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                                                                     Exhibit 4.1

                                 WHX CORPORATION

                            2007 INCENTIVE STOCK PLAN

      1.    PURPOSE OF THE PLAN.

            This 2007 Incentive Stock Plan (the "Plan") is intended as an
incentive, to retain in the employ of and as directors, officers, consultants,
advisors and employees to WHX Corporation, a Delaware corporation (the
"Company") and any Subsidiary of the Company, within the meaning of Section
424(f) of the United States Internal Revenue Code of 1986, as amended (the
"Code"), persons of training, experience and ability, to attract new directors,
officers, consultants, advisors and employees whose services are considered
valuable, to encourage the sense of proprietorship and to stimulate the active
interest of such persons in the development and financial success of the Company
and its Subsidiaries.

            Certain options granted pursuant to the Plan may constitute
incentive stock options within the meaning of Section 422 of the Code (the
"Incentive Options") while certain other options granted pursuant to the Plan
may be nonqualified stock options (the "Nonqualified Options"). Incentive
Options and Nonqualified Options are hereinafter referred to collectively as
"Options."

            The Company intends that the Plan meet the requirements of Rule 16b
3 ("Rule 16b-3") promulgated under the Securities Exchange Act of 1934, as
amended (the "Exchange Act") and that transactions of the type specified in
subparagraphs (c) to (f) inclusive of Rule 16b 3 by officers and directors of
the Company pursuant to the Plan will be exempt from the operation of Section
16(b) of the Exchange Act. Further, the Plan may satisfy the performance-based
compensation exception to the limitation on the Company's tax deductions imposed
by Section 162(m) of the Code with respect to those Options for which
qualification for such exception is intended. In all cases, the terms,
provisions, conditions and limitations of the Plan shall be construed and
interpreted consistent with the Company's intent as stated in this Section 1.

      2.    ADMINISTRATION OF THE PLAN.

            The Board of Directors of the Company (the "Board") shall appoint
and maintain as administrator of the Plan a Committee (the "Committee")
consisting of two or more directors who are "Non-Employee Directors" (as such
term is defined in Rule 16b-3) and "Outside Directors" (as such term is defined
in Section 162(m) of the Code), which shall serve at the pleasure of the Board.
The Committee, subject to Sections 3 and 5 hereof, shall have full power and
authority to designate recipients of Options, stock appreciation rights ("Stock
Appreciation Rights"), restricted stock ("Restricted Stock") and other equity
incentives or stock or stock based awards ("Equity Incentives") and to determine
the terms and conditions of respective Option, Stock Appreciation Rights,
Restricted Stock and Equity Incentives agreements (which need not be identical)
and to interpret the provisions and supervise the administration of the Plan.
The Committee shall have the authority, without limitation, to designate which
Options granted under the Plan shall be Incentive Options and which shall be
Nonqualified Options. To the extent any Option does not qualify as an Incentive
Option, it shall constitute a separate Nonqualified Option.

            Subject to the provisions of the Plan, the Committee shall interpret
the Plan and all Options, Stock Appreciation Rights, Restricted Stock and Equity
Incentives granted under the Plan, shall make such rules as it deems necessary

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for the proper administration of the Plan, shall make all other determinations
necessary or advisable for the administration of the Plan and shall correct any
defects or supply any omission or reconcile any inconsistency in the Plan or in
any Options, Stock Appreciation Rights, Restricted Stock or Equity Incentives
granted under the Plan in the manner and to the extent that the Committee deems
desirable to carry into effect the Plan or any Options, Stock Appreciation
Rights, Restricted Stock or Equity Incentives. The act or determination of a
majority of the Committee shall be the act or determination of the Committee and
any decision reduced to writing and signed by all of the members of the
Committee shall be fully effective as if it had been made by a majority at a
meeting duly held. Subject to the provisions of the Plan, any action taken or
determination made by the Committee pursuant to this and the other Sections of
the Plan shall be conclusive on all parties.

            In the event that for any reason the Committee is unable to act or
if the Committee at the time of any grant, award or other acquisition under the
Plan does not consist of two or more Non-Employee Directors, or if there shall
be no such Committee, then the Plan shall be administered by the Board, and
references herein to the Committee (except in the proviso to this sentence)
shall be deemed to be references to the Board, and any such grant, award or
other acquisition may be approved or ratified in any other manner contemplated
by subparagraph (d) of Rule 16b-3; provided, however, that grants to the
Company's Chief Executive Officer or to any of the Company's other four most
highly compensated officers that are intended to qualify as performance-based
compensation under Section 162(m) of the Code may only be granted by the
Committee.

      3.    DESIGNATION OF OPTIONEES AND GRANTEES.

            The persons eligible for participation in the Plan as recipients of
Options (the "Optionees"), Stock Appreciation Rights, Restricted Stock or Equity
Incentives (respectively, the "Grantees") shall include directors, officers and
employees of, and consultants and advisors to, the Company or any Subsidiary;
provided that Incentive Options may only be granted to employees of the Company
and the Subsidiaries. In selecting Optionees and Grantees, and in determining
the number of shares to be covered by each Option, Stock Appreciation Right,
Restricted Stock or Equity Incentive granted to Optionees or Grantees, the
Committee may consider any factors it deems relevant, including without
limitation, the office or position held by the Optionee or Grantee or the
Optionee or Grantee's relationship to the Company, the Optionee or Grantee's
degree of responsibility for and contribution to the growth and success of the
Company or any Subsidiary, the Optionee or Grantee's length of service,
promotions and potential. An Optionee or Grantee who has been granted an Option,
Stock Appreciation Right, Restricted Stock or Equity Incentive hereunder may be
granted an additional Option or Options, Stock Appreciation Right(s), Restricted
Stock or Equity Incentive(s) if the Committee shall so determine.

      4.    STOCK RESERVED FOR THE PLAN.

            Subject to adjustment as provided in Section 10 hereof, a total of
800,000 shares of the Company's Common Stock, $0.01 par value per share (the
"Stock"), shall be subject to the Plan. The maximum number of shares of Stock
that may be subject to Options and Stock Appreciation Rights granted under the
Plan to any individual in any calendar year shall not exceed 200,000 and the
method of counting such shares shall conform to any requirements applicable to
performance-based compensation under Section 162(m) of the Code, if
qualification as performance-based compensation under Section 162(m) of the Code
is intended. The shares of Stock subject to the Plan shall consist of unissued
shares, treasury shares or previously issued shares held by any Subsidiary of
the Company, and such amount of shares of Stock shall be and is hereby reserved
for such purpose. Any of such shares of Stock that may remain unsold and that
are not subject to outstanding Options at the termination of the Plan shall
cease to be reserved for the purposes of the Plan, but until termination of the
Plan the Company shall at all times reserve a sufficient number of shares of
Stock to meet the requirements of the Plan. Should any Option, Stock
Appreciation Right, Restricted Stock, or Equity Incentives expire or be canceled
prior to its

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exercise or vesting in full or should the number of shares of Stock
to be delivered upon the exercise or vesting in full of an Option, Stock
Appreciation Right, Restricted Stock, or Equity Incentives be reduced for any
reason, the shares of Stock theretofore subject to such Option, Stock
Appreciation Right, Restricted Stock, or Equity Incentives may be subject to
future Options under the Plan, except in the case of an Option or Stock
Appreciation Right where such reissuance is inconsistent with the provisions of
Section 162(m) of the Code where qualification as performance-based compensation
under Section 162(m) of the Code is intended.

      5.    TERMS AND CONDITIONS OF OPTIONS.

            Options granted under the Plan shall be subject to the following
conditions and shall contain such additional terms and conditions, not
inconsistent with the terms of the Plan, as the Committee shall deem desirable:

            (a)   OPTION PRICE. The purchase price of each share of Stock
purchasable under an Option shall be determined by the Committee at the time of
grant, but shall not be less than 100% of the Fair Market Value (as defined
below) of such share of Stock on the date the Option is granted; PROVIDED,
HOWEVER, that with respect to an Optionee who, at the time an Incentive Option
is granted, owns (within the meaning of Section 424(d) of the Code) more than
10% of the total combined voting power of all classes of stock of the Company or
of any Subsidiary, the purchase price per share of Stock under an Incentive
Option shall be at least 110% of the Fair Market Value per share of Stock on the
date of grant. The exercise price for each Option shall be subject to adjustment
as provided in Section 10 below. "Fair Market Value" means the closing price of
publicly traded shares of Stock on the business day immediately prior to the
grant on the principal securities exchange on which shares of Stock are listed
(if the shares of Stock are so listed), or on the NASDAQ Stock Market (if the
shares of Stock are regularly quoted on the NASDAQ Stock Market), or, if not so
listed or regularly quoted, the mean between the closing bid and asked prices of
publicly traded shares of Stock in the over the counter market, or, if such bid
and asked prices shall not be available, as reported by any nationally
recognized quotation service selected by the Company, or as determined by the
Committee in a manner consistent with the provisions of the Code. Anything in
this Section 5(a) to the contrary notwithstanding, in no event shall the
purchase price of a share of Stock be less than the minimum price permitted
under the rules and policies of any national securities exchange on which the
shares of Stock are listed.

            (b)   OPTION TERM. The term of each Option shall be fixed by the
Committee, but no Option shall be exercisable more than ten years after the date
such Option is granted and in the case of an Incentive Option granted to an
Optionee who, at the time such Incentive Option is granted, owns (within the
meaning of Section 424(d) of the Code) more than 10% of the total combined
voting power of all classes of stock of the Company or of any Subsidiary, no
such Incentive Option shall be exercisable more than five years after the date
such Incentive Option is granted.

            (c)   EXERCISABILITY. Subject to Section 5(e) hereof, Options shall
be exercisable at such time or times and subject to such terms and conditions as
shall be determined by the Committee.

                  Upon the occurrence of a "Change in Control" (as hereinafter
defined), the Committee may accelerate the vesting and exercisability of
outstanding Options, in whole or in part, as determined by the Committee in its
sole discretion. In its sole discretion, the Committee may also determine that,
upon the occurrence of a Change in Control, each outstanding Option shall
terminate within a specified number of days after notice to the Optionee
thereunder, and each such Optionee shall receive, with respect to each share of
Company Stock subject to such Option, an amount equal to the excess of the Fair
Market Value of such shares immediately prior to such Change in Control over the

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exercise price per share of such Option; such amount shall be payable in cash,
in one or more kinds of pro erty (including the property, if any, payable in the
transaction) or a combination thereof, as the Committee shall determine in its
sole discretion.

                  For purposes of the Plan, a Change in Control shall be deemed
to have occurred if:

                  (i) a tender offer (or series of related offers) shall be made
and consummated for the ownership of 50% or more of the outstanding voting
securities of the Company, unless as a result of such tender offer more than 50%
of the outstanding voting securities of the surviving or resulting corporation
shall be owned in the aggregate by the stockholders of the Company (as of the
time immediately prior to the commencement of such offer), any employee benefit
plan of the Company or its Subsidiaries, and their affiliates;

                  (ii) the Company shall be merged or consolidated with another
corporation, unless as a result of such merger or consolidation more than 50% of
the outstanding voting securities of the surviving or resulting corporation
shall be owned in the aggregate by the stockholders of the Company (as of the
time immediately prior to such transaction), any employee benefit plan of the
Company or its Subsidiaries, and their affiliates;

                  (iii) the Company shall sell substantially all of its assets
to another corporation that is not wholly owned by the Company, unless as a
result of such sale more than 50% of such assets shall be owned in the aggregate
by the stockholders of the Company (as of the time immediately prior to such
transaction), any employee benefit plan of the Company or its Subsidiaries and
their affiliates; or

                  (iv) a Person (as defined below) shall acquire 50% or more of
the outstanding voting securities of the Company (whether directly, indirectly,
beneficially or of record), unless as a result of such acquisition more than 50%
of the outstanding voting securities of the surviving or resulting corporation
shall be owned in the aggregate by the stockholders of the Company (as of the
time immediately prior to the first acquisition of such securities by such
Person), any employee benefit plan of the Company or its Subsidiaries, and their
affiliates.

                  For purposes of this Section 5(c), ownership of voting
securities shall take into account and shall include ownership as determined by
applying the provisions of Rule 13d-3(d)(I)(i) (as in effect on the date hereof)
under the Exchange Act. In addition, for such purposes, "Person" shall have the
meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in
Sections 13(d) and 14(d) thereof; however, a Person shall not include (A) the
Company or any of its Subsidiaries; (B) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any of its
Subsidiaries; (C) an underwriter temporarily holding securities pursuant to an
offering of such securities; or (D) a corporation owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportion as their
ownership of stock of the Company.

            (d)   METHOD OF EXERCISE. Options to the extent then exercisable may
be exercised in whole or in part at any time during the option period, by giving
written notice to the Company specifying the number of shares of Stock to be
purchased, accompanied by payment in full of the purchase price, in cash, or by
check or such other instrument as may be acceptable to the Committee. As
determined by the Committee, in its sole discretion, at or after grant, payment
in full or in part may be made at the election of the Optionee (i) in the form
of Stock owned by the Optionee (based on the Fair Market Value of the Stock on
the trading day before the Option is exercised) which is not the subject of any
pledge or security interest, (ii) in the form of shares of Stock withheld by the
Company from the shares of Stock otherwise to be received with such withheld
shares of Stock having a Fair Market Value on the date of exercise equal to the

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exercise price of the Option, or (iii) by a combination of the foregoing,
provided that the combined value of all cash and cash equivalents and the Fair
Market Value of any shares surrendered to the Company is at least equal to such
exercise price and except with respect to (ii) above, such method of payment
will not cause a disqualifying disposition of all or a portion of the Stock
received upon exercise of an Incentive Option. An Optionee shall have the right
to dividends and other rights of a stockholder with respect to shares of Stock
purchased upon exercise of an Option at such time as the Optionee (i) has given
written notice of exercise and has paid in full for such shares and (ii) has
satisfied such conditions that may be imposed by the Company with respect to the
withholding of taxes.

            (e) LIMIT ON VALUE OF INCENTIVE OPTION. The aggregate Fair Market
Value, determined as of the date the Incentive Option is granted, of Stock for
which Incentive Options are exercisable for the first time by any Optionee
during any calendar year under the Plan (and/or any other stock option plans of
the Company or any Subsidiary) shall not exceed $100,000.

            (f) INCENTIVE OPTION SHARES. A grant of an Incentive Option under
this Plan shall provide that (a) the Optionee shall be required as a condition
of the exercise to furnish to the Company any payroll (employment) tax required
to be withheld, and (b) if the Optionee makes a disposition, within the meaning
of Section 424(c) of the Code and regulations promulgated thereunder, of any
share or shares of Stock issued to him upon exercise of an Incentive Option
granted under the Plan within the two year period commencing on the day after
the date of the grant of such Incentive Option or within a one year period
commencing on the day after the date of transfer of the share or shares to him
pursuant to the exercise of such Incentive Option, he shall, within 10 days
after such disposition, notify the Company thereof and immediately deliver to
the Company any amount of United States federal, state and local income tax
withholding required by law.

      6.    TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS.

      Stock Appreciation Rights shall granted with an exercise price that is not
less than 100% of the Fair Market Value (as defined in Section 5(a) herein) of a
share of Common Stock on the date the Stock Appreciation Right is granted and
shall be exercisable at such time or times and subject to such other terms and
conditions as shall be determined by the Committee. Unless otherwise provided,
Stock Appreciation Rights shall become immediately exercisable and shall remain
exercisable until expiration, cancellation or termination of the award. Such
rights may be exercised in whole or in part by giving written notice to the
Company. Stock Appreciation Rights to the extent then exercisable may be
exercised for payment in cash, shares of Common Stock or a combination of both,
as the Committee shall deem desirable, equal to: (i) the excess of the Fair
Market Value as defined in Section 5(a) herein of a share of Common Stock on the
date of exercise over (ii) the exercise price of such Stock Appreciation Right.

      7.    TERMS AND CONDITIONS OF RESTRICTED STOCK.

            Restricted Stock may be granted under this Plan aside from, or in
association with, any other award and shall be subject to the following
conditions and shall contain such additional terms and conditions (including
provisions relating to the acceleration of vesting of Restricted Stock upon a
Change of Control), not inconsistent with the terms of the Plan, as the
Committee shall deem desirable:

            (a)   GRANTEE RIGHTS. A Grantee shall have no rights to an award of
Restricted Stock unless and until Grantee accepts the award within the period
prescribed by the Committee and, if the Committee shall deem desirable, makes
payment to the Company in cash, or by check or such other instrument as may be
acceptable to the Committee. After acceptance and issuance of a certificate or
certificates, as provided for below, the Grantee shall have the rights of a

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stockholder with respect to Restricted Stock subject to the non-transferability
and forfeiture restrictions described in section 7(d) below.

            (b)   ISSUANCE OF CERTIFICATES. The Company shall issue in the
Grantee's name a certificate or certificates for the shares of Common Stock
associated with the award promptly after the Grantee accepts such award.

            (c)   DELIVERY OF CERTIFICATES. Unless otherwise provided, any
certificate or certificates issued evidencing shares of Restricted Stock shall
not be delivered to the Grantee until such shares are free of any restrictions
specified by the Committee at the time of grant.

            (d)   FORFEITABILITY, NON-TRANSFERABILITY OF RESTRICTED STOCK.
Shares of Restricted Stock are forfeitable until the terms of the Restricted
Stock grant have been satisfied. Shares of Restricted Stock are not transferable
until the date on which the Committee has specified such restrictions has
lapsed. Unless otherwise provided, distributions of additional shares or
property in the form of dividends or otherwise in respect of shares of
Restricted Stock shall be subject to the same restrictions as such shares of
Restricted Stock.

            (e)   CHANGE OF CONTROL. Upon the occurrence of a Change in Control,
the Committee may accelerate the vesting of outstanding Restricted Stock, in
whole or in part, as determined by the Committee in its sole discretion.

      8.    OTHER EQUITY INCENTIVES OR STOCK BASED AWARDS.

            The Committee may grant Equity Incentives (including the grant of
unrestricted shares) to such key persons, in such amounts and subject to such
terms and conditions, as the Committee shall in its discretion determine,
subject to the provisions of the Plan. Such awards may entail the transfer of
actual shares of Common Stock to Plan participants, or payment in cash or
otherwise of amounts based on the value of shares of Common Stock.

      9.    TERM OF PLAN.

            No Option, Stock Appreciation Rights, Restricted Stock or Equity
Incentives shall be granted pursuant to the Plan on the date which is ten years
from the effective date of the Plan, but Options, Stock Appreciation Rights or
Equity Incentives theretofore granted may extend beyond that date.

      10.   CAPITAL CHANGE OF THE COMPANY.

            In the event of any merger, reorganization, consolidation,
recapitalization, stock dividend, or similar type of corporate restructuring
affecting the Stock, the Committee shall make an appropriate and equitable
adjustment in the number and kind of shares reserved for issuance under the Plan
and in the number and option price of shares subject to outstanding Options
granted under the Plan, to the end that after such event each Optionee's
proportionate interest shall be maintained as immediately before the occurrence
of such event. The Committee shall, to the extent feasible, make such other
adjustments as may be required under the tax laws so that any Incentive Options
previously granted shall not be deemed modified within the meaning of Section
424(h) of the Code. Appropriate adjustments shall also be made in the case of
outstanding Stock Appreciation Rights and Restricted Stock granted under the
Plan.

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      11.   PURCHASE FOR INVESTMENT.

            Unless the Options and shares covered by the Plan have been
registered under the Securities Act of 1933, as amended (the "Securities Act"),
or the Company has determined that such registration is unnecessary, each person
exercising or receiving Options, Stock Appreciation Rights, Restricted Stock or
Equity Incentives under the Plan may be required by the Company to give a
representation in writing that he is acquiring the securities (if issued) for
his own account for investment and not with a view to, or for sale in connection
with, the distribution of any part thereof.

      12.   TAXES.

            (a)   The Company may make such provisions as it may deem
appropriate, consistent with applicable law, in connection with any Options,
Stock Appreciation Rights, Restricted Stock or Equity Incentives granted under
the Plan with respect to the withholding of any taxes (including income or
employment taxes) or any other tax matters.

            (b)   If any Grantee, in connection with the acquisition of
Restricted Stock, makes the election permitted under section 83(b) of the Code
(that is, an election to include in gross income in the year of transfer the
amounts specified in section 83(b)), such Grantee shall notify the Company of
the election with the Internal Revenue Service pursuant to regulations issued
under the authority of Code section 83(b).

            (c)   If any Grantee shall make any disposition of shares of Stock
issued pursuant to the exercise of an Incentive Option under the circumstances
described in section 421(b) of the Code (relating to certain disqualifying
dispositions), such Grantee shall notify the Company of such disposition within
10 days hereof.

      13.   EFFECTIVE DATE OF PLAN.

            The Plan shall be effective on February 28, 2007; PROVIDED, HOWEVER,
that if, and only if, certain options are intended to qualify as Incentive Stock
Options, the Plan must subsequently be approved by majority vote of the
Company's stockholders no later than February 28, 2008, and further, that in the
event certain Option grants hereunder are intended to qualify as
performance-based compensation within the meaning of Section 162(m) of the Code,
the requirements as to shareholder approval set forth in Section 162(m) of the
Code are satisfied.

      14.   AMENDMENT AND TERMINATION, SECTION 409A OF THE CODE.

            The Board may amend, suspend, or terminate the Plan, except that no
amendment shall be made that would impair the rights of any Optionee or Grantee
under any Option, Stock Appreciation Right, Restricted Stock or Equity Incentive
theretofore granted without the Optionee or Grantee's consent, and except that
no amendment shall be made which, without the approval of the stockholders of
the Company would:

            (a)   materially increase the number of shares that may be issued
under the Plan, except as is provided in Section 10;

            (b)   materially increase the benefits accruing to the Optionees or
Grantees under the Plan;

            (c)   materially modify the requirements as to eligibility for
participation in the Plan;

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            (d)   decrease the exercise price of an Incentive Option to less than
100% of the Fair Market Value per share of Stock on the date of grant thereof or
the exercise price of a Nonqualified Option to less than 100% of the Fair Market
Value per share of Stock on the date of grant thereof; or

            (e)   extend the term of any Option beyond that provided for in
Section 5(b).

            (f)   The Committee may amend the terms of any Option, Stock
Appreciation Right, Restricted Stock or Equity Incentive theretofore granted,
prospectively or retroactively, but no such amendment shall impair the rights of
any Optionee or Grantee without the Optionee or Grantee's consent. The Committee
may also substitute new Options, Stock Appreciation Rights or Restricted Stock
for previously granted Options, Stock Appreciation Rights or Restricted Stock
including options granted under other plans applicable to the participant and
previously granted Options having higher option prices, upon such terms as the
Committee may deem appropriate.

                  It is the intention of the Board that the Plan comply strictly
with the provisions of Section 409A of the Code and Treasury Regulations and
other Internal Revenue Service guidance promulgated thereunder (the "Section
409A Rules) and the Committee shall exercise its discretion in granting Options,
Stock Appreciation Rights or Restricted Stock hereunder (and the terms of such
grants), accordingly. The Plan and any grant of an Option, Stock Appreciation
right or Restricted Stock hereunder may be amended from time to time (without,
in the case of an Award, the consent of the Participant) as may be necessary or
appropriate to comply with the Section 409A Rules.

      15.   GOVERNMENT REGULATIONS.

            The Plan, and the grant and exercise of Options, Stock Appreciation
Rights, Restricted Stock and Equity Incentives hereunder, and the obligation of
the Company to sell and deliver shares under such Options, Stock Appreciation
Rights, Restricted Stock and Equity Incentives shall be subject to all
applicable laws, rules and regulations, and to such approvals by any
governmental agencies, national securities exchanges and interdealer quotation
systems as may be required.

      16.   GENERAL PROVISIONS.

            (a)   CERTIFICATES. All certificates for shares of Stock delivered
under the Plan shall be subject to such stop transfer orders and other
restrictions as the Committee may deem advisable under the rules, regulations
and other requirements of the Securities and Exchange Commission, or other
securities commission having jurisdiction, any applicable Federal or state
securities law, any stock exchange or interdealer quotation system upon which
the Stock is then listed or traded and the Committee may cause a legend or
legends to be placed on any such certificates to make appropriate reference to
such restrictions.

            (b)   EMPLOYMENT MATTERS. The adoption of the Plan shall not confer
upon any Optionee or Grantee of the Company or any Subsidiary any right to
continued employment or, in the case of an Optionee or Grantee who is a
director, continued service as a director, with the Company or a Subsidiary, as
the case may be, nor shall it interfere in any way with the right of the Company
or any Subsidiary to terminate the employment of any of its employees, the
service of any of its directors or the retention of any of its consultants or
advisors at any time.

            (c)   LIMITATION OF LIABILITY. No member of the Board or the
Committee, or any officer or employee of the Company acting on behalf of the
Board or the Committee, shall be personally liable for any action, determination
or interpretation taken or made in good faith with respect to the Plan, and all

                                        8

members of the Board or the Committee and each and any officer or employee of
the Company acting on their behalf shall, to the extent permitted by law, be
fully indemnified and protected by the Company in respect of any such action,
determination or interpretation.

            (d)   REGISTRATION OF STOCK. Notwithstanding any other provision in
the Plan, no Option may be exercised unless and until the Stock to be issued
upon the exercise thereof has been registered under the Securities Act and
applicable state securities laws, or are, in the opinion of counsel to the
Company, exempt from such registration in the United States. The Company shall
not be under any obligation to register under applicable federal or state
securities laws any Stock to be issued upon the exercise of an Option granted
hereunder in order to permit the exercise of an Option and the issuance and sale
of the Stock subject to such Option, although the Company may in its sole
discretion register such Stock at such time as the Company shall determine. If
the Company chooses to comply with such an exemption from registration, the
Stock issued under the Plan may, at the direction of the Committee, bear an
appropriate restrictive legend restricting the transfer or pledge of the Stock
represented thereby, and the Committee may also give appropriate stop transfer
instructions with respect to such Stock to the Company's transfer agent.

            (e)   NON TRANSFERABILITY. Options and Stock Appreciation Rights
granted hereunder are not transferable and may be exercised solely by the
Optionee or Grantee during his lifetime or after his death by the person or
persons entitled thereto under his will or the laws of descent and distribution.
The Committee, in its sole discretion, may permit a transfer of a Nonqualified
Option to (i) a trust for the benefit of the Optionee or (ii) a member of the
Optionee's immediate family (or a trust for his or her benefit). Any attempt to
transfer, assign, pledge or otherwise dispose of, or to subject to execution,
attachment or similar process, any Option or Stock Appreciation Right contrary
to the provisions hereof shall be void and ineffective and shall give no right
to the purported transferee.

            (f)   NO RIGHTS AS A STOCKHOLDER. No Optionee or Grantee (or other
person having the right to exercise such award) shall have any of the rights of
a stockholder of the Company with respect to shares subject to such award until
the issuance of a stock certificate to such person for such shares. Except as
otherwise provided herein, no adjustment shall be made for dividends,
distributions or other rights (whether ordinary or extraordinary, and whether in
cash, securities or other property) for which the record date is prior to the
date such stock certificate is issued.

            (g)   TERMINATION BY DEATH. Unless otherwise determined by the
Committee, if any Optionee or Grantee's employment with or service to the
Company or any Subsidiary terminates by reason of death, the Option or Stock
Appreciation Right may thereafter be exercised, to the extent then exercisable
(or on such accelerated basis as the Committee shall determine at or after
grant), by the legal representative of the estate or by the legatee of the
Optionee or Grantee under the will of the Optionee or Grantee, for a period of
one year after the date of such death or until the expiration of the stated term
of such Option or Stock Appreciation Right as provided under the Plan, whichever
period is shorter.

            (h) TERMINATION BY REASON OF DISABILITY. Unless otherwise determined
by the Committee, if any Optionee or Grantee's employment with or service to the
Company or any Subsidiary terminates by reason of total and permanent
disability, any Option or Stock Appreciation Right held by such Optionee or
Grantee may thereafter be exercised, to the extent it was exercisable at the
time of termination due to Disability (or on such accelerated basis as the
Committee shall determine at or after grant), but may not be exercised after 60
days after the date of such termination of employment or service or the
expiration of the stated term of such Option or Stock Appreciation Right,
whichever period is shorter; provided, however, that, if the Optionee or Grantee
dies within such 60-day period, any unexercised Option or Stock Appreciation
Right held by such Optionee or Grantee shall thereafter be exercisable to the
extent to which it was exercisable at the time of death for a period of one year

                                        9

after the date of such death or for the stated term of such Option or Stock
Appreciation Right, whichever period is shorter.

            (i)   TERMINATION BY REASON OF RETIREMENT. Unless otherwise determined
by the Committee, if any Optionee or Grantee's employment with or service to the
Company or any Subsidiary terminates by reason of Normal or Early Retirement (as
such terms are defined below), any Option or Stock Appreciation Right held by
such Optionee or Grantee may thereafter be exercised to the extent it was
exercisable at the time of such Retirement (or on such accelerated basis as the
Committee shall determine at or after grant), but may not be exercised after 60
days after the date of such termination of employment or service or the
expiration of the stated term of such Option or Stock Appreciation Right,
whichever period is shorter; provided, however, that, if the Optionee or Grantee
dies within such 60-day period, any unexercised Option or Stock Appreciation
Right held by such Optionee or Grantee shall thereafter be exercisable, to the
extent to which it was exercisable at the time of death, for a period of one
year after the date of such death or for the stated term of such Option or Stock
Appreciation Right, whichever period is shorter.

                  For purposes of this paragraph (i), "Normal Retirement" shall
mean retirement from active employment with the Company or any Subsidiary on or
after the normal retirement date specified in the applicable Company or
Subsidiary pension plan or if no such pension plan, age 65, and "Early
Retirement" shall mean retirement from active employment with the Company or any
Subsidiary pursuant to the early retirement provisions of the applicable Company
or Subsidiary pension plan or if no such pension plan, age 55.

            (j)   OTHER TERMINATION. Unless otherwise determined by the Committee,
if any Optionee or Grantee's employment with or service to the Company or any
Subsidiary terminates for any reason other than death, Disability or Normal or
Early Retirement, the Option or Stock Appreciation Right shall thereupon
terminate, except that the portion of any Option or Stock Appreciation Right
that was exercisable on the date of such termination of employment or service
may be exercised for the lesser of 30 days after the date of termination or the
balance of such Option or Stock Appreciation Right's term if the Optionee or
Grantee's employment or service with the Company or any Subsidiary is terminated
by the Company or such Subsidiary without cause or for good reason by the
Optionee or Grantee (the determination as to whether termination was for cause
or for good reason to be made by the Committee). The transfer of an Optionee or
Grantee from the employ of or service to the Company to the employ of or service
to a Subsidiary, or vice versa, or from one Subsidiary to another, shall not be
deemed to constitute a termination of employment or service for purposes of the
Plan.

                                          WHX CORPORATION
                                          February 28, 2007

                                       10Exhibit 10.1

    Exhibit
      10.1

    

    EXTENSION
      AND THIRD MODIFICATION AGREEMENT

     

    

     

    This
      EXTENSION AND THIRD MODIFICATION AGREEMENT (this “Agreement”)
      is
      made as of June 22, 2007 by and among (a) Mack-Cali Realty, L.P. (the
“Borrower”),
      (b)
      the Lenders party hereto, and (c) JPMorgan Chase Bank, N.A. as Administrative
      Agent (in such capacity, the “Administrative
      Agent”)
      for
      the Lenders.

     

    WHEREAS,
      the Borrower, the Lenders and the Administrative Agent are parties to a Second
      Amended and Restated Revolving Credit Agreement dated as of November 23, 2004,
      as modified by the Extension and Modification Agreement dated as of September
      16, 2005 and the Second Modification Agreement dated as of July 14, 2006 (as
      so
      modified, the “Credit
      Agreement”),
      pursuant to which the Lenders have agreed to make loans to the Borrower on
      the
      terms and conditions set forth therein; and

     

    WHEREAS,
      the Borrower has requested that the Lenders extend the maturity date of and
      make
      certain other modifications to the Credit Agreement, and the Lenders party
      hereto are willing to so extend and modify the Credit Agreement on the terms
      and
      conditions set forth herein;

     

    NOW,
      THEREFORE, in consideration of the foregoing premises, and for other good and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, and fully intending to be legally bound by this Agreement, the
      parties hereto agree as follows:

     

    1. Definitions.
      Capitalized terms used herein without definition shall have the meanings
      assigned to such terms in the Credit Agreement.

     

    2. Modifications
      to Credit Agreement.
      As of
      the Effective Date (as defined in §4 hereof) the Credit Agreement is modified as
      follows:

     

    2.1. Modifications
      to §1.1.§1.1.
      is
      hereby modified as follows:

     

    2.1.1. The
      definition of the term “Applicable Margin” is hereby modified by restating the
      second paragraph of such definition in its entirety to read as
      follows:

     

    “The
      applicable debt ratings and the Applicable Margins are set forth in the
      following table:

     

    
      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
 

    
      	
               

              S&P
                Rating

            	
               

              Moody’s
                Rating

            	
               

              Third
                Rating

            	
               

              Applicable
                Margin for Revolving Credit LIBOR Rate Loans

            	
               

              Applicable
                Margin for Alternate Base Rate Loans

            
	
               

              No
                rating or less than BBB-

            	
               

              No
                rating or less than Baa3

            	
               

              No
                rating or less than BBB-/Baa3 equivalent

            	
               

              1.00%

            	
               

              0%

            
	
               

              BBB-

            	
               

              Baa3

            	
               

              BBB-/Baa3
                equivalent

            	
               

              0.75%

            	
               

              0%

            
	
               

              BBB

            	
               

              Baa2

            	
               

              BBB/Baa2
                equivalent

            	
               

              0.55%

            	
               

              0%

            
	
               

              BBB+

            	
               

              Baa1

            	
               

              BBB+/Baa1
                equivalent

            	
               

              0.425%

            	
               

              0%

            
	
               

              A-
                or higher

            	
               

              A3
                or higher

            	
               

              A-/A3
                equivalent or higher

            	
               

              0.375%

            	
               

              0%

            

    

     

    2.1.2. The
      definition of the term “Capitalized Unencumbered Property NOI” is hereby
      modified by restating such definition in its entirety to read as
      follows:

     

    “Capitalized
      Unencumbered Property NOI.
      As of
      any date of determination with respect to an Unencumbered Property (other than
      an Acquisition Property), an amount equal to the Revised Adjusted Unencumbered
      Property NOI for such Unencumbered Property for the most recent two (2) complete
      fiscal quarters multiplied
      by
      two (2),
      with the product being divided
      by
      8.00%,
      except with respect to CBD Properties, which shall be divided
      by
      6.75%;
provided
      that if
      such Unencumbered Property has been owned for fewer than two (2) complete fiscal
      quarters, the Revised Adjusted Unencumbered Property NOI for such Unencumbered
      Property shall be calculated by using the actual results for the period that
      such Unencumbered Property has been owned and adjusting such results for a
      period of two (2) complete fiscal quarters.”

     

    2.1.3. The
      definition of the term “CBD Property(ies)” is hereby modified by restating such
      definition in its entirety to read as follows:

     

    
      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

     

     

    “CBD
      Property(ies).
      Collectively, (a) any Real Estate listed on Schedule
      CBD
      attached
      hereto, (b) any improved Real Estate which is located in the borough of
      Manhattan in New York, New York, Jersey City, New Jersey, or Washington, D.C.
      which is acquired after June 22, 2007, and (c) any other improved Real Estate
      which is located in markets with characteristics similar to those identified
      in
      clause (b) and is designated by the Agent and the Borrower as a CBD Property
      from time to time.”

     

    2.1.4. The
      definition of the term “Consolidated Capitalized NOI” is hereby modified by
      restating such definition in its entirety to read as follows:

     

    “Consolidated
      Capitalized NOI.
      As of
      any date of determination, an amount equal to Revised Consolidated Adjusted
      Net
      Income for the most recent two (2) completed fiscal quarters multiplied
      by
      two (2),
      with the product being divided
      by
      8.00%,
      except with respect to CBD Properties, which shall be divided
      by
      6.75%;
provided
      that if
      any Real Estate has been owned for fewer than two (2) complete fiscal quarters,
      the Revised Consolidated Adjusted Net Income for such Real Estate shall be
      calculated by using the actual results for the period that such Real Estate
      has
      been owned and adjusting such results for a period of two (2) complete fiscal
      quarters.”

     

    2.1.5. The
      definition of the term “Consolidated Total Capitalization” is hereby modified by
      restating such definition in its entirety to read as follows:

     

    “Consolidated
      Total Capitalization.
      As of
      any date of determination, with respect to MCRC, the Borrower and their
      respective Subsidiaries determined on a consolidated basis in accordance with
      GAAP, the sum (without double-counting) of:

     

    (a)
      Consolidated Capitalized NOI (other than with respect to (1) Acquisition
      Properties and (2) Real Estate with a negative Consolidated Capitalized NOI),
      plus 

     

    (b)
      the
      cost of all Acquisition Properties, plus 

     

    (c)
      the
      value of Unrestricted Cash and Cash Equivalents (excluding until forfeited
      or
      otherwise entitled to be retained by the Borrower or its Subsidiaries, tenant
      security and other restricted deposits), plus 

     

    (d)
      the
      aggregate costs incurred and paid to date by the Borrower and its Subsidiaries
      with respect to Construction-In-Process, plus 

     

    

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

     

     

    (e)
      the
      value of Indebtedness of third parties to the Borrower and its Subsidiaries
      for
      borrowed money which is secured by mortgage liens on real estate (valued in
      accordance with GAAP at the book value of such Indebtedness and not then more
      than 90 days past due or declared by the Borrower or its relevant Subsidiary
      to
      be past due), plus 

     

    (f)
      the
      actual net cash investment by the Borrower and its Subsidiaries in any Other
      Investments (wherein any such Other Investment (x) does not have any
      Indebtedness that is then more than 90 days past due or (y) has not been
      declared to be in default of any monetary or material monetizable obligations),
      plus 

     

    (g)
      the
      book value of Unimproved Non-Income Producing Land plus 

     

    (h)
      the
      value of Eligible Cash 1031 Proceeds; 

     

    provided
      that the
      value of each of the foregoing items comprising Consolidated Total
      Capitalization (other than Eligible Cash 1031 Proceeds) shall be subject to
      the
      following capped amounts for determining Consolidated Total
      Capitalization:

    

    
      	 	
              (i)

            	
              the
                book value of Unimproved Non-Income Producing Land shall be limited
                to ten
                (10%) percent of Consolidated Total
                Capitalization;

            

    

    

    
      	 	
              (ii)

            	
              investments
                in Other Investments shall be Without Recourse to the Borrower, the
                Guarantors and their Subsidiaries other than as expressly permitted
                in the
                definition of Other Investment and the amount of such investments
                shall be
                limited to fifteen (15%) percent of Consolidated Total
                Capitalization;

            

    

    

    
      	 	
              (iii)

            	
              the
                aggregate Project Costs of all Construction-in-Process shall be limited
                to
                fifteen (15%) percent of Consolidated Total Capitalization. For purposes
                hereof, Construction-in-Process shall not include so-called “build to
                suit” properties which are seventy-five (75%) percent pre-leased (by
                rentable square foot) and a property shall continue to be valued
                (for
                financial covenant compliance purposes) as Construction-in-Process
                until
                the end of four (4) consecutive calendar quarters following substantial
                completion of such property;

            

    

     

     

    

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    
 

    
      	 	
              (iv)

            	
              the
                value of Indebtedness of third parties to the Borrower, the Guarantors,
                or
                their Subsidiaries for borrowed money which is unsecured or is secured
                by
                mortgage liens (valued at the book value of such Indebtedness) shall
                be
                limited to fifteen (15%) percent of Consolidated Total
                Capitalization;

            

    

    

    
      	 	
              (v)

            	
              the
                investments set forth in clauses (i) through (iv) above, taken in
                the
                aggregate, shall be limited to thirty (30%) percent of Consolidated
                Total
                Capitalization; and

            

    

    

    
      	 	
              (vi)

            	
              investments
                in Real Estate other than office, office flex, and industrial/warehouse
                properties, taken in the aggregate, shall be limited to fifteen (15%)
                percent of Consolidated Total
                Capitalization.”

            

    

     

    2.1.6. The
      definition of the term “Construction-in-Process” is hereby modified by deleting
      the words “the covenant set forth in §9.8(c)” on the fourth line thereof and
      substituting the words “clause (iii) to the proviso in the definition of
      Consolidated Total Capitalization in §1.1” in place thereof.

     

    2.1.7. The
      definition of the term “Maturity Date” is hereby modified by (a) deleting the
      date “November 23, 2009” on the first line of such definition and substituting
      the date “June 22, 2011” in place thereof and (b) deleting the percentage
“0.25%” in the sixth line thereof and substituting the percentage “0.15%” in
      place thereof.

     

    2.1.8. The
      definition of the term “Other Investment” is hereby modified by deleting the
      reference to “§9.8(b)” in the tenth line thereof and substituting a reference to
“clause (ii) to the proviso in the definition of Consolidated Total
      Capitalization in §1.1” in place thereof.

     

    2.1.9. The
      definition of the term “Permitted Event” is hereby restated in its entirety to
      read as follows:

     

    “Permitted
      Event.
      The
      election by the Borrower to exclude a Subsidiary Guarantor, Operating Subsidiary
      or other Subsidiary as a Credit Party following a Bankruptcy Event with respect
      to such Subsidiary Guarantor, Operating Subsidiary or other Subsidiary; provided
      that the aggregate contribution to Consolidation Total Capitalization made
      by
      all Subsidiary Guarantors, Operating Subsidiaries and other Subsidiaries subject
      to such Bankruptcy Event shall not exceed $50,000,000. For purposes hereof,
      “Bankruptcy Event” shall mean any action or proceeding of the type described in
§12.1(g) or §12.1(h).”

     

    

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

     

     

    2.1.10. The
      definition of the term “Required Lenders” is hereby modified by restating such
      definition in its entirety to read as follows:

     

    “Required
      Lenders.
      As of
      any date, the Lenders whose aggregate Commitments constitute at least fifty-one
      percent (51%) of the Total Commitment; provided
      that if
      the Total Commitment has been terminated by the Lenders the Required Lenders
      shall be the Lenders holding at least fifty-one percent (51%) of the sum of
      the
      outstanding principal amount of the Loans and the Letter of Credit
      Participations on such date; and provided
      further
      that if
      any Lender shall be a Delinquent Lender at such time, then there shall be
      excluded from the determination of Required Lenders the amount of the
      Commitment, Loans, and Letter of Credit Participations of such Lender, as
      applicable, at such time.”

     

    2.1.11. The
      definition of the term “Unencumbered Property” is hereby modified by deleting
      the words “other than those listed in §8.2(iii) and §8.2(x)” on the fourth line
      thereof.

     

    2.2. Modification
      to §2.4(f).§2.4(f)
      of the Credit Agreement is hereby modified by deleting the table set forth
      in
      said §2.4(f) and substituting the following table in place thereof:

    

    
      	
               

              S&P
                Rating

            	
               

              Moody’s
                Rating

            	
               

              Third
                Rating

            	
               

              Facility
                Fee Percentage

            
	
               

              No
                rating or less than BBB-

            	
               

              No
                rating or less than Baa3

            	
               

              No
                rating or less than BBB-/Baa3 equivalent

            	
               

              0.25%

            
	
               

              BBB-

            	
               

              Baa3

            	
               

              BBB-/Baa3
                equivalent

            	
               

              0.20%

            
	
               

              BBB

            	
               

              Baa2

            	
               

              BBB/Baa2
                equivalent

            	
               

              0.15%

            
	
               

              BBB+

            	
               

              Baa1

            	
               

              BBB+/Baa1
                equivalent

            	
               

              0.15%

            
	
               

              A-
                or higher

            	
               

              A3
                or higher

            	
               

              A-/A3
                equivalent or higher

            	
               

              0.125%

            

    

     

    2.3. Modification
      to §2.9.
§2.9
      of
      the Credit Agreement is modified by adding the following sentence at the end
      of
      said §2.9: 

     

    

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

     

     

    "Unless
      otherwise directed by Borrower, any prepayments made by the Borrower shall
      be
      applied first to any and all Loans outstanding that are not secured by a
      Refinancing Mortgage (as defined in §7.12), and only to Loans secured by
      Refinancing Mortgages if there shall be no other Loans outstanding at the
      time."

     

    2.4. Modification
      to §7.5(e).
§7.5(e)
      of the Credit Agreement is hereby modified by deleting said §7.5(e) in its
      entirety.

     

    2.5. Modification
      to §7.9.
§7.9
      of
      the Credit Agreement is hereby modified by deleting the last sentence of said
      §7.9 in its entirety and substituting the following new sentence in place
      thereof:

     

    “Notwithstanding
      the foregoing, a breach of the covenants in this §7.9 shall only constitute an
      Event of Default if such breach results in a Material Adverse
      Effect.”

     

    2.6. Modification
      to §7.12.
§7.12
      of the Credit Agreement is hereby modified by restating said §7.12 in its
      entirety to read as follows:

     

    

      “§7.12.
        Use of Proceeds. Subject at all times to the other provisions of this
        Agreement, the Borrower will use the proceeds of the Loans solely for general
        working capital needs (including letters of credit) and other general corporate
        purposes. Without limiting the right of the Borrower to make requests for
        Loans
        as provided in §2.5 hereof, it is agreed by the Lenders that, from time to time,
        on not less than five (5) Business Days’ notice, the Borrower may request
        proceeds of the Loans be specifically used to refinance certain secured mortgage
        Indebtedness of the Borrower and/or its Subsidiaries, in which event, a portion
        of the Loans equal to the amount of the advances made hereunder in connection
        with such refinancing, at the Borrower's election, may be secured by an amended
        and restated mortgage on the property securing the mortgage to be refinanced
        (a
        "Refinancing Mortgage"). Any such Refinancing Mortgage and any other
        agreement, certifications, opinions and other documents will be (i) in form
        and
        substance reasonably acceptable to the Administrative Agent and its counsel,
        (ii) be consistent in all material respects with the terms of this Agreement,
        and (iii) subject to being released or assigned by the Administrative Agent
        at
        the request of the Borrower (it being understood and agreed that the
        Administrative Agent shall not be required to give any representations or
        warranties with respect to any such release or assignment, including with
        respect to any aspects of the Indebtedness secured thereby). In addition,
        in
        connection with each Refinancing Mortgage, the Administrative Agent, at the
        request and expense of Borrower, will provide subordination, non-disturbance
        and
        attornment agreements. No Real Estate that is subject to a Refinancing Mortgage
        shall qualify as an Unencumbered Property under this
        Agreement.”

    

     

    

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

     

     

    2.7. Modification
      to §8.2.
§8.2
      of
      the Credit Agreement is hereby modified by restating said §8.2 in its entirety
      to read as follows:

     

    “§8.2. Restrictions
      on Liens, Etc.
      None of
      the Borrower, any Guarantor, any Operating Subsidiary and any wholly-owned
      Subsidiary will: (a) create or incur or suffer to be created or incurred or
      to
      exist any lien, encumbrance, mortgage, pledge, negative pledge, charge,
      restriction or other security interest of any kind upon any of its property
      or
      assets of any character whether now owned or hereafter acquired, or upon the
      income or profits therefrom; (b) transfer any of such property or assets or
      the
      income or profits therefrom for the purpose of subjecting the same to the
      payment of Indebtedness or performance of any other obligation in priority
      to
      payment of its general creditors; (c) acquire, or agree or have an option to
      acquire, any property or assets upon conditional sale or other title retention
      or purchase money security agreement, device or arrangement; (d) suffer to
      exist
      for a period of more than thirty (30) days after the same shall have been
      incurred any Indebtedness or claim or demand against it that if unpaid might
      by
      law or upon bankruptcy or insolvency, or otherwise, be given any priority
      whatsoever over its general creditors; or (e) sell, assign, pledge or otherwise
      transfer any accounts, contract rights, general intangibles, chattel paper
      or
      instruments, with or without recourse (the foregoing items (a) through (e)
      being
      sometimes referred to in this §8.2 collectively as “Liens”),
      in
      each case, that affect an Unencumbered Property (or the owner thereof),
provided
      that
      the
      Borrower, the Guarantors and any Subsidiary may create or incur or suffer to
      be
      created or incurred or to exist the following Liens that affect an Unencumbered
      Property (or the owner thereof):

     

    (i) Liens
      securing taxes, assessments, governmental charges (including, without
      limitation, water, sewer and similar charges) or levies or claims for labor,
      material and supplies that are not yet due and payable;

     

    (ii) deposits
      or pledges made in connection with, or to secure payment of, worker’s
      compensation, unemployment insurance, old age pensions or other social security
      obligations; and deposits with utility companies and other similar deposits
      made
      in the ordinary course of business;

     

    (iii) encumbrances
      on properties consisting of easements, rights of way, covenants, notice of
      use
      limitations under Environmental Laws, restrictions on the use of real property
      and defects and irregularities in the title thereto; landlord’s or lessor’s
      Liens under Leases to which the Borrower, any Guarantor, or any Subsidiary
      is a
      party or bound; purchase options granted at a price not less than the market
      value of such property; and other similar Liens or encumbrances on properties,
      none of which interferes materially and adversely with the use of the property
      affected in the ordinary conduct of the business of the owner thereof, and
      which
      matters neither (x) individually or in the aggregate have a Material Adverse
      Effect nor (xx) make title to such property unmarketable by the conveyancing
      standards in effect where such property is located;

     

    

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

     

    (iv) any
      Leases (excluding Synthetic Leases) entered into in good faith with Persons
      that
      are not Affiliates; provided
      that
      Leases with Affiliates on market terms and with monthly market rent payments
      required to be paid are Permitted Liens;

     

    (v) Liens
      in
      respect of judgments or awards that have been in force for less than the
      applicable period for taking an appeal, so long as execution is not levied
      thereunder or in respect of which, at the time, a good faith appeal or
      proceeding for review is being prosecuted, and in respect of which a stay of
      execution shall have been obtained pending such appeal or review; provided
      that the
      Borrower shall have obtained a bond or insurance with respect thereto to the
      Administrative Agent’s reasonable satisfaction; and

     

    (vi) Liens
      consisting of mortgages, deeds of trust or other security interests granted
      by a
      Subsidiary Guarantor to the Borrower or another Guarantor to secure intercompany
      Indebtedness owing from such Subsidiary Guarantor to the Borrower or such other
      Guarantor; provided
      that at
      all times such Indebtedness and Liens (sometimes referred to herein collectively
      as the “Intercompany
      Secured Debt”)
      shall
      be held by the Borrower or a Guarantor and the Borrower’s or such Guarantor’s
      rights or interests therein shall not be subject to any Liens.

     

    Notwithstanding
      the foregoing provisions of this §8.2, the failure of any Unencumbered Property
      to comply with the covenants set forth in this §8.2 shall result in such
      Unencumbered Property’s no longer qualifying as Unencumbered Property under this
      Agreement, but such disqualification shall not by itself constitute a Default
      or
      Event of Default, unless the cause of such non-qualification otherwise
      constitutes a Default or an Event of Default.”

     

    2.8. Modification
      to §8.3.
      §8.3(b)(i) of the Credit Agreement is hereby modified by restating said
§8.3(b)(i) in its entirety to read as follows:

     

     

    

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

     

    “(i) the
      Sale
      of or granting of an Indebtedness Lien on any Unencumbered Property or other
      Real Estate so long as no Default or Event of Default has then occurred and
      is
      continuing, or would occur and be continuing after giving effect to such Sale
      or
      Indebtedness Lien; provided,
      that
      prior to (A) any Sale of any Unencumbered Property (for consideration in excess
      of $75,000,000) or (B) the granting of an Indebtedness Lien with respect to
      an
      Unencumbered Property (in connection with the incurrence of Indebtedness in
      excess of $75,000,000), the Borrower shall provide to the Administrative Agent
      a
      statement in the form of Exhibit
      D
      hereto
      signed by the chief financial officer or senior vice president of finance or
      other thereon designated officer of the Borrower and setting forth in reasonable
      detail computations evidencing compliance with the covenants contained in §9
      hereof and certifying that no Default or Event of Default has occurred and
      is
      continuing, or would occur and be continuing after giving effect to such
      proposed Sale or Indebtedness Lien and all liabilities, fixed or contingent,
      pursuant thereto; and provided
      further,
      if such
      Sale involves a qualified, deferred exchange under § 1031 of the Code, the
      Borrower shall also provide the statements and certifications described in
      the
      previous proviso on the date of any release from the escrow account of the
      proceeds of such qualified, deferred exchange under §1031 of the
      Code;”

     

    2.9. Modification
      to §8.6.
§8.6
      of
      the Credit Agreement is hereby modified by deleting the current text and
      restating said §8.6 in its entirety to read as follows:

     

    “§8.6. Distributions.
      During
      any period when any Event of Default has occurred and is continuing, neither
      the
      Borrower nor MCRC will make any Distributions in excess of the Distributions
      required to be made by it in order to maintain MCRC’s status as a
      REIT.”

     

    2.10. Modification
      to §9.8.
§9.8
      of
      the Credit Agreement is hereby modified by deleting said §9.8 in its entirety
      and substituting the following in place thereof:

     

    “§9.8.  [Intentionally
      Deleted.]”

     

    2.11. Modification
      to §12.1(f).
      §12.1(f) of the Credit Agreement is hereby modified by restating said §12.1(f)
      in its entirety to read as follows:

     

    “(f) the
      Borrower or any Guarantor or any of their respective Subsidiaries shall (i)
      fail
      to pay at maturity, or within any applicable period of grace or cure, any
      obligation for borrowed money or credit received by it (other than current
      obligations in the ordinary course of business) or in respect of any Capitalized
      Leases in respect of any Recourse obligations or credit in an aggregate amount
      in excess of $50,000,000 (determined in accordance with §9.9 hereof) or (ii)
      fail to observe or perform any material term, covenant or agreement contained
      in
      any agreement by which it is bound, evidencing or securing borrowed money or
      credit received (other than current obligations in the ordinary course of
      business) or in respect of any Capitalized Leases in respect of any Recourse
      obligations or credit in an aggregate amount in excess of $50,000,000
      (determined in accordance with §9.9 hereof) for such period of time (after the
      giving of appropriate notice if required) as would permit the holder or holders
      thereof or of any obligations issued thereunder to accelerate the maturity
      thereof; and none of the foregoing is a Non-Material Breach.”

     

     

    

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

     

     

    2.12. Schedule
      1.2.
      Schedule
      1.2
      to the
      Credit Agreement is hereby modified by deleting said Schedule
      1.2
      in its
      entirety and substituting the Schedule
      1.2
      attached
      to this Agreement in place thereof.

     

    2.13. Schedule
      CBD.
      Schedule
      CBD
      to the
      Credit Agreement is hereby modified by deleting said Schedule
      CBD
      in its
      entirety and substituting the Schedule
      CBD
      attached
      to this Agreement in place thereof.

     

    3. Provisions
      Of General Application.

     

    3.1. Representations
      and Warranties.
      The
      Borrower hereby represents and warrants as of the date hereof that (a) each
      of
      the representations and warranties of the Borrower and the Guarantors contained
      in the Credit Agreement, the other Loan Documents or in any document or
      instrument delivered pursuant to or in connection with the Credit Agreement
      or
      this Agreement are true and correct in all material respects as of the date
      as
      of which they were made and are true and correct in all material respects at
      and
      as of the date of this Agreement (except to the extent (i) of changes resulting
      from transactions contemplated or not prohibited by the Credit Agreement or
      the
      other Loan Documents, (ii) of changes occurring in the ordinary course of
      business, or (iii) that such representations and warranties relate expressly
      to
      an earlier date), (b) no Default or Event of Default exists on the date hereof
      (before and after giving effect to this Agreement), and (c) this Agreement
      has
      been duly authorized, executed and delivered by the Borrower and is in full
      force and effect as of the Effective Date, and the agreements and obligations
      of
      the Borrower contained herein constitute the legal, valid and binding
      obligations of the Borrower, enforceable against it in accordance with its
      terms, subject only to applicable bankruptcy, insolvency, fraudulent conveyance,
      reorganization, moratorium or other laws relating to or affecting generally
      the
      enforcement of creditors’ rights and to the fact that the availability of the
      remedy of specific performance or injunctive relief is subject to the discretion
      of the court before which any proceeding therefor may be brought.

     

    

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

     

     

    The
      Borrower hereby further represents and warrants as of the date hereof that
      the
      execution, delivery and performance of this Agreement (i) are within the
      authority of the Borrower, (ii) do not conflict with or result in any breach
      or
      contravention of any provision of law, statute, rule or regulation to which
      the
      Borrower is subject or any judgment, order, writ, injunction, license or permit
      applicable to the Borrower, (iii) do not conflict with any provision of the
      agreement of limited partnership, any certificate of limited partnership, the
      charter documents or by-laws of the Borrower or any general partner or other
      controlling Person thereof, (iv) do not contravene any provisions of, or
      constitute a default hereunder, a Default or an Event of Default or a failure
      to
      comply with any term, condition or provision of, any other agreement,
      instrument, judgment, order, decree, permit, license or undertaking binding
      upon
      or applicable to the Borrower or any of the Borrower’s properties (except for
      any such failure to comply under any such other agreement, instrument, judgment,
      order, decree, permit, license, or undertaking as would not materially and
      adversely affect the condition (financial or otherwise), properties, business
      or
      results of operations of the Borrower, the Operating Subsidiaries or any
      Guarantor) or result in the creation of any mortgage, pledge, security interest,
      lien, encumbrance or charge upon any of the properties or assets of the
      Borrower, the Operating Subsidiaries or any Guarantor, and (v) do not require
      (A) the approval or consent of any governmental agency or authority other than
      those already obtained, or (B) filing with any governmental agency or authority,
      other than filings which will be made with the SEC when and as required by
      law.

     

    3.2. No
      Other Changes.
      Except
      as otherwise expressly provided or contemplated by this Agreement, all of the
      terms, conditions and provisions of the Credit Agreement remain unaltered and
      in
      full force and effect. The Credit Agreement and this Agreement shall be read
      and
      construed as one agreement. The making of the modifications in this Agreement
      does not imply any obligation or agreement by the Administrative Agent or any
      Lender to make any other amendment, waiver, modification or consent as to any
      matter on any subsequent occasion. This Agreement shall be a Loan Document
      under
      the Credit Agreement.

     

    3.3. Governing
      Law.
      This
      Agreement shall be deemed to be a contract under the laws of the State of New
      York. This Agreement and the rights and obligations of each of the parties
      hereto are contracts under the laws of the State of New York and shall for
      all
      purposes be construed in accordance with and governed by the laws of such State
      (excluding the laws applicable to conflicts or choice of law).

     

    3.4. Assignment.
      This
      Agreement shall be binding upon and inure to the benefit of each of the parties
      hereto and their respective permitted successors and assigns.

     

    3.5. Counterparts.
      This
      Agreement may be executed in any number of counterparts, but all such
      counterparts shall together constitute but one and the same agreement. In making
      proof of this Agreement, it shall not be necessary to produce or account for
      more than one counterpart thereof signed by each of the parties
      hereto.

     

    

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

     

     

    4. Effectiveness
      of this Agreement.
      This
      Agreement shall become effective on the date on which the following conditions
      precedent are satisfied (such date being hereinafter referred to as the
“Effective
      Date”):

     

    (a) Execution
      and delivery to the Administrative Agent by each of the Lenders, the Borrower,
      the Guarantors and the Administrative Agent of this Agreement.

     

    (b) Execution
      and delivery to the Administrative Agent of (i) a certificate of each of the
      Borrower and MCRC confirming that there have been no changes to their respective
      charter documents since May 24, 2006, or (ii) if there have been changes to
      the
      Borrower’s or MCRC’s charter document since such date, a secretary’s certificate
      of the Borrower or MCRC certifying as to such changes.

     

    (c) Delivery
      to the Administrative Agent of an incumbency certificate of the Borrower and
      MCRC and of resolutions of the board of directors of MCRC authorizing this
      Agreement.

     

    (d) Payment
      to the Administrative Agent, for the accounts of the Agents and the Lenders,
      as
      applicable, all fees due and payable on or before the Effective Date and all
      expenses due and payable on or before the Effective Date, including, without
      limitation, reasonable attorneys’ fees and expenses and other costs and expenses
      incurred in connection with this Agreement.

     

    (e) Delivery
      to the Administrative Agent by Seyfarth Shaw LLP, as counsel to the Borrower,
      and Ballard Spahr Anderson & Ingersoll, LLP, as corporate counsel to MCRC,
      of opinions addressed to the Lenders and the Administrative Agent in form and
      substance reasonably satisfactory to the Administrative Agent.

     

    [Remainder
      of page left blank intentionally]

     

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the undersigned have duly executed and delivered this Extension
      and Third Modification Agreement as of the date first set forth
      above.

    

    MACK-CALI
      REALTY, L.P.

    

    
      	 	
              By:

            	
              Mack-Cali
                Realty Corporation, 

            

    

    
      	 	 	
              its
                general partner

            

    

    

    

    By:
      /s/
      Barry Lefkowitz

       Name: Barry
      Lefkowitz

       Title: Executive
      Vice President

        
    and
      Chief
      Financial Officer

    

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    JPMORGAN
      CHASE BANK, N.A.,
      individually and 

    as
      Administrative Agent, Swing Lender and Fronting Bank

    

    

    By:
      /s/
      Marc E. Constantino

    Name:
      Marc E. Costantino

    Title:
      Executive Director

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    BANK
      OF AMERICA, N.A.

    

    

    

    By:
      /s/
      Charlotte W. Deinhart

    Name:
      Charlotte W. Deinhart

    Title:
      Vice President

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    SCOTIABANC,
      INC.

    

    

    

    By:
      /s/
      J.F. Todd

    Name:
      J.F. Todd

    Title:
      Managing Director

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    WACHOVIA
      BANK, NATIONAL ASSOCIATION

    

    

    

    By:
      /s/
      Cynthia A. Bean

    Name:
      Cynthia A. Bean

    Title:
      Vice President

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION

    

    

    

    By:
      /s/
      Christopher B. Wilson

    Name:
      Christopher B. Wilson

    Title:
      Vice President

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    SUNTRUST
      BANK

    

    

    

    By:/s/
      Gregory T. Horstman

    Name:
      Gregory T. Horstman

    Title:
      Senior Vice President

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    PNC
      BANK, NATIONAL ASSOCIATION

    

    

    

    By:
      /s/
      J.
      Richard Litton

    Name:
      J.
      Richard Litton

    Title:
      Vice President

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    CITICORP
      NORTH AMERICA, INC.

    

    

    

    By:
      /s/
      Michael Chlopak

    Name:
      Michael Chlopak

    Title:
      Managing Director

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    US
      BANK NATIONAL ASSOCIATION

    

    

    

    By:
      /s/
      Joann L. St. Peter

    Name:
      Joann L. St. Peter

    Title:
      Vice President

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    BANK
      OF CHINA, NEW YORK BRANCH

    

    

    

    By:
      /s/
      William W. Smith

    Name:
      William W. Smith

    Title:
      Deputy General Manager

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    THE
      BANK OF NEW YORK

    

    

    

    By:
      /s/
      David Applebaum

    Name:
      David Applebaum

    Title:
      Vice President

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    CHEVY
      CHASE BANK, F.S.B.

    

    

    

    By:
      /s/
      Dory Halati

    Name:
      Dory Halati

    Title:
      Vice President

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    DEUTSCHE
      BANK TRUST COMPANY AMERICAS

    

    

    

    By:
      /s/
      Brenda Casey

    Name:
      Brenda Casey

    Title:
      Director

    

    By:
      /s/
      J.
      T. Johnston Coe

    Name:
      J.T. Johnston Coe

    Title:
      Managing Director

    

    

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    MIZUHO
      CORPORATE BANK, LTD.

    

    

    

    By:
      /s/
      Makoto Murata

    Name:
      Makoto Murata

    Title:
      Deputy General Manager

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    THE
      BANK OF TOKYO-MITSUBISHI UFJ, LTD.

    

    

    

    By:
      /s/
      James T. Taylor

    Name: James
      T.
      Taylor

    Title: Vice
      President

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

    NORTH
      FORK BANK

    

    

    

    By:
      /s/
      Anthony F. DeSenzo

    Name:
      Anthony F. DeSenzo

    Title:
      Senior Vice President

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    

    COMERICA
      BANK

    

    

    

    By:
      /s/
      Leslie A. Vogel

    Name:
      Leslie A. Vogel

    Title:
      Vice President

    

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    

    CHANG
      HWA COMMERCIAL BANK, LTD., NEW YORK BRANCH

    

    

    

    By:
      /s/
      Jim C. Y. Chen

    Name:
      Jim
      C.Y. Chen

    Title:
      VP
& General Manager

    

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    

    FIRST
      COMMERCIAL BANK, NEW YORK AGENCY

    

    

    

    By:
      /s/
      Bruce M. J. Ju

    Name:
      Bruce M. J. Ju

    Title:
      SVP & General Manager

    

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    

    MEGA
      INTERNATIONAL COMMERCIAL BANK CO. LTD. NEW YORK BRANCH

    

    

    

    By:
      /s/
      Tsang-Pei Hsu

    Name:
      Tsang-Pei Hsu

    Title:
      VP
& DGM

    

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    

    THE
      ROYAL BANK OF SCOTLAND PLC

    

    

    

    By:
      /s/
      Brett Thompson

    Name:
      Brett Thompson

    Title:
      Vice President

    

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    

    HUA
      NAN COMMERCIAL BANK, NEW YORK AGENCY

    

    

    

    By:
      /s/
      Henry Hsieh

    Name:
      Henry Hsieh

    Title:
      Assistant Vice President

    

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    

    BANK
      HAPOALIM B.M.

    

    

    

    By:
      /s/
      Charles McLaughlin

    Name:
      Charles McLaughlin

    Title:
      Senior Vice President

    

    

    BANK
      HAPOALIM B.M.

    

    

    

    By:
      /s/
      Marc Bosc

    Name:
      Marc Bosc

    Title:
      Vice President

    

    

    

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    Mack-Cali
      Realty Corporation

    Schedule
      CBD

    CBD
      Properties

    
      	 	 	 
	 	
              Property
                Address

            	
              City/State

            
	 	 	 
	 	
              Harborside
                Financial Center 1

            	
              Jersey
                City, NJ

            
	 	
              Harborside
                Financial Center 2

            	
              Jersey
                City, NJ

            
	 	
              Harborside
                Financial Center 3

            	
              Jersey
                City, NJ

            
	 	
              Harborside
                Financial Center 4-A

            	
              Jersey
                City, NJ

            
	 	
              Harborside
                Financial Center 5

            	
              Jersey
                City, NJ

            
	 	
              101
                Hudson Street

            	
              Jersey
                City, NJ

            
	 	 	 
	 	
              1400
                L Street

            	
              Washington,
                DC

            
	 	
              1201
                Connecticut Avenue NW

            	
              Washington,
                DC

            
	 	 	 
	 	
              125
                Broad Street - Unit A and Unit C

            	
              New
                York, NY

            

    

    

    
      

      
        
           

        

        
          24

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