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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
[_] CHECK THIS BOX IF NO LONGER
SUBJECT TO SECTION 16. FORM 4
OR FORM 5 OBLIGATIONS MAY
CONTINUE. SEE INSTRUCTION 1(b).
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person*
Rizk Thomas A.
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(Last) (First) (Middle)
c/o Mack-Cali Realty Corporation
11 Commerce Drive
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(Street)
Cranford NJ 07016
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Mack-Cali Realty Corporation (CLI)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
12/97
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
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X Officer (give title Other (specify
----- below) ------ below)
Chief Executive Officer
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7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
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Form filed by More than One Reporting Person
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<TABLE>
<CAPTION>
TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature
(Instr. 3) action action or Disposed of (D) Securities Form: of Indirect
Date Code Beneficially Direct Beneficial
(Instr. 8) (Instr. 3,4 and 5) Owned at (D) or Ownership
(Month/ ------------ -------------------------- End of Month Indirect (Instr. 4)
Day/ Code V Amount (A) or Price (Instr. 3 (I)
Year) (D) and 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 12/16/97 M 66,667 A D
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Common Stock 12/16/97 M 125,000 A D
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Common Stock 12/16/97 S 191,667(1) D 151,555(2) D
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</TABLE>
Explanation of Responses:
(1) The 191,667 shares of Common Stock sold in this transaction were acquired by
the reporting person through the exercise of vested employee stock options.
Such vested stock options were exercised and the underlying stock sold in
order to defray the payment of income taxes relating to taxable income
resulting from the December 11, 1997 Mack Combination.
(2) Following the transactions reported herein for the month of December 1997,
the reporting person still beneficially owns an aggregate of 632,914 shares
of Common Stock, either directly as Common Stock or underlying derivative
securities.
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* If the form is filed by more than one reporting person, see Instruction
4(b(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
(Over)
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FORM 4 (CONTINUED)
<TABLE>
<CAPTION>
TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
1. Title of Derivative Security 2. Conversion 3. Transaction 4. Transaction 5. Number of Derivative 6. Date Exercisable
(Instr. 3) or Exercise Date Code Securities Acquired (A) and Expiration
Price of (Month/Day/ (Instr. 8) or Disposed of (D) Date
Derivative Year) (Instr. 3, 4, and 5) (Month/Day/
Security Year)
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Code V (A) (D) Date Expiration
Exer- Date
cisable
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option
(Right to Buy) $38.75 12/12/97 A V 339,976 (3) 12/12/07
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Employee Stock Option
(Right to Buy) $17.25 12/16/97 M 66,667 8/31/97 8/31/04
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Employee Stock Option
(Right to Buy) $26.25 12/16/97 M 125,000 12/11/97 10/24/06
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Units of Limited Partnership
Interest(4) (4)
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</TABLE>
<TABLE>
<CAPTION>
7. Title and Amount of 8. Price of Derivative 9. Number of Derivative 10. Ownership Form 11. Nature of Indirect
Underlying Securities Security (Instr. 5) Securities Beneficially of Derivative Security: Beneficial Ownership
(Instr. 3 and 4) Owned at End of Month Direct (D) or (Instr. 4)
- ------------------------ Instr. 4) Indirect (I) (Instr. 4)
Title Amount or
Number of
Shares
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<S> <C> <C> <C> <C> <C>
Common
Stock 339,976 (5) D
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Common
Stock 66,667 (5) D
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Common
Stock 125,000 339,976(5) D
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Common
Stock 141,383 141,383(5) I by TAR Investments L.P.
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</TABLE>
Explanation of Responses (continued):
(3) The option vests in five equal annual installments beginning on December 31,
1997.
(4) The Units of Limited Partnership Interest ("Units") represent interests in
Mack-Cali Realty, L.P., a Delaware limited partnership, through which Mack-
Cali Realty Corporation conducts its real estate activities. The Units are
redeemable by the reporting person for an equivalent number of shares of
Common Stock of Mack-Cali Realty Corporation.
(5) Following the transactions reported herein for the month of December 1997,
the reporting person still beneficially owns an aggregate of 632,914 shares
of Common Stock, either directly as Common Stock or underlying derivative
securities.
/s/ Thomas A. Rizk 1/12/98
_______________________________ ______________
**Signature of Reporting Person Date
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
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