On December 6, 2005, the board of directors (the “Board of Directors”) of Mack-Cali Realty Corporation (the “General Partner”), the general partner of Mack-Cali Realty, L.P. (the “Operating Partnership”), approved the recommendations and ratified the determinations of the Executive Compensation and Option Committee of the Board of Directors and authorized the General Partner to:

(a)          maintain the annual compensation paid to non-employee members of the Board of Directors at $30,000 and maintain the annual compensation paid to the chairs of committees of the Board of Directors at (i) $10,000 for the Audit Committee, (ii) $10,000 for the Executive Committee, (iii) $5,000 for the Nominating and Corporate Governance Committee, and (iv) $5,000 for the Executive Compensation and Option Committee.

(b)          increase the compensation paid to non-employee members of the Board of Directors for attendance at, or telephonic participation in, meetings of the Board of Directors or any committee thereof from $1,000 to $1,500.

(c)          grant to each non-employee member of the Board of Directors restricted stock awards, no later than December 31, 2005, pursuant to the General Partner’s Amended and Restated 2000 Director Stock Option Plan in an amount equal to one thousand two hundred (1,200) shares of the General Partner’s common stock. The restricted common stock granted to the non-employee members of the Board of Directors will vest on January 1, 2007. A form of restricted share award agreement, effective December 6, 2005, entered into with each non-employee director is filed as exhibit 10.1 herewith.

(d)          based upon the General Partner's performance in 2005, enter into restricted share award agreements, effective December 6, 2005, with each of Mitchell E. Hersh, Barry Lefkowitz, Roger W. Thomas and Michael A. Grossman, pursuant to which Messrs. Hersh, Lefkowitz, Thomas and Grossman were issued 14,600, 8,176, 7,008 and 8,176 shares of restricted stock, respectively, pursuant to the General Partner’s 2000 Employee Stock Option Plan originally effective as of September 11, 2000, and amended as of May 14, 2002. The restricted common stock is fully vested upon issuance and will be subject to a six month restriction prohibiting the restricted common stock from being sold, assigned, transferred, gifted or otherwise disposed of, mortgaged, pledged or otherwise hypothecated. In connection with the issuance of the restricted stock, the General Partner also entered into agreements with Messrs. Hersh, Lefkowitz, Thomas and Grossman for certain tax gross-up payments. Copies of the restricted share award agreements and the tax gross-up agreements are filed as exhibits 10.2 through 10.9 herewith.

(i)           grant cash bonuses, for fiscal year 2005, to Messrs. Hersh, Lefkowitz, Thomas and Grossman of $625,000, $350,000, $300,000 and $350,000, respectively.