Document:

<Page>

                                                                    Exhibit 10.3

                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT is made as of this 20th day of
November, 2000 by and among Hittite Microwave Corporation, a Delaware
corporation (together with any successor thereto, the "COMPANY"), Dr. Yalcin
Ayasli (the "FOUNDER") and the Persons listed under the heading "Investors" on
the signature pages hereto (each, an "INVESTOR" and collectively, the
"INVESTORS").

         WHEREAS, the Company, the Founder and the Investors are simultaneously
entering into a certain Stock Purchase Agreement, dated as of the date hereof
(the "PURCHASE AGREEMENT"), pursuant to which the Investors have agreed to
purchase shares of Series A Convertible Preferred Stock, par value $.01 per
share (the "SERIES A PREFERRED STOCK"), from the Company in accordance with the
terms and conditions contained, therein; and

         WHEREAS, the execution of this Agreement is a condition precedent to
the purchase by the Investors of the Series A Preferred Stock under the Purchase
Agreement.

         NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements hereinafter set forth, the parties hereto agree as
follows:

         1.    CERTAIN DEFINITIONS. As used in this Agreement, the following
terms shall have the respective meanings set forth below:

         "AFFILIATE" of any Person means a Person that, directly or indirectly,
through one or more intermediaries, controls, is controlled by or is under
common control with the first mentioned Person. A Person shall be deemed to
control another Person if such first Person possesses directly or indirectly the
power to direct, or cause the direction of, the management and policies of the
second Person, whether through the ownership of voting securities, by contract
or otherwise.

         "COMMISSION" shall mean the United States Securities and Exchange
Commission or any other federal agency at the time administering the Securities
Act and the Exchange Act.

         "COMMON STOCK" shall mean (i) the Company's Common Stock, par value
$.01 per share, and (ii) any other securities into which or for which any of
the securities described in clause (i) above may be converted or exchanged
pursuant to a plan of recapitalization, reorganization, merger, sale of
assets of otherwise.

         "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
amended from time to time, or any similar successor federal statute, and the
rules and regulations of the Commission thereunder, all as the same shall be in
effect at the time.

         "FOUNDER REGISTRABLE SECURITIES" shall mean (i) any shares of Common
Stock now held, or hereafter acquired, by the Founder and (ii) any other
securities issued and issuable with respect to any such shares described in
clause (i) above by way of a stock dividend or stock split or in connection with
a combination of shares, recapitalization, merger, consolidation or other
reorganization (it being understood that for purposes of this Agreement, the
Founder will be deemed to be a holder of Founder Registrable Securities whenever
the Founder has the right to then acquire or obtain from the Company any Founder
Registrable Securities, whether or not

<Page>

such acquisition has actually been effected); PROVIDED, HOWEVER, that
notwithstanding anything to the contrary contained herein, "REGISTRABLE
SECURITIES" shall not at any time include any securities (i) sold pursuant to an
effective registration statement under the Securities Act, (ii) sold to the
public pursuant to Rule 144 promulgated under the Securities Act or (iii)
eligible for resale by the Founder without volume limitations under subsection
(k) of Rule 144 promulgated under the Securities Act.

         "HOLDER" shall mean any Person owning, or having the right to receive,
Registrable Securities, and any assignee thereof in accordance with Section 7
hereof.

         "PERSON" shall mean any individual, association, corporation,
partnership, limited liability company, joint venture, estate, trust, or
unincorporated organization or any government or any agency or political
subdivision thereof.

         "REGISTRABLE SECURITIES" shall mean (i) any shares of Common Stock now
held, or hereafter acquired, by the Investors, (ii) the shares of Common Stock
or shares of any other securities issued and issuable upon conversion of the
Series A Preferred Stock and (iii) any other securities issued and issuable with
respect to any such shares described in clauses (i) and (ii) above by way of a
stock dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization (it being
understood that for purposes of this Agreement, a Person will be deemed to be a
holder of Registrable Securities whenever such Person has the right to then
acquire or obtain from the Company any Registrable Securities, whether or not
such acquisition has actually been effected); PROVIDED, HOWEVER, that
notwithstanding anything to the contrary contained herein, "Registrable
Securities" shall not at any time include any securities (i) sold pursuant to an
effective registration statement under the Securities Act, (ii) sold to the
public pursuant to Rule 144 promulgated under the Securities Act or (iii)
eligible for resale by a Person without volume limitations under subsection (k)
of Rule 144 promulgated under the Securities Act.

         "SECURITIES ACT" shall mean the Securities Act of 1933, as amended from
time to time, or any similar successor federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at
the time.

         2.    PIGGYBACK REGISTRATIONS. If at any time or times after the date
hereof the Company shall seek to file a registration statement under the
Securities Act with respect to an offering of shares of Common Stock to the
public for its own account or on the account of others (except with respect to
registration statements on Form S-4, S-8 or another form not available for
registering the Registrable Securities for sale to the public), the Company will
promptly give written notice thereof to each of the Holders and the Founder. If
within twenty (20) days after their receipt of such notice one or more Holders
and/or the Founder request the inclusion of some or all of the Registrable
Securities and/or Founder Registrable Securities owned by them in such
registration statement, the Company will use its best efforts to include such
Registrable Securities and/or Founder Registrable Securities in such
registration statement. In the case of any underwritten public offering, if the
managing underwriter determines that marketing factors require a limitation on
the number of Registrable Securities or Founder Registrable Securities to be
offered under such registration statement, subject to the following sentence,
the Company shall not be required to include in such registration statement
Registrable Securities or Founder

                                      - 2 -
<Page>

Registrable Securities in excess of the amount, if any, of shares of the capital
stock which the managing underwriter of such underwritten offering shall
reasonably and in good faith agree to include in such offering in addition to
any amount to be registered for the account of the Company. If any limitation of
the number of shares of Registrable Securities or Founder Registrable Securities
sought to be registered by the Holders or the Founder is required pursuant to
this Section 2, the number of such securities to be excluded shall be determined
in the following sequence: (i) first, securities held by any Persons not having
any such contractual, incidental "piggyback" registration rights, (ii) second,
securities held by any Persons (other than the Holders and the Founder) having
such contractual, incidental "piggyback" rights pursuant to an agreement which
is not this Agreement, and (iii) third, Founder Registrable Securities and
Registrable Securities sought to be included by the Founder and the Holders as
determined on a pro rata basis (based upon the respective holdings of Founder
Registrable Securities and Registrable Securities); provided that the Founder
shall not be permitted to include more shares than the Holders may include as a
group if it would result in a reduction in the aggregate number of shares sought
to be included by the Holders as a group in such registration.

         3.    REQUIRED REGISTRATIONS.

               (a)    DEMAND REGISTRATION. Upon the earlier of (i) two (2) years
from the date hereof or (ii) the date that is six (6) months after the initial
public offering of Common Stock by the Company pursuant to an effective
registration statement under the Securities Act, on not more than two (2)
occasions, the Holders of the Registrable Securities may request that the
Company register under the Securities Act all or a portion of the Registrable
Securities held by such requesting Holders having an aggregate value of at least
$10,000,000 (based on the then current market price). A registration will not
count as a requested registration under this Section 3(a) until the registration
statement relating to such registration has been declared effective by the
Commission at the request of the requesting Holders; PROVIDED, that if a
requested registration is withdrawn by the initiating Holders and such Holders
elect not to pay the registration expenses therefor, then such requested
registration will count as a requested registration under this Section 3(a).

               (b)    FORM S-3. After the Company's initial public offering of
Common Stock registered under the Securities Act, the Company shall use its best
efforts to qualify and remain qualified to register securities on Form S-3 (or
any successor form) under the Securities Act. So long as the Company is
qualified to register securities on Form S-3 (or any successor form), the
Holders of Registrable Securities shall have the right to request registration
on Form S-3 (or any successor form) for the Registrable Securities held by such
requesting Holders having an aggregate value of at least $1,000,000 (based on
the then current market price), including registrations for the sale of such
Registrable Securities on a delayed or continuous basis pursuant to Rule 415
under the Securities Act. Such requests shall be in writing and shall state the
number of shares of Registrable Securities to be disposed of and the intended
method of disposition of such shares by such requesting holders.

               (c)    REGISTRATION REQUIREMENTS. Following a request for
registration pursuant to this Section 3, the Company will notify all of the
other Holders of such request and such Holders shall then have twenty (20) days
to notify the Company of their desire to participate in the registration.
Thereupon, the Company will use its best efforts to cause such of the

                                      - 3 -
<Page>

Registrable Securities as may be requested by such Holders to be registered
under the Securities Act in accordance with the terms of this Section 3. If the
request for registration contemplates an underwritten public offering, the
Company shall state as such in the written notice and in such event the right of
any Person to participate in such registration shall be conditioned upon their
participation in such underwritten public offering and the inclusion of their
securities in the underwritten public offering to the extent provided herein.

               (d)    UNDERWRITTEN OFFERING. If a requested registration
pursuant to this Section 3 involves an underwritten public offering and the
managing underwriter of such offering determines in good faith that the number
of securities sought to be offered should be limited due to market conditions,
then the number of securities to be included in such underwritten public
offering shall be reduced to a number deemed satisfactory by such managing
underwriter, provided that the shares to be excluded shall be determined in the
following sequence: (i) first, securities held by any Persons not having any
contractual, incidental "piggy back" registration rights to include such
securities on the registration statement, (ii) second, securities held by any
other Persons (other than the Holders) having contractual, incidental "piggy
back" rights to include such securities in the registration statement, (iii)
third, Registrable Securities of Holders who did not make the original request
for registration and (iv) fourth, Registrable Securities of Holders who
requested such registration. If there is a reduction of the number of
Registrable Securities pursuant to clauses (iii) or (iv), such reduction shall
be made on a pro rata basis (based upon the respective holdings of Registrable
Securities held by such Holders). With respect to a request for registration
pursuant to this Section 3 which is for an underwritten public offering, the
managing underwriter shall be chosen by a majority-in-interest of the Holders
requesting such registration subject to the approval of the Company, which
approval will not be unreasonably withheld. If the managing underwriter has not
limited the number of Registrable Securities or other securities to be
underwritten, the Company may include securities for its own account in such
registration if the managing underwriter so agrees and if the number of
Registrable Securities which would otherwise have been included in such
registration and underwriting will not thereby be limited.

               (e)    POSTPONEMENT. The Company may postpone the filing of any
registration statement required hereunder for a reasonable period of time, not
to exceed ninety (90) days in the aggregate during any twelve-month period, if
the Company's Board of Directors determines reasonably and in good faith that it
would be seriously detrimental to the Company and its stockholders for such
registration to be effected at such time. The Company shall not be required to
cause a registration statement requested pursuant to this Section 3 to be filed
prior to the 180th day following the effective date of a registration statement
on Form S-1 (or the 90th date in the case of a registration statement on Form
S-3) initiated by the Company if the request for registration has been received
by the Company subsequent to the giving of written notice by the Company, made
in good faith, to Holders entitled to request demand registrations under this
Section 3 that the Company is commencing to prepare a Company-initiated
registration statement (other than a registration effected solely to implement
an employee benefit plan or a transaction to which Rule 145 or any other similar
rule under the Securities Act is applicable); PROVIDED, HOWEVER, that the
Company shall use its best efforts to achieve such effectiveness promptly
following such period.

                                      - 4 -
<Page>

         4.    FURTHER OBLIGATIONS OF THE COMPANY. Whenever the Company is
required hereunder to include any Registrable Securities in a registration
statement under the Securities Act, it agrees that it shall also do the
following;

               (a)    Pay all expenses of such registrations and offerings
(exclusive of underwriting discounts and commissions) and the reasonable fees
and expenses of not more than one counsel for the Holders in connection with any
registrations pursuant to Sections 2 or 3 hereof; PROVIDED, HOWEVER, that the
Company shall not be required to pay for any expenses of any registration
proceeding begun under Section 3(a) if the registration request is subsequently
withdrawn at the request of the Holders (in which case all such participating
Holders shall bear such expenses), unless the Holders agree to forfeit their
right to one demand registration pursuant to Section 3(a);

               (b)    Use its best efforts to diligently prepare and file with
the Commission a registration statement and such amendments and supplements to
such registration statement and the prospectus used in connection therewith as
may be necessary to keep such registration statement effective for one hundred
eighty (180) days or, if earlier, until the Holder or Holders have completed the
distribution described in the registration statement relating thereto and to
comply with the provisions of the Securities Act with respect to the sale of
securities covered by such registration statement for such period;

               (c)    Furnish to each selling Holder such copies of each
preliminary and final prospectus and such other documents as such Holder may
reasonably request to facilitate the public offering of its Registrable
Securities;

               (d)    Enter into any reasonable underwriting agreement required
by the proposed underwriter, if any, in such form and containing such terms as
are customary; PROVIDED, HOWEVER, that no Holder shall be required to make any
representations or warranties other than with respect to its title to the
Registrable Securities and with respect to any written information provided by
the Holder to the Company;

               (e)    Use its best efforts to register or qualify the securities
covered by such registration statement under the securities or "blue sky" laws
of such jurisdictions as any selling Holder may reasonably request; provided
that the Company shall not for any such purpose be required to qualify to do
business as a foreign corporation in any jurisdiction wherein it is not so
qualified or to execute a general consent to service of process in effecting
such registration or qualification unless the Company is already subject to
service in such jurisdiction;

               (f)    Immediately notify each selling Holder, at any time when a
prospectus relating to his, her or its Registrable Securities is required to be
delivered under the Securities Act, of the happening of any event as a result of
which such prospectus contains an untrue statement of a material fact or omits
any material fact necessary to make the statements therein not misleading, and,
at the request of any such selling Holder, prepare a supplement or amendment to
such prospectus so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus will not contain, any untrue statement
of a material fact or omit to state any material fact necessary to make the
statements therein not misleading;

                                      - 5 -
<Page>

               (g)    Cause all such Registrable Securities to be listed on each
securities exchange or quotation system on which similar securities issued by
the Company are then listed or quoted (or if similar securities issued by the
Company are not yet listed or quoted, then on such exchange or quotation system
as the Company shall determine);

               (h)    Make available to each selling Holder, any underwriter
participating in any disposition pursuant to a registration statement, and any
attorney, accountant or other agent or representative retained by any such
selling Holder or underwriter (collectively, the "INSPECTORS"), all financial
and other records, pertinent corporate documents and properties of the Company,
as shall be reasonably necessary to enable them to exercise their due diligence
responsibility, and cause the Company's officers, directors and employees to
supply all information requested by any such Inspector in connection with such
registration statement; PROVIDED, HOWEVER, that such Inspector shall agree to
hold in confidence and trust all information so provided;

               (i)    Otherwise use its best efforts to comply with the
securities laws of the United States and other applicable jurisdictions and all
applicable rules and regulations of the Commission and comparable governmental
agencies in other applicable jurisdictions and make generally available to its
holders, in each case as soon as practicable, but not later than forty-five (45)
days after the close of the period covered thereby, an earnings statement of the
Company which will satisfy the provisions of Section 11(a) of the Securities
Act;

               (j)    In the case of an underwritten public offering, furnish to
each prospective selling Holder a signed counterpart, addressed to the
prospective selling Holder, of (A) an opinion of counsel for the Company, dated
the effective date of the registration statement, and (B) a "comfort" letter
signed by the independent public accountants who have certified the Company's
financial statements included in the registration statement, covering
substantially the same matters with respect to the registration statement (and
the prospectus included therein) and (in the case of the accountants' letter)
with respect to events subsequent to the date of the financial statements, as
customarily covered (at the time of such registration) in opinions of the
Company's counsel and in accountants' letters delivered to the underwriters in
underwritten public offerings of securities; and

               (k)    Otherwise cooperate with the underwriter or underwriters,
the Commission and other regulatory agencies and take all actions and execute
and deliver or cause to be executed and delivered all documents necessary to
effect the registration of any Registrable Securities hereunder.

         Each of the Holders and the Founder requesting registration hereunder
shall furnish to the Company information regarding such Holder or Founder, the
number of Registrable Securities or Founder Registrable Securities held by such
Holder or Founder and the intended method of disposition of such securities as
shall be reasonably required under the Securities Act to effect the registration
of such Holder's Registrable Securities or Founder Registrable Securities and
such Holder or Founder shall execute such documents in connection with such
registration as the Company may reasonably request; PROVIDED, HOWEVER, that no
Holder shall be required to make any representations or warranties other than
with respect to its title to the Registrable Securities and with respect to any
written information provided by the Holder to the Company. In addition,

                                      - 6 -
<Page>

any Holder who receives written notice from the Company regarding the Company's
plans to file a registration statement shall treat such notice as confidential
information and shall not disclose such information to any Person other than its
Affiliates and professional advisors and as necessary to exercise its rights
under this Agreement.

         5.    INDEMNIFICATION; CONTRIBUTION.

               (a)    Incident to any registration of any Registrable Securities
under the Securities Act pursuant to this Agreement, the Company will indemnify
and hold harmless each underwriter, each Holder who offers or sells any such
Registrable Securities in connection with such registration statement, including
its partners (including partners of partners and stockholders of any such
partners), and directors, officers, employees, representatives and agents of any
of them (a "SELLING HOLDER"), and each person who controls any of them within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act (a "CONTROLLING PERSON"), from and against any and all losses, claims,
damages, expenses and liabilities, joint or several (including any
investigation, legal and other expenses reasonably incurred in connection with,
and any amount paid in settlement of, any action, suit or proceeding or any
claim asserted, as the same are incurred), to which they, or any of them, may
become subject under the Securities Act, the Exchange Act or other federal or
state statutory law or regulation, at common law or otherwise ("INDEMNIFIABLE
CLAIMS"), insofar as such losses, claims, damages or liabilities arise out of or
are based on (i) any untrue statement or alleged untrue statement of a material
fact contained in such registration statement (including any related preliminary
or definitive prospectus, or any amendment or supplement to such registration
statement or prospectus), (ii) any omission or alleged omission to state in such
document a material fact required to be stated in it or necessary to make the
statements in it not misleading, (iii) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act, any state securities law or any
rule or regulation promulgated under the Securities Act, the Exchange Act or any
state securities law, (iv) any failure to register or qualify the Registrable
Securities in any state where the Company or its agents has affirmatively
undertaken or agreed in writing that the Company (the undertaking of any
underwriter chosen by the Company being attributed to the Company) will
undertake such registration or qualification on the Selling Holder's behalf
(provided that in such instance the Company shall not be so liable if it has
undertaken its best efforts to so register or qualify the Registrable
Securities), or (v) any blue sky application or other document executed by the
Company specifically for the purpose or based upon written information furnished
by the Company filed in any state or other jurisdiction in order to qualify any
or all of the Registrable Securities under the securities laws thereof;
PROVIDED, HOWEVER, that the Company will not be liable to the extent that such
loss, claim, damage, expense or liability arises from and is based on an untrue
statement or omission or alleged untrue statement of a material fact contained
in such registration statement or omission made in reliance on and in conformity
with information furnished in writing to the Company by such underwriter,
Selling Holder or Controlling Person expressly for use in such registration
statement. With respect to such untrue statement or omission or alleged untrue
statement or omission in the information furnished in writing to the Company by
such Selling Holder expressly for use in such registration statement, such
Selling Holder will indemnify and hold harmless each underwriter, the Company
(including its directors, officers, employees, representatives and agents), each
other Holder (including its partners (including partners of partners and
stockholders of such partners) and directors, officers, employees,
representatives and agents of any of them, and each Controlling Person of any of

                                      - 7 -
<Page>

them), from and against any and all losses, claims, damages, expenses and
liabilities, joint or several, to which they, or any of them, may become subject
under the Securities Act, the Exchange Act or other federal or state statutory
law or regulation, at common law or otherwise to the same extent provided in the
immediately preceding sentence. In no event, however, shall the liability of a
Selling Holder for indemnification under this Section 5(a) exceed the net
proceeds received by such Selling Holder from its sale of Registrable Securities
under such registration statement, except in the case of willful fraud.

               (b)    If the indemnification provided for in Section 5(a) above
for any reason is held by a court of competent jurisdiction to be unavailable to
an indemnified party in respect of any losses, claims, damages, expenses or
liabilities referred to therein, then each indemnifying party under this Section
5, in lieu of indemnifying such indemnified party thereunder, shall contribute
to the amount paid or payable by such indemnified party as a result of such
losses, claims, damages, expenses or liabilities in such proportion as is
appropriate to reflect (i) the relative benefits received by the Company, the
Selling Holders and the underwriters from the offering of the Registrable
Securities and (ii) the relative fault of the Company, the Selling Holders and
the underwriters in connection with the statements or omissions which resulted
in such losses, claims, damages, expenses or liabilities, as well as any other
relevant equitable considerations; PROVIDED, HOWEVER, that in the event of a
registration statement filed in response to a demand for registration under
Section 3(a) and in which the Company does not register any shares of capital
stock, the proportion of contribution by the Company, the Selling Holders and
the underwriters shall in all cases be governed solely by clause (ii) above. The
relative benefits received by the Company, the Selling Holders and the
underwriters shall be deemed to be in the same respective proportions that the
net proceeds from the offering (before deducting expenses) received by the
Company and the Selling Holders and the underwriting discount received by the
underwriters, in each case as set forth in the table on the cover page of the
applicable prospectus, bear to the aggregate public offering price of the
Registrable Securities. The relative fault of the Company, the Selling Holders
and the underwriters shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Company, the Selling Holders or the underwriters and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission.

         The Company and the Selling Holders agree that it would not be just and
equitable if contribution pursuant to this Section 5(b) were determined by pro
rata or per capita allocation or by any other method of allocation which does
not take account of the equitable considerations referred to in the immediately
preceding paragraph. In no event, however, shall a Selling Holder be required to
contribute any amount under this Section 5(b) in excess of the net proceeds
received by such Selling Holder from its sale of Registrable Securities under
such registration statement. No person found guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not found guilty of
such fraudulent misrepresentation.

               (c)    The amount paid by an indemnifying party or payable to an
indemnified party as a result of the losses, claims, damages and liabilities
referred to in this Section 5 shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any

                                      - 8 -
<Page>

such action or claim, payable as the same are incurred. The indemnification and
contribution provided for in this Section 5 will remain in full force and effect
regardless of any investigation made by or on behalf of the indemnified parties
or any officer, director, employee, agent or controlling person of the
indemnified parties. No indemnifying party, in the defense of any such claim or
litigation, shall enter into a consent of entry of any judgment or enter into a
settlement without the consent of the indemnified party, which consent will not
be unreasonably withheld.

               (d)    Promptly after receipt by an indemnified party of any
Indemnifiable Claim, the indemnified party shall give notice thereof in writing
to the Company; PROVIDED, HOWEVER, the failure to give such notice shall not
relieve the Company from its obligations under this Section 5 except to the
extent that the Company shall have been materially and adversely prejudiced as a
result of the failure or delay in giving such notice. In any proceeding
involving an Indemnifiable Claim, the Company shall control the defense thereof;
provided that, the indemnified party shall have the right to retain its own
counsel at its own expense. Notwithstanding the foregoing, the Company shall pay
as incurred the fees and expenses of the counsel retained by the indemnified
party in the event that (i) the Company and the indemnified party shall have
mutually agreed to the retention of such counsel or (ii) the named parties to
any such proceeding (including any impleaded parties) include both the Company
and the indemnified party and the representation of both parties by the same
counsel would be inappropriate due to actual or potential differing interests
between them.

         Notwithstanding the foregoing, to the extent that the provisions on
indemnification and contribution contained in an underwriting agreement entered
into by the Company in connection with an underwritten public offering in which
the Holders or the Founder seek to include the Registrable Securities or the
Founder Registrable Securities pursuant to Section 2 hereof are in conflict with
the foregoing provisions, the provisions of the underwriting agreement shall
control.

         The Company shall not, without the prior written consent of any
indemnified party, consent to the entry of any judgment against the indemnified
party or enter into any settlement or compromise which (i) includes an admission
of fault of the indemnified party or (ii) does not include, as an unconditional
term thereof, the full release of the indemnified party from all liability in
respect of such Indemnifiable Claim, which release shall be in form and
substance reasonably satisfactory to the indemnified party.

         6.    RULE 144 AND RULE 144A REQUIREMENT. In the event that the Company
becomes subject to Section 13 or Section 15(d) of the Exchange Act, the Company
shall use its best efforts to take all action as may be required as a condition
to the availability of Rule 144 or Rule 144A under the Securities Act (or any
successor or similar exemptive rules hereafter in effect). The Company shall
furnish to any Holder, within fifteen (15) days of a written request, a written
statement executed by the Company as to the steps it has taken to comply with
the current public information requirement of Rule 144 or Rule 144A or such
successor rules.

         7.    TRANSFERABILITY OF REGISTRATION RIGHTS. The registration rights
set forth in this Agreement may only be assigned (and then only with all related
obligations) by a Holder to a transferee or assignee who (after all such
assignments and/or transfers) holds at least 100,000 shares of such Registrable
Securities (adjusted for any stock splits, stock dividends,

                                      - 9 -
<Page>

combinations or other recapitalization) who shall, upon such transfer or
assignment, be deemed a "Holder" under this Agreement; PROVIDED, that the
Company is, within a reasonable period of time after such transfer, furnished
with written notice of the name and address of such transferee or assignee and
the securities with respect to which such registration rights are being
assigned; PROVIDED, FURTHER, that such assignment shall be effective only if
immediately after such transfer the further disposition of such Registrable
Securities by the transferee or assignee is restricted under the Securities Act;
and PROVIDED, FURTHER, that the limitation contained in this sentence shall not
be applicable to any assignment by the Founder to a Permitted Transferee (as
defined in that certain Stockholders Agreement dated of even date herewith by
and among the Company, the Founder and the Investors or by a Holder to an
Affiliate (an "EXEMPTED TRANSFEREE"); PROVIDED, HOWEVER, that this Agreement
shall be binding upon such Exempted Transferee and, prior to the completion of
such transfer, each Exempted Transferee or his or her or its legal
representative shall have executed documents in form and substance reasonably
satisfactory to the Company, assuming the obligations of the transferring Holder
or Founder under this Agreement with respect to the transferred shares. Such
transferred Registrable Securities or Founder Registrable Securities shall
remain "Registrable Securities" and "Founder Registrable Securities,"
respectively, hereunder, and references to the "Holder" and "Founder" hereunder
shall be deemed thereafter to apply to and include the transferee of any
Registrable Securities or Founder Registrable Securities, respectively.

         8.    RIGHTS WHICH MAY BE GRANTED TO SUBSEQUENT INVESTORS. Other than
transferees of Registrable Securities under Section 7 hereof, the Company shall
not, without the prior written consent of the holders of a majority of the
outstanding Registrable Securities, grant any other registration rights to any
third parties which conflict with or are senior to or on parity with the rights
of the Holders hereunder, other than registration rights on parity with the
rights of the Holders hereunder granted to holders of preferred stock of the
Company having rights on a PARI PASSU basis with the Series A Preferred Stock as
to dividends or redemptions or with respect to the distribution of assets or
other amounts in connection with a Liquidation Event or an Extraordinary
Transaction (as such terms are defined in the Company's Amended and Rested
Certificate of Incorporation).

         9.    MISCELLANEOUS.

               (a)    AMENDMENTS. For the purposes of this Agreement and all
agreements executed pursuant hereto, no course of dealing between or among any
of the parties hereto and no delay on the part of any party hereto in exercising
any rights hereunder or thereunder shall operate as a waiver of the rights
hereof and thereof. This Agreement may not be amended or modified or any
provision hereof waived without the joint written consent of the Company and the
holders of not less than a majority of the outstanding Registrable Securities.

               (b)    NOTICES AND DEMANDS. Any notice or demand which, by any
provision of this Agreement or any agreement, document or instrument executed
pursuant hereto or thereto, except as otherwise provided therein, is required to
be given shall be deemed to have been sufficiently given or served and received
for all purposes when delivered by hand, telecopy, telex or other method of
facsimile or five (5) days after being sent by certified or registered mail,
postage and charges prepaid, return receipt requested, or two (2) days after
being sent by overnight delivery providing receipt of delivery, to the following
addresses:

                                     - 10 -
<Page>

                      (i)      if to the Company:

                               Hittite Microwave Corporation
                               12 Elizabeth Drive
                               Chelmsford, MA  01824
                               Fax: (978) 250-3373
                               Attn: Dr. Yalcin Ayasli

or at such other address designated by the Company to the Investors in writing
with a copy to:

                               Choate, Hall & Stewart
                               Exchange Place
                               53 State Street
                               Boston, MA  02109-2891
                               Fax: (617) 248-4000
                               Attn: Robert V. Jahrling III, P.C.

                      (ii)     if to the Founder:

                               Dr. Yalcin Ayasli
                               5 Ingleside Road
                               Lexington, MA  02173

or at such other address designated by the Founder to the other parties hereto
in writing.

                      (iii)    If to the Investors:

                               c/o Summit Partners
                               600 Atlantic Avenue
                               Suite 2800
                               Boston, MA  02110-2227
                               Attn: Scott C. Collins
                               Fax: (617) 824-1100

or at such other address designated by an Investor to the Company in writing,
with a copy to:

                               McDermott, Will & Emery
                               28 State Street
                               Boston, MA  02109-1775
                               Fax:  (617) 535-3800
                               Attn: John J. Egan III, P.C.

               (c)    DISPUTE RESOLUTION.

                      (i)      All disputes, claims, or controversies arising
out of or relating to this Agreement or any other agreement executed and
delivered pursuant to this Agreement or the negotiation, validity or performance
hereof and thereof or the transactions contemplated hereby

                                     - 11 -
<Page>

and thereby that are not resolved by mutual agreement shall be resolved solely
and exclusively by binding arbitration to be conducted before the American
Arbitration Association ("AAA"). If AAA ceases operation, then the parties shall
select a comparable organization that provides qualified arbitration services.
The arbitration shall be held in Boston, Massachusetts before a single
arbitrator and shall be conducted in accordance with the rules and regulations
promulgated by AAA unless specifically modified herein.

         The parties covenant and agree that the arbitration hearing shall
commence ninety (90) days after the date on which a written demand for
arbitration is filed by any party hereto. In connection with the arbitration
proceeding, the arbitrator shall have the power to order the production of
documents by each party and any third-party witnesses. In addition, each party
may take up to three (3) depositions as of right, and the arbitrator may in his
or her discretion allow additional depositions upon good cause shown by the
moving party. However, the arbitrator shall not have the power to order the
answering of interrogatories or the response to requests for admission. In
connection with any arbitration, each party shall provide to the other, no later
than seven (7) business days before the date of the arbitration hearing, the
identity of all persons that may testify at the arbitration and a copy of all
documents that may be introduced at the arbitration hearing or considered or
used by a party's witness or expert. The arbitrator's decision and award shall
be made and delivered within three (3) months of the selection of the
arbitrator. The arbitrator's decision shall set forth a reasoned basis for any
finding of liability or award of damages. The arbitrator shall not have power to
award damages in excess of actual compensatory damages and shall not multiply
actual damages or award punitive damages or any other damages that are
specifically excluded under this Agreement, and each party hereby irrevocably
waives any claim to such damages.

         The parties covenant and agree that they will participate in the
arbitration in good faith and that they will share equally its costs, except as
otherwise provided herein. The arbitrator may in his or her discretion assess
fees and costs (including the reasonable legal fees and expenses of the
prevailing party whether claimant or respondent) against any party to a
proceeding. Any party failing or refusing to comply with an order of the
arbitrators shall be liable for costs and expenses, including attorneys' fees,
incurred by the other party in enforcing the award. Nothing in this Section 9(c)
shall prohibit any party from proceeding in court without prior arbitration for
the limited purpose of seeking injunctive relief to avoid immediate and
irreparable harm. The provisions of this Section 9(c) shall be enforceable in
any court of competent jurisdiction.

                      (ii)     Each of the parties hereto irrevocably and
unconditionally consents to the exclusive use of AAA to resolve all disputes,
claims or controversies arising out of or relating to this Agreement or any
other agreement executed and delivered pursuant to this Agreement or the
negotiation, validity or performance hereof and thereof or the transactions
contemplated hereby and thereby and further consents to the jurisdiction of the
federal and/or state courts in The Commonwealth of Massachusetts for the
purposes of enforcing the arbitration provisions of Section 9(c) of this
Agreement. Each party further irrevocably waives any objection to proceeding
before AAA based upon lack of personal jurisdiction or to the laying of venue
and further irrevocably and unconditionally waives and agrees not to make a
claim in any court that arbitration before AAA has been brought in an
inconvenient forum. Each of the parties hereto hereby consents to service of
process by registered mail at the address to which

                                     - 12 -
<Page>

notices are to be given. Each of the parties hereto agrees that its or his
submission to jurisdiction and its or his consent to service of process by mail
is made for the express benefit of the other parties hereto.

               (d)    REMEDIES; SEVERABILITY. Notwithstanding Section 9(c), it
is specifically understood and agreed that any breach of the provisions of this
Agreement by any person subject hereto will result in irreparable injury to the
other parties hereto, that the remedy at law alone will be an inadequate remedy
for such breach, and that, in addition to any other remedies which they may
have, such other parties may enforce their respective rights by actions for
specific performance in the federal or state courts in The Commonwealth of
Massachusetts (to the extent permitted by law). Whenever possible, each
provision of this Agreement shall be interpreted in such a manner as to be
effective and valid under applicable law, but if any provision of this Agreement
shall be deemed prohibited or invalid under such applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, and such
prohibition or invalidity shall not invalidate the remainder of such provision
or the other provisions of this Agreement.

               (e)    COUNTERPARTS. This Agreement may be executed in multiple
counterparts, each of which shall constitute an original but all of which shall
constitute but one and the same instrument. One or more counterparts of this
Agreement may be delivered via telecopier, with the intention that they shall
have the same effect as an original counterpart hereof.

               (f)    EFFECT OF HEADING. The Section headings herein are for
convenience only and shall not affect the construction hereof.

               (g)    GOVERNING LAW. This Agreement shall be deemed a contract
made under the laws of The Commonwealth of Massachusetts and together with the
rights and obligations of the parties hereunder, shall be construed under and
governed by the laws of The Commonwealth of Massachusetts, without giving effect
to its conflict of laws principles.

               (h)    SUCCESSORS AND ASSIGNS. This Agreement shall be binding
upon and shall inure to the benefit of the respective successors and permitted
assigns of the parties hereto as contemplated herein, and any successor to the
Company by way of merger or otherwise shall specifically agree to be bound by
the terms hereof.

               (i)    TERM. This Agreement shall terminate on the seventh (7th)
anniversary of the initial public offering of Common Stock of the Company
pursuant to an effective registration statement under the Securities Act.

                            [Signature Pages Follow]

                                     - 13 -
<Page>

         IN WITNESS WHEREOF, the parties hereof have caused this Registration
Rights Agreement to be duly executed as of the date first set forth above.

                                    COMPANY:

                                    HITTITE MICROWAVE CORPORATION

                                    By:  /s/ Yalcin Ayasli
                                       -----------------------------------------
                                       Name: Dr. Yalcin Ayasli

                                    FOUNDER:

                                         /s/ Yalcin Ayasli
                                    --------------------------------------------
                                    Dr. Yalcin Ayasli, individually

                                     - 14 -
<Page>

                                    INVESTORS:

                                    SUMMIT INVESTORS III, L.P.

                                    By:   /s/ Bruce R. Evans
                                       -----------------------------------------
                                       Name: Bruce R. Evans
                                       Title: General Partner

                                    SUMMIT V ADVISORS FUND, L.P.

                                    By: Summit Partners, LLC
                                        Its General Partner

                                    By:   /s/ Bruce R. Evans
                                       -----------------------------------------
                                       Name: Bruce R. Evans
                                       Title: Member

                                    SUMMIT V ADVISORS FUND (QP), L.P.

                                    By: Summit Partners, LLC
                                        Its General Partner

                                    By:   /s/ Bruce R. Evans
                                       -----------------------------------------
                                       Name:  Bruce R. Evans
                                       Title:  Member

                                    SUMMIT V COMPANION FUND, L.P.

                                    By: Summit Partners V, L.P.
                                        Its General Partner

                                    By: Summit Partners, LLC
                                        Its General Partner

                                    By:   /s/ Bruce R. Evans
                                       -----------------------------------------
                                       Name: Bruce R. Evans
                                       Title: Member

                                     - 15 -
<Page>

                                    SUMMIT VENTURES V, L.P.

                                    By: Summit Partners V, L.P.
                                        Its General Partner

                                    By: Summit Partners, LLC
                                        Its General Partner

                                    By:   /s/ Bruce R. Evans
                                       -----------------------------------------
                                       Name: Bruce R. Evans
                                       Title: Member

                                     - 16 -<Page>

                                                                    Exhibit 10.4

                         AGREEMENT OF PURCHASE AND SALE
                    20 ALPHA ROAD, CHELMSFORD, MASSACHUSETTS

     This Agreement of Purchase and Sale ("Agreement") is made and entered into
by and between Purchaser and Seller.

                                    RECITALS

     A.     Defined terms are indicated by initial capital letters. Defined
terms shall have the meaning set forth herein, whether or not such terms are
used before or after the definitions are set forth.

     B.     Purchaser desires to purchase the Property and Seller desires to
sell the Property, all upon the terms and conditions set forth in this
Agreement.

     NOW, THEREFORE, in consideration of the mutual terms, provisions, covenants
and agreements set forth herein, as well as the sums to be paid by Purchaser to
Seller, and for other good and valuable consideration, the receipt and
sufficiency of which are acknowledged, Purchaser and Seller agree as follows:

                          ARTICLE I - BASIC INFORMATION

     1.1    CERTAIN BASIC TERMS. The following defined terms shall have the
meanings set forth below:

            1.1.1   SELLER:  W9/TIB III Realty, L.L.C., a Delaware limited
                    liability company

            1.1.2   PURCHASER:             Hittite Microwave Corporation, a
                                           Delaware corporation.

            1.1.3   PURCHASE PRICE:        $3,638,250.00

            1.1.4   EARNEST MONEY:         $285,000 (the "Earnest Money"),
                                           including interest thereon, to be
                                           deposited in accordance with SECTION
                                           3.1 below.

            1.1.5   TITLE COMPANY:         Commonwealth Land Title Insurance
                                           Company Attention: Louis Preveza
                                           Telephone: (617) 542-0800
                                           Facsimile: (617) 542-0636

            1.1.6   ESCROW AGENT:          The Escrow Agent shall be the Title
                                           Company.

            1.1.7   BROKERS:               Cushman & Wakefield, Inc
                                           125 Summer Street
                                           Suite 1500

<Page>

                                           Boston, MA 02110-1616
                                           Attention: Torin A. Taylor
                                           Telephone:(617) 204-4115
                                           Facsimile: (617) 330-9499

                                           Spaulding & Slye Colliers
                                           255 State Street
                                           Boston, Massachusetts 02109
                                           Attention: Curtis Oberg
                                           Telephone: (617) 531-4175
                                           Facsimile: (617) 531-4286

            1.1.8   EFFECTIVE DATE:        The date on which this Agreement is
                                           executed by the latter to sign of
                                           Purchaser or Seller, as indicated on
                                           the signature page of this Agreement.

            1.1.9   PROPERTY INFORMATION   The Property Information was
                    DELIVERY DATE:         delivered to on February 12, 2004.

            1.1.10  TITLE AND SURVEY       The period ending upon expiration of
                    REVIEW PERIOD:         the Inspection Period.

            1.1.11  INSPECTION PERIOD:     The period that commenced on the
                                           Property Information Delivery Date
                                           and will expire on the Effective
                                           Date.

            1.1.12  CLOSING DATE:          April 28, 2004, as may be extended by
                                           Seller pursuant to Section 7.1.

            1.1.13  THE LEASES:            Those certain lease agreements by and
                                           between Seller and Celestica
                                           Corporation, dated December 22, 1999,
                                           and by and between Seller and
                                           Thermedics Detection, Inc., dated
                                           April 1, 2000, each as may have been
                                           amended, under which tenants have
                                           been leasing from Seller certain
                                           premises in the building located on
                                           the Real Property. Collectively,
                                           Celestica Corporation and Thermedics
                                           Detection, Inc. are referred to
                                           herein as "Tenants," and individually
                                           as "Tenant."

     1.2    CLOSING COSTS.  Closing costs shall be allocated and paid as
follows:

<Table>
<S>                                                                                      <C>
Title Commitment required to be delivered pursuant to SECTION 5.1                        Purchaser

Premium for standard form Title Policy required to be delivered pursuant to              Purchaser
SECTION 5.1

Premium for any upgrade of Title Policy for extended or additional coverage and          Purchaser
any endorsements desired by Purchaser, any
</Table>

                                      - 2 -
<Page>

<Table>
<S>                                                                                      <C>
inspection fee charged by the Title Company, tax certificates, municipal and
utility lien certificates, and any other Title Company charges

Costs of Survey and/or any revisions, modifications or recertifications thereto          Purchaser

Costs for UCC Searches                                                                   Purchaser

Recording Fees                                                                           Purchaser

Any deed taxes, documentary stamps, transfer taxes, intangible taxes, mortgage           Seller
taxes or other similar taxes, fees or assessments

Any escrow fee charged by Escrow Agent for holding the Earnest Money or conducting       Purchaser 1/2
the Closing                                                                              Seller 1/2

Recording fees for title clearing instruments, as set forth in Section 5.3.              Seller

Real Estate Sales Commission to Brokers                                                  Seller

All other closing costs, expenses, charges and fees                                      Each party as to its own legal
                                                                                         fees and disbursements,
                                                                                         otherwise in accordance with
                                                                                         Massachusetts conveyancing
                                                                                         custom.
</Table>

     1.3    NOTICE ADDRESSES:

<Table>
     <S>                                         <C>
     Purchaser:                                  Copy to:

            Hittite Microwave Corporation               Goulston & Storrs, P.C
            12 Elizabeth Drive                          400 Atlantic Avenue
            Chelmsford, MA 01824-4147                   Boston, MA 02110-3333

            Attention: William W. Boecke                Attention: Michael J. Moran, Esq.

            Telephone: (978) 250-3343                   Telephone: (617) 574-6509
            Facsimile: (978) 250-3373                   Facsimile: (617) 574-7620

     Seller:                                     Copy to:

            W9/TIB III Realty, L.L.C.                   W9/TIB III Realty, L.L.C.
            c/o Archon Group, L.P.                      c/o Archon Group, L.P.
            919 18th Street NW Suite 500                600 East Las Colinas
            Washington, DC 20006                        Boulevard, Suite 400
                                                        Irving, TX 75039

            Attention: Asset Manager                    Attention: General Counsel
            Telephone: (202) 312-6700                   Telephone: (972) 368-2580
            Facsimile: (202) 312-6701                   Facsimile: (972) 368-4097
</Table>

                                      - 3 -
<Page>

<Table>
<S>                                              <C>
                                                 Copy to:

                                                        Choate, Hall & Stewart
                                                        53 State Street Boston, MA 02109

                                                        Attention: Anne Rickard
                                                        Jackowitz, P.C.
                                                        Telephone: (617) 248-5230
                                                        Facsimile: (617) 248-4000
</Table>

                                      - 4 -
<Page>

     1.4    INDEX OF CERTAIN ADDITIONAL DEFINED TERMS:

<Table>
<Caption>
Term                                                           Section
----                                                           -------
<S>                                                                   <C>
Additional Property Information........................................ 4.2
Asset Manager........................................................ 12.18
Asset Manager's Employee............................................... 9.3
Assignment........................................................... 7.3.2
Casualty Notice........................................................ 6.2
CERCLA................................................................ 11.3
Closing................................................................ 7.1
Deed................................................................. 7.3.1
Designated Representative(s)......................................... 12.18
ERISA................................................................ 7.4.2
Hazardous Materials................................................... 11.4
Improvements ........................................................ 2.1.1
Intangible Personal Property......................................... 2.1.3
Land................................................................. 2.1.1
Material Damage...................................................... 6.2.1
Operating Statements................................................... 4.1
Permitted Exceptions................................................... 5.3
Property 2.1 Property Documents........................................ 4.4
Property Information................................................... 4.1
Real Property........................................................ 2.1.1
Service Contracts.................................................... 2.1.3
Survey................................................................. 5.2
Survival Period........................................................ 9.3
Taxes.................................................................. 8.1
Title Commitment....................................................... 5.1
Title Policy........................................................... 5.1
Title Status........................................................... 5.4
</Table>

                                      - 5 -
<Page>

                              ARTICLE II - PROPERTY

     2.1    Subject to the terms and conditions of this Agreement, Seller agrees
to sell to Purchaser, and Purchaser agrees to purchase from Seller, the
following property (collectively, the "PROPERTY"):

            2.1.1   REAL PROPERTY. The land described in Exhibit A attached
     hereto (the "LAND"), together with (1) all improvements located thereon
     ("IMPROVEMENTS"), (ii) all and singular the rights, benefits, privileges,
     easements, tenements, hereditaments, and appurtenances thereon or in
     anywise appertaining thereto, (iii) without warranty, all right, title, and
     interest of Seller, if any, in and to all strips and gores and any land
     lying in the bed of any street, road or alley, open or proposed, adjoining
     such Land; and (iv) all fixtures, equipment, and other personal property,
     if any, owned by Seller and attached to, and used in connection with, the
     operation, maintenance or repair of the Improvements (collectively, the
     "REAL PROPERTY"). Seller agrees to convey to Purchaser good and clear,
     record and marketable title to the Real Property, subject only to the
     Permitted Encumbrances (defined below).

          2.1.2     TANGIBLE PERSONAL PROPERTY. All of Seller's right, title and
     interest, without warranty, except as expressly provided otherwise in the
     Assignment (as defined in Section 7.2.3), in the equipment, machinery,
     furniture, furnishings, supplies and other tangible personal property, if
     any, owned by Seller and now or hereafter located in and used in connection
     with the operation, ownership or management of the Real Property, but
     specifically excluding any items of personal property owned by Tenants at
     or on the Real Property and further excluding any items of personal
     property owned by third parties and leased to Seller or Seller's property
     manager, and specifically including the items listed on EXHIBIT A of the
     Assignment (collectively, the "TANGIBLE PERSONAL PROPERTY").

          2.1.3     INTANGIBLE PERSONAL PROPERTY. All of Seller's right, title
     and interest, if any, without warranty, in all intangible personal property
     related to the Real Property and the Improvements, including, without
     limitation, all to the extent assignable: all trade names and trade marks
     associated with the Real Property and the Improvements, including Seller's
     rights and interests, if any, in the name of the Real Property; the plans
     and specifications and other architectural and engineering drawings for the
     Improvements, if any (to the extent assignable without cost to Seller);
     contract rights related to the operation, ownership or management of the
     Real Property, including maintenance, service, construction, supply and
     equipment rental contracts, if any, (collectively, the "SERVICE
     CONTRACTS"), to the extent that Seller's obligations yet to be performed
     thereunder are expressly assumed by Purchaser pursuant to this Agreement;
     warranties (subject to the provisions of the next sentence); governmental
     permits, approvals and licenses, if any (to the extent assignable without
     cost to Seller); and telephone exchange numbers (to the extent assignable
     without cost to Seller (all of the items described in this SUBSECTION 2.1.3
     collectively referred to as the "INTANGIBLE PERSONAL PROPERTY"). Seller
     shall assign any roof warranty to Purchaser at no cost to

                                      - 6 -
<Page>

     Purchaser. Any other warranty shall be assigned to Purchaser only to the
     extent assignable without cost to Seller, unless Purchaser elects to pay
     such cost, in which case Seller shall advise Purchaser of the cost to
     assign any such warranty and Purchaser shall pay the actual, out-of-pocket
     cost of such assignment.

                           ARTICLE III - EARNEST MONEY

     3.1    DEPOSIT AND INVESTMENT OF EARNEST MONEY. Simultaneously upon its
execution and delivery of this Agreement, Purchaser shall deposit the Earnest
Money with Escrow Agent. Escrow Agent shall invest the Earnest Money in
government insured interest-bearing accounts satisfactory to Seller and
Purchaser, shall not commingle the Earnest Money with any funds of Escrow Agent
or others, and shall promptly provide Purchaser and Seller with confirmation of
the investments made. Such account shall have no penalty for early withdrawal,
and Purchaser accepts all risks with regard to such account.

     3.2    FORM; FAILURE TO DEPOSIT. The Earnest Money shall be in the form of
a certified or cashier's check or the wire transfer to Escrow Agent of
immediately available U.S. federal funds. If Purchaser fails to timely deposit
the Earnest Money within the time period required, Seller may terminate this
Agreement by written notice to Purchaser, in which event any Earnest Money that
has previously been deposited by Purchaser with Escrow Agent shall be delivered
to Seller and thereafter the parties hereto shall have no further rights or
obligations hereunder, except for rights and obligations which, by their terms,
survive the termination hereof.

     3.3    DISPOSITION OF EARNEST MONEY. The Earnest Money shall be applied as
a credit to the Purchase Price at Closing. In the event of a termination of this
Agreement by either Seller or Purchaser for any reason permissible under this
Agreement, Escrow Agent is authorized to deliver the Earnest Money to the party
hereto entitled to same pursuant to the terms hereof on or before the tenth
(10th) business day following receipt by Escrow Agent and the non-terminating
party of written notice of such termination from the terminating party, unless
the other party hereto notifies Escrow Agent that it disputes the right of the
other party to receive the Earnest Money, in which event Escrow Agent shall not
release the Earnest Money until and only in compliance with (i) joint
instructions from Purchaser and Seller directing such release or (ii) a court
order directing such release. In such event, Escrow Agent may interplead the
Earnest Money into a court of competent jurisdiction in the county in which the
Earnest Money has been deposited. All attorneys' fees and costs and Escrow
Agent's costs and expenses incurred in connection with such interpleader shall
be assessed against the party that is not awarded the Earnest Money, or if the
Earnest Money is distributed in part to both parties, then in the inverse
proportion of such distribution.

     Escrow Agent shall be entitled to rely upon the authenticity of any
signature and the genuineness and validity of any writing received by Escrow
Agent relating to this Agreement. Escrow Agent is not responsible for the
nature, content, validity or enforceability of any of the Closing deliveries
except for those documents prepared by Escrow Agent.

     In the event of any disagreement between the parties hereto resulting in
conflicting instructions to, or adverse claims or demands upon Escrow Agent with
respect to the release of the Earnest Money or the Closing deliveries, Escrow
Agent shall refuse to comply with any such

                                      - 7 -
<Page>

instruction, claim or demand so long as such disagreement shall continue and in
so refusing Escrow Agent shall not release the Earnest Money or the Closing
deliveries. Escrow Agent shall not be, or become, liable in any way for its
failure or refusal to comply with any such conflicting instructions or adverse
claims or demands and it shall be entitled to continue to refrain from acting
until such conflicting instructions or adverse claims or demands (a) shall have
been adjusted by agreement and it shall have been notified in writing thereof by
the parties hereto, or (b) shall have finally been determined in a court of
competent jurisdiction. In the alternative, Escrow Agent may, but shall not be
obligated to, file a suit in interpleader for a declaratory judgment for the
purpose of having the respective rights of the claimants adjudicated and may
deliver to the court the Earnest Money.

     Escrow Agent shall not be responsible for (i) any fluctuations in the
interest rate applicable to any cash held by it pursuant to or by virtue of this
Agreement, or (ii) the validity, sufficiency, collectability, or legal effect or
any instrument deposited with Escrow Agent.

     The parties hereto do hereby certify that they are aware that the Federal
Deposit Insurance Corporation ("FDIC") coverages apply only to a cumulative
maximum amount of $100,000 for each individual deposit for all of depositor's
accounts at the same or related institutions. The parties hereto further
understand that certain banking instruments such as, but not limited to,
repurchase agreements and letters of credit are not covered at all by FDIC
insurance.

     Further, the parties hereto understand that Escrow Agent assumes no
responsibility for, nor will the parties hereto hold Escrow Agent liable for,
any loss occurring which arises from the fact that the amount of the Earnest
Money may cause the aggregate amount of any individual depositor's accounts to
exceed $100,000 and that the excess amount is not insured by the FDIC or that
FDIC insurance is not available on certain types of bank instruments.

                           ARTICLE IV - DUE DILIGENCE

     4.1    DUE DILIGENCE MATERIALS DELIVERED TO PURCHASER. On the Property
Information Delivery Date, Seller delivered to Purchaser the following
information (the "PROPERTY INFORMATION"), and Purchaser hereby acknowledges
receipt of the Property Information:

            4.1.1   FINANCIAL INFORMATION. Copy of operating statements and a
     summary of capital expenditures pertaining to the Property for the twelve
     (12) months preceding the Effective Date of this Agreement ("OPERATING
     STATEMENTS");

            4.1.2   ENVIRONMENTAL REPORTS. Copy of any environmental,
     geotechnical and soil reports or site assessments related to the Property
     listed on EXHIBIT B;

            4.1.3   TAX STATEMENTS. Copy of ad valorem tax statements relating
     to the Property for the current tax fiscal year and the immediately
     preceding fiscal year;

            4.1.4   TITLE AND SURVEY. Copy of Seller's most current title
     insurance information and survey of the Property;

            4.1.5   SERVICE CONTRACTS. Copies of the Service Contracts, listed
     on EXHIBIT C;

                                      - 8 -
<Page>

            4.1.6   PLANS AND SPECIFICATIONS. To the extent existing and in
     Seller's possession, building plans and specifications relating to the
     Property and the improvements thereon;

            4.1.7   ENGINEERING REPORTS. To the extent existing and in Seller's
     possession, engineering reports, including without limitation any
     structural, plumbing, electrical, mechanical and civil reports;

            4.1.8   LICENSES, PERMITS AND CERTIFICATES OF OCCUPANCY. To the
     extent existing and in Seller's possession, licenses, permits, approvals,
     and certificates of occupancy relating to the Property;

            4.1.9   LITIGATION.  Copies of any correspondence in Seller's
     possession regarding any pending or threatened litigation affecting the
     Property, or to the extent the same would have an adverse affect on the
     Property or the transaction contemplated hereby, the Seller; and

            4.1.10  MAINTENANCE RECORDS AND WARRANTIES. To the extent existing
     and in Seller's possession, maintenance work orders for the twelve (12)
     months preceding the Effective Date and warranties, if any, on roofs, air
     conditioning units, fixtures and equipment.

     As used in this Agreement, the term "in Seller's possession" or words to
similar effect shall mean items in the possession of Seller, the Asset Manager,
or the Property Manager.

     4.2    ADDITIONAL PROPERTY INFORMATION. To the extent such items are in
Seller's possession, Seller did make available to Purchaser for Purchaser's
review during the Inspection Period, at Seller's option at either the offices of
Seller's Asset Manager or property manager or at the Property, any additional
materials in the files maintained by Seller, its Asset Manager, or property
manager, regarding the condition of the Property or the improvements thereon,
and Seller's operation of the Property (the "ADDITIONAL PROPERTY INFORMATION"),
and Purchaser at its expense shall have the right to make copies of same.

     4.3    ACCESS AND CONFIDENTIALITY AGREEMENTS. As set forth in the Access
and Due Diligence Agreement executed by Purchaser and Seller on February 5, 2004
(the "ACCESS AGREEMENT," a copy of which is attached hereto as EXHIBIT D),
Purchaser shall have reasonable access to the Property prior to the Closing at
all reasonable times during normal business hours for the purpose of conducting
inspections and tests of the Property. Purchaser and Seller also executed a
Confidentiality Agreement dated February 12, 2004, respecting certain Property
Documents provided to Purchaser (the "CONFIDENTIALITY AGREEMENT," a copy of
which is attached hereto as EXHIBIT E, the Access Agreement and the
Confidentiality Agreement are collectively referred to herein as the "DUE
DILIGENCE AGREEMENTS"). Notwithstanding any provisions to the contrary in the
Due Diligence Agreements (including but not limited to the termination
provisions therein), the Due Diligence Agreements are incorporated herein in
full. Notwithstanding any provision contained in this Agreement or the Due
Diligence Agreements to the contrary, upon Closing the Due Diligence Agreements
shall become void, except that Section 4 of the Access Agreement and Sections 1
and 2 of the Confidentiality Agreement shall survive

                                      - 9 -
<Page>

the Closing. Nothing in this Section 4.3 shall affect the rights and obligations
of the parties set forth in Section 12.8 below.

     4.4    COMPLETION OF DUE DILIGENCE. Purchaser acknowledges and agrees that
it has received or had access to all the Property Information and the Additional
Property Information (collectively, the "PROPERTY DOCUMENTS"), that it has
examined, inspected, and investigated the Property Documents and the Property,
and has: (a) determined that the Property is acceptable to Purchaser; (b)
obtained all necessary internal approvals; and (c) satisfied all other
contingencies of Purchaser to its satisfaction. Pending satisfaction by Seller
of the closing conditions described in Section 7.2 and subject to Seller's
obligation to comply with the requirements in Section 5.4, as of the Effective
Date, Purchaser is prepared to proceed expeditiously to Closing.

     4.5    NO REPRESENTATION OR WARRANTY BY SELLER. Purchaser acknowledges
that, except as expressly set forth in this Agreement, neither Seller nor Asset
Manager has made nor makes any warranty or representation regarding the truth,
accuracy or completeness of the Property Documents or the source(s) thereof.
Purchaser further acknowledges that some if not all of the Property Documents
were prepared by third parties other than Seller and Asset Manager. Seller and
Asset Manager expressly disclaim any and all liability for representations or
warranties, express or implied, statements of fact and other matters contained
in such information, or for omissions from the Property Documents, or in any
other written or oral communications transmitted or made available to Purchaser.
Purchaser shall rely solely upon its own investigation with respect to the
Property, including, without limitation, the Property's physical, environmental
or economic condition, compliance or lack of compliance with any ordinance,
order, permit or regulation or any other attribute or matter relating thereto.
Seller and Asset Manager have not undertaken any independent investigation as to
the truth, accuracy or completeness of the Property Documents and are providing
the Property Documents solely as an accommodation to Purchaser.

     4.6    RETURN OF DOCUMENTS AND REPORTS. If this Agreement terminates for
any reason other than Seller's default hereunder, Purchaser shall promptly
return and/or deliver to Seller all Property Documents and copies thereof.
Additionally, if this Agreement terminates for any reason other than Seller's
default, then Purchaser shall deliver to Seller copies of all third party
reports, investigations and studies regarding the physical condition of the
Property (collectively, the "REPORTS" and, individually, a "REPORT") prepared
for Purchaser in connection with its due diligence review of the Property. The
Reports shall be delivered to Seller without any representation or warranty as
to the completeness or accuracy of the Reports or any other matter relating
thereto, and Seller shall have no right to rely on any Report without the
written consent of the party preparing same. Purchaser's obligation to deliver
the Property Documents and the Reports to Seller shall survive the termination
of this Agreement.

     4.7    SERVICE CONTRACTS. Purchaser hereby agrees to assume the obligations
arising from and after the Closing Date under that certain Service Contract
listed on EXHIBIT C attached hereto, and Seller shall have no obligation to
terminate said Service Contract.

                                     - 10 -
<Page>

                          ARTICLE V - TITLE AND SURVEY

     5.1    TITLE COMMITMENT. Purchaser shall cause to be prepared and delivered
to Seller, reasonably promptly following Purchaser's receipt of the same from
the Title Company: (1) a firm commitment for title insurance (the "TITLE
COMMITMENT") Issued by the Title Company, in the amount of the Purchase Price,
with Purchaser as the proposed insured on the title policy to be issued upon the
Closing (the "TITLE POLICY"); and (ii) copies of all documents of record
referred to in the Title Commitment as exceptions to title to the Property.
Purchaser agrees to provide Seller with any and all updated drafts of the Title
Commitment provided by the Title Company, reasonably promptly following
Purchaser's receipt of same.

     5.2    NEW OR UPDATED SURVEY. Purchaser may elect to obtain a new survey or
revise, modify, or re-certify an existing survey ("SURVEY") as necessary in
order for the Title Company to delete the survey exception from the Title Policy
or to otherwise satisfy Purchaser's objectives.

     5.3    TITLE REVIEW. Subject to Section 5.4 below, prior to the expiration
of the Title and Survey Review Period or within ten (10) business days after the
updated Survey is issued, whichever is earlier (the "TITLE REVIEW PERIOD"),
Purchaser shall review title to the Property and deliver to Seller a written
notice ("TITLE OBJECTION NOTICE") of any matters of record as of the date of the
Title Commitment, other than Permitted Exceptions (defined below), which, if not
removed or otherwise addressed prior to Closing, would preclude Seller from
conveying good and clear record and marketable title to the Property to
Purchaser at Closing ("TITLE OBJECTIONS"). Any Title Objection Notice shall
describe the Title Objections referenced therein in reasonable detail and shall
contain complete copies of all recorded instruments creating or related to the
same. If Purchaser fails to deliver a Title Objection Notice to Seller prior to
the expiration of the Title Review Period, any matters of record as of the date
of the Title Commitment shall constitute Permitted Exceptions, except for any
Monetary Encumbrances (defined below) voluntarily created by Seller, Asset
Manager, or any entity affiliated with either of them.

            5.3.1   MONETARY ENCUMBRANCES. If Purchaser delivers a Title
     Objection Notice prior to the expiration of the Title Review Period with
     respect to any Title Objection that is a lien, mortgage, assignment of
     rents, financing statement, or other encumbrance created by or through
     Seller or any entity affiliated with Seller (and, without limiting the
     general application of the foregoing, judgment liens against Seller or any
     entity affiliated with Seller for liquidated amounts of money, mechanics'
     liens based on work or materials contracted for by Seller or any entity
     affiliated by Seller, and tax liens shall constitute encumbrances created
     by or through Seller, but any prejudgment or other attachment of the
     Property shall not) that secures the payment of money or can be bonded over
     (collectively, "Monetary Encumbrances" and each a "Monetary Encumbrance"),
     Seller shall notify Purchaser within ten (10) business days after receipt
     of such Title Objection Notice, either (1) that Seller has paid the amount
     necessary to remove all Monetary Encumbrances from the record title to the
     Property and will, on or prior to the Closing Date, obtain recordable
     instruments or other documentation sufficient to cause the Title Company to
     delete such matters from the Title Policy for no additional premium, or
     (ii) that Seller agrees to pay on the Closing Date the sum required to
     remove all Monetary Encumbrances from the record title to the Property
     (which sum may be paid out of the

                                     - 11 -
<Page>

     Purchase Price to be received at Closing), pursuant to arrangements
     reasonably acceptable to Seller and Purchaser, and will on the Closing
     Date, obtain recordable instruments or other documentation sufficient to
     cause the Title Company, for no additional premium, to delete all Monetary
     Encumbrances from the Title Policy. If Seller fails to notify Purchaser
     within such 10-day period, such failure shall constitute an election to
     proceed under clause (ii) in the preceding sentence. Notwithstanding the
     foregoing, in the event that Seller is unable with diligent efforts to
     obtain on or before Closing a recordable instrument to release or discharge
     any such Monetary Encumbrance or to otherwise provide such documentation
     and/or assurances as may be required by the Title Company for deletion of
     the exception(s) for any such Monetary Encumbrance from the Title Policy,
     Purchaser agrees to extend the date of Closing for up to an additional
     thirty (30) days to allow Seller additional time to obtain such recordable
     instrument. For the purposes of this Section 5.3 only, diligent efforts by
     Seller shall include, but not be limited to, posting a bond and/or
     indemnifying the Title Company to the reasonable satisfaction of the Title
     Company. If Seller shall fail to release or discharge any such Monetary
     Encumbrance or to otherwise cause the Title Company to delete from the
     Title Policy any exception for any such Monetary Encumbrance at the
     Closing, as the same may be extended as aforesaid, then Purchaser, at
     Purchaser's option, shall elect either (x) to terminate this Agreement, in
     which event, Purchaser shall be entitled to the prompt return of the
     Earnest Money and, except as expressly provided otherwise in this
     Agreement, this Agreement shall be of no further force and effect and the
     parties shall have no further rights, obligations or liabilities hereunder,
     or (y) Purchaser may proceed with the Closing and deduct from the Purchase
     Price otherwise payable hereunder such amount(s) as may be required in
     order to discharge any and all such Monetary Encumbrances.

            5.3.2   NONMONETARY ENCUMBRANCES. If Purchaser delivers a Title
     Objection Notice prior to the expiration of the Title Review Period with
     respect to any encumbrance that is not a Monetary Encumbrance
     (collectively, "Nonmonetary Encumbrances"), Seller shall use reasonable
     efforts to remove or cure the same, provided that (i) Seller shall not be
     required to incur more than Fifty Thousand Dollars ($50,000.00) in costs
     and expenses (including, without limitation, attorney's fees) (the "Title
     Cap") in the aggregate to cure all Nonmonetary Encumbrances, and (ii)
     Seller shall not be obligated to make any effort to remove or cure the same
     if Seller reasonably determines that the cost of cure will exceed the Title
     Cap. If, within thirty (30) days after the Seller's receipt of a Title
     Objection Notice, the Seller has failed to remove or cure the Nonmonetary
     Encumbrances, Seller shall so notify Purchaser within three (3) days
     following the expiration of such 30-day period and Purchaser shall, as its
     sole and exclusive remedy, on or before the tenth (10th) day after
     Purchaser's receipt of the Seller's notice, give notice to Seller, that
     Purchaser either: (y) elects to proceed with the Closing, in which event
     all Nonmonetary Encumbrances identified in the Title Objection Notice that
     Seller has not cured or removed shall be conclusively presumed thereafter
     to constitute Permitted Exceptions and the Closing shall occur without any
     credit against or abatement of the Purchase Price on account thereof; or
     (z) elects to terminate this Agreement, in which event Purchaser shall be
     entitled to the prompt return of the Earnest Money and, except as expressly
     provided otherwise in this Agreement, this Agreement shall be of no further
     force and effect and the parties shall have no further rights, obligations
     or liabilities

                                     - 12 -
<Page>

     hereunder. Unless Purchaser gives notice to Seller within such ten-day
     period that Purchaser has elected to terminate the Agreement pursuant to
     the foregoing clause (z), Purchaser shall be conclusively presumed to have
     elected to proceed to Closing pursuant to the foregoing clause (y) and the
     uncured Nonmonetary Encumbrances shall be deemed waived by Purchaser and
     shall thereupon be deemed to be Permitted Exceptions. Notwithstanding the
     foregoing, in the event that Seller shall have notified Purchaser within
     thirty (30) days after Seller's receipt of the Title Objection Notice that
     Seller intends to use reasonable efforts as aforesaid to cure any
     Nonmonetary Encumbrance but Seller is unable with diligent efforts to
     remove or cure any such Nonmonetary Encumbrance within such 30-day period,
     Seller shall notify Purchaser thereof within three (3) days following the
     expiration of such 30-day period and Purchaser agrees to provide Seller
     with an additional thirty (30) days to remove or cure such Nonmonetary
     Encumbrance. The Closing Date shall be extended for such period of time as
     necessary to give Seller and Purchaser the benefit of the time periods
     stated in this Section 5.3.2.

            5.3.3   ENCUMBRANCES FOLLOWING THE DATE OF THE TITLE COMMITMENT.
     Notwithstanding the foregoing, Seller agrees to remove at its expense,
     without applicability of the Title Cap, any encumbrances to title that
     first became a matter of record after the effective date of the Title
     Commitment and are either: (a) Monetary Encumbrances; or (b) Nonmonetary
     Encumbrances voluntarily created by or through Seller or any affiliate of
     Seller. As for any other Nonmonetary Encumbrances that first become a
     matter of record after the effective date of the Title Commitment,
     Purchaser shall have the right to give Seller a Title Objection Notice with
     respect thereto at any time on or before the Closing Date, and the
     provisions of Section 5.3.2 above, including the Title Cap, shall apply. In
     the event that a Title Objection Notice is delivered by Purchaser pursuant
     to this Section 5.3.3, the Closing Date shall be extended for such period
     of time as necessary to give Seller and Purchaser the time periods set
     forth in Section 5.3.2 above.

     For purposes of this Agreement, the term "PERMITTED EXCEPTIONS" shall be
deemed to mean and include: (1) all applicable laws; (ii) all real estate taxes
which are not due and payable as of the Closing Date; (iii) liens for municipal
betterments assessed after the date of this Agreement; (iv) matters created by,
through or under Purchaser; (v) any matters shown on or referenced in the
Survey; (vi) any matters which would properly constitute Title Objections which
Purchaser fails to call to Seller's attention in a duly delivered Title
Objection Notice; and (vii) any licensees under any Service Contracts assumed by
Purchaser as of Closing.

     5.4    TITLE STATUS. Purchaser has obtained a Title Commitment with an
effective date of March 2, 2004, at 8:00 A.M., a copy of which is attached
hereto as EXHIBIT J. Notwithstanding anything to the contrary in Section 5.3,
Purchaser agrees that, subject to Seller's performance of its obligations under
this Section 5.4, Purchaser shall not give Seller a Title Objection Notice,
except for a Title Objection Notice, if any, given pursuant to Section 5.3.3
above. Seller agrees, without limitation or duplication of Seller's obligations
under Section 7.3, to cause to be executed, acknowledged as appropriate, and
delivered, such instruments and to take such other actions as may be required in
order to comply with the requirements set forth in the following items listed on
Schedule B - Section 1 to the Title Commitment attached hereto as EXHIBIT J:
Items 2 (except that Purchaser shall be responsible for recording same), 3, 4,
6, 7, 8, and 10.

                                     - 13 -
<Page>

Except as set forth in this Section 5.4, Purchaser agrees that it has reviewed
the Title Commitment and the Survey, and is satisfied with title to the Property
as of the later of the date of the Title Commitment and the Survey.

                    ARTICLE VI - OPERATIONS AND RISK OF LOSS

     6.1    ONGOING OPERATIONS. From the Effective Date through Closing:

            6.1.1   SERVICE CONTRACTS. Seller will perform its material
     obligations under the Service Contracts.

            6.1.2   NEW CONTRACTS. Seller will not enter into any contract that
     will be an obligation affecting the Property subsequent to the Closing, but
     Seller may, in the ordinary course of business, enter any contract that is
     terminable without cause and without the payment of any termination penalty
     on or before the Closing Date. With respect to any contract entered into
     after the Effective Date, Purchaser may elect to require Seller to
     terminate such contract as of the Closing Date by giving Seller written
     notice of such election on or before the day that is three (3) business
     days after the later to occur of (1) the expiration of the Inspection
     Period; and (ii) the date on which Seller notifies Purchaser of such
     contract, which notice shall contain a copy of such contract.

            6.1.3   MAINTENANCE OF IMPROVEMENTS; REMOVAL OF PERSONAL PROPERTY.
     Subject to SECTIONS 6.2 AND 6.3, Seller shall maintain all Improvements
     substantially in their present condition (ordinary wear and tear and
     casualty excepted) and in a manner consistent with Seller's maintenance of
     the Improvements during Seller's period of ownership.

            6.1.4   MAINTENANCE AND OPERATING AGREEMENTS. Subject to the
     provisions of Section 6.1.2, Seller retains the right during the Inspection
     Period to enter into maintenance or operating agreements related to the
     Property (i.e., utility agreements), provided that, in the reasonable
     judgment of Seller, any such agreements are entered in the ordinary course
     of Seller's business as owner of the Property and provided further that any
     such agreements will not have a material adverse impact on Purchaser's use
     or operation of the Property. Seller will not enter into any such agreement
     without providing Purchaser all relevant supporting documentation, as
     reasonably determined by Seller. Any such agreements regarding the Property
     entered into by Seller following expiration of the Inspection Period shall
     require the written approval of Purchaser, not to be unreasonably withheld
     or denied.

     6.2    DAMAGE. If prior to Closing the Property is damaged by fire or other
casualty, Seller shall estimate the cost to repair and the time required to
complete repairs and will provide Purchaser written notice of such casualty (the
"CASUALTY NOTICE") as soon as reasonably possible after the occurrence of the
casualty and, in any event, before Closing. The Casualty Notice shall include a
reasonably detailed description of the nature and extent of the casualty damage
and Seller's estimation of the cost to repair same.

            6.2.1   MATERIAL. In the event of any Material Damage to or
     destruction of the Property or any portion thereof prior to Closing,
     Purchaser may, at its option, terminate

                                     - 14 -
<Page>

     this Agreement by delivering written notice to Seller on or before the
     expiration of thirty (30) days after the date Seller delivers the Casualty
     Notice to Purchaser (and if necessary, the Closing Date shall be extended
     to give Purchaser the full thirty-day period to make such election and to
     obtain insurance settlement agreements with Seller's Insurers). Upon any
     such termination, the Earnest Money shall be returned to Purchaser and the
     parties hereto shall have no further rights or obligations hereunder, other
     than those that by their terms survive the termination of this Agreement.
     If Purchaser does not terminate this Agreement within said 30-day period,
     then the parties shall proceed under this Agreement and close on schedule
     (subject to extension of Closing as provided above), and as of Closing,
     Seller shall assign to Purchaser, without representation or warranty by or
     recourse against Seller (provided, however, that Seller shall reasonably
     cooperate with Purchaser in pursuing any claims for such proceeds including
     the execution and delivery of any instruments reasonably required in
     connection therewith, provided that Seller's costs incurred in such
     cooperation, including but not limited to attorneys' fees, shall not exceed
     $5,000, with this obligation surviving the Closing), all of Seller's rights
     in and to any resulting insurance proceeds due Seller as a result of such
     damage or destruction and Purchaser shall assume full responsibility for
     all needed repairs, and Purchaser shall receive a credit at Closing for any
     deductible amount under such insurance policies (but the amount of the
     deductible plus insurance proceeds shall not exceed the lesser of (A) the
     cost of repair or (B) the Purchase Price and a pro rata share of the rental
     or business loss proceeds, if any). For the purposes of this Agreement,
     "MATERIAL DAMAGE" and "MATERIALLY DAMAGED" means damage which is estimated
     by a qualified third party (which shall include Seller's insurer) in the
     ordinary course to exceed $150,000.00 to repair, or which is likely to take
     longer than ninety (90) days to repair.

            6.2.2   NOT MATERIAL. If the Property is not Materially Damaged,
     then neither Purchaser nor Seller shall have the right to terminate this
     Agreement, and Seller shall, at its option, either (1) repair the damage
     before the Closing in a manner reasonably satisfactory to Purchaser, or
     (ii) credit Purchaser at Closing for the reasonable cost to complete the
     repair (in which case Seller shall retain all insurance proceeds and
     Purchaser shall assume full responsibility for all needed repairs).

     6.3    CONDEMNATION. If proceedings in eminent domain are instituted with
respect to the Property or any portion thereof, Purchaser may, at its option, by
written notice to Seller given within thirty (30) days after Seller notifies
Purchaser of such proceedings (and if necessary the Closing Date shall be
automatically extended to give Purchaser the full thirty-day period to make such
election), either: (1) terminate this Agreement, in which case the Earnest Money
shall be immediately returned to Purchaser and the parties hereto shall have no
further rights or obligations, other than those that by their terms survive the
termination of this Agreement, or (ii) proceed under this Agreement, in which
event Seller shall, at the Closing, assign to Purchaser its entire right, title
and interest in and to any condemnation award, and Purchaser shall have the sole
right after the Closing to negotiate and otherwise deal with the condemning
authority in respect of such matter. If Purchaser does not give Seller written
notice of its election within the time required above, then Purchaser shall be
deemed to have elected option (ii) above.

                                     - 15 -
<Page>

                              ARTICLE VII - CLOSING

     7.1    CLOSING. The consummation of the transaction contemplated herein
("Closing") shall occur on April 28, 2004 at a location in the Greater Boston
area selected by Purchaser and identified to Seller in written notice delivered
to Seller on or before April 21, 2004. Notwithstanding the foregoing, in the
event that Seller has not received the Lease Terminations required by Section
7.2.4 below on or before April 26, 2004, Seller shall have the option to extend
the Closing Date for up to ten (10) business days upon written notice delivered
to Purchaser not later than April 26, 2004; provided, however, that in no event
shall the Closing Date be scheduled for any date between April 30, 2004 and May
9, 2004, inclusive. Funds shall be deposited into and held by Escrow Agent in a
closing escrow account with a bank reasonably satisfactory to Purchaser and
Seller. Upon satisfaction or completion of all closing conditions and
deliveries, the parties shall direct Escrow Agent to immediately record and
deliver the closing documents to the appropriate parties and make disbursements
according to the closing statements executed by Seller and Purchaser.

     7.2    CONDITIONS TO PARTIES' OBLIGATION TO CLOSE. In addition to all other
conditions set forth herein, the obligation of Seller, on the one hand, and
Purchaser, on the other hand, to consummate the transactions contemplated
hereunder are conditioned upon the following:

            7.2.1   REPRESENTATIONS AND WARRANTIES. The other party's
     representations and warranties contained herein shall be true and correct
     in all material respects as of the date of this Agreement and the Closing
     Date;

            7.2.2   DELIVERIES.  As of the Closing Date, the other party shall
     have tendered all deliveries to be made at Closing; and

            7.2.3   ACTIONS, SUITS, ETC. There shall exist no pending or
     threatened actions, suits, arbitrations, claims, attachments, proceedings,
     assignments for the benefit of creditors, insolvency, bankruptcy,
     reorganization or other proceedings, against the other party that would
     materially and adversely affect the operation or value of the Property or
     the other party's ability to perform its obligations under this Agreement.

            7.2.4   LEASE TERMINATIONS. Seller shall deliver to Purchaser within
     three (3) business days after the full execution and delivery thereof,
     agreements with each Tenant to terminate such Tenant's Lease effective on
     or before the Closing Date, as the same may be extended pursuant to Section
     7.1 above (the "Lease Terminations"). The Lease Terminations shall oblige
     each Tenant to vacate its premises on or before the Closing Date and shall
     impose no obligation whatsoever on Purchaser and no obligation that will
     affect the Property after Closing. Any and all lease termination fees
     payable by the Tenants to Seller under the Lease Terminations shall become
     and remain the sole property of Seller. If Seller fails for any reason to
     deliver Lease Terminations satisfying the requirements of this Section
     7.2.4 on or before the Closing Date, as the same may be extended, then
     Purchaser may terminate this Agreement by giving Seller notice of such
     election on or before the date that is ten (10) days after the Closing
     Date, and the Closing Date shall be extended to provide Purchaser with such
     10-day period in which to make such election. In the event that Purchaser
     elects to terminate this Agreement based on

                                     - 16 -
<Page>

     Seller's failure to deliver the Lease Terminations, Seller shall, within
     forty-five (45) days of Purchasers written request therefor, such request
     to be accompanied by copies of invoices and other evidence reasonably
     satisfactory to Seller as to the sums expended by Purchaser in negotiating
     this Agreement, conducting its due diligence activities pursuant to the
     Access Agreement and Article IV above, and in preparing for the Closing,
     reimburse Purchaser for its reasonable out-of-pocket expenses, including,
     without limitation, legal fees and disbursements, incurred in the
     performance of such activities. If Purchaser fails to terminate this
     Agreement for failure of the condition in this Section 7.2.4, then it shall
     not be a condition to Closing that Seller shall terminate any Lease as to
     which Seller has not entered into a Lease Termination (such Lease, a
     "Surviving Lease") and at Closing, Seller and Purchaser shall execute and
     deliver an Assignment and Assumption Agreement, in the form of EXHIBIT I
     attached hereto, with respect to any Surviving Lease. Except for any
     Surviving Lease, each of the Leases shall in fact be terminated, and the
     Tenants shall have surrendered and vacated their respective premises, and,
     except for any personal property listed on EXHIBIT A to the Bill of Sale
     attached hereto as EXHIBIT F, removed all their furniture, equipment, and
     other personal property therefrom, and have left such premises in broom
     clean condition on or before the Closing Date, as may be extended.

            7.2.5   REMOVAL OF VENT HOOD. On or before the Closing Date, Seller
     shall have caused to be removed that certain vent hood located in the
     laboratory/office space in the premises leased by Thermedics Detection,
     Inc.

     So long as a party is not in default hereunder, if any condition to such
party's obligation to proceed with the Closing hereunder has not been satisfied
as of the Closing Date, such party may, in its sole discretion, terminate this
Agreement by delivering written notice to the other party on the Closing Date,
or elect to close, notwithstanding the non-satisfaction of such condition, in
which event such party shall be deemed to have waived any such condition. In the
event such party elects to close, notwithstanding the non-satisfaction of such
condition, there shall be no liability on the part of any other party hereto for
breaches of representations and warranties of which the party electing to close
had knowledge at the Closing.

     7.3    SELLER'S DELIVERIES IN ESCROW. As of or prior to the Closing Date
(unless provided otherwise), Seller shall deliver in escrow to Escrow Agent the
following:

            7.3.1   DEED. A Massachusetts form of Quitclaim Deed inform
     acceptable for recordation under the laws of the Commonwealth of
     Massachusetts, executed and acknowledged by Seller, conveying to Purchaser
     Seller's interest in the Real Property subject only to the Permitted
     Exceptions (tile "DEED");

            7.3.2   BILL OF SALE, ASSIGNMENT AND ASSUMPTION. A Bill of Sale,
     Assignment and Assumption of Contracts in the form of EXHIBIT F attached
     hereto (the "ASSIGNMENT"), executed and acknowledged by Seller, vesting in
     Purchaser, without warranty, Seller's right, title and interest in and to
     the property described therein free of any claims, except for the Permitted
     Exceptions to the extent applicable;

                                     - 17 -
<Page>

            7.3.3   CONVEYANCING OR TRANSFER TAX FORMS OR RETURNS. Such
     conveyancing or transfer tax forms or returns, if any, as are required to
     be delivered or signed by Seller by applicable state and local law in
     connection with the conveyance of the Real Property;

            7.3.4   FIRPTA. A Foreign Investment in Real Property Tax Act
     affidavit executed by Seller;

            7.3.5   AUTHORITY. Evidence of the existence, organization and
     authority of Seller and of the authority of the persons executing documents
     on behalf of Seller reasonably satisfactory to the underwriter for the
     Title Policy. Such authority documents shall include: (1) a certificate of
     good standing for Seller from the Secretary of State for the State of
     Delaware, which names the managers of Seller or the person authorized to
     execute real estate instruments on behalf of Seller, (ii) a certified copy
     of Seller's Certificate of Organization from the Secretary of State for the
     State of Delaware; (iii) a certificate of good standing for Seller from the
     Secretary of State for the Commonwealth of Massachusetts; and (iv) an
     Officer's Certificate from an officer of Seller attesting to the incumbency
     of the officer executing documents on behalf of Seller.

            7.3.6   ASSIGNMENT AND ASSUMPTION OF LEASE(S). If, pursuant to
     Section 7.2.4, Purchaser elects to purchase the Property subject to any
     Surviving Lease, an Assignment and Assumption of Leases in the form of
     EXHIBIT I attached hereto (the "Lease Assignment") with respect to the
     Surviving Lease(s).

            7.3.7   ADDITIONAL DOCUMENTS. Any additional documents that Escrow
     Agent or the Title Company may reasonably require for the proper
     consummation of the transaction contemplated by this Agreement (provided,
     however, no such additional document shall expand any obligation, covenant,
     representation or warranty of Seller or result in any new or additional
     obligation, covenant, representation or warranty of Seller under this
     Agreement beyond those expressly set forth in this Agreement).

     7.4    PURCHASER'S DELIVERIES IN ESCROW. As of or prior to the Closing
Date, Purchaser shall deliver in escrow to Escrow Agent the following:

            7.4.1   BILL OF SALE, ASSIGNMENT AND ASSUMPTION. The Assignment,
     executed and acknowledged by Purchaser;

            7.4.2   ERISA LETTER. A letter to Seller in the form of EXHIBIT G
     attached hereto duly executed by Purchaser, confirming that Purchaser is
     not acquiring the Property with the assets of an employee benefit plan as
     defined in Section 3(3) of the Employee Retirement Income Security Act of
     1974 ("ERISA") and, in the event Purchaser is unable or unwilling to make
     such a representation, Purchaser shall be deemed to be in default
     hereunder, and Seller shall have the right to terminate this Agreement and
     to receive and retain the Earnest Money;

            7.4.3   CONVEYANCING OR TRANSFER TAX FORMS OR RETURNS. Such
     conveyancing or transfer tax forms or returns, if any, as are required to
     be delivered or signed by Purchaser by applicable state and local law in
     connection with the conveyance of Real Property; and

                                     - 18 -
<Page>

            7.4.4   ADDITIONAL DOCUMENTS. Any additional documents that Seller,
     Escrow Agent or the Title Company may reasonably require for the proper
     consummation of the transaction contemplated by this Agreement (provided,
     however, no such additional document shall expand any obligation, covenant,
     representation or warranty of Purchaser or result in any new or additional
     obligation, covenant, representation or warranty of Purchaser under this
     Agreement beyond those expressly set forth in this Agreement).

     7.5    CLOSING STATEMENTS. As of or prior to the Closing Date, Seller and
Purchaser shall deposit with Escrow Agent executed closing statements consistent
with this Agreement in the form required by Escrow Agent.

     7.6    PURCHASE PRICE. At or before 1:00 p.m. local time on the Closing
Date, Purchaser shall deliver to Escrow Agent the Purchase Price, less the
Earnest Money that is applied to the Purchase Price, plus or minus applicable
prorations, in immediate, same-day U.S. federal funds wired for credit into
Escrow Agent's escrow account, which funds must be delivered in a manner to
permit Escrow Agent to deliver good funds to Seller or its designee on the
Closing Date (and, if requested by Seller, by wire transfer); in the event that
Escrow Agent is unable to deliver good funds to Seller or its designee within
twenty-four (24) hours of the Closing Date, then the closing statements and
related prorations will be revised as necessary; provided, however, that the
Escrow Agent will not deliver the Purchase Price to Seller unless and until the
Escrow Agent records the Deed.

     7.7    POSSESSION. Seller shall deliver possession of the Property to
Purchaser at the Closing, the Improvements substantially in their condition as
of the Effective Date, ordinary wear and tear excepted (except as otherwise
expressly permitted under Sections 6.2 and 6.3 hereof), with the Tenants no
longer in possession of any portion of the Property, other than pursuant to any
Surviving Lease.

     7.8    DELIVERY OF BOOKS AND RECORDS. After the Closing, Seller shall
deliver to Purchaser, to the extent in Seller's possession or control, the
following: maintenance records and warranties; plans and specifications;
licenses, permits and certificates of occupancy; copies or originals of all
books and records of account, contracts, and copies of correspondence with
tenants (but only with respect to any Surviving Lease) and suppliers; receipts
for deposits, unpaid bills and other papers or documents which pertain to the
Property; booklets; keys; and other items, if any, used in the operation of the
Property.

                ARTICLE VIII - PRORATIONS,-DEPOSITS, COMMISSIONS

     8.1    PRORATIONS. At Closing, the following items shall be prorated as of
the date of Closing with all items of income and expense for the Property
through the end of the day before the Closing being borne by Seller and all such
items being borne by Purchaser from and after (but including) the date of
Closing: income and rents under any Surviving Leases that have been collected by
Seller as of Closing; fees and assessments; prepaid expenses and obligations
under Service Contracts; accrued operating expenses; real and personal ad
valorem taxes ("TAXES"); and any assessments by private covenant for the
then-current calendar year of Closing. Specifically, the following shall apply
to such prorations:

                                     - 19 -
<Page>

            8.1.1 TAXES. If Taxes for the year of Closing are not known or
     cannot be reasonably estimated, Taxes shall be prorated based on Taxes for
     the year prior to Closing, and any appropriate adjustments shall be made
     within sixty (60) days following the issuance of a final tax bill for the
     fiscal year that includes the Closing Date. The obligation to make any such
     adjustments shall survive the Closing. Any additional Taxes relating to the
     year of Closing or prior years arising out of a change in the use of the
     Real Property or a change in ownership shall be assumed by Purchaser
     effective as of Closing and paid by Purchaser when due and payable, and
     Purchaser shall indemnify Seller from and against any and all such Taxes,
     which indemnification obligation shall survive the Closing.

            8.1.2   UTILITIES. Purchaser shall take all steps necessary to
     effectuate the transfer of all utilities to its name as of the Closing
     Date, and where necessary, post deposits with the utility companies. Seller
     shall ensure that all utility meters are read as of the Closing Date.
     Seller shall be entitled to recover any and all deposits held by any
     utility company as of the Closing Date.

     8.2    POST-CLOSING CORRECTION. Either party shall be entitled to a post
Closing adjustment for any incorrect proration or adjustment, provided, such
adjustment is claimed by such party within one (1) year after Closing. This
Section 8.2 shall survive the Closing.

     8.3    CLOSING COSTS. Closing costs shall be allocated between Seller and
Purchaser in accordance with SECTION 1.2.

     8.4    FINAL ADJUSTMENT AFTER CLOSING. If final bills are not available or
cannot be issued prior to Closing for any item being prorated under SECTION 8.1,
then Purchaser and Seller agree to allocate such items on a fair and equitable
basis as soon as such bills are available, final adjustment to be made as soon
as reasonably possible after the Closing. Payments in connection with the final
adjustment shall be due within thirty (30) days of written notice. All such
rights and obligations shall survive the Closing.

     8.5    COMMISSIONS. Seller shall be responsible to Brokers for a real
estate sales commission at Closing (but only in the event of a Closing in strict
accordance with this Agreement) in accordance with a separate agreement between
Seller and Brokers. Under no circumstances shall Seller owe a commission or
other compensation directly to any other broker, agent or person. Other than as
stated above in this SECTION 8.5, Seller and Purchaser each represent and
warrant to the other that no real estate brokerage commission is payable to any
person or entity in connection with the transaction contemplated hereby, and
each agrees to and does hereby indemnify and hold the other harmless against the
payment of any commission to any other person or entity claiming by, through or
lender Seller or Purchaser, as applicable. This indemnification shall extend to
any and all claims, liabilities, costs and expenses (including reasonable
attorneys' fees and litigation costs) arising as a result of such claims and
shall survive the Closing.

                                     - 20 -

<Page>

                   ARTICLE IX - REPRESENTATIONS AND WARRANTIES

     9.1    SELLER'S REPRESENTATIONS AND WARRANTIES. Seller represents and
warrants to Purchaser that:

            9.1.1   ORGANIZATION AND AUTHORITY. Seller has been duly organized,
     is validly existing as a limited liability company, and is in good standing
     in the State of Delaware and is qualified to do business in the
     Commonwealth of Massachusetts. Seller has the full right and authority and
     has obtained any and all consents required to enter into this Agreement and
     to consummate or cause to be consummated the transactions contemplated
     hereby. This Agreement has been, and all of the documents to be delivered
     by Seller at the Closing will be, authorized and properly executed and
     constitute, or will constitute, as appropriate, the valid and binding
     obligation of Seller, enforceable in accordance with their terms.

            9.1.2   CONFLICTS AND PENDING ACTIONS. There is no agreement to
     which Seller is a party or, to Seller's knowledge, that is binding on
     Seller which is in conflict with this Agreement. There is no action or
     proceeding pending or, to Seller's knowledge, threatened against Seller or
     relating to the Property, including any condemnation proceeding, which
     challenges or impairs Seller's ability to execute or perform its
     obligations under this Agreement. Seller has not received any written
     notice of any pending or threatened condemnation or eminent domain
     proceeding or special assessments to be made against the Property.

            9.1.3   TENANTS/LEASES. There exist no leases or other use or
     occupancy agreements affecting the Property other than the Leases.

            9.1.4   SERVICE CONTRACTS. The list of Service Contracts attached
     as Exhibit C are all of the Service Contracts which affect the Property,
     and the copies of the Service Contracts delivered to Purchaser by
     Seller, are true and complete.

            9.1.5   ENVIRONMENTAL REPORTS. Seller has delivered to Purchaser all
     the reports in its possession regarding the environmental condition of the
     Property (the "Environmental Reports"). The attached EXHIBIT B lists the
     Environmental Reports so provided by Seller. To the best of Seller's
     knowledge, Seller has received no written notice specifically alleging the
     release or potential release of Hazardous Materials on or from the
     Property, except as may be disclosed in the Environmental Reports.

            9.1.6   COMMISSIONS. There are no leasing or other commissions due
     and owing to any third party related to the Property, except the
     commissions that will be due to the Brokers pursuant to Section 8.6 above
     upon Closing.

            9.1.7   NOTICES FROM GOVERNMENTAL AUTHORITIES. Seller has not
     received from any governmental authority written notice of any material
     violation of any laws applicable (or alleged to be applicable) to the Real
     Property, or any part thereof, that has not been corrected, except as may
     be reflected by the Property Documents or otherwise disclosed in writing to
     Purchaser.

                                     - 21 -
<Page>

            9.1.8   PROPERTY DOCUMENTS. Seller has no actual knowledge (as
     defined in Section 9.3) that any Property Documents are incorrect in any
     material respect.

            9.1.9   NO ADVERSE CLAIMS TO PERSONAL PROPERTY. No person or entity
     (including, without limitation, the Tenants) other than Seller will have
     any right, title, or interest in or to any fixtures, equipment, or personal
     property located on the Real Property as of Closing.

     Additionally, if Purchaser makes a claim against Seller for breach of a
representation and warranty under this Agreement and Seller indemnifies or
otherwise compensates Purchaser in connection therewith, and if the claim by
Purchaser against Seller relates to matters for which there is or may be a claim
against a third party under any warranties, guaranties, indemnities or other
claims (including, without limitation, for workmanship, materials and
performance) assigned by Seller to Purchaser pursuant to this Agreement, then
Purchaser agrees that Seller shall be subrogated to Purchaser's position with
respect to all claims against such third parties, and Purchaser shall reasonably
cooperate with Seller in attempting to recover against such third party(ies).
The foregoing shall survive Closing.

     9.2    PURCHASER'S REPRESENTATIONS AND WARRANTIES. Purchaser represents and
warrants to Seller that:

            9.2.1   ORGANIZATION AND AUTHORITY. Purchaser has been duly
     organized and is validly existing as a corporation in good standing in
     Delaware and is qualified to do business in the Commonwealth of
     Massachusetts. Purchaser has the full right and authority and has obtained
     any and all consents required to enter into this Agreement and to
     consummate or cause to be consummated the transactions contemplated hereby.
     This Agreement has been, and all of the documents to be delivered by
     Purchaser at the Closing will be, authorized and properly executed and
     constitute, or will constitute, as appropriate, the valid and binding
     obligation of Purchaser, enforceable in accordance with their terms.

            9.2.2   CONFLICTS AND PENDING ACTION. There is no agreement to which
     Purchaser is a party or to Purchaser's knowledge binding on Purchaser which
     is in conflict with this Agreement. There is no action or proceeding
     pending or, to Purchaser's knowledge, threatened against Purchaser which
     challenges or impairs Purchaser's ability to execute or perform its
     obligations under this Agreement.

     9.3    SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The representations and
warranties set forth in this Article IX are made as of the date of this
Agreement and are remade as of the Closing Date and shall not be deemed to be
merged into or waived by the instruments of Closing, but shall survive the
Closing for a period of six (6) months (the "SURVIVAL PERIOD"). Terms such as
"to Seller's knowledge," "to the best of Seller's knowledge," "Seller's actual
knowledge" or like phrases used in this Agreement mean the actual knowledge of
Lisa Sullivan, senior asset manager, and of William Rand, assistant vice
president of Asset Manager (collectively, the "Asset Manager's Employees"),
without any duty of inquiry or investigation; provided that so qualifying
Seller's knowledge shall in no event give rise to any personal liability on the
part of Asset Manager's Employees or any other officer or employee of Seller or
its Asset

                                     - 22 -
<Page>

Manager, on account of any breach of any representation or warranty made by
Seller in this Agreement. Terms such as "to Purchaser's knowledge," "to the best
of Purchaser's knowledge," "Purchaser's actual knowledge" or like phrases used
in this Agreement shall mean the actual knowledge of William W. Boecke, Chief
Financial Officer of Purchaser, without any duty of inquiry or investigation;
provided that so qualifying Purchaser's knowledge shall in no event give rise to
any personal liability on the part of said William W. Boecke or any other
officer or employee of Purchaser, on account of any breach of any representation
or warranty made by Purchaser in this Agreement. Said terms do not include
constructive knowledge, imputed knowledge, or knowledge Seller or Purchaser, as
the case may be, or such persons do not have but could have obtained through
further investigation or inquiry. Each party shall have the right to bring an
action against the other on the breach of a representation or warranty
hereunder, but only on the following conditions: (1) the party bringing the
action for breach first learns of the breach after Closing and files such action
within the Survival Period, and (ii) Purchaser shall not have the right to bring
a cause of action for a breach of a representation or warranty unless the damage
to Purchaser on account of such breach (individually or when combined with
damages from other breaches) equals or exceeds $25,000.00. Neither party shall
have any liability after Closing for the breach of a representation or warranty
hereunder of which the other party hereto had actual knowledge as of Closing.
Furthermore, Purchaser agrees that the maximum liability of Seller for the
alleged breach of any or all representations or warranties set forth in this
Agreement is limited to $200,000.00. The provisions of this Section 9.3 shall
survive the Closing. Any breach of a representation or warranty that occurs
prior to Closing shall be governed by Article X.

                        ARTICLE X - DEFAULT AND REMEDIES

     10.1   SELLER'S REMEDIES. If Purchaser fails to perform its obligations
pursuant to this Agreement at or prior to Closing for any reason except failure
by Seller to perform hereunder, or if prior to Closing any one or more of
Purchaser's representations or warranties are breached in any material respect,
Seller shall be entitled, as its sole remedy (except as provided in SECTIONS
8.6, 10.3 AND 10.4 hereof and in the Due Diligence Agreements), to terminate
this Agreement and recover the Earnest Money as liquidated damages and not as
penalty, in full satisfaction of claims against Purchaser hereunder. Seller and
Purchaser agree that Seller's damages resulting from Purchaser's default are
difficult, if not impossible, to determine and the Earnest Money is a fair
estimate of those damages which has been agreed to in an effort to cause the
amount of such damages to be certain.

     10.2   PURCHASER'S REMEDIES. If Seller fails to perform its obligations
pursuant to this Agreement for any reason except failure by Purchaser to perform
hereunder, or if prior to Closing any one or more of Seller's representations or
warranties are breached in any material respect, Purchaser shall elect, as its
sole remedy, either to (1) terminate this Agreement by giving Seller timely
written notice of such election prior to or at Closing and recover the Earnest
Money, (ii) enforce specific performance of Seller's obligations under this
Agreement, or (iii) waive said failure or breach and proceed to Closing.
Notwithstanding anything herein to the contrary, Purchaser shall be deemed to
have elected to terminate this Agreement if Purchaser fails to deliver to Seller
written notice of its intent to file a claim or assert a cause of action for
specific performance against Seller on or before ten (10) business days
following the scheduled Closing Date or, having given such notice, fails to file
a lawsuit asserting such claim or cause of

                                     - 23 -
<Page>

action in the county in which the Property is located within three (3) months
following the scheduled Closing Date. Purchaser's remedies shall be limited to
those described in this SECTION 10.2 AND SECTIONS 10.3 AND 10.4 hereof. If,
however, the equitable remedy of specific performance is not available,
Purchaser may seek any other right or remedy available at law or in equity;
provided, however, that in no event except for any willful or intentional
default of Seller hereunder shall Seller's liability exceed the lesser of (1)
$285,000.00 or (ii) the actual reasonable out-of-pocket expenses incurred by
Purchaser and paid (A) to Purchaser's attorneys in connection with the
negotiation of this Agreement and preparation for Closing and (B) to unrelated
and unaffiliated third party consultants in connection with the performance of
examinations, inspections and/or investigations pursuant to ARTICLE IV and the
Due Diligence Agreements. For purposes of this provision, specific performance
shall be considered not available to Purchaser only if a court of competent
jurisdiction (or an arbitrator, as per EXHIBIT H) determines that Purchaser is
entitled to specific performance on the merits of its claim, but said court or
arbitrator is unable to enforce specific performance due to reasons beyond the
control of the court or arbitrator. IN NO EVENT SHALL SELLER'S DIRECT OR
INDIRECT PARTNERS, SHAREHOLDERS, OWNERS OR AFFILIATES, ANY OFFICER, DIRECTOR,
EMPLOYEE OR AGENT OF THE FOREGOING, OR ANY AFFILIATE OR CONTROLLING PERSON
THEREOF HAVE ANY LIABILITY FOR ANY CLAIM, CAUSE OF ACTION OR OTHER LIABILITY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE PROPERTY, WHETHER BASED ON
CONTRACT, COMMON LAW, STATUTE, EQUITY OR OTHERWISE.

     10.3   ATTORNEYS' FEES. In the event either party hereto employs an
attorney in connection with claims by one party against the other arising from
the operation of this Agreement, the nonprevailing party shall pay the
prevailing party all reasonable fees and expenses, including attorneys' fees,
incurred in connection with such claims.

     10.4   OTHER EXPENSES. If this Agreement is terminated due to the default
of a party, then the defaulting party shall pay any fees or charges due to
Escrow Agent for holding the Earnest Money as well as any escrow cancellation
fees or charges and any fees or charges due to the Title Company for preparation
and/or cancellation of the Title Commitment.

                 ARTICLE XI - DISCLAIMERS, RELEASE AND INDEMNITY

     11.1   DISCLAIMERS BY SELLER. Except as expressly set forth in this
Agreement, it is understood and agreed that Seller and Asset Manager have not at
any time made and are not now making, and they specifically disclaim, any
warranties or representations of any kind or character, express or implied, with
respect to the Property, including, but not limited to, warranties or
representations as to (1) matters of title, (ii) environmental matters relating
to the Property or any portion thereof, including, without limitation, the
presence of Hazardous Materials in, on, under or in the vicinity of the
Property, (iii) geological conditions, including, without limitation,
subsidence, subsurface conditions, water table, underground water reservoirs,
limitations regarding the withdrawal of water, and geologic faults and the
resulting damage of past and/or future faulting, (iv) whether, and to the extent
to which the Property or any portion thereof is affected by any stream (surface
or underground), body of water, wetlands, flood prone area, flood plain,
floodway or special flood hazard, (v) drainage, (vi) soil conditions, including
the existence of instability, past soil repairs, soil additions or conditions of
soil fill, or

                                     - 24 -
<Page>

susceptibility to landslides, or the sufficiency of any undershoring, (vii) the
presence of endangered species or any environmentally sensitive or protected
areas, (viii) zoning or building entitlements to which the Property or any
portion thereof may be subject, (ix) the availability of any utilities to the
Property or any portion thereof including, without limitation, water, sewage,
gas and electric, (x) usages of adjoining property, (xi) access to the Property
or any portion thereof, (xii) the value, compliance with the plans and
specifications, size, location, age, use, design, quality, description,
suitability, structural integrity, operation, title to, or physical or financial
condition of the Property or any portion thereof, or any income, expenses,
charges, liens, encumbrances, rights or claims on or affecting or pertaining to
the Property or any part thereof, (xiii) the condition or use of the Property or
compliance of the Property with any or all past, present or future federal,
state or local ordinances, rules, regulations or laws, building, fire or zoning
ordinances, codes or other similar laws, (xiv) the existence or non-existence of
underground storage tanks, surface impoundments, or landfills, (xv) the
merchantability of the Property or fitness of the Property for any particular
purpose, (xvi) the truth, accuracy or completeness of the Property Documents,
provided, however, that Seller has no actual knowledge that any Property
Document is incorrect in any material respect; (xvii) tax consequences, or
(xviii) any other matter or thing with respect to the Property.

     11.2   SALE "AS IS, WHERE IS." Purchaser acknowledges and agrees that upon
Closing, Seller shall sell and convey to Purchaser and Purchaser shall accept
the Property "AS IS, WHERE IS, WITH ALL FAULTS," except to the extent expressly
provided otherwise in this Agreement and any document executed by Seller and
delivered to Purchaser at Closing. Except as expressly set forth in this
Agreement, Purchaser has not relied and will not rely on, and Seller has not
made and is not liable for or bound by, any express or implied warranties,
guarantees, statements, representations or information pertaining to the
Property or relating thereto (including specifically, without limitation,
Property information packages distributed with respect to the Property) made or
furnished by Seller, the Asset Manager of the Property, or any real estate
broker, agent or third party representing or purporting to represent Seller, to
whomever made or given, directly or indirectly, orally or in writing. Purchaser
represents that it is a knowledgeable, experienced and sophisticated purchaser
of real estate and that, except as expressly set forth in this Agreement, it is
relying solely on its own expertise and that of Purchaser's consultants in
purchasing the Property and shall make an independent verification of the
accuracy of any documents and information provided by Seller. Purchaser will
conduct such inspections and investigations of the Property as Purchaser deems
necessary, including, but not limited to, the physical and environmental
conditions thereof, and shall rely upon same. Purchaser acknowledges that Seller
has afforded Purchaser a full opportunity to conduct such investigations of the
Property as Purchaser deemed necessary to satisfy itself as to the condition of
the Property and the existence or non-existence or curative action to be taken
with respect to any Hazardous Materials on or discharged from the Property, and
will rely solely upon same and not upon any information provided by or on behalf
of Seller or its agents or employees with respect thereto, other than such
representations, warranties and covenants of Seller as are expressly set forth
in this Agreement. Upon Closing, Purchaser shall assume the risk that adverse
matters, including, but not limited to, adverse physical or construction defects
or adverse environmental, health or safety conditions, may not have been
revealed by Purchaser's inspections and investigations.

PURCHASER'S INITIALS  /s/ WWB
                      -------------------

                                     - 25 -
<Page>

     11.3   SELLER RELEASED FROM LIABILITY. Purchaser acknowledges that it has
had the opportunity to inspect the Property during the Inspection Period, and
during such period, observe its physical characteristics and existing conditions
and the opportunity to conduct such investigation and study on and of the
Property and adjacent areas as Purchaser deems necessary, and Purchaser hereby
FOREVER RELEASES AND DISCHARGES Seller and Asset Manager from all responsibility
and liability, including without limitation, liabilities under the Comprehensive
Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C.
Sections 9601 ET SEQ.), as amended ("CERCLA"), regarding the condition,
valuation, salability or utility of the Property, or its suitability for any
purpose whatsoever (including, but not limited to, with respect to the presence
in the soil, air, structures and surface and subsurface waters, of Hazardous
Materials or other materials or substances that have been or may in the future
be determined to be toxic, hazardous, undesirable or subject to regulation and
that may need to be specially treated, handled and/or removed from the Property
under current or future federal, state and local laws, regulations or
guidelines, and any structural and geologic conditions, subsurface soil and
water conditions and solid and hazardous waste and Hazardous Materials on,
under, adjacent to or otherwise affecting the Property). Purchaser further
hereby WAIVES (and by Closing this transaction will be deemed to have WAIVED)
any and all objections and complaints (including, but not limited to, federal,
state and local statutory and common law based actions, and any private right of
action under any federal, state or local laws, regulations or guidelines to
which the Property is or may be subject, including, but not limited to, CERCLA)
concerning the physical characteristics and any existing conditions of the
Property. Purchaser further hereby assumes the risk of changes in applicable
laws and regulations relating to past, present and future environmental
conditions on the Property and the risk that adverse physical characteristics
and conditions, including, without limitation, the presence of Hazardous
Materials or other contaminants, may not have been revealed by its
investigation. The foregoing release shall not include any liability of Seller
for breach of any provision contained in this Agreement, which shall be governed
by Section 10.2 herein.

     11.4   "HAZARDOUS MATERIALS" DEFINED. For purposes hereof, "HAZARDOUS
MATERIALS" means "Hazardous Material," "Hazardous Substance," "Pollutant or
Contaminant," and "Petroleum" and "Natural Gas Liquids," as those terms are
defined or used in Section 101 of the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, 42 U.S.C. Section 9601 ET SEQ.
("CERCLA"), and any other substances regulated because of their effect or
potential effect on public health and the environment, including, without
limitation, PCBs, lead paint, asbestos, urea formaldehyde, radioactive
materials, putrescible materials, and infectious materials.

     11.5   SURVIVAL. The terms and conditions of this ARTICLE XI shall
expressly survive the Closing, not merge with the provisions of any closing
documents and shall be incorporated into the Deed.

     Purchaser acknowledges and agrees that the disclaimers and other agreements
set forth herein are an integral part of this Agreement and that Seller would
not have agreed to sell the Property to Purchaser for the Purchase Price without
the disclaimers and other agreements set forth above.

                                     - 26 -
<Page>

                           ARTICLE XII - MISCELLANEOUS

     12.1   PARTIES BOUND; ASSIGNMENT. This Agreement, and the terms, covenants,
and conditions herein contained, shall inure to the benefit of and be binding
upon the heirs, personal representatives, successors, and assigns of each of the
parties hereto. Purchaser may assign its rights under this Agreement upon the
following conditions: (1) the assignee of Purchaser must be an affiliate of
Purchaser or an entity controlling, controlled by, or under common control with
Purchaser, (ii) all of the Earnest Money must have been delivered in accordance
herewith, (iii) the Inspection Period shall be deemed to have ended, (iv) the
assignee of Purchaser shall assume all obligations of Purchaser hereunder, but
Purchaser shall remain primarily liable for the performance of Purchaser's
obligations, and (v) a copy of the fully executed written assignment and
assumption agreement shall be delivered to Seller at the Closing, but Purchaser
will notify Seller in writing of the name of such assignee at least five (5)
business days prior to Closing.

     12.2   HEADINGS. The article, section, subsection, paragraph and/or other
headings of this Agreement are for convenience only and in no way limit or
enlarge the scope or meaning of the language hereof.

     12.3   INVALIDITY AND WAIVER. If any portion of this Agreement is held
invalid or inoperative, then so far as is reasonable and possible the remainder
of this Agreement shall be deemed valid and operative, and, to the greatest
extent legally possible, effect shall be given to the intent manifested by the
portion held invalid or inoperative. The failure by either party to enforce
against the other any term or provision of this Agreement shall not be deemed to
be a waiver of such party's right to enforce against the other party the same or
any other such term or provision in the future.

     12.4   GOVERNING LAW. This Agreement shall, in all respects, be governed,
construed, applied, and enforced in accordance with the laws of the Commonwealth
of Massachusetts.

     12.5   SURVIVAL. The provisions of this Agreement that contemplate
performance after the Closing shall survive the Closing and shall not be deemed
to be merged into or waived by the instruments of Closing.

     12.6   ENTIRETY AND AMENDMENTS. This Agreement embodies the entire
agreement between the parties and supersedes all prior agreements and
understandings relating to the Property. This Agreement may be amended or
supplemented only by an instrument in writing executed by the party against whom
enforcement is sought.

     12.7   TIME. Time is of the essence in the performance of this Agreement.

     12.8   CONFIDENTIALITY. Neither Purchaser nor Seller shall make any public
announcement or disclosure of any information related to this Agreement to
outside brokers or third parties, before or after the Closing, without the prior
written specific consent of the other party, which consent shall not be
unreasonably withheld or delayed; provided, however, that: (a) either party may
disclose this Agreement to its Permitted Outside Parties as necessary to perform
its obligations hereunder and to any person or entity as may be required under
laws or regulations applicable to such disclosing party; (b) Purchaser may make
any disclosures required under any securities laws, whether in connection with
any public offering of stock in Purchaser

                                     - 27 -
<Page>

or otherwise; and (c) either party may make disclosure of this Agreement in
connection with any litigation between the parties hereto. Notwithstanding the
foregoing, either party may make disclosures about the Property after Closing,
subject to the terms of this Section 12.8. Seller agrees that following Closing,
it shall not disclose the contents of the Environmental Reports without the
written consent of Purchaser, such consent not to be unreasonably withheld or
delayed; provided, however, that Seller may disclose the contents of the
Environmental Reports at any time, without first obtaining such consent, to: (y)
any person or entity as may be reasonably necessary to facilitate any leasing,
sale, financing or other transaction desired by Seller; or (z) any consultant,
agent, or contractor hired by Seller to investigate, monitor, remediate or take
any other action as a result of any environmental condition existing or alleged
to exist on any of the properties located at 19, 21 or 22 Alpha Road; provided
that in each instance, prior to any such disclosure of the Environmental
Reports, Seller shall advise such person or entity receiving the Environmental
Reports of the confidential nature of such information and of the provisions of
this Section 12.8. Without in any way limiting the foregoing, in the event that
Seller is required during any subsequent litigation (by oral questions,
interrogatories, requests for information or documents, subpoenas, summonses,
civil investigative demand or similar process) to disclose any or all of the
Environmental Reports, Seller agrees to provide Purchaser with prompt notice of
such requirement, so that Purchaser may seek an appropriate protective order or,
if Purchaser so decides in it sole discretion, waive Seller's compliance with
the provisions of this Section 12.8. Seller will use reasonable efforts to
assist Purchaser in obtaining such a protective order. It is further agreed that
if, in the absence of a protective order or the receipt of a waiver thereunder,
Seller is nonetheless in the reasonable opinion of its counsel legally compelled
to disclose any of the Environmental Reports to any tribunal or governmental
authority or else stand liable for contempt or to suffer other censure or
penalty, Seller may, following reasonable notice to Purchaser under the
circumstances, disclose such information to such tribunal or authority. Seller
will not be liable for such disclosure unless it was caused by or resulted from
a previous disclosure by Seller not permitted by this Agreement.

     12.9   NOTICES. All notices required or permitted hereunder shall be in
writing and shall be served on the parties at the addresses set forth in SECTION
1.3. Any such notices shall, unless otherwise provided herein, be given or
served (i) by depositing the same in the United States mail, postage paid,
certified and addressed to the party to be notified, with return receipt
requested, (ii) by overnight delivery using a nationally recognized overnight
courier, (iii) by personal delivery, or (iv) by facsimile, evidenced by
confirmed receipt. Notice deposited in the mail in the manner hereinabove
described shall be effective on the third (3rd) business day after such deposit.
Notice given in any other manner shall be effective upon delivery, attempted
delivery, or refusal, whichever occurs first, at the address of the intended
recipient between the hours of 9:00 a.m. and 5:00 p.m. on any business day, with
delivery made after such hours to be deemed received the following business day.
A party's address may be changed by written notice to the other party; provided,
however, that no notice of a change of address shall be effective until actual
receipt of such notice. Copies of notices are for informational purposes only,
and a failure to give or receive copies of any notice shall not be deemed a
failure to give notice. Notices given by counsel to the Purchaser shall be
deemed given by Purchaser and notices given by counsel to the Seller shall be
deemed given by Seller.

                                     - 28 -
<Page>

     12.10  CONSTRUCTION. The parties acknowledge that the parties and their
counsel have reviewed and revised this Agreement and agree that the normal rule
of construction to the effect that any ambiguities are to be resolved against
the drafting party shall not be employed in the interpretation of this Agreement
or any exhibits or amendments hereto.

     12.11  CALCULATION OF TIME PERIODS. Unless otherwise specified, in
computing any period of time described herein, the day of the act or event after
which the designated period of time begins to run is not to be included and the
last day of the period so computed is to be included, unless such last day is a
Saturday, Sunday or legal holiday for national banks in the location where the
Property is located, in which event the period shall run until the end of the
next day which is neither a Saturday, Sunday, or legal holiday. The last day of
any period of time described herein shall be deemed to end at 5:00 p.m. local
time in the state in which the Real Property is located.

     12.12  EXECUTION IN COUNTERPARTS. This Agreement may be executed in any
number of Counterparts, each of which shall be deemed to be an original, and all
of such counterparts shall constitute one Agreement. To facilitate execution of
this Agreement, the parties may execute and exchange by telephone facsimile
counterparts of the signature pages, provided that executed originals thereof
are forwarded to the other party on the same day by any of the delivery methods
set forth in SECTION 12.9 other than facsimile.

     12.13  NO RECORDATION. Without the prior written consent of Seller, there
shall be no recordation of either this Agreement or any memorandum hereof, or
any affidavit pertaining hereto, and any such recordation of this Agreement or
memorandum or affidavit by Purchaser without the prior written consent of Seller
shall constitute a default hereunder by Purchaser, whereupon Seller shall have
the remedies set forth in SECTION 10.1 hereof.

     12.14  FURTHER ASSURANCES. In addition to the acts and deeds recited herein
and contemplated to be performed, executed and/or delivered by either party at
Closing, each party agrees to perform, execute and deliver, but without any
obligation to incur any additional liability or expense, on or after the Closing
any further deliveries and assurances as may be reasonably necessary to
consummate the transactions contemplated hereby or to further perfect the
conveyance, transfer and assignment of the Property to Purchaser.

     12.15  DISCHARGE OF OBLIGATIONS, The acceptance of the Deed by Purchaser
shall be deemed to be a full performance and discharge of every representation
and warranty made by Seller herein and every agreement and obligation on the
part of Seller to be performed pursuant to the provisions of this Agreement,
except those which are herein specifically stated to survive Closing.

     12.16  ERISA. Under no circumstances shall Purchaser have the right to
assign this Agreement to any person or entity owned or controlled by an employee
benefit plan if Seller's sale of the Property to such person or entity would, in
the reasonable opinion of Seller's ERISA advisors or consultants, create or
otherwise cause a "prohibited transaction" under ERISA. In the event Purchaser
assigns this Agreement or transfers any ownership interest in Purchaser, and
such assignment or transfer would make the consummation of the transaction
hereunder a "prohibited transaction" under ERISA and necessitate the termination
of this Agreement then,

                                     - 29 -
<Page>

notwithstanding any contrary provision which may be contained herein, Seller
shall have the right to terminate this Agreement.

     12.17  NO THIRD PARTY BENEFICIARY. The provisions of this Agreement and of
the documents to be executed and delivered at Closing are and will be for the
benefit of Seller, Asset Manager and Purchaser only and are not for the benefit
of any third party (other than Asset Manager), and accordingly, no third party
(other than Asset Manager) shall have the right to enforce the provisions of
this Agreement or of the documents to be executed and delivered at Closing.

     12.18  ASSET MANAGER: DESIGNATED REPRESENTATIVE. Seller has engaged Archon
Group, L.P. or affiliated companies ("ASSET MANAGER") to provide certain asset
management services with respect to the Property, including acting as a liaison
between Seller and Purchaser in connection with the Property and this Agreement.
The Asset Manager will appoint one or more representatives ("DESIGNATED
REPRESENTATIVE(S)") to deal with Purchaser. Whenever any approval, acceptance,
consent, direction or action of Seller is required pursuant to this Agreement,
Purchaser shall send to the Designated Representative a written notice
requesting same, which notice shall: (i) describe in detail the matter for which
such approval, acceptance, consent, direction or other action of Seller is
requested; (ii) be accompanied by a copy of any contract, agreement or other
document to be executed by Seller evidencing such approval, consent, acceptance,
direction or action of Seller; and (iii) be accompanied by such other documents,
written explanations and information as may be reasonably necessary to explain
the request fully and completely. The Asset Manager will communicate Seller's
response to any such requests to Purchaser.

     12.19  MANDATORY ARBITRATION. The parties have agreed to submit certain
disputes to mandatory arbitration in accordance with the provisions of EXHIBIT H
attached hereto and made a part hereof for all purposes.

     12.20  FURTHER OFFERS. For so long as this Agreement remains in effect,
Purchaser and Seller agree to negotiate exclusively with each other, in good
faith, toward the consummation of the transaction contemplated in this
Agreement. In this regard, unless and until this Agreement is terminated by
either party pursuant to the terms of this Agreement, Seller agrees to cease all
responses to, negotiations, discussions or inquiries with, and/or any
solicitations of, any other prospective purchaser with regard to sale of the
Property, and Purchaser agrees to cease all responses to, negotiations,
discussions or inquiries with, and/or any solicitations of, any other person or
entity with regard to Purchaser's prospective purchase of real property as
contemplated in this Agreement.

                                     - 30 -
<Page>

                         SIGNATURE PAGE TO AGREEMENT OF
                                PURCHASE AND SALE
                                 BY AND BETWEEN
                            W9/TIB III REALTY, L.L.C.
                                       AND
                          HITTITE MICROWAVE CORPORATION

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
day and year written below.

                                SELLER:

                                W9/TIB III REALTY, L.L.C.,
                                a Delaware limited liability company

Date executed by Seller:                  By:/s/ William F. Rand III
                                             -----------------------------------
                                          Name: William F. Rand III
                                               ---------------------------------
   4/16/04                                Title:  Assistant Vice President
---------------------------                     --------------------------------

                                PURCHASER:

                                Hittite Microwave Corporation, a Delaware
                                corporation

Date executed by Purchaser:               By: /s/ William W. Boecke
                                             -----------------------------------
                                          Name: William W. Boecke
                                               ---------------------------------
                                          Title: Chief Finance Officer
---------------------------                     --------------------------------

                                     - 31 -
<Page>

                             JOINDER BY ESCROW AGENT

Escrow Agent has executed this Agreement in order to confirm that Escrow Agent
has received and shall hold the Earnest Money required to be deposited under
this Agreement and the interest earned thereto, in escrow, and shall disburse
the Earnest Money, and the interest earned thereon, pursuant to the provisions
of this Agreement.

                                COMMONWEALTH LAND TITLE INSURANCE
                                COMPANY

Date executed by Escrow         By: /s/ David D. Merrill
Agent                               -----------------------------------
                                Name:  David D. Merrill
                                     ----------------------------------
 4/20/04                        Title: Senior Branch Counsel
---------------------------           ------------------------

                                     - 32 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]