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Exhibit 10.16    
  

 
 

MACK-CALI REALTY CORPORATION    
    
    RESTRICTED SHARE AWARD AGREEMENT    
    
    MICHAEL GROSSMAN    
  

 
 

AGREEMENT EVIDENCING THE GRANT
  OF A RESTRICTED SHARE AWARD PURSUANT
  TO THE EMPLOYEE STOCK OPTION PLAN
  OF MACK-CALI REALTY CORPORATION    
  

        Agreement ("Agreement") effective as of December 6, 1999, ("Grant Date") by and between Mack-Cali Realty Corporation
(the "Company") and Michael Grossman ("Recipient"). 

        Whereas, pursuant to the Employee Stock Option Plan of Mack-Cali Realty Corporation which was originally effective
August 31, 1994 and amended and restated as of December 11, 1998 (the "Plan"), the Company hereby awards shares of the Company's common stock, par value $.01 per share ("Common Stock")
to the Recipient subject to such terms, conditions, and restrictions (hereinafter, "Restricted Share Award") as set forth in the Plan and this Agreement; 

        Now Therefore, the parties hereto hereby agree as follows: 

        1.    Award of Shares of Restricted Stock.    

        Pursuant
to the Plan, the Committee hereby awards to the Recipient, effective as of the Grant Date, a Restricted Share Award representing the conditional receipt of 4,000 shares of
Common Stock ("Restricted Shares") at no out-of-pocket cost to the Recipient subject to the terms, conditions and restrictions set forth herein. Capitalized terms not otherwise
defined in this Agreement shall be as defined in the Plan. 

        2.    Award Restrictions.    

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

        (b)    Vesting.    An aggregate of 4,000 Restricted Shares may vest in the Recipient and vest on either a year by year
basis over a five year Vesting Period or on a cumulative basis over a seven year maximum Vesting Period. The number of Restricted Shares scheduled to be vested and earned on each Vesting Date on a
year by year basis provided the Performance Goals specified in Section 2(c) below are satisfied is as follows: 

	Restricted Shares
 
	 	Vesting Date

	   600	 	January 1, 2000
	   600	 	January 1, 2001
	   800	 	January 1, 2002
	1,000	 	January 1, 2003
	1,000	 	January 1, 2004

        The
Vesting Date for this Agreement shall be each January 1st through and including January 1, 2006. In determining the number of Restricted Shares which are
earned and vested, fractional shares shall be rounded down to the nearest whole number and shall be aggregated and earned on the next Vesting Date. 

        (c)    Performance Goals.    (i) The Restricted Shares shall vest on the applicable Vesting Date on a year by
year basis provided one of the following financial tests ("Financial Tests") is met for the measurement period ending on the last day of the Company's fiscal year immediately preceding such Vesting
Date: (A) the Company achieves an eight percent (8%) funds from operations per common share ("FFO") increase, or (B) shareholders receive a twelve and three quarters percent (12.75%)
total return (dividends, assuming reinvestment upon applicable payment date, plus stock appreciation per share of Common Stock). For purposes of this Agreement, FFO shall mean (i) net income
(loss) before minority interest of unit holders, computed in accordance with generally accepted accounting 

 

principles ("GAAP"), excluding the effect of straight lining of rents, gains (or losses) from debt restructuring, other extraordinary and significant non-recurring items, and gains (or
losses) on sale of property and other property-related valuation allowances, plus real estate related depreciation and amortization, as calculated in accordance with the National Association of Real
Estate Investment Trusts definition published in March 1995 after adjustment for straight lining of rents and as applied in accordance with the accounting practices and policies of the Company
in effect from time to time on a consistent basis to the entire Vesting Period, divided by (ii) the sum of (A) the diluted weighted average number of outstanding shares of Common Stock
and (B) the diluted weighted average number of outstanding common limited partnership units of Mack-Cali Realty, L.P., a Delaware limited partnership of which the Company is the
sole general partner (the "Partnership"), for the applicable period with such calculations being made all before the effect on FFO and diluted common shares/common limited partnership units resulting
from certain non-recurring cash payments made pursuant to certain written employment agreements and from the vesting of restricted share awards and other similar plans or compensation
arrangements for the applicable period. 

                (ii)
In the event that neither of the Financial Tests above is satisfied for the fiscal year of the Company corresponding to the applicable Vesting Date
("Non-Achievement Year"), any Restricted Shares that failed to vest under the annual performance goal criteria on such Date may vest on such Date or on a subsequent Vesting Date provided
the test described below is satisfied (the "Cumulative Test"). The Cumulative Test shall be applied at the end of the Non-Achievement Year or any subsequent fiscal year
("Catch-Up Year") with respect to any Non-Achievement Year provided a Financial Test was satisfied in a prior fiscal year or is
satisfied in a Catch-Up Year, by applying the aggregate Financial Test percentages and the performance goal requirement on a cumulative basis beginning with the first fiscal year of the
Vesting Period and ending with the Non-Achievement Year or the Catch-Up Year, as applicable. In the event the Cumulative Test is
satisfied (i.e., the aggregate increase in FFO or aggregate total return is not less than the minimum percentage required to satisfy the Financial Test
after taking into account the applicable Non-Achievement Year), the Restricted Shares that failed to vest in the Non-Achievement Year shall automatically vest on the Vesting
Date applicable to the Non-Achievement Year or the Catch-Up Year, as the case may be. For example, if vesting occurred in years one (1) and two (2), year three
(3) is a Non-Achievement Year, and the Cumulative Test is met for the Non-Achievement Year (i.e., either FFO is not less
than twenty-four (24%) percent or the aggregate return is not less than thirty-eight and one-quarter (38.25%) percent) vesting would occur on the Vesting Date applicable to the
Non-Achievement Year. In the event the Cumulative Test is not met in the Non-Achievement Year, one of the Financial Tests is met in year four (4), the Cumulative Test may be
used. Under this scenario, vesting in that portion of the Restricted Stock Award scheduled to vest in year three (3) will occur in year four (4) if either the aggregate FFO is not less
than thirty-two percent (32%) or the aggregate total return is not less than fifty-one percent (51%) at the end of the fourth (4th) fiscal year.  Rules for Application of the Cumulative Test:
(a) the Cumulative Test will be applied first at the end of any Non-Achievement Year,
(b) it is not necessary for any Catch-Up Year to immediately succeed a Non-Achievement Year in order for the Cumulative Test to be applicable as long as the
Catch-Up Year occurs during the Vesting Period, (c) if two (2) or more Non-Achievement Years have occurred during the Vesting Period and remain
non-vested, in the event that the Cumulative Test is met on a partial basis so that at least one (1) full year's vesting may occur, the Restricted Share Award
granted with respect to the last Non-Achievement Year that has occurred, shall vest first and any excess shall be credited to another Non-Achievement Year and (d) the
Cumulative Test may be met on a partial basis by aggregating percentages in excess of the minimum annual requirement from more than one (1) fiscal year in the Vesting Period. For example, if
vesting occurred in year one (1) and the FFO is sixteen (16%) percent, years two (2) and three (3) are Non-Achievement Years with a loss in year two (2) of two
(2%) percent and year three (3) the FFO is four (4%) percent, the Restricted Shares awarded with respect to year three (3) would vest under the Cumulative Test and two (2%) percent of
the remaining FFO would be available to be used in year two 

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(2) or any other year (e.g., in the event that FFO were fourteen (14%) percent in year four (4), the Restricted Shares applicable to year two
(2) would also vest. In the alternative, if FFO were six (6%) percent in year four (4), year four (4) would vest and year two (2) would remain a Non-Achievement Year).
Notwithstanding any contrary provisions contained in this Section 2(c) and subject to Section 4 below, any Restricted Shares that have not been earned and vested by January 1,
2004 on a year by year basis or by January 1, 2006 pursuant to the Cumulative Test shall automatically be canceled and forfeited. 

        (d)    Lapse of Restrictions.    Upon the Vesting of Restricted Shares, the Recipient shall own the Shares free and
clear of all restrictions imposed by this Agreement and the Recipient shall be free to hold or dispose of such Shares in his discretion, subject to applicable federal and state law or regulations. 

        (e)    Prohibition Against Assignment.    During the Vesting Period, the Restricted Shares may not be transferred or
encumbered by the Recipient by means of sale, assignment, mortgage, transfer, exchange, pledge, or otherwise. The levy of any execution, attachment, or similar process upon the Restricted Shares shall
be null and void. 

        3.    Stock Certificates.    

        (a)    Certificates.    Restricted Shares shall be evidenced by one or more stock certificates registered in the name
of the Recipient or a nominee or nominees therefor. Prior to Vesting, the Company shall prepare and issue separate certificates for the Restricted Shares scheduled to vest in each year (the "Share
Certificates"), which shall be registered in the name of the Recipient and which shall bear such restrictive legend or legends (if any) as the Company may deem necessary or desirable under any
applicable law. 

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

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

        (d)    Rights of Stockholder.    Except as otherwise provided in Section 2 and this Section 3, during
the Vesting Period and after the certificates for the Restricted Shares have been issued, the Recipient shall be entitled to all rights of a stockholder of the Company, including the right to vote and
the right to receive dividends, with respect to the Restricted Shares subject to this Agreement. Subject to applicable withholding requirements, if any, dividends on the Restricted Shares shall be
paid to the Recipient when earned and payable. 

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

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        4.    Termination of Employment; Change in Control.    

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

        (b)    Termination for Any Other Reason.    If the Recipient's employment with the Company terminates prior to
January 1, 2006 for reasons other than Disability, death, a termination initiated by the Company without Cause or by the Recipient for Good Reason or as a result of a Change in Control, any
Restricted Shares subject to this Agreement that have not been earned and vested prior to the Recipient's termination of employment shall be immediately forfeited on the last day of the Recipient's
employment with the Company. 

        (c)    Definitions.  

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

        (ii)    Disability.    For purposes of this Agreement, "Disability" shall mean a determination by the Company, upon
the advice of an independent qualified physician, reasonably acceptable to Recipient, that Recipient has become physically or mentally incapable of performing his duties for the Company and such
disability has disabled Recipient for a cumulative period of one hundred eighty (180) days within a twelve (12) month period. 

        (iii)    Good Reason.    For purposes of this Agreement, termination for "Good Reason" shall mean termination by
Receipt (A) upon an assignment to Recipient of duties materially and adversely inconsistent with Recipient's status as Vice President—Leasing or a material or adverse alteration in
the nature of or diminution in Recipient's duties for the Company and/or responsibilities, reporting obligations, titles or authority; (B) upon a reduction in Recipient's annual base salary or
a material reduction in other benefits (except for bonuses or similar discretionary payments) as in effect at the time in question or a failure to pay such amounts when due; (C) on or within
six (6) months following a Change in Control; (D) upon any purported termination of Recipient's employment for Cause which is not effected pursuant to the procedures of
sub-paragraph 4(c)(i) (and for purposes of this Agreement, in the event of such failure to comply, no such purported termination shall be effective); or (E) upon the
relocation of the Company's principal executive offices or Recipient's own office location to a location more than thirty (30) miles away from Elmsford, New York. 

        (iv)    Change in Control.    For purposes of this Agreement "Change in Control" shall mean that any of the following
events has occurred: (A) any "person" or "group" of persons, as such 

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terms are used in Sections 13 and 14 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), other than any employee benefit plan sponsored by the Company, becomes the "beneficial
owner", as such term is used in Section 13 of the Exchange Act, (irrespective of any vesting or waiting periods) of (I) Common Stock or any class of stock convertible into Common Stock
and/or (II) Common OP Units or preferred units or any other class of units convertible into Common OP Units, in an amount equal to twenty (20%) percent or more of the sum total of the Common
Stock and the Common OP Units (treating all classes of outstanding stock, units or other securities
convertible into stock units as if they were converted into Common Stock or Common OP Units as the case may be and then treating Common Stock and Common OP Units as if they were a single class) issued
and outstanding immediately prior to such acquisition as if they were a single class and disregarding any equity raise in connection with the financing of such transaction; (B) any Common Stock
is purchased pursuant to a tender or exchange offer other than an offer by the Company; (C) the dissolution or liquidation of the Company or the consummation of any merger or consolidation of
the Company or any sale or other disposition of all or substantially all of its assets, if the shareholders of the Company and unitholders of the Partnership taken as a whole and considered as one
class immediately before such transaction own, immediately after consummation of such transaction, equity securities and partnership units possessing less than fifty (50%) percent of the surviving or
acquiring company and partnership taken as a whole; or (D) a turnover, during any two (2) year period, of the majority of the members of the Board, without the consent of the remaining
members of the Board as to the appointment of the new Board members. 

        5.    Confidential Information.    

        (a)    Recipient
understands and acknowledges that during his employment with the Company, he will be exposed to Confidential Information (as defined below), all of which is
proprietary and which will rightfully belong to the Company. Recipient shall hold in a fiduciary capacity for the benefit of the Company such Confidential Information obtained by Recipient during his
employment with the Company and shall not, directly or indirectly, at any time, either during or after his employment with the Company, without the Company's prior written consent, use any of such
Confidential Information or disclose any of such Confidential Information to any individual or entity other than the Company or its employees, attorneys, accountants, financial advisors, consultants,
or investment bankers except as required in the performance of his duties for the Company or as otherwise required by law. Recipient shall take all reasonable steps to safeguard such Confidential
Information and to protect such Confidential Information against disclosure, misuse, loss or theft. 

        (b)    The
term "Confidential Information" shall mean any information not generally known in the relevant trade or industry or otherwise not generally available to the public,
which was obtained from the Company or its predecessors or which was learned, discovered, developed, conceived, originated or prepared during or as a result of the performance of any services by
Recipient on behalf of the Company or its predecessors. For purposes of this Paragraph 5, the Company shall be deemed to include any entity which is controlled, directly or indirectly, by the
Company and any entity of which a majority of the economic interest is owned, directly or indirectly, by the Company. 

        (c)    Except
for such items which are of a personal nature to Recipient (e.g., daily business planner), all writings, records,
and other documents and things containing any Confidential Information shall be the exclusive property of the Company, shall not be copied, summarized, extracted from, or removed from the premises of
the Company, except in pursuit of the business of the Company and at the direction of the Company, and shall be delivered to the Company, without retaining any copies, upon the termination of
Recipient's employment or at any time as requested by the Company. 

        (d)    The
parties hereto agree that the Company would suffer irreparable harm from a breach by Recipient of any of the covenants or agreements contained in this
Paragraph 5. Therefore, in the event of the actual or threatened breach by Recipient of any of the provisions of this Paragraph 5, the 

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

        6.    Withholding.    

        In
connection with the delivery of any stock certificates, or the making of any payment in accordance with the provisions of this Agreement, the Company shall withhold Shares or cash
amounts (for fractional Shares) equal to the taxes then required by applicable federal, state and local law to be so withheld. 

        7.    Adjustments for Capital Changes.    

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

        8.    No Right to Continued Employment.    

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

        9.    Notice.    

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

Mack-Cali
Realty Corporation

11 Commerce Drive

Cranford, New Jersey 07016

Attn:    Mitchell
E. Hersh

            Chief Executive Officer

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

Mr. Michael
Grossman

[Intentionally Omitted] 

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

        10.    Entire Agreement.    

        This
Agreement contains the entire understanding of the parties and shall not be modified or amended except in writing and duly signed by each of the parties hereto. No waiver by either
party of any default under this Agreement shall be deemed a waiver of any later default thereof. 

        11.    Construction.    

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

        12.    Governing Law.    

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

        13.    Successors.    

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

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        In Witness Whereof, the parties hereto have executed this Agreement to be effective on the date first above written. 

	 	 	Mack-Cali Realty Corporation
	

 	
 	

By:	

/s/ MITCHELL E. HERSH
 Mitchell E. Hersh

Chief Executive Officer
	

 	
 	
Recipient
	

 	
 	

/s/ MICHAEL GROSSMAN
 Michael Grossman

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Exhibit 10.16

MACK-CALI REALTY CORPORATION RESTRICTED SHARE AWARD AGREEMENT MICHAEL GROSSMAN

AGREEMENT EVIDENCING THE GRANT OF A RESTRICTED SHARE AWARD PURSUANT TO THE EMPLOYEE STOCK OPTION PLAN OF MACK-CALI REALTY CORPORATIONQuickLinks
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Exhibit 10.17    
  

 
 

FIRST AMENDMENT TO THE
  RESTRICTED SHARE AWARD AGREEMENT
  FOR MICHAEL A. GROSSMAN EFFECTIVE AS OF DECEMBER 6, 1999    
  

        This Amendment No. 1 is made, effective as of January 2, 2003 by and between Mack-Cali Realty Corporation, a Maryland corporation (the
"Company") and Michael A. Grossman (the "Recipient"). 

        Whereas, the Company and the Recipient entered into an Agreement Evidencing the Grant of a Restricted Share Award effective as of
December 6, 1999 (the "Agreement"), pursuant to which the Company awarded 4,000 shares of the Company's common stock, par value $.01 per share ("Common Stock") to the Recipient pursuant to the
Employee Stock Option Plan of Mack-Cali Realty Corporation which was originally effective August 31, 1994 and amended and restated as of December 1, 1998 (the "Plan"), and 

        Whereas, the Company and Recipient entered into an Employment Agreement dated as of December 5, 2000 (the "Employment Agreement"),
and 

        Whereas, pursuant to the terms of, and authority granted under, the Plan and the Agreement, the Company and Recipient wish to amend the
Agreement as set forth herein; 

        Now Therefore, the parties hereto hereby agree as follows: 

        1.    Definitions.    

        Capitalized
terms not otherwise defined herein shall have the meanings set forth in the Agreement. 

        2.    Amendments to the Restricted Share Award Agreement.    

        (i)    Section 1
of the Agreement is hereby deleted in its entirety and replaced with the following: 

                "1.    Award of Shares of Restricted Stock.    

        Pursuant
to the Plan, the Committee hereby awards to the Recipient, effective as of the Grant Date, a Restricted Share Award representing the conditional receipt of 4,000 shares of
Common Stock ("Restricted Shares") at no out-of-pocket cost to the Recipient subject to the terms, conditions and restrictions set forth herein. Except for the defined terms
set forth in Section 4 below, capitalized terms not otherwise defined in this Agreement shall be as defined in the Plan." 

        (ii)  Section 2(a)
of the Agreement is hereby deleted in its entirety and replaced with the following: 

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

        (iii)  Section 2(b)
of the Agreement is hereby deleted in its entirety and replaced with the following: 

        "(b)    Vesting.    An aggregate of 4,000 Restricted Shares may vest in the Recipient on a year by year basis over a
nine to eleven year Vesting Period. The number of Restricted Shares which 

 

have been vested and earned on each Vesting Date on a year by year basis as a result of the Performance Goals specified in Section 2(c) below being satisfied is as follows: 

	Restricted Shares
 
	 	Vesting Date

	600	 	January 1, 2000
	600	 	January 1, 2001
	800	 	January 1, 2002

The
number of Restricted Shares scheduled to be vested and earned on January 2, 2003 as specified in Section 2(d) below is as follows: 

	Restricted Shares
 
	 	Vesting Date

	1,000	 	January 2, 2003

The
number of Restricted Shares initially scheduled to be vested and earned on each Vesting Date on a year by year basis provided the Annual Performance Targets applicable pursuant to
Section 2(e) below are satisfied is as follows: 

	Restricted Shares
 
	 	Vesting Date

	150	 	January 1, 2004
	150	 	January 1, 2005
	200	 	January 1, 2006
	250	 	January 1, 2007
	250	 	January 1, 2008"

        (iv)  Sections
2(d) and 2(e) of the Agreement shall be renumbered as Sections 2(f) and 2(g), respectively, and the following new sections 2(d) and 2(e) shall be inserted: 

        "(d)    Time Vesting    1,000 Restricted Shares shall vest on January 2, 2003. 

        (e)    Annual Performance Targets.    (i) The Restricted Shares shall vest on the applicable Vesting Date on a
year by year basis provided that the Annual Performance Targets (as hereinafter defined) for the calendar year ending on the last day of the Company's fiscal year immediately preceding such Vesting
Date are met. The "Annual Performance Targets" shall mean the annual performance targets for each applicable calendar year as determined by the Executive Compensation and Option Committee of the
Company's Board of Directors and communicated to the Recipient no later than the last day of the first calendar quarter of the applicable calendar year; and (ii) In the event that the Annual
Performance Targets for any calendar year are not satisfied so that the Restricted Shares do not vest on the Vesting Date on which they were scheduled to vest had the Annual Performance Targets been
met, such Restricted Shares that failed to vest on such Vesting Date shall vest on any subsequent Vesting Date provided that the Annual Performance Targets for a subsequent calendar year are met. If
any Restricted Shares remain unvested as of January 1, 2008, Annual Performance Targets shall be set for the 2008 calendar year and if any Restricted Shares have not vested by January 1,
2009, Annual Performance Targets shall be set for the 2009 calendar year. The Vesting Date applicable to the 2008 calendar year is January 1, 2009 and for the 2009 calendar year is
January 1, 2010. Any Restricted Shares that have not been earned and vested by January 1, 2010 shall automatically be canceled or forfeited." 

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        (v)  Section 4
of the Agreement is hereby deleted in its entirety and replaced with the following: 

                "4.    Termination of Employment; Change in Control.    

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

        (b)    Termination for Any Other Reason.    Unless otherwise provided in the Employment Agreement, if the Recipient's
employment with the Company terminates prior to January 1, 2008 and prior to the occurrence of a Change in Control for reasons other than Disability, death, a termination initiated by the
Company without Cause or by Recipient for Good Reason, any Restricted Shares subject to this Agreement that have not been earned and vested prior to the Recipient's termination of employment shall be
immediately forfeited on the last day of the Recipient's employment with the Company." 

        (vi)  Section 5
of the Agreement is hereby deleted in its entirety. 

        (vii) Section 6
of the Agreement is hereby deleted in its entirety and replaced with the following: 

                "5.    Withholding.    

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

        (viii)    Sections
7 and 8 of the Agreement shall be renumbered Sections 6 and 7, respectively. 

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        (ix)  Section 9
of the Agreement is hereby deleted in its entirety and replaced with the following: 

                "8.    Notice.    

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

 	
 	

Mack-Cali Realty Corporation

11 Commerce Drive

Cranford, New Jersey 07016
	

 	
 	

Attn:	
 	

Mitchell E. Hersh

Chief Executive Officer
	

 	
 	

 	
 	

        and
	

 	
 	

 	
 	

Roger W. Thomas, Esq.

General Counsel
	

 	
 	

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

 	
 	

Mr. Michael A. Grossman

[Intentionally Omitted]
	

 	
 	

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

        (x)  Section 10
of the Agreement is hereby deleted in its entirety and replaced with the following: 

        "9.    Entire Agreement; Effect of Employment Agreement.    

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

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

        (xi)  Sections
11, 12, and 13 of the Agreement shall be renumbered Sections 10, 11 and 12 respectively. 

        3.    Miscellaneous.    Except as specifically amended above, the Agreement and all provisions thereof shall remain in
full force and effect and are hereby ratified and confirmed. Additionally, upon the effectiveness of this Amendment, on and after the date hereof, each reference in the Agreement to "this Agreement",
"hereunder", "hereof", "herein" or words of like import, and each reference to the Agreement in any document relating to the Agreement, shall mean and be a reference to the Agreement as amended
hereby. 

4

 

        In Witness Whereof, the parties hereto have executed this Amendment effective as of the date first written above. 

	 	 	Mack-Cali Realty Corporation
	

 	
 	
By:	

/s/  MITCHELL E. HERSH      
 Name: Mitchell E. Hersh

Title: Chief Executive Officer
	

 	
 	
Recipient
	

 	
 	

/s/  MICHAEL A. GROSSMAN      
 Michael A. Grossman

5

QuickLinks

Exhibit 10.17

FIRST AMENDMENT TO THE RESTRICTED SHARE AWARD AGREEMENT FOR MICHAEL A. GROSSMAN EFFECTIVE AS OF DECEMBER 6, 1999

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00046-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00046-of-00352.parquet"}]]