Document:

Dilutive Issuance Notice

    Exhibit
      10.8

     

    

    
 

    March
      16,
      2006

    

    Luitpold
      von Finck

    Pastfach
      1308

    Zurich,
      Switzerland 8034

    

    Re:    Dilutive
      Issuance of Warrants

     

    Dear
      Mr.
      Luitpold von Finck:

     

    I
      previously sent you a Dilutive Issuance Notice in connection with your
      participation on or about 11-16-2004, in Bullion River Gold Corp.’s (the
“Company”)
      private offering (the “Offering”).
      As
      part of the Offering, you received a Common Stock Purchase Warrant (the
“Warrant”)
      providing for your right to acquire additional shares of the Company’s common
      stock at $1.00 per share (“Exercise
      Price”).

     

    As
      part
      of an oral agreement with Peter Kuhn, president of Bullion River Gold, the
      Company agreed that in the event it offered or sold any common stock or common
      stock equivalents entitling any purchaser to acquire shares of the Company’s
      common stock, at an effective price per share less than the Exercise Price
      (such
      lower price, the “Base
      Share Price”),
      then,
      the Exercise Price would be reduced to equal the Base Share Price and the number
      of issuable warrant shares would be increased such that the aggregate Exercise
      Price, after taking into account the decrease in the Exercise Price, will be
      equal to the aggregate Exercise Price prior to such adjustment.

     

    Commencing
      on or about October 14, 2005 and ending on January 23, 2006, the Company engaged
      in a new private offering (“Current
      Offering”)
      involving the sale and purchase of additional units in the Company consisting
      of
      common stock and warrants at a purchase price of $0.50 per unit; each of which
      consists of (a) one share of the common stock, and (b) one warrant to purchase
      one share of common stock at an exercise price of $0.75 per share. 

     

    In
      light
      of the $0.50 per share common stock price used in the Current Offering, the
      Company has reduced the Exercise Price of the warrant to equal $0.50 and
      increased the number of warrant shares issuable to you by 11,167.
      This is
      based on the oral agreement between Peter Kuhn, president of Bullion River
      Gold,
      and yourself. 

     

    Enclosed
      is your Common Stock Purchase Warrant document for the additional warrants.
      Please sign below and return this letter, confirming receipt of the warrant
      pursuant to the oral promise and that Bullion River Gold has no further
      obligations to you pursuant to the oral promise at this time. 

     

    Should
      you have any questions regarding the foregoing, please do not hesitate to let
      me
      know. 

     

    

    
      	                    
              /s/ Peter M.
              Kuhn                             	                   
              /s/ Luitpold Von
              Fink                       
              
	Peter M. Kuhn	
               
“I
                confirm receipt of warrant.”

            
	President	
                 (Authorized
                Certificate
                Signator)

            

    

      

     

    
      
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    Neither
      this security nor the securities into which this security is exercisable have
      been registered with the Securities and Exchange Commission or the securities
      commission of any state in reliance upon an exemption from registration under
      the Securities Act of 1933 (the “Securities Act”), and, accordingly, may not be
      offered or sold except pursuant to an effective registration statement under
      the
      Securities Act or pursuant to an available exemption from, or in a transaction
      not subject to, the registration requirements of the Securities Act and in
      accordance with applicable state securities laws as evidenced by a legal opinion
      of counsel to the transferor to such effect, the substance of which will be
      reasonably acceptable to the company.

    

    This
      security and the securities into which this security is exercisable have been
      issued pursuant to an exemption from registration under the Securities Act
      of
      1933, as amended, pursuant to regulation S thereunder. This security and the
      securities into which this security is excercisable cannot be transferred,
      offered, or sold in the united states or to U.S. Persons (as that term is
      defined in regulation S) except pursuant to registration under the Securities
      Act of 1933, or pursuant to an available exemption from
      registration.

    

    

    COMMON
      STOCK PURCHASE WARRANT

    

    To
      purchase
        11,167       shares
      of
      common stock of

     

    BULLION
      RIVER GOLD CORP.

     

    Dated:
      January
      23, 2006

     

    This
      common stock purchase warrant
      (the
“Warrant”)
      certifies that, for value received, Luitpold
      Von Finck.
      (“the
“Holder”),
      is
      entitled, upon the terms and subject to the limitations on exercise and the
      conditions hereinafter set forth, at any time on or after the date given above
      (the “Initial
      Exercise Date”)
      and by
      the close of business on the second anniversary of the Initial Exercise Date
      (the “Termination
      Date”)
      but
      not thereafter, to subscribe for and purchase from Bullion River Gold Corp.,
      a
      Nevada corporation (the “Company”),
      up
      to
      11,167
      shares
      (the “Warrant
      Shares”)
      of
      common stock, par value $0.001 per share, of the Company (the “Common
      Stock”).
      The
      purchase price of one share of Common Stock under this Warrant is equal to
      the
      Exercise Price, as defined in Section 2(a).
      

     

    1.  Definitions.
      Capitalized terms used and not otherwise defined in this Warrant have the same
      meanings as they have in the Securities Purchase Agreement (the “Purchase
      Agreement”),
      dated 11/16/2004,
      among
      the Company and the Holder as Purchaser.

     

     

    
      
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    2.  Exercise.

     

    (a)  Exercise
      Price.
      The
      exercise price of the Common Stock under this Warrant is $0.75,

     

    (b)  Exercise
      of Warrant.
      The
      Holder may exercise the purchase rights represented by this Warrant at any
      time
      from the Initial Exercise Date to five o’clock in the afternoon, Reno time, on
      the Termination Date by delivering to the Company (i) a duly executed facsimile
      copy of the annexed Notice of Exercise, and, (ii) within 5 Trading Days of
      delivering the Notice of Exercise to the Company, (A) this Warrant, and (B)
      by
      wire or cashier’s check drawn on a United States bank the United States dollar
      amount equal to the number of Warrant Shares being purchased times the Exercise
      Price (the “Exercise
      Amount”).

     

    (c)  Exercise
      limitations. 

     

    (i)  The
      Holder may not exercise any portion of this Warrant if, immediately after the
      Warrant Shares are issued, the Holder (together with the Holder’s Affiliates)
      would beneficially own more than 4.99% of the number of shares of the Common
      Stock outstanding.  For the purposes of the foregoing sentence, the number
      of shares of Common Stock beneficially owned by the Holder and its Affiliates
      includes the number of shares of Common Stock issuable upon the exercise of
      this
      Warrant, but excludes the number of shares of Common Stock that would be
      issuable upon (i) the Holder’s exercise of the remaining, unexercised portion of
      this Warrant and (ii) the Holder’s or its Affiliates’ exercise or conversion of
      the unexercised or nonconverted portion of any other securities of the Company
      that the Holder or any of its Affiliates own beneficially. 
      Except as set forth in the foregoing sentence, for the purposes of this Section
      2(c),
      beneficial ownership must be calculated in accordance with Section 13(d) of
      the
      Securities and Exchange Act of 1934 (“Exchange
      Act”).

     

    (ii)  The
      Holder acknowledges that the Company is not representing to Holder that the
      calculation described in Section 2(c)(i)
      complies
      with Section 13(d) of the Exchange Act and Holder is solely responsible for
      any
      schedules required to be filed in accordance with it. The determination of
      whether this Warrant is exercisable (in relation to other securities owned
      by
      the Holder and its Affiliates) is in the sole discretion of the Holder, and
      the
      submission of a Notice of Exercise is deemed to be the Holder’s declaration that
      the Holder has determined that this Warrant is exercisable as set out in the
      Notice of Exercise and subject to the limitations in this Section 2(c);
      and the
      Company is not obliged to verify or confirm the accuracy of the Holder’s
      determination.

     

    (iii)  For
      the
      purposes of this Section 2(c),
      in
      determining the number of outstanding shares of Common Stock, the Holder may
      rely on the number of outstanding shares of Common Stock as reflected in the
      most recent of (A) the latest filed of the Company’s Form 10-QSB and Form
      10-KSB, (B) a public announcement by the Company stating the number of shares
      of
      Common Stock outstanding, or (C) any other notice by the Company or the
      Company’s Transfer Agent stating the number of shares of Common Stock
      outstanding.  If Holder asks for it, the Company will within two Trading
      Days confirm orally and in writing to the Holder the number of shares of Common
      Stock then outstanding.

     

     

    
      
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    (d)  Mechanics
      of Exercise.

     

    (i)  Authorization
      of Warrant Shares.
      The
      Company will issue all Warrant Shares as duly authorized, validly issued, fully
      paid and non-assessable, and free from all taxes, liens and charges (other
      than
      taxes in respect of any transfer occurring contemporaneously with the issue).
      

     

    (ii)   Delivery
      of certificates upon exercise.
      The
      Company’s transfer agent will deliver certificates for Warrant Shares to the
      Holder to the address specified by the Holder in the Notice of Exercise within
      3
      Trading Days from the later of (A) the Company’s receipt of the Notice of
      Exercise, (B) the Holder’s surrender of this Warrant, and (C) the Company’s
      receipt of the Exercise Amount as set out in Section 2(b)
      (“Warrant
      Share Delivery Date”).
      This
      Warrant is deemed to have been exercised on the date the Exercise Amount is
      received by the Company (“Exercise
      Date”);
      and
      the Warrant Shares are deemed to have been issued, and Holder is deemed to
      have
      become a holder of record of the shares for all purposes, on the Exercise
      Date.

     

    (iii)  Delivery
      of new Warrants upon exercise.
      If this
      Warrant is exercised in part, the Company will, when it delivers the certificate
      or certificates representing Warrant Shares, deliver to Holder a new Warrant
      evidencing the rights of Holder to purchase the unpurchased Warrant Shares,
      identical in all other respects with this Warrant.

     

    (iv)  Rescission
      rights.
      If the
      Company fails to cause its transfer agent to transmit to the Holder a
      certificate or certificates representing the Warrant Shares pursuant to this
      Section 2(d)(iv)
      by the
      Warrant Share Delivery Date, then the Holder may rescind the
      exercise.

     

    (v)  No
      fractional shares or scrip.
      No
      fractional shares or scrip representing fractional shares may be issued upon
      the
      exercise of this Warrant. If the Holder would otherwise be entitled to
      fractional shares upon the exercise, the Company will pay a cash adjustment
      in
      respect of the fraction in an amount equal to the fraction multiplied by the
      Exercise Price.

     

    (vi)  Charges,
      taxes and expenses.
      The
      Company will issue certificates for Warrant Shares in the name of the Holder
      and
      will not charge the Holder for any issue or transfer tax or other incidental
      expense in respect of the issuance of the certificate.

     

    (vii)  Closing
      of books.
      The
      Company will not close its stockholder books or records in any manner that
      prevents the timely exercise of this Warrant.

     

     

    
      
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    3.  Certain
      Adjustments.

     

    (a)  Stock
      dividends and splits.
      If the
      Company, at any time while this Warrant is outstanding,
      (i)
      pays a stock dividend or otherwise makes a distribution on shares of its Common
      Stock or any other Common Stock Equivalent (which, for avoidance of doubt,
      does
      not include any shares of Common Stock issued by the Company pursuant to this
      Warrant), (ii) subdivides outstanding shares of Common Stock into a larger
      number of shares, (iii) combines outstanding shares of Common Stock into a
      smaller number of shares, or (iv) issues by reclassification of shares of the
      Common Stock any shares of capital stock of the Company, then the Exercise
      Price
      must be multiplied by a fraction of which the numerator is the number of shares
      of Common Stock (excluding treasury shares, if any) outstanding before the
      event
      and of which the denominator is the number of shares of Common Stock outstanding
      after the event, and the number of shares issuable upon exercise of this Warrant
      must be proportionately adjusted by this fraction. Any adjustment made pursuant
      to this Section 3(a)
      is
      effective immediately after the record date for the determination of
      stockholders entitled to receive the dividend or distribution and is effective
      immediately after the effective date in the case of a subdivision, combination
      or re-classification.

     

    (b)  Fundamental
      Transaction.
      If, at
      any time while this Warrant is outstanding,
      (i) the
      Company merges or consolidates with or into another Person, (ii) the Company
      sells all or substantially all of its assets in one or a series of related
      transactions, (iii) any Person completes a tender offer or exchange offer by
      which holders of Common Stock are permitted to tender or exchange their shares
      for other securities, cash or property, or (iv) the Company reclassifies its
      Common Stock or completes any compulsory share exchange pursuant to which the
      Common Stock is effectively converted into or exchanged for other securities,
      cash or property (in any such case, a “Fundamental
      Transaction”),
      then,
      upon any subsequent conversion of this Warrant, the Holder has the right to
      receive, for each Warrant Share that would have been issued upon the exercise
      absent the Fundamental Transaction, the same consideration as the Company has
      given its other holders of its Common Stock for the conversion of their Common
      Stock outstanding at the time of the Fundamental Transaction (the “Alternate
      Consideration”).
      Any
      successor to the Company or surviving entity in a Fundamental Transaction must
      issue to the Holder a new warrant consistent with the foregoing provisions
      with
      evidence of the Holder’s right to exercise the warrant into Alternate
      Consideration. The terms of any agreement pursuant to which a Fundamental
      Transaction is completed must include terms requiring the successor or surviving
      entity to comply with the provisions of this Section 3(b)
      and
      insuring that this Warrant (or any replacement security) is similarly adjusted
      upon any subsequent transaction analogous to a Fundamental
      Transaction.

     

     

    
      
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    (c)  Calculations.
      All
      calculations under this Section 3
      must be
      made to the nearest cent or the nearest 1/100th
      of a
      share, as the case may be. The number of shares of Common Stock outstanding
      at
      any given time does not include shares of Common Stock owned or held by or
      for
      the account of the Company. For the purposes of this Section 3,
      the
      number of shares of Common Stock deemed to be issued and outstanding as of
      a
      given date is the sum of the number of shares of Common Stock (excluding
      treasury shares, if any) issued and outstanding.

     

    (d)  Notice
      to Holders.
      If the
      Company makes adjustments under this Section 3,
      the
      Company will promptly mail to each Holder a notice containing a description
      of
      the event that required the adjustment. If the Company proposes any transaction
      that affects the rights of the holders of its Common Stock, then the Company
      will notify the Holders of the proposal at least twenty days before the record
      date set for the transaction.

     

    4.  Warrant
      register.
      The
      Company will register this Warrant on its warrant register and will treat the
      registered Holder as the absolute owner for all purposes.

     

    5.  Miscellaneous.

     

    (a)  Title
      to Warrant.
      This
      Warrant is not transferable.

     

    (b)  No
      rights as shareholder until Exercise Date.
      This
      Warrant does not entitle the Holder to any voting rights or other rights as
      a
      shareholder of the Company before the Exercise Date. Upon the surrender of
      this
      Warrant and the payment of the aggregate Exercise Price, the Company will issue
      the Warrant Shares to the Holder as the record owner of the Warrant Shares
      as of
      the close of business on the Exercise Date.

     

    (c)  Loss,
      Theft, Destruction or Mutilation of Warrant.
      The
      Company covenants that upon receipt by the Company of evidence reasonably
      satisfactory to it of the loss, theft, destruction or mutilation of this Warrant
      or any stock certificate relating to the Warrant Shares, and, in case of loss,
      theft or destruction, of indemnity or security reasonably satisfactory to it,
      and upon surrender and cancellation of the Warrant or stock certificate, if
      mutilated, the Company will make and deliver a new Warrant or stock certificate
      of like tenor and dated as of the cancellation, in lieu of the Warrant or stock
      certificate.

     

    (d)  Saturdays,
      Sundays, Holidays, etc.
      If the
      last date for doing anything under this Warrant falls on a Saturday, Sunday
      or a
      legal holiday, then the thing may be done on the next succeeding Trading
      Day.

     

    (e)  Authorized
      Shares.

     

     

    
      
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      (i)  The
        Company covenants that, while the Warrant is outstanding, it will reserve
        from
        its authorized and unissued Common Stock a sufficient number of shares to
        provide for the issuance of the Warrant Shares upon the exercise of any purchase
        rights under this Warrant. The Company further covenants that its issuance
        of
        this Warrant constitutes full authority to its officers who are charged with
        the
        duty of executing stock certificates to execute and issue the necessary
        certificates for the Warrant Shares upon the exercise of the purchase rights
        under this Warrant. The Company will take all such reasonable action as may
        be
        necessary to assure that the Warrant Shares are issued as provided without
        a
        violation of any applicable law or regulation, or of any requirements of
        the
        Trading Market upon which the Common Stock may be listed or quoted.

       

      (ii)  
        Unless
        waived or consented to by the Holder, the Company will not by any action
        avoid
        or seek to avoid the observance or performance of any of the terms of this
        Warrant, but will at all times in good faith assist in carrying out of all
        its
        terms and take whatever actions is necessary or appropriate to protect the
        rights of Holder under this Warrant from impairment.

       

      (f)  Jurisdiction.
        All
        questions concerning the construction, validity, enforcement and interpretation
        of this Warrant must be determined in accordance with the provisions of the
        Purchase Agreement.

       

      (g)  Restrictions.
        The
        Holder acknowledges that the Holder’s sale or transfer of the Warrant Shares, if
        not registered, will be subject to restrictions upon resale imposed by state
        and
        federal securities laws.

       

      (h)  No
        waiver.
        No
        course of dealing or any delay or failure to exercise any right hereunder
        on the
        part of Holder operates as a waiver of the right or otherwise prejudices
        Holder’s rights, powers or remedies.

       

      (i)  Notice.
        Any
        notice, request or other document required or permitted to be given or delivered
        by either party to the other must be delivered in accordance with the notice
        provisions of the Purchase Agreement.

       

      (j)  Successors
        and Assigns.
        Subject
        to applicable securities laws, this Warrant inures to the benefit of and
        binds
        the successors and permitted assigns of the Company and the Holder.

       

      (k)  Amendment.
        Any
        amendment of this Warrant must be in writing and signed by both the Company
        and
        the Holder.

       

      (l)  Severability.
        Wherever possible, each provision of this Warrant must be interpreted under
        applicable law, but if any provision of this Warrant is prohibited by or
        invalid
        under applicable law, the provision is ineffective to the extent of the
        prohibition or invalidity, without invalidating the remaining provisions
        of this
        Warrant.

       

       

      
        
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      (m)  Headings.
        The
        headings used in this Warrant are for the convenience of reference only and
        are
        not, for any purpose, deemed a part of this Warrant.

       

      In
        witness whereof
        the
        Company has caused this Warrant to be executed by its duly authorized
        officer.

    

     

    
      	 	 	 
	 	BULLION
              RIVER GOLD CORP.
	 
 	 
 	 
 
	 	By:  	/s/
              Peter M. Kuhn
	 	Name: Peter M. Kuhn
	 	
              Title:
                President

            

    

    

 

    
      
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    NOTICE
      OF EXERCISE

    

    To: Bullion
      River Gold Corp.

    

    The
      undersigned hereby elects to purchase ___________ Warrant
      Shares of the Company pursuant to the terms of the attached Warrant (only if
      exercised in full; if exercised in part, attach a copy of the Warrant), and
      tenders herewith payment of the exercise price in full, together with all
      applicable transfer taxes, if any.

     

    Payment
      will take the form of lawful money of United States.

     

    Please
      deliver the Warrant Shares to the following:

    

    _______________________________________

     

    _______________________________________

     

    _______________________________________

     

     

     

    _______________________________________

    Signature
      of Holder or authorized signatory of Holder

     

    Name
      of
      Holder:__________________________________________________

    Name
      of
      authorized signatory: _______________________________________

    Title
      of
      authorized signatory: ________________________________________

    Date:
      __________________________________________________________

    
 

     

    Page 9
      of 9Exhibit 10.10

Exhibit
    10.10

    EMPLOYMENT
      AGREEMENT 2006

     

    AS
      RESTATED AND AMENDED

     

    THIS
      EMPLOYMENT AGREEMENT
      (“Agreement”) is and entered into effective as of the 1st
      day of
      September 2006, by and between TRUSTREET
      PROPERTIES, INC.,
      a
      Maryland corporation (“TSY”), and Curtis
      B. McWilliams
      (“Executive”).

     

    Preliminary
      Statement

     

    WHEREAS,
      Executive is currently employed by TSY as its President and Chief Executive
      Officer; and

     

    WHEREAS,
      TSY
      desires to continue to employ Executive, and Executive desires to continue
      to be
      employed by TSY; and

     

    WHEREAS,
      TSY and
      Executive desire to enter into this Agreement which sets forth the terms and
      conditions of Executive’s continued employment by TSY.

     

    NOW,
      THEREFORE,
      in
      consideration of the mutual covenants set forth below, TSY and Executive agree
      as follows:

     

    1. Employment.
      TSY
      hereby employs the Executive, and Executive agrees to serve TSY, for the period
      and upon terms and conditions set forth below. Except as otherwise provided
      in
      this Agreement, Executive’s employment shall be subject to the employment
      policies and practices of TSY in effect from time to time during the term of
      Executive’s employment.

     

    2. Term
      of Agreement.
      The
      term of Executive’s employment pursuant to this Agreement shall commence on
      September 1, 2006 (the “Effective Date”), and shall continue in effect for a
      period of thirty-six (36) months to and including September 1, 2009, unless
      terminated earlier in accordance with Section 5 below. Thereafter, this
      Agreement will be automatically renewed by TSY for additional one-year terms,
      unless written notice is given by TSY to Executive no later than one hundred
      and
      eighty (180) days prior to the termination date of any such term, unless
      terminated sooner in accordance with Section 5 below. 

     

    3. Position
      and Duties.
      Executive shall serve as the President and Chief Executive Officer, of TSY
      and
      shall have such duties, authority and responsibilities as are normally
      associated with and appropriate for such position, and shall perform such other
      services for TSY consistent with such position as may be reasonably assigned
      to
      him by the Chief Executive Officer or President of TSY. Executive shall devote
      substantially all of his working time and efforts to the business and affairs
      of
      TSY, except that Executive may engage in personal or charitable activities
      which
      do not interfere with Executive’s employment duties. Executive shall comply with
      the policies, standards, and regulations established from time to time by
      TSY.

     

    4. Compensation
      and Related Matters.

     

    4.1. Base
      Salary.
      During
      the term of this Agreement, TSY shall pay to Executive a base salary at an
      annual rate as specified in Attachment “A” to this Agreement (“Base Salary”).
      The Base Salary shall be paid in equal installments in accordance with TSY’s
      usual and customary payroll practices, but not less frequently than monthly.
      The
      Base Salary may be adjusted as deemed appropriate in the sole and absolute
      discretion of TSY’s Board of Directors.

     

    4.2. Bonus
      and Long-Term Compensation.
      In
      addition to his Base Salary, Executive may be entitled to an annual bonus (the
      “Annual Bonus”) as set forth in Attachment “A” to this Agreement. Pending TSY’s
      approval, Executive may also be entitled to participate in any long-term
      compensation program implemented by TSY. 

     

    4.3. Benefit
      Plans and Arrangements.
      Executive shall be entitled, to the extent Executive is eligible, to participate
      in and to receive benefits under all existing and future employee benefit plans,
      perquisites and fringe benefit programs of TSY that are provided generally
      to
      other similarly situated Executives of TSY, on terms similar to those provided
      to such other Executives.

     

    4.4. Expenses.
      TSY
      shall reimburse Executive for all reasonable and customary expenses incurred
      by
      Executive in performing services for TSY, including all reasonable and customary
      expenses of travel while away from home on business or at the request of and
      in
      the service of TSY, provided that such expenses are incurred and accounted
      for
      by Executive in accordance with the policies and procedures established from
      time to time by TSY.

     

    4.5. Paid
      Time Off. 
      Executive shall be entitled to no fewer than twenty (20) days of paid time
      off
      (PTO) per year. 

     

    5. Termination.
      The
      term of Executive’s employment pursuant to this Agreement may be terminated
      under the following circumstances:

     

    5.1. Death.
      The
      term of Executive’s employment shall terminate upon his death.

     

    5.2. Disability.
      TSY may
      terminate the term of Executive’s employment as a result of Executive’s
      Disability. For purposes of this Agreement, “Disability” is defined as the
      inability, by reason of illness or other physical or mental incapacity or
      limitation, of Executive substantially to perform the duties of his employment
      with the Company, as determined in good faith by TSY, which inability continues
      for at least one hundred twenty (120) consecutive days, or for shorter periods
      aggregating one hundred twenty (120) days during any consecutive twelve (12)
      month period.

     

    5.3. By
      TSY for Cause.
      TSY may
      terminate the term of Executive’s employment for “Cause” upon written notice to
      Executive. For purposes of this Agreement, TSY shall have “Cause” to terminate
      Executive’s employment upon any of the following events:

     

    
      	 	
              (a)

            	
              Executive’s
                continued failure to perform, or his habitual neglect of, his duties
                and
                obligations hereunder;

            

    

     

    
      	 	
              (b)

            	
              Executive’s
                conviction of, or plea of guilty or nolo contendere to, an indictment
                or
                information, or an indictment or information is filed against Executive
                and is not discharged or otherwise resolved within twelve (12) months
                thereafter, and said indictment or information charged Executive
                with a
                felony, any crime involving moral turpitude, or any crime which is
                likely
                to result in material injury to
                TSY;

            

    

     

    
      	 	
              (c)

            	
              Executive’s
                breach of a fiduciary duty relating to the Executive’s employment with
                TSY, including but not limited to an act of fraud, theft or dishonesty;
                or

            

    

     

    
      	 	
              (d)

            	
              Executive’s
                material breach of this Agreement;

            

    

     

    Notwithstanding
      the foregoing, Executive shall not be deemed to have been terminated for Cause
      under subsections (a) or (d) unless TSY provided written notice to the Executive
      setting forth in reasonable detail the reasons for TSY’s intention to terminate
      for Cause, and Executive failed within thirty (30) days to cure the event or
      deficiency set forth in the written notice.

     

    5.4. By
      TSY Without Cause.
      TSY may
      terminate the term of Executive’s employment other than for Cause, death or
      Disability at any time upon thirty (30) days prior written notice to
      Executive.

     

    5.5. By
      Executive for Good Reason.
      Executive may terminate the term of his employment for “Good Reason” upon
      written notice to TSY. For purposes of this Agreement, “Good Reason” shall
      include the following events unless otherwise consented to by
      Executive:

     

    
      	 	
              (a)

            	
              The
                assignment to Executive of any duties materially inconsistent with
                Executive’s position, duties, responsibilities and status within
                TSY;

            

    

     

    
      	 	
              (b)

            	
              A
                material and substantial reduction in Executive’s reporting
                responsibilities not pertaining to job performance
                issues;

            

    

     

    
      	 	
              (c)

            	
              A
                reduction in the Base Salary of the Executive not pertaining to job
                performance issues;

            

    

     

    
      	 	
              (d)

            	
              A
                requirement by TSY that Executive’s work location be moved more than fifty
                (50) miles from TSY’s principal place of business in Orlando,
                Florida;

            

    

     

    
      	 	
              (e)

            	
              TSY’s
                material breach of this Agreement; 

            

    

     

    
      	 	
              (f)

            	
              TSY’s
                failure to obtain an agreement from any successor to the business
                of TSY
                by which the successor assumes and agrees to perform this Agreement;
                or

            

    

     

    
      	 	
              (g)

            	
              A
                “Change in Control” (as defined below) of TSY occurs and
                within twelve (12) months thereafter one of the events set forth
                in
                subsection (a)-(f) above occurs. 

            

    

     

    Notwithstanding
      the foregoing, Executive shall not be deemed to have terminated his employment
      for Good Reason under subsections (a), (b), (c), (d), or (e) unless Executive
      provided written notice to TSY setting forth in reasonable detail the reasons
      for Executive’s intention to terminate his employment for Good Reason, and TSY
      failed within thirty (30) days to cure the event or deficiency set forth in
      the
      written notice.

     

    For
      purposes of this Agreement, a “Change in Control” means any one of the following
      has occurred: (i) a merger, consolidation, or reorganization of TSY with one
      or
      more other corporations, partnerships, limited liability companies, joint
      ventures or other organizations or entities (individually, an “Entity” and
      collectively, the “Entities”), whether or not TSY is the surviving Entity, if
      immediately after such transaction (A) the stockholders of TSY immediately
      prior
      to such transaction do not own, directly or indirectly, more than fifty (50%)
      of
      the voting securities of the surviving Entity, and (B) a majority of the Board
      of Directors of TSY immediately prior to such transaction are not a majority
      of
      the Board of Directors of the surviving Entity immediately after such
      transaction; (ii) a sale of all or substantially all of the assets of TSY (on
      a
      consolidated basis) to one or more individuals or Entities who are not an
      Affiliate (as defined in Section 8.1 below); (iii) the acquisition by any
      individual or Entity (or group of related or affiliated individuals and/or
      Entities) of direct or indirect beneficial ownership of fifty percent (50%)
      or
      more of TSY’s voting securities; (iv) a majority of the Board of Directors of
      TSY elected at any annual or special meeting are not individuals nominated
      by
      the then incumbent Board of Directors (or its Nominating Committee); or (v)
      the
      dissolution or liquidation of TSY. 

     

    5.6. By
      Executive Without Good Reason.
      Executive may terminate the term of Executive’s employment other than for Good
      Reason at any time upon thirty (30) days prior written notice to
      TSY

     

    6. Compensation
      in the Event of Termination.
      Upon the
      termination of this Agreement (the “Termination Date”), TSY shall pay Executive
      compensation as set forth below:

     

    6.1.By
      TSY Without Cause; By Executive for Good Reason.
      In the
      event that Executive’s employment is terminated by TSY without Cause, or by the
      Executive for Good Reason, TSY shall pay the Executive a cash payment equal
      to
      two (2) times the sum of (a) the Executive’s Base Salary, which is in effect on
      the Termination Date, and (b) the Executive’s average Annual Bonus paid for the
      two (2) calendar years immediately preceding the Termination Date (the
“Severance Payment”). The Severance Payment shall be made payable in equal
      installments over a twenty-four (24) month period in accordance with TSY’s usual
      and customary payroll practices, commencing on the first payday following the
      Termination Date; provided,
      however,
      that if
      Executive is a "key employee" (within the meaning of Section 409A of the
      Internal Revenue Code of 1986, as amended), payment shall not commence until
      six
      (6) months following Executive's “separation from service” (within the meaning
      of Section 409A) to the extent necessary to avoid the imposition of the
      additional tax under Section 409A (in which such case the first payment shall
      include all installment payments of the Severance Payment that otherwise would
      have been made during such six (6) month period). In addition, TSY shall pay,
      or
      reimburse Executive for, the cost of the premiums Executive incurs for the
      continuation of his health benefits under the Consolidated Omnibus Budget
      Reconciliation Act of 1986 (COBRA) for up to eighteen (18) months following
      the
      Termination Date; provided,
      however,
      that
      TSY shall in no event be required to pay, or reimburse Executive for, the cost
      of such premiums after such time as Executive becomes entitled to receive health
      benefit from another employer or recipient of Executive’s services (determined
      without regard to any individual waivers or other arrangements). Within thirty
      (30) days of the Termination Date, TSY shall also pay Executive a lump sum
      equal
      to the sum of: (a) any accrued but unpaid Base Salary and PTO due Executive
      as
      of the Termination Date; (b) any Annual Bonus earned for the prior year but
      not
      paid to Executive as of the Termination Date; and (c) reimbursements for
      appropriately submitted expenses which have been incurred, but have not been
      paid by TSY, as of the Termination Date. 

     

    6.2. By
      TSY for Cause; By Executive Without Good Reason.
      In the
      event that TSY terminates Executive’s employment for Cause, or Executive
      terminates his employment without Good Reason, all compensation or benefits
      to
      which Executive may otherwise be entitled to shall cease on the Termination
      Date, except for (a) any accrued but unpaid Base Salary due Executive as of
      the
      Termination Date, and (b) reimbursements for appropriately submitted expenses
      which have been incurred, but have not been paid by TSY, as of the Termination
      Date.

     

    6.3. Death
      or Disability.
      In the
      event that TSY terminates Executive’s employment due to his death or Disability,
      TSY shall pay the Executive or his estate a lump sum equal to one (1) times
      Executive’s Base Salary, payable within thirty (30) days of Executive’s
      termination. This payment shall be in addition to, rather than in lieu of,
      the
      entitlement of Executive or his estate to any other insurance or benefit
      proceeds under any insurance policy paid for by TSY and payable as a result
      of
      his death or Disability. All other compensation or benefits to which Executive
      maybe entitled to shall cease on the Termination Date except for (a) any accrued
      but unpaid Base Salary and PTO due Executive as of the Termination Date, and
      (b)
      reimbursements for appropriately submitted expenses which have been incurred,
      but have not been paid by TSY, as of the Termination Date.

     

    6.4. Natural
      Termination.
      In the
      event that Executive’s employment by TSY pursuant to this Agreement naturally
      terminates at the end of any term due to non-renewal by TSY (a “Natural
      Termination”), all compensation or benefits to which Executive may otherwise be
      entitled to shall cease on the Termination Date, except for (a) any accrued
      but
      unpaid Base Salary due Executive as of the Termination Date, and (b)
      reimbursements for appropriately submitted expenses which have been incurred,
      but have not been paid by TSY, as of the Termination Date; provided,
      however,
      that at
      the election of TSY in its sole and absolute discretion and upon written notice
      to the Executive on or prior to the Termination Date, TSY shall pay the
      Executive a cash payment equal to one (1) times the Executive’s Base Salary
      which is in effect on the Termination Date, which cash payment shall be made
      payable over a twelve (12) month period in equal installments in accordance
      with
      TSY’s usual and customary payroll practices, commencing on the first payday
      following the Termination Date (the “Optional Severance Payment”); provided,
      further,
      that if
      Executive is a "key employee" (within the meaning of Section 409A of the
      Internal Revenue Code of 1986, as amended), payment shall not commence until
      six
      (6) months following Executive's “separation from service” (within the meaning
      of Section 409A) to the extent necessary to avoid the imposition of the
      additional tax under Section 409A (in which such case the first payment shall
      include all installment payments of the Severance Payment that otherwise would
      have been made during such six (6) month period). 

     

    7. Acceleration
      of Vesting. In
      the
      event of a Change in Control (as defined in Section 5.5 above), any unvested
      rights Executive has as a result of his employment by TSY to any: (a) common
      or
      preferred stock, (b) partnership or member interest, (c) other equity interest,
      (d) stock or equity option, (e) phantom stock compensation, or (f) any other
      stock plan, stock option plan, or other deferred compensation plan that is
      subject to vesting or restriction (other than a right of first refusal), shall
      become immediately vested, but the originally selected distribution option
      under
      the deferred compensation plan shall govern; and to the extent an option is
      exercisable, it shall remain exercisable for the lesser of ninety (90) days
      or
      the balance of the term of the option. Notwithstanding the foregoing, all
      distributions under a deferred compensation plan shall be in accordance with
      the
      existing plan.

     

    8. Non-Competition;
      Non-Solicitation; and Confidentiality.

     

    8.1. Confidential
      Information.
      Executive acknowledges that TSY has provided, and during the term of this
      Agreement it will provide, Executive with confidential and proprietary
      information regarding the business in which TSY and the current or future
      Affiliates (as defined below) of TSY (collectively the “TSY Affiliates”) are
      involved, and that TSY has provided, and will provide, Executive with “trade
      secrets”, as defined in Section 688.002(4) of the Florida Statutes, of TSY and
      the TSY Affiliates (hereinafter all such confidential and proprietary
      information and trade secretes are referred to as the “Confidential
      Information”). For purposes of this Agreement, “Confidential Information”
includes, but is not limited to:

     

    
      	 	
              (a)

            	
              Information
                related to the business of TSY and the TSY Affiliates, including
                but not
                limited to marketing strategies and plans, sales procedures, operating
                policies and procedures, pricing and pricing strategies, business
                and
                strategic plans, financial statements and projections, accounting
                and tax
                positions and procedures, and other business and financial information
                of
                TSY and the TSY Affiliates;

            

    

     

    
      	 	
              (b)

            	
              Information
                regarding the customers of TSY and the TSY Affiliates which Executive
                acquired as a result of his employment with TSY, including but not
                limited
                to, customer contracts, work performed for customers, customer contacts,
                customer requirements and needs, data used by TSY and the TSY Affiliates
                to formulate customer bids, customer financial information and other
                information regarding the customer’s
                business;

            

    

     

    
      	 	
              (c)

            	
              Information
                regarding the vendors of TSY and the TSY Affiliates which Executive
                acquired as a result of his employment with TSY, including but not
                limited
                to, product and service information and other information regarding
                the
                business activities of such
                vendors;

            

    

     

    
      	 	
              (d)

            	
              Training
                materials developed by and utilized by TSY and the TSY
                Affiliates;

            

    

     

    
      	 	
              (e)

            	
              Any
                other information which Executive acquired as a result of his employment
                with TSY and which Executive has a reasonable basis to believe TSY
                or the
                TSY Affiliates, as the case may be, would not want disclosed to a
                business
                competitor or to the general public; and

            

    

     

    
      	 	
              (f)

            	
              Information
                which:

            

    

     

    
      	 	
              (i)

            	
              is
                proprietary to, about or created by TSY or the TSY
                Affiliates;

            

    

     

    
      	 	
              (ii)

            	
              gives
                TSY or any of the TSY Affiliates some competitive advantage, the
                opportunity of obtaining such advantage or the disclosure of which
                could
                be detrimental to the interests of TSY or the TSY
                Affiliates;

            

    

     

    
      	 	
              (iii)

            	
              is
                not typically disclosed to non-executives by TSY or otherwise is
                treated
                as confidential by TSY or the TSY Affiliates;
                or

            

    

     

    
      	 	
              (iv)

            	
              is
                designated as Confidential Information by TSY or from all the relevant
                circumstances should reasonably be assumed by Executive to be confidential
                to TSY or any TSY Affiliates.

            

    

     

    For
      purposes of this Agreement, the term “Affiliate” has the meaning set forth in
      Rule 12b-2 of the regulations promulgated under the Securities Exchange Act
      of
      1934, as amended.

     

    8.2. Covenant
      Not to Compete.
      While
      employed by TSY or any TSY Affiliate and for a period of twenty-four (24) months
      following the termination of this Agreement or the termination of Executive’s
“at will” employment by TSY or any TSY Affiliate, whichever is last to occur, in
      consideration of the obligations of TSY hereunder, including without limitation
      the disclosure of Confidential Information to Executive, Executive shall not,
      directly or indirectly, for compensation or otherwise: (a) engage in any
      activity that, or (b) have any interest in any sole proprietorship, partnership,
      corporation, company, association, business or any other person or entity
      (whether as an employee, officer, director, shareholder, member, partner,
      corporation creditor, consultant or otherwise) that, directly or indirectly,
      competes with any of the business enterprises in which TSY and the TSY
      Affiliates (collectively, the “TSY Group”) are now or during Executive’s
      employment become engaged in including, but not limited to, all aspects of
      commercial real estate development, leasing and financing (collectively, “TSY’s
      Business”) in any and all states in which the TSY Group conducts such business
      while Executive is employed by TSY or any TSY Affiliate; provided,
      however,
      Executive may continue to hold securities of TSY or any TSY Affiliate or
      acquire, solely as an investment, shares of capital stock or other equity
      securities of any company which are traded on any national securities exchange
      or are regularly quoted in the over the counter market, so long as Executive
      does not control, acquire a controlling interest in, or become a member of
      a
      group which exercises direct or indirect control of more than five percent
      (5%)
      of any class of capital stock of such corporation. Notwithstanding the
      foregoing, in the event that Executive’s employment by TSY terminates due to a
      Natural Termination (as defined in Section 6.4 above) and TSY elects not to
      pay
      Executive the Optional Severance Payment pursuant to Section 6.4 above, then
      the
      prohibitions contained in this Section 8.2 shall terminate on the Termination
      Date.

     

    8.3. Nonsolicitation
      of Clients.
      While
      employed by TSY or any TSY Affiliate and for a period of twenty-four (24) months
      following the termination of this Agreement or the termination of Executive’s
“at will” employment by TSY or any TSY Affiliate, whichever is last to occur, in
      consideration of the obligations of TSY hereunder, including without limitation
      the disclosure of Confidential Information to Executive, Executive shall not,
      directly or indirectly, for himself or as principal, agent, independent
      contractor, consultant, director, shareholder, partner, officer, member, or
      employee of any other person, firm, corporation, partnership, company,
      association, business or other entity, solicit, attempt to contract with, sell
      to, or enter into a contractual or business relationship of any kind pertaining
      to any aspect of TSY’s Business (as defined in Section 8.2), or any other
      business conducted by the TSY Group, with any person or entity with which the
      TSY Group had any contractual or business relationship or engaged in
      negotiations toward a contract or business relationship in the previous twenty
      four (24) months. 

     

    8.4. Nonsolicitation
      of Employees.
      While
      employed by TSY or any TSY Affiliate and for a period of twenty-four (24) months
      following the termination of this Agreement or the termination of Executive’s
“at will” employment by TSY or any TSY Affiliate, whichever is last to occur, in
      consideration of the obligations of TSY hereunder, including without limitation
      the disclosure of Confidential Information to Executive, Executive shall not
      directly or indirectly, for himself or as principal, agent, independent
      contractor, consultant, director, officer, shareholder, partner, member, or
      employee of any other person, firm, corporation, partnership, company,
      association or other entity, either (a) hire, attempt to employ, contact,
      solicit with respect to hiring or enter into any contractual arrangement with
      any employee or former employee of the TSY Group (as defined in Section 8.2),
      or
      (b) induce or otherwise advise or encourage any employee of the TSY Group to
      leave his or her employment unless, in each such case, such employee or former
      employee has not been employed by the TSY Group for a period in excess of six
      (6) months prior to such hire, attempt to employ, employment contract,
      solicitation, or inducement.

     

    8.5. Nondisparagement.
      While
      employed by TSY or any TSY Affiliate and after Executive’s employment
      terminates, in consideration of the obligations of TSY hereunder, including
      without limitation the disclosure of Confidential Information to Executive,
      Executive shall not disparage, denigrate or comment negatively upon, either
      orally or in writing, TSY, any TSY Affiliate, or any of their officers or
      directors (collectively, the “Benefited Persons”), to or in the presence of any
      person or entity unless compelled to act by a valid subpoena or other legal
      mandate; provided, however, if Executive receives such a subpoena or other
      legal
      mandate he shall provide TSY with written notice of same at least ten (10)
      business days prior to the date on which Executive is required to make the
      disclosure. Unless Executive is terminated for Cause, TSY shall not disparage,
      denigrate or comment negatively upon, either orally or in writing, Executive
      to
      any prospective employer or third party after Executive’s employment terminates
      unless compelled to do so by subpoena or other legal mandate; provided however,
      if TSY receives such a subpoena or other legal mandate it shall provide
      Executive with written notice of same at least ten (10) business days prior
      to
      the date on which TSY is required to make the disclosure.

     

    8.6. Confidentiality.
      While
      employed by TSY or any TSY Affiliate and after Executive’s employment
      terminates, in consideration of the obligations of TSY hereunder, including
      without limitation the disclosure of Confidential Information to Executive,
      Executive shall keep secret and retain in strictest confidence, and shall not
      disclose to any third-party or use for his benefit or the benefit of others,
      except in connection with the business affairs of TSY or any other Benefited
      Persons, any Confidential Information, including, without limitation,
      information concerning the financial condition, prospects, methods of doing
      business, marketing and promotion of services of TSY or any TSY Affiliate,
      disclosed to or known by the Executive as a consequence of his employment by
      TSY
      or any TSY Affiliate, which information is not generally known or otherwise
      lawfully obtainable in the public domain, unless compelled to do so by a valid
      subpoena or other legal mandate. In the event Executive receives such a subpoena
      or other legal mandate, he shall provide TSY with written notice of same at
      least ten (10) business days prior to the date Executive is required to make
      such disclosure.

     

    9. Tangible
      Items.
      All
      files, records, documents, manuals, books, forms, reports, memoranda, studies,
      data, calculations, recordings, or correspondence, in whatever form they may
      exist, and all copies, abstracts and summaries of the foregoing, and all
      physical items related to the business of TSY or any TSY Affiliate, whether
      of a
      public nature or not, and whether prepared by Executive or not, are and shall
      remain the exclusive property of TSY or such TSY Affiliate, as the case may
      be,
      and shall not be removed from their premises, except as required in the course
      of Executive’s employment by TSY, without the prior written consent of TSY. Such
      items, including any copies or other reproductions thereof, shall be promptly
      returned by Executive upon the termination of Executive’s employment with TSY or
      any TSY Affiliate, or at any earlier time upon the written request of
      TSY.

     

    10. Remedies. TSY
      and
      Executive acknowledge and agree that a breach by Executive of any of the
      covenants contained in Sections 8 or 9 of this Agreement will cause immediate
      and irreparable harm and damage to TSY and/or any other Benefited Person, and
      that monetary damages will be inadequate to compensate TSY, and/or any other
      Benefited Person, as the case may be, for such breach. Accordingly, Executive
      acknowledges that TSY and/or any other Benefited Person affected shall, in
      addition to any other remedies available to them at law or in equity (including
      the recovery of damages), be entitled to an injunction from any court of
      competent jurisdiction enjoining and restraining any violation of said covenants
      by Executive or any of his affiliates, associates, partners, employees or
      agents, either directly or indirectly, without the necessity of posting bond
      or
      proving the inadequacy of legal remedies or irreparable harm. In the event
      of
      Executive’s breach of any of the provisions of Sections 8 or 9 of this
      Agreement, in addition to any other remedies TSY may have, TSY may cease making
      the balance of the payments specified in Section 6.1 or 6.4, if any, and recover
      in full from Executive any such payments previously made. The rights and
      obligations of Sections 8 and 9 hereof are covenants independent of any other
      rights or obligations of this Agreement and no claim, or defense based on a
      claim, that TSY is in breach of this Agreement shall be a defense to the
      enforcement of TSY ’s rights under Sections 8 or 10 hereof.

     

    11. Arbitration.
      Except
      with regard to a breach by Executive of any of his covenants in Sections 8
      or 9
      of this Agreement, all disputes between the parties or any claims concerning
      the
      performance, breach, construction or interpretation of this Agreement, or in
      any
      manner arising out of this Agreement, shall be submitted to binding arbitration
      in accordance with the Commercial Arbitration Rules, as amended from time to
      time, of the American Arbitration Association (the “AAA”), which arbitration
      shall be carried out in the manner set forth below:

     

    
      	 	
              (a)

            	
              Within
                fifteen (15) days after written notice by one party to the other
                party of
                its demand for arbitration, which demand shall set forth the name
                and
                address of its designated arbitrator, the other party shall appoint
                its
                designated arbitrator and so notify the demanding party. Within fifteen
                (15) days thereafter, the two arbitrators so appointed shall appoint
                the
                third arbitrator. If the two appointed arbitrators cannot agree on
                the
                third arbitrator, then the AAA shall appoint an independent arbitrator
                as
                the third arbitrator. The dispute shall be heard by the arbitrators
                within
                ninety (90) days after appointment of the third
                arbitrator.

            

    

     

    
      	 	
              (b)

            	
              The
                arbitration proceedings shall take place in Orlando, Florida. The
                decision
                of any two or all three of the arbitrators shall be binding upon
                the
                parties without any right of appeal, and the decision of the arbitrators
                shall be final and binding upon TSY, its successors and assigns,
                and upon
                Executive, his heirs, personal representatives, and legal representatives.
                Judgment upon any award rendered by the arbitrators may be entered
                into by
                any court having competent jurisdiction without any right of
                appeal.

            

    

     

    
      	 	
              (c)

            	
              Each
                party shall pay its or his own expenses of arbitration, and the expenses
                of the arbitrators and the arbitration proceeding shall be shared
                equally.
                However, if in the opinion of a majority of the arbitrators any claim
                or
                defense was unreasonable, the arbitrators may assess, as part of
                their
                award, all or any part of the arbitration expenses of the other party
                (including reasonable attorneys’ fees) and of the arbitrators and the
                arbitration proceeding. 

            

    

     

    12. Attorneys’
      Fees.
      In the
      event any legal or equitable action is instituted by TSY or any Benefited Person
      due to Executive’s breach of any of the covenants contained in Sections 8 or 9
      of this Agreement, the prevailing party in such action shall be entitled to
      recover reasonable attorneys’ fees and other costs and expenses from the
      non-prevailing party, whether incurred at the trial level or in any appellate
      proceeding. 

     

    13. Severability.
      As the
      provisions of this Agreement are independent of and severable from each other,
      TSY and Executive agree that if, in any action before any court or agency
      legally empowered to enforce this Agreement, any term, restriction, covenant,
      or
      promise hereof is found to be unreasonable or otherwise unenforceable, then
      such
      invalid term, restriction, covenant, or promise shall be deemed modified to
      the
      extent necessary to make it enforceable, and the remaining provisions of this
      Agreement shall remain in full force and effect if the essential provisions
      of
      this Agreement for each party remain valid, binding and
      enforceable.

     

    14. Notice.
      For
      purposes of this Agreement, notices, demands and all other communications
      provided for in the Agreement shall be in writing and shall be deemed to have
      been duly given when received if delivered in person, the next business day
      if
      delivered by overnight commercial courier (e.g. FedEx), or the third (3rd)
      business day if mailed by United States certified mail, return receipt
      requested, postage prepaid, to the following addresses:

     

    If
      to
      Executive:

     

    Curtis
      B.
      McWilliams

    970
      Via
      Lugano

    Winter
      Park, FL 32789

     

    If
      to
      TSY:

     

    Trustreet
      Properties, Inc. 

    450
      South
      Orange Avenue - 11th Floor

    Orlando,
      Florida 32801

    Attn:
       Chief
      Executive Officer

     

    Either
      party may change its address for notices in accordance with this Section 14
      by
      providing written notice of such change to the other party.

     

    15. Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Florida without regard to principals of Conflicts of Law. 

     

    16. Benefits;
      Binding Effect; Assignment.
      This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their respective heirs, personal representatives, legal representatives,
      successors and permitted assigns. Executive shall not assign this Agreement.
      However, TSY may assign this Agreement to a TSY Affiliate upon written notice
      to
      Executive, provided that the assignee assumes all of the obligations of TSY
      under this Agreement.

     

    17. Withholding.
      All
      payments of compensation due to Executive under this Agreement including, but
      not limited to, Base Salary, Annual Bonus, Severance Payment, and Optional
      Severance Payment, if any, shall be subject to applicable federal and state
      income tax withholding and payroll taxes (e.g. FICA, FUTA, and Medicare
      tax).

     

    18. Entire
      Agreement.
      This
      Agreement, including its incorporated Attachment ”A”, constitutes the entire
      agreement between the parties, and all prior understandings, agreements or
      undertakings between the parties concerning Executive’s employment or the other
      subject matters of this Agreement [including but not limited to that certain
      Employment Agreement between Executive and CNL Franchise Network GP, Corp.
      dated
      as of September 1, 2002], are superseded in their entirety by this Agreement.
      This Agreement may not be modified or amended other than by an agreement in
      writing executed and delivered by both parties hereto.

     

    19. Survival.
      Except
      where the context otherwise provides, all of the terms, conditions, and
      prohibitions of this Agreement shall survive the termination of this Agreement,
      including but not limited to, Sections 7, 8, and 9.

     

    20. Interpretation.
      As both
      parties having had the opportunity to consult with legal counsel, no provision
      of this Agreement shall be construed against or interpreted to the disadvantage
      of any party by reason of such party having, or being deemed to have, drafted,
      devised, or imposed such provision.

     

    21. Notice
      to TSY; Cure Periods.
      TSY
      shall not be deemed to be in breach or violation of this Agreement for any
      purpose unless Executive provided written notice to TSY setting forth in
      reasonable detail the reasons for Executive’s claim that TSY has breached or
      violated this Agreement and TSY failed within thirty (30) days of such notice
      to
      cure the breach or violation alleged therein.

     

    22. Representations
      by Executive.
      Executive represents and warrants to TSY that he is not a party to or bound
      by
      any litigation, judgment, consent decree or any other agreement, covenant,
      or
      instrument that would prohibit Executive from performing his duties or
      obligations hereunder or conflict with any of the terms or conditions of this
      Agreement.

     

    

     

    IN
      WITNESS WHEREOF,
      the
      undersigned have executed this Agreement to be effective as of the date first
      above written.

     

    
      	 	
              “Executive”

            
	 	 
	 	 
	
              /s/
                Anita Simpson

              Witness

            	
               /s/
                Curtis B. McWilliams   

               

              Curtis
                B. McWilliams

            
	 	 
	 	 
	 	 
	 	 
	 	
              “TSY”

            
	 	 
	 	
              Trustreet
                Properties, Inc.

            
	 	 
	 	 
	 	 
	 	 
	
              /s/
                Constance Brown

              Witness

            	
              By: /s/
                James M. Seneff, Jr.  

              James
                M. Seneff, Jr.

              Chairman
                of the Board

            

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      EMPLOYMENT
        AGREEMENT OF CURTIS B. McWILLIAMS

       

      2006
        ATTACHMENT “A”

       

      

       

      1.  Base
        Salary:
        Executive’s Base Salary shall be $400,000.00 per year. 

       

      2.  Annual
        Bonus Compensation:
        Executive may receive annual bonus compensation targeted at fifty percent
        (50%)
        of the Executive’s current Base Salary with a maximum annual bonus of one
        hundred percent (100%) of the Executive’s current Base Salary. Executive’s bonus
        compensation shall be based, in part, on his achieving his Key Performance
        Indicators (KPIs) for the year, TSY’s performance for the year, and determined
        in accordance with TSY executive compensation policies.

       

      3.  Long-Term
        Compensation:
        Executive is currently participating in a long-term incentive plan, and would
        be
        eligible to participate in additional plans as applicable.

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