Document:

exh10.1_10q1q05

EXHIBIT 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

by and between

 

ALEXANDRIA REAL ESTATE EQUITIES, INC.

a Maryland corporation

and

NANCY J. KELLEY,

an individual

EXECUTIVE EMPLOYMENT AGREEMENT

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this
"Agreement") is entered into by and between ALEXANDRIA REAL ESTATE EQUITIES,
INC., a Maryland corporation ("Corporation"), and NANCY J. KELLEY, an
individual (the "Officer") (hereinafter, Corporation and Officer will be
referred to collectively as the "Parties"), effective as of the 31st day of
January, 2005 (the "Effective Date").

RECITAL

WHEREAS, Corporation desires to employ Officer as its
Senior Vice President-Business Development and Strategic Operations, and Officer
is willing to accept such employment by Corporation, on the terms and subject to
the conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual
covenants contained herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties hereto
agree as follows.

AGREEMENT

	Position and Duties; Location.

Officer agrees to be employed by and to serve Corporation
as its Senior Vice President-Business Development and Strategic Operations or in
such other capacity as may be determined by the Board of Directors of
Corporation (the "Board").  Corporation agrees to employ and retain Officer in
such capacities.  Officer shall devote Officer's full business time, energy, and
skill to the affairs of Corporation as shall be necessary to perform the duties
of such positions.  Officer shall report to the Chief Executive Officer of
Corporation ("CEO") or such other officer as the CEO shall direct, and shall
perform such duties as are assigned by the CEO, consistent with a Senior Vice
President-level position within the Corporation.  Officer shall be based in a
new office of Corporation offices in Cambridge, Massachusetts, except for
required travel on Corporation's business.  CEO will consult with Officer about
the terms of any lease for the new Cambridge office prior to entering into the
lease.  Corporation acknowledges and agrees that Officer is permitted to
continue serving on the boards of directors for the non-profit organizations
listed in Exhibit A, provided that: (a) such organizations provide Officer with
directors and officers insurance coverage that is reasonably deemed to be a
prudent level of coverage by the CEO; and (b) Officer's activities for such
organizations do not interfere unreasonably with Officer's performance of her
duties for the Corporation.

	Compensation, Benefits and
Reimbursement.

2.1  Salary.

	Base Salary.
Corporation agrees to pay Officer an annual Base Salary ("Base Salary") of three
hundred thousand dollars ($300,000), or such other amount as may from time-to-
time be determined by Corporation.  Unless otherwise agreed in writing by
Officer and Corporation, Base Salary shall be payable in substantially equal
semimonthly installments in accordance with the standard policies of Corporation
in existence from time-to-time.

	Adjustments in Base
Salary.  Officer's Base Salary shall be reviewed for the possibility of
adjustments no less frequently than on each anniversary of the Effective Date by
the Board (or such committee as may be appointed by the Board for such purpose).
The Base Salary payable to Officer may be increased on each such date (and such
other times as the Board or a committee of the Board may deem appropriate) to an
amount determined by the CEO with the concurrence of the Board (or a committee
of the Board).  Each such new Base Salary shall become the base for each
successive year increase.  Any increase in Base Salary or other compensation
shall in no way limit or reduce any other obligations of Corporation hereunder.
Once established at an increased specified rate, Officer's Base Salary shall not
be reduced unless Officer otherwise agrees in writing.

2.2  Signing and Retention
Bonus.  On the Effective Date, Officer will receive a signing and
retention bonus of fifty thousand dollars ($50,000), subject to standard payroll
deductions and withholdings (the "Signing Bonus").  If, prior to the first
anniversary of the Effective Date, Officer's employment terminates at Officer's
request or Corporation terminates Officer's employment for Cause (as defined
herein), then Officer must repay a portion of the Signing Bonus to Corporation,
prorated based on Officer's actual length of employment during the period from
the Effective Date through one year after the Effective Date.

2.3  Annual Discretionary Cash Performance and Retention
Bonus.  If Officer is in good standing as determined by the CEO with the
concurrence of the Board (or a committee of the Board), Officer shall be
eligible for a discretionary annual bonus that rewards performance and promotes
employee retention.  Officer shall be eligible to receive such a discretionary
bonus for each fiscal year of Corporation (or portion thereof) during which
Officer is employed by Corporation, with the actual amount of any such bonus to
be determined by the CEO with the concurrence of the Board (or a committee of
the Board) based upon an evaluation of the Corporation's and Officer's
performance during such year and such other factors and conditions as the CEO
with the concurrence of the Board (or a committee of the Board) deems relevant.
Any such bonus shall be payable, to the extent practicable, within one hundred
and eighty-five (185) days after the end of Corporation's fiscal year to which
such bonus relates.  Annual discretionary cash
bonuses are not deemed to be earned and payable unless Officer is employed by
Corporation on the payment date.

2.4  Annual Discretionary Restricted Stock Bonus.
At the end of each fiscal year, Officer shall be eligible to be considered
for an annual discretionary restricted stock bonus to be determined in
Corporation's sole discretion, at the recommendation of the CEO, and by action
of the Compensation Committee of the Board.  Officer's performance and
Corporation's performance will be the primary considerations in determining such
bonus.  Annual discretionary restricted stock bonuses are determined based on
performance during  the fiscal year.

2.5  Equity Compensation.  Subject to approval
of the Compensation Committee of the Board, on the Effective Date, Officer will
receive a restricted stock grant (the "Grant") of ten thousand (10,000) shares
of restricted common stock of Corporation, subject to the following vesting
schedule under which the shares will vest contingent upon Officer's continued
employment as of each scheduled vesting date:  (1) one quarter (1/4) of the
Grant shares (2,500 shares) to vest on February 1, 2006; (2) one quarter (1/4)
of the Grant shares (2,500 shares) to vest on February 1, 2007; (3) one quarter
(1/4) of the Grant shares (2,500 shares) to vest on February 1, 2008; and (4)
one quarter (1/4) of the Grant shares (2,500 shares) to vest on February 1,
2009.  The Grant will be governed by the terms and conditions of the
Corporation's standard form of Restricted Stock Agreement to be provided to
Officer by the Corporation.

2.6  Additional Benefits.  Officer shall be
entitled to the following additional benefits:

	Executive Benefits.
Officer shall be eligible to participate in such Corporation's benefit and
deferred compensation plans as are made available to executive officers of
Corporation in accordance with the terms and conditions of such plans,
including, without limitation, Corporation's stock incentive plans, annual
incentive compensation plans, profit sharing/pension plans, deferred
compensation plans, annual physical examinations, dental, vision, sick pay,
disability, and medical plans, personal catastrophe and accidental death
insurance plans, financial planning and automobile arrangements, retirement
plans and supplementary Officer retirement plans, if any.  Corporation shall pay
one hundred percent (100%) of Officer's medical premiums under Corporation's
medical plan and any other welfare benefit plans for which Officer qualifies
that are in existence from time-to-time.

	Vacation.  Officer
shall be entitled to up to four (4) weeks of paid vacation annualized during
each calendar year, prorated for partial years.  Accrued vacation not taken
during any calendar year may be carried forward to subsequent years;
provided, that Officer may not accrue more than six (6) weeks of
unused vacation at any time.

	Life Insurance.
Corporation shall, at its sole cost and expense, procure and keep in effect,
during Officer's employment with Corporation, term life insurance on the life of
Officer, payable to such beneficiaries as Officer may from time-to-time
designate, in the aggregate amount of One Million Dollars ($1,000,000).  Such
policy shall be owned by Officer or by a member of her immediate family.
Corporation shall have no incidents of ownership therein.

 
	Disability Insurance.  Corporation shall,
at its sole cost and expense, procure and keep in effect disability insurance,
payable to Officer in an annual amount not less than sixty percent (60%) of
Officer's then existing Base Salary ("Disability Policy").

2.7  Reimbursement for
Expenses.  Corporation shall reimburse Officer for all reasonable and
necessary out-of-pocket business and/or entertainment expenses incurred by
Officer for the purpose of and in connection with the performance of services
pursuant to this Agreement.  Officer shall be entitled to such reimbursement
upon the presentation by Officer to Corporation of vouchers or other statements
itemizing such expenses in reasonable detail consistent with Corporation's then
existing policies.  In addition, Officer shall be entitled to reimbursement for
(i) dues and membership fees in professional organizations and/or industry
associations in which Officer is currently a member or becomes a member, and
(ii) appropriate industry seminars and mandatory continuing
education.

2.8  Withholding.
Compensation and benefits paid to Officer under this Agreement shall be subject
to applicable federal, state and local wage deductions and other deductions
required by law.

3.  Confidential
Information.

Officer is required to sign, and abide by, the
Corporation's Employee Proprietary Information and Inventions Agreement for
Massachusetts employees (the "Proprietary Information Agreement").  Furthermore,
in performing services under this Agreement, Officer is expected not to make
unauthorized use or disclosure of any confidential or proprietary information of
any former employer or other third party.  Officer is expected to use only that
information generally known and used by persons with training and experience
comparable to Officer's, common knowledge in the industry or otherwise legally
in the public domain, or otherwise provided or developed by Corporation or by
Officer in the course of Officer's employment by Corporation.  Officer
represents that Officer is able to perform Officer's job duties within these
guidelines, and that Officer is not in unauthorized possession of any
confidential documents or other property belonging to any former employer or
other third party.  Officer further represents that Officer has disclosed to
Corporation any contract Officer has signed that may restrict Officer's
activities on behalf of the Corporation.

4.  Policies.

Officer is required to acknowledge receipt of
Corporation's Employee Handbook, as evidenced by signing and returning the
acknowledgment form contained in the Handbook, and to abide by all of
Corporation's policies and procedures as they may be adopted from time to time,
including but not limited to those set forth in the Handbook.  Officer is also
required to sign and abide by the Corporation's Securities Trading Policies.

5.  Termination.

5.1  At-Will Employment.  Officer's employment
relationship with Corporation is at-will.  Accordingly, both Officer and
Corporation may terminate the employment relationship at any time with or
without Cause or Good Reason, and with or without advance notice.

5.2  Termination Without Cause; Resignation for Good
Reason.  If at any time this Agreement is terminated by Corporation
without Cause (as defined herein) or Officer resigns for Good Reason (as defined
herein), and Officer provides Corporation with a signed general release of all
claims substantially in the form attached hereto as Exhibit B and allows that
release to become effective, then Corporation shall provide Officer with the
following severance benefits:

	A lump sum payment equal to
Officer's annual Base Salary then in effect, subject to standard payroll
deductions and withholdings, payable within ten (10) days after Officer's last
day of employment (the "Termination Date").

	Officer's target bonus for the fiscal year in which such
termination occurs, as determined by the Board (or a Committee of the Board).
If such target has not yet been determined, then Officer shall receive the
average of the annual bonuses earned by Officer in the two (2) years immediately
preceding the Termination Date (or if there are less than two (2) years
immediately preceding the Termination Date, then Officer shall receive an amount
equal to the bonus received in the immediately preceding year).

	Full and immediate vesting of any awards granted to
Officer under Corporation's stock option or incentive compensation plans,
including, but not limited to, any restricted stock awards.

5.3  Termination for Cause; Resignation Without Good
Reason; Death or Disability.  If Corporation terminates Officer's
employment at any time for Cause, or Officer resigns employment without Good
Reason, or the Agreement is terminated due to Officer's death or Disability (as
defined below), then Officer's Base Salary shall cease as of the Termination
Date, and Officer will not be entitled to severance pay, accelerated vesting, or
any other such compensation, other than payment of accrued salary, any earned
compensation that has been deferred, and such other benefits as expressly
required in such event by applicable law or the terms of any applicable benefit
plans.  Any awards granted to Officer under Corporation's stock option or
incentive compensation plans shall cease vesting as of the Termination
Date.

5.4  Gross-Up.  If any of the Total Payments (as
hereinafter defined) will be subject to the tax (the "Excise Tax") imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") (the
"Excise Tax"), Corporation shall pay to Officer, no later than the tenth (10th)
day following the Termination Date, an additional amount (the "Gross-Up
Payment") such that the net amount retained by Officer, after deduction of any
Excise Tax on the Total Payments and any federal, state and local income tax and
excise tax upon the payment provided for by this Paragraph, shall be equal to
the Total Payments.  For purposes of determining whether any of the Total
Payments will be subject to the Excise Tax and the amount of such Excise Tax,
(i) all payments or benefits received or to be received by Officer in connection
with the termination of Officer's employment following a Change in Control
(whether payable pursuant to the terms of this Agreement or of any other plan,
arrangement or agreement with Corporation, its successors, any person whose
actions result in a Change in Control or any person affiliated (or which, as a
result of the completion of the transactions causing a Change in Control, will
become affiliated) with Corporation or such person within the meaning of Section
1504 of the Code (the "Total Payments")) shall be treated as "parachute
payments" (within the meaning of Section 280G(b)(2) of the Code) unless, in the
opinion of tax counsel selected by Corporation's independent auditors and
reasonably acceptable to Officer, such payments or benefits (in whole or in
part) do not constitute parachute payments, including by reason of Section
280G(b)(4)(A) of the Code, and all "excess parachute payments" (within the
meaning of Section 280G(b)(l) of the Code) shall be treated as subject to the
Excise Tax, unless in the opinion of such tax counsel such excess parachute
payments represent reasonable compensation for services actually rendered within
the meaning of Section 280G(b)(4)(B) of the Code, or are not otherwise subject
to the Excise Tax, and (ii) the value of any noncash benefits or any deferred
payment or benefit shall be determined by the Corporation's independent auditors
in accordance with the principles of Sections 280G(d)(3) and (4) of the Code.
For purposes of determining the amount of the Gross-Up Payment, Officer shall be
deemed to pay federal income taxes at the highest marginal rate of federal
income taxation in the calendar year in which the Gross-Up Payment is to be made
and state and local income taxes at the highest marginal rate of taxation in the
state and locality of the residence of Officer on the Termination Date, net of
the maximum reduction in federal income taxes that could be obtained from
deduction of such state and local taxes.

6.  Definitions.

6.1  Definition of Cause.  For purposes of this
Agreement, "Cause" shall mean any of the following:

	Officer's Material (as defined below) breach, repudiation
or failure to comply with or perform any of the terms of this Agreement,
Officer's Proprietary Information and Inventions Agreement, any of Officer's
duties, or any of Corporation's policies or procedures (including without
limitation any such policies or procedures relating to conflicts of interests or
standards of business conduct) or deliberate interference with the compliance by
any other employee of Corporation with any of the foregoing;

	The conviction or guilty plea of Officer for, or pleading
by Officer of no contest (or similar plea) to, fraud, embezzlement,
misappropriation of assets, malicious mischief, or any felony, other than a
crime for which vicarious liability is imposed upon Officer solely by reason of
Officer's position with Corporation and not by reason of Officer's conduct;
or

	Substantial and continual nonperformance of Officer's
duties under this Agreement that the Board determines has resulted in, or is
likely to result in, material injury to Corporation.

For purposes of this Agreement, "Material" shall mean a
breach, repudiation or failure that the Board determines has resulted, or is
likely to result, in material injury to Corporation.  Before terminating the
Agreement for Cause, Corporation first shall have given Officer written notice
specifying the circumstances constituting Cause and thirty (30) days thereafter
in which to cure such circumstances, and Officer shall have failed to cure;
provided, however, that no such notice is required if the circumstances are not
reasonably susceptible of cure.

6.2  Definition of Good Reason.  For purposes of this Agreement, "Good Reason" shall
mean:

	A material breach of this Agreement by Corporation, if
such breach is not cured by Corporation within thirty (30) days after written
notice thereof specifying the nature of such breach has been delivered to
Corporation; or

	Following a Change in Control, without Officer's express
written consent, a material breach of this Agreement by Corporation, including
the occurrence of any of the following circumstances, which breach is not cured
within thirty (30) days after written notice thereof specifying the nature of
such breach has been delivered to Corporation:

	the assignment to Officer of any duties inconsistent with
the position in Corporation that Officer held immediately prior to the Change in
Control, or an adverse alteration in the nature or status of Officer's
responsibilities from those in effect immediately prior to such change;

	a reduction by Corporation in Officer's annual Base
Salary as in effect on the date thereof or as the same may be increased from
time-to-time, except pursuant to an across-the-board salary reduction similarly
affecting all officers of Corporation and all officers of any person or entity
whose actions resulted in a Change in Control;

	the involuntary relocation of Officer's offices to a
location outside the Boston metropolitan area, or Corporation's requiring
Officer to travel on Corporation's business to an extent not substantially
consistent with Officer's business travel obligations immediately prior to the
Change in Control;

	the failure by Corporation to pay Officer any portion of
Officer's current compensation except pursuant to an across-the-board
compensation deferral similarly affecting all officers of Corporation and all
officers of any person or entity whose actions resulted in a Change in Control;

	the failure by Corporation to pay Officer any portion of
an installment of deferred compensation under any deferred compensation program
of Corporation, within seven (7) days of the date such compensation is
due;

	the failure by Corporation to continue in effect any
compensation plan in which Officer participates immediately prior to the Change
in Control which is material to Officer's total compensation, unless an
equitable arrangement (embodied in an ongoing substitute or alternative plan)
has been made with respect to such plan, or the failure by Corporation to
continue Officer's participation therein (or in such substitute or alternative
plan) on a basis not materially less favorable, both in terms of the amount of
benefits provided and the level of participation relative to other participants,
as existed at the time of the Change in Control;

	the failure by Corporation to continue to provide Officer
with benefits substantially similar to those under any of Corporation's life
insurance, medical, health and accident, or disability plans in which Officer
was participating at the time of the Change in Control, the taking of any action
by Corporation which would directly or indirectly materially reduce any of such
benefits or deprive Officer of any material fringe benefit enjoyed by Officer at
the time of the Change in Control, or the failure by Corporation to provide
Officer with the number of paid vacation days to which Officer is entitled in
accordance with Corporation's normal vacation policy in effect at the time of
the Change in Control; or

	the failure of Corporation to obtain a satisfactory
agreement from any successor to assume and agree to perform this
Agreement.

Officer's right to terminate Officer's employment for Good
Reason shall not be affected by Officer's incapacity due to physical or mental
illness.  To terminate the Agreement for Good Reason,
Officer shall deliver a written notice to Corporation within thirty (30) days
after the occurrence constituting Good Reason, such notice to be provided at
least thirty (30) days prior to the effective date of termination specified in
such notice (which date shall be the Termination Date).

6.3  Definition of Change in Control.
  For purposes of this Agreement, a "Change in
Control" shall be deemed to have occurred if:

	Any Person, as such term is used in section 3(a)(9) of
the Securities Exchange Act of 1934, as amended from time-to-time (the "Exchange
Act"), as modified and used in sections 13(d) and 14(d) thereof, (other than (A)
the Corporation or any of its subsidiaries, (B) a trustee or other fiduciary
holding securities under an employee benefit plan of the Corporation or any of
its affiliates, (C) an underwriter temporarily holding securities pursuant to an
offering of such securities, (D) a corporation owned, directly or indirectly, by
the stockholders of the Corporation in substantially the same proportions as
their ownership of stock of the Corporation, or (E) a person or group as used in
Rule 13d-1(b) under the Exchange Act) is or becomes the Beneficial Owner, as
such term is defined in Rule 13d-3 under the Exchange Act, directly or
indirectly, of securities of the Corporation (not including in the securities
beneficially owned by such Person any securities acquired directly from the
Corporation or its affiliates other than in connection with the acquisition by
the Corporation or its affiliates of a business) representing twenty-five
percent (25%) or more of the combined voting power of the Corporation's then
outstanding securities; or

	The following individuals cease for any reason to
constitute a majority of the number of directors then serving: individuals who,
on the date hereof, constitute the Board and any new director (other than a
director whose initial assumption of office is in connection with an actual or
threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of the Corporation) whose
appointment or election by the Board or nomination for election by the
Corporation's stockholders was approved or recommended by a vote of at least
two-thirds (2/3) of the directors then still in office who either were directors
on the date hereof or whose appointment, election or nomination for election was
previously so approved or recommended; or

	There is consummated a merger or consolidation of the
Corporation with any other corporation, other than (A) a merger or consolidation
which would result in the voting securities of the Corporation outstanding
immediately prior to such merger or consolidation continuing to represent
(either by remaining outstanding or by being converted into voting securities of
the surviving entity or any parent thereof), in combination with the ownership
of any trustee or other fiduciary holding securities under an employee benefit
plan of the Corporation or any subsidiary of the Corporation, at least fifty
percent (50%) of the combined voting power of the securities of the Corporation
or such surviving entity or any parent thereof outstanding immediately after
such merger or consolidation, or (B) a merger or consolidation effected to
implement a recapitalization of the Corporation (or similar transaction) in
which no Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Corporation (not including in the securities beneficially
owned by such Person any securities acquired directly from the Corporation or
its affiliates other than in connection with the acquisition by the Corporation
or its affiliates of a business) representing twenty-five percent (25%) or more
of the combined voting power of the Corporation's then outstanding securities;
or

	The stockholders of the Corporation approve a plan of
complete liquidation or dissolution of the Corporation or there is consummated
an agreement for the sale or disposition by the Corporation of all or
substantially all of the Corporation's assets, other than a sale or disposition
by the Corporation of all or substantially all of the Corporation's assets to an
entity, at least fifty percent (50%) of the combined voting power of the voting
securities of which are owned by stockholders of the Corporation in
substantially the same proportions as their ownership of the Corporation
immediately prior to such sale.

6.4  Definition of
Disability.  For purposes of this Agreement, Disability means that
Officer is unable to work by reason of disability for 180 days during any 365
day period for disability.

7.  Miscellaneous.

7.1  Payment
Obligations.  Corporation's obligation to pay Officer the compensation
and to make the arrangements provided herein shall be unconditional, and Officer
shall have no obligation whatsoever to mitigate damages hereunder.  If an
arbitration after a Change in Control is brought to enforce or interpret any
provision contained herein, Corporation shall, to the extent permitted by
applicable law and Corporation's Charter and By-Laws, indemnify Officer for
Officer's reasonable attorneys' fees and disbursements incurred in such
arbitration, if the arbitrator makes a finding that all such claims were
made in good faith upon a reasonable belief about probability of success on the
merits.

7.2  Waiver.  Any waiver
of the breach of any provision of this Agreement shall be in writing to be
effective and shall not operate or be construed as a waiver of any subsequent
breach of the same or other provision hereof.

7.3  Entire Agreement;
Modifications.  Except as otherwise provided herein, this Agreement
(together with the Proprietary Information Agreement and any other agreements
and plans referred to herein) represents the entire understanding among the
Parties with respect to the subject matter hereof, and this Agreement supersedes
any and all prior understandings, agreements, representations, plans and
negotiations, whether written or oral, with respect to the subject matter
hereof, including without limitation any understandings, agreements or
obligations respecting any past or future compensation, bonuses, reimbursements
or other payments to Officer from Corporation.  All modifications to this
Agreement must be in writing and signed by the party against whom enforcement of
such modification is sought.

7.4  Notices.  All
notices and other communications under this Agreement shall be in writing and
shall be given by facsimile or first-class mail, certified or registered with
return receipt requested, and shall be deemed to have been duly given three (3)
days after mailing or twenty-four (24) hours after transmission of a facsimile
to the respective persons named below:

If to Corporation:Alexandria Real Estate Equities,
Inc.

135 North Los Robles Avenue, Suite 250

Pasadena, California 91101

Phone:(626) 578-0777

Facsimile:(626) 578-0770

Attn:Joel S. Marcus, CEO

Any party may change such party's address for notices by
notice duly given pursuant hereto.

7.5  Headings.  The
Paragraph headings herein are intended for reference only and shall not by
themselves determine the construction or interpretation of this
Agreement.

7.6  Arbitration.  To
ensure the rapid and economical resolution of disputes that may arise in
connection with Officer's employment with the Corporation, Officer and the
Corporation agree that any and all disputes, claims, or causes of action, in law
or equity, arising from or relating to the execution, enforcement, breach,
performance, or interpretation of this Agreement, Officer's employment with the
Corporation, or the termination of that employment, shall be resolved, to the
fullest extent permitted by law, by final, binding and confidential arbitration
in Los Angeles, California conducted by JAMS, Inc. ("JAMS") or its successor,
under JAMS' then applicable rules and procedures.  Officer acknowledges that
by agreeing to this arbitration procedure, both Officer and the Corporation
waive the right to resolve any such dispute through a trial by jury or judge or
administrative proceeding.  Officer will have the right to be represented by
legal counsel at any arbitration proceeding.  The arbitrator shall:  (a) have
the authority to compel adequate discovery for the resolution of the dispute and
to award such relief as would otherwise be permitted by law; and (b) issue a
written statement signed by the arbitrator regarding the disposition of each
claim and the relief, if any, awarded as to each claim, the reasons for the
award, and the arbitrator's essential findings and conclusions on which the
award is based.  The arbitrator shall be authorized to award all relief that
Officer or the Corporation would be entitled to seek in a court of law.  The
Corporation shall pay all JAMS arbitration fees in excess of the administrative
fees that Officer would be required to pay if the dispute were decided in a
court of law.  Nothing in this Agreement is intended to prevent either Officer
or the Corporation from obtaining injunctive relief in court to prevent
irreparable harm pending the conclusion of any such arbitration.

7.7  Severability.
Should a court or other body of competent jurisdiction determine that any
provision of this Agreement is excessive in scope or otherwise invalid or
unenforceable, such provision shall be adjusted and modified consistent with the
intent of the parties insofar as possible rather than voided, and all other
provisions of this Agreement shall be deemed valid and enforceable to the extent
lawfully permitted.

7.8  Survival of Corporation's
Obligations.  Corporation's obligations hereunder (including any
indemnification or severance obligations) shall not be terminated by reason of
any liquidation, dissolution, bankruptcy, cessation of business, or similar
event relating to Corporation.  This Agreement shall not be terminated by any
merger or consolidation or other reorganization of Corporation.  In the event
any such merger, consolidation or reorganization shall be accomplished by
transfer of stock or by transfer of assets or otherwise, the provisions of this
Agreement shall be binding upon and inure to the benefit of the surviving or
resulting corporation or person.  This Agreement shall be binding upon and inure
to the benefit of the executors, administrators, heirs, successors and assigns
of the Parties; provided, however, that except as herein expressly
provided, this Agreement shall not be assignable either by Corporation (except
to an affiliate of the Corporation, in which event Corporation shall remain
liable if the affiliate fails to meet any obligations to make payments or
provide benefits or otherwise) or by Officer.

7.9  Counterparts.  This
Agreement may be executed in one or more counterparts, all of which taken
together shall constitute one and the same Agreement.

7.10  Indemnification.  In
addition to any rights to indemnification to which Officer is entitled under the
Corporation's Charter and By-Laws, Corporation shall indemnify Officer at all
times during and after Officer's employment to the maximum extent permitted
under Section 2-418 of the General Corporation Law of the State of Maryland or
any successor provision thereof and any other applicable state law, and shall
pay Officer's expenses in defending any civil or criminal action, suit, or
proceeding in advance of the final disposition of such action, suit, or
proceeding, to the maximum extent permitted under such applicable state
laws.

7.11 Reference and Background Checks.  Officer
agrees that the offer of employment embodied in this Agreement is contingent
upon completion of a reference check and background check (performed pursuant to
Officer's specific written authorization) in a form satisfactory to Corporation.
Corporation agrees to notify Officer upon the completion of such checks.

7.12  Governing Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of
Massachusetts, without regard to conflict of laws principles.

IN WITNESS WHEREOF, the Parties hereto have executed this
Agreement.

	 	
CORPORATION:

	 	
ALEXANDRIA REAL ESTATE EQUITIES, INC., a Maryland
corporation

By:/s/ Joel S. Marcus

Joel S. Marcus

Chief Executive Officer

	 	
OFFICER:

/s/ Nancy J. Kelley

Nancy J. Kelley

Date:  January 14, 2005Exhibit 10.4

                               INDEMNITY AGREEMENT

         This Indemnity Agreement (the "Agreement") is made as of
______________, by and between Specialized Health Products International, Inc.,
a Delaware corporation (the "Company"), and person whose signature appears at
the end of this Agreement (the "Indemnitee"), an officer and/or director of the
Company.

                                    RECITALS

         A. The Indemnitee is currently serving as an officer and/or director of
the Company and in such capacity renders valuable services to the Company.

         B. Both the Company and the Indemnitee recognize the substantial risk
of litigation against officers and directors of corporations, and the Indemnitee
has indicated that he or she does not regard the indemnification available under
the Company's Bylaws as adequate to protect against legal risks associated with
service to the Company and may be unwilling to continue in office in the absence
of greater protection and indemnification.

         C. The Board of Directors of the Company has determined that it is in
the best interests of the Company and its stockholders to induce the Indemnitee
to continue to serve as an officer and/or director and retain the benefits of
his or her experience and skill by entering into this Agreement to provide
protection from potential liabilities which might arise by reason of the fact
that he or she is an officer and/or director of the Company beyond the
protection afforded by Delaware law and the Company's Bylaws.

                                    AGREEMENT

         In consideration of the continued services of the Indemnitee and as an
inducement to the Indemnitee to continue to serve as an officer and/or director,
the Company and the Indemnitee do hereby agree as follows:

1. DEFINITIONS. As used in this Agreement:

         (a) The term "Company' shall include Specialized Health Products
International, Inc., a Delaware corporation and any wholly-owned subsidiary.

         (b) The term "Expenses" includes, without limitation, attorneys' fees,
disbursements and retainers, accounting and witness fees, travel and deposition
costs, any interest, assessment or other charges, any federal, state, local or
foreign taxes imposed as a result of the actual or deemed receipt of any
payments under this Agreement, any other expense, liability or loss, any amounts
paid or to be paid in settlement by or on behalf of Indemnitee, and any expenses
of establishing a right to indemnification (pursuant to this Agreement or
otherwise), paid or incurred in connection with investigating, defending, being
a witness in, or participating in, or preparing for any of the foregoing in, any
Proceeding relating to an Indemnifiable Event, including reasonable compensation

<PAGE>

for time spent by the Indemnitee in connection with the investigation, defense
or appeal of a Proceeding or of an action for indemnification for which he or
she is not otherwise compensated by the Company or any third party. The
Indemnitee shall be deemed to be compensated by the Company or a third party for
time spent in connection with the investigation, defense or appeal of a
Proceeding or an action for Indemnification if, among other things, he or she is
a salaried employee of the Company or such third party and his or her salary is
not reduced In proportion to the time spent in connection with the Proceeding or
action for Indemnification. The term "Expenses" does not include the amount of
judgments, fines, penalties or ERISA excise taxes actually levied against the
Indemnitee.

         (c) The term "Indemnifiable Event" shall include any event or
occurrence that takes place either prior to or after the execution of this
Agreement, related to the service of Indemnitee as an officer and/or director of
the Company, or his or her service at the request of the Company as a director,
officer, employee, trustee, agent, or fiduciary of another foreign or domestic
corporation, partnership, joint venture, employee benefit plan, trust, or other
enterprise. or related to anything done or not done by Indemnitee in any such
capacity, whether or not the basis of a Proceeding arising in whole or in part
from such Indemnifiable Event is alleged action in an official capacity as a
director, officer, employee, or agent or in any other capacity while serving as
a director, officer, employee, or agent of the Company or at the request of the
Company, as described above, and whether or not he or she is serving in such
capacity at the time any liability or Expenses are incurred for which
indemnification or reimbursement is to be provided under this Agreement.

         (d) The term "Proceeding" shall include (i) any threatened, pending or
completed action, suit or proceeding, whether brought in the name of the Company
or otherwise and whether of a civil, criminal, administrative, investigative or
other nature; and (ii) any inquiry, hearing or investigation, whether or not
conducted by the Company, that Indemnitee in good faith believes might lead to
the institution of any such action. suit or proceeding.

2. AGREEMENT TO SERVE. The Indemnitee agrees to continue to serve as an officer
and/or director of the Company at the will of the Company for so long as
Indemnitee is duly elected or appointed or until such time as Indemnitee tenders
a resignation in writing; provided, however, that nothing in this Agreement
shall be construed as providing the Indemnitee any right to continued
employment.

3. INDEMNIFICATION IN THIRD PARTY ACTIONS. In connection with any Proceeding
arising in whole or in part from an Indemnifiable Event (other than a Proceeding
by or in the name of the Company to procure a judgment in its favor), the
Company shall indemnify the Indemnitee against all Expenses and all judgments,
fines, penalties and ERISA excise taxes actually and reasonably incurred by the
Indemnitee in connection with such Proceeding, to the fullest extent permitted
by Delaware law. The Company shall also cooperate fully with Indemnitee and
render such assistance as Indemnitee may reasonably require in the defense of
any Proceeding in which Indemnitee was or is a party or is threatened to be made
a party, and shall make available to Indemnitee and his or her counsel all
information and documents reasonably available to it which relate to the subject
of any such Proceeding.

4. INDEMNIFICATION IN PROCEEDINGS BY OR IN THE NAME OF THE COMPANY. In any
Proceeding by or in the name of the Company to procure a judgment in its favor
arising in whole or in part from an Indemnifiable Event, the Company shall

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<PAGE>

indemnify the Indemnitee against all Expenses actually and reasonably incurred
by Indemnitee in connection with such Proceeding, to the fullest extent
permitted by Delaware law.

5. CONCLUSIVE PRESUMPTION REGARDING STANDARD OF CONDUCT. The Indemnitee shall be
conclusively presumed to have met the relevant standards of conduct as defined
by Delaware law for indemnification pursuant to this Agreement, unless a
determination is made that the Indemnitee has not met such standards by (i) the
Board of Directors of the Company by a majority vote of a quorum thereof
consisting of directors who were not parties to such Proceeding, (ii) the
stockholders of the Company by majority vote, or (iii) in a written opinion by
independent legal counsel, selection of whom has been approved by the Indemnitee
in writing.

6. INDEMNIFICATION OF EXPENSES OF SUCCESSFUL PARTY. Notwithstanding any other
provisions of this Agreement, to the extent that the Indemnitee has been
successful in defense of any Proceeding or in defense of any claim, issue or
matter therein, on the merits or otherwise, including the dismissal of a
Proceeding without prejudice. the Indemnitee shall be indemnified against all
Expenses incurred in connection therewith to the fullest extent permitted by
Delaware law.

7. ADVANCES OF EXPENSES. The Expenses incurred by the Indemnitee in any
Proceeding shall be paid promptly by the Company in advance of the final
disposition of the Proceeding at the written request of the Indemnitee to the
fullest extent permitted by Delaware law; provided that if Delaware law in
effect at the time so requires, the Indemnitee shall undertake in writing to
repay such amount to the extent that it is ultimately determined that the
Indemnitee is not entitled to indemnification.

8. PARTIAL INDEMNIFICATION. If the Indemnitee is entitled under any provision of
this Agreement to indemnification by the Company for some or a portion of the
Expenses, judgments, fines, penalties or ERISA excise taxes actually and
reasonably incurred by Indemnitee in the investigation, defense, appeal or
settlement of any Proceeding but not, however. for the total amount thereof, the
Company shall nevertheless indemnify the Indemnitee for the portion of such
Expenses, judgments, fines, penalties or ERISA excise taxes to which the
Indemnitee is entitled.

9. INDEMNIFICATION PROCEDURE; DETERMINATION OF RIGHT TO INDEMNIFICATION.

         (a) Promptly after receipt by the Indemnitee of notice of the
commencement of any Proceeding, the Indemnitee will, If a claim in respect
thereof is to be made against the Company under this Agreement, notify the
Company of the commencement thereof.

         (b) If a claim under this Agreement is not paid by the Company within
30 days of receipt of written notice, the right to indemnification as provided
by this Agreement shall be enforceable by the Indemnitee in any court of
competent jurisdiction. it shall be a defense to any such action (other than an
action brought to enforce a claim for Expenses incurred in defending any
Proceeding in advance of its final disposition where the required undertaking,
if any is required, has been tendered to the Company) that the Indemnitee has
failed to meet a standard of conduct which makes it permissible under Delaware
law for the Company to indemnity the Indemnitee for the amount claimed. The
burden of proving by clear and convincing evidence that indemnification or
advances are not appropriate shall be on the Company. Neither the failure of the
directors or stockholders of the Company or independent legal counsel to have
made a determination prior to the commencement of such action that

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<PAGE>

indemnification or advances are proper in the circumstances because the
Indemnitee has met the applicable standard of conduct, nor an actual
determination by the directors or stockholders of the Company or independent
legal counsel that the Indemnitee has not met such applicable standard of
conduct, shall be a defense to the action or create a presumption that the
Indemnitee has not met the applicable standard of conduct.

         (c) The Indemnitee's Expenses incurred in connection with any
Proceeding concerning Indemnitee's right to indemnification or advances in whole
or in part pursuant to this Agreement shall also be indemnified by the Company
regardless of the outcome of such Proceeding, unless a court of competent
jurisdiction determines that each of the material assertions made by the
Indemnitee in such Proceeding was not made in good faith or was frivolous.

         (d) With respect to any Proceeding for which indemnification is
requested, the Company will be entitled to participate therein at its own
expense and, except as otherwise provided below, to the extent that it may wish,
the Company may assume the defense thereof, with counsel satisfactory to the
Indemnitee. After notice from the Company to the Indemnitee of its election to
assume the defense of a Proceeding, the Company will not be liable to the
Indemnitee under this Agreement for any legal or other expenses subsequently
incurred by the Indemnitee in connection with the defense thereof, other than
reasonable costs of investigation or as otherwise provided below. The Indemnitee
shall cooperate fully with the Company and render such assistance as the Company
may reasonably require in the Company's participation in any such Proceeding and
shall make available to the Company and its counsel all information and
documents reasonably available to Indemnitee which relate to the subject of such
Proceeding. The Company shall not be liable to indemnify the Indemnitee under
this Agreement with regard to any judicial award if the Company was not given a
reasonable and timely opportunity, at its expense. to participate in the defense
of such action; the Company's liability hereunder shall not be excused if
participation in the Proceeding by the Company was barred. The Company shall not
settle any Proceeding in any manner which would impose any penalty or limitation
on the Indemnitee without the Indemnitee's prior written consent. The Indemnitee
shall have the right to employ counsel in any Proceeding, but the fees and
expenses of such counsel incurred after notice from the Company of its
assumption of the defense thereof shall be at the expense of the Indemnitee,
unless (i) the employment of counsel by the Indemnitee has been authorized by
the Company, (ii) the Indemnitee shall have reasonably concluded that there may
be a conflict of interest between the Company and the Indemnitee in the conduct
of the defense of a Proceeding, or (iii) the Company shall not in fact have
employed counsel to assume the defense of a Proceeding, in each of which cases
the fees and expenses of the Indemnitee's counsel shall be at the expense of the
Company. The Company shall not be entitled to assume the defense of any
Proceeding brought by or on behalf of the Company or as to which the Indemnitee
has made the conclusion that there may be a conflict of interest between the
Company and the Indemnitee.

10. LIMITATIONS ON INDEMNIFICATION. No payments pursuant to this Agreement shall
be made by the Company:

         (a) To indemnify or advance Expenses to the Indemnitee with respect to
Proceedings initiated or brought voluntarily by the Indemnitee and not by way of
defense, except with respect to Proceedings brought to establish or enforce a
right to indemnification under this Agreement or any other Statute or law or
otherwise as required under Delaware law, but such Indemnification or
advancement of Expenses may be provided by the Company in specific cases if a
majority of the Board of Directors finds it to be appropriate;

                                      -4-
<PAGE>

         (b) To indemnify the Indemnitee for any Expenses, judgments, fines,
penalties or ERISA excise taxes for which the Indemnitee is indemnified by the
Company otherwise than pursuant to this Agreement;

         (c) To indemnify the Indemnitee under this Agreement for any amounts
paid in settlement of any Proceeding effected without the Company's written
consent; however, the Company will not unreasonably withhold its consent to any
proposed settlement;

         (d) To indemnify the Indemnitee for any Expenses, judgments, fines,
penalties or ERISA excise taxes for which payment is actually made to the
Indemnitee under a valid and collectible insurance policy, except in respect of
any excess beyond the amount of payment under such insurance;

         (e) To indemnify the Indemnitee for any Expenses, judgments, fines or
penalties sustained in any Proceeding for an accounting of profits made from the
purchase or sale by Indemnitee of securities of the Company pursuant to the
provisions of Section 16(b) of the Securities Exchange Act of 1934, the rules
and regulations promulgated thereunder and amendments thereto or similar
provisions of any federal, state or local statutory law;

         (f) To indemnify the Indemnitee against any Expenses, judgments, fines,
penalties or ERISA excise taxes based upon or attributable to the Indemnitee
having been finally adjudged to have gained any personal profit or advantage to
which he or she was not legally entitled;

         (g) To indemnify the Indemnitee for any Expenses. judgments, fines,
penalties or ERISA excise taxes resulting from Indemnitee's conduct which is
finally adjudged to have been willful misconduct, knowingly fraudulent.
deliberately dishonest or in violation of Indemnitee's duty of loyalty to the
Company; or

         (h) If a court of competent jurisdiction shall finally determine that
any indemnification hereunder is unlawful.

11. MAINTENANCE OF LIABILITY INSURANCE.

         (a) The Company hereby covenants and agrees that, as long as the
Indemnitee shall continue to serve as an officer and/or director of the Company
and thereafter so long as the Indemnitee shall be subject to any possible
Proceeding, the Company, subject to subsection (c), shall promptly obtain and
maintain in full force and effect directors' and officers' liability insurance
("D&O Insurance") in reasonable amounts from established and reputable insurers.

         (b) In all D&O Insurance policies, the Indemnitee shall be named as an
insured in such a manner as to provide the Indemnitee the same rights and
benefits as are accorded to the most favorably insured of the Company's officers
or directors.

         (c) Notwithstanding the foregoing, the Company shall have no obligation
to obtain or maintain D&O Insurance if the Company determines in good faith that
such insurance is not reasonably available. The premium costs for such insurance
are disproportionate to the amount of coverage provided, or the coverage
provided by such insurance is so limited by exclusions that it provides an
insufficient benefit.

                                      -5-
<PAGE>

12. INDEMNIFICATION HEREUNDER NOT EXCLUSIVE. The indemnification provided by
this Agreement shall not be deemed to limit or preclude any other rights to
which the Indemnitee may be entitled under the Certificate of Incorporation, the
Bylaws, any agreement, any vote of stockholders or disinterested directors,
Delaware law, or otherwise, both as to action In Indemnitee's official capacity
and as to action in another capacity on behalf of the Company while holding such
office.

13. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon, and shall
inure to the benefit of, the Indemnitee and Indemnitee's heirs, personal
representatives and assigns, and the Company and its successors and assigns.

14. SEPARABILITY. Each provision of this Agreement is a separate and distinct
agreement and Independent of the others, so that if any provision hereof shall
be held to be invalid or unenforceable for any reason, such invalidity or
unenforceability shall not affect the validity or enforceability of the other
provisions hereof. To the extent required. any provision of this Agreement may
be modified by a court of competent jurisdiction to preserve Its validity and to
provide the Indemnitee with the broadest possible indemnification permitted
under Delaware law.

15. SAVINGS CLAUSE. If this Agreement or any portion thereof be invalidated on
any ground by any court of competent jurisdiction, then the Company shall
nevertheless indemnify Indemnitee as to Expenses, judgments, fines, penalties or
ERISA excise taxes with respect to any Proceeding to the full extent permitted
by any applicable portion of this Agreement that shall not have been invalidated
or by any applicable provision of the law of Delaware or the law of any other
jurisdiction.

16. INTERPRETATION; GOVERNING LAW. This Agreement shall be construed as a whole
and in accordance with its fair meaning. Headings are for convenience only and
shall not be used in construing meaning. This Agreement shall be governed and
interpreted In accordance with the laws of the State of Delaware.

17. AMENDMENTS. No amendment, waiver, modification, termination or cancellation
of this Agreement shall be effective unless in writing signed by the party
against whom enforcement is sought. The Indemnification rights afforded to the
Indemnitee hereby are contract rights and may not be diminished, eliminated or
otherwise affected by amendments to the Company's Certificate of Incorporation,
Bylaws or agreements including D&O Insurance policies.

18. COUNTERPARTS. This Agreement may be executed in one or more counterparts,
all of which shall be considered one and the same agreement and shall become
effective when one or more counterparts have been signed by each party and
delivered to the other.

19. NOTICES. Any notice required to be given under this Agreement shall be
directed to the Company at 585 East 500 West, Bountiful, Utah 84010 and to
Indemnitee at the address specified below or to such other address as either
shall designate in writing.

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<PAGE>

20. SUBJECT MATTER. The intended purpose of this Agreement is to provide for
Indemnification, and this Agreement is not intended to affect any other aspect
of any relationship between the Indemnitee and the Company.

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.-

SPECIALIZED HEALTH PRODUCTS INTERNATIONAL, INC.    INDEMNITEE

By.______________________________________
Its ______________________________________         _____________________________

                                                   _____________________________
                                                   Street Address

                                                   _____________________________
                                                   City, State, Zip Code

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