not materially misleading.

          The Company agrees to use its best efforts to keep the Shelf
Registration Statement continuously effective and the Prospectus usable for
resales during the Rule 144(k) Period (subject to extension pursuant to the
provisions of this paragraph), or for such shorter period which will terminate
when all of the Securities covered by the Shelf Registration Statement have been
sold pursuant to the Shelf Registration Statement or cease to be Registrable
Securities (the "Effectiveness Period"); provided, however, that up to 60 days
                 --------------------    --------  -------
on not more than two occasions in any twelve-month period (any such period being
referred to herein as a "Blackout Period"), the Company shall be permitted to
                         ---------------
suspend sales of Securities:  (i) if the Shelf Registration Statement is no
longer effective or the Prospectus is no longer usable for resales due to a good
faith determination by the Company that the sale of the Registrable Securities
pursuant to the Shelf Registration Statement would require disclosure of
material non-public information that the Company has a bona fide business
purpose for preserving as confidential or (ii) if the Company is engaged in or
has completed an underwritten public offering and the underwriters' lock-up
period with respect to sales of common stock (or securities convertible into
common stock) has not expired; provided, however, that subsequent to the earlier
                               --------  -------
of (x) 12 months after the IPO and (y) the Company's completion of two
underwritten

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public offerings after the IPO, any Blackout Period imposed by the Company in
connection with underwriters' lock-up periods shall extend for no more than 30
days after the completion of an underwritten public offering and, to the extent
such Holder together with any Affiliates owns less than 10% of the Company's
outstanding classes of common stock, the Company shall have no further right to
suspend sales of Securities in connection with underwriters' lock-up periods. No
Blackout Period may commence fewer than 90 days following (i) the expiration of
a preceding Blackout Period, or (ii) the IPO. In addition, the Company shall be
permitted to suspend sales of Securities if it makes a good faith determination
that the Prospectus includes an untrue statement of a material fact or omits to
state a material fact necessary in order to make statements therein, in the
light of the circumstances under which they were made, not misleading; provided,
                                                                       --------
however, that under these circumstances the Company shall use its best efforts
-------
to terminate the related Blackout Period by causing the Prospectus to be
amended, modified or supplemented as promptly as reasonably practicable so as
not to include such an untrue statement or omit such a material fact and,
provided further that the maximum number of days that the Company may suspend
sales in any twelve month period under any suspension right set forth in this
Section 2(a) shall be 120 days. Each Holder agrees that it shall give the
Company notice of not less than 5 Business Days prior to disposing of any
Registered Securities under the Shelf Registration Statement so that the Company
may make any determination to suspend sales of Securities as contemplated in the
preceding sentence. In addition, each Holder agrees that it shall not dispose of
Registrable Securities under the Shelf Registration Statement in any
underwritten offering by one or more Holders of less than an aggregate of $20
million of Registrable Securities determined on the price per share offered to
the public. The Company will, upon the effectiveness of a Shelf Registration
Statement, provide to each Holder a reasonable number of copies of the
Prospectus which is a part of the Shelf Registration Statement, and, at that
time, notify each such Holder that the Shelf Registration Statement has become
effective and take such other actions as are required to permit unrestricted
resales of the Registrable Securities. The Company further agrees to supplement
or amend the Shelf Registration Statement if and as required by the rules,
regulations or instructions applicable to the registration form used by the
Company for such Shelf Registration Statement or by the Securities Act or by any
other rules and regulations thereunder for shelf registrations, and the Company
agrees to furnish to the Holders of Registrable Securities copies of any
supplement or amendment to the Prospectus promptly after its being used or filed
with the SEC.

          (b)  Expenses.  The Company, as issuer of the Securities, shall pay
               --------
all Registration Expenses in connection with any Shelf Registration Statement
filed pursuant to Section 2(a) hereof and will reimburse any single counsel
designated in writing by the Holders of a majority of the Registrable Securities
to act as counsel for the Holders of the Registrable Securities in connection
with a Shelf Registration Statement, which other counsel shall be reasonably
satisfactory to the Company; provided, however, that such reimbursement shall in
                             --------  -------
no event exceed an aggregate of $10,000.  Except as provided herein, each Holder
shall pay all expenses of its counsel, underwriting discounts and commissions
and transfer taxes, if any, relating to the sale or disposition of such Holder's
Registrable Securities pursuant to the Shelf Registration Statement.

          (c)  Effective Shelf Registration Statement.  A Shelf Registration
               --------------------------------------
Statement will not be deemed to have become effective unless it has been
declared effective by the SEC; provided, however, that if, after it has been
                               --------  -------
declared effective, the offering of Registrable

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<PAGE>

Securities pursuant to such Shelf Registration Statement is interfered with by
any stop order, injunction or other order or requirement of the SEC or any other
governmental agency or court, such Shelf Registration Statement will be deemed
not to have been effective during the period of such interference, until the
offering of Registrable Securities pursuant to such Shelf Registration Statement
may legally resume. The Company will be deemed not to have used its best efforts
to cause a Shelf Registration Statement to become, or to remain, effective
during the requisite period if it voluntarily takes any action that would result
in any such Shelf Registration Statement not being declared effective or that
would result in the Holders of Registrable Securities covered thereby not being
able to offer and sell such Registrable Securities during that period, unless
such action is required by applicable law. If the Company has not used its best
efforts to maintain the effectiveness of a Shelf Registration Statement and the
offering of Registrable Securities pursuant to such Shelf Registration Statement
therefore is interfered with by any stop order, injunction or other order or
requirement of the SEC or any other governmental agency or court, then each day
that the effectiveness of a Shelf Registration Statement is suspended shall
apply to the Blackout Period limitation in Section 2(a) hereof.

          (d)  Specific Enforcement.  Without limiting the remedies available to
               --------------------
the Holders at law or in equity, the Company acknowledges that any failure by it
to comply with its obligations under Section 2(a) hereof may result in material
irreparable injury to the Holders for which there is no adequate remedy at law,
that it would not be possible to measure damages for such injuries precisely and
that, in the event of any such failure, any Holder may obtain such relief in any
court having jurisdiction as may be required to specifically enforce the
Company's obligations under Section 2(a) hereof.

          3.   Registration Procedures.  In connection with the obligations of
               -----------------------
the Company with respect to the Shelf Registration Statement pursuant to Section
2(a) hereof, the Company shall use its best efforts to:

          (a)  prepare and file with the SEC a Shelf Registration Statement as
prescribed by Section 2(a) hereof on the appropriate form under the Securities
Act, which form shall (i) be selected by the Company, (ii) be available for the
sale of the Registrable Securities by the selling Holders thereof, and (iii)
comply as to form in all material respects with the requirements of the
applicable form and include all financial statements required by the SEC to be
filed therewith; the Company shall use its best efforts to cause such Shelf
Registration Statement to become effective and remain effective and the
Prospectus usable for resales in accordance with Section 2 hereof; provided,
                                                                   --------
that before filing such Shelf Registration Statement or any amendments or
supplements thereto, the Company will furnish to the counsel selected by the
Holders whose Registrable Securities are included in the Shelf Registration
Statement copies of all such documents proposed to be filed, which documents
will be subject to the review of such counsel before any such filing is made,
and the Company will comply with any reasonable request made by such counsel to
make changes in any information contained in such documents relating to the
Holders.

          (b)  prepare and file with the SEC such amendments and post-effective
amendments to the Shelf Registration Statement as may be necessary to keep such
Shelf Registration Statement effective for the Effectiveness Period, subject to
the provisos contained in the second paragraph in Section 2(a), and cause each
Prospectus to be supplemented, if so

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<PAGE>

determined by the Company or requested by the SEC, by any required prospectus
supplement and as so supplemented to be filed pursuant to Rule 424 (or any
similar provision then in force) under the Securities Act, and comply with the
provisions of the Securities Act, the Exchange Act and the rules and regulations
promulgated thereunder applicable to it with respect to the disposition of all
securities covered by a Shelf Registration Statement during the Effectiveness
Period in accordance with the intended method or methods of distribution by the
selling Holders thereof described in this Agreement;

          (c)  register or qualify the Registrable Securities under all
applicable securities or "blue sky" laws of such jurisdictions (domestic or
foreign) by the time the applicable Shelf Registration Statement is declared
effective by the SEC as any Holder of Registrable Securities covered by a Shelf
Registration Statement and each underwriter of an underwritten offering of
Registrable Securities shall reasonably request in writing in advance of such
date of effectiveness, keep such registration or qualification in effect for so
long as such Shelf Registration Statement remains in effect and use its best
efforts to obtain all appropriate registrations, permits and consents required
in connection therewith, and do any and all other acts and things which may be
reasonably necessary or advisable to enable such Holder and underwriter to
consummate the disposition in each such jurisdiction of such Registrable
Securities owned by such Holder; provided, however, that the Company shall not
                                 --------  -------
be required to (i) qualify as a foreign corporation or as a dealer in securities
in any jurisdiction where it would not otherwise be required to qualify but for
this Section 3(c), (ii) file any general consent to service of process in any
jurisdiction where it would not otherwise be subject to such service of process
or (iii) subject itself to taxation in any such jurisdiction if it is not then
so subject;

          (d)  promptly notify each Holder of Registrable Securities, their
counsel and the managing underwriters, if any, and promptly confirm such notice
in writing (i) of the issuance by the SEC or any state securities authority of
any stop order suspending the effectiveness of a Shelf Registration Statement or
the qualification of the Registrable Securities in any jurisdiction described in
Section 3(c) hereof or the initiation of any proceedings for that purpose, (ii)
if, between the effective date of a Shelf Registration Statement and the closing
of any sale of Registrable Securities covered thereby, the representations and
warranties of the Company contained in any purchase agreement, securities sales
agreement or other similar agreement cease to be true and correct in all
material respects, and (iii) of the happening of any event or the failure of any
event to occur or the discovery of any facts, during the Effectiveness Period,
which makes any statement made in a Shelf Registration Statement or the related
Prospectus untrue in any material respect or which causes such Shelf
Registration Statement or Prospectus to omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading;

          (e)  obtain the withdrawal of any order suspending the effectiveness
of the Shelf Registration Statement at the earliest possible moment;

          (f)  cooperate with the selling Holders of Registrable Securities to
facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold and not bearing any restrictive legends and
registered in such names as the selling Holders or the underwriters may
reasonably request at least two Business Days prior to the closing of any sale
of Registrable Securities pursuant to the Shelf Registration Statement;

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<PAGE>

          (g)  promptly after the occurrence of any event specified in Section
3(d)(i) or 3(d)(iii) (subject to the second paragraph of Section 2(a)) hereof,
prepare a supplement or post-effective amendment to the Shelf Registration
Statement or the related Prospectus or any document incorporated therein by
reference or file any other required document so that, as thereafter delivered
to the purchasers of the Registrable Securities, such Prospectus will not
include any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and the Company shall
notify each Holder to suspend use of the Prospectus as promptly as practicable
after the occurrence of such an event, and each Holder hereby agrees to suspend
use of the Prospectus until the Company has amended or supplemented the
Prospectus to correct such misstatement or omission;

          (h)  if requested by the Holders of Registrable Securities in
connection with a firm commitment underwritten offering of at least $20 million
in public offering price of Registrable Securities:  (i) enter into such
agreements (including underwriting agreements) as are customary in underwritten
offerings and make such representations and warranties to the underwriters (if
any), with respect to the business of the Company and its subsidiaries as then
conducted and with respect to the Shelf Registration Statement, Prospectus and
documents, if any, incorporated or deemed to be incorporated by reference
therein, in each case, as are customarily made by issuers to underwriters in
underwritten offerings, and confirm the same if and when requested; (ii) furnish
to the Holders whose Registrable Securities are included in such offering
pursuant to the Shelf Registration Statement and to any underwriter of such
Registrable Securities opinions of counsel for the Company and updates thereof
(which may be in the form of a reliance letter) addressed to each such Holder
and dated the date of the closing under the underwriting agreement (if any) (or
if such offering is not underwritten, dated the effective date of the Shelf
Registration or any Prospectus Supplement thereto) in form and substance
reasonably satisfactory to such Holder or the managing underwriters covering the
matters customarily covered in opinions requested in underwritten offerings and
such other matters as may be reasonably requested by such Holders or
underwriters; (iii) furnish to the Holders whose Registrable Securities are
included in such offering pursuant to the Shelf Registration Statement and to
any underwriter of such Registrable Securities "cold comfort" accountants'
letters and updates thereof in form and substance reasonably satisfactory to the
managing underwriters signed by the independent public accountants who have
audited the Company's financial statements included in a Shelf Registration
Statement (and, if necessary, any other independent certified public accountants
of any business acquired by the Company for which financial statements and
financial data are, or are required to be, included in the Registration
Statement), addressed to each of the Holders or underwriters, such letters to be
in customary form and covering matters of the type customarily covered in "cold
comfort" letters in connection with underwritten offerings and such other
matters as reasonably requested by such Holders or underwriters in accordance
with Statement on Auditing Standards No. 72 and with respect to events
subsequent to the date of such financial statements; and (iv) if an underwriting
agreement is entered into, the same shall contain indemnification provisions and
procedures;

          (i)  if requested by Holders of Registrable Securities in connection
with a firm commitment underwritten offering of at least $20 million in public
offering price of Registrable Securities make reasonably available for
inspection by any selling Holder of Registrable Securities who certifies to the
Company that it has a current intention to sell Registrable

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Securities pursuant to the Shelf Registration, any underwriter participating in
any such disposition of Registrable Securities, if any, and any attorney,
accountant or other agent retained by any such selling Holder or underwriter
(collectively, the "Inspectors"), at the offices where normally kept, during the
                    ----------
Company's normal business hours, all financial and other records, pertinent
organizational and operational documents and properties of the Company and its
subsidiaries (collectively, the "Records") as shall be reasonably necessary to
                                 -------
enable them to exercise any applicable due diligence responsibilities, and cause
the officers, trustees and employees of the Company and its subsidiaries to
supply all relevant information in each case reasonably requested by any such
Inspector in connection with such Shelf Registration Statement; records and
information which the Company, in good faith, to be confidential and any Records
and information which it notifies the Inspectors are confidential shall not be
disclosed to any Inspector except where (i) the disclosure of such Records or
information is necessary to avoid or correct a material misstatement or omission
in such Shelf Registration Statement, (ii) the release of such Records or
information is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction or is necessary in connection with any action, suit or
proceeding or (iii) such Records or information previously has been made
generally available to the public; each selling Holder of such Registrable
Securities will be required to agree in writing that Records and information
obtained by it as a result of such inspections shall be deemed confidential and
shall not be used by it as the basis for any market transactions in the
securities of the Company unless and until such is made generally available to
the public through no fault of an Inspector or a selling Holder; and each
selling Holder of such Registrable Securities will be required to further agree
in writing that it will, upon learning that disclosure of such Records or
information is sought in a court of competent jurisdiction, or in connection
with any action, suit or proceeding, give notice to the Company and allow the
Company at its expense to undertake appropriate action to prevent disclosure of
the Records and information deemed confidential;

          (j)  comply with all applicable rules and regulations of the SEC so
long as any provision of this Agreement shall be applicable and make generally
available to its securityholders earning statements satisfying the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule
promulgated under the Securities Act) no later than 45 days after the end of any
twelve-month period (or 90 days after the end of any twelve-month period if such
period is a fiscal year) (i) commencing at the end of any fiscal quarter in
which Registrable Securities are sold to underwriters in a firm commitment or
best efforts underwritten offering and (ii) if not sold to underwriters in such
an offering, commencing on the first day of the first fiscal quarter of the
Company after the effective date of a Shelf Registration Statement, which
statements shall cover said twelve-month periods, provided that the obligations
under this Section 3(j) shall be satisfied by the timely filing of quarterly and
annual reports on Forms 10-Q and 10-K under the Exchange Act;

          (k)  cooperate with each seller of Registrable Securities covered by a
Shelf Registration Statement and each underwriter, if any, participating in the
disposition of such Registrable Securities and their respective counsel in
connection with any filings required to be made with the NASD;

          (l)  list all Registrable Securities covered by such Shelf
Registration Statement on any securities exchange or inter-dealer quotation
system (in each case, domestic or foreign) on which any of the Company's
securities are then listed;

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<PAGE>

          (m)  cause all Registrable Securities covered by such Shelf
Registration Statement to be registered with or approved by such other U.S. or
state government authorities as may be reasonably necessary to enable the
Holders whose Registrable Securities are included in a Shelf Registration
Statement to consummate the disposition of such Registrable Securities;

          (n)  provide a transfer agent and registrar for all Registrable
Securities covered by a Shelf Registration Statement not later than the
effective date of such Shelf Registration Statement; and

          (o)  take all other steps necessary to effect the registration of the
Registrable Securities covered by a Shelf Registration Statement contemplated
hereby.

          Each Holder agrees that, upon receipt of any notice from the Company
of the occurrence of any event specified in Section 3(d)(i) or 3(d)(iii) hereof,
such Holder will forthwith discontinue disposition of Registrable Securities
pursuant to a Shelf Registration Statement until such Holder's receipt of the
copies of the supplemented or amended Prospectus contemplated by Section 3(g)
hereof or until it is advised in writing (the "Advice") by the Company that the
                                               ------
use of the applicable Prospectus may be resumed, and, if so directed by the
Company, such Holder will deliver to the Company (at the Company's expense) all
copies in such Holder's possession, other than permanent file copies then in
such Holder's possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice.  If the Company shall give any
such notice to suspend the disposition of Registrable Securities pursuant to a
Shelf Registration Statement, the Company shall use its best efforts to file and
have declared effective (if an amendment) as soon as practicable after the
resolution of the related matters an amendment or supplement to the Shelf
Registration Statement and related Prospectus.

          4.   Indemnification and Contribution.  (a)  The Company hereby agrees
               --------------------------------
to indemnify and hold harmless each Holder, each underwriter who participates in
an offering of the Registrable Securities, each Person, if any, who controls any
of such parties within the meaning of Section 15 of the Securities Act and
Section 20 of the Exchange Act and each of their respective directors, officers,
employees and agents, as follows:

          (i)  against any and all loss, liability, claim, damage and expense
     (including reasonable attorneys' fees and disbursements) and judgments,
     joint or several, to which they or any of them may become subject
     whatsoever, as incurred, arising out of any untrue statement or alleged
     untrue statement of a material fact contained in a Shelf Registration
     Statement (or any amendment thereto) or the Prospectus (or any amendment or
     supplement thereto) or the omission or alleged omission therefrom of a
     material fact required to be stated 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 any 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, provided that (subject to

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     Section 4(d) hereof) such settlement is effected with the prior written
     consent of the Company; and

          (iii)  against any and all expenses whatsoever, as incurred (including
     the reasonable fees and disbursements of counsel chosen by such Holder),
     reasonably incurred in investigating, preparing or defending against any
     litigation, or any investigation or proceeding by any governmental agency
     or body, commenced or threatened, 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) of this Section 4(a);

provided, however, that this indemnity does not apply to any loss, liability,
--------  -------
claim, damage or expense to the extent arising out of an untrue statement or
omission or alleged untrue statement or omission made in reliance upon and in
conformity with written information furnished in writing to the Company by such
Holder or underwriter expressly for use in the Shelf Registration Statement (or
any amendment thereto) or any Prospectus (or any amendment or supplement
thereto).

          (b)    Each Holder or underwriter agrees, severally and not jointly,
to indemnify and hold harmless the Company, its trustees and officers (including
each officer of the Company who signed the Shelf Registration Statement), and
each Person, if any, who controls the Company within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act against any and all
loss, liability, claim, damage and expense whatsoever described in the indemnity
contained in Section 4(a) hereof, as incurred, but only with respect to untrue
statements or omissions, or alleged untrue statements or omissions, made in the
Shelf Registration Statement (or any amendment thereto) or the Prospectus (or
any amendment or supplement thereto) in reliance upon and in conformity with
written information furnished to the Company by such Holder expressly for use in
such Shelf Registration Statement (or any amendment thereto) or such Prospectus
(or any amendment or supplement thereto); provided, however, that no Holder
                                          --------  -------
shall be liable for any claims hereunder in excess of the amount of net proceeds
received by such Holder from the sale of Registrable Securities.

          (c)    Each indemnified party shall give notice as promptly as
reasonably practicable to each indemnifying party of any action commenced
against it in respect of which indemnity may be sought hereunder, but failure to
so notify an indemnifying party shall not relieve such indemnifying party from
any liability which it may have under this Section 4 to the extent that it is
not materially prejudiced by such failure as a result thereof, and in any event
shall not relieve it from liability which it may have otherwise on account of
this Section 4.  In the case of parties indemnified pursuant to Section 4(a) or
(b) above, counsel to the indemnified parties shall be selected by such parties.
An indemnifying party may participate at its own expense in the defense of such
action; provided, however, that counsel to the indemnifying party shall not
(except with the consent of the indemnified party) also be counsel to the
indemnified party.  In no event shall the indemnifying parties be liable for the
fees and expenses of more than one counsel (in addition to local counsel),
separate from their own counsel, for all indemnified parties in connection with
any one action or separate but similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances.  No
indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or

                                       10
<PAGE>

consent to the entry of any judgment with respect to any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever in respect of which indemnification or
contribution could be sought under this Section 4 (whether or not the
indemnified parties are actual or potential parties thereto), unless such
settlement, compromise or consent (i) includes an unconditional written release
of each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party.

          (d)  If at any time an indemnified party shall have validly requested
an indemnifying party to reimburse the indemnified party for fees and expenses
of counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 4(a)(ii) effected without its
written consent if (i) such settlement is entered into more than 45 days after
receipt by such indemnifying party of the aforesaid request, (ii) such
indemnifying party shall have received notice of the terms of such settlement at
least 30 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement.

          (e)  In order to provide for just and equitable contribution in
circumstances in which the indemnity agreement set forth in this Section 4 is
for any reason held to be unenforceable by an indemnified party although
applicable in accordance with its terms, the Company, on the one hand, and the
Holders, on the other hand, 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 Holders, as incurred;

provided, however, that no Person guilty of fraudulent misrepresentation (within
--------  -------
the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any Person that was not guilty of such fraudulent misrepresentation.  As
between the Company, on the one hand, and the Holders, on the other hand, such
parties shall contribute to such aggregate losses, liabilities, claims, damages
and expenses of the nature contemplated by such indemnity agreement in such
proportion as shall be appropriate to reflect the relative fault of the Company,
on the one hand, and the Holders, on the other hand, with respect to the
statements or omissions which resulted in such loss, liability, claim, damage or
expense, or action in respect thereof, as well as any other relevant equitable
considerations.  The relative fault of the Company, on the one hand, and of the
Holders, on the other hand, shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Company, on the one hand, or by or on behalf of the Holders, on
the other, and the parties' relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.  The Company
and the Holders of the Registrable Securities agree that it would not be just
and equitable if contribution pursuant to this Section 4 were to be determined
by pro rata allocation or by any other method of allocation that does not take
into account the relevant equitable considerations.  For purposes of this
Section 4, each Affiliate of a Holder, and each director, officer and employee
and Person, if any, who controls a Holder or such Affiliate within the meaning
of Section 15 of the Securities Act shall have the same rights to contribution
as such Holder, and each trustee and officer of the Company and each Person, if
any, who controls the Company within the meaning of Section 15

                                       11
<PAGE>

of the Securities Act or Section 20 of the Exchange Act shall have the same
rights to contribution as the Company.

          5.   Participation in an Underwritten Registration.  No Holder may
               ---------------------------------------------
participate in an underwritten registration hereunder unless such Holder (a)
agrees to sell such Holder's Registrable Securities on the basis provided in the
underwriting arrangement approved by the Persons entitled hereunder to approve
such arrangements and (b) completes and executes all reasonable questionnaires,
powers of attorney, indemnities, underwriting agreements, lock-up letters and
other documents reasonably required under the terms of such underwriting
arrangements.

          6.   Selection of Underwriters.  The Holders of Registrable Securities
               -------------------------
covered by the Shelf Registration Statement who desire to do so may sell the
Securities covered by such Shelf Registration in an underwritten offering,
subject to the provisions of Section 3(h) hereof. In any such underwritten
offering, the underwriter or underwriters and manager or managers that will
administer the offering will be selected by the Holders; provided, however, that
                                                         --------  -------
such underwriters and managers must be reasonably satisfactory to the Company.

          7.   Miscellaneous.
               -------------

          (a)  Rule 144.  For so long as the Company is subject to the reporting
               --------
requirements of Section 13 or 15 of the Exchange Act and any Registrable
Securities remain outstanding, the Company will timely file the reports required
to be filed by it under the Securities Act and Section 13(a) or 15(d) of the
Exchange Act and the rules and regulations adopted by the SEC thereunder;
provided, however, that if the Company ceases to be so required to file such
--------  -------
reports, it will, upon the request of any Holder of Registrable Securities (a)
make publicly available such information as is necessary to permit sales of its
securities pursuant to Rule 144 under the Securities Act and (b) take such
further action that is reasonable in the circumstances, in each case, to the
extent required from time to time to enable such Holder to sell its Registrable
Securities without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 under the Securities Act, as such rule
may be amended from time to time, or any similar rules or regulations hereafter
adopted by the SEC.  Upon the request of any Holder of Registrable Securities,
the Company will deliver to such Holder a written statement as to whether it has
complied with such requirements.

          (b)  No Inconsistent Agreements.  The Company has not entered into,
               --------------------------
and will not enter into, any agreement which is inconsistent with the rights
granted to the Holders of Registrable Securities in this Agreement or otherwise
conflicts with the provisions hereof.  The rights granted to the Holders
hereunder do not in any way conflict with and are not inconsistent with the
rights granted to the holders of the Company's other issued and outstanding
securities under any such agreements.

          (c)  Amendments and Waivers.  The provisions of this Agreement,
               ----------------------
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the Company has obtained the written consent of Holders
of a majority of the outstanding Registrable Securities affected by such
amendment, modification, supplement, waiver or departure; provided that no
                                                          --------

                                       12
<PAGE>

amendment, modification or supplement or waiver or consent to the departure with
respect to the provisions of Section 4 hereof shall be effective as against any
Holder of Registrable Securities unless consented to in writing by such Holder
of Registrable Securities. Notwithstanding the foregoing sentence, (i) this
Agreement may be amended, modified or supplemented, and waivers and consents to
departures from the provisions hereof may be given, by written agreement signed
by the Company and the Holders or their successors and assigns to the extent
that any such amendment, modification, supplement, waiver or consent is, in
their reasonable judgment, necessary or appropriate to comply with applicable
law (including any interpretation of the Staff of the SEC) or any change therein
and (ii) to the extent any provision of this Agreement relates to the Holders,
such provision may be amended, modified or supplemented, and waivers or consents
to departures from such provisions may be given, by written agreement signed by
the Holders and the Company.

          (d)  Notices.  All notices and other communications provided for or
               -------
permitted hereunder shall be made in writing by hand-delivery, registered first-
class mail, telex, telecopier, or any courier guaranteeing overnight delivery
(i) if to a Holder, at the most current address given by such Holder to the
Company by means of a notice given in accordance with the provisions of this
Section 7(d), which address initially is, with respect to the Holders, the
address set forth in the Stockholders Agreement and thereafter at such other
address, notice of which is given in accordance with the provisions of this
Section 7(d); and (ii) if to the Company, initially at the Company's address set
forth in the Stockholders Agreement and thereafter at such other address, notice
of which is given in accordance with the provisions of this Section 7(d).

          All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when
answered back, if telexed; when receipt is acknowledged, if telecopied; and on
the next Business Day, if timely delivered to an overnight courier, including
Federal Express or similar courier utilizing overnight delivery.

          (e)  Successors and Assigns.  This Agreement shall inure to the
               ----------------------
benefit of and be binding upon the successors, assigns and transferees of the
Holders, including, without limitation and without the need for an express
assignment, subsequent Holders; provided, however, that nothing herein shall be
                                --------  -------
deemed to permit any assignment, transfer or other disposition of Registrable
Securities in violation of the terms of the Agreement.  If any transferee of any
Holder shall acquire Registrable Securities, in any manner, whether by operation
of law or otherwise, such Registrable Securities shall be held subject to all of
the terms of this Agreement, and by taking and holding such Registrable
Securities, such Person shall be conclusively deemed to have agreed to be bound
by and to perform all of the terms and provisions of this Agreement and such
Person shall be entitled to receive the benefits hereof.

          (f)  Sales During Blackout Period.  Any Holder that sells Registrable
               ----------------------------
Securities during a Blackout Period of which it had written notice shall be
deemed to have materially breached this Agreement and shall have no further
rights hereunder.

          (g)  Third Party Beneficiaries.  Each transferee of a Seller (and
               -------------------------
subsequent transferees thereof) shall be a third party beneficiary of the
agreements made hereunder among the Company and the Holders, and such transferee
shall have the right to enforce such

                                       13
<PAGE>

agreements directly to the extent it deems such enforcement necessary or
advisable to protect its rights hereunder.

          (h)  Counterparts.  This Agreement may be executed in any number of
               ------------
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

          (i)  Headings.  The headings in this Agreement are for convenience of
               --------
reference only and shall not limit or otherwise affect the meaning hereof.

          (j)  Governing Law.  This Agreement shall be governed by and construed
               -------------
in accordance with the laws of the State of Delaware without giving effect to
any provisions relating to conflicts of laws.

          (k)  Severability.  In the event that any one or more of the
               ------------
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

          (l)  Entire Agreement.  This Agreement is intended by the parties as a
               ----------------
final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein.  This Agreement supersedes all prior
agreements and understandings among the parties with respect to such subject
matter.

                                       14
<PAGE>

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

                                   HQ GLOBAL HOLDINGS, INC.

                                   By:      /s/  Joseph D. Wallace
                                            ----------------------
                                      Name:  Joseph D. Wallace
                                      Title: Executive Vice President and Chief
                                             Operating Officer

                                   CARRAMERICA REALTY CORPORATION

                                   By:      /s/  Karen B. Dorigan
                                            ---------------------
                                      Name:  Karen B. Dorigan
                                      Title: Managing Director

                                       15<PAGE>

                                                                    Exhibit 10.5

--------------------------------------------------------------------------------
                            STOCKHOLDERS AGREEMENT

                                 by and among

                  FRONTLINE CAPITAL GROUP (formerly known as

                      RECKSON SERVICE INDUSTRIES, INC.),

                           HQ GLOBAL HOLDINGS, INC.,

                                      and

                        CARRAMERICA REALTY CORPORATION

                                  Dated as of

                                 June 1, 2000

--------------------------------------------------------------------------------
<PAGE>

                                        TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----
<S>                                                                                                   <C>
1.        DEFINITIONS...............................................................................     1

2.        BOARD OF DIRECTORS OF THE COMPANY.........................................................     3
          2.1.     Number of Directors..............................................................     3
          2.2.     Holder Nominees..................................................................     4
          2.3.     Independent Directors............................................................     5
          2.4.     Termination......................................................................     5

3.       INFORMATION RIGHTS.........................................................................     6
         3.1.      Information Rights of All Holders................................................     6
         3.2.      Information Rights of 10% Holders................................................     6
         3.3.      Confidentiality..................................................................     7
         3.4.      Termination......................................................................     7

4.       LIMITATIONS ON CORPORATE ACTIONS...........................................................     7
          4.1.     REIT Restrictions................................................................     7
          4.2.     No Acquisition of Common Stock from RSI or its Affiliates........................    13
          4.3.     No Contravening Agreement........................................................    13
          4.4.     Termination......................................................................    13

5.       PARTICIPATION RIGHTS.......................................................................    14
          5.1.     Right to Participate.............................................................    14
          5.2.     Notice...........................................................................    14
          5.3.     Abandonment of Sale or Issuance..................................................    15
          5.4.     Terms of Sale....................................................................    15
          5.5.     Timing of Sale...................................................................    15
          5.6.     Termination of Participation Right...............................................    16

6.       TAG-ALONG RIGHTS...........................................................................    17
          6.1.     Rights and Notice................................................................    17
          6.2.     Abandonment of Sale..............................................................    18
          6.3.     Timing of Sale...................................................................    18
          6.4.     Termination of Tag-Along Right...................................................    18

7.       PUT RIGHTS.................................................................................    18
          7.1.     2000 Put Right...................................................................    18
          7.2.     2001 Put Right...................................................................    19
          7.3.     2002 Put Right...................................................................    20
          7.4.     Procedures to Determine Fair Market Value........................................    22
          7.5.     Indemnification of Designated Holder.............................................    23
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                          <C>
8.        TRANSFER RESTRICTIONS..........................................................................    23
          8.1.     RSI Right of First Offer..............................................................    23
          8.2.     Holder Right of First Offer...........................................................    24
          8.3.     No Obligation to Purchase.............................................................    25
          8.4.     Termination of the Rights of First Offer..............................................    26
          8.5.     IPO Lock-Up...........................................................................    26

9.        LEASE GUARANTEE INDEMNIFICATION................................................................    26

10.       PURCHASE RIGHT AGREEMENT ANTI-DILUTION PROTECTION..............................................    27

11.       MISCELLANEOUS..................................................................................    27
          11.1.    RSI Assurance.........................................................................    27
          11.2.    Assignment............................................................................    27
          11.3.    Entire Agreement; Amendment...........................................................    27
          11.4.    Waiver................................................................................    28
          11.5.    Limitation on Benefit.................................................................    28
          11.6.    Binding Effect........................................................................    28
          11.7.    Governing Law.........................................................................    28
          11.8.    Notices...............................................................................    28
          11.9.    Headings..............................................................................    30
          11.10.   Execution in Counterparts.............................................................    30
          11.11.   Interpretation; Absence of Presumption................................................    31
          11.12.   Severability..........................................................................    31
          11.13.   Specific Performance..................................................................    31
          11.14.   Consent to Jurisdiction...............................................................    31
          11.15.   Litigation Costs......................................................................    32
</TABLE>

EXHIBIT A

                                      ii
<PAGE>

                            STOCKHOLDERS AGREEMENT

          THIS STOCKHOLDERS AGREEMENT (this "Agreement"), dated as of June 1,
2000, is made by and among FrontLine Capital Group (formerly known as Reckson
Service Industries, Inc.) ("RSI"), HQ Global Holdings, Inc. (the "Company") and
CarrAmerica Realty Corporation ("CarrAmerica" or the "Designated Holder").

          WHEREAS, RSI, CarrAmerica and certain other parties have entered into
that certain Stock Purchase Agreement dated as of January 20, 2000, as amended
pursuant to which RSI is acquiring on the date hereof certain shares of common
stock of HQ Global Workplaces, Inc. ("HQ Global") owned by CarrAmerica and such
other parties (the "Transaction");

          WHEREAS, the parties believe it is in their best interests to enter
into this Agreement and provide for certain rights and restrictions with respect
to the continuing investment by RSI and each Holder (as hereafter defined) in
the Company and the corporate governance of the Company; and

          WHEREAS, it is a condition precedent to the completion of the
Transaction that the parties enter into this Agreement.

          NOW, THEREFORE, in consideration of the premises and the covenants and
agreements contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

1.   DEFINITIONS

          As used in this Agreement, certain capitalized terms not otherwise
defined herein shall have the following respective meanings:

          "10% Holder" shall mean any Holder hereunder who, together with any
Affiliates, holds more than ten percent (10%) of the total number of issued and
outstanding shares of Common Stock of the Company.

          "Affiliate" shall mean, with respect to any Person, (i) any Person
directly or indirectly controlling, controlled by or under common control with
such Person, or (ii) any officer, director, general partner, managing member or
trustee of such Person or any Person referred to in clause (i) above.  For
purposes of this definition, "control," when used with respect to any Person,
means the power to direct the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract
or otherwise, and the terms "controlling" and "controlled" have meanings
correlative to the foregoing.

          "Board" shall mean the board of directors of the Company.
<PAGE>

          "Code" shall mean the Internal Revenue Code of 1986, as amended
(including for this purpose the amendments made to Section 856(c)(4)(B)(iii) of
the Code by Pub. L. No. 106-170, The Ticket to Work and Work Incentives
Improvement Act of 1999, 113 Stat. 1860 (the "RMA")), and any successor thereto,
including all of the rules and regulations promulgated thereunder.

          "Common Stock" shall mean any common stock of the Company, including,
without limitation, the Voting Common Stock and the Nonvoting Common Stock.

          "Director" shall mean a member of the Board.

          "Government Authority" shall mean any government or state (or any
subdivision thereof) of or in the United States or any foreign nation, or any
agency, authority, bureau, commission, department or similar body or
instrumentality thereof, or any governmental court or tribunal.

          "Holder" shall mean CarrAmerica and any stockholder of the Company
that becomes a party to this agreement after the date hereof in accordance with
the terms herein.

          "Immediate Family Member" shall mean, with respect to any natural
Person, (i) such natural Person's spouse, parents, descendants, nephews, nieces,
brothers and sisters, and (ii) any trust established by such Person or any of
the persons listed in clause (i) above, the sole beneficiaries of which are such
Person or any of the persons listed in clause (i) above.

          "Independent Director" shall mean any Director who (i) is not an
officer or employee of the Company, (ii) is not an officer, employee or director
of RSI, (iii) does not have a material financial interest in or relationship
with RSI (it being agreed that for purposes of this definition, any Director who
owns less than five percent (5%) of the issued and outstanding RSI common stock
shall be deemed not to have a material financial interest in or relationship
with RSI by virtue of such stock ownership), and (iv) is not an Affiliate or an
Immediate Family Member of any Person covered by clauses (i), (ii) or (iii)
above.

          "IPO" shall mean one or more sales of Common Stock by the Company
pursuant to one or more registration statements effective under the Securities
Act of 1933, as amended (the "1933 Act") that results in (i) gross proceeds to
the Company of not less than $150,000,000 and (ii) the listing for trading on
either the NASDAQ Stock Market or a national securities exchange of all shares
of Voting Common Stock of the Company.

          "Majority Consent of the Holders" shall mean the approval of Holders
owning at least a majority of all of the issued shares of Voting Common Stock
owned by the Holders at such time.

          "Nonvoting Common Stock" shall mean the Nonvoting Common Stock, par
value $.01 per share, of the Company.

                                       2
<PAGE>

          "Person" shall mean any individual, corporation, partnership, limited
liability company, joint venture, trust, unincorporated organization, other form
of business or legal entity or Government Authority.

          "Pereferred Stockholders Agreement" shall mean the Stockholders
Agreement by and among FrontLine Capital Group, HQ Global Holdings, Inc. and
certain holders of Series A Preferred Stock of HQ Global Holdings, Inc. named
therein, dated as of the date hereof.

          "SEC" shall mean the Securities and Exchange Commission.

          "RSI Board" shall mean the board of directors of RSI.

          "transfer" means a sale, gift, assignment, exchange or other
disposition (including a voluntary or involuntary disposition under judicial
order, legal process, execution, attachment or enforcement of an encumbrance) or
any other transfer of beneficial interest of shares of Common Stock.  A
"transfer" shall not include (i) in the case of an individual, a transfer to an
Immediate Family Member, (ii) in the case of a partnership, a transfer by the
partnership to an Affiliate or to its partners in connection with a dissolution
of the partnership, (iii) in the case of a corporation, a transfer by the
corporation to an Affiliate or to its stockholders in connection with the
dissolution of the corporation, (iv) in the case of a limited liability company,
a transfer by the limited liability company to an Affiliate or to its members in
connection with the dissolution of the limited liability company, or (v) in the
case of any entity referred to in clause (ii), (iii) or (iv) above, any transfer
of an interest in the securities of such entity or any other indirect transfer
that may occur as a result of either a consolidation, merger or other business
combination involving such entity or a sale, lease, exchange or other transfer
of all or substantially all of the assets of such entity, or (vi) in the case of
CarrAmerica, a transfer to an entity in which it owns at least 90% of the
economic interests of such entity; provided, that a transferee under (i) -(vi)
                                   --------
above agrees in writing to be bound by all of the terms of this Agreement by
executing and delivering to the Company a counterpart signature page to this
Agreement.

          "U.S. Stock Purchase Agreement" shall mean the Stock Purchase
Agreement between CarrAmerica, RSI and certain other parties dated as of January
20, 2000, as amended.

          "Voting Common Stock" shall mean the Voting Common Stock, par value
$.01 per share, of the Company.

2.   BOARD OF DIRECTORS OF THE COMPANY

     2.1. Number of Directors

          From and after the date hereof, the Board shall consist of thirteen
(13) Directors.  The number of Directors may not be decreased unless such
decrease is approved by a Majority Consent of the Holders.

                                       3
<PAGE>

     2.2. Holder Nominees

          (a)  Nomination of Directors. At each annual or special meeting of
               -----------------------
stockholders of the Company at, or the taking of action by written consent of
stockholders of the Company with respect to, which any Directors are to be
elected, each Holder (a "Nominating Holder") shall have the right (but not the
obligation) to nominate for election to the Board that number of Directors which
represents the same proportion of the total number of Directors as is
represented by the number of shares of Voting Common Stock which such Holder
then owns, as of the applicable record date for such meeting or consent (or, in
the case of the first annual meeting of stockholders of the Company following
the Closing, if the record date for such annual meeting is prior to the date of
the Closing, then as of the date of the Closing), relative to the number of
shares of Voting Common Stock outstanding as of such date (such Directors,
"Holder Nominees").  Notwithstanding the foregoing, if a Holder shall make an
equity investment, through a joint venture or otherwise, in Regus Business
Corp., Servcorp or a company that, at the time such investment is made, is a
significant regional competitor of the Company in the executive suites business,
such Holder's right under this Section 2.2(a) shall terminate.  In computing the
number of Holder Nominees, any fraction shall be rounded down to the nearest
whole number (and, if such fraction shall be less than one, then such Holder
shall have no right to nominate any Director for election).  If Directors are
placed into two or more classes pursuant to the Company's certificate of
incorporation, the Holder Nominees shall be placed in as many different classes
as possible.

          (b)  Qualification of Holder Nominees. No Nominating Holder shall name
               --------------------------------
any person as a Holder Nominee if (i) such person is not reasonably experienced
in business or financial matters, (ii) such person has been convicted of, or has
pled nolo contendere to, a felony, (iii) the election of such person would
     ---- ----------
violate any applicable law, (iv) any event described in Item 401(f) of
Regulation S-K promulgated under the 1933 Act has occurred with respect to such
person, or (v) such person is an Affiliate of, or has a material financial
interest in, (A) any individual or entity that engages, as the principal
component of its business, in activities that are directly competitive with the
Company in the executive suites business, or (B) any entity whose primary
business is to invest in business to business e-commerce companies, which has
invested an aggregate of at least $50 million in such companies.

          (c)  Support of Holder Nominees by RSI and the Company.  RSI shall
               -------------------------------------------------
support, and the Board and any nominating committee (or any other committee
exercising a similar function) thereof shall recommend, the nomination of each
Holder Nominee to the Board.  The Board shall recommend to the stockholders of
the Company the election of each Holder Nominee, and the Company and RSI shall
exercise all authority under applicable law to cause each Holder Nominee to be
elected to and to remain a member of the Board for the term for which the Holder
Nominee is nominated.  Without limiting the generality of the foregoing, with
respect to each meeting of stockholders of the Company at which Directors are to
be elected, (i) the Company shall use its commercially reasonable efforts to
solicit from the stockholders of the Company eligible to vote in the election of
Directors proxies in favor of each Holder Nominee, and (ii) RSI shall vote its
shares of Voting Common Stock in favor of each Holder Nominee at any
stockholders meeting (or written consent in lieu thereof).

                                       4
<PAGE>

          (d)  Support of RSI Nominees by CarrAmerica.  Provided that the
               --------------------------------------
nominees proposed by RSI meet the qualifications set forth in Section 2.2(b)(i)-
(iv) above (each, an "RSI Nominee"), CarrAmerica shall support and the Board or
any nominating committee (or any other committee exercising a similar function)
thereof shall recommend, the nomination of each RSI Nominee to the Board. RSI
shall have the right to nominate all of the directors other than the Holder
Nominees, except as may otherwise be provided for in the Preferred Stockholders
Agreement.  The Board shall recommend to the stockholders of the Company the
election of each RSI Nominee and the Company shall exercise all authority under
applicable law to cause each RSI Nominee to be elected to and to remain a member
of the Board for the term for which the RSI Nominee is nominated.  With respect
to each meeting of stockholders of the Company at which Directors are to be
elected, CarrAmerica shall vote its shares of Voting Common Stock in favor of
each RSI Nominee at any stockholders meeting (or written consent in lieu
thereof).

          (e)  Vacancies.  In the event that any Holder Nominee shall cease to
               ---------
serve as a Director for any reason other than the fact that the Nominating
Holder no longer has a right to nominate a Director, as provided in Section
2.2(a), the vacancy resulting thereby shall be filled by a Holder Nominee
designated by the Nominating Holder which nominated the vacating Director;
provided, however, that any Holder Nominee so designated shall satisfy the
--------  -------
qualification requirements set forth in Section 2.2(b).

     2.3. Independent Directors

          (a)  Number of Independent Directors.  From and after the date hereof,
               -------------------------------
the Board shall include at least two (2) Independent Directors.

          (b)  RSI and Holder Support of Independent Director Nominees.  RSI
               -------------------------------------------------------
shall nominate and the Holders shall support, and the Board and any nominating
committee (or any other committee exercising a similar function) thereof shall
recommend, the nomination of at least two (2) Independent Directors at all
times, and the Company, the Holders and RSI shall exercise all authority under
applicable law to cause each Independent Director nominee so supported to be
elected to and remain a member of the Board for the term for which such
Independent Director is nominated.  Without limiting the generality of the
foregoing, with respect to each meeting of stockholders of the Company at which
Directors are to be elected, (i) the Company shall use its commercially
reasonable efforts to solicit from the stockholders of the Company eligible to
vote in the election of Directors proxies in favor of each Independent Director
nominee that is nominated pursuant to this Section 2.3(b), and (ii) RSI and the
Holders shall vote their respective shares of Voting Common Stock in favor of
each Independent Director nominee that is nominated pursuant to this Section
2.3(b).

     2.4. Termination

          The rights of the Holders pursuant to this Section 2 shall terminate
on the first date on which no Holder has a right to Board representation
pursuant to Section 2.2(a) hereof.

                                       5
<PAGE>

3.   INFORMATION RIGHTS

     3.1. Information Rights of All Holders

          (a)  Quarterly Financial Information.  From and after the date hereof,
               -------------------------------
the Company shall deliver to each Holder as soon as available and in any event
within thirty (30) days after the close of each of the first, second and third
fiscal quarters of the Company, the unaudited consolidated balance sheet of the
Company and its subsidiaries as at the end of such period and the related
unaudited consolidated statements of income, retained earnings and cash flows of
the Company and its subsidiaries for such period, setting forth in each case in
comparative form the figures for the corresponding periods of the previous
fiscal year, all of which shall be certified by the chief financial officer or
the chief accounting officer of the Company, in his or her opinion, to present
fairly in all material respects and in accordance with generally accepted
accounting principles ("GAAP"), the consolidated financial position of the
Company and its subsidiaries as at the date thereof and the results of
operations for such period (subject to normal year-end adjustments).

          (b)  Annual Financial Information. From and after the date hereof, the
               ----------------------------
Company shall deliver to each Holder as soon as available and in any event
within seventy-five (75) days after the end of each fiscal year of the Company,
the audited consolidated balance sheet of the Company and its subsidiaries as at
the end of such fiscal year and the related audited consolidated statements of
income, retained earnings and cash flows of the Company and its subsidiaries for
such fiscal year, setting forth in comparative form the figures as at the end of
and for the previous fiscal year, all of which shall be certified by (A) the
chief financial officer or the chief accounting officer of the Company, in his
or her opinion, to present fairly in all material respects and in accordance
with GAAP, the financial position of the Company and its subsidiaries as of the
date thereof and the result of operations for such period and (B) independent
certified public accountants of recognized national standing.

     3.2. Information Rights of 10% Holders

          In addition to the information rights set forth in Section 3.1 hereof,
from and after the date hereof, the Company shall:

          (a)  Financial Reports.  Deliver to each 10% Holder, as soon as
               -----------------
practicable after the end of each month, an operating and financial statement
and management report of the Company and its subsidiaries (including each
subsidiary, if any, not consolidated with the Company) as at and for the end of
such month, all in such form as may be prepared by the Company for internal use
by management.

          (b)  Securities Filings.  Deliver to each 10% Holder, as promptly as
               ------------------
practicable following filing, a copy of each report, schedule or other document
filed by the Company pursuant to the requirements of any federal or state
securities laws (collectively, the "Securities Filings").

          (c)  Opportunity to Review Securities Filings.  Afford each 10% Holder
               ----------------------------------------
a reasonable opportunity to review any portion of any Securities Filing which
refers to,

                                       6
<PAGE>

describes or mentions such 10% Holder prior to the time that such Securities
Filing is filed with or sent to the applicable Government Authority.

          (d)  Delivery of Annual Budget of the Company.  Deliver to each 10%
               ----------------------------------------
Holder a copy of the approved annual operating budget for the Company and its
subsidiaries.

     3.3. Confidentiality

          Each Holder shall keep all information provided to it or any of its
representatives pursuant to this Agreement confidential, and such Holder shall
not disclose such information to any Persons other than the directors, officers,
employees, financial advisors, legal advisors, accountants and consultants of
any Holder who reasonably need to have access to the confidential information
and (i) in the case of directors, officers, employees, legal advisors and the
principal accountants of such Holder, who are advised of the confidential nature
of such information, and (ii) in the case of any financial advisors, other
accountants or consultants of such Holder, who execute an agreement with the
Company agreeing to maintain the confidentiality of such information; provided,
                                                                      --------
however, the foregoing obligation of each Holder shall not (A) relate to any
-------
information that (i) is or becomes generally available other than as a result of
unauthorized disclosure by such Holder or by Persons to whom such Holder has
made such information available, or (ii) is or becomes available to such Holder
on a non-confidential basis from a third party that is not, to such Holder's
knowledge, bound by any other confidentiality agreement with the Company or RSI,
or (B) prohibit disclosure of any information if such Holder believes in good
faith that disclosure is required by law, rule, regulation, court order or other
legal or governmental process (including SEC or GAAP reporting requirements) or
if such Holder believes in good faith that disclosure is advisable to explain a
material deviation from its expected financial results that arises from its
investment in the Company; provided further, that in the case of a disclosure
                           -------- -------
described in clause (B) above, such Holder shall (i) give prior notice to the
Board of any such disclosure and (ii) consult with the Board prior to making
such disclosure.

     3.4. Termination

          The rights granted to the Holders pursuant to Section 3.1 and Sections
3.2(a) and 3.2(d) shall terminate upon such date that the Company's Common Stock
is listed for trading on either the NASDAQ Stock Market or a national securities
exchange. The obligations assumed by the Holders pursuant to Section 3.3 shall
remain in full force and effect until the first anniversary of the consummation
of an IPO.

4.   LIMITATIONS ON CORPORATE ACTIONS

     4.1. REIT Restrictions

          (a)  Taxable REIT Subsidiary Election.
               --------------------------------

               (i)  Effective as of January 1, 2001 and for so long thereafter
as CarrAmerica continues to make the election to be taxed as a real estate
investment trust

                                       7
<PAGE>

("REIT") under Sections 856 through 860 of the Code, the Company and any
corporation in which the Company owns at least 35% of vote or value of the stock
(including OmniOffices (UK) Limited, a company incorporated in England, and
OmniOffices (Lux) 1929 Holding Company S.A., a company organized under the laws
of the Grand Duchy of Luxembourg), shall (A) elect to be treated as a "taxable
REIT subsidiary" of CarrAmerica pursuant to Section 856(l) of the Code (a "TRS")
and (B) not take any action to cause the Company to fail to qualify as a TRS of
CarrAmerica. If CarrAmerica's ownership of the Common Stock of the Company is
(A) reduced below five percent (5%) for a continuous period of six months or
longer or (B) reduced below ten percent (10%) for a continuous period of twelve
months or longer, CarrAmerica shall, at the request of the Company, consent to
the revocation of such election for the first taxable year following the taxable
year in which the last month of such six month or twelve month period, as
applicable, occurs. Notwithstanding the foregoing, for so long as CarrAmerica
continues to make the election to be taxed as a REIT, the Company shall, so long
as the Company is a TRS of Equity Office Properties Trust or any successor-in-
interest thereof ("EOPT"), (A) elect to be treated as a TRS of CarrAmerica and
(B) not take any action to cause the Company to fail to qualify as a TRS of
CarrAmerica, provided that CarrAmerica shall, at the request of the Company,
consent to the revocation of such election for the first taxable year following
the taxable year in which a CarrAmerica De Minimis Event (as defined below)
shall occur. As a condition to any merger, consolidation, reorganization or
other business combination to which the Company is a party pursuant to which
CarrAmerica acquires any equity interest in any entity other than the Company,
such entity, so long as it is a TRS of EOPT, shall agree to (A) file an election
to be treated as a TRS of CarrAmerica effective as of the date of consummation
of such business combination (or, if such business combination takes place
before January 1, 2001, effective beginning January 1, 2001) and (B) not take
any action that would cause such entity to fail to qualify as a TRS of
CarrAmerica for so long thereafter as CarrAmerica continues to make the election
to be treated as a REIT; provided that CarrAmerica shall, at the request of such
                         --------
entity, consent to and join in a revocation of such election if a Post-Merger De
Minimis Event (as defined below) shall occur any time after the date of
consummation of the business combination (which revocation shall be effective
for the taxable year immediately following the taxable year in which such Post-
Merger De Minimis Event occurs).  CarrAmerica shall notify the Company or the
surviving entity, as the case may be, in writing of the occurrence of a
CarrAmerica De Minimis Event or a Post-Merger De Minimis Event no more than 10
Business Days following the occurrence of such event.  The determination of when
a "CarrAmerica De Minimis Event" or a "Post-Merger De Minimis Event" shall occur
shall be made in accordance with the principles of the respective definitions of
"EOP De Minimis Event" and "Post-Merger De Minimis Event" contained in Section
4.1 of the Preferred Stockholders Agreement, as applied to Common Stock or
common stock of the surviving entity, as the case may be, owned by CarrAmerica.

               (ii)  For so long as the Company is obligated to constitute a TRS
of CarrAmerica, if CarrAmerica shall so request in writing within forty-five
(45) days prior to the close of any quarter of any of CarrAmerica's taxable
years beginning after December 31, 2000, the Company shall provide, within ten
(10) days prior to the close of such quarter, written certification in a form
reasonably acceptable to CarrAmerica that the Company constitutes a TRS of
CarrAmerica. All references to the Company in this subparagraph (ii) shall
include references to any successor-in-interest to the Company.

                                       8
<PAGE>

               (iii) Prior to the effective date of the Company's election to be
treated as a TRS of CarrAmerica, the Company shall not, without the prior
written consent of CarrAmerica, provide any tenant services with respect to any
property in which CarrAmerica owns a direct or indirect interest and in which a
flexible workplace center was operated by a predecessor-in-interest of the
Company prior to the date of this Agreement other than (A) the same types of
tenant services as were provided prior to the date of this Agreement, (B) the
same types of services as described in the ruling request filed by CarrAmerica
with the Internal Revenue Service with respect to services provided by the
Company, as supplemented, and as described in the private letter ruling issued
by the Internal Revenue Service in response to such request and (C) any other
services that would not cause more than 1% of the gross income derived directly
or indirectly by CarrAmerica from such property to constitute impermissible
tenant service income, as defined in Code Section 856(d)(7), provided that, with
respect to any tenant services not described in clauses (A) or (B) which the
Company notifies CarrAmerica in writing that it proposes to provide at any
property, CarrAmerica shall provide such written consent as soon as is
practicable after receiving such notification unless CarrAmerica determines, in
its sole opinion, that the provision of such other services would give rise to a
reasonable likelihood that the 1% level described in clause (C) would be
exceeded at such property, and provided further that CarrAmerica shall be deemed
to have given such written consent if it has not responded to the Company in
writing, within 30 days of receipt of such notification from the Company, that
it does not consent to the provision of the services described in the
notification because it has determined that the provision of such services would
give rise to a reasonable likelihood that such 1% level would be exceeded at
such property.  Copies of the ruling request referred to in clause (B) and any
supplements or amendments thereto through the date of this Agreement, as well as
copies of the private letter ruling referred to in clause (B) and any
supplements or amendments thereto through the date of this Agreement, have been
delivered by CarrAmerica to the Company upon or prior to the execution of this
Agreement (all of which may be marked to conceal information other than any
information concerning CarrAmerica and that portion of its business that relates
to the company or the Company's business, the Company and its business and the
relationship and business arrangements between CarrAmerica and the Company).
CarrAmerica shall deliver to the Company copies of any further supplements or
amendments to the ruling request or the private letter ruling promptly after
filing or receiving, as the case may be, such supplements or amendments.

          (b)  Ten Percent Voting Securities Limitation.
               ----------------------------------------

               (i)   From the period commencing on the date hereof and ending on
January 1, 2001, the Company shall not undertake any transaction (including,
without limitation, a merger, reorganization, recapitalization, stock dividend,
split-off, stock repurchase or otherwise) that would result in CarrAmerica
owning (or being deemed for own) more that 10% of the outstanding "voting
securities" of any issuer (as determined

                                       9
<PAGE>

under Section 856(c)(4)(B) of the Code). For these purposes, in no event shall
CarrAmerica be deemed to own voting securities of an issuer merely as a result
of the ownership of such securities by the Company or by an entity in which the
Company owns an interest. Notwithstanding the foregoing, if the exception in
Section 856(c)(4)(B)(iii) with respect to stock of "taxable REIT subsidiaries"
which was enacted as part of the RMA, and is to become effective on January 1,
2001, is repealed, the prohibitions contained in this paragraph (b) shall not
expire on January 1, 2001, but shall continue to apply (x) if such repeal occurs
prior to June 16, 2002, through the date (the "Put Expiration Date") that is
either (I) if CarrAmerica does not exercise its 2002 Put Right, June 15, 2002,
or (II) if CarrAmerica exercises its 2002 Put Right, July 31, 2002, or (y) if
such repeal occurs on or after June 16, 2002, then, if CarrAmerica is a REIT and
still holds securities of the Company, until 30 days following the first to
occur of (I) an IPO, (II) the acquisition of the Company by a publicly-traded
company, or (III) such other transaction pursuant to which the Company
securities held by CarrAmerica become or are exchanged for securities of a
publicly traded company, provided that, in the case of any transaction described
                         --------
in clause (I) or (III) above in which CarrAmerica is required (or at the request
of the Company agrees) to enter into a lock-up, whether pursuant to Section 8.5
or otherwise, the commencement of the 30 days shall begin on the last day of
such lock-up period. For these purposes, the relevant provision of the Code
shall be considered to have been repealed upon the passage of legislation that
would repeal such provision by both houses of Congress (prior to such
legislation being signed into law and regardless of whether such passage occurs
prior to the effective date of such legislation). In no event shall the
provisions of this paragraph apply to a transaction that takes place or to which
the Company becomes contractually committed after December 31, 2000 but prior to
the repeal of Section 856(c)(4)(B)(iii) (determined as set forth in the
preceding sentence).

               (ii)  In the event of any transaction that would otherwise result
in a violation of this paragraph (b), the Company shall have the option to cause
CarrAmerica to be offered and, if offered, CarrAmerica shall accept,
consideration in the form of nonvoting securities rather than voting securities
to the extent necessary to reduce CarrAmerica's voting interest to no more than
10% of the outstanding voting securities of such issuer; provided, however, that
                                                         --------  -------
CarrAmerica shall be required to accept such nonvoting securities (or waive the
restrictions set forth in this paragraph (b)) only if (x) such nonvoting
securities have economic terms that are at least as favorable to CarrAmerica as
the economic terms of the voting securities that would otherwise be received by
CarrAmerica, (y) CarrAmerica receives an opinion of nationally recognized tax
counsel to the effect that the securities to be received will not be treated as
voting securities for purposes of Section 856(c)(4) of the Code, and (z) the
nonvoting securities shall be convertible into voting securities under the same
circumstances that the Nonvoting Common Stock is convertible into Voting Common
Stock.

          (c)  Limitation on Acquisition of Securities.
               ---------------------------------------

               (i)  The Company shall not undertake any transaction (including,
without limitation, a merger, reorganization, distribution of securities, or
otherwise) prior to the Put Expiration Date that would cause CarrAmerica to be
considered to have acquired (as determined for purposes of Section 856(c)(4)(B)
of the Code) any security of any issuer if, as a result thereof and immediately
after such transaction, CarrAmerica

                                       10
<PAGE>

would not meet one or more of the assets tests set forth in Section 856(c)(4) of
the Code (the "Asset Tests").

               (ii)  For purposes of determining whether a violation of one or
more of the Asset Tests would occur for purposes of subparagraph (i) above, (A)
the date of the transaction shall be treated as if it were the last day of the
calendar quarter in which the transaction would occur, (B) the value of
securities that CarrAmerica would be considered to have acquired in connection
with the transaction for purposes of the Asset Tests shall be deemed to be the
value of such securities as of the date of the transaction, increased to reflect
deemed appreciation in value at an annual rate of 25%, for the period of time
from the date of the transaction to the close of the calendar quarter in which
the transaction takes place, and (C) CarrAmerica shall be treated as having
acquired or disposed of, as the case may be, on the date of the transaction any
other assets that CarrAmerica is contractually committed, on the later of the
time it receives written notice of the transaction or twenty (20) business days
prior to the transaction, to acquire or dispose of, as the case may be, at some
future date during such calendar quarter.

               (iii) The Company shall have the option to provide to CarrAmerica
at least twenty (20) business days' prior notice of a potential transaction that
could be subject to the prohibition in this Section 4.1(c).  Such notice shall
contain a detailed description of the potential transaction, including the
maximum reasonably expected value of any securities to be received by
CarrAmerica in connection with such transaction as of the date the transaction
is expected to be completed.  If the Company provides such notice to
CarrAmerica, CarrAmerica may, within ten (10) business days after receipt of
such notice, provide the Company an opinion of counsel or its independent
accountants to the effect that the execution of such transaction (taking into
account the principles set forth in subparagraph (ii) above) would reasonably be
expected to result in a violation of one or more of the Asset Tests (which
opinion may be based upon customary representations of CarrAmerica as to factual
matters).  If the Company shall provide such notice to CarrAmerica, and
CarrAmerica shall fail to deliver such an opinion within the requisite ten (10)
business days, the Company shall be entitled to complete such transaction
without any liability under this subparagraph (c).

               (iv)  From and after the Put Expiration Date through December 31,
2003, so long as CarrAmerica owns any securities of the Company, the Company
shall provide to CarrAmerica twenty (20) business days' prior notice of any
transaction involving the Company that would result in CarrAmerica being deemed
to have acquired additional securities of any issuer for purposes of Section
856(c)(4) of the Code, provided that such notice would not violate any
                       --------
confidentiality obligations of the Company.  If the notice requirement set forth
in this subparagraph (iv) would violate any confidentiality obligations of the
Company, the Company shall use commercially reasonable efforts to obtain an
exception to such confidentiality requirements in order to provide the notice to
CarrAmerica.

               (v)   CarrAmerica shall maintain strict confidentiality with
respect to any potential transaction of which it receives notice under
subparagraph (iii) or subparagraph (iv) above, and CarrAmerica shall join in any
confidentiality obligations to which the Company is subject with respect to such
transaction.

                                       11
<PAGE>

               (vi)  Notwithstanding any of the above, in the event of any
transaction that would otherwise result in a violation of this subparagraph (c),
CarrAmerica shall (x) accept consideration in the form of cash rather than
securities (or waive the restrictions set forth in this paragraph (c));
provided, that CarrAmerica shall not be obligated to accept cash (or waive the
--------
restrictions set forth in this paragraph (c)) if the receipt of such cash would
reasonably be expected to cause CarrAmerica to violate any of the income tests
set forth in Section 856(c)(2) or 856(c)(3) of the Code for either of the
taxable years ending December 31, 2000 or December 31, 2001; and (y) at the
request of the Company, join to elect that the Company (or any successor) be
treated as a "taxable REIT subsidiary" of CarrAmerica (to the extent that such
an election is not then in effect and would be effective to avoid a violation of
this paragraph (c) or to minimize the amount of cash that CarrAmerica must
receive in order to avoid a violation of this paragraph (c)).

          (d)  Limitations on Transactions that Produce Gain.
               ---------------------------------------------

               (i)   The Company shall not undertake any transaction (including,
without limitation, a dividend, merger, reorganization, distribution of
securities, or otherwise) (A) that shall result in the recognition of more than
$25 million of taxable income or gain by CarrAmerica during the taxable year
ending December 31, 2000 (in addition to any gain that will be recognized by
CarrAmerica by reason of the consummation of the transactions contemplated by
the Merger Agreement (the "Merger Agreement") dated as of January 20, 2000, as
amended, by and among HQ Global, CarrAmerica, RSI and Vantas Incorporated, a
Nevada corporation, and all ancillary agreements related thereto), or (B) that
shall result in the recognition of more than $75 million of taxable income or
gain for CarrAmerica during the taxable year ending December 31, 2001.

               (ii)  In the event that the Company contemplates undertaking any
transaction (including, without limitation, a dividend, merger, reorganization,
distribution of securities, or otherwise) that is reasonably likely to result in
the recognition of taxable income or gain for CarrAmerica in any single calendar
year through 2003 that equals or exceeds $25 million (other than any gain that
will be recognized by CarrAmerica by reason of the consummation of the
transactions contemplated by the Merger Agreement and all ancillary agreements
related thereto), the Company shall provide CarrAmerica with not less than
seventy-five (75) calendar days' prior written notice thereof; provided,
                                                               --------
however, that if using commercially reasonable efforts it is not practicable for
-------
the Company to provide at least seventy-five (75) calendar days prior written
notice of such proposed transaction, then the Company shall provide written
notice to CarrAmerica as soon as practicable prior to the proposed transaction,
but in no event less than thirty (30) calendar days prior to the transaction,
provided further, that such notice would not violate any confidentiality
-------- -------
obligations of the Company.  If the notice requirement set forth in this
subparagraph (ii) would violate any confidentiality obligations of the Company,
the Company shall use commercially reasonable efforts to obtain an exception to
such confidentiality requirements in order to provide the required notice to
CarrAmerica.

                                       12
<PAGE>

               (iii) For purposes of this paragraph (d), the Company may assume
that CarrAmerica's aggregate adjusted tax basis in its Common Stock is $20 per
share.

               (iv)  Failure by CarrAmerica to cooperate fully and promptly with
respect to any reasonable request made by the Company for information in order
to determine the applicability of this paragraph (d) to any potential
transaction under consideration by the Company shall relieve the Company from
its obligations under this paragraph (d).

               (v)   CarrAmerica shall maintain strict confidentiality with
respect to any potential transaction of which it receives notice hereunder, and
CarrAmerica shall join in any confidentiality obligations to which the Company
is subject with respect to such transaction.

          (e)  Successors and Assigns.  For purposes of this Section 4.1, the
               ----------------------
term "Company" refers both to the Company itself and to all successors and
assigns (direct or indirect) of the Company (including, without limitation, any
entity that acquires some or all of the outstanding capital stock of the Company
by reason of a merger or otherwise in which CarrAmerica thereafter would own
securities of such acquiror or any affiliate thereof), and any direct or
indirect subsidiaries of the Company (or such a successor or assign thereto).
This Section 4.1(e) is included to avoid any ambiguity in the interpretation of
this Section 4.1 and shall not limit or otherwise affect the generality of
Sections 11.2, 11.5 and 11.6 or the interpretation of other Sections of this
Agreement.

     4.2. No Acquisition of Common Stock from RSI or its Affiliates

          Without a Majority Consent of the Holders, the Company shall not
redeem, purchase or otherwise acquire any of the Common Stock of the Company
held by RSI or any entity controlled by RSI; provided, however, that no Majority
                                             --------  -------
Consent of the Holders shall be required if such redemption, purchase or
acquisition is pursuant to a tender offer or other offer made on the same terms
to all holders of Common Stock, including, without limitation, the Holders.

     4.3. No Contravening Agreement

          Each of RSI, each Holder and the Company covenants that, from and
after the date hereof, it will not enter into any contract, agreement or other
arrangement that would impair, limit or restrict its ability to perform any of
its obligations under this Agreement.

     4.4. Termination

          The rights granted to Holders pursuant to Section 4.2 shall terminate
on the closing date of an IPO.

                                       13
<PAGE>

5.   PARTICIPATION RIGHTS

     5.1. Right to Participate

          Subject to Section 5.6 hereof, from and after the date hereof, if the
Company proposes to issue or sell any equity securities of the Company or
securities convertible into equity securities of the Company ("Company
Interests") other than Company Interests issued pursuant to employee benefit
plans approved by the Company's stockholders, each Holder and RSI (each a
"Participant" and collectively, the "Participants") shall have the right to
purchase or subscribe for its "pro rata share" (as defined below), and no less
than all of such Participant's pro rata share, of such Company Interests;
provided, however, each Participant shall be entitled, on one (1) occasion only,
--------  -------
to purchase or subscribe for less than all of such Participant's pro rata share
or not to participate in such issuance or sale.  For purposes of this Section
5.1, each Participant's "pro rata share" of the Company Interests to be issued
or sold in a transaction giving rise to the participation rights described in
this Section 5.1 (inclusive of the Company Interests to be purchased or
subscribed for by all Participants pursuant to the participation rights provided
for by this Section 5.1) shall equal the percentage of outstanding Common Stock
owned by such Participant as of the date immediately preceding such issuance or
sale.  Notwithstanding the foregoing, each Participant shall be permitted to
designate that any or all of the Company Interests that it is entitled to
purchase pursuant to this Section 5.1 shall be of a separate class or series
with the same designations, preferences and rights as the Company Interests
proposed to be issued, except that any such separate class or series (i) shall
have no voting rights except as required by law, and (ii) shall be convertible
into the Company Interests under the same circumstances that the Nonvoting
Common Stock is convertible into Voting Common Stock.

     5.2. Notice

          If the Company proposes to issue any Company Interests in a
transaction giving rise to the participation rights provided for in Section 5.1,
the Company shall send a written notice (the "Participation Notice") to each
Participant setting forth (a) the number of the Company Interests which the
Company proposes to issue, (b) the price (before any commission or discount) at
which such the Company Interests are proposed to be issued (or, in the case of
an underwritten or privately placed offering in which the price is not known at
the time the Participation Notice is given, the method of determining such price
and an estimate thereof), (c) such Participant's "pro rata share" as of the date
of the Participation Notice, and (d) all other relevant information as to such
proposed transaction as may be necessary for each Participant to determine
whether or not to exercise the rights granted pursuant to Section 5.1.  At any
time within ten (10) days after its receipt of the Participation Notice, each
Participant may exercise its participation rights to purchase or subscribe for
the Company Interests, as provided for in this Section 5, by so informing the
Company in writing (an "Exercise Notice").  Each Exercise Notice shall state the
percentage of the proposed sale or issuance that such Participant elects to
purchase.  Each Exercise Notice shall be irrevocable, subject to the conditions
to the closing of the transaction giving rise to the participation right
provided for in Section 5.1.

                                       14
<PAGE>

     5.3. Abandonment of Sale or Issuance

          The Company shall have the right, in its sole discretion, at all times
prior to consummation of any proposed issuance or sale giving rise to the
participation right granted by Section 5.1, to abandon, rescind, annul, withdraw
or otherwise terminate such issuance or sale, whereupon all participation rights
in respect of such proposed issuance or sale shall become null and void, and the
Company shall not have any liability or obligation to any Participant by virtue
of such abandonment, rescission, annulment, withdrawal or termination.

     5.4. Terms of Sale

          The purchase or subscription by any Participant pursuant to Section
5.1 above shall be at the same price and such other terms and conditions,
including the date of sale or issuance, as are applicable to the purchasers or
subscribers of the Company Interests whose purchases or subscriptions give rise
to the participation rights, which price and other terms and conditions shall be
substantially as stated in the relevant Participation Notice (which standard
shall be satisfied if the price is not greater than 110% of the estimated price
set forth in the relevant Participation Notice); provided, however, that if the
                                                 --------  -------
consideration to be received by the Company in connection with the issuance of
the Company Interests giving rise to participation rights hereunder is other
than cash or cash equivalents, the price at which the participation rights may
be exercised shall be the price set forth in the Participation Notice or
determined in the manner set forth in the Participation Notice (which shall in
either event be the price as set forth in the agreement pursuant to which such
Company Interests are to be issued, with the consideration to be received
therefor being valued based upon the fair market value thereof); provided
                                                                 --------
further, that if the consideration to be received by the Company in connection
-------
with the issuance of the Company Interests giving rise to participation rights
hereunder is other than cash or cash equivalents, and the fair market value of
the consideration to be received is not determinable, the price at which the
participation rights may be exercised shall, (i) in the event that shares of
capital stock with an established trading market are being issued or sold, be
the average ten-day trailing market price of such shares as of the date of
receipt of the Participation Notice, and (ii) in the event any other interests
are being issued or sold, be determined by reference to the amount set forth
above, adjusted as may be appropriate to reflect the relationship between those
interests with an established trading market and those interests to be issued in
the relevant transaction; and provided, finally, that in the event the purchases
                              --------  -------
or subscriptions giving rise to the participation rights are effected by an
offering of securities registered under the 1933 Act and in which offering it is
not practical in the judgment of the Company for the securities to be purchased
by any Participant to be included, such securities to be purchased by such
Participant or Participants will be purchased in a concurrent private placement
if legally permissible.

     5.5. Timing of Sale

          If, with respect to any Participation Notice, any Participant fails to
deliver an Exercise Notice within the requisite time period, the Company shall
have one hundred fifty (150) days after the expiration of the time in which the
Exercise Notice is required to

                                       15
<PAGE>

be delivered in which to sell or issue not more than the number of the Company
Interests described in the Participation Notice and at a price and on terms not
materially less favorable to the Company than were set forth in the
Participation Notice. If, at the end of one hundred fifty (150) days following
the expiration of the time in which the Exercise Notice is required to be
delivered, the Company has not completed the issuance or sale of the Company
Interests in accordance with the terms described in the Participation Notice
(or, in the case of the price, at a price which is at least 90% of the estimated
price set forth in the Participation Notice, which price shall be deemed not to
be materially less favorable to the Company than the price set forth in the
Participation Notice), the Company shall again be obligated to comply with the
provisions of Section 5.2 with respect to, and provide Participants with the
opportunity to participate in, any proposed issuance or sale of the Company
Interests; provided, however, that notwithstanding the foregoing, if the price
           --------  -------
at which such the Company Interests is to be sold in an underwritten offering is
not at least 90% of the estimated price set forth in the Participation Notice,
the Company may inform such Participant or Participants of such fact and such
Participant or Participants shall be entitled to elect, by written notice
delivered within two business days following receipt of such notice from the
Company, to participate in such offering in accordance with the provisions of
this Section 5.

     5.6. Termination of Participation Right

          The participation rights granted to Participants pursuant to this
Section 5 shall terminate on the earlier of (i) with respect to each Participant
on an individual basis, the first date on which such Participant's ownership of
Common Stock of the Company, together with any shares of Common Stock
transferred by such Participant to a majority owned subsidiary or an Immediate
Family Member of such Participant and still owned by such transferee or any
other permitted transferee, shall have been (x) in the case of any Holder, less
than 90% of the number of shares of Common Stock of the Company set forth
opposite the name of such Holder on the signature page hereto (as the same may
be increased pursuant to a prior exercise of a participation right granted
pursuant to Section 5.1 and subject to adjustment in the event of stock splits,
stock dividends and similar events) for a continuous period of ninety (90) days,
and (y) in the case of RSI, less than 65% of the number of shares of Common
Stock of the Company set forth opposite RSI's name on the signature page hereto
(as the same may be increased pursuant to a prior exercise of a participation
right granted pursuant to Section 5.1 and subject to adjustment in the event of
stock splits, stock dividends and similar events), (ii) the closing date of an
IPO, or (iii) if such Participant has previously elected either to purchase or
subscribe for less than such Participant's pro rata share or not to participate
in such issuance or sale in accordance with the proviso set forth in the first
sentence of Section 5.1, the date on which the Company subsequently consummates
a transaction which was subject to this Section 5 and such Participant did not
elect to purchase or subscribe for all of its pro rata share of the Company
Interests.  The participation rights granted pursuant to Section 5.1 shall not
apply to an IPO and shall not be assignable or transferable to a third party;
provided, however, that any party hereto that is an entity may assign its rights
--------  -------
and obligations pursuant to this Section 5 in connection with a transfer of all
or substantially all of its assets or a merger, consolidation or other similar
business combination transaction.  Notwithstanding anything to the contrary
contained herein, if a Participant delivers an

                                       16
<PAGE>

Exercise Notice to the Company, and the Company has not otherwise abandoned the
transaction to which the Exercise Notice applies, and such Participant fails to
fulfill its obligations to purchase the shares set forth in the Exercise Notice
on the date set for closing the transaction to which the Exercise Notice
applies, such Participant's rights under this Section 5 will terminate and such
Participant shall pay to the Company any expenses (including reasonable
attorneys' fees) incurred by the Company in connection with the transaction with
the Participant.

6.   TAG-ALONG RIGHTS

     6.1. Rights and Notice

          Subject to Section 6.4 of this Agreement and the last sentence of this
Section 6.1, if RSI receives a bona fide offer to purchase from it, whether in
one transaction or in a series of related transactions, shares of Common Stock
of the Company from any person other than an Affiliate of RSI (a "Purchase
Offer"), RSI shall not accept such Purchase Offer unless each of the Holders is
entitled to sell pursuant to the Purchase Offer that percentage of the shares of
Common Stock owned by such Holder equal to the percentage of the number of
shares of Common Stock owned by RSI proposed to be included in the Purchase
Offer.  Sales by the Holders pursuant to the Purchase Offer shall be on the same
terms and conditions as the Purchase Offer, without reduction for minority
interest, absence of voting rights, illiquidity or otherwise.  Not later than
fifteen (15) days prior to consummation of the Purchase Offer, RSI shall send a
notice (the "Tag-Along Notice") to each Holder, which notice shall include,
among other things, (a) the number of shares of Common Stock that are the
subject of the Purchase Offer, (b) the price at which the bona fide purchaser is
willing to purchase the Common Stock, and (c) all other relevant information as
to such proposed transaction as may be necessary for each Holder to determine
whether or not to exercise the Tag-Along Right.  Upon receipt of the Tag-Along
Notice, each Holder shall have the right (the "Tag-Along Right") to sell in
accordance with the terms of the Purchase Offer up to the number of shares of
Common Stock equal to the product of (a) the total number of shares of Common
Stock proposed to be sold by all of the Holders pursuant to the Purchase Offer
and (b) a fraction, the numerator of which shall be the number of shares of
Common Stock owned by such Holder and the denominator of which shall be the
number of shares of Common Stock owned by all Holders electing to participate in
such purchase.  A Holder may exercise the Tag-Along Right by delivering, not
later than ten (10) days after receipt of the Tag-Along Notice, a written notice
to RSI (a "Holder Tag-Along Notice") stating the number of shares of Common
Stock that such Holder wishes to sell pursuant to the Purchase Offer.
Notwithstanding the foregoing, RSI shall have the right to sell up to an
aggregate of twenty-five percent (25%) of the total number of shares of Common
Stock of the Company owned by RSI as of the date hereof (subject to future
adjustment in the event of stock splits, stock dividends and similar events)
prior to the second anniversary hereof without triggering any rights under this
Section 6.

                                       17
<PAGE>

     6.2. Abandonment of Sale

          RSI shall have the right, in its sole discretion, at all times prior
to consummation of the proposed transaction giving rise to the Tag-Along Rights,
to abandon, withdraw or otherwise terminate its participation in the proposed
transaction, and RSI shall not have any liability or obligation to the Holders
as a result of such abandonment, withdrawal or other termination.

     6.3. Timing of Sale

          If any Holder fails to deliver a Holder Tag-Along Notice within the
requisite time period, RSI shall have one hundred fifty (150) days after the
expiration of the time in which the Holder Tag-Along Notice is required to be
delivered to consummate the proposed transaction identified in the Holder
Purchase Offer at the price and on the terms that are not more favorable to RSI
than those set forth in the Holder Tag-Along Notice (except that the price may
be increased by up to 10% from the price set forth in the Holder Tag-Along
Notice).  If, at the end of such one hundred fifty (150)-day period, RSI has not
consummated the proposed transaction, RSI shall again be obligated to comply
with the provisions of this Section 6.

     6.4. Termination of Tag-Along Right

          The Tag-Along Rights granted to Holders pursuant to this Section 6
shall terminate upon the closing of an IPO.

7.   PUT RIGHTS

     7.1. 2000 Put Right

          (a)  2000 Put Right. At any time during the period commencing on
               --------------
October 31, 2000 and ending on November 15, 2000 (the "2000 Put Period"), each
Holder shall have the right (the "2000 Put Right") to require that RSI purchase
up to 16.67 % of the Common Stock owned by such Holder, for a price per share
equal to the 2000 Put Price (as defined below).  The "2000 Put Price" of each
share of Common Stock to be sold pursuant to the 2000 Put Right shall be the
greater of: (i) the Fair Market Value (as defined below) of such Common Stock,
determined in accordance with the procedures set forth Section 7.4; (ii) the
Consideration (as defined in the U.S. Stock Purchase Agreement, subject to
future adjustment in the event of stock splits, stock dividends and similar
events); or (iii) the highest price per share of Common Stock (or the implied
value of the Common Stock in connection with the issuance of any convertible
security of the Company) (subject to future adjustment in the event of stock
splits, stock dividends and other similar events) received by RSI or the Company
in any sale or issuance thereof (i) in connection with the transactions
contemplated by the Merger Agreement or (ii) from and after the date hereof
through the last day of the 2000 Put Period but in no event less than
$__________ per share.

                                       18
<PAGE>

          (b)  Consideration.
               -------------

               (i)   Cash. The consummation of the sale and purchase of Common
                     ----
Stock pursuant to Section 7.1(a) shall occur on December 7, 2000 (the "2000 Put
Right Closing"). RSI shall pay the 2000 Put Price in cash in full at the 2000
Put Right Closing unless it elects the alternative consideration payment set
forth in clause (ii) below. The Designated Holder (as defined below) shall have
the right to inquire by notice to RSI as to the form of the consideration to be
paid by RSI at any time from the twelfth day prior to the 2000 Put Right Closing
up to and including the fifth day preceding the 2000 Put Right Closing. RSI
shall inform the Designated Holder of the form of the consideration not later
than the second day prior to the 2000 Put Right Closing. If RSI fails to so
inform the Designated Holder, RSI shall be responsible for any actual damages
incurred by the Holders as a result of such failure.

               (ii)  Alternative Consideration - RSI Stock. Subject to the
                     -------------------------------------
following sentence, at RSI's option, all or a portion of the consideration
payable upon exercise of the 2000 Put Right may be paid by delivery of a number
of shares of common stock of RSI equal to (x) the 2000 Put Price, less any cash
paid pursuant to Section 7.1(b)(i) hereof, divided by (y) 98% of the volume
weighted average price of a share of common stock of RSI on the NASDAQ Stock
Market or other national securities exchange on which RSI's shares are then
traded for the ten (10) trading days ending on the third trading day prior to
the date of the 2000 Put Right Closing. RSI may pay all or a portion of the 2000
Put Price in shares of common stock of RSI only if (i) RSI's common stock is
then listed on the NASDAQ Stock Market or other national securities exchange on
which RSI's shares are then traded, and (ii) the shares to be issued to the 2000
Put Exercising Holder shall be eligible for immediate sale, subject to a resale
registration statement under the 1933 Act being declared effective by the SEC.
RSI covenants and agrees that it will file within thirty (30) days after receipt
of such 2000 Put Notice and will use its best efforts to have declared effective
within ninety (90) days of receipt of such 2000 Put Notice a resale registration
statement for the RSI common stock issued pursuant hereto.

          (c)  Minimum Put Requirement.  No exercise by any Holder of the 2000
               -----------------------
Put Right shall be permitted unless such exercise is with respect to the lesser
of (i) 200,000 shares of Common Stock or (ii) all of the shares of Common Stock
owned by such Holder.

     7.2. 2001 Put Right

          (a)  2001 Put Right.  Unless an IPO has occurred prior to July 31,
               --------------
2001, at any time during the period commencing on October 31, 2001 and ending on
November 15, 2001 (the "2001 Put Period"), each Holder shall have the right (the
"2001 Put Right") to require that RSI purchase up to 50% of the Common Stock
owned by such Holder (but subject to the minimum put requirement set forth in
Section 7.2(c)), for a price per share equal to the Fair Market Value of such
Common Stock (the "2001 Put Price"), determined in accordance with the
procedures set forth in Section 7.4.  Each Holder electing to exercise the 2001
Put Right (a "2001 Put Exercising Holder") shall exercise such right by a
written notice (the "2001 Put Notice") delivered to RSI and the Company during
the 2001 Put Period.

                                       19
<PAGE>

          (b)  Consideration.
               -------------

               (i)   Cash.  The consummation of each sale and purchase of Common
                     ----
Stock pursuant to Section 7.2(a) shall occur on December 7, 2001 (the "2001 Put
Right Closing"). RSI shall pay the 2001 Put Price in cash in full at the 2001
Put Right Closing, unless it elects either (but not both) of the alternative
consideration payments set forth in clauses (ii) and (iii) below. The Designated
Holder (as defined below) shall have the right to inquire by notice to RSI as to
the form of the consideration to be paid by RSI at any time from the twelfth day
prior to the 2001 Put Right Closing up to and including the fifth day preceding
the 2001 Put Right Closing. RSI shall inform the Designated Holder of the form
of the consideration not later than the second day prior to the 2001 Put Right
Closing. If RSI fails to so inform the Designated Holder, RSI shall be
responsible for any actual damages incurred by the Holders as a result of such
failure.

               (ii)  Alternative Consideration - Promissory Note.  At RSI's
                     -------------------------------------------
option, all or a portion of the consideration payable upon exercise of the 2001
Put Right may be paid by delivery of a promissory note (the "Note") payable in
cash to a 2001 Put Exercising Holder in the amount of the 2001 Put Price payable
to such 2001 Put Exercising Holder, less any cash paid pursuant to Section
7.2(b)(i). The Note shall mature on July 31, 2002, shall be non-interest
bearing, and shall be prepayable at any time, at RSI's option.

               (iii) Alternative Consideration - RSI Stock.  Subject to the
                     -------------------------------------
following sentence, at RSI's option, all or a portion of the consideration
payable upon exercise of the 2001 Put Right may be paid by delivery of a number
of shares of common stock of RSI equal to (x) the 2001 Put Price, less any cash
paid pursuant to Section 7.2(b)(i) hereof, divided by (y) 98% of the volume
weighted average price of a share of common stock of RSI on the NASDAQ Stock
Market or other national securities exchange on which RSI's shares are then
traded for the ten (10) trading days ending on the third trading day prior to
the date of the 2001 Put Right Closing.  RSI may pay all or a portion of the
2001 Put Price in shares of common stock of RSI only if (i) RSI's common stock
is then listed on the NASDAQ Stock Market or other national securities exchange
on which RSI's shares are then traded, and (ii) the shares to be issued to the
2001 Put Exercising Holder shall be eligible for immediate sale, subject to a
resale registration statement under the 1933 Act being declared effective by the
SEC.  RSI covenants and agrees that it will file within thirty (30) days after
receipt of such 2001 Put Notice and will use its best efforts to have declared
effective within ninety (90) days of receipt of such 2001 Put Notice a resale
registration statement for the RSI common stock issued pursuant hereto.

          (c)  Minimum Put Requirement.  No exercise by any Holder of the 2001
               -----------------------
Put Right shall be permitted unless such exercise is with respect to the lesser
of (i) 200,000 shares of Common Stock or (ii) all of the shares of Common Stock
owned by such Holder.

     7.3. 2002 Put Right

          (a)  2002 Put Right.  Unless an IPO has occurred prior to April 1,
               --------------
2002, at any time during the period commencing on June __, 2002 and ending on
June 17, 2002 (the

                                       20
<PAGE>

"2002 Put Period" and, together with the 2000 Put Period and the 2001 Put
Period, a "Put Period"), each Holder shall have the right (the "2002 Put Right")
to require that RSI purchase any or all of the Common Stock owned by such Holder
(but subject to the minimum put requirement set forth in Section 7.3(c)), for a
price per share equal to the Fair Market Value of such Common Stock (the "2002
Put Price"), determined in accordance with the procedures set forth in Section
7.4. Each Holder electing to exercise the 2002 Put Right (a "2002 Put Exercising
Holder" and together with a 2001 Put Exercising Holder, the "Exercising
Holders") shall exercise such right by a written notice (the "2002 Put Notice")
delivered to RSI during the 2002 Put Period.

          (b)  Consideration.
               -------------

               (i)   Cash. The consummation of each sale and purchase of Common
                     ----
Stock pursuant to Section 7.3(a) shall occur on July 31, 2002 (the "2002 Put
Right Closing"). RSI shall pay the 2002 Put Price in cash in full at the 2002
Put Right Closing, unless it elects the alternative consideration payment set
forth in clause (ii) below. The Designated Holder (as defined below) shall have
the right to inquire by notice to RSI as to the form of the consideration to be
paid by RSI at any time from the twelfth day prior to the 2002 Put Right Closing
up to and including the fifth day preceding the 2002 Put Right Closing. RSI
shall inform the Designated Holder of the form of the consideration not later
than the second day prior to the 2002 Put Right Closing. If RSI fails to so
inform the Designated Holder, RSI shall be responsible for any actual damages
incurred by the Holders as a result of such failure.

               (ii)  Alternative Consideration.  Subject to the following
                     -------------------------
sentence, at RSI's option, all or a portion of the consideration payable upon
exercise of the 2002 Put Right may be paid by delivery of a number of shares of
common stock of RSI equal to (x) the 2002 Put Price, less any cash paid pursuant
to Section 7.3(b)(i) hereof, divided by (y) 98% of the volume weighted average
price of a share of common stock of RSI on the NASDAQ Stock Market or other
national securities exchange on which RSI's shares are then traded for the ten
(10) trading days ending on the third trading day prior to the date of the 2002
Put Right Closing. RSI may pay all or a portion of the 2002 Put Price in shares
of common stock of RSI only if (i) RSI's common stock is then listed on the
NASDAQ Stock Market or other national securities exchange on which RSI's shares
are then traded, and (ii) the shares to be issued to the 2002 Put Exercising
Holder shall be eligible for immediate sale, subject to a resale registration
statement under the 1933 Act being declared effective by the SEC. RSI covenants
and agrees that it will file within thirty (30) days after receipt of such 2002
Put Notice and will use its best efforts to have declared effective within
ninety (90) days of receipt of such 2002 Put Notice a resale registration
statement for the RSI common stock issued pursuant hereto.

          (c)  Minimum Put Requirement.  No exercise by any Holder of the 2002
               -----------------------
Put Right shall be permitted unless such exercise is with respect to the lesser
of (i) 200,000 shares of Common Stock or (ii) all of the shares of Common Stock
owned by such Holder.

                                       21
<PAGE>

     7.4. Procedures to Determine Fair Market Value

          (a)  Not later than sixty (60) days prior to the commencement of a Put
Period, the Designated Holder, on behalf of all Holders, and RSI shall each
select an independent investment banking firm of nationally recognized expertise
in the valuation of companies comparable to the Company.  The agreement pursuant
to which each such firm is retained shall require such firm to deliver to each
of the Designated Holder and RSI a valuation report setting forth its
determination of the total equity value of the Company not later than thirty
(30) days prior to the commencement of a Put Period.  The total equity value
shall be calculated as of October 31, 2000 (in the case of the 2000 Put Right),
October 31, 2001 (in the case of the 2001 Put Right) or June __, 2002 (in the
case of the 2002 Put Right).  If the lower valuation of the two investment
banking firms so selected by the Designated Holder and RSI is 90% or more of the
higher valuation, then the average of two valuations shall be considered the
"total equity value" of the Company for purposes of this Section 7.4.  If the
lower valuation is not at least 90% of the higher valuation, then such
investment banking firms shall select a third independent investment banking
firm of nationally recognized expertise in the valuation of companies comparable
to the Company, which shall choose, not later than the commencement of a Put
Period, one of the values determined by the investment banking firms so selected
by the Designated Holder and RSI, which shall be the "total equity value" of the
Company for purposes of this Section 7.4.  Any determination of the "total
equity value" of the Company in accordance with the provisions of this paragraph
shall be final and binding.  The costs of the investment bankers retained in
accordance with this Section 7.4 shall be borne equally by RSI and the
Exercising Holders (pro rata based on the respective number of shares sold), or,
in the case of the 2000 Put Right or if there shall be no Exercising Holders,
equally by RSI and CarrAmerica.  The "Fair Market Value" of each share of Common
Stock for purposes of determining the 2000 Put Price, the 2001 Put Price or the
2002 Put Price, as applicable, shall be determined by dividing (i) the total
equity value of the Company as of October 31, 2000 (in the case of the 2000 Put
Right), October 31, 2001 (in the case of the 2001 Put Right) or June __, 2002
(in the case of the 2002 Put Right), as determined in the manner described
above, by (ii) the number of shares of Common Stock outstanding as of October
31, 2000, October 31, 2001 or June __, 2002, as applicable (including any
securities convertible into Common Stock calculated on a fully diluted basis).
The Fair Market Value of each share of Common Stock shall be determined without
giving effect to any factor specifically relating to the Common Stock,
including, without limitation, liquidity premiums or discounts relating to the
Common Stock, minority position or lack of voting power.

          (b)  During the 2000 Put Period, the 2001 Put Period, the 2002 Put
Period and the ten trading days ending on the 3/rd/ business day prior to the
date of the applicable Put Right Closing (each such period, a "Measuring
Period"), neither CarrAmerica nor any of its controlled Affiliates shall,
directly or indirectly, engage in short sales of (and, during the ten trading
days prior to the date of the applicable Put Right Closing, engage in sales of),
or purchase put options on, shares of RSI common stock or securities convertible
into or exchangeable for shares of RSI common stock, or otherwise enter into or
execute hedging or arbitrage transactions on the NASDAQ Stock Market, or on any
national securities exchange on which RSI common stock is listed or with third

                                       22
<PAGE>

party intermediaries with the purpose or intention, or having the effect, of
decreasing the market price of RSI common stock during each Measuring Period.

     7.5. Indemnification of Designated Holder

          Each Holder hereby irrevocably appoints the Designated Holder as its
representative under Section 7 hereof for purposes of determining the Fair
Market Value of the Common Stock.  Each Holder hereby indemnifies the Designated
Holder for, and holds the Designated Holder harmless against, any loss,
liability, disbursements, expenses, losses, costs or cash damages (including
reasonable attorneys' fees) incurred on the part of the Designated Holder,
arising out of or in connection with Designated Holder carrying out its duties
herein, including costs and expenses of defending the Designated Holder against
any claim of liability with respect thereto, provided that the Designated Holder
has acted in good faith.

8.   TRANSFER RESTRICTIONS

     8.1. RSI Right of First Offer

          (a)  Subject to Section 8.4 hereof, before any Holder shall transfer
any shares of capital stock of the Company, such Holder shall first deliver a
written notice (the "Holder Notice of Offer") to RSI offering to sell the number
of shares proposed to be sold by such Holder to RSI (the "RSI Right of First
Offer").  The Holder Notice of Offer shall specify (i) the number and classes of
all shares of Common Stock proposed to be sold by such Holder to RSI (the
"Holder Offered Securities"), (ii) the minimum proposed cash consideration per
share that Holder desires to receive for the Holder Offered Securities (the
"Holder Offer Price"), and (iii) any other terms and conditions of the offer.
The Holder Notice of Offer shall constitute an irrevocable offer by such Holder
to sell to RSI all, but not less than all, of the Holder Offered Securities at
the Holder Offer Price, in accordance with this Section 8.

          (b)  Within thirty (30) days following its receipt of the Holder
Notice of Offer, RSI shall notify such Holder whether it intends to exercise its
right to purchase all (but not less than all) of the Holder Offered Securities
(the "RSI Notification"). A RSI Notification that indicates that RSI intends to
purchase the Holder Offered Securities shall be deemed to be an irrevocable
commitment of RSI to purchase the Holder Offered Securities. Should RSI elect to
exercise the RSI Right of First Offer, the RSI Notification shall include a
subscription for the offered shares and RSI shall purchase the Holder Offered
Securities on the date for closing specified in the Holder Notice of Offer,
which date shall be no less than thirty (30) days after the date of the RSI
Notification. If RSI does not subscribe for and purchase all of the Holder
Offered Securities pursuant to this Section 8.1(b), such Holder may thereafter
sell the Holder Offered Securities to any third party on the terms and
conditions (including, but not limited to, the number of shares of Holder
Offered Securities and the Holder Offer Price) as specified in the Holder Notice
of Offer, provided, that such sale is consummated within one hundred fifty (150)
          --------
days of the date of the Holder Notice of Offer; and provided further, that the
                                                    -------- -------
fair market value of the

                                       23
<PAGE>

price paid for such shares by a third party (which price may consist of cash,
securities, other non-cash consideration or a combination thereof) is at least
90% of the Holder Offer Price. If the price to be paid for such shares by a
third party is payable in whole or in part in consideration other than cash or
securities traded on a national securities exchange or the NASDAQ Stock Market,
and RSI objects to the Holder's determination of the cash fair market value of
the non-cash portion of the consideration, then such determination shall be made
by (i) Goldman, Sachs & Co., (ii) Merrill Lynch & Co., if Goldman, Sachs & Co.
is unable or unwilling to make such determination, or (iii) if neither of the
foregoing firms is able or willing to deliver such valuation, such other
independent investment banking firm or other qualified appraiser mutually
agreeable to and promptly selected by the Holder and RSI, such determination
shall be final and binding on the parties. After the expiration of such 150-day
period, such Holder shall again comply with the provisions of this Section 8.1
before selling any shares of the Company.

     8.2. Holder Right of First Offer

          (a)  Subject to Section 8.4 hereof, the second sentence of this
paragraph and provided that the Holders collectively own at least 95% of the
total number of shares of Common Stock of the Company set forth opposite the
names of such Holders on the signature page hereto (subject to future adjustment
in the event of stock splits, stock dividends and similar events), if RSI
desires to transfer, in a single transaction or a series of related
transactions, a number of shares of Common Stock of the Company not in excess of
twenty percent (20%) of the total shares of Common Stock of the Company
outstanding as of such date, RSI shall first deliver a written notice (the "RSI
Notice of Offer") to the Designated Holder offering to sell the lesser of (i)
the number of shares proposed to be sold by RSI or (ii) 20% of the number of
shares of issued and outstanding Common Stock of the Company as of the date of
the RSI Notice of Offer, to Holders (the "Holder Right of First Offer" and,
together with the RSI Right of First Offer, the "Rights of First Offer").
Notwithstanding the foregoing, RSI shall have the right to sell up to an
aggregate of twenty-five percent (25%) of the total number of shares of Common
Stock of the Company owned by RSI as of the date hereof (subject to future
adjustment in the event of stock splits, stock dividends and similar events)
prior to the second anniversary hereof without triggering any rights under this
Section 8.2.  The RSI Notice of Offer shall specify (i) the number and classes
of all shares of Common Stock proposed to be sold by RSI to the Holders (the
"RSI Offered Securities"), (ii) the minimum proposed cash consideration per
share that RSI desires to receive for the RSI Offered Securities (the "RSI Offer
Price"), and (iii) any other terms and conditions of the offer.  The RSI Notice
of Offer shall constitute an irrevocable offer by RSI to sell to the
Participating Holders (as defined below), as the case may be, all, but not less
than all, of the RSI Offered Securities at the RSI Offer Price, in accordance
with this Section 8.2(a).

          (b)  Within ten (10) days following its receipt of the RSI Notice of
Offer, the Designated Holder shall determine whether it intends to exercise its
right to purchase all (but not less than all) of the RSI Offered Securities.  If
the Designated Holder elects to exercise the Holder Right of First Offer, it
shall send all of the other Holders a copy of the RSI Notice of Offer not later
than the eleventh (11/th/) day after the Designated Holder's receipt thereof.
If, but only if, the Designated Holder elects to exercise the Holder Right of

                                       24
<PAGE>

First Offer, each Holder shall have the right to purchase all, but not less than
all, of its "pro rata share" of the RSI Offered Securities.  As used herein, a
Holder's "pro rata share" means a fraction, the numerator of which is the number
of shares of Common Stock owned by such Holder and the denominator of which is
the number of shares of Common Stock owned by all of the Holders (including the
Designated Holder).  Each Holder shall have ten (10) days to notify the
Designated Holder of the number of shares such Holder elects to purchase
pursuant to the RSI Right of First Offer.  Within thirty (30) days of receipt of
the RSI Notice of Offer, the Designated Holder shall notify RSI whether the
Holders are exercising the Holder Right of First Offer (the "Designated Holder
Notification"). A Designated Holder Notification that indicates that
Participating Holders intend to purchase the RSI Offered Securities shall be
deemed to be an irrevocable commitment of such Participating Holders to purchase
the RSI Offered Securities.  Should all or any portion of the Holders (the
"Participating Holders") elect to exercise the Holder Right of First Offer, the
Designated Holder Notification shall include a subscription for the offered
shares and the Participating Holders shall purchase the Offered Securities on
the date for closing specified in the RSI Notice of Offer, which date shall be
no less than thirty (30) days after the date of the Designated Holder
Notification.  If the Holders do not subscribe for and purchase all of the RSI
Offered Securities pursuant to this Section 8.2(b), RSI may thereafter sell the
RSI Offered Securities to any third party on the terms and conditions
(including, but not limited to, the number of shares of RSI Offered Securities
and the RSI Offer Price) as specified in the RSI Notice of Offer, provided, that
                                                                  --------
such sale is consummated within one hundred fifty (150) days of the date of the
RSI Notice of Offer; and provided further, that the fair market value of the
                         -------- -------
price paid for such shares by a third party (which price may consist of cash,
securities, other non-cash consideration or a combination thereof) is at least
90% of the RSI Offer Price.  If the price to be paid for such shares by a third
party is payable in whole or in part in consideration other than cash or
securities traded on a national securities exchange or the NASDAQ Stock Market,
and Designated Holder objects to RSI's determination of the cash fair market
value of the non-cash portion of the consideration, then such determination
shall be made by (i) Goldman, Sachs & Co., (ii) Merrill Lynch & Co., if Goldman,
Sachs & Co. is unable or unwilling to make such determination, or (iii) if
neither of the foregoing firms is able or willing to deliver such valuation,
such other independent investment banking firm or other qualified appraiser
mutually agreeable to and promptly selected by the Designated Holder and RSI,
such determination shall be final and binding on the parties.  After the
expiration of such 150-day period, RSI shall again comply with the provisions of
this Section 8.2 before selling any shares of the Company.

     8.3. No Obligation to Purchase

          RSI shall not be obligated to purchase any Holder Offered Securities
pursuant to any Holder Notice of Offer in accordance with the provisions of
Section 8.1 and no Holder shall be obligated to purchase any RSI Offered
Securities pursuant to any RSI Notice of Offer in accordance with the provisions
of Section 8.2.

                                       25
<PAGE>

     8.4. Termination of the Rights of First Offer

          The Rights of First Offer granted pursuant to this Section 8 shall
terminate upon the closing of an IPO.

     8.5. IPO Lock-Up

          Each Holder hereby agrees, and will any cause any transferee who
acquires shares of Common Stock from Holder during the applicable period to
agree, that, if requested by the underwriters in connection with an IPO, such
Holder (or transferee) will agree not to sell, pledge, make any short sale of,
loan, grant any option for the purchase of any shares of Common Stock owned by
it (whether pursuant to a registration statement or otherwise) either through
the agency of a broker-dealer or the facilities of the national securities
exchange on which the Company's shares of Common Stock are listed for a
reasonable period following the IPO, such period not to exceed ninety (90) days.
If the Company determines in good faith that it would be advantageous to the
Company for any Holder to be subject to a lock-up in accordance with the terms
and conditions of the preceding sentence for a period in excess of ninety (90)
days, such Holder shall agree to such lock-up, not to exceed an additional
ninety (90) days; provided, that (i) such Holder shall be permitted to sell as a
                  --------
selling stockholder in the IPO up to fifty percent (50%) (the exact amount to be
determined by such Holder) of the shares of Common Stock held by such Holder as
of the closing date of the IPO; (ii) RSI shall acquire, at the closing of the
IPO, up to fifty percent (50%) (the exact amount to be determined by such
Holder) of the shares of Common Stock held by such Holder as of the closing date
of the IPO, either (y) for cash at the IPO price, or (z) for a number of shares
of common stock of RSI equal to (A) the value of the shares of Common Stock
proposed to be sold by such Holder (such value being deemed equal to the initial
public offering price in the IPO), divided by (B) the average closing trading
price of a share of common stock of RSI on the NASDAQ Stock Market or other
national securities exchange on which RSI's shares are traded for the ten (10)
trading days ending on the third trading day prior to the closing date of the
IPO; provided that RSI's common stock is then listed on the NASDAQ Stock Market
     --------
or other national securities exchange on which RSI's shares are then traded, and
the shares to be issued to such Holder shall be eligible for immediate sale,
subject to a resale registration statement under the 1933 Act being declared
effective by the SEC; or (iii) any combination of (i) or (ii) above which
results in such Holder disposing of up to fifty percent (50%) (the exact amount
to be determined by such Holder) of its shares of Common Stock.  With respect to
the proviso set forth in clause (ii) above, RSI covenants and agrees that it
will file within thirty (30) days after the closing of the IPO and will use its
best efforts to have declared effective within ninety (90) days after the
closing of the IPO a resale registration statement for the RSI common stock
issued pursuant hereto.

9.   LEASE GUARANTEE INDEMNIFICATION

          RSI indemnifies CarrAmerica for, and holds it harmless against, any
loss, liability, disbursements, expenses, losses, costs or cash damages
(including reasonable attorneys' fees) arising from and after the date hereof
and incurred by, arising out of or in connection with those certain guarantees
of obligations of HQ Global and its affiliates

                                       26
<PAGE>

listed on Exhibit A, including costs and expenses of defending CarrAmerica
          ---------
against any claim of liability with respect thereto.

10.  PURCHASE RIGHT AGREEMENT ANTI-DILUTION PROTECTION

          In the event of an IPO, the Company hereby assigns to CarrAmerica, and
CarrAmerica hereby assumes, the obligation of the Company to sell 100% of the
shares of common stock required to be sold under the Purchase Right Agreement,
dated as of March 4, 1998, among the Company, Robert A. Arcoro and Joseph
Kaidanow with respect to each percentage point decrease in the Debt Ratio (as
defined in such Purchase Right Agreement) below 55% and above and including 40%.

11.  MISCELLANEOUS

     11.1.  RSI Assurance

            RSI unconditionally, absolutely and irrevocably guarantees and
assures the due and punctual performance and observance by the Company of all
terms, covenants and conditions of Section 4.1 of this Agreement, whether
according to the present terms hereof or pursuant to any amendment in the terms,
covenants and conditions hereof now or at any time hereafter made or granted,
and regardless of whether recovery on such liability may be or hereafter become
barred by any statute of limitations or such liability may otherwise be or
become unenforceable; provided, that, such guarantee and assurance shall be
                      --------
applicable to a transaction giving rise to a violation of Section 4.1(b), 4.1(c)
or 4.1(d) only to the extent such transaction has been approved by the Board,
and; provided, further, such guarantee shall terminate on the closing date of an
     --------  -------
IPO.

     11.2.  Assignment

            None of the parties hereto shall be permitted to assign any of their
respective rights or obligations hereunder to any third party, except that each
Holder shall be permitted to assign its rights and obligations hereunder to any
other Person in connection with a transfer of shares of Common Stock by such
Holder made in accordance with Section 8 hereof; provided, that such Person
                                                 --------
agrees to be bound by this Agreement; and provided further, that any party
                                          -------- -------
hereto that is an entity may assign its rights and obligations hereunder in
connection with a transfer of all or substantially all of its assets or a
merger, consolidation or other similar business combination transaction. Any
agreement in violation hereof shall be void ab initio and of no force or effect.
                                            -- ------

     11.3.  Entire Agreement; Amendment

            This Agreement, including the Appendices and Exhibits hereto and
other writings referred to herein or delivered pursuant hereto, constitutes the
entire agreement among the parties hereto with respect to the transactions
contemplated herein, and it supersedes all prior oral or written agreements,
commitments or understandings with respect to the matters provided for herein.
No amendment, modification or discharge of

                                       27
<PAGE>

this Agreement shall be valid or binding unless set forth in writing and duly
executed by the Company, RSI and a Majority Consent of the Holders.

     11.4.  Waiver

            No delay or failure on the part of any party hereto in exercising
any right, power or privilege under this Agreement or under any other
instruments given in connection with or pursuant to this Agreement shall impair
any such right, power or privilege or be construed as a waiver of any default or
any acquiescence therein. No single or partial exercise of any such right, power
or privilege shall preclude the further exercise of such right, power or
privilege, or the exercise of any other right, power or privilege. No waiver
shall be valid against any party hereto unless made in writing and signed by the
party against whom enforcement of such waiver is sought and then only to the
extent expressly specified therein.

     11.5.  Limitation on Benefit

            It is the explicit intention of the parties hereto that no person or
entity other than the parties hereto is or shall be entitled to bring any action
to enforce any provision of this Agreement against any of the parties hereto and
their respective successors, heirs, executors, administrators, legal
representatives and permitted assigns, and the covenants, undertakings and
agreements set forth in this Agreement shall be solely for the benefit of, and
shall be enforceable only by, the parties hereto or their respective successors,
heirs, executors, administrators, legal representatives and permitted assigns.

     11.6.  Binding Effect

            This Agreement shall be binding upon and shall inure to the benefit
of the parties hereto and their respective successors, heirs, executors,
administrators, legal representatives and permitted assigns.

     11.7.  Governing Law

            This Agreement, the rights and obligations of the parties hereto,
and any claims or disputes relating thereto, shall be governed by and construed
in accordance with the laws of Delaware (excluding the choice of law rules
thereof).

     11.8.  Notices

            All notices, demands, requests, or other communications which may be
or are required to be given, served, or sent by any party to any other party
pursuant to this Agreement shall be in writing and shall be hand-delivered, sent
by documented overnight delivery service or mailed by first-class, registered or
certified mail, return receipt requested, postage prepaid, or, to the extent
receipt is confirmed, transmitted by telegram, telecopy, facsimile or other
electronic transmission or telex, addressed as follows:

                                       28
<PAGE>

          (i)   If to the Company:

                HQ Global Holdings, Inc.,
                15950 North Dallas Parkway, Suite 400
                Dallas, Texas 75248
                Attn.: Jill B. Louis
                Facsimile No.: 972/361-8101

                with a copy (which shall not constitute notice) to:

                Gibson, Dunn & Crutcher
                1717 Main Street, Suite 5500
                Dallas, Texas 75201
                Attn.: Harlan Cohen, Esq.
                Facsimile No.: 214/698-3400

          (ii)  If to RSI:

                FrontLine Capital Group
                1350 Avenue of the Americas
                New York, New York  10019
                Attn.: Jason Barnett, General Counsel
                Facsimile No.: 212/931-8001

                with a copy (which shall not constitute notice) to:

                Brown & Wood LLP
                One World Trade Center
                New York, New York  10048-0057
                Attn.: Joseph W. Armbrust, Jr.
                J. Gerard Cummins
                Facsimile No.: 212/839-5599

          (iii) If to CarrAmerica:

                CarrAmerica Realty Corporation

                1700 Pennsylvania Avenue, N.W.
                Washington, D.C. 20006
                Attn.: Linda A. Madrid, General Counsel
                Facsimile No.: 202/729-1160

                                       29
<PAGE>

                with a copy (which shall not constitute notice) to:

                Hogan & Hartson L.L.P.
                Columbia Square
                555 Thirteenth Street, N.W.
                Washington, D.C. 20004-1109
                Attn.: J. Warren Gorrell, Jr.
                       David W. Bonser
                Facsimile No.: 202/637-5910

            Notice to each Holder, other than CarrAmerica, shall be delivered to
such Holder at the address indicated on the signature page hereof.

            Each party may designate by notice in writing a new address to which
any notice, demand, request, or communication may thereafter be so given, served
or sent. Each notice, demand, request, or communication which shall be hand-
delivered, sent by documented overnight delivery service, mailed, transmitted,
telecopied, faxed, e-mailed, or telexed in the manner described above, or which
shall be delivered to a telegraph company, shall be deemed sufficiently given,
served, sent, received, or delivered for all purposes at such time as it is
delivered to the addressee (with the return receipt, the delivery receipt, or
the answerback being deemed conclusive, but not exclusive, evidence of such
delivery) or at such time as delivery is refused by the addressee upon
presentation.

     11.9.  Headings

            Article and Section 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 thereof. All references
to Sections or Articles contained herein mean Sections or Articles of this
Agreement unless otherwise stated.

     11.10. Execution in Counterparts

            To facilitate execution, this Agreement may be executed in as many
counterparts as may be required; and it shall not be necessary that the
signatures of, or on behalf of, each party, or that the signatures of all
persons required to bind any party, appear on each counterpart; but it shall be
sufficient that the signature of, or on behalf of, each party appear on one or
more of the counterparts. Copies of executed counterparts transmitted by
telecopy, facsimile or other electronic transmission service shall be considered
original executed counterparts for purposes of this Section 11.10; provided,
                                                                   --------
that receipt of copies of such counterparts is confirmed. All counterparts shall
collectively constitute a single agreement. It shall not be necessary in making
proof of this Agreement to produce or account for more than a number of
counterparts containing the respective signatures of, or on behalf of, all of
the parties hereto.

                                       30
<PAGE>

     11.11.  Interpretation; Absence of Presumption

             (a)    For the purposes hereof, (i) words in the singular shall be
held to include the plural and vice versa and words of one gender shall be held
to include the other gender as the context requires, (ii) the terms "hereof,"
"herein," and "herewith" and words of similar import shall, unless otherwise
stated, be construed to refer to this Agreement as a whole and not to any
particular provision of this Agreement, and Article, Section and paragraph
references are to the Articles, Sections and paragraphs to this Agreement unless
otherwise specified, (iii) the word "including" and words of similar import when
used in this Agreement shall mean "including, without limitation," unless the
context otherwise requires or unless otherwise specified, (iv) the word "or"
shall not be exclusive, and (v) provisions shall apply, when appropriate, to
successive events and transactions.

             (b)    This Agreement shall be construed without regard to any
presumption or rule requiring construction or interpretation against the party
drafting or causing any instrument to be drafted.

     11.12.  Severability

             Any provision hereof which is invalid or unenforceable shall be
ineffective to the extent of such invalidity or unenforceability, without
affecting in any way the remaining provisions hereof.

     11.13.  Specific Performance

             Each of the Company, RSI and each Holder acknowledges that, in view
of the uniqueness of arrangements contemplated by this Agreement, the parties
hereto would not have an adequate remedy at law for money damages in the event
that this Agreement were not performed in accordance with its terms, and
therefore agrees that the parties hereto shall be entitled to specific
enforcement of the terms hereof in addition to any other remedy to which the
parties hereto may be entitled at law or in equity.

     11.14.  Consent to Jurisdiction

             Each party to this Agreement: (v) agrees to commence any action,
suit or proceeding relating hereto either in a federal court located in the
State of Delaware or in a Delaware state court; (w) irrevocably submits and
consents to personal jurisdiction in any such suit; (x) agrees that any service
of process, summons, notice or document delivered by U.S. registered mail to
such party's respective address set forth in Section 11.8 above shall be
effective service of process for any action, suit or proceeding in Delaware with
respect to any matters to which such party has submitted to jurisdiction in this
Section 11.14; (y) irrevocably and unconditionally waives any objection to the
laying of venue of any action, suit or proceeding arising out of this Agreement
or the transactions contemplated hereby in (i) any Delaware state court or (ii)
any federal court located in the State of Delaware; and (z) irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that
any such action, suit or proceeding brought in any such court has been brought
in an inconvenient forum. EACH PARTY TO THIS AGREEMENT IRREVOCABLY

                                       31
<PAGE>

WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT.

     11.15.  Litigation Costs

             If any litigation with respect to the obligations of the parties
under this Agreement results in a final nonappealable order of a court of
competent jurisdiction that results in a final disposition of such litigation,
the prevailing party, as determined by the court ordering such disposition,
shall be entitled to reasonable attorneys' fees as shall be determined by such
court. Contingent or other percentage compensation arrangements shall not be
considered reasonable attorneys' fees.

                           [signature pages follow]

                                       32
<PAGE>

          IN WITNESS WHEREOF, this Agreement has been signed by or on behalf of
each of the parties hereto as of the day first above written.

                              FRONTLINE CAPITAL GROUP

                              By:    /s/ Jason Barnett
                                     -----------------
                              Name:  Jason Barnett
                              Title: Executive Vice President
                              Number of Shares of Common Stock
                                     Owned of Record:___________________

                              HQ GLOBAL HOLDINGS, INC.

                              By:    /s/ Jill B. Louis
                                     -----------------
                              Name:  Jill B. Louis
                              Title: Vice President, Secretary, General
                                     Counsel

                              HOLDERS
                              -------

                              CARRAMERICA REALTY CORPORATION

                              By:    /s/ Karen B. Dorigan
                                     --------------------
                              Name:  Karen B. Dorigan
                              Title: Managing Director
                              Number of Shares of Common Stock
                                     Owned of Record:___________________

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