Document:

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                                                                   EXHIBIT 10.02

                       FIRST AMENDMENT TO CREDIT AGREEMENT

   This first amendment (this "Amendment") dated as of December 30, 2004 is to
the Credit Agreement dated as of November 19, 2003 (the "Credit Agreement")
between Blue River Bancshares, Inc., an Indiana corporation (the "Borrower") and
Union Federal Bank of Indianapolis (the "Lender"). Unless otherwise defined
herein, terms defined in the Credit Agreement are used herein as defined
therein.

   WHEREAS, the parties hereto have entered into the Credit Agreement pursuant
to which Lender made a Term Loan to the Borrower; and

   WHEREAS, the parties hereto desire to amend the Credit Agreement as provided
hereby;

   NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration (the receipt and sufficiency of which are hereby
acknowledged), the parties hereto agree as follows:

         SECTION 1. AMENDMENTS. Effective on the date of the effectiveness of
this Amendment pursuant to Section 3 below, the Credit Agreement shall be
amended as set forth in this Section 1.

         1.1. Amendments to Definitions. The definition of "Term Debt Service
Coverage Ratio" in Section 1.01(bbb) is amended in its entirety to read as
follows:

         (bbb) the term "Term Debt Service Coverage Ratio" means as of any date
               of determination for any period, the relationship, expressed as a
               numerical ratio, between:

               (1)   the Consolidated Net Earnings of the Borrower for a period
                     of four fiscal quarters (excluding from the calculation of
                     Consolidated Net Earning for this purpose any merger
                     related expenses relating to the merger of Borrower and
                     Heartland Bancshares) plus interest expense on the Term
                     Loan for such period, and

               (2)   the sum of (A) interest expenses on the Term Loan for such
                     period, plus (B) scheduled principal payments on the Term
                     Loan during such period.

         1.2. Amendments to Section 7.01. Section 7.01(f) of the Credit
Agreement is amended in its entirety to read as follows:

         (f)   Cause UBC to maintain a Non-Performing Loan Ratio as of each
               fiscal quarter end of not more than (i) 20% through and including
               December 31, 2004 and (ii) 10% at March 31, 2005 and thereafter.

         SECTION 2. REPRESENTATIONS AND WARRANTIES. In order to induce the
Lender to enter into this Amendment, the Borrower represents and warrants to the
Lender (a) as to the matters set forth in Section 4.02 of the Credit Agreement,
as if the representations and warranties set forth therein were made on the date
hereof, (b) that the execution and delivery by

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the Borrower of this Amendment, and the performance by the Borrower of its
obligations under the Credit Agreement as amended by this Amendment (the
"Amended Credit Agreement"), (i) are within the powers of the Borrower, (ii)
have been duly authorized by proper organizational actions and proceedings, and
such approvals have not been rescinded and no other actions or proceedings on
the part of the Borrower are necessary to consummate such transaction, (iii) do
not and will not require any registration with, consent or approval of, or
notice to, or other action to, with or by any Governmental Authority, or if not
made, obtained or given individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect and (iv) do not and will not
conflict with any applicable laws or contracts or agreements to which the
Borrower is a party, except such that could not reasonably be expected to have a
Material Adverse Effect, or with the articles of incorporation and by-laws of
the Borrower, and (c) that the Amended Credit Agreement is the legal, valid and
binding obligation of the Borrower, enforceable against the Borrower in
accordance with its terms (except as enforceability may be limited by
bankruptcy, insolvency, fraudulent conveyance, or similar laws affecting the
enforcement of creditors' rights generally).

         SECTION 3. EFFECTIVENESS. The amendments set forth in Section 1 above
shall become effective on the date when the Lender shall have received the
following, all in a form satisfactory to Lender:

         3.1. Amendment. Counterparts of this Amendment signed by the Borrower
and the Lender.

         3.2. Corporate Documents. A certificate of the Secretary or an
Assistant Secretary of the Borrower as to (a) corporate action of such entity
authorizing the execution and delivery of this Amendment and the other documents
contemplated hereby to which such entity is a party, (b) the incumbency and
signatures of the officers of such entity which are to sign the documents
referenced in clause (a) above, and (c) a certificate of existence certificate
issued by the Indiana Secretary of State with respect to the Borrower.

         3.3. Other Documents. Such other documents as the Lender shall
reasonably request.

         SECTION 4. MISCELLANEOUS.

         4.1. Continuing Effectiveness, etc. The Amended Credit Agreement shall
remain in full force and effect and is hereby ratified and confirmed in all
respects. After the effectiveness hereof, all references in the Credit Agreement
and each other Loan Document to the "Credit Agreement" or similar terms shall
refer to the Amended Credit Agreement.

         4.2. Counterparts. This Amendment may be executed in any number of
counterparts and by the different parties on separate counterparts, and each
such counterpart shall be deemed to be an original but all such counterparts
shall together constitute one and the same Amendment.

         4.3. Expenses. The Borrower agrees to pay the reasonable costs and
expenses of the Lender (including reasonable attorneys' fees and charges) in
connection with the negotiation, preparation, execution and delivery of this
Amendment and the other documents contemplated hereby.

         4.4. Governing Law. This Amendment shall be a contract made under and
governed by the internal laws of the State of Indiana.

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         4.5. Successors and Assigns. This Amendment shall be binding upon the
Borrower, the Lender and their respective successors and assigns, and shall
inure to the benefit of the Borrower, the Lender and their respective successors
and assigns, as permitted by the provisions of the Amended Credit Agreement.

                      [signature pages immediately follow]

<PAGE>

   Executed and delivered as of the day and year first above written.

                            BLUE RIVER BANCSHARES, INC.
                             as the Borrower

                            By: /s/ Russell Breeden, III
                               ----------------------------------
                            Name: Russell Breeden, III
                            Title: Chairman - C.E.O.

                            Address:  29 E. Washington Street
                                      Shelbyville, IN  46176

                            Attention:       Russell Breeden, III
                            Telephone No.:   (317) 681-1233
                            Facsimile No.:   (317) 392-6208

                            UNION FEDERAL BANK OF INDIANAPOLIS
                              as Lender

                            By: /s/ Bruce Hostetler
                               ---------------------------------
                            Name: Bruce Hostetler
                            Title: Vice President

                            Address:  45 N. Pennsylvania Street, Suite 600
                                      Indianapolis, IN 46204

                            Attention:       Bruce Hostetler
                            Telephone No.:   (317) 761-7595
                            Facsimile No.:   (317) 761-4024exv10w1

 

EXHIBIT 10.1

EMPLOYMENT AGREEMENT

     AGREEMENT, dated as of January 4, 2005, by and between Trizec Properties, Inc., a Delaware
corporation (the “Company”), and Brian Lipson, an
individual residing in Chicago, Illinois (the “Executive”).

     WHEREAS, the Company has determined that it is in the best interests of the Company and its
shareholders to enter into an employment agreement with the Executive and the Executive is willing
to serve as an employee of the Company, subject to the terms and conditions of this Agreement.

     NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

     1. Employment and Duties.

     (a) General. The Executive shall serve as the Executive Vice President and Chief
Investment Officer of the Company, reporting to the Chief Executive Officer. The Executive shall
have such duties and responsibilities, commensurate with the Executive’s position, as may be
assigned to the Executive from time to time by the Board of Directors (the “Board”) of the
Company. The Executive’s principal place of employment shall be the principal offices of the
Company in Chicago; provided, however, that the Executive understands and agrees
that he will be required to travel from time to time for business reasons.

     (b) Exclusive Services. For so long as the Executive is employed by the Company, the
Executive shall devote his full working time to his duties hereunder, shall faithfully serve the
Company, shall in all respects conform to and comply with the lawful and good faith directions and
instructions given to him by the Board, and shall use his best efforts to promote and serve the
interests of the Company. Further, the Executive shall not, directly or indirectly, render
services to any other person or organization without the consent of the Board or otherwise engage
in activities that would interfere significantly with his faithful performance of his duties
hereunder. Notwithstanding the foregoing, the Executive may (i) serve on civic or charitable
boards or engage in charitable activities without remuneration therefor and (ii) manage personal
investments, provided that such activity does not contravene the previous sentence or the
provisions of Sections 6, 7, 8, 10 and 11 hereof.

     2. Term of Employment. The Executive’s employment under this Agreement shall commence
as of January 4, 2005 (the “Effective Date”) and shall terminate on the earlier of (i)
December 31, 2005 and (ii) the termination of the Executive’s employment under this Agreement;
provided, however, that the term of the Executive’s employment shall be
automatically extended without further action of either party for additional one-year periods,
unless written notice of either party’s intention not to extend has been given to the other party
at least 60 days prior to the expiration of the then-effective term. The period from the Effective
Date until the termination of the Executive’s employment under this Agreement is referred to as the
“Term”.

     3. Compensation and Other Benefits. Subject to the provisions of this Agreement, the
Company shall pay and provide the following compensation and other benefits to the Executive during
the Term as compensation for services rendered hereunder:

 

     (a) Base Salary. The Company shall pay to the Executive an annual salary (the
“Base Salary”) at the rate of $400,000, payable in substantially equal installments at such
intervals as may be determined by the Company in accordance with its ordinary payroll practices as
established from time to time. The Base Salary shall be reviewed by the Compensation Committee of
the Board in good faith, based upon the Executive’s performance, not less often than annually, and
such Base Salary may be increased (but not decreased) upon the basis of such review during the
remainder of the Term.

     (b) Target Annual Bonus. For each fiscal year during the Term commencing on January
1, 2005, the Executive shall be eligible to receive an incentive bonus (the “Target Annual
Bonus”). The target amount of the Executive’s annual incentive bonus shall be 100% of his Base
Salary and shall be determined in accordance with a Company incentive compensation program as
applicable to senior executives (including bonus ranges) as in effect from time to time.

     (c) Signing Bonus. The Executive shall be entitled to a cash signing bonus in the
amount of $50,000 (the “Signing Bonus”). The Signing Bonus shall be paid to the Executive
in a cash lump sum on the first payroll date following the Effective Date.

     (d) Initial Restricted Stock Rights. Effective as of the first business day following
the Effective Date, the Executive shall be granted an award of Restricted Stock Rights (the
“RSRs”) under the Company’s 2002 Long Term Incentive Plan (the “LTIP”) with an
aggregate Fair Market Value (as defined in the LTIP) on the date of grant of $250,000. The RSRs
will vest in three equal annual installments on each of the date of grant and the first and second
anniversaries of the date of grant and will be evidenced by an RSR agreement substantially in the
form attached hereto as Appendix A (the “RSR Agreement”).

     (e) Long-Term Incentive Compensation. During the Term, the Executive shall be
eligible to participate in the Company’s long-term incentive compensation programs generally
applicable to senior executives of the Company as in effect from time to time. The target amount of
the Executive’s annual long-term incentive compensation shall be 150% of his Base Salary and shall
be determined by the Board in its sole discretion. The first grant pursuant to this Section 3(e)
shall be made in the first quarter of 2006 with respect to calendar year 2005.

     (f) 2004 Outperformance Compensation Program. The Executive shall be eligible to
participate in the Company’s 2004 Outperformance Program (the “OPP”) under the LTIP in
accordance with the terms of the OPP program document. The Executive’s Award Percentage (as
defined in the OPP) shall be 14%. The Executive shall receive separate documentation regarding the
OPP.

     (g) Employee Benefits. The Executive shall be entitled to participate in all employee
welfare, pension and fringe benefit plans, programs and arrangements of the Company in accordance
with their respective terms, as may be amended from time to time, and on a basis no less favorable
than that made available to other senior executives of the Company.

     (h) Expenses. The Company shall reimburse the Executive for reasonable travel and
other business-related expenses incurred by the Executive in the fulfillment of his duties
hereunder upon presentation of written documentation thereof, in accordance with the applicable
expense reimbursement policies and procedures of the Company as in effect from time to time.

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     (i) Vacation. The Executive shall be entitled to 20 vacation days each year during
the Term in accordance with the Company’s policy as in effect from time to time.

     4. Termination of Employment.

     (a) Termination for Cause; Resignation Without Good Reason. (i) If the Executive’s
employment is terminated by the Company for Cause, as defined in Section 4(a)(ii) hereof, or if the
Executive resigns from his employment hereunder other than for Good Reason, as defined in Section
4(a)(iii) hereof, the Executive shall only be entitled to payment of unpaid Base Salary through and
including his date of termination or resignation and any other amounts or benefits required to be
paid or provided by law or under any plan, program, policy or practice of the Company (the
“Other Benefits”). The Executive shall have no further right to receive any other
compensation or benefits after such termination or resignation of employment.

     (ii) Termination for “Cause” shall mean termination of the Executive’s employment
because of:

     (A) any act or omission that constitutes a material breach by the Executive of any of
his obligations under this Agreement;

     (B) the willful and continued failure or refusal of the Executive to perform the duties
reasonably required of him as an employee of the Company;

     (C) the Executive’s conviction of, or plea of nolo contendere to, a felony;

     (D) the Executive’s engaging in any willful misconduct, act of dishonesty, violence or
threat of violence (including any violation of federal securities laws) that is materially
injurious to the Company or any of its subsidiaries or affiliates;

     (E) the Executive’s material breach of a written policy of the Company;

     (F) the Executive’s refusal to follow the directions of the Board or the Chief
Executive Officer; or

     (G) any other willful misconduct or gross negligence by the Executive which is
materially injurious to the financial condition or business reputation of the Company or any
of its subsidiaries or affiliates;

provided, however, that no event or condition described in clauses (A) though (G)
shall constitute Cause unless (x) the Company first gives the Executive written notice of its
intention to terminate his employment for Cause and the grounds for such termination and (y) such
grounds for termination (if susceptible to correction) are not corrected by the Executive within 20
days of his receipt of such notice (or, in the event that such grounds cannot be corrected within
such 20-day period, the Executive has not taken all reasonable steps within such 20-day period to
correct such grounds as promptly as practicable thereafter).

     (iii) Resignation for “Good Reason” shall mean termination of employment by the
Executive because of the occurrence of any of the following events without the Executive’s prior
written consent:

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     (A) a decrease in the Executive’s Base Salary or a failure by the Company to make any
of the awards required under Section 3 above, or pay any of the compensation provided for
under Section 3 above to the Executive in connection with his employment;

     (B) a material diminution of the responsibilities, positions or titles of the Executive
from those set forth in this Agreement or a change in reporting responsibility such that the
Executive reports to a person other than the Chief Executive Officer; or

     (C) the Company requiring the Executive to be based at any office or location more than
50 miles from Chicago, Illinois;

provided, however, that no event or condition described in clauses (A) through (C)
shall constitute Good Reason unless (x) the Executive gives the Company written notice of his
intention to terminate his employment for Good Reason and the grounds for such termination and (y)
such grounds for termination (if susceptible to correction) are not corrected by the Company within
20 days of its receipt of such notice (or, in the event that such grounds cannot be corrected
within such 20-day period, the Company has not taken all reasonable steps within such 20-day period
to correct such grounds as promptly as practicable thereafter).

     (b) Termination Without Cause; Resignation for Good Reason. (i) Except as set forth
in Section 4(d), if the Company gives notice of non-renewal under Section 2 or if, prior to the
expiration of the Term, the Executive’s employment is terminated by the Company without Cause or if
the Executive resigns from his employment hereunder for Good Reason, the Company shall pay to the
Executive the Other Benefits plus any earned but unpaid bonus for a previously completed fiscal
year of the Company and a pro-rata Target Annual Bonus for the fiscal year in which the termination
occurs. The Executive shall also receive his Base Salary and Target Annual Bonus (at the rates in
effect on the date the Executive’s employment is terminated) for a one-year period commencing on
the date of the Executive’s termination of employment. The payments shall be made in accordance
with the Company’s ordinary payroll practices. The Executive shall have no further rights under
this Agreement or otherwise to receive any other compensation or benefits after such termination or
resignation of employment.

     (ii) The Company shall not be required to make the payments and provide the benefits provided
for under Section 4(b) (excluding the Other Benefits), unless the Executive executes and delivers
to the Company, a waiver and a release substantially in a form approved by the Company.

     (iii) Notwithstanding any provision in the applicable equity award plan or agreement, the
Executive’s award of RSRs provided for under Section 3(d) will vest immediately in the event that
the Executive’s employment is terminated by the Company without Cause or the Executive resigns
under his employment hereunder for Good Reason.

     (iv) If, following a termination of employment without Cause, the Executive breaches the
provisions of Sections 6, 7, 8, 10 and 11 hereof, the Executive shall no longer be eligible, as of
the date of such breach, for the payments and benefits described in Section 4(b), and any and all
obligations and agreements of the Company with respect to such payments shall thereupon cease.

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     (c) Termination Due to Death or Disability. The Executive’s employment with the
Company shall terminate automatically on the Executive’s death. In the event of the Executive’s
disability, as defined below, the Company shall be entitled to terminate his employment in
accordance with the terms of Section 4(e). In the event of termination of the Executive’s
employment by reason of Executive’s death or disability, the Company shall pay to the Executive (or
his estate, as applicable), the Executive’s Base Salary through and including the date of
termination and the Other Benefits. For purposes of this Agreement, “disability” shall
have the meaning ascribed in the Company’s long-term disability plan applicable to the Executive as
in effect from time to time.

     (d) Termination Following a Change in Control. In lieu of the payments set forth in
Section 4(b), if the Executive’s employment is terminated by the Company without Cause or the
Executive resigns his employment for Good Reason, in either case within two years following a
Change in Control (as defined in the LTIP):

     (i) the Executive shall be entitled to receive a lump-sum severance payment in an amount equal
to the sum of the Other Benefits, an amount equal to one year of the Base Salary and an amount
equal to one year of the Target Annual Bonus (at the rates in effect on the Executive’s termination
of employment). The payments shall be made as soon as reasonably practicable following the
Executive’s termination of employment and in any event no later than 15 business days; and

     (ii) notwithstanding any provision in the applicable equity award plan or agreement, all
nonvested equity awards held by the Executive as of his date of termination shall vest immediately.
Stock options (and equivalent awards) shall remain exercisable until the applicable expiration
dates provided in the applicable plan and award agreement, and all other equity awards will settle
and be paid as soon as reasonably practicable following the Executive’s termination of employment
and in any event no later than 15 business days.

     (e) Notice of Termination. Any termination of employment by the Company or the
Executive shall be communicated by a written “Notice of Termination” to the other party
hereto given in accordance with Section 24 of this Agreement which shall state the effective date
of termination.

     (f) Resignation from Directorships and Officerships. The termination of the
Executive’s employment for any reason will constitute the Executive’s resignation from (i) any
director, officer or employee position the Executive has with the Company and its subsidiaries and
affiliates and (ii) all fiduciary positions (including as a trustee) the Executive holds with
respect to any employee benefit plans or trusts established by the Company. The Executive agrees
that this Agreement shall serve as written notice of resignation in this circumstance.

     5. Gross-Up Payment. (i) If, during the term of the Executive’s employment, there is
a change in ownership or control of the Company that causes any payment or distribution by the
Company to or for the benefit of the Executive (whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise, but determined without regard
to any additional payments required under this Section 5) (a “Payment”) to be subject to
the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the
“Code”) (such excise tax, together with any interest or penalties incurred by the Executive
with respect to such

5

 

excise tax, the “Excise Tax”), then the Executive shall be entitled to receive an
additional payment (a “Gross-Up Payment”) in an amount such that after payment by the
Executive of all taxes (including any interest or penalties imposed with respect to such taxes),
including any income taxes (and any interest and penalties imposed with respect thereto) and Excise
Tax imposed upon the Gross-Up Payment, the Executive will retain an amount of the Gross-Up Payment
equal to the Excise Tax imposed upon the Payments.

     (ii) Determination of the Gross-Up Payment. Subject to the provisions of Section
5(iii), all determinations required to be made under this Section 5, including whether and when a
Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be
utilized in arriving at such determination, shall be made by a certified public accounting firm
designated by the Company and reasonably acceptable to the Executive (the “Accounting
Firm”), which 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 with respect to which the Executive in good faith believes a Gross-Up Payment may be due
under this Section 5, 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 Gross-Up Payment, as determined
pursuant to this Section 5, shall be paid by the Company to the Executive within five days of the
later of (A) the due date for the payment of any Excise Tax and (B) the receipt of the Accounting
Firm’s determination. Any determination by the Accounting Firm 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
Gross-Up Payments which will not have been made by the Company should have been made
(“Underpayment”), consistent with the calculations required to be made hereunder. In the
event that the Company exhausts its remedies pursuant to Section 9 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
the Executive or for the Executive’s benefit. The previous sentence shall apply mutatis mutandis
to any overpayment of a Gross-Up Payment.

     (iii) Procedures. 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
Gross-Up Payment. Such notification shall be given as soon as practicable but no later than 10
business days after the Executive is informed in writing of such claim and 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 it 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 it desires to contest such claim, the Executive
shall:

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

     (B) 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,

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

     (D) 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 with respect thereto) imposed as a result of such
representation and payment of costs and expenses. Without limiting the foregoing provisions of
this Section 5, the Company shall control all proceedings taken in connection with such contest
and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings,
hearings and conferences with the taxing authority in respect of such claim and may, at its sole
option, 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 if
the Company directs the Executive to pay such claim and sue for a refund, to the extent permitted
by law, the Company shall advance the amount of such payment to the Executive on an interest-free
basis (which shall offset, to the extent thereof, the amount of Gross-Up Payment required to be
paid) and shall indemnify and hold the Executive harmless, on an after-tax basis, from any Excise
Tax or income tax (including interest or penalties with respect thereto) imposed with respect to
such advance or with respect to any imputed income with respect to such advance; and
provided further that any extension of the statute of limitations relating to
payment of taxes for the Executive’s taxable year 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 a 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.

     (iv) Refund. If, after the receipt by the Executive of an amount advanced by the
Company pursuant to this Section 5, the Executive becomes entitled to receive any refund with
respect to such claim, the Executive shall (subject to the Company complying with the requirements
of this Section 5) promptly pay to the Company the amount of such refund (together with any
interest paid or credited thereon after taxes applicable thereto). If, after the Executive
receives an amount advanced by the Company pursuant to this Section 5, a determination is made that
the Executive shall not be entitled to any refund with respect to such claim and the Company does
not notify the Executive in writing of its intent to contest such denial of refund prior to the
expiration of 30 days after such determination, then such advance shall be forgiven and shall not
be required to be repaid and the amount of such advance shall offset, to the extent thereof, the
amount of Gross-Up Payment required to be paid.

     6. Confidentiality.

     (a) Confidential Information. (i) The Executive agrees that he will not at any time,
except with the prior written consent of the Company or any of its subsidiaries or affiliates
(collectively, the “Company Group”), directly or indirectly, reveal to any person, entity
or other organization (other than any member of the Company Group or its respective employees,
officers, directors, shareholders or agents) or use for the Executive’s own benefit any information
deemed to

7

 

be confidential by any member of the Company Group (“Confidential Information”)
relating to the assets, liabilities, employees, goodwill, business or affairs of any member of the
Company Group, including, without limitation, any information concerning past, present or
prospective customers, marketing data, or other confidential information used by, or useful to, any
member of the Company Group and known to the Executive by reason of the Executive’s employment by,
shareholdings in or other association with any member of the Company Group.

     (ii) In the event that the Executive becomes legally compelled to disclose any Confidential
Information, the Executive shall provide the Company with prompt written notice so that the Company
may seek a protective order or other appropriate remedy. In the event that such protective order
or other remedy is not obtained, the Executive shall furnish only that portion of such Confidential
Information or take only such action as is legally required by binding order and shall exercise his
reasonable efforts to obtain reliable assurance that confidential treatment shall be accorded any
such Confidential Information. The Company shall promptly pay (upon receipt of invoices and any
other documentation as may be requested by the Company) all reasonable expenses and fees incurred
by the Executive, including attorneys’ fees, in connection with his compliance with the immediately
preceding sentence.

     (b) Exclusive Property. The Executive confirms that all Confidential Information is
and shall remain the exclusive property of the Company Group. All business records, papers and
documents kept or made by the Executive relating to the business of the Company Group shall be and
remain the property of the Company Group. Upon the request and at the expense of the Company
Group, the Executive shall promptly make all disclosures, execute all instruments and papers and
perform all acts reasonably necessary to vest and confirm in the Company Group, fully and
completely, all rights created or contemplated by this Section 6.

     7. Non-Solicitation. The Executive agrees that, during his employment and for a
one-year period ending on the first anniversary of the Executive’s termination of employment for
any reason (the “Non-Solicitation Restricted Period”) the Executive shall not, directly or
indirectly, (a) interfere with or attempt to interfere with the relationship between any person who
is, or was during the then most recent 12-month period, an employee, officer, representative or
agent of the Company Group and any member of the Company Group, or solicit, induce or attempt to
solicit or induce any such person to leave the employ of any member of the Company Group or violate
the terms of their respective contracts, or any employment arrangements, with such entities; or (b)
induce or attempt to induce any customer, client, tenant, supplier, licensee or other business
relation of any member of the Company Group to cease doing business with any member of the Company
Group, or in any way interfere with the relationship between any member of the Company Group and
any customer, client, supplier, licensee or other business relation of any member of the Company
Group. As used herein, the term “indirectly” shall include, without limitation, the
Executive’s permitting the use of the Executive’s name by any competitor of any member of the
Company Group to induce or interfere with any employee or business relationship of any member of
the Company Group.

     8. No Conflicting Agreement. The Executive represents and warrants to the Company
that (a) the Executive has not taken, and/or will return or (with the consent of his former
employer) destroy without retaining copies, all proprietary and confidential materials of his
former employer; (b) the Executive has not used any confidential, proprietary or trade secret
information in violation of any contractual or common law obligation to his former employer; (c)
except as

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previously disclosed to the Company in writing, the Executive is not party to any agreement,
whether written or oral, that would prevent or restrict him from engaging in activities competitive
with the activities of his former employer, from directly or indirectly soliciting any employee,
client or customer to leave the employ of, or transfer its business away from, his former employer
or, if the Executive is subject to such an agreement or policy, he has complied with it; and (d)
the Executive is not a party to any agreement, whether written or oral, that would be breached by
or would prevent or interfere with the execution by the Executive of this Agreement or the
fulfillment by the Executive of the Executive’s obligations hereunder.

     9. Certain Remedies.

     (a) Remedies. Without intending to limit the remedies available to the Company Group,
including, but not limited to, those set forth in Section 4 hereof, the Executive agrees that a
breach of any of the covenants contained in Sections 6, 7, 8, 10 and 11 of this Agreement may
result in material and irreparable injury to the Company Group 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 such a breach or threat thereof, any member of the Company Group shall be
entitled to seek a temporary restraining order or a preliminary or permanent injunction, or both,
without bond or other security, restraining the Executive from engaging in activities prohibited by
the covenants contained in Sections 6, 7, 8, 10 and 11 of this Agreement or such other relief as
may be required specifically to enforce any of the covenants contained in this Agreement. Such
injunctive relief in any court shall be available to the Company Group in lieu of, or prior to or
pending determination in, any arbitration proceeding.

     (b) Extension of Restricted Periods. In addition to the remedies the Company may seek
and obtain pursuant to Section 4, the Non-Solicitation Restricted Period shall be extended by any
and all periods during which the Executive shall be found by a court possessing personal
jurisdiction over him to have been in violation of the covenants contained in Sections 6, 7, 8, 10
and 11 of this Agreement.

     10. Defense of Claims. The Executive agrees that, during the Term, and for a period
of two years after termination of the Executive’s employment for any reason, upon request from the
Company, the Executive will cooperate with the Company in the defense of any claims or actions that
may be made by or against the Company that affect the Executive’s prior areas of responsibility,
except if the Executive’s reasonable interests are adverse to the Company in such claim or action.
The Company agrees to promptly reimburse the Executive for all of the Executive’s reasonable travel
and other direct expenses incurred, or to be reasonably incurred, to comply with the Executive’s
obligations under this Section 10. The Company agrees that if the Executive is or is made a party,
or is threatened to be made a party, to any action, suit or proceeding (a “Proceeding”), by
reason of the fact that he is or was a director, officer or employee of the Company or is or was
serving at the request of the Company as a director, officer, member, employee or agent of another
entity, the Executive shall be indemnified and held harmless by the Company to the fullest extent
permitted by law against all cost, expense, liability and loss reasonably incurred or suffered by
the Executive in connection therewith, and such indemnification shall continue after termination of
the Executive’s employment with respect to acts or omissions which occurred prior to his
termination of employment, and shall inure to the benefit of Executive’s heirs, executors and
administrators. To the fullest extent allowed by law, the Company shall advance to the Executive
all reasonable costs and expenses incurred by him in connection with a Proceeding within 20
calendar days after receipt

9

 

by the Company of a written request for such advance. Such request shall include an
undertaking by the Executive to repay the amount of such advance if it shall ultimately be
determined that he is not entitled to be indemnified against such costs and expenses.

     11. Nondisparagement. Each party agrees that at no time during the Executive’s
employment by the Company or thereafter shall such party make, or cause or assist any other person
to make, any statement or other communication to any third party which impugns or attacks, or is
otherwise critical of, the reputation, business or character of the other party, including in the
case of the Company any member of the Company Group or any of its respective directors, officers or
employees.

     12. Source of Payments. All payments provided under this Agreement, other than
payments made pursuant to a plan which provides otherwise, shall be paid in cash from the general
funds of the Company, and no special or separate fund shall be established, and no other
segregation of assets shall be made, to assure payment. The Executive shall have no right, title
or interest whatsoever in or to any investments which the Company may make to aid the Company in
meeting its obligations hereunder. To the extent that any person acquires a right to receive
payments from the Company hereunder, such right shall be no greater than the right of an unsecured
creditor of the Company.

     13. Arbitration. Any controversy or claim arising out of or relating to this
Agreement, or the breach thereof, shall be settled by arbitration in Chicago, Illinois administered
by the American Arbitration Association (“AAA”) under its Commercial Arbitration Rules.
The arbitration shall be arbitrated by a single arbitrator mutually selected by the Executive and
the Company, with the AAA to appoint the arbitrator in the event that the parties are unable to
agree on the selection within thirty days following the initiation of the arbitration. Judgment on
the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. If
the Executive prevails with respect to any material issue in connection with any dispute arising
under this Agreement (including any action brought by the Company for injunctive relief), the
Company shall reimburse the Executive for all of his costs and expenses, including legal fees,
incurred in connection therewith.

     14. Nonassignability; Binding Agreement.

     (a) By the Executive. This Agreement and any and all rights, duties, obligations or
interests hereunder shall not be assignable or delegable by the Executive.

     (b) By the Company. This Agreement and all of the Company’s rights and obligations
hereunder shall not be assignable by the Company except as incident to a reorganization, merger or
consolidation, or transfer of all or substantially all of the Company’s assets.

     (c) Binding Effect. This Agreement shall be binding upon, and inure to the benefit
of, the parties hereto, any successors to or assigns of the Company and the Executive’s heirs and
the personal representatives of the Executive’s estate.

     15. Severability. The parties have carefully reviewed the provisions of this
Agreement and agree that they are fair and equitable. However, in light of the possibility of
differing interpretations of law and changes in circumstances, the parties agree that, if any one
or

10

 

more of the provisions of this Agreement shall be determined by a court of competent
jurisdiction or arbitrator to be invalid, void or unenforceable, the remainder of the provisions of
this Agreement shall, to the extent permitted by law, remain in full force and effect and shall in
no way be affected, impaired or invalidated. Moreover, if any one or more of the provisions
contained in this Agreement are determined by a court of competent jurisdiction or arbitrator to be
excessively broad as to duration, activity, geographic application or subject, such provision or
provisions shall be construed, by limiting or reducing them to the extent legally permitted, so as
to be enforceable to the maximum extent compatible with then applicable law.

     16. Withholding. Any payments made or benefits provided to the Executive under this
Agreement shall be reduced by any applicable withholding taxes or other amounts required to be
withheld by law or contract.

     17. Timing of Payments. Notwithstanding any other provision of this agreement or any
applicable plan, program or arrangement, the timing of any payments owed to the Executive by the
Company may be delayed if, and to the extent, necessary to comply with the provisions of the
American Jobs Creation Act of 2004 or other applicable laws, rules and regulations.

     18. Amendment; Waiver. This Agreement may not be modified, amended or waived in any
manner, except by an instrument in writing signed by both parties hereto. The waiver by either
party of compliance with any provision of this Agreement by the other party shall not operate or be
construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such
party of a provision of this Agreement.

     19. Governing Law. All matters affecting this Agreement, including the validity
thereof, are to be governed by, and interpreted and construed in accordance with, the laws of the
Illinois applicable to contracts executed in and to be performed in that State.

     20. Survival of Certain Provisions. The rights and obligations set forth in Sections
6, 7, 8, 9, 10 and 11 shall survive any termination or expiration of this Agreement.

     21. Entire Agreement; Supersedes Previous Agreements. This Agreement and the RSR
Agreement contains the entire agreement and understanding of the parties hereto with respect to the
matters covered herein and supersede all prior or contemporaneous negotiations, commitments,
agreements and writings with respect to the subject matter hereof, all such other negotiations,
commitments, agreements and writings shall have no further force or effect, and the parties to any
such other negotiation, commitment, agreement or writing shall have no further rights or
obligations thereunder.

     22. Counterparts. This Agreement may be executed by either of the parties hereto in
counterparts, each of which shall be deemed to be an original, but all such counterparts shall
together constitute one and the same instrument.

     23. Headings. The headings of sections herein are included solely for convenience of
reference and shall not control the meaning or interpretation of any of the provisions of this
Agreement.

     24. Notices. All notices or communications hereunder shall be in writing, addressed
as follows:

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To the Company:

Trizec Properties, Inc.

10 South Riverside Plaza

Suite 1100

Chicago, IL 60606

ATTN: General Counsel

To the Executive:

Brian Lipson

c/o Trizec Properties, Inc.

10 South Riverside Plaza

Suite 1100

Chicago, IL 60606,

or such other address of the Executive
as may be set forth in a written notice delivered to the Company in accordance with this
Section 24,

With a copy to:

Herbert W. Krueger

Mayer, Brown, Rowe & Maw LLP

190 South LaSalle Street

Chicago, IL 60603

     All such notices shall be conclusively deemed to be received and shall be effective (i) if
sent by hand delivery, upon receipt or (ii) if sent by electronic mail or facsimile, upon receipt
by the sender of such transmission.

     25. Definition of “Company”. For purposes of the payment of sums due to the Executive
under this Agreement, the defined term “Company” shall be deemed to include Trizec Properties, Inc.
and any one or more of its subsidiaries or affiliates, as appropriate.

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     IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by its officer pursuant
to the authority of its Board, and the Executive has executed this Agreement, as of the day and
year first written above.

	 	 	 	 	 
	 	 	 
	 	By  	/s/ Timothy H. Callahan	 
	 	Name:  	Timothy H. Callahan	 
	 

	 	 	 	 	 
	 	THE EXECUTIVE

 	 
	 	/s/ Brian Lipson
 	 
	 	Brian Lipson 	 
	 	 	 
	 

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