Document:

Registration Rights Agreement dated March  21, 2006

 Exhibit 10.16 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is made as of March 21, 2006, among QUEPASA CORPORATION, a Nevada corporation (the
“Company”), and the PARTIES LISTED ON SCHEDULE I HERETO (the “Holders”). 
 RECITAL: 
 The Company
and Holders are parties to that certain Warrant Purchase Agreement dated as of March 21, 2006 (the “Purchase Agreement”), which provides, among other things, that the Holders shall be issued three series of warrants (the
“Warrants”) to purchase an aggregate of 3,000,000 shares of common stock of the Company, par value $0.001 per share (the “Common Stock”). Capitalized terms used but not defined in this Agreement have the meanings assigned to such
terms in the Purchase Agreement. As an inducement to Holders to enter into the Purchase Agreement, the Company agrees with the Holders as follows: 
 AGREEMENT: 
 NOW, THEREFORE, the parties hereby agree as follows:

 1. CERTAIN DEFINITIONS. As used in this Agreement, the following terms shall have
the following respective meanings: 
 1.1 Affiliates. “Affiliate” shall mean any person that, directly or indirectly,
through one or more intermediaries, controls or is controlled by, or is under common control with, any party specified in this Agreement. 
 1.2 Commission. “Commission” shall mean the United States Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 
 1.3 Exchange Act. “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar Federal statute, and
the rules and regulations of the Commission thereunder, all as the same shall be in effect from time to time. 
 1.4 Person.
“Person” shall mean any individual, partnership, limited liability company, corporation, trust or other entity. 
 1.5
Register; Registered; Registration. “Register,” “registered” and “registration” shall refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and
the declaration or ordering of the effectiveness of such registration statement by the Commission. 
 1.6 Registrable
Securities. “Registrable Securities” shall mean (i) the Warrant Shares and (ii) all shares of the Common Stock issued as a dividend on, or other 

 
distribution with respect to, or in exchange or in replacement of, the Warrant Shares, until, in the case of any such security, its effective registration
under the Securities Act and resale in accordance with the registration statement covering it. 
 1.7 Registration Expenses.
“Registration Expenses” shall mean all expenses incurred by the Company in complying with Section 2, including all registration and filing fees, exchange listing fees, printing expenses, fees and disbursements of counsel for
the Company and reasonable fees and expenses for counsel for Holders, state securities’ law fees and expenses, the expense of any special consents and advice or similar audit services of independent auditors incident to or required by any such
registration. 
 1.8 Securities Act. “Securities Act” shall mean the Securities Act of 1933, as amended, or any
similar federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect from time to time. 
 1.9 Warrant Shares. “Warrant Shares” shall mean the shares of Common Stock issuable at any time to the Holders pursuant to the exercise of any and all of the Warrants. 
 2. REGISTRATION RIGHTS 
 2.1 Shelf Registration. 
 (a) The Company shall prepare and file with the
Commission as soon as practicable but in no event later than 30 days after the exercise of any Series 1 Warrants, a registration statement (the “Initial Shelf Registration Statement,” and together with any Subsequent Shelf Registration
Statement (as defined below), including, in each case, the prospectus, amendments and supplements to such registration statements, including post-effective amendments, all exhibits, and all materials incorporated by reference or deemed to be
incorporated by reference in such registration statements, are herein collectively referred to as the “Shelf Registration Statement”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act
(the “Shelf Registration”), registering the resale from time to time by Holders of all of the Registrable Securities. The Initial Shelf Registration Statement shall be on Form S-3 or other appropriate form under the Securities Act
permitting registration of such Registrable Securities for resale by Holders from time to time as set forth in the Initial Shelf Registration Statement. The Company shall use its best efforts to cause the Initial Shelf Registration Statement to be
declared effective under the Securities Act as promptly as is practicable, and in any event within 90 days after the Closing Date, and to keep the Initial Shelf Registration Statement (or any Subsequent Shelf Registration Statement) continuously
effective under the Securities Act to permit the prospectus included therein to be lawfully delivered by Holders, for a period that will terminate when all the Registrable Securities covered by the Shelf Registration Statement have been sold
pursuant thereto or otherwise (such period, the “Effectiveness Period”). 
 (b) If the Initial Shelf Registration
Statement or any Subsequent Shelf Registration Statement ceases to be effective for any reason at any time during the Effectiveness Period (other than because all Registrable Securities registered thereunder have been resold pursuant thereto or have
otherwise ceased to be Registrable Securities), the Company shall use 

  

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its best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within thirty (30) days of
such cessation of effectiveness amend such Shelf Registration Statement in a manner reasonably expected to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Shelf Registration Statement covering all of
the securities that as of the date of such filing are Registrable Securities (a “Subsequent Shelf Registration Statement”). If a Subsequent Shelf Registration Statement is filed, the Company shall use its best efforts to cause the
Subsequent Shelf Registration Statement to become effective as promptly as is practicable after such filing and to keep such Subsequent Shelf Registration Statement continuously effective until the end of the Effectiveness Period. 
 (c) The Company shall supplement and amend the Shelf Registration Statement if required by the rules, regulations or instructions
applicable to the registration form used by the Company for such Shelf Registration Statement, if required by the Securities Act. 
 (d) Notwithstanding any other provisions of this Agreement to the contrary, the Company shall cause the Shelf Registration Statement and the related prospectus and any amendment or supplement thereto, as of the effective date
of the Shelf Registration Statement, amendment or supplement, (i) to comply in all material respects with the applicable requirements of the Securities Act and the rules and regulations of the Commission and (ii) not to contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 2.2 Registration Procedures. In connection with the Shelf Registration contemplated by Section 2.1 hereof, the following provisions
shall apply: 
 (a) The Company shall furnish to Holders, prior to the filing thereof with the Commission, a copy of any Shelf
Registration Statement and each amendment thereof and each supplement, if any, to the prospectus included therein and the Company shall use its best efforts to reflect in the Shelf Registration Statement, when so filed with the Commission, such
comments as the Holders may propose that are acceptable to the Company in its reasonable discretion. 
 (b) The Company shall
give written notice to the Holders (which notice pursuant to clauses (ii) through (v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 
 (i) when the Shelf Registration Statement or any amendment thereto has been filed with the Commission and when the Shelf Registration Statement or any
post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission for amendments or supplements to the Shelf
Registration Statement or the prospectus included therein or for additional information; 
  

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 (iii) of the issuance by the Commission of any stop order suspending the effectiveness of the Shelf
Registration Statement or the initiation of any proceedings for that purpose; 
 (iv) of the receipt by the Company or its legal counsel of
any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 
 (v) of the happening of any event that requires the Company to file a post-effective amendment to the Shelf Registration Statement or a supplement to
the prospectus in order that the Shelf Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein (in the
case of the prospectus, in light of the circumstances under which they were made) not misleading. 
 (c) The Company shall
make every reasonable effort to obtain the withdrawal, at the earliest possible time, of any order suspending the effectiveness of the Shelf Registration Statement or the lifting of any suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any jurisdiction in which they have been qualified for sale. 
 (d) The Company shall furnish to each Holder, without charge, at least one copy of the Shelf Registration Statement and any post-effective amendment thereto, including financial statements and schedules, if applicable, and, if
the Holder so requests in writing, all exhibits thereto (including those, if any, incorporated by reference). 
 (e) The
Company shall, during the Effectiveness Period, deliver to Holders, without charge, as many copies of the prospectus (including each preliminary prospectus, if any) included in the Shelf Registration Statement and any amendment or supplement thereto
as Holders may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by Holders in connection with the offering and sale of the Registrable
Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 
 (f) Prior to any public offering of the Registrable Securities pursuant to any Shelf Registration Statement, the Company shall register or qualify or cooperate with the Holders and their counsel in connection with the
registration or qualification of the Registrable Securities for offer and sale under the securities or “blue sky” laws of such states of the United States as Holders reasonably request in writing and do any and all other acts or things
reasonably necessary or advisable to enable the offer and sale in such jurisdictions of the Registrable Securities covered by such Shelf Registration Statement; provided, however, that in no event shall the Company be required to qualify to do
business as a foreign corporation in any jurisdiction where it would not, but for the requirements of this paragraph (f), be required to be so qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of
process in any such jurisdiction. 
  

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 (g) The Company shall cooperate with Holders to facilitate the timely preparation and
delivery of certificates representing the Registrable Securities to be sold pursuant to any Shelf Registration Statement in such denominations and registered in such names as Holders may request a reasonable period of time prior to sales of the
Registrable Securities pursuant to such Shelf Registration Statement. 
 (h) Upon the occurrence of any event contemplated by
paragraphs (ii) through (v) of Section 2.2(b) above during the period for which the Company is required to maintain an effective Shelf Registration Statement, the Company shall promptly prepare and file a post-effective amendment to
the Shelf Registration Statement or a supplement to the related prospectus and any other required document so that, as thereafter delivered to Holders or purchasers of Registrable Securities, the prospectus will not contain an untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Holders in accordance
with paragraphs (ii) through (v) of Section 2.2(b) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Holders shall suspend use of such prospectus and, if so directed by
the Company, destroy or deliver to the Company all copies then in Holders’ possession of the prospectus covering such Registrable Securities that was in effect at the time of such notice (such period during which the availability of the Shelf
Registration Statement and any related prospectus is suspended being a “Deferral Period”). The period of effectiveness of the Shelf Registration Statement provided for in Section 2.1(a) above shall be extended by the number
of days from and including the date of the giving of such notice to and including the date when Holder shall have received such amended or supplemented prospectus pursuant to this Section 2.2(h). The Company will use its best efforts to
ensure that the use of the prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise its right under this Section 2.2(h) to suspend the availability of the Shelf Registration Statement or any prospectus
for one or more periods not to exceed 30 days in any 3 month period and not to exceed, in the aggregate, 90 days in any 12 month period, provided however that any Deferral Period will be for the minimum period reasonably required for the Company to
prepare and file the necessary documents; and provided further that the Company agrees that it shall not suspend trading under the prospectus due to the occurrence of an event contemplated by Section 2.3(b)(v) unless the Company shall black-out
trading for all of its officers and members of its board of directors for the same period of time. 
 (i) The Company shall
prepare and file with the Commission such amendments and post-effective amendments to each Shelf Registration Statement as may be necessary to keep such Shelf Registration Statement continuously effective for the applicable period specified in
Section 2.1(a) and shall cause the related prospectus to be supplemented by any required prospectus supplement to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act. 
 (j) The Company may require Holders to furnish to the Company such information regarding the Holders and the distribution of the
Registrable Securities as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement. 
  

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 (k) The Company shall use its best efforts to take all other steps necessary to effect the
registration of the Registrable Securities covered by a Shelf Registration Statement contemplated hereby. 
 (l) The Company
shall as promptly as practicable (if reasonably requested by Holders) incorporate in a prospectus supplement or post-effective amendment to the Shelf Registration Statement such information as Holders shall, on the basis of an opinion of counsel
experienced in such matters, determine to be required to be included therein and make any required filings of such prospectus supplement or such post-effective amendment; provided that the Company shall not be required to take any actions
under this Section 2.2(l) that are not, in the reasonable opinion of counsel for the Company, in compliance with applicable law and acceptable to the Company in its reasonable discretion. 
 2.3 Expenses of Registration. The Company shall pay all Registration Expenses incurred in connection with the performance of the
Company’s obligations under this Agreement. 
 3. Indemnification 
 3.1 Indemnification by the Company. Except as limited by Section 3.3, the Company agrees to indemnify and hold harmless Holders and
their Affiliates, against all claims, losses, damages and liabilities, joint or several (or actions in respect thereof, and including, but not limited to, any claims, losses, damages, liabilities or actions relating to purchases and sales of the
Registrable Securities), including any of the foregoing incurred in settlement of any litigation, commenced or threatened, to which any of them may become subject under the Securities Act, the Exchange Act or other federal or state law, arising out
of or based on the following: 
 (a) any untrue statement or alleged untrue statement of a material fact contained in the
Shelf Registration Statement, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

 (b) any violation by the Company of any federal, state or common law rule or regulation applicable to the Company in
connection with the Shelf Registration; and 
 (c) any legal and any other expenses reasonably incurred in connection with
investigating or defending any such claim, loss, damage, liability or action, as incurred related to the foregoing. 
 3.2
Indemnification by Holders. Each Holder shall indemnify the Company and its Affiliates against all claims, losses, damages and liabilities, joint or several (or actions in respect thereof), including any of the foregoing incurred in
settlement of any litigation, commenced or threatened, to which they may become subject under the Securities Act or other federal or state law, arising out of or based on: 
  

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 (a) any untrue statement or alleged untrue statement of a material fact contained in the
Shelf Registration Statement, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made,
in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission is made in the Shelf Registration Statement in reliance upon and in conformity with written information
furnished to the Company by an instrument duly executed by such Holder and stated to be specifically for use therein; and 
 (b)
any legal and other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action, as incurred related to the foregoing. 
 3.3 Limitation on the Indemnification Obligation. 
 (a) No party required to provide indemnification under this Section 3 (the “Indemnifying Party”) shall be liable, and shall have any indemnification obligation hereunder, for any
amounts paid in settlement by any party entitled to indemnification hereunder (the “Indemnified Party”) of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Indemnifying Party
(which consent shall not be unreasonably withheld). 
 (b) The Company shall not be liable under Section 3.1 hereof for
any such claim, loss, damage, liability or expense to the extent it arises out of or is based on any untrue statement or omission or alleged omission, made in reliance on and in conformity with written information furnished to the Company by an
instrument duly executed by Holders and stated to be specifically for use therein. 
 3.4 Indemnification Procedure. Each
Indemnified Party shall give notice to the Indemnifying Party promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such
claim or any litigation resulting therefrom, provided the Indemnifying Party acknowledges its obligations to indemnify the Indemnified Party with respect to the claim and provided further that counsel for the Indemnifying Party, who shall conduct
the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld), and the Indemnified Party may participate in such defense at such party’s expense, and provided further
that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 3 except to the extent that the failure to give such notice is materially
prejudicial to an Indemnifying Party’s ability to defend such action and provided further, that the Indemnifying Party shall not assume the defense for matters as to which there is a conflict of interest or the Indemnified Party and the
Indemnifying Party can reasonably argue separate and different defenses; however, the Indemnifying Party shall still bear the expense of the Indemnified Party’s defense. No Indemnifying Party, in the defense of any such claim or litigation,
shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or 

  

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plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. If the Indemnifying Party does not assume the
defense of any claim or proceeding resulting therefrom, the Indemnified Party may defend against such claim or proceeding as the Indemnified Party may deem appropriate and may settle such claim or proceeding in such manner as the Indemnified Party
may deem appropriate with the Indemnifying Party’s consent which shall not be unreasonably withheld, all without prejudice to its right to indemnification hereunder. 
 3.5 Contribution, Allocation, etc. If the indemnification provided for in this Section 3 is held by a court of competent jurisdiction to be unavailable or insufficient to hold harmless an
Indemnified Party in respect of any losses, claims, damages or liabilities or actions in respect thereof referred to therein, then each Indemnifying Party shall in lieu of indemnifying such Indemnified Party contribute to the amount paid or payable
by such Indemnified Party as a result of such losses, claims, damages, liabilities or actions in such proportion as appropriate to reflect the relative fault of the Company, on the one hand, and Holders, on the other, in connection with the
statements or omissions which resulted in such losses, claims, damages, liabilities or actions as well as any other relevant equitable considerations, including the failure to give any notice under Section 4.4. The relative fault shall
be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact relates to information supplied by the Company, on the one hand, or the Holders, on the other, and to the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and Holders agree that it would not be just and equitable if contributions pursuant to this paragraph where determined by pro rata
allocation or by any other method of allocation which did not take account of the equitable considerations referred to above in this paragraph. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages,
liabilities or action in respect thereof, referred to above in this paragraph, shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this paragraph, Holders shall not be required to contribute any amount in excess of the lesser of (i) the proceeds received by Holders for the sale of the Registrable Securities covered by the Shelf
Registration Statement and (ii) the amount of any damages which it would have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission. No person guilty of fraudulent misrepresentation shall be entitled to
contribution from any person who is not guilty of such fraudulent misrepresentation. 
 4. Miscellaneous Provisions. 
 4.1 Transfer of Registration Rights. The registration rights granted under this Agreement may be assigned or otherwise conveyed by Holders,
without the consent of the Company and without the need for an express assignment, to any Person in connection with the transfer of Registrable Securities to such Person; provided however, that the Company is given written notice of such transfer
stating the name and address of the transferee or assignee and identifying the Registrable Securities with respect to which such registration rights are being transferred or assigned. 
  

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 4.2 Governing Law. This Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Nevada, without giving effect to conflict of laws or any other rules or principles which may require the application of the laws of any other jurisdiction. 
 4.3 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to Holders, upon any breach or default by the
Company under this Agreement, shall impair any such right, power or remedy of Holders nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereunder occurring;
nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of Holders or any breach or
default under this Agreement, or any waiver on the part of Holders of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under
this Agreement, or by law or otherwise afforded to Holders or the Company shall be cumulative and not alternative. 
 4.4 Rule
144. The Company shall use its best efforts to file the reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time, the Company is not required to file such reports, it
will, upon the request of Holders, make publicly available other information so long as necessary to permit sales of their securities pursuant to Rule 144 under the Securities Act. The Company covenants that it will take such further action as
Holders may reasonably request, all to the extent required from time to time to enable Holders to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144. Upon the
request of Holders, the Company shall deliver to Holders a written statement as to whether it has complied with such filing requirements. 
 4.5 Remedies. Each of the parties hereto acknowledges and agrees that any failure by a party to perform its obligations hereunder or otherwise breach this Agreement would cause irreparable injury for which there is no adequate
remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, a party may obtain such relief as may be required to specifically enforce the other party’s obligations
hereunder. The parties further agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 
 4.6 No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to Holders in this Agreement or
otherwise conflicts with the provisions hereof. The Company represents and warrants that the rights granted to Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of securities of the
Company under any agreement in effect on the date hereof. 
 4.7 Entire Agreement. This Agreement constitutes the entire
agreement and understanding of the parties hereto with respect to the subject matter hereof, and supersedes all 

  

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prior agreements, correspondence, arrangements and understandings relating to the subject matter hereof. 
 4.8 Binding Effect. All of the terms, provisions and conditions hereof shall be binding upon and shall inure to the benefit of and be
enforceable by the parties hereto, and their respective heirs, personal representatives, successors and assigns. 
 4.9 Headings;
Construction. The headings contained herein are for the purposes of convenience only, and will not be deemed to constitute a part of this Agreement or to affect the meaning or interpretation of this Agreement in any way. Unless the context
clearly states otherwise, the use of the singular or plural in this Agreement shall include the other and the use of any gender shall include all others. The parties have participated jointly in the negotiation and drafting of this Agreement. If any
ambiguity or question of intent or interpretation arises, no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. All references herein to Sections shall
refer to this Agreement unless the context clearly otherwise requires. 
 4.10 Notices. All notices and other communications
hereunder shall be in writing and shall be deemed given upon (a) transmitter’s confirmation of receipt of a facsimile transmission, (b) confirmed delivery by a standard overnight carrier or when delivered by hand or (c) the
expiration of five (5) business days (or seven (7) business days where the addressee is not in the United States) after the day when mailed by certified or registered mail, postage prepaid, to the addresses set forth in the Purchase
Agreement or to such other address as any party may, from time to time, designate in a written notice given in a like manner. 
 4.11
Severability of Provisions. If a court in any proceeding holds any provision of this Agreement or its application to any person or circumstance invalid, illegal or unenforceable, the remainder of this Agreement, or the application of such
provision to persons or circumstances other than those to which it was held to be invalid, illegal or unenforceable, shall not be affected, and shall be valid, legal and enforceable to the fullest extent permitted by law, but only if and to the
extent such enforcement would not materially and adversely frustrate the parties’ essential objectives as expressed in this Agreement. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties intend that the
court add to this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be valid and enforceable, so as to effect the original intent of the parties to the greatest extent possible. 
 4.12 Third Party Beneficiaries. This Agreement does not create, and will not be construed as creating, any rights enforceable by any
person not a party to this Agreement. 
 4.13 Amendment. This Agreement may be amended, modified, superseded, or canceled only
by a written instrument signed by all of the parties hereto and any of the terms, provisions and conditions hereof may be waived, only by a written instrument signed by the waiving party. 
 4.14 Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts and each such counterpart shall for
al purposes be deemed to be an 

  

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original, and all such counterparts shall together constitute but one and the same instrument. Facsimile signatures on this Agreement shall be deemed to be
original signatures for all purposes. 
 Signature Page Follows 
  

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

					
	Company:
	
	QUEPASA CORPORATION
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Holders: 
 RICHARD L. SCOTT INVESTMENTS, LLC 
  

			
		
	By	 	  

	Title:	 	  

	Address:	 	  

	
	  

	F. Stephen Allen

  

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 SCHEDULE I 
 Holders 
 Richard L. Scott Investments, LLC 
 F. Stephen AllenExh 10.1 1/25/2007 Amended and Restated Employment Agreement

     

      

    

    Exhibit
      10.1

    
 

     

    AMENDED
      AND RESTATED EMPLOYMENT AGREEMENT

     

    THIS
      AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”),
      effective as of January 25, 2007 (the “Effective
      Date”),
      is
      entered into by and between Maguire Properties, Inc., a Maryland corporation
      (the “REIT”),
      Maguire Properties, L.P., a Maryland limited partnership (the “Operating
      Partnership”)
      and
      Mark Lammas (the “Executive”).
      This
      Agreement amends and restates in its entirety that certain employment letter
      agreement, dated November 7, 2002, amended as of November 1, 2003, and amended
      and restated as of June 30, 2006, by and between the REIT, the Operating
      Partnership and the Executive (the “Original
      Agreement”);

     

    WHEREAS,
      the parties previously entered into the Original Agreement, which set forth
      the
      terms of the Executive’s employment with the REIT and the Operating Partnership
      (collectively, the “Company”);
      and

     

    WHEREAS,
      the parties now desire to amend and restate the Original Agreement on the terms
      and conditions set forth herein, and to supersede the Original Agreement in
      all
      respects effective as of the Effective Date.

     

    NOW,
      THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

     

    1. Employment
      Period.
      Subject
      to the provisions for earlier termination hereinafter provided, the Executive’s
      employment hereunder shall be for a term (the “Employment
      Period”)
      commencing on the Effective Date and ending on the fifth anniversary of the
      Effective Date (the “Initial
      Termination Date”);
      provided,
      however,
      that
      this Agreement shall be automatically extended for one additional year on the
      Initial Termination Date and on each subsequent anniversary of the Initial
      Termination Date, unless either the Executive or the Company elects not to
      so
      extend the term of the Agreement by notifying the other party, in writing,
      of
      such election not less than sixty (60) days prior to the last day of the term
      as
      then in effect. 

     

    2. Terms
      of Employment.
      

     

    (a) Position
      and Duties.
      

     

    (i) During
      the Employment Period, the Executive shall serve as Executive Vice President,
      Development of the REIT and the Operating Partnership and shall perform such
      employment duties as are usual and customary for such positions. During the
      Employment Period, the Executive shall be a member of the Executive Management
      Committee of the Company, which shall consist of the approximately 5 or 6 most
      senior executives in the Company, and the Executive shall report directly at
      all
      times to Robert F. Maguire III. The Executive Management Committee shall, as
      a
      group, consider, determine and direct all major policies, strategies and
      initiatives of the Company and its affiliates. The Executive shall have
      significant interface with the Board of Directors of the REIT (the “Board”),
      investors, analysts, lenders and other major 

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

     

    stakeholders
      in the Company. At the Company’s request, the Executive shall serve the Company
      and/or its subsidiaries and affiliates in other offices and capacities in
      addition to the foregoing. In the event that the Executive, during the
      Employment Period, serves in any one or more of such additional capacities,
      the
      Executive’s compensation shall not be increased beyond that specified in Section
      2(b) of this Agreement. In addition, in the event the Executive’s service in one
      or more of such additional capacities is terminated, the Executive’s
      compensation, as specified in Section 2(b) of this Agreement, shall not be
      diminished or reduced in any manner as a result of such termination for so
      long
      as the Executive otherwise remains employed under the terms of this
      Agreement.

     

    (ii) During
      the Employment Period, and excluding any periods of vacation and sick leave
      to
      which the Executive is entitled, the Executive agrees to devote substantially
      full-time attention and time during normal business hours to the business and
      affairs of the Company. During the Employment Period it shall not be a violation
      of this Agreement for the Executive to (A) serve on corporate, civic or
      charitable boards or committees, (B) deliver lectures, fulfill speaking
      engagements or teach at educational institutions or (C) manage his personal
      investments, so long as such activities do not significantly interfere with
      the
      performance of the Executive’s responsibilities as an employee of the Company in
      accordance with this Agreement. It is expressly understood and agreed that
      to
      the extent that any such activities have been conducted by the Executive prior
      to the Effective Date, the continued conduct of such activities (or the conduct
      of activities similar in nature and scope thereto) subsequent to the Effective
      Date shall not thereafter be deemed to interfere with the performance of the
      Executive’s responsibilities to the Company; provided that no such activity that
      violates any written non-competition agreement between the parties shall be
      permitted.

     

    (b) Compensation,
      Benefits, Etc. 

     

    (i) Base
      Salary.
      During
      the Employment Period, the Executive shall receive a base salary (the
“Base
      Salary”)
      of
      $375,000 per annum, as the same may be increased thereafter pursuant to the
      Company’s normal practices for its executives. The Base Salary shall be paid at
      such intervals as the Company pays executive salaries generally. During the
      Employment Period, the Base Salary shall be reviewed at least annually for
      possible increase in the Company’s discretion. Any increase in Base Salary shall
      not serve to limit or reduce any other obligation to the Executive under this
      Agreement. The Base Salary shall not be reduced after any such increase and
      the
      term “Base Salary” as utilized in this Agreement shall refer to Base Salary as
      so increased. 

     

    (ii) Annual
      Bonus.
      In
      addition to the Base Salary, the Executive shall be eligible to earn, for each
      fiscal year of the Company ending during the Employment Period, an annual cash
      performance bonus (an “Annual
      Bonus”)
      under
      the Company’s bonus plan or plans applicable to senior executives. The
      Executive’s target Annual Bonus shall be 100% of his Base Salary actually paid
      for such year and his maximum Annual Bonus shall be 200% of his Base Salary
      actually paid for such year, but the actual Annual Bonus shall be determined
      on
      the basis of the Executive’s and/or the Company’s 

     

    

    
      
        
          
          

        

        
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    attainment
      of objective financial or other operating criteria established in accordance
      with the terms and conditions applicable to similarly-situated executives of
      the
      Company under such bonus plan(s).

     

    (iii) Acknowledgement
      of Restricted Stock Awards and Additional Cash Payment.
      

    

    (A) Initial
      Restricted Stock. The
      parties hereby acknowledge and agree that the REIT has granted the Executive
      13,158 restricted shares of the REIT’s common stock in satisfaction of the
      REIT’s obligation under the Original Agreement to grant the Executive the
      Initial Restricted Stock (as defined in the Original Agreement). The terms
      and
      conditions of the Initial Restricted Stock are set forth in a Restricted Stock
      Agreement, dated June 27, 2003, between the Executive and the REIT.

     

    (B) Subsequent
      Restricted Stock.
      The
      parties further acknowledge and agree that the REIT has granted the Executive
      80,808 restricted shares of the REIT’s common stock in satisfaction of the
      REIT’s obligation under the Original Agreement to grant the Executive the
      Subsequent Restricted Stock (as defined in the Original Agreement). The terms
      and conditions of the Subsequent Restricted Stock are set forth in a Restricted
      Stock Agreement, dated June 27, 2004, between the Executive and the
      REIT.

     

    (C) 2006
      Restricted Stock. The
      parties further acknowledge and agree that, on June 30, 2006, the REIT granted
      the Executive 56,867 restricted shares of the REIT's common stock in
      satisfaction of the REIT’s obligation to grant the Executive the Restricted
      Stock contemplated by, and as defined in, Section 5 of the Original Agreement,
      as amended and restated on June 30, 2006 (the “2006
      Restricted Stock”).
      The
      terms and conditions of the 2006 Restricted Stock are set forth in a Restricted
      Stock Agreement, dated June 30, 2006, between the Executive and the
      REIT.

     

    (D) Additional
      Cash Payment. The
      parties further acknowledge that following the IPO Date, the Company paid the
      Executive a lump-sum cash payment of $250,000, subject to payroll deductions
      and
      all required withholdings.

     

    (iv) Performance
      Award.
      The
      parties hereby acknowledge and agree that pursuant to that certain Performance
      Award Agreement, dated as of April 1, 2005, by and between the REIT, the
      Operating Partnership and the Executive (the “Performance
      Award Agreement”),
      the
      REIT granted to the Executive a Performance Award (as defined in the Performance
      Award Agreement) under the Amended and Restated 2003 Incentive Award Plan of
      Maguire Properties, Inc., Maguire Properties Services, Inc. and Maguire
      Properties, L.P.

    

    

    
      
        
          
          

        

        
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    (v) Incentive,
      Savings and Retirement Plans.
      During
      the Employment Period, the Executive shall be entitled to participate in all
      other incentive plans, practices, policies and programs, and all savings and
      retirement plans, practices, policies and programs, in each case that are
      applicable generally to senior executives of the Company.

    

    (vi) Welfare
      Benefit Plans.
      During
      the Employment Period, the Executive and the Executive’s eligible family members
      shall be eligible for participation in the welfare benefit plans, practices,
      policies and programs (including, if applicable, medical, dental, disability,
      employee life, group life and accidental death insurance plans and programs)
      maintained by the Company for its senior executives.

     

    (vii)
       Expenses.
      During
      the Employment Period, the Executive shall be entitled to receive prompt
      reimbursement for all reasonable business expenses incurred by the Executive
      in
      accordance with the policies, practices and procedures of the Company provided
      to senior executives of the Company.

     

    (viii) Fringe
      Benefits.
      During
      the Employment Period, the Executive shall be entitled to such fringe benefits
      and perquisites as are provided by the Company to its senior executives from
      time to time, in accordance with the policies, practices and procedures of
      the
      Company. 

     

    (ix) Vacation.
      During
      the Employment Period, the Executive shall be entitled to paid vacation in
      accordance with the plans, policies, programs and practices of the Company
      applicable to its senior executives. 

     

    (x) Compensation
      Gross-Up.
      The
      amount of compensation payable to the Executive pursuant to Sections 2(b)(i),
      (ii) and (iii) above shall be “grossed up” as necessary (on an after-tax basis)
      to compensate for any additional social security withholding taxes due as a
      result of Executive’s shared employment by the Operating Partnership, the REIT
      and, if applicable, any subsidiary and/or affiliate thereof. 

     

    (xi) Indemnification
      Agreement.
      The
      parties hereby acknowledge that they have entered into an Indemnification
      Agreement (the “Indemnification
      Agreement”),
      effective as of June 27, 2003. 

     

    3. Termination
      of Employment.
      

     

    (a)
       Death
      or Disability.
      The
      Executive’s employment shall terminate automatically upon the Executive’s death
      or Disability during the Employment Period. For purposes of this Agreement,
      “Disability”
shall
      mean the absence of the Executive from the Executive’s duties with the Company
      on a full-time basis for 90 consecutive days or on a total of 180 days in any
      12-month period, in either case as a result of incapacity due to mental or
      physical illness which is determined to be total and permanent by a physician
      selected by the Company or its insurers and acceptable to the Executive or
      the
      Executive’s legal representative.

     

     

    

    
      
        
          
          

        

        
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    (b) Cause.
      The
      Company may terminate the Executive’s employment during the Employment Period
      for Cause or without Cause. For purposes of this Agreement, “Cause”
shall
      mean the occurrence of any one or more of the following events unless the
      Executive fully corrects the circumstances constituting Cause within a
      reasonable period of time after receipt of the Notice of Termination (as defined
      below):

     

    (i) the
      Executive’s willful and continued failure to substantially perform his duties
      with the Company (other than any such failure resulting from the Executive’s
      incapacity due to physical or mental illness or any such actual or anticipated
      failure after his issuance of a Notice of Termination for Good Reason), after
      a
      written demand for substantial performance is delivered to the Executive by
      the
      Board, which demand specifically identifies the manner in which the Board
      believes that the Executive has not substantially performed his
      duties;

    

    (ii) the
      Executive’s willful commission of an act of fraud or dishonesty resulting in
      economic or financial injury to the Company; 

    

    (iii) the
      Executive’s conviction of, or entry by the Executive of a guilty or no contest
      plea to, the commission of a felony or a crime involving moral turpitude;

    

    (iv) a
      willful
      breach by the Executive of his fiduciary duty to the Company which results
      in
      economic or other injury to the Company; or

    

    (v) the
      Executive’s willful and material breach of the Executive’s covenants set forth
      in Section 9(a) or 9(b) hereof.

    

    For
      purposes of this provision, no act or failure to act, on the part of the
      Executive, shall be considered “willful” unless it is done, or omitted to be
      done, by the Executive in bad faith or without reasonable belief that the
      Executive’s action or omission was in the best interests of the Company. Any
      act, or failure to act, based upon authority given pursuant to a resolution
      duly
      adopted by the Board or based upon the advice of counsel for the Company shall
      be conclusively presumed to be done, or omitted to be done, by the Executive
      in
      good faith and in the best interests of the Company. The
      cessation of employment of the Executive shall not be deemed to be for Cause
      unless and until there shall have been delivered to the Executive a copy of
      a
      resolution duly adopted by the affirmative vote of not less than two-thirds
      of
      the entire membership of the Board
      at a
      meeting of the Board called and held for such purpose (after reasonable notice
      is provided to the Executive and the Executive is given an opportunity, together
      with counsel for the Executive, to be heard before the Board),
      finding that, in the good faith opinion of the Board,
      the
      Executive is guilty of any of the conduct described in Section 3(b) hereof,
      and
      specifying the particulars thereof in detail; provided,
      that if
      the Executive is a member of the Board,
      the Executive shall not vote on such resolution nor shall the Executive be
      counted in determining the “entire membership” of the Board. 

     

     

    

    
      
        
          
          

        

        
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    (c) Good
      Reason.
      The
      Executive’s employment may be terminated by the Executive for Good Reason or by
      the Executive without Good Reason. For purposes of this Agreement, “Good
      Reason”
shall
      mean the occurrence of any one or more of the following events without the
      Executive’s prior written consent, unless the Company fully corrects the
      circumstances constituting Good Reason (provided such circumstances are capable
      of correction) prior to the Date of Termination (as defined below):

     

    (i) the
      assignment to the Executive of any duties materially inconsistent in any respect
      with the Executive’s position (including status, offices, titles and reporting
      requirements), authority, duties or responsibilities as contemplated by Section
      2(a) of this Agreement, or any other action by the Company which results in
      a
      material diminution in such position, authority, duties or responsibilities,
      excluding for this purpose an isolated, insubstantial and inadvertent action
      not
      taken in bad faith and which is remedied by the Company promptly after receipt
      of notice thereof given by the Executive;

     

    (ii) the
      Company’s reduction of the Executive’s Base Salary or Annual Bonus opportunity,
      each as in effect on the date hereof or as the same may be increased from time
      to time;

     

    (iii) the
      relocation of the Company’s offices at which the Executive is principally
      employed (the “Principal
      Location”)
      to a
      location more than thirty (30) miles from such location, or the Company’s
      requiring the Executive to be based at a location more than thirty (30) miles
      from the Principal Location, except for required travel on the Company’s
      business to an extent substantially consistent with the Executive’s present
      business travel obligations;

     

    (iv) the
      Company’s failure to obtain a satisfactory agreement from any successor to
      assume and agree to perform this Agreement, as contemplated in Section 10
      hereof; or

     

    (v) the
      Company’s failure to cure a material breach of its obligations under the
      Agreement after written notice is delivered to the Board by the Executive which
      specifically identifies the manner in which the Executive believes that the
      Company has breached its obligations under the Agreement and the Company is
      given a reasonable opportunity to cure any such breach.

     

    (d) Notice
      of Termination.
      Any
      termination by the Company for Cause, or by the Executive for Good Reason,
      shall
      be communicated by Notice of Termination to the other parties hereto given
      in
      accordance with Section 12(c) of this Agreement. For purposes of this Agreement,
      a “Notice
      of Termination”
means
      a
      written notice which (i) indicates the specific termination provision in this
      Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable
      detail the facts and circumstances claimed to provide a basis for termination
      of
      the Executive’s employment under the provision so indicated and (iii) if the
      Date of Termination (as defined below) is other than the date of receipt of
      such
      notice, specifies the termination date 

     

    

    
      
        
          
          

        

        
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    (which
      date shall be not more than thirty days after the giving of such notice). The
      failure by the Executive or the Company to set forth in the Notice of
      Termination any fact or circumstance which contributes to a showing of Good
      Reason or Cause shall not waive any right of the Executive or the Company,
      respectively, hereunder or preclude the Executive or the Company, respectively,
      from asserting such fact or circumstance in enforcing the Executive’s or the
      Company’s rights hereunder.

     

    (e) Date
      of Termination.
      “Date
      of Termination”
means
      (i) if the Executive’s employment is terminated by the Company for Cause, or by
      the Executive for Good Reason, the date of receipt of the Notice of Termination
      or any later date specified therein (which date shall not be more than 30 days
      after the giving of such notice), as the case may be, (ii) if the Executive’s
      employment is terminated by the Company other than for Cause or Disability,
      the
      Date of Termination shall be the date on which the Company notifies the
      Executive of such termination, (iii) if the Executive’s employment is terminated
      by the Executive without Good Reason, the Date of Termination shall be the
      tenth
      day after the date on which the Executive notifies the Company of such
      termination, unless otherwise agreed by the Company and the Executive, and
      (iv)
      if the Executive’s employment is terminated by reason of death or Disability,
      the Date of Termination shall be the date of death or Disability of the
      Executive, as the case may be.

     

    4. Obligations
      of the Company upon Termination.
      

     

    (a) Without
      Cause or For Good Reason.
      If,
      during the Employment Period, the Company shall terminate the Executive’s
      employment without Cause or the Executive shall terminate his employment for
      Good Reason:

    

      (i) The
        Executive shall be paid, in a single lump sum payment within 60 days after
        the
        Date of Termination, the aggregate amount of (A) the Executive’s earned but
        unpaid Base Salary and accrued but unpaid vacation pay through the Date of
        Termination, and any Annual Bonus required to be paid to the Executive pursuant
        to Section 2(b)(ii) above for any fiscal year of the Company that ends on
        or
        before the Date of Termination to the extent not previously paid (the “Accrued
        Obligations”), and (B) one and one-half (1.5) (the “Severance Multiple”) times
        the sum of (x) the Base Salary in effect on the Termination Date plus (y)
        the
        average Annual Bonus received by the Executive for the three complete fiscal
        years (or such lesser number of years as the Executive has been employed
        by the
        Company) of the Company immediately prior to the Termination Date (the
“Severance Amount”);

    

     

    (ii) At
      the
      time when annual bonuses are paid to the Company’s other senior executives for
      the fiscal year of the Company in which the Date of Termination occurs, but
      in
      no event later than the later of (a) the 15th
      day of
      the third month following the Executive’s taxable year which includes the Date
      of Termination, and (b) the 15th
      day of
      the third month following the Company’s taxable year which includes the Date of
      Termination, the Executive shall be paid an Annual Bonus in an amount equal
      to
      the product of (x) the amount of the Annual Bonus to which the Executive would
      have been 

     

    

    
      
        
          
          

        

        
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    entitled
      if the Executive’s employment had not been terminated, and (y) a fraction, the
      numerator of which is the number of days in such fiscal year through the Date
      of
      Termination and the denominator of which is the total number of days in such
      fiscal year (a “Pro-Rated
      Annual Bonus”);
      

     

    (iii)
      Any
      unvested shares of the Initial Restricted Stock, the Subsequent Restricted
      Stock
      or the 2006 Restricted Stock shall become immediately vested in full;

     

    (iv) For
      a
      period of years equal to the Severance Multiple, the Company shall continue
      to
      provide the Executive and the Executive’s eligible family members with group
      health insurance coverage at least equal to that which would have been provided
      to them if the Executive’s employment had not been terminated; provided,
      however,
      that if
      the Executive becomes re-employed with another employer and is eligible to
      receive group health insurance coverage under another employer’s plans, the
      Company’s obligations under this Section 4(a)(iv) shall be reduced to the extent
      comparable coverage is actually provided to the Executive and the Executive’s
      eligible family members, and any such coverage shall be reported by the
      Executive to the Company. 

     

    (v) For
      a
      period of not more than one year following the Date of Termination, the Company
      shall, at its sole expense and on an as-incurred basis, provide the Executive
      with outplacement services the scope and provider of which shall be reasonable
      and consistent with industry practice for similarly situated executives;
      and  

     

    (vi) To
      the
      extent not theretofore paid or provided, the Company shall timely pay or provide
      to the Executive any vested benefits and other amounts or benefits required
      to
      be paid or provided or which the Executive is eligible to receive under any
      plan, program, policy or practice or contract or agreement of the Company and
      its affiliates (such other amounts and benefits shall be hereinafter referred
      to
      as the “Other
      Benefits”).

     

    Notwithstanding
      the foregoing, it shall be a condition to the Executive’s right to receive the
      amounts provided for in Sections 4(a)(i)(B) and 4(a)(ii), (iii), (iv) and (v)
      above that the Executive execute, deliver to the Company and not revoke a
      release of claims in substantially the form attached hereto as Exhibit
      A.

    

    (b) For
      Cause or Without Good Reason.
      If the
      Executive’s employment shall be terminated by the Company for Cause or by the
      Executive without Good Reason during the Employment Period, the Company shall
      have no further obligations to the Executive under this Agreement other than
      pursuant to Sections 7 and 8 hereof, and the obligation to pay to the Executive
      the Accrued Obligations. 

     

    (c) Death
      or Disability.
      If the
      Executive’s employment is terminated by reason of the Executive’s death or
      Disability during the Employment Period:

     

     

    

    
      
        
          
          

        

        
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    (i) The
      Accrued Obligations shall be paid to the Executive’s estate or beneficiaries or
      to the Executive, as applicable, in cash within 30 days of the Date of
      Termination;

     

    (ii) 100%
      of
      the Executive’s annual Base Salary, as in effect on the Date of Termination,
      shall be paid to the Executive’s estate or beneficiaries or to the Executive, as
      applicable, in cash within 30 days following the Date of
      Termination;

     

    (iii) The
      Pro-Rated Annual Bonus shall be paid to the Executive’s estate or beneficiaries
      or to the Executive, as applicable, at the time when annual bonuses are paid
      to
      the Company’s other senior executives for the fiscal year of the Company in
      which the Date of Termination occurs, but in no event later than the later
      of
      (a) the 15th
      day of
      the third month following the Executive’s taxable year which includes the Date
      of Termination, and (b) the 15th
      day of
      the third month following the Company’s taxable year which includes the Date of
      Termination; 

     

    (iv) For
      a
      period of twelve months following the Date of Termination, the Executive and
      the
      Executive’s eligible family members shall continue to be provided with group
      health insurance coverage at least equal to that which would have been provided
      to them if the Executive’s employment had not been terminated; provided,
      however,
      that if
      the Executive becomes re-employed with another employer and is eligible to
      receive group health insurance coverage under another employer’s plans, the
      Company’s obligations under this Section 4(c)(iv) shall be reduced to the extent
      comparable coverage is actually provided to the Executive and the Executive’s
      eligible family members, and any such coverage shall be reported by the
      Executive to the Company; and

     

    (v) The
      Other
      Benefits shall be paid or provided to the Executive on a timely
      basis.

     

    (d)
       Six-Month
      Delay.
      Notwithstanding anything to the contrary in this Agreement, no compensation
      or
      benefits, including without limitation any severance payments or benefits
      payable under Section 4 or 5 hereof, shall be paid to the Executive during
      the
      6-month period following the Executive’s “separation from service” (within the
      meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as
      amended (the “Code”))
      if
      the Company determines that paying such amounts at the time or times indicated
      in this Agreement would cause Executive to incur additional taxes under Section
      409A of the Code. If the payment of any such amounts is delayed as a result
      of
      the previous sentence, then on the first day following the end of such 6-month
      period, the Company shall pay the Executive a lump-sum amount equal to the
      cumulative amount that would have otherwise been payable to the Executive during
      such 6-month period. 

     

    5. Termination
      Upon a Change in Control.
      If a
      Change in Control (as defined herein) occurs during the Employment Period and
      the Executive’s employment is terminated (a) by the Company without Cause or by
      the Executive for Good Reason, in each 

     

    

    
      
        
          
          

        

        
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    case
      within two (2) years after the effective date of the Change in Control or (b)
      provided that the Executive remains continuously employed by the Company through
      the one year anniversary of the effective date of the Change in Control (the
      “CIC
      Anniversary Date”),
      by
      the Executive for any reason on or within 30 days after the CIC Anniversary
      Date
      (a “Change
      in Control Resignation”),
      then
      the Executive shall be entitled to the payments and benefits provided in Section
      4(a) hereof, subject to the terms and conditions thereof, except that for
      purposes of this Section 5, the Severance Multiple shall equal two (2), and,
      in
      the event of a Change in Control Resignation, the Severance Amount and the
      Pro-Rated Annual Bonus
      shall be
      paid to the Executive no later
      than the later of (a) the 15th
      day of
      the third month following the Executive’s taxable year in which the CIC
      Anniversary Date occurs, and (b) the 15th
      day of
      the third month following the Company’s taxable year in which the CIC
      Anniversary Date occurs. In addition, in the event of such a termination of
      the
      Executive’s employment, all outstanding stock options, restricted stock and
      other equity awards granted to the Executive under any of the Company’s equity
      incentive plans (or awards substituted therefore covering the securities of
      a
      successor company), other than the Performance Award, shall become immediately
      vested and exercisable in full. For purposes of this Agreement, “Change
      in Control”
shall
      mean the occurrence of any of the following events: 

     

    (i) the
      acquisition, directly or indirectly, by any “person” or “group” (as those terms
      are defined in Sections 3(a)(9), 13(d), and 14(d) of the Securities
      Exchange Act of 1934 (the “Exchange
      Act”)
      and
      the rules thereunder) of “beneficial ownership” (as determined pursuant to Rule
      13d-3 under the Exchange Act) of securities entitled to vote generally in the
      election of directors (“voting
      securities”)
      of the
      REIT that represent 35% or more of the combined voting power of the REIT’s then
      outstanding voting securities, other than 

     

    (A) an
      acquisition of securities by a trustee or other fiduciary holding securities
      under any employee benefit plan (or related trust) sponsored or maintained
      by
      the REIT or any person controlled by the REIT or by any employee benefit plan
      (or related trust) sponsored or maintained by the REIT or any person controlled
      by the REIT, or 

     

    (B) an
      acquisition of securities by the REIT or a corporation owned, directly or
      indirectly, by the stockholders of the REIT in substantially the same
      proportions as their ownership of the stock of the REIT, or

     

    (C) an
      acquisition of securities pursuant to a transaction described in clause (iii)
      below that would not be a Change in Control under clause (iii), or

     

    (D) any
      direct or indirect acquisition of securities by Robert F. Maguire III or his
      family, or any entity controlled thereby;

     

    Notwithstanding
      the foregoing, the following event shall not constitute an “acquisition” by any
      person or group for purposes of this clause (i): an acquisition of the 

     

    

    
      
        
          
          

        

        
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    REIT’s
      securities by the REIT which causes the REIT’s voting securities beneficially
      owned by a person or group to represent 35% or more of the combined voting
      power
      of the REIT’s then outstanding voting securities; provided,
      however,
      that if
      a person or group shall become the beneficial owner of 35% or more of the
      combined voting power of the REIT’s then outstanding voting securities by reason
      of share acquisitions by the REIT as described above and shall, after such
      share
      acquisitions by the REIT, become the beneficial owner of any additional voting
      securities of the REIT, then such acquisition shall constitute a Change in
      Control; 

     

    (ii) individuals
      who, as of the Effective Date, constitute the Board (the “Incumbent
      Board”)
      cease
      for any reason to constitute at least a majority of the Board; provided,
      however,
      that any
      individual becoming a director subsequent to the date hereof whose election
      by
      the REIT’s shareholders, or nomination for election by the Board, was approved
      by a vote of at least a majority of the directors then comprising the Incumbent
      Board shall be considered as though such individual were a member of the
      Incumbent Board, but excluding, for this purpose, any such individual whose
      initial assumption of office occurs as a result of an election contest with
      respect to the election or removal of directors or other solicitation of proxies
      or consents by or on behalf of a person other than the Board; 

     

    (iii) the
      consummation by the REIT (whether directly involving the REIT or indirectly
      involving the REIT through one or more intermediaries) of (x) a merger,
      consolidation, reorganization, or business combination or (y) a sale or
      other disposition of all or substantially all of the REIT’s assets or
      (z) the acquisition of assets or stock of another entity, in each case,
      other than a transaction

     

    (A) which
      results in the REIT’s voting securities outstanding immediately before the
      transaction continuing to represent (either by remaining outstanding or by
      being
      converted into voting securities of the REIT or the person that, as a result
      of
      the transaction, controls, directly or indirectly, the REIT or owns, directly
      or
      indirectly, all or substantially all of the REIT’s assets or otherwise succeeds
      to the business of the REIT (the REIT or such person, the “Successor
      Entity”))
      directly or indirectly, at least 50% of the combined voting power of the
      Successor Entity’s outstanding voting securities immediately after the
      transaction, and 

     

    (B) after
      which no person or group beneficially owns voting securities representing 35%
      or
      more of the combined voting power of the Successor Entity; provided,
      however,
      that no
      person or group shall be treated for purposes of this clause (B) as beneficially
      owning 35% or more of combined voting power of the Successor Entity solely
      as a
      result of the voting power held in the REIT prior to the consummation of the
      transaction; or

     

    (iv) approval
      by the REIT’s shareholders of a liquidation or dissolution of the
      REIT.

     

     

    

    
      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

    

    

    

     

    For
      purposes of clause (i) above, the calculation of voting power shall be made
      as
      if the date of the acquisition were a record date for a vote of the REIT’s
      shareholders, and for purposes of clause (iii) above, the calculation of voting
      power shall be made as if the date of the consummation of the transaction were
      a
      record date for a vote of the REIT’s shareholders.

     

    6. Non-exclusivity
      of Rights.
      Nothing
      in this Agreement shall prevent or limit the Executive’s continuing or future
      participation in any plan, program, policy or practice provided by the Company
      and for which the Executive may qualify, nor shall anything herein limit or
      otherwise affect such rights as the Executive may have under any contract or
      agreement with the Company. Amounts which are vested benefits or which the
      Executive is otherwise entitled to receive under any plan, policy, practice
      or
      program of or any contract or agreement with the Company at or subsequent to
      the
      Date of Termination shall be payable in accordance with such plan, policy,
      practice or program or contract or agreement except as explicitly modified
      by
      this Agreement.

     

    7. Full
      Settlement.
      The
      Company’s obligation to make the payments provided for in this Agreement and
      otherwise to perform its obligations hereunder shall not be affected by any
      set-off, counterclaim, recoupment, defense or other claim, right or action
      which
      the Company may have against the Executive or others. In no event shall the
      Executive be obligated to seek other employment or take any other action by
      way
      of mitigation of the amounts payable to the Executive under any of the
      provisions of this Agreement and except as expressly provided, such amounts
      shall not be reduced whether or not the Executive obtains other employment.
      The
      Company agrees to pay as incurred (within 30 days following the Company’s
      receipt of an invoice from the Executive), to the full extent permitted by
      law,
      all reasonable legal fees and expenses which the Executive or his beneficiaries
      may reasonably incur as a result of any contest (regardless of the outcome
      thereof) by the Company, the Executive or others of the validity or
      enforceability of, or liability under, any provision of this Agreement or any
      guarantee of performance thereof (including as a result of any contest by the
      Executive or his beneficiaries about the amount of any payment pursuant to
      this
      Agreement), plus in each case interest on any delayed payment at the applicable
      Federal rate provided for in Section 7872(f)(2)(A) of the Code. The preceding
      sentence shall not apply with respect to any such contest if the court having
      jurisdiction over such contest determines that the Executive’s claim in such
      contest is frivolous or maintained in bad faith.

     

    8. Certain
      Additional Payments by the Company.
      

     

    (a) Anything
      in this Agreement to the contrary notwithstanding and except as set forth below,
      in the event it shall be determined that any Payment (as defined below) would
      be
      subject to the Excise Tax (as defined below), then the Executive shall be
      entitled to receive an additional payment (the “Excise
      Tax Gross-Up Payment”)
      in an
      amount such that, after payment by the Executive of all taxes (and any interest
      or penalties imposed with respect to such taxes), including, without limitation,
      any income taxes (and any interest and penalties imposed with respect thereto)
      and Excise Tax imposed upon the Excise Tax Gross-Up Payment, the Executive
      retains an amount of the Excise Tax Gross-Up Payment equal to the Excise Tax
      imposed upon the Payments. Notwithstanding the foregoing provisions of this
      Section 8(a), if it shall be 

     

    

    
      
        
          
          

        

        
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    determined
      that the Executive is entitled to the Excise Tax Gross-Up Payment, but that
      the
      Parachute Value (as defined below) of all Payments does not exceed 110% of
      the
      Safe Harbor Amount (as defined below), then no Excise Tax Gross-Up Payment
      shall
      be made to the Executive and the amounts payable under this Agreement shall
      be
      reduced so that the Parachute Value of all Payments, in the aggregate, equals
      the Safe Harbor Amount. The reduction of the amounts payable hereunder, if
      applicable, shall be made by first reducing the payments under Section 4(a)(i)
      hereof, unless an alternative method of reduction is elected by the Executive,
      and in any event shall be made in such a manner as to maximize the Value (as
      defined below) of all Payments actually made to the Executive. For purposes
      of
      reducing the Payments to the Safe Harbor Amount, only amounts payable under
      this
      Agreement (and no other Payments) shall be reduced. If the reduction of the
      amount payable under this Agreement would not result in a reduction of the
      Parachute Value of all Payments to the Safe Harbor Amount, no amounts payable
      under the Agreement shall be reduced pursuant to this Section 8(a). The
      Company’s obligation to make Excise Tax Gross-Up Payments under this Section 8
      shall not be conditioned upon the Executive’s termination of
      employment.

     

    (b) Subject
      to the provisions of Section 8(c) hereof, all determinations required to be
      made under this Section 8, including whether and when an Excise Tax Gross-Up
      Payment is required, the amount of such Excise Tax Gross-Up Payment and the
      assumptions to be utilized in arriving at such determination, shall be made
      by
      such nationally recognized accounting firm as may be selected by the Company
      and
      reasonably acceptable to the Executive (the “Accounting
      Firm”);
      provided,
      that
      the Accounting Firm’s determination shall be made based upon “substantial
      authority” within the meaning of Section 6662 of the Code. The Accounting Firm
      shall provide detailed supporting calculations both to the Company and the
      Executive within 15 business days of the receipt of notice from the Executive
      that there has been a Payment or such earlier time as is requested by the
      Company. All fees and expenses of the Accounting Firm shall be borne solely
      by
      the Company. Any Excise Tax Gross-Up Payment, as determined pursuant to this
      Section 8, shall be paid by the Company to the Executive within five days of
      the
      receipt of the Accounting Firm’s determination. Any determination by the
      Accounting Firm shall be binding upon the Company and the Executive, unless
      the
      Company obtains an opinion of outside legal counsel, based upon at least
“substantial authority” within the meaning of Section 6662 of the Code, reaching
      a different determination, in which event such legal opinion shall be binding
      upon the Company and the Executive. As a result of the uncertainty in the
      application of Section 4999 of the Code at the time of the initial determination
      by the Accounting Firm hereunder, it is possible that Excise Tax Gross-Up
      Payments that will not have been made by the Company should have been made
      (the
“Underpayment”),
      consistent with the calculations required to be made hereunder. In the event
      the
      Company exhausts its remedies pursuant to Section 8(c) hereof and the Executive
      thereafter is required to make a payment of any Excise Tax, the Accounting
      Firm
      shall determine the amount of the Underpayment that has occurred and any such
      Underpayment shall be promptly paid by the Company to or for the benefit of
      the
      Executive.

     

    (c) The
      Executive shall notify the Company in writing of any claim by the Internal
      Revenue Service that, if successful, would require the payment by the Company
      of
      the Excise Tax Gross-Up Payment. Such notification shall be given as soon as
      practicable, but no 

     

    

    
      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

    

    

    

     

    later
      than 10 business days after the Executive is informed in writing of such claim.
      The Executive shall apprise the Company of the nature of such claim and the
      date
      on which such claim is requested to be paid. The Executive shall not pay such
      claim prior to the expiration of the 30-day period following the date on which
      the Executive gives such notice to the Company (or such shorter period ending
      on
      the date that any payment of taxes with respect to such claim is due). If the
      Company notifies the Executive in writing prior to the expiration of such period
      that the Company desires to contest such claim, the Executive
      shall:

     

    (i) give
      the
      Company any information reasonably requested by the Company relating to such
      claim,

     

    (ii) take
      such
      action in connection with contesting such claim as the Company shall reasonably
      request in writing from time to time, including, without limitation, accepting
      legal representation with respect to such claim by an attorney reasonably
      selected by the Company,

     

    (iii) cooperate
      with the Company in good faith in order effectively to contest such claim,
      and

     

    (iv) permit
      the Company to participate in any proceedings relating to such
      claim;

     

    provided,
      however,
      that
      the Company shall bear and pay directly all costs and expenses (including
      additional interest and penalties) incurred in connection with such contest,
      and
      shall indemnify and hold the Executive harmless, on an after-tax basis, for
      any
      Excise Tax or income tax (including interest and penalties) imposed as a result
      of such representation and payment of costs and expenses. Without limitation
      on
      the foregoing provisions of this Section 8(c), the Company shall control all
      proceedings taken in connection with such contest, and, at its sole discretion,
      may pursue or forgo any and all administrative appeals, proceedings, hearings
      and conferences with the applicable taxing authority in respect of such claim
      and may, at its sole discretion, either direct the Executive to pay the tax
      claimed and sue for a refund or contest the claim in any permissible manner,
      and
      the Executive agrees to prosecute such contest to a determination before any
      administrative tribunal, in a court of initial jurisdiction and in one or more
      appellate courts, as the Company shall determine; provided,
      however,
      that
      any extension of the statute of limitations relating to payment of taxes for
      the
      taxable year of the Executive with respect to which such contested amount is
      claimed to be due is limited solely to such contested amount. Furthermore,
      the
      Company’s control of the contest shall be limited to issues with respect to
      which the Excise Tax Gross-Up Payment would be payable hereunder, and the
      Executive shall be entitled to settle or contest, as the case may be, any other
      issue raised by the Internal Revenue Service or any other taxing
      authority.

     

    (d) If,
      after
      the receipt by the Executive of an Excise Tax Gross-Up Payment, the Executive
      becomes entitled to receive any refund with respect to the Excise Tax to which
      such Excise Tax Gross-Up Payment relates, the Executive shall (subject to the
      Company’s 

     

    

    
      
        
          
          

        

        
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    complying
      with the requirements of Section 8(c) hereof, if applicable) promptly pay
      to the Company the amount of such refund (together with any interest paid or
      credited thereon after taxes applicable thereto). 

     

    (e) Notwithstanding
      any other provision of this Section 8, the Company may, in its sole discretion,
      withhold and pay over to the Internal Revenue Service or any other applicable
      taxing authority, for the benefit of the Executive, all or any portion of any
      Excise Tax Gross-Up Payment, and the Executive hereby consents to such
      withholding.

     

    (f) Any
      other
      liability for unpaid or unwithheld Excise Taxes shall be borne exclusively
      by
      the Company, in accordance with Section 3403 of the Code. The foregoing sentence
      shall not in any manner relieve the Company of any of its obligations under
      this
      Agreement.

     

    (g) Definitions.
      The
      following terms shall have the following meanings for purposes of this Section
      8:

     

    (i) “Excise
      Tax”
shall
      mean the excise tax imposed by Section 4999 of the Code, together with any
      interest or penalties imposed with respect to such excise tax.

     

    (ii) “Parachute
      Value”
of
      a
      Payment shall mean the present value as of the date of the change of control
      for
      purposes of Section 280G of the Code of the portion of such Payment that
      constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as
      determined by the Accounting Firm for purposes of determining whether and to
      what extent the Excise Tax will apply to such Payment.

     

    (iii) A
      “Payment”
shall
      mean any payment or distribution in the nature of compensation (within the
      meaning of Section 280G(b)(2) of the Code) to or for the benefit of the
      Executive, whether paid or payable pursuant to this Agreement or
      otherwise.

     

    (iv) The
      “Safe
      Harbor Amount”
shall
      mean 2.99 times the Executive’s “base amount,” within the meaning of Section
      280G(b)(3) of the Code.

     

    (v) “Value”
of
      a
      Payment shall mean the economic present value of a Payment as of the date of
      the
      change of control for purposes of Section 280G of the Code, as determined by
      the
      Accounting Firm using the discount rate required by Section 280G(d)(4) of the
      Code.

     

    9. Confidential
      Information and Non-Solicitation.
      

     

    (a) The
      Executive shall hold in a fiduciary capacity for the benefit of the Company
      all
      secret or confidential information, knowledge or data relating to the REIT,
      the
      Operating Partnership, Maguire Services, Inc., a Maryland corporation, and
      their
      respective subsidiaries and affiliates (collectively, the “Maguire
      Group”),
      and
      each of their respective 

     

    

    
      
        
          
          

        

        
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    businesses,
      which shall have been obtained by the Executive during the Executive’s
      employment by the Company and which shall not be or become public knowledge
      (other than by acts by the Executive or representatives of the Executive in
      violation of this Agreement). After termination of the Executive’s employment
      with the Company, the Executive shall not, without the prior written consent
      of
      the Company or as may otherwise be required by law or legal process, communicate
      or divulge any such information, knowledge or data to anyone other than the
      Company and those designated by it; provided,
      that if
      the Executive receives actual notice that the Executive is or may be required
      by
      law or legal process to communicate or divulge any such information, knowledge
      or data, the Executive shall promptly so notify the Company. 

     

    (b) While
      employed by the Company and, for two (2) years after the Termination Date,
      the
      Executive shall not directly or indirectly solicit, induce, or encourage any
      employee, consultant, agent, customer, vendor, or other parties doing business
      with any member of the Maguire Group to terminate their employment, agency,
      or
      other relationship with the Maguire Group or such member or to render services
      for or transfer their business from the Maguire Group or such member and the
      Executive shall not initiate discussion with any such person for any such
      purpose or authorize or knowingly cooperate with the taking of any such actions
      by any other individual or entity. 

    

    (c) In
      no
      event shall an asserted violation of the provisions of this Section 9 constitute
      a basis for deferring or withholding any amounts otherwise payable to the
      Executive under this Agreement. However, in recognition of the facts that
      irreparable injury will result to the Company in the event of a breach by the
      Executive of his obligations under Sections 9(a) and (b) of this Agreement,
      that
      monetary damages for such breach would not be readily calculable, and that
      the
      Company would not have an adequate remedy at law therefor, the Executive
      acknowledges, consents and agrees that in the event of such breach, or the
      threat thereof, the Company shall be entitled, in addition to any other legal
      remedies and damages available, to specific performance thereof and to temporary
      and permanent injunctive relief (without the necessity of posting a bond) to
      restrain the violation or threatened violation of such obligations by the
      Executive.

    

    10. Successors.
      

     

    (a) This
      Agreement is personal to the Executive and without the prior written consent
      of
      the Company shall not be assignable by the Executive otherwise than by will
      or
      the laws of descent and distribution. This Agreement shall inure to the benefit
      of and be enforceable by the Executive’s legal representatives.

     

    (b) This
      Agreement shall inure to the benefit of and be binding upon the Company and
      its
      successors and assigns.

     

    (c) The
      Company will require any successor (whether direct or indirect, by purchase,
      merger, consolidation or otherwise) to all or substantially all of the business
      and/or assets of the Company to assume and agree to perform this Agreement
      in
      the same manner and to the same extent that the Company would be required to
      perform it if no such succession had 

     

    

    
      
        
          
          

        

        
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    taken
      place. As used in this Agreement, “Company”
shall
      mean the Company as hereinbefore defined and any successor to its business
      and/or assets as aforesaid which assumes and agrees to perform this Agreement
      by
      operation of law, or otherwise. 

     

    11. Payment
      of Financial Obligations.
      The
      payment or provision to the Executive by the Company of any remuneration,
      benefits or other financial obligations pursuant to this Agreement shall be
      allocated to the Operating Partnership, the REIT and, if applicable, any
      subsidiary and/or affiliate thereof in accordance with the Employee Sharing
      and
      Expense Allocation Agreement, by and between the REIT, the Operating
      Partnership, and Maguire Services, Inc., as in effect from time to
      time.

     

    12. Miscellaneous.
      

     

    (a) Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of California, without reference to principles of conflict of laws. The
      captions of this Agreement are not part of the provisions hereof and shall
      have
      no force or effect. This Agreement may not be amended or modified otherwise
      than
      by a written agreement executed by the parties hereto or their respective
      successors and legal representatives.

     

    (b) Arbitration.
      Except
      as set forth in Section 9(c) above, any disagreement, dispute, controversy
      or
      claim arising out of or relating to this Agreement or the interpretation of
      this
      Agreement or any arrangements relating to this Agreement or contemplated in
      this
      Agreement or the breach, termination or invalidity thereof shall be settled
      by
      final and binding arbitration administered by JAMS/Endispute in Los Angeles,
      California in accordance with the then existing JAMS/Endispute Arbitration
      Rules
      and Procedures for Employment Disputes. In the event of such an arbitration
      proceeding, the Executive and the Company shall select a mutually acceptable
      neutral arbitrator from among the JAMS/Endispute panel of arbitrators. In the
      event the Executive and the Company cannot agree on an arbitrator, the
      Administrator of JAMS/Endispute will appoint an arbitrator. Neither the
      Executive nor the Company nor the arbitrator shall disclose the existence,
      content, or results of any arbitration hereunder without the prior written
      consent of all parties. Except as provided herein, the Federal Arbitration
      Act
      shall govern the interpretation, enforcement and all proceedings. The arbitrator
      shall apply the substantive law (and the law of remedies, if applicable) of
      the
      state of California, or federal law, or both, as applicable, and the arbitrator
      is without jurisdiction to apply any different substantive law. The arbitrator
      shall have the authority to entertain a motion to dismiss and/or a motion for
      summary judgment by any party and shall apply the standards governing such
      motions under the Federal Rules of Civil Procedure. The arbitrator shall render
      an award and a written, reasoned opinion in support thereof. Judgment upon
      the
      award may be entered in any court having jurisdiction thereof.

     

    (c) Notices.
      All
      notices and other communications hereunder shall be in writing and shall be
      given by hand delivery to the other party or by registered or certified mail,
      return receipt requested, postage prepaid, addressed as follows:

     

    If
      to
      the Executive:
      at the
      Executive’s most recent address on the records of the 

     

    

    
      
        
          
          

        

        
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    Company,
      

     

    If
      to
      the REIT or the Operating Partnership:

     

    Maguire
      Properties, Inc.

    1733
      Ocean Avenue, Suite 400

    Santa
      Monica, CA 90401 

    Attn:
      Chief Executive Officer

     

    with
      a
      copy to:

     

    Latham
      & Watkins

    633
      West
      Fifth Street, Suite 4000

    Los
      Angeles, CA 90071

    Attn:
      Martha B. Jordan, Esq.

     

    or
      to
      such other address as either party shall have furnished to the other in writing
      in accordance herewith. Notice and communications shall be effective when
      actually received by the addressee.

     

    (d) Sarbanes-Oxley
      Act of 2002.
      Notwithstanding anything herein to the contrary, if the Company determines,
      in
      its good faith judgment, that any transfer or deemed transfer of funds hereunder
      is likely to be construed as a personal loan prohibited by Section 13(k) of
      the
      Exchange Act and the rules and regulations promulgated thereunder, then such
      transfer or deemed transfer shall not be made to the extent necessary or
      appropriate so as not to violate the Exchange Act and the rules and regulations
      promulgated thereunder.

     

    (e)
       Section
      409A of the Code.
      The
      compensation and benefits payable under this Agreement are not intended to
      constitute “nonqualified deferred compensation” within the meaning of Section
      409A of the Code. However, notwithstanding any provision of this Agreement
      to
      the contrary, if at any time the Company determines that any such compensation
      or benefits payable under this Agreement may be subject to Section 409A of
      the
      Code, this Agreement shall be deemed to incorporate the terms and conditions
      required by Section 409A of the Code and Department of Treasury regulations
      promulgated thereunder. To the extent applicable, this Agreement shall be
      interpreted in accordance with Section 409A of the Code and Department of
      Treasury regulations and other interpretive guidance issued thereunder. If
      the
      Company determines that any compensation or benefits payable under this
      Agreement may be subject to Section 409A of the Code and related Department
      of
      Treasury guidance, the Company may in its sole discretion adopt such amendments
      to this Agreement or adopt other policies and procedures (including amendments,
      policies and procedures with retroactive effect), or take any other actions,
      that the Company determines are necessary or appropriate to (i) exempt the
      compensation and benefits payable under this Agreement from Section 409A of
      the
      Code and/or preserve the intended tax treatment of such compensation and
      benefits, or (ii) comply with the requirements of Section 409A of the Code
      and
      related Department of Treasury guidance.

     

     

    

    
      
        
          
          

        

        
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    (f)
       Severability.
      The
      invalidity or unenforceability of any provision of this Agreement shall not
      affect the validity or enforceability of any other provision of this
      Agreement.

     

    (g) Withholding.
      The
      Company may withhold from any amounts payable under this Agreement such Federal,
      state, local or foreign taxes as shall be required to be withheld pursuant
      to
      any applicable law or regulation. In addition, notwithstanding any other
      provision of this Agreement, the Company may, in its sole discretion, withhold
      and pay over to the Internal Revenue Service or any other applicable taxing
      authority, for the benefit of the Executive, all or any portion of any Excise
      Tax Gross-Up Payment, and the Executive hereby consents to such withholding.
      

     

    (h) No
      Waiver.
      The
      Executive’s or the Company’s failure to insist upon strict compliance with any
      provision of this Agreement or the failure to assert any right the Executive
      or
      the Company may have hereunder, including, without limitation, the right of
      the
      Executive to terminate employment for Good Reason pursuant to Section 3(c)
      of this Agreement, shall not be deemed to be a waiver of such provision or
      right
      or any other provision or right of this Agreement.

     

    (i) Entire
      Agreement.
      As of
      the Effective Date, this Agreement, together with the Performance Award
      Agreement, the Indemnification Agreement and the restricted stock agreements
      evidencing the Initial Restricted Stock, the Subsequent Restricted Stock and
      the
      2006 Restricted Stock, constitutes the final, complete and exclusive agreement
      between the Executive and the Company with respect to the subject matter hereof
      and replaces and supersedes any and all other agreements, offers or promises,
      whether oral or written, between the parties concerning the subject matter
      hereof (including, without limitation, the Original Agreement). 

     

    (j) Counterparts.
      This
      Agreement may be executed simultaneously in two counterparts, each of which
      shall be deemed an original but which together shall constitute one and the
      same
      instrument.

     

    

    

    [SIGNATURE
      PAGE FOLLOWS]

     

    

    
      
        
          
          

        

        
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    IN
      WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and,
      pursuant to the authorization from the Board, the Company has caused these
      presents to be executed in its name on its behalf, all as of the day and year
      first above written.

     

     

    MAGUIRE
      PROPERTIES, INC.,

    a
      Maryland corporation

     

    By:
      /s/
      Martin Griffiths__________

    Name:
      Martin Griffiths

    Title: 
      Executive Vice President, Operations

     

    MAGUIRE
      PROPERTIES, L.P.,

    a
      Maryland limited partnership

     

    

     

    By:
      Maguire Properties, Inc.

    Its:
      General Partner

     

    By: 
      /s/
      Martin Griffiths__________

    Name:
      Martin Griffiths

    Title:
      Executive Vice President, Operations

     

    “EXECUTIVE”

     

    

     

     

     

    /s/
      Mark Lammas____________

    Mark
      Lammas

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

     

    Exhibit
      A

     

    GENERAL
      RELEASE

     

     

    For
      a
      valuable consideration, the receipt and adequacy of which are hereby
      acknowledged, the undersigned does hereby release and forever discharge the
      “Releasees”
      hereunder, consisting of Maguire Properties, Inc., a Maryland corporation,
      Maguire Properties, L.P., a Maryland limited partnership, Maguire Services,
      Inc., a Maryland corporation, and each of their partners, subsidiaries,
      associates, affiliates, successors, heirs, assigns, agents, directors, officers,
      employees, representatives, lawyers, insurers, and all persons acting by,
      through, under or in concert with them, or any of them, of and from any and
      all
      manner of action or actions, cause or causes of action, in law or in equity,
      suits, debts, liens, contracts, agreements, promises, liability, claims,
      demands, damages, losses, costs, attorneys’ fees or expenses, of any nature
      whatsoever, known or unknown, fixed or contingent (hereinafter called
“Claims”),
      which
      the undersigned now has or may hereafter have against the Releasees, or any
      of
      them, by reason of any matter, cause, or thing whatsoever from the beginning
      of
      time to the date hereof.  The Claims released herein include, without
      limiting the generality of the foregoing, any Claims in any way arising out
      of,
      based upon, or related to the employment or termination of employment of the
      undersigned by the Releasees, or any of them; any alleged breach of any express
      or implied contract of employment; any alleged torts or other alleged legal
      restrictions on Releasee’s right to terminate the employment of the undersigned;
      and any alleged violation of any federal, state or local statute or ordinance
      including, without limitation, Title VII of the Civil Rights Act of 1964, the
      Age Discrimination In Employment Act, the Americans With Disabilities Act,
      and
      the California Fair Employment and Housing Act.

     

    THE
      UNDERSIGNED ACKNOWLEDGES THAT HE HAS BEEN ADVISED BY LEGAL COUNSEL AND IS
      FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH
      PROVIDES AS FOLLOWS:

     

    “A
      GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW
      OR
      SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF
      KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE
      DEBTOR.”

     

    THE
      UNDERSIGNED, BEING AWARE OF SAID CODE SECTION, HEREBY EXPRESSLY WAIVES ANY
      RIGHTS HE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON
      LAW
      PRINCIPLES OF SIMILAR EFFECT.

     

    IN
      ACCORDANCE WITH THE OLDER WORKERS BENEFIT PROTECTION ACT OF 1990, THE
      UNDERSIGNED IS HEREBY ADVISED AS FOLLOWS:

     

    (A) HE
      HAS
      THE RIGHT TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS RELEASE;

     

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

     

    (B) HE
      HAS
      TWENTY-ONE (21) DAYS TO CONSIDER THIS RELEASE BEFORE SIGNING IT;
      AND

     

    (C) HE
      HAS
      SEVEN (7) DAYS AFTER SIGNING THIS RELEASE TO REVOKE THIS RELEASE, AND THIS
      RELEASE WILL BECOME EFFECTIVE UPON THE EXPIRATION OF THAT REVOCATION
      PERIOD.

     

    The
      undersigned represents and warrants that there has been no assignment or other
      transfer of any interest in any Claim which he may have against Releasees,
      or
      any of them, and the undersigned agrees to indemnify and hold Releasees, and
      each of them, harmless from any liability, Claims, demands, damages, costs,
      expenses and attorneys’ fees incurred by Releasees, or any of them, as the
      result of any such assignment or transfer or any rights or Claims under any
      such
      assignment or transfer.  It is the intention of the parties that this
      indemnity does not require payment as a condition precedent to recovery by
      the
      Releasees against the undersigned under this indemnity.

     

    The
      undersigned agrees that if he hereafter commences any suit arising out of,
      based
      upon, or relating to any of the Claims released hereunder or in any manner
      asserts against Releasees, or any of them, any of the Claims released hereunder,
      then the undersigned agrees to pay to Releasees, and each of them, in addition
      to any other damages caused to Releasees thereby, all attorneys’ fees incurred
      by Releasees in defending or otherwise responding to said suit or
      Claim.

     

    The
      undersigned further understands and agrees that neither the payment of any
      sum
      of money nor the execution of this Release shall constitute or be construed
      as
      an admission of any liability whatsoever by the Releasees, or any of them,
      who
      have consistently taken the position that they have no liability whatsoever
      to
      the undersigned.

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Release this ____ day of
      ___________, ____.

     

    

     

    Mark
      Lammas

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