Document:

Exhibit 10.3

 

FOURTH AMENDMENT

TO

AGREEMENT OF LIMITED PARTNERSHIP

OF

HEALTHCARE TRUST OPERATING PARTNERSHIP, L.P.

 

Dated as of September 15, 2020

 

THIS FOURTH AMENDMENT
TO AGREEMENT OF LIMITED PARTNERSHIP OF HEALTHCARE TRUST OPERATING PARTNERSHIP, L.P. (this “Amendment”), dated
as of September 15, 2020, is entered into by HEALTHCARE TRUST, INC., a Maryland corporation, as general partner (the
 “General Partner”) of HEALTHCARE TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Partnership”),
for itself and on behalf of any limited partners of the Partnership.

 

WHEREAS, the
Agreement of Limited Partnership of the Partnership was entered into on February 14, 2013 (as now or hereafter amended, restated,
modified, supplemented or replaced, the “Partnership Agreement”);

 

WHEREAS, on
December 6, 2019, the General Partner, for itself and on behalf of any limited partners of the Partnership, entered into the
Third Amendment to the Partnership Agreement (the “Third Amendment”) to set forth the designations, allocations,
preferences, conversion and other special rights, powers and duties of a new series of Preferred Units (as defined in the Third
Amendment) of the Partnership designated as the “7.375% Series A Cumulative Redeemable Perpetual Preferred Units”
(the “Series A Preferred Units”);

 

WHEREAS, the
Series A Preferred Units were created and were initially issued in conjunction with the General Partner’s initial issuance
and sale of shares of its 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share (the
 “Series A Preferred Stock”), and, as such, the Series A Preferred Units are intended to have designations,
preferences and other rights and terms that are substantially the same as those of the Series A Preferred Stock, all such
that the economic interests of the Series A Preferred Units and the Series A Preferred Stock are substantially similar;

 

WHEREAS, on
December 11, 2019, the General Partner issued and sold 1,400,000 shares of Series A Preferred Stock in an underwritten
public offering, and, on December 13, 2019, the General Partner issued and sold an additional 210,000 shares of Series A
Preferred Stock upon the underwriters’ exercise of their option to purchase additional shares in such offering, and the General
Partner contributed the net proceeds of such issuances and sales to the Partnership in exchange for, and caused the Partnership
to issue to the General Partner, 1,610,000 Series A Preferred Units;

 

WHEREAS, the
General Partner has authorized the issuance and sale from time to time of up to 600,000 additional shares of Series A Preferred
Stock in an “equity line” offering, and, in connection therewith, the General Partner, pursuant to Section 4.3
of the Partnership Agreement, will, upon the issuance and sale of any shares of Series A Preferred Stock in such offering,
contribute the net proceeds of such issuances and sales to the Partnership in exchange for, and will cause the Partnership to issue
to the General Partner, a number of Series A Preferred Units equal to the number of shares of Series A Preferred Stock
actually issued in such offering from time to time;

 

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WHEREAS, pursuant
to the authority granted to the General Partner pursuant to Sections 4.3 and 14.1 of the Partnership Agreement, and as authorized
by the unanimous written consent, dated as of September 14, 2020, of the offering committee of the Board of Directors of
the General Partner, which has been delegated certain power and authority of the Board of Directors of the General Partner, the
General Partner desires to amend the Partnership Agreement to increase the number of Series A Preferred Units it is authorized
to issue and to issue additional Series A Preferred Units to the General Partner.

 

NOW, THEREFORE,
in consideration of good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the General
Partner hereby amends the Partnership Agreement as follows:

 

Annex A
to the Partnership Agreement is hereby amended by deleting Section 1 thereof and replacing such Section with the following
new Section 1:

 

“1. Designation
and Number. A series of Preferred Units (as defined below) of Healthcare Trust Operating Partnership, L.P., a Delaware limited
partnership (the “Partnership”), designated the “7.375% Series A Cumulative Redeemable Perpetual
Preferred Units” (the “Series A Preferred Units”), is hereby established. The number of authorized
Series A Preferred Units shall be 2,210,000.”

 

Except as modified
herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and conditions
the General Partner hereby ratifies and confirms.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF,
the undersigned has executed this Amendment as of the date first set forth above.

 

	 	 	GENERAL PARTNER:
	 	 	 
	 	 	 
	 	 	HEALTHCARE TRUST, INC.
	 	 	 
	 	 	 
	 	 	By:	/s/ Edward M. Weil Jr
	 	 	Name:	Edward M. Weil Jr
	 	 	Title:	Chief Executive Officer and President

 

[Signature
Page to Fourth Amendment to Agreement of Limited Partnership]Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT (the "Agreement") is March 1, 2020 ("Effective Date") by and between Nirup Krishnamurthy,
an individual (hereinafter referred to as the "Employee"), and MEDICINE MAN TECHNOLOGIES, INC.("MMT"), a corporation
duly organized under the laws of the state of Nevada and having its principal place of business at 4880 Havana Street, Suite 201
South, Denver, Colorado 80239 and its affiliates and subsidiaries (hereinafter referred to as the "Employer" or the
"Company"). The existence of this Agreement will be announced publicly by MMT in MMT's sole discretion.

 

WITNESSETH:

 

WHEREAS, the
Employer desires to employ the Employee as its Chief Information and Integration Officer under the terms of this Agreement and
the Employee desires to become employed by the Employer pursuant to the same, and;

 

WHEREAS, the
Employee and the Employer desire to have their rights, obligations and duties specified herein.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein, the parties hereto agree as follows:

 

	1.	EMPLOYMENT. Upon execution of this Agreement Employee shall
                                become a full-time employee of Employer and shall devote a reasonable amount of his/her time necessary
                                to properly effectuate the duties and obligations included herein to the benefit of the Employer.
                                During the term of Employee's employment with the Company, Employee shall report directly to the
                                Company's CEO, Justin Dye and/or the Chairman of the Board, Justin Dye.

 

	2.	TERM. The Employee's employment hereunder shall be effective
                                as of the date of this Agreement and shall continue unless terminated pursuant to Section 4 of
                                this Agreement.

 

	3.	COMPENSATION.

 

		a.	Employer agrees to pay to
                                         the Employee during the Term of this Agreement, a base gross salary of $264,000.00 per
                                         annum ("Base Salary"), payable in equal installments on a bi-weekly basis,
                                         due and payable on those days of the month where Employer customarily makes salary payments
                                         to its other employees. Employer shall be responsible for deduction from each salary
                                         payment tendered to Employee herein all applicable withholding and other employment taxes
                                         imposed by state and federal tax regulations. The Employer may periodically increase
                                         Employee's annual Base Salary at its sole discretion.

 

		b.	The Company grants to Employee,
                                         effective as of the date of this Agreement (the "Date of Grant"), the option
                                         to purchase all or any part of 600,000 of the common stock of the Company (the "Common
                                         Stock") at a purchase price that shall equal the closing price of the Company's
                                         Common Stock as reported on the trading market in which the Common Stock trades on the
                                         Date of Grant (the "Option"). The Option shall vest and become exercisable
                                         in accordance with the following vesting schedule: (i) 150,000 shares of Common Stock
                                         subject to the Option will vest and become exercisable on the first anniversary of the
                                         Effective Date of this Agreement; (ii) an additional 150,000 shares of Common Stock subject
                                         to the Option will vest and become exercisable on the second anniversary of the Effective
                                         Date of this Agreement; (iii) an additional 150,000 shares of Common Stock subject to
                                         the Option will vest and become exercisable on the third anniversary of the Effective
                                         Date of this Agreement and (iv) the remaining 150,000 shares of Common Stock subject
                                         to the Option will vest and become exercisable on the fourth anniversary of the Effective
                                         Date of this Agreement, such that the Option shall be fully vested as of such date.

 

		c.	Notwithstanding the vesting schedule
                                         and conditions set forth above, 100% of the 600,000 shares of Common Stock subject to
                                         the Option shall vest and become exercisable in the event of a "Change in Control."
                                         For purposes of this Agreement, "Change in Control" means (i) the purchase
                                         or other acquisition (other than from the Company) by any person, entity or group of
                                         persons, within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act
                                         of 1934, as amended (the "Act") (excluding for this purpose, the Company or
                                         its subsidiaries or any employee benefit plan of the Company or its Subsidiaries), of
                                         beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Act) of
                                         50% or more of either the then-outstanding shares of Common Stock of the Company or the
                                         combined voting power of the Company's then-outstanding voting securities entitled to
                                         vote generally in the election of directors; (ii) approval by the stockholders of the
                                         company of a reorganization, merger or consolidation, in each case with respect to which
                                         persons who were the stockholders of the Company immediately prior to such reorganization,
                                         merger or consolidation do not, immediately thereafter, own more than 50% of, respectively,
                                         the Common Stock and the combined voting power entitled to vote generally in the election
                                         of directors of the reorganized, merged or consolidated corporation's then-outstanding
                                         voting securities, or of a liquidation or dissolution of the Company's or of the sale
                                         of all or substantially all of the assets of the Company; or (iii) the termination by
                                         the Board of Directors of the Company's Chief Executive Officer for any reason other
                                         than for "Cause" (as such term is defined in the Company's employment agreement
                                         with its current Chief Executive Officer) provided that such Chief Executive Officer
                                         is also removed or no longer serves as Chairman of the Board of Directors.

 

 

 

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		d.	All shares of Common Stock issued
                                         pursuant to the Option to the Employee under this Agreement may be liquidated at a daily
                                         rate of no more than 5% of the preceding five (5) day average volume of the Company's
                                         Common Stock on any given trading day. Notwithstanding the foregoing, the limits under
                                         this leak-out provision do not apply in the event of a Change in Control of the Company.

 

		e.	During the term of the Agreement,
                                         the Employee shall be eligible to participate in Company-established incentive, stock
                                         purchase, savings, retirement (401(k)), and welfare benefit plans, including, without
                                         limitation, group health, medical, dental, vision, life and disability insurance plans,
                                         in the same manner and at the same levels as the Company makes such opportunities available
                                         to the Company's senior executive level employees.

 

		f.	Employee shall be entitled
                                         to three (3) weeks of vacation (in addition to customary United Stated federal holidays)
                                         during each year in which he/she serves hereunder. Such vacation shall be taken at such
                                         time or times as will be mutually agreed-upon between the Employee and the Company.

 

		g.	Employee and Company understand
                                         that until Employee shall commute at certain times to the Company's offices in Denver,
                                         Colorado. Employee and Company agree that the Company shall reimburse Employee for expenses
                                         related such travel, including flights and hotels or alternative housing arrangements
                                         (the "Travel Expenses"). The reimbursement amounts related to any such Travel
                                         Expenses must be agreed-upon in writing by the Company. Notwithstanding the foregoing,
                                         Employee shall have a duty to mitigate the Travel Expenses by acquiring travel and accommodations
                                         in accordance with any Company policies related to employee travel.

 

During the Term, Employee acknowledges and agrees
to comply with the terms and conditions in the attached Exhibit B, Insider Trading Acknowledgement.

 

	4.	TERMINATION.

 

		a.	This Agreement may be terminated
                                         upon the happening of any of the following events:

 

		i.	Whenever the Employer and
                                         the Employee shall mutually agree to termination in writing;

 

		ii.	Employer may at any time
                                         during the term of employment, by written notice, terminate this Agreement and discharge
                                         the Employee for Cause (as defined below), whereupon Employer's obligation to pay all
                                         compensation and other benefits (including Severance amounts, insurance coverage, medical
                                         and hospitalization plan benefits and management incentive plan payments, if any, under
                                         this Agreement) shall cease as of the date of termination, unless determined otherwise
                                         by the Board of Directors.

 

As used herein, termination for
Cause shall mean the Employee has committed an act constituting dereliction of duties or gross negligence; (a) committed a material
breach of any provision of this Agreement or any obligation to the Company that, if curable, has not been cured by Employee within
thirty (30) days of written notice from the Company describing such breach in reasonable detail; (c) engaged in dishonest, illegal
conduct or misconduct which in each case has a material and adverse impact on the reputation, business, business relationships,
financial condition or economic prospects of the Company; (d) refused, after notice thereof, to perform specific lawful directives
of the Chief Executive Officer; (e) failed to comply with the Company's written policies or rules during the term of this Agreement;
(1) misappropriation by the Employee of any money or other assets or properties of the Company or its subsidiaries outside of
his/her specific purview; (g) the willful and unauthorized disclosure by the Employee of any Company trade secrets or financial
information or data which has resulted, or is likely to result, in material and demonstrable damage to Employer ; (h) breach of
the terms of any NDA entered into as of the date of this Agreement (i) the commission by the Employee of an act constituting a
conflict of interest; (j) in the event Employee becomes aware of any dishonest activities of any other employee of the Employer
and Employee fails to undertake proper and sufficient actions to protect the Employer therefrom; (k) been convicted of or entered
a plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes
a misdemeanor involving moral turpitude, if such felony or other crime is work-related, materially impairs the Employee's ability
to perform services for the Company or results in material/reputational or financial harm to the Company or its affiliates.

 

 

 

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		iii.	Upon termination without
                                         Cause, the Employee shall be entitled to the following: (A) twelve (12) months of base
                                         gross salary payable in accordance with the normal payroll practice of the Company as
                                         if such Employee was employed by the Company during such twelve (12) months; (B) any
                                         earned but unpaid bonus; (C) the number of shares of Common Stock subject to the Option
                                         that would have vested, had the Employee maintained employment with the Company, through
                                         the next anniversary date following the date on which the termination without Cause occurred;
                                         and (D) provide or reimburse Employee during the 12-month period for the same or substantially
                                         the same medical, dental, long-term disability and life insurance pursuant to Section
                                         3(e) to which Employee was entitled hereunder as of the date of termination, provided,
                                         however, that in the case of such medical and dental insurance, that Employee makes a
                                         timely election for continuation coverage under COBRA. Together (A), (B), (C) and (D)
                                         are "Severance".

 

		b.	Upon termination for Cause, the
                                         Employee shall not be entitled to receive any benefits of Severance pay, unless determined
                                         otherwise by the Company.

 

		c.	In the event the Employee decides
                                         to leave the employ of the Employer; the Employee agrees to give to the Employer at least
                                         thirty (30) days advance written notice of the date of his/her last day of employment.

 

	5.	RECORDS.

 

Upon termination
of this Agreement, Employee shall not be entitled to keep or preserve records of the Employer. Employee hereby acknowledges a
duty to Employer to cause to be kept and maintained accurate records of the Employer's business. The Employee shall at any time
be entitled to receive copies of his/her personnel files with ten (10) days' notice to the Employer, noting that should this provision
be utilized only the most recent files not provided in any earlier request shall be provided. This prohibition does not include
any relevant employee files or records of the employee.

 

	6.	NON-SOLICITATION/NON-COMPETE.

 

In consideration
of the numerous mutual promises contained herein between the Company and Employee, Employee, for his/her or himself/herself and
for or on behalf of any person or business entity in the any state in which the Company does business during Employee's employment
(the "Non-Compete Jurisdiction") engage in any of the following activities:

 

		a.	Upon the Employee's termination
                                         of employment with the Employer (voluntary or involuntary) and for a period of 12 months
                                         thereafter, said Employee shall not (i) solicit any business from any customers or accounts
                                         of the Employer. The Employee shall not assist any third parties in soliciting the business
                                         of any customers or accounts of the Employer; and, (ii) directly or indirectly, on his/her
                                         own behalf or on behalf of any other person or entity, whether as an owner, director,
                                         officer, partner, employee, agent or consultant, for pay or otherwise, render services
                                         to or engage with any person or entity (or on Employee's own behalf, if the Employee
                                         is self-employed) that is engaged in the same business of the Company, nor shall Employee
                                         become interested in any such business, directly or indirectly, as an individual, partner,
                                         shareholder, member, manager, director, officer, principal, agent, employee, trustee,
                                         consultant, contractor or in any other relationship or capacity; provided, however, that
                                         nothing contained in this paragraph shall be deemed to prohibit Employee from acquiring,
                                         solely as an investment, up to four percent (4%) of the outstanding shares of capital
                                         stock of any corporation whose shares are publicly traded; and, for a period of twelve
                                         (12) months following the date upon which Employee ceases being an employee, solicit,
                                         induce, recruit, or participate in soliciting any individual who is employed by the Company.

 

		b.	In the event the Employee
                                         fails to comply with any provisions herein, the Employee hereby authorizes the Employer
                                         to obtain a Restraining Order which would restrain and enjoin the Employee or any third
                                         party being assisted by said Employee in soliciting business (other than employment)
                                         from any accounts or customers of the Employer. Should Employee desire to pursue an employment
                                         opportunity with any customer of the Employer, written consent of the Employer must be
                                         obtained. Such consent shall not be unreasonably withheld.

 

		c.	Employee
                                         hereby acknowledges that the geographic boundaries, scope of prohibited activities and the time duration of the provisions of this Section 6 are reasonable and
                                         are no broader than are necessary to protect the legitimate business interests of the
                                         Company.

 

 

 

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	7.	PROPRIETARY AND CONFIDENTIAL INFORMATION.

 

		a.	For purposes herein, Employer's
                                         proprietary and confidential information and trade secrets (hereinafter "Proprietary
                                         and Confidential Information") includes:

 

		i.	Information concerning Employer's
                                         business, product development, marketing analysis, and related information including
                                         prices, terms and other trade secrets related to Employer's customer lists and customers'
                                         business affairs, and related information;

 

		ii.	Discoveries, concepts and
                                         ideas; techniques and processes, whether copyrightable or not, including, but not limited
                                         to, techniques, data and improvements thereof, concerning present or future activities
                                         of Employer; and any products, potential products or prototype concepts of Employer;

 

		iii.	Information relating to
                                         research, development, invention, purchasing, merchandising and marketing;

 

		iv.	Any proprietary and confidential
                                         information relating to research and development undertaken by Employer, its successors
                                         and assigns;

 

		v.	Proprietary and confidential
                                         information shall not include information which is: (a) of record in the files of Employee
                                         at time that Employer's Proprietary and Confidential Information is disclosed to Employee
                                         and received from Employer; or (b) either has become or becomes available to the public
                                         through no fault of Employee; or (c) is received by Employee, from any third party which
                                         has the right to disclose it.

 

		b.	With respect to its Proprietary
                                         and Confidential Information as defined in (a), above, Employer retains all rights and
                                         interest, which rights include but are not limited to: patent, process patent, copyright,
                                         trademark, trade secret or any other form of proprietary right. Employee agrees that
                                         all Proprietary and Confidential Information of Employer is protected by law and may
                                         not be used or disclosed by Employee. Employee agrees to safeguard Employer's Proprietary
                                         and Confidential Information with no less care than he/she would reasonably use in safeguarding
                                         his/her own valuable proprietary information and trade secrets. Employee agrees to take
                                         appropriate steps to preserve the complete confidentiality of Employer's Proprietary
                                         and Confidential Information by all appropriate measures.

 

		c.	Employee agrees that, except
                                         as required by Employer in performance of his/her duties for Employer, he/she will:

 

		i.	not
                                         copy or duplicate Employer's Proprietary and Confidential Information, nor allow anyone
                                         else to copy or duplicate the same, without the express written permission of Employer;

 

		ii.	never
                                         directly or indirectly use, sell, disseminate, disclose, lecture upon, publish articles
                                         concerning, or otherwise convey or communicate to any person other than Employer's employees,
                                         any of Employer's Proprietary and Confidential Information unless authorized by their
                                         supervisor;

 

		iii.	never
                                         create or attempt to create or permit others to create duplicate or derivative works
                                         containing all or part of Employer's Proprietary and Confidential Information;

 

		iv.	upon
                                         termination of this Agreement, Employee shall return all of Employer's Proprietary and
                                         Confidential Information which is within Employee's possession or control at that time
                                         to Employer and, upon request by Employer, certify in writing to Employer that all information
                                         has been returned.

 

 

 

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		v.	Employee
                                         agrees to notify Employer immediately upon learning of any unauthorized possession, use
                                         or knowledge of Employer's Proprietary and Confidential Information to which Employee
                                         has had access under this Agreement. Employee will promptly furnish Employer all known
                                         details of such unauthorized possession, use or knowledge, which will assist in preventing
                                         the recurrence of such unauthorized possession, use or knowledge, and will cooperate
                                         with Employer in any litigation against any parties undertaken by Employer to protect
                                         its rights to its Proprietary and Confidential Information. Employee's compliance with
                                         this subparagraph shall not be construed as a waiver of any of Employer's rights under
                                         this Agreement.

 

		d.	In
                                         the event of a breach or threatened breach by Employee of the provisions of this Agreement,
                                         Employer shall be entitled to an injunction restraining Employee from such breach, and
                                         Employer may also pursue any and all other remedies available to it for threatened or
                                         actual breach, including recovery of damages from Employee.

 

		e.	In
                                         addition to the other requirements of this Section 7, for the good and valuable consideration
                                         in this Agreement, Employee has agreed to comply with the attached Exhibit A, Employee
                                         Invention Assignment.

 

	8.	GOODWILL.
                                         Goodwill shall mean that goodwill associated with the Company during the term of
                                         this Agreement, including, but not limited to, the benefits that have been or will be
                                         purchased, developed, accrued, and maintained as a result of the Company's expenditure
                                         of time, money and effort in developing and maintaining, among other things ("Goodwill"):
                                         (i) the Company's reputation and the reputation and the skill, training, and, expertise
                                         of the Company's officers, employees, advisors, Directors and partners; (ii) the quality
                                         of the products and services provided; (iii) personal contacts of the Company's officers,
                                         employees, advisors, directors and partners within the state-regulated cannabis industry
                                         and local, national and global business community in general, which relationships are
                                         vital to the Company's business; (iv) the Company's knowledge and expertise; (v) the
                                         Company's business acumen; (vi) the Company's ability to attract other employees, investors,
                                         financing, and business partners in order to grow its business; (vii) the Company's Confidential
                                         Information; and (viii) other attributes and actions that result in the retention of
                                         existing and the acquisition of new patronage. Employee understands that by being employed
                                         by the Company, he/she shall have the opportunity to be associated with the Company's
                                         Goodwill and receive its benefits of it. At the outset and during the term of this Agreement,
                                         the Company promises to provide Employee access to the benefits of its Goodwill, through
                                         various means. Employee agrees not to take any action that is intended to degrade or
                                         lessen the Company's Goodwill.

  

	9.	NON-DISPARAGEMENT. After the Employee's
                                 termination date for cause, neither the Company nor Employee shall make any statements that are
                                 professionally or personally disparaging about or adverse to the interests of the other party,
                                 including but not limited to any statements that disparage any person, service or capability
                                 of the other party, and each such party agrees not to engage in any conduct that is intended
                                 to harm professionally or personally the reputation of any party to this Agreement.

 

	10.	NAME & LIKENESS RIGHTS. Employee
                                 hereby authorizes the Company to use, reuse, and to grant others the right to use and reuse,
                                 Employee's name, photograph, likeness (including caricature), voice, and biographical information,
                                 and any reproduction or simulation thereof, in any form of media or technology now known or hereafter
                                 developed (including, but not limited to, film, video and digital or other electronic media),
                                 both during and after Employee's employment, for any purposes related to the Company's business,
                                 such as marketing, advertising, credits, and presentations.

 

	11.	SEVERABILITY. If any provision
                                 of this Agreement is held to be illegal, invalid or unenforceable under present or future laws
                                 effective during the terms of this Agreement, the legality, validity and enforceability of the
                                 remaining provisions of this Agreement shall not be affected thereby, and in lieu of each such
                                 illegal, invalid and unenforceable provisions there shall be added automatically as part of this
                                 Agreement a provision similar in terms to such illegal, invalid or unenforceable provision as
                                 may be possible and be legal, valid and enforceable.

 

	12.	MANDATORY ARBITRATION. Any controversy
                                 or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled
                                 by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration
                                 Association, and judgment upon the award rendered by the arbitrator(s) may be entered in any
                                 court having jurisdiction thereof. Such Arbitration shall take place in the City and County of
                                 Denver, Colorado.

 

 

 

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	13.	ATTORNEYS
                                         FEES AND COSTS. In the event of a dispute arising between the parties hereto,
                                         and said dispute becomes subject to any arbitration and/or litigation relating to the
                                         rights, duties and/or obligations arising out of this Agreement, the prevailing party
                                         in such action shall be entitled to recover all applicable costs of said action, including
                                         but not limited to, reasonable attorney's fees.

 

	14.	AMENDMENTS. This Agreement may
                                  only be amended by the mutual consent of all the parties hereto, which Amendment shall be in
                                  writing duly executed by the parties.

 

	15.	ENTIRE AGREEMENT. This Agreement
                                  constitutes the entire understanding and agreement between the parties hereto with regard to
                                  all matters herein. There are no other agreements, conditions or representations, oral or written,
                                  express or implied, with regard thereto.

 

	16.	JURISDICTION. This Agreement shall
                                  be construed in accordance with the laws of the State of Colorado.

 

	17.	NON-WAIVER. A delay or failure
                                  by either party to exercise a right under this Agreement, or a partial or single exercise of
                                  that right, shall not constitute a waiver of that or any other right herein.

 

	18.	BINDING EFFECT. The provisions
                                  of this Agreement shall be binding upon and inure to the benefit of both parties and their respective
                                  successors and assigns.

 

	19.	PRIOR AGREEMENTS. This Agreement
                                  supersedes and replaces all prior agreements and understandings, whether written or oral.

 

	20.	SECTION 409A. This Agreement and
                                  the various provisions within it are intended to either be exempt from or to meet the requirements
                                  of Section 409A of the Code, and shall be interpreted and construed consistent with that intent.

 

		a.	Payments
                                         with respect to reimbursements of expenses or benefits or provision of fringe or other
                                         in-kind benefits shall be made on or before the last day of the calendar year following
                                         the calendar year in which the relevant expense or benefit is incurred. The amount of
                                         expenses or benefits eligible for reimbursement, payment or provision during a calendar
                                         year shall not affect the expenses or benefits eligible for reimbursement, payment or
                                         provision in any other calendar year.

 

		b.	A
                                         termination of employment shall not be deemed to have occurred for purposes of any provision
                                         of this Agreement providing for the payment of any amounts or benefits upon or following
                                         a termination of employment unless such termination is also a "separation from service"
                                         within the meaning of Section 409A of the Code and, for purposes of any such provision
                                         of this letter agreement, references to a "termination," "termination
                                         of employment" or like terms shall mean "separation from service."

 

		c.	Notwithstanding
                                         any other payment schedule provided herein to the contrary, if the Employee is deemed
                                         on the date of termination to be a "specified employee" within the meaning
                                         of that term under Section 409A(a)(2)(B) of the Code, then with regard to any payment
                                         that is considered "nonqualified deferred compensation" under Section 409A
                                         of the Code payable on account of a "separation from service," such payment
                                         shall be made on the date which is the earlier of (A) the expiration of the six-month
                                         period measured from the date of the Employee's "separation from service",
                                         and (B) the date of the Employee's death (the "Delay Period") to the extent
                                         required under Section 409A of the Code. Upon the expiration of the Delay Period, all
                                         payments delayed pursuant to this Section 20 (whether they would have otherwise been
                                         payable in a single sum or in installments in the absence of such delay) shall be paid
                                         to the Employee in a lump sum, and all remaining payments due under this Agreement shall
                                         be paid or provided in accordance with the normal payment dates specified for them herein.

 

IN WITNESS WHEREOF, the
parties have executed this Agreement on the date set forth above.

 

 

 

 

 

    	 	6

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