Document:

Exhibit 10.9B

 

PROMISSORY
NOTE

 

	
  $39,000,000.00

  	
   

  	
  September 19,
  2003

  

 

FOR VALUE RECEIVED, AMERIVEST
CENTERRA INC., AMERIVEST PARKWAY INC. AND AMERIVEST BLACK CANYON INC., each
having an address c/o AmeriVest Properties Inc. at 1780 South Bellaire Street,
Suite 100 Denver, CO  80222 (“Maker”), hereby
promises to pay to the order of GREENWICH
CAPITAL FINANCIAL PRODUCTS INC., a Delaware corporation, at its
principal place of business at 600 Steamboat Road, Greenwich, Connecticut 06830
(together with its successors and assigns “Payee”) or at such place as the holder hereof
may from time to time designate in writing, the principal sum of THIRTY-NINE
MILLION AND 00/100 DOLLARS ($39,000,000.00) (the “Principal”),
in lawful money of the United States of America, with interest on the unpaid
principal balance from time to time outstanding at the Interest Rate, in
installments as follows:

 

A.                                   A payment of
$66,690.00 on the date hereof, representing interest from the date of funding
through September 30, 2003;

 

B.                                     On November 1,
2003 (which shall be the first Payment Date hereunder) and each Payment Date
thereafter through and including September 1, 2008, the Principal and interest
thereon at the Interest Rate shall be payable in equal monthly installments of
$230,953.76 (the “Monthly
Debt Service Payment Amount”); which is based on the Interest
Rate and a 300-month amortization schedule; each of such payments, subject to
the provisions of Section 3.11 of the Loan Agreement (hereinafter defined), to
be applied (a) to the payment of interest computed at the rate aforesaid;
and (b) the balance applied toward the reduction of the principal sum; and

 

C.                                     The balance of
the principal sum of this Note together with all accrued and unpaid interest
thereon shall be due and payable on the Maturity Date.

 

1.                                      Definitions.  Capitalized terms used but not otherwise
defined herein shall have the meanings given in that certain Loan Agreement
(the “Loan Agreement”)
dated the date hereof between Maker and Payee. 
The following terms have the meanings set forth below:

 

Business Day: 
any day other than a Saturday, Sunday or any day on which
commercial banks in New York, New York are authorized or required to close.

 

Default Rate: 
a rate per annum equal to the lesser of (i) the maximum rate permitted
by applicable law, or (ii) 5% above the Interest Rate, compounded monthly.

 

Interest Period: 
(i) the period from the date hereof through the first day
thereafter that is the last day of a calendar month and (ii) each period
thereafter from the 1st day of each calendar month through the last
day of each such calendar month; except that the Interest Period, if any, that
would otherwise commence before and end after the Maturity Date shall end on
the Maturity Date.

 

 

Interest Rate: 
a rate of interest equal to five and thirteen one-hundredths percent
(5.13%) per annum, which includes a servicing fee of three (3) basis points
(or, when applicable pursuant to this Note or any other Loan Document, the
Default Rate).

 

Maturity Date: 
the date on which the final payment of principal of this Note (or the
Defeased Note, if applicable) becomes due and payable as therein provided,
whether at the Stated Maturity Date, by declaration of acceleration, or
otherwise.

 

Payment Date: 
the 1st day of each calendar month or, upon Payee’s exercise of its
right to change the Payment Date in accordance with Section 2.2.4 of the Loan
Agreement, the New Payment Date (in either case, if such day is not a Business
Day, the Payment Date shall be the first Business Day thereafter).  The first Payment Date hereunder shall be
November 1, 2003.

 

Prepayment
Consideration shall
be the amount equal to the greater of (i) one percent (1%) of the aggregate
Loan balance at the time of prepayment, or (ii) (A) the amount of the monthly
interest which would otherwise be payable on the principal balance being
prepaid from the date of the first day of the calendar month immediately
following the date of prepayment (unless prepayment is tendered on the first
day of any calendar month during the term of this Note, in which case from the
date of prepayment) to and including the Maturity Date; over (B) the amount of
the monthly interest the Lender would earn if the principal balance being
prepaid were reinvested for the period from the first day of the calendar month
immediately following the date of prepayment (unless prepayment is tendered on
the first day of any calendar month during the term of this Note, in which case
from the date of prepayment) to and including the Maturity Date at the Treasury
Rate (as hereinafter defined), such difference to be discounted to present
value at the Treasury Rate.  The “Treasury
Rate” shall be the annualized yield on securities issued by the United
States Treasury having a maturity corresponding to the remaining term to the
originally scheduled Maturity Date of this Note, as quoted in Federal
Reserve Statistical Release [H. 15(519)] under the heading “U.S. Government
Securities – Treasury Constant Maturities” for the Treasury Rate Determination
Date (as defined below), converted to a monthly equivalent yield.  If yields for such securities of such
maturity are not shown in such publication, then the Treasury Rate shall be
determined by Lender by linear interpolation between the yields of securities
of the next longer and next shorter maturities.  If said Federal Reserve Statistical Release or any other
information necessary for determination of the Treasury Rate in accordance with
the foregoing is no longer published or is otherwise unavailable, then the
Treasury Rate shall be reasonably determined by Lender based on comparable
data.  The term “Treasury Rate
Determination Date” shall mean the date which is five (5) banking days
prior to the scheduled prepayment date.

 

Stated Maturity
Date:  October 1, 2008, as such date may be changed
in accordance with Section 2.2.4 of the Loan Agreement.

 

Yield Maintenance
Premium: an
amount which, when added to the outstanding Principal, would be sufficient to
purchase U.S. Obligations which provide payments (a) on or prior to, but as
close as possible to, all successive scheduled payment dates under this Note
through the Stated Maturity Date and (b) in amounts equal to the Monthly Debt
Service Payment Amount required under this Note through the Stated Maturity
Date together with the outstanding principal balance of this Note as of the
Stated Maturity Date assuming all such Monthly Debt

 

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Service Payments are made (including any servicing
costs associated therewith).  In no
event shall the Yield Maintenance Premium be less than zero.

 

2.                                      Payments and Computations.  Interest on the unpaid Principal shall be
computed on the basis of the actual number of days elapsed over a 360-day
year.  All amounts due under this Note
shall be payable without setoff, counterclaim or any other deduction whatsoever
and are payable without relief from valuation and appraisement laws and with
all costs and charges incurred in the collection or enforcement hereof,
including, attorneys’ fees and court costs.

 

3.                                      Loan Documents.  This Note is evidence of that certain loan
made by Payee to Maker contemporaneously herewith and is executed pursuant to
the terms and conditions of the Loan Agreement.  This Note is secured by and entitled to the benefits of, among other
things, the Mortgage and the other Loan Documents.  Reference is made to the Loan Documents for a description of the
nature and extent of the security afforded thereby, the rights of the holder
hereof in respect of such security, the terms and conditions upon which this
Note is secured and the rights and duties of the holder of this Note.  No reference herein to and no provision of
any other Loan Document shall alter or impair the obligation of Maker, which is
absolute and unconditional (except for Section 10.1 of the Loan
Agreement), to pay the principal of and interest on this Note at the time and
place and at the rates and in the monies and funds described herein.  All of the agreements, conditions, covenants,
provisions and stipulations contained in the Loan Documents to be kept and
performed by Maker are by this reference hereby made part of this Note to the
same extent and with the same force and effect as if they were fully set forth
in this Note, and Maker covenants and agrees to keep and perform the same, or
cause the same to be kept and performed, in accordance with their terms.

 

4.                                      Loan Acceleration; Prepayment.  The Debt, shall without notice become immediately due and payable
at the option of Payee if any payment required in this Note is not paid on
the date on which it is due or upon the happening of any other Event of
Default.  Maker shall have no right to
prepay or defease all or any portion of the Principal except in accordance with
Sections 2.3.2, 2.3.3, 2.3.4 and 2.4 of the Loan Agreement.  If prior to the third Payment Date prior to
the Stated Maturity Date (i) Maker shall (notwithstanding such prohibition
of prepayment) tender, and Payee shall, in its sole discretion, elect to
accept, payment of the Debt, or (ii) the Debt is accelerated by reason of
an Event of Default, then the Debt shall include, and Payee shall be entitled
to receive, in addition to the outstanding principal and accrued interest and
other sums due under the Loan Documents, an amount equal to the (i) Prepayment
Consideration that would be required in connection with a Partial Release if a
Partial Release were to occur at the time of Payee’s acceptance of such tender
or other receipt of the Debt (through foreclosure or otherwise), as the case
may be, and (ii) Yield Maintenance Premium, if any, that would be required in
connection with a Defeasance if a Defeasance were to occur at the time of
Payee’s acceptance of such tender or other receipt of the Debt (through
foreclosure or otherwise), as the case may be. 
The principal balance of this Note is subject to mandatory prepayment,
without premium or penalty, in certain instances of Insured Casualty or
Condemnation, as more particularly set forth in Sections 2.3.2 and 7.4.2
of the Loan Agreement.  Except during
the continuance of an Event of Default, all proceeds of any repayment,
including permitted prepayments of Principal, shall be applied in accordance
with Section 2.3.1 of the Loan Agreement. 
During the continuance of an Event of Default, all proceeds of
repayment,

 

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including any payment or recovery on the
Property (whether through foreclosure, deed-in-lieu of foreclosure, or
otherwise) shall, unless otherwise provided in the Loan Documents, be applied
in such order and in such manner as Payee shall elect in Payee’s discretion.

 

5.                                      Default Rate.  After the occurrence and during the
continuance of an Event of Default, the entire unpaid Debt shall bear interest
at the Default Rate, and shall be payable upon demand from time to time, to the
extent permitted by applicable law.

 

6.                                      Late Payment Charge.  If any Monthly Debt Service Payment Amount
is not paid by Maker on the date on which it is due, Maker shall pay to Payee
upon demand an amount equal to the lesser of 5% of such unpaid sum or the
maximum amount permitted by applicable law, in order to defray the expense
incurred by Payee in handling and processing such delinquent payment and to
compensate Payee for the loss of the use of such delinquent payment.

 

7.                                      Amendments.  This Note may not be modified, amended,
waived, extended, changed, discharged or terminated orally or by any act or
failure to act on the part of Maker or Payee, but only by an agreement in
writing signed by the party against whom enforcement of any modification,
amendment, waiver, extension, change, discharge or termination is sought.  Whenever used, the singular number shall
include the plural, the plural the singular, and the words “Payee” and “Maker” shall include
their respective successors, assigns, heirs, executors and administrators.  If Maker consists of more than one person or
party, the obligations and liabilities of each such person or party shall be
joint and several.

 

8.                                      Waiver.  Maker and all others who may become liable
for the payment of all or any part of the Debt do hereby severally waive
presentment and demand for payment, notice of dishonor, protest, notice of
protest, notice of nonpayment, notice of intent to accelerate the maturity
hereof and of acceleration.  No release
of any security for the Debt or any person liable for payment of the Debt, no
extension of time for payment of this Note or any installment hereof, and no
alteration, amendment or waiver of any provision of the Loan Documents made by
agreement between Payee and any other person or party shall release, modify,
amend, waive, extend, change, discharge, terminate or affect the liability of
Maker, and any other person or party who may become liable under the Loan
Documents, for the payment of all or any part of the Debt.

 

9.                                      Exculpation.  It is expressly agreed that recourse against
Maker for failure to perform and observe its obligations contained in this Note
shall be limited as and to the extent provided in Section 10.1 of the Loan
Agreement.

 

10.                               Notices.  All notices or other communications required
or permitted to be given pursuant hereto shall be given in the manner specified
in the Loan Agreement directed to the parties at their respective addresses as provided therein.

 

11.                               Joint and Several.  Each Person constituting Maker hereunder
shall have joint and several liability for the obligations of Maker hereunder.

 

12.                               Governing Law.  THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE APPLICABLE LAW PERTAINING IN THE STATE OF NEW YORK
(OTHER THAN THOSE CONFLICT OF LAW

 

4

 

PROVISIONS THAT WOULD DEFER
TO THE SUBSTANTIVE LAWS OF ANOTHER JURISDICTION).  WITHOUT IN ANY WAY LIMITING THE PRECEDING CHOICE OF LAW, THE
PARTIES ELECT TO BE GOVERNED BY NEW YORK LAW IN ACCORDANCE WITH, AND RELYING
(AT LEAST IN PART) ON,- § 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK, AS AMENDED, OR ANY CORRESPONDING OR SUCCEEDING PROVISIONS THEREOF.

 

13.                               Special State Provisions. Maker agrees that the
interest rate contracted for by Maker includes the interest rate set forth in
this Note plus any other charges, fees, costs and expenses that are either (a)
described herein, in any security instrument securing this Note, or in any
other document or instrument executed by Maker in connection with the Loan of
which this Note is a part, or (b) incident to the transaction of which this
Note is a part and paid or payable by Maker to the extent the same are deemed
interest under applicable law, including without limitation any default
interest, prepayment charges or consideration, late charges, loan application
fees, or loan origination fees.

 

[Signature Page Follows]

 

5

 

IN WITNESS
WHEREOF, Maker has executed this Promissory Note as of the day and year first
written.

 

 

	
   

  	
  AMERIVEST
  CENTERRA INC.,
  a Colorado corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  John B. Greenman

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John B. Greenman

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AMERIVEST
  PARKWAY INC., a
  Texas corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  John B. Greenman

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John B. Greenman

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AMERIVEST
  BLACK CANYON INC.,
  an Arizona corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  John B. Greenman

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John B. Greenman

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice PresidentExhibit 10.11

 

SEVERANCE
AGREEMENT AND RELEASE

 

This Severance Agreement and Release (“Agreement”) is made as of the
           day of December,
2003, between AmeriVest Properties Inc. (the “Company”), including its
successors, subrogees, assigns, principals, agents, partners, heirs, employees,
shareholders, officers, directors, subsidiaries, affiliates, divisions and
associates, and D. Scott Ikenberry (“Ikenberry”).  Company and its successors, subrogees, assigns, principals,
agents, partners, heirs, employees, shareholders, officers, directors,
subsidiaries, affiliates, divisions and associates shall be collectively
referred to as the “Released Parties.” 
Released Parties and Ikenberry shall be collectively referred to as the
“Parties.”

 

RECITALS

 

WHEREAS, Ikenberry has been employed and/or associated with the
Released Parties and currently holds the title of Chief Financial Officer
(“CFO), and the Parties wish to enter into this Agreement to terminate
Ikenberry’s employment and/or association with the Released Parties; and in
exchange for consideration as outlined herein, Ikenberry knowingly and
voluntarily agrees to the covenants contained herein; and the Parties wish to
fully and finally resolve all issues, claims and potential claims between them.

 

TERMS

 

1.                                       Termination.  Ikenberry’s employment and/or association
with the Released Parties shall end on January 9, 2004 or on such earlier date
as is agreed upon by Company’s new CFO and Ikenberry (“commencement date”).

 

2.                                       Payments and
Consideration.  Ikenberry’s
regular compensation (“severance”) will continue for a period of twelve months
from the commencement date (“severance period”).  The severance paid to Ikenberry by Company shall be payable
monthly at Ikenberry’s current monthly salary, and shall be tendered in
accordance with the established pay periods under which the Parties have
previously operated.  During the
severance period, Ikenberry shall, also, receive the following:  i) the same insurance and other benefits
that are payable to other corporate executives, including health, dental and
vision insurance and 401K plan participation; ii) an office and executive suite
services at the Kellogg Executive Suites in Littleton, Colorado, at no charge
to Ikenberry; and iii) outplacement or recruiting assistance, not to exceed
$10,000.00, to assist Ikenberry during this transition, if requested by
Ikenberry.  Upon the expiration of the
severance period, Ikenberry shall be entitled to claim COBRA benefits as may be
permitted, at his sole cost and expense.

 

3.                                       Duties of Ikenberry During Severance Period.  Ikenberry shall cooperate and work with
Company’s new CFO to transition responsibility for oversight of all finance and
accounting functions from Ikenberry to Company’s new CFO for the periods and as
set forth hereafter.  During the first
sixty (60) days after the commencement date, and at the discretion of Company’s
new CFO, Ikenberry shall provide on-site assistance up to 100 hours per month.  Thereafter, Ikenberry shall have no regular
duties and shall not be required to maintain an office at the Company, but
shall make himself available for up to a maximum of ten (10) hours per month to
answer/respond to questions and provide guidance to Company’s new CFO and
Company.  Should Ikenberry’s assistance
be required by Company’s new CFO and/or Company for more than ten (10) hours
per month, Ikenberry shall receive a consulting fee of $100.00 per

 

 

hour for every hour over ten
(10) hours during the severance period. 
This requirement for assistance shall cease at the end of the severance
period.

 

4.                                     Indemnification.
 In the event that any taxing
authority, local, state or federal, seeks additional payment of taxes on any of
the amounts paid to Ikenberry under this Agreement, Ikenberry shall indemnify
and hold the Released Parties harmless against any and all amounts (including,
without limitation, income taxes, attorneys’ fees, penalties, and interest)
payable and sought by any taxing authority, local, state or federal, as a
result of the Agreement and any payments considered taxable thereunder,
including any attorneys’ fees and costs incurred in relation thereto.  The Company shall withhold taxes as required
by federal, state and local laws and regulations.  This indemnification applies only to such claims as are caused by
Ikenberry’s requests, as honored by Company, to treat his income other than as
is required by law or regulation.

 

5.                                       Warrants and LLC.  All warrants held by Ikenberry shall remain exercisable in
accordance with their terms.  Ikenberry
shall receive a distribution of his interests in Sheridan Realty Corp. at the
same time as other members receive distributions, provided distributions are
actually made.

 

6.                                       General
Releases.

 

a.                                       Ikenberry does
hereby voluntarily and knowingly release and discharge the Released Parties
from any and all claims, actions, causes of action, liabilities, demands,
rights, damages, costs, attorneys’ fees, expenses and controversies of every
kind and description through the date of this Agreement.  These releases shall include, by way of
example and not limitation, all claims which arise out of, relate to, or are
based on (i) Ikenberry’s employment and/or association with the Released
Parties and the termination thereof, (ii) any and all contracts, binding
promises and statements to, from or between the Parties, (iii) the common
laws of any state, (iv) Title VII of the Civil Rights Act of 1964, as
amended, (v) claims under the Civil Rights Act of 1991, (vi) claims
under 42 U.S.C. § 1981, § 1981a, § 1983, § 1985, or
§ 1988, (vii) the Age Discrimination in Employment Act of 1967, as
amended, (viii) the Employee’s Income Retirement Security Act of 1974, as
amended, (ix) claims under the Older Workers Benefit Protection Act of
1990, and (x) claims under all other local, state and federal statutes,
any of which could be raised, filed and/or brought in any court of competent
jurisdiction and/or in any local, state and federal administration agency or
administration.  However, Ikenberry does
not release any claims he may have under any stock option or warrant
agreements.

 

b.                                      Notwithstanding
the generality of the foregoing releases, they shall not be construed as a
release of any claim Ikenberry may have to unemployment benefits.  Ikenberry may make a claim for such
benefits, and the Released Parties will provide truthful information in
response to questions from the responsible State agency.

 

c.                                       Notwithstanding
the recitation of the claims set forth above, or whether quoted herein or not,
and for the purpose of effectuating a full and final release herein between the
Parties, Ikenberry expressly acknowledges that this Agreement is intended to
include and contemplates the extinguishment, without limitation, of all claims
which he now has or does not know or suspect to exist in his favor at the time
of the execution hereof.

 

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d.                                      In exchange for
the covenants contained in this Agreement, the Released Parties hereby
voluntarily and knowingly release and discharge Ikenberry from any and all claims,
actions, causes of action, liabilities, demands, rights, damages, costs,
attorneys’ fees, expenses and controversies of every kind and description
through the date of this Agreement.

 

7.                                       Unknown
Facts.  This Agreement
includes claims of every nature and kind, known or unknown, suspected or
unsuspected, foreseen or unforeseen, matured or unmatured, liquidated or
unliquidated, through the date of this Agreement.  The Parties acknowledge that they may hereafter discover facts
different from, or in addition to, those which they now know to be, or believe
to be, true with respect to the Agreement, and voluntarily and with full
knowledge agree that this Agreement and the releases contained herein shall be
and remain effective in all respects, notwithstanding such different or
additional facts or the discovery thereof.

 

8.                                       Covenant Not
to Sue.  Ikenberry covenants
that he will not initiate a lawsuit or proceeding, legal, administrative or
other, or otherwise assert any claim, action, cause of action, demand, right,
or controversy of any kind which he has herein released.  Ikenberry will not provide any material
assistance in any currently pending or subsequent litigation against the
Released Parties; provided, however, that this restriction shall not prevent Ikenberry
from responding to compulsory process. 
In the event Ikenberry is subject to a compulsory disclosure, Ikenberry
shall first give the Released Parties seventy-two (72) hours advance notice
before he makes any disclosure to allow the Released Parties to obtain
appropriate Protective Orders or other injunctive relief.

 

9.                                       Return of
Documents.  Ikenberry shall,
no later than 60 days after the commencement date, return all of the
Released Parties’ documents and/or records, in any form, and copies of all
of the Released Parties’ documents and/or records, in any form, obtained or
maintained during the course of his employment and/or association with the
Released Parties.

 

10.                                 Non-Disparagement.  Ikenberry agrees not to make to any person
any statement that disparages the Released Parties or reflects negatively on
the Released Parties, including, but not limited to, statements regarding the
Released Parties’ financial business or condition and/or their officers,
directors, board members, employees, and affiliates.  The Released Parties agree not to make to any person any
statement that disparages Ikenberry or reflects negatively on Ikenberry,
including, but not limited to, statements regarding Ikenberry’s performance or
any related matter while employed and/or associated with the Released Parties.

 

11.                                 Ikenberry
Warranties.  Ikenberry
warrants and represents as follows:

 

a.                                       He has read this
Agreement, and agrees to the conditions and obligations set forth in it.

 

b.                                      He has had a
reasonable time to consider the terms of this Agreement and has been advised by
the Released Parties, in writing, to seek legal counsel.

 

c.                                       He has had
twenty-one (21) days in which to consider the Agreement, and, if he executes
this agreement less than twenty-one (21) days from receipt, it is with the
express understanding that he had the full twenty-one (21) days available if so
desired; further, Ikenberry waives any and all rights to a twenty-one (21) day
period to consider the terms of his release of claims under the Age Discrimination
in Employment Act

 

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(“ADEA”) if he
signs this Agreement prior to the expiration of the twenty-one (21) day period.

 

d.                                      He has not relied
on any statement made by the Released Parties or their agents or representatives,
either express or implied, either by statement or omission, in making the
decision to enter into this Agreement. 
He voluntarily executes this Agreement after having had full opportunity
to consult with legal counsel, and without being pressured or influenced by any
person or by any statement or representation of any person acting on behalf of
another Party, including the officers, agents and attorneys for any other
Party.

 

e.                                       He has been
informed and understands that (i) to the extent that this Agreement waives
or releases any claims he might have under the Age Discrimination in Employment
Act, Ikenberry may rescind such waiver and release within seven (7) calendar
days of the execution of this Agreement, and (ii) any such rescission must
be in writing and hand delivered to the Released Parties, or, if sent by mail,
postmarked within the seven (7) day period, sent only by certified mail, return
receipt requested, and addressed to the Released Parties.

 

f.                                         This Agreement
is subject to the terms of the Older Workers Benefit Protection Act of 1990
(“OWBPA”).  Ikenberry acknowledges and
agrees that he is voluntarily and with full knowledge releasing any and all
claims, including any claims he has or could have brought under the OWBPA, and
including any claim(s) under the ADEA, with full knowledge of the consequences
of such release.

 

g.                                      He acknowledges
and agrees that this Agreement is written in a manner calculated to be
understood, and that he understands the same.

 

h.                                      He has full and
complete legal capacity to enter into this Severance Agreement.

 

i.                                          He has had a
full and fair opportunity to investigate the facts underlying any claims he
believes he may have against the Released Parties.  Ikenberry enters into this Agreement acknowledging that there may
be facts of which he is not aware; but Ikenberry, nonetheless, enters into this
Agreement with the intent of providing the Released Parties with a full and
final release of all known and unknown, suspected or unsuspected, foreseen or
unforeseen, matured or unmatured, liquidated or unliquidated, claims, based on
all known and unknown facts.

 

12.                                 Acknowledgment
With Respect to Payments. 
Ikenberry hereby admits, acknowledges and agrees that he has been fully
compensated for all wages, benefits, vacation pay and/or bonus amounts which
are, or could be, due to him under the terms of his employment and/or
association with the Released Parties.

 

13.                                 Confidential
Information and Trade Secrets.  Ikenberry acknowledges that during the
course of his employment and/or association with the Released Parties, he has
been privy to the Released Parties’ confidential business information and trade
secrets, including, without limitation, their financial status, new product and
marketing development, pricing and marketing policies and procedures, and other
similar repositories of records containing information relating to any
confidential information the Released Parties consider competitive

 

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information and trade secrets
within the industry.  Ikenberry
acknowledges that he is obligated and has an ongoing fiduciary duty to the
Released Parties to refrain from disclosing confidential business information
and trade secrets to anyone outside of the Released Parties, and he hereby
agrees not to make any such disclosures following the termination of his
employment and/or association with the Released Parties for a period of two (2)
years after the commencement date, unless such disclosure is compelled in a
judicial proceeding.  In the event
Ikenberry is subject to a compulsory disclosure, Ikenberry shall first give the
Released Parties seventy-two (72) hours advance notice before he makes any
disclosure to allow the Released Parties to obtain appropriate Protective
Orders or other injunctive relief.

 

14.                                 Non-Solicitation.  For a period of twelve (12) months from the
commencement date, Ikenberry shall not, directly or indirectly, influence or
attempt to influence customers or vendors of Company, or any of its
subsidiaries or affiliates, to divert their business to any competitor, as
defined herein, of Company.  For a
period of twelve (12) months from the commencement date, Ikenberry shall not
employ, engage or seek to employ or engage, directly or directly, any
individual or entity who is or was employed or engaged by Company, or any of
its affiliates, until the expiration of six (6) months following the
termination of such person’s or entity’s employment or engagement with Company,
or any of its affiliates.

 

15.                                 No Admission
of Liability.  The Parties
agree that nothing contained herein, and no action taken by any party hereto
with regard to the Agreement, shall be construed as an admission by any party
of liability for any purpose whatsoever.

 

16.                                 Entire
Agreement.  This Agreement
constitutes the complete understanding between the Parties; no other promises
or agreements shall be binding unless signed by these Parties.  This Agreement also represents fair and
reasonable, and full and final, settlement of any obligation due by the Released
Parties to Ikenberry as part of his employment and/or association with the
Released Parties.  This Agreement cannot
be altered, amended, or modified in any respect, except by a writing duly
executed by both Parties.  No oral
statements by any employee, representative or agent of the Released Parties
shall modify or otherwise affect the terms and provisions of this Agreement.

 

17.                                 Choice of
Law.  This Agreement shall be
governed by and construed in accordance with Colorado law, irrespective of
where such action may arise or whether any jurisdiction other than Colorado has
accepted jurisdiction of this matter.

 

18.                                 Counterparts.  This Agreement may be executed in
counterparts, each of which counterpart, when so executed and delivered, shall
be deemed an original, and, taken together, shall constitute one and the same
instrument.

 

19.                                 Severability.  In the event that any court or other
enforcement authority determines that any provision of this Agreement is
unenforceable, the provision at issue shall be enforced to the maximum extent
permitted by law, and all other provisions shall remain in full force and
effect.  In the event that any of the
provisions of Section 13, related to geographic area or duration, shall be
deemed to exceed the maximum area or period of time which a court of competent
jurisdiction or other enforcement authority would deem enforceable, the area
and/or period shall, for the purposes of this Agreement, be deemed to be the
maximum area and/or period which a court of competent jurisdiction or other
enforcement authority would deem valid and enforceable in any state in which
such court of competent jurisdiction or other enforcement

 

5

 

authority is convened for the
purpose of interpreting this Agreement, Section 13, or any other section
upon which a dispute may arise.

 

20.                                 Full Defense.  Ikenberry agrees and acknowledges that this
Agreement and its releases can be pleaded as a full and complete defense, and
can be used for the basis of an injunction against any action or any other
proceeding which may subsequently be instituted, prosecuted or attempted by
Ikenberry, which is based upon any matter related to Ikenberry’s employment
and/or association with the Released Parties, or the termination of that
employment and/or association with the Released Parties, or which is based in
whole, or in part, upon any matter covered, related to or referred to in this
Agreement.

 

IN
WITNESS WHEREOF, the Parties have executed this
Agreement on the dates written below.

 

	
  By:  D. SCOTT IKENBERRY

  	
  By: AMERIVEST PROPERTIES, INC.

  
	
   

  	
   

  
	
  D. Scott Ikenberry

  	
   

  	
  Charles K. Knight

  	
   

  
	
   

  	
  Charles K. Knight

  
	
   

  	
  President

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
							

 

6

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