Document:

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                                                                   Exhibit 10.32

                                  OFFICE LEASE

                               Wells Fargo Center
                               1700 Lincoln Street
                             Denver, Colorado 80203

                       FIFTH STREET - DENVER CENTER, LLC,
              A DELAWARE LIMITED LIABILITY COMPANY (AS "LANDLORD")

                                       AND

                             THE MURRAYHILL COMPANY,
                      A COLORADO CORPORATION (AS "TENANT")

                                  April 1, 2003

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                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                Page
                                                                                ----
<S>                                                                               <C>
BASIC LEASE PROVISIONS                                                             1

STANDARD LEASE PROVISIONS                                                          2

ARTICLE 1 -- PREMISES                                                              2

  1.1   LEASE OF PREMISES                                                          2
  1.2   ACCEPTANCE OF PREMISES                                                     2
  1.3   MEASUREMENT OF THE RENTABLE AREA OF PREMISES AND THE BUILDING              2
  1.4   COMMON AREAS                                                               3

ARTICLE 2 -- TERM                                                                  3

  2.1   TERM                                                                       3
  2.2   COMMENCEMENT                                                               3
  2.3   EXPANSION RIGHTS                                                           3

ARTICLE 3 -- RENT; LATE CHARGES                                                    4

  3.1   BASE RENT; RENT                                                            4
  3.2   LATE CHARGE; INTEREST                                                      4
  3.3   ADDITIONAL RENT                                                            4

ARTICLE 4 -- ADDITIONAL RENT                                                       4

  4.1   PAYMENT OF OPERATING EXPENSES AND PROPERTY TAXES                           4
  4.2   DEFINITIONS                                                                5
  4.3   CALCULATION METHODS AND ADJUSTMENTS                                        7
  4.4   PAYMENT PROCEDURE; ESTIMATES                                               7
  4.5   REVIEW OF LANDLORD'S STATEMENT                                             8

ARTICLE 5 -- ADDITIONAL TAXES                                                      8

ARTICLE 6 -- SECURITY DEPOSIT                                                      8

ARTICLE 7 -- USE OF PREMISES                                                       9

  7.1   TENANT'S PERMITTED USE                                                     9
  7.2   COMPLIANCE WITH LAWS AND OTHER REQUIREMENTS                                9
  7.3   HAZARDOUS MATERIALS                                                        9

ARTICLE 8 -- UTILITIES AND SERVICES                                               10

  8.1   BUILDING SERVICES                                                         10
  8.2   INTERRUPTION OF SERVICES                                                  11

ARTICLE 9 -- MAINTENANCE AND REPAIRS                                              11

  9.1   LANDLORD'S OBLIGATIONS                                                    11
  9.2   TENANT'S OBLIGATIONS                                                      12
  9.3   LANDLORD'S RIGHTS                                                         12

ARTICLE 10 -- ALTERATIONS, ADDITIONS AND IMPROVEMENTS                             12

  10.1  CONDITION OF THE PREMISES                                                 12
  10.2  LANDLORD'S CONSENT; CONDITIONS                                            12
  10.3  PERFORMANCE OF ALTERATIONS WORK                                           12
  10.4  LIENS                                                                     13
  10.5  SURRENDER                                                                 13

ARTICLE 11 -- INDEMNIFICATION AND INSURANCE                                       13

  11.1  WAIVER OF LIABILITY AND INDEMNIFICATION                                   13
  11.2  PROPERTY INSURANCE                                                        13
  11.3  LIABILITY INSURANCE                                                       14
  11.4  POLICY REQUIREMENTS                                                       14
  11.5  WAIVER OF SUBROGATION                                                     14
  11.6  FAILURE TO INSURE                                                         15
  11.7  MISCELLANEOUS                                                             15

ARTICLE 12 -- DAMAGE OR DESTRUCTION                                               15

  12.1  REPAIR OF THE PREMISES                                                    15
  12.2  EXCEPTIONS TO LANDLORD'S OBLIGATIONS                                      16
  12.3  WAIVER                                                                    16

ARTICLE 13 -- CONDEMNATION                                                        16

  13.1  TAKING                                                                    16
</Table>

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<Table>
<S>                                                                               <C>
  13.2  RESTORATION OF PREMISES                                                   16
  13.3  AWARD                                                                     16
  13.4  TEMPORARY TAKING                                                          16
  13.5  EXCLUSIVE REMEDY                                                          16

ARTICLE 14 -- RELOCATION                                                          16

ARTICLE 15 -- ASSIGNMENT AND SUBLETTING                                           17

  15.1  RESTRICTION                                                               17
  15.2  NOTICE TO LANDLORD                                                        17
  15.3  LANDLORD'S RECAPTURE RIGHTS                                               17
  15.4  LANDLORD'S CONSENT: STANDARDS                                             17
  15.5  TRANSFER PROFITS                                                          18
  15.6  LANDLORD'S COSTS                                                          18
  15.7  CONTINUING LIABILITY OF TENANT                                            18
  15.8  NON-WAIVER                                                                18

ARTICLE 16 -- DEFAULT AND REMEDIES                                                18

  16.1  EVENTS OF DEFAULT BY TENANT                                               18
  16.2  LANDLORD'S RIGHT TO TERMINATE UPON TENANT DEFAULT                         19
  16.3  LANDLORD'S RIGHT TO CONTINUE LEASE UPON TENANT DEFAULT                    20
  16.4  RIGHT OF LANDLORD TO PERFORM                                              20
  16.5  LATE PAYMENTS OF RENT                                                     20
  16.6  DEFAULT UNDER OTHER LEASES                                                20
  16.7  SUBLEASES OF TENANT                                                       20
  16.8  EFFORTS TO RELET                                                          20
  16.9  WAIVER OF RIGHT OF REDEMPTION                                             21
 16.10  NON-WAIVER                                                                21
 16.11  WAIVER OF TRIAL BY JURY                                                   21
 16.12  CUMULATIVE REMEDIES                                                       21
 16.13  DEFAULT BY LANDLORD                                                       21

ARTICLE 17 -- ATTORNEYS'FEES; COSTS OF SUIT                                       21

  17.1  ATTORNEYS' FEES                                                           21
  17.2  INDEMNIFICATION                                                           21

ARTICLE 18 -- SUBORDINATION AND ATTORNMENT                                        21

  18.1  SUBORDINATION                                                             21
  18.2  ATTORNMENT                                                                22
  18.3  MORTGAGE AND GROUND LESSOR PROTECTION                                     22

ARTICLE 19 -- QUIET ENJOYMENT                                                     22

ARTICLE 20 -- PARKING                                                             22

ARTICLE 21 -- RULES AND REGULATIONS                                               23

ARTICLE 22 -- ESTOPPEL CERTIFICATES                                               23

ARTICLE 23 -- ENTRY BY LANDLORD                                                   23

ARTICLE 24 -- LANDLORD'S LEASE UNDERTAKINGS; EXCULPATION FROM PERSONAL
              LIABILITY; TRANSFER OF LANDLORD'S INTEREST                          23

  24.1  LANDLORD'S LEASE UNDERTAKINGS                                             23
  24.2  TRANSFER OF LANDLORD'S INTEREST                                           24

ARTICLE 25 -- HOLDOVER TENANCY                                                    24

ARTICLE 26 -- NOTICES                                                             24

ARTICLE 27 -- BROKERS                                                             24

ARTICLE 28 -- SIGNAGE RIGHTS                                                      24

  28.1  PROHIBITED SIGNAGE                                                        24
  28.2  TENANT'S SIGNAGE                                                          24

ARTICLE 29 -- FINANCIAL STATEMENTS                                                25

ARTICLE 30 -- MISCELLANEOUS                                                       25

  30.1  ENTIRE AGREEMENT                                                          25
  30.2  AMENDMENTS                                                                25
  30.3  SUCCESSORS                                                                25
  30.4  SALE BY LANDLORD                                                          25
  30.5  FORCE MAJEURE                                                             25
</Table>

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<Table>
<S>                                                                               <C>
  30.6  SURVIVAL OF OBLIGATIONS                                                   25
  30.7  LIGHT AND AIR                                                             25
  30.8  GOVERNING LAW                                                             25
  30.9  PROHIBITION AGAINST RECORDING                                             25
  30.10 SEVERABILITY                                                              25
  30.11 CAPTIONS                                                                  25
  30.12 INTERPRETATION                                                            25
  30.13 INDEPENDENT COVENANTS                                                     26
  30.14 NUMBER AND GENDER                                                         26
  30.15 TIME IS OF THE ESSENCE                                                    26
  30.16 JOINT AND SEVERAL LIABILITY                                               26
  30.17 PAYMENT INCENTIVE                                                         26
  30.18 NO OFFER TO LEASE                                                         26
  30.19 NO COUNTERCLAIM: CHOICE OF LAWS                                           26
  30.20 RIGHTS RESERVED BY LANDLORD                                               26
  30.21 MODIFICATION OF LEASE                                                     27
  30.22 AUTHORITY                                                                 27
  30.23 TRANSPORTATION MANAGEMENT                                                 27
  30.24 THE OTHER IMPROVEMENTS                                                    27
  30.25 RENOVATION OF THE PROJECT AND OTHER IMPROVEMENTS                          27
  30.26 NO PARTNERSHIP OR JOINT VENTURE                                           27
  30.27 RIGHT TO LEASE                                                            27
  30.28 BUILDING NAME AND SIGNAGE                                                 28
  30.29 OTHER OBLIGATIONS                                                         28
  30.30 CONFIDENTIALITY                                                           28

EXHIBIT A   Premises
EXHIBIT B   Notice of Lease Term Dates
EXHIBIT C   Work Letter
EXHIBIT D   Rules and Regulations
EXHIBIT E   Estoppel Certificate
</Table>

                                      -iii-
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                                  OFFICE LEASE

     THIS OFFICE LEASE ("LEASE") is made and entered into by and between FIFTH
STREET - DENVER CENTER, LLC, a Delaware limited liability company ("LANDLORD")
and Tenant described in paragraph 1 of the Basic Lease Provisions as of April 1,
2003 (the "EFFECTIVE DATE").

                             BASIC LEASE PROVISIONS

     1.   TENANT: THE MURRAYHILL COMPANY, a Colorado corporation ("TENANT").

     2.   DESCRIPTION OF PREMISES/BUILDING/PROJECT:

          A.   SUITE: 1600 (the Premises are shown on Exhibit A).

          B.   RENTABLE AREA: Approximately twelve thousand (12,000) rentable
     square feet, from the Commencement Date up to the day before the second
     (2rd) anniversary of the Commencement Date and thereafter, twenty three
     thousand five hundred two (23,502) rentable square feet. (Section 1.3)

          C.   BUILDING: The building located at 1700 Lincoln Street, Denver,
     Colorado

          D.   PROJECT: That certain project, with all common areas and
     appurtenant parking facilities, commonly known as "Wells Fargo Center" and
     containing building improvements located at 1700 Lincoln Street, Denver,
     Colorado.

     3.   TERM:

          A.   TERM: Six (6) years

          B.   COMMENCEMENT DATE: The earlier of August 1, 2003 or the date on
     which the improvement of the Premises is substantially completed according
     to Exhibit C. (Section 2.2)

     4.   BASE RENT (Article 3):

<Table>
<Caption>
                         PERIOD                 ANNUAL BASE RENT  MONTHLY BASE RENT
                         ------                 ----------------  -----------------
         <S>                                       <C>                 <C>
         August 1,2003 through July 31,2005        $  216,960.00       $  18,080.00
         August 1,2005 through July 31,2007        $  436,667.16       $  36,388.93
         August 1,2007 through July 31,2009        $  448,418.16       $  37,368.18
</Table>

As soon as possible after Landlord's delivery of Landlord's Statement described
in Section 4.4 with respect to 2003, the Base Rent per rentable square foot for
all years during the Term will either be increased by the amount by which Eight
and 92/100 Dollars ($8.92) exceeds the Property Taxes and Operating Expenses per
rentable square foot of the Project for 2003, or decreased by the amount by
which such Property Taxes and Operating Expenses exceed Eight and 92/100 Dollars
($8.92) per rentable square foot, as the case may be.

     5.   ADDITIONAL RENT (Article 4):

          A.   TENANT'S PERCENTAGE SHARE: 1.005%, from the Commencement Date up
     to the day before the second (2nd) anniversary of the Commencement Date and
     thereafter, 1.969% (Section 4.2)

     6.   SECURITY DEPOSIT: $99,883.50 (Article 6)

     7.   PARKING PRIVILEGES: One (1) for each one thousand two hundred (1,200)
rentable square feet of the Premises. (Article 20.) If the Premises are enlarged
according to Section 2.3, the Parking Privileges will increase in that ratio.

     8.   BROKER(S): Rick Schepis of Fuller and Company (Article 27)

     9.   PERMITTED USE: General office use (Section 7.1).

     10.  ADDRESSES FOR NOTICES (Article 26):

      To:  Tenant
                                              with a copy to:
          The Murrayhill Company
          1700 Lincoln Street, Suite 1600          Kevin J. Kanouff, Esq.
          Denver, Colorado 80203                   Dorsey & Whitney LLP
          Attn: Mr. Tim Kulik                      370 17th Street, Suite 4700
                                                   Denver, Colorado 80202

      To:  Landlord
                                              with a copy to:
          Fifth Street - Denver Center, LLC
          c/o CWP Capital Management, LLC          Mark A. Senn, Esq.

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<Table>
          <S>                                      <C>
          633 West Fifth Street, 72nd Floor        Senn Lewis & Visciano, P.C.
          Los Angeles, California 90071            1801 California Street, Suite 4300
          Attn: Asset Manager                      Denver, Colorado 80202
</Table>

      with a copy to:

           CommonWealth Partners Management
             Services, LP
           1700 Lincoln Street, Suite 2500
           Denver, Colorado 80203
           Attn: Mr. William Owen

     11.  ADDRESS FOR PAYMENTS: All payments payable to Landlord under this
Lease shall be sent to the following address or to such other address as
Landlord may designate:

                 Wells Fargo Center, a property of Fifth Street Properties, LLC
                 File #56572
                 Los Angeles, California 90074-6572

Tenant may pay only Monthly Base Rent and Tenant's Percentage Share of Property
Taxes and Operating Expenses by wire transfer to:

                 Bank of America
                 Account Name: Fifth St. Properties LLC - Denver Collection
                 Account No.: 004790875619
                 ABA No.: 111000025,

or to such other account as Landlord may from time to time designate by at least
ten (10) days' prior written notice to Tenant. Payments of Monthly Base Rent by
wire transfer must be collected at the receiving bank before the first day of
each calendar month for which it is due.

     12.  GUARANTOR: None

     This Lease shall consist of the foregoing Basic Lease Provisions, and the
provisions of the Standard Lease Provisions (the "STANDARD LEASE PROVISIONS")
(consisting of Sections and Exhibits which follow) all of which are incorporated
herein by this reference as of the Effective Date. In the event of any conflict
between the provisions of the Basic Lease Provisions and the provisions of the
Standard Lease Provisions, the Standard Lease Provisions shall control. Any
initially capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Standard Lease Provisions.

                            STANDARD LEASE PROVISIONS

                              ARTICLE 1 - PREMISES

     1.1  LEASE OF PREMISES. Landlord hereby leases the Premises to Tenant, and
Tenant hereby leases the Premises from Landlord, upon all of the terms,
covenants and conditions contained in this Lease.

     1.2  ACCEPTANCE OF PREMISES. Tenant acknowledges that Landlord has not made
any representation or warranty with respect to the condition of the Premises,
the Building or the Project with respect to the suitability or fitness of any of
the same for the conduct of Tenant's Permitted Use, its business or for any
other purpose.

     1.3  MEASUREMENT OF THE RENTABLE AREA OF PREMISES AND THE BUILDING.

          (a)  For purposes of this Lease, subject to the provisions of Section
     1.3(b), the parties hereby stipulate that the number of rentable square
     feet contained within the Premises is as set forth in paragraph 2.B. of the
     Basic Lease Provisions.

          (b)  The "RENTABLE AREA" or "RENTABLE SQUARE FEET" and "USABLE AREA"
     or "USABLE SQUARE FEET" shall be calculated by Landlord substantially in
     accordance with the Standard Method for Measuring Floor Area in Office
     Buildings, ANSI Z65.1 - 1996 ("BOMA"); provided, however, that in any case
     the Rentable Area of the Building shall include all of, and the Rentable
     Area of the Premises shall include a portion of, the square footage of the
     ground floor common areas located within the Building and the common area
     and occupied space of the portion of the Building or Project dedicated to
     the service of the Building. Landlord reserves the right to modify (i) the
     standards utilized hereunder for the measurement of Rentable Area and
     Usable Area (so long as any such modification is reasonably consistent with
     then prevailing Institutional Owner Practices (defined below)) and (ii)
     consistent with any such modifications of measurement standards, the totals
     of Rentable Area and Usable Area set forth or utilized herein with respect
     to the Premises, the Building or portions thereof. However, the economic
     terms set forth herein (such as Annual Base Rent, Security Deposit and
     Tenant's Percentage Share) shall not be modified.

          (c)  In consideration of Tenant's obligation to lease the Expansion
     Option Space pursuant to Section 2.3, Tenant may use the balance of the
     sixteenth floor of the Building on all the terms and

                                       -2-
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     conditions of this Lease, except that Tenant will not be obligated to pay
     additional Base Rent or Tenant's Percentage Share of Property Taxes and
     Operating Expenses except as provided in this Lease.

     1.4  COMMON AREAS. "COMMON AREAS" shall mean the lobby, plaza and sidewalk
areas, accessways, Parking Facilities (defined below), and the area on
individual floors in the Building devoted to corridors, fire vestibules,
elevators, foyers, lobbies, electric and telephone closets, restrooms,
mechanical rooms, janitor's closets, and other similar facilities for the
benefit of all tenants and invitees and shall also mean those areas of the
Building devoted to mechanical and service rooms servicing the Building. The
Common Areas shall be subject to the exclusive management and control of
Landlord, and Tenant shall comply with all Rules and Regulations (defined in
Article 21) pertaining to the Common Areas. Landlord shall have the right from
time to time to designate, relocate and limit the use of particular areas or
portions of the Common Areas. Landlord shall also have the right to close all or
any portion of the Common Areas as may, in the sole discretion of Landlord, be
necessary to prevent a dedication thereof or the accrual of any rights in any
person.

                                ARTICLE 2 -- TERM

     2.1  TERM. Unless earlier terminated in accordance with the provisions
hereof, the term of this Lease shall be the period shown in paragraph 3.A. of
the Basic Lease Provisions. For purposes of this Lease, the term "LEASE YEAR"
shall mean each consecutive twelve (12) month period during the Lease Term;
provided, however, that the first Lease Year shall commence on the Commencement
Date and end on the last day of the eleventh month thereafter and the second and
each succeeding Lease Year shall commence on the first day of the next calendar
month. At any time during the Lease Term, Landlord may deliver to Tenant a
notice in the form as set forth in Exhibit B attached hereto, which Tenant shall
execute and return to Landlord within five (5) days of receipt thereof. As used
herein, "TERM" shall refer to the term described in paragraph 3.A. of the Basic
Lease Provisions.

     2.2  COMMENCEMENT. The Term shall commence on the Commencement Date as
defined in paragraph 3.B. of the Basic Lease Provisions. This Lease shall be a
binding contractual obligation effective upon execution hereof by Landlord and
Tenant notwithstanding the later commencement of the Term of this Lease.

     2.3  EXPANSION RIGHTS. Tenant shall have a right of offer (the "RIGHT OF
OFFER") and an expansion option (the "EXPANSION OPTION") each covering
approximately twelve thousand (12,000) rentable square feet on either the
fifteenth (15th) or seventeenth (17th) floor of the Building (the "RIGHT OF
OFFER SPACE" and "EXPANSION OPTION SPACE," respectively), the exact size and
location of each of which shall be determined by Landlord in its sole
discretion.

          (a)  So long as no Event of Default exists either at the time that
     Tenant exercises its Right of Offer or Expansion Option, as the case may
     be, or at the time that the Right of Offer Space or Expansion Option Space,
     as the case may be, is added to the Premises (unless such Event of Default
     has been waived by Landlord in its sole discretion), Tenant may elect to
     lease all (but not part) of the Right of Offer Space and the Expansion
     Option Space, or either, upon the terms set forth in this Section 2.3. On
     or before December 15, 2003, Landlord will offer the Right of Offer Space
     to Tenant. On or before December 31, 2003, Tenant shall notify Landlord of
     whether Tenant elects to lease the Right of Offer Space. If Tenant so
     elects to lease the Right of Offer Space, (i) Landlord will deliver the
     Right of Offer Space to Tenant on March 1, 2004 for improvement according
     to the relevant parts of Exhibit C and Article 10, and (ii) Tenant will
     have the option to lease the Expansion Option Space consisting of the
     balance of the floor on which the Right of Offer Space is situated by
     notice given to Landlord on or before December 31, 2004, and (iii) if
     Tenant so exercises its right to lease the Expansion Option Space, Landlord
     will deliver the Expansion Option Space on March 1, 2005 for improvement
     according to the relevant parts of Exhibit C and Article 10. If Tenant does
     not elect to lease the Right of Offer Space on or before December 31, 2003,
     then Tenant will be irrevocably deemed to have elected to lease the
     Expansion Option Space commencing July 1, 2005 according to this Section,
     Landlord will deliver the Expansion Option Space on March 1, 2005 for
     improvement according to the relevant parts of Exhibit C and Article 10,
     and Tenant will have no remaining Right of Offer or Expansion Option.

          (b)  The Base Rent for the Right of Offer Space and Expansion Option
     Space (either an "EXPANSION SPACE") shall be the Base Rent as of the date
     such Expansion Space is delivered to Tenant under this Section, and shall
     commence on July 1, 2004 and July 1, 2005, respectively. So long as no
     Event of Default exists, Landlord will provide an allowance of Twenty
     Dollars ($20.00) per rentable square foot of the Expansion Space for costs
     incurred by Tenant in improving the Expansion Space in accordance with this
     Lease. The allowance will be paid within thirty (30) days after Tenant's
     delivery to Landlord of reasonable substantiation of the amounts paid by
     Tenant in so improving the Expansion Space. Upon the delivery of an
     Expansion Space to Tenant, the Expansion Space will be part of the Premises
     for all purposes of this Lease and Tenant's Percentage Share will be
     proportionately adjusted. Tenant may apply up to Ten Dollars ($10.00) per
     rentable square foot of the Premises of the allowance to Base Rent first
     accruing after the Expansion Space is added to the Premises. The expiration
     of the Term for an Expansion Space shall be the same as the expiration of
     the term for the remainder of the Premises.

          (c)  If Tenant exercises the Right of Offer or Expansion Option, as
     the case may be, pursuant to the terms hereof, Tenant shall take the
     Expansion Space added thereto pursuant to the Right of Offer or Expansion
     Option in its condition as of the Effective Date; if Landlord changes that
     condition, it will pay the incremental cost, if any, of demolition of the
     Expansion Space as a result of the change in connection with Tenant's
     improvement of it.

                                       -3-
<Page>

          (d)  Landlord shall not be liable for failure to give possession of an
     Expansion Space by reason of the holding over or retention of possession of
     any previous tenant, tenants or occupants of same, nor shall such failure
     impair the validity of this Lease, nor extend the Term, but the Rent for
     such Expansion Space shall be abated until possession thereof is delivered
     to Tenant. However, Landlord does covenant that it will use reasonable
     diligence to deliver possession of such Expansion Space to Tenant upon the
     date above-described. Additionally, if Tenant reasonably believes Landlord
     is not being diligent in its efforts to deliver possession of such
     Expansion Space to Tenant, Tenant shall so notify Landlord in writing,
     whereupon Tenant may itself bring such actions or proceedings (which must
     meet with Landlord's reasonable approval) necessary to deliver such
     possession to Tenant, but Tenant shall indemnify and hold harmless Landlord
     from any and all costs (including attorneys' fees or costs of suit),
     expenses, damages or liabilities arising thereby.

          (e)  The failure by Tenant to timely give the written notices
     above-described shall constitute Tenant's decision not to exercise the
     Right of Offer or Expansion Option, as the case may be, and Tenant shall be
     considered to have forever given up its rights to the space covered by said
     Right of Offer or Expansion Option, as the case may be.

          (f)  Tenant may not assign its Right of Offer or Expansion Option to
     sublessees of the space covered by this Lease, but Tenant may assign the
     Right of Offer or Expansion Option to assignees of this Lease only with
     prior written consent of Landlord, which consent shall not be unreasonably
     withheld.

                       ARTICLE 3 - RENT; LATE CHARGES

     3.1  BASE RENT; RENT.

          (a)  Tenant agrees to pay during each Lease Year of the Term of this
     Lease as Base Rent ("BASE RENT") for the Premises the sums shown for such
     periods in paragraph 4 of the Basic Lease Provisions.

          (b)  Except as expressly provided to the contrary herein, Annual Base
     Rent shall be payable in equal, consecutive, monthly installments, in
     advance, without abatement, deduction or offset, commencing on the
     Commencement Date and continuing on the first day of each calendar month
     thereafter except as provided in this paragraph 3.l(b) with regard to wire
     transfers. The first full monthly installment of Annual Base Rent,
     described in paragraph 4 of the Basic Lease Provisions, shall be payable
     upon TENANT'S EXECUTION OF THIS LEASE. If the Commencement Date is a day
     other than the first day of a calendar month, then the Base Rent for the
     Partial Lease Month (the "PARTIAL LEASE MONTH RENT") shall be calculated on
     a per diem basis determined by dividing the initial Monthly Base Rent shown
     in paragraph 4 of the Basic Lease Provisions by the number of days in the
     month in which the Commencement Date occurs and by multiplying such amount
     by the number of remaining days of such month from and including the
     Commencement Date. The Partial Lease Month Rent shall be payable by Tenant
     prior to the date that Tenant takes possession or commences use of the
     Premises for any business purpose (including moving in). Annual Base Rent,
     all forms of Additional Rent (defined below) payable hereunder by Tenant
     and all other amounts, fees, payments or charges payable hereunder by
     Tenant shall (i) each constitute rent payable hereunder (and shall
     sometimes collectively be referred to herein as "RENT"), and (ii) be
     payable to Landlord when due without any prior notice or demand therefor in
     lawful money of the United States and, except as may be expressly provided
     to the contrary herein, without any abatement, offset or deduction
     whatsoever. All Annual Base Rent that is not paid by wire transfer and all
     other Rent shall be payable to Landlord at the address of Landlord
     described in paragraph 11 of the Basic Lease Provisions or to such other
     person or to such other place as Landlord may from time to time designate
     in writing to Tenant.

          (c)  No payment by Tenant or receipt by Landlord of a lesser amount
     than the correct Rent due hereunder shall be deemed to be other than a
     payment on account; nor shall any endorsement or statement on any check or
     any letter accompanying any check or payment be deemed to effect or
     evidence an accord and satisfaction; and Landlord may accept such check or
     payment without prejudice to Landlord's right to recover the balance or
     pursue any other remedy in this Lease or at law or in equity provided.

     3.2  LATE CHARGE; INTEREST. Tenant acknowledges that the late payment of
Base Rent or Additional Rent will cause Landlord to incur administrative costs
and other damages, the exact amount of which would be impracticable or extremely
difficult to ascertain. Landlord and Tenant agree that if Landlord does not
receive any such payment on or before the date five (5) days after the date the
payment is due, Tenant shall pay to Landlord, as Additional Rent, (a) a late
charge ("LATE CHARGE") equal to five percent (5%) of the overdue amount to cover
such additional administrative costs, and (b) interest on all delinquent amounts
at eighteen percent (18%) per annum from the date due until the date paid.

     3.3  ADDITIONAL RENT. For purposes of this Lease, all amounts (other than
Base Rent) payable by Tenant to Landlord pursuant to this Lease, whether or not
denominated as such, shall constitute additional rent ("ADDITIONAL RENT")
hereunder.

                           ARTICLE 4 -- ADDITIONAL RENT

     4.1  PAYMENT OF OPERATING EXPENSES AND PROPERTY TAXES.

                                       -4-
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          (a)  Subject to the provisions of this Lease, in addition to paying
     Base Rent pursuant to Article 3 of this Lease, with respect to each Expense
     Year (defined below) Tenant shall also pay as Additional Rent Tenant's
     Percentage Share (defined below) of Operating Expenses (defined below) for
     the Project allocable hereunder to such Expense Year.

          (b)  Subject to the provisions of this Lease, in addition to paying
     Base Rent pursuant to Article 3 of this Lease, with respect to each Expense
     Year Tenant shall also pay as Additional Rent Tenant's Percentage Share of
     the Property Taxes (defined below) for the Project allocable hereunder to
     such Expense Year.

     4.2  DEFINITIONS.

          (a)  "EXPENSE YEAR" shall mean each calendar year in which any portion
     of the Term of this Lease falls, through and including the calendar year in
     which the Term of this Lease expires.

          (b)  "PROPERTY TAXES" shall mean all real property taxes, assessments,
     fees, charges, or impositions and other similar governmental or
     quasi-governmental ad valorem or other charges levied on or attributable to
     the Project or its ownership, operation or transfer of any and every type,
     kind, category or nature, whether direct or indirect, general or special,
     ordinary or extraordinary and all taxes, assessments, fees, charges or
     similar impositions imposed in lieu or substitution (partially or totally)
     of the same, including, without limitation, all taxes, assessments, levies,
     charges or impositions (i) on any interest of Landlord or any mortgagee of
     Landlord in the Project, the Building, the Premises or in this Lease, or on
     the occupancy or use of space in the Project or the Premises; (ii) on the
     gross or net rentals or income from the Project, including, without
     limitation, any gross income tax, excise tax, sales tax or gross receipts
     tax levied by any federal, state or local governmental entity with respect
     to the receipt of Rent; (iii) on any transit taxes or charges, business or
     license fees or taxes, annual or periodic license or use fees, park and
     school fees, arts charges, parks charges, housing fund charges; (iv)
     imposed for street, refuse, police, sidewalks, fire protection and similar
     services and maintenance, whether previously provided without charge or for
     a different charge, whether provided by governmental agencies or private
     parties, and whether charged directly or indirectly through a funding
     mechanism designed to enhance or augment benefits and services provided by
     governmental or quasi-governmental agencies; (v) on any possessory taxes
     charged or levied in lieu of real estate taxes; and (vi) any costs or
     expenses incurred or expended by Landlord in investigating, calculating,
     protesting, appealing or otherwise attempting to reduce or minimize such
     taxes. There shall be excluded from Property Taxes all income taxes,
     capital stock, inheritance, estate, gift, or any other taxes imposed upon
     or measured by Landlord's net income or profits unless the same is
     specifically included within the definition of Property Taxes above or
     otherwise shall be imposed in lieu of real estate taxes or other ad valorem
     taxes.

          (c)  "OPERATING EXPENSES" shall mean all costs, fees, amounts,
     disbursements and expenses of every kind and nature paid or incurred by or
     on behalf of Landlord with respect to any Expense Year in connection with
     the operation, ownership, maintenance, insurance, restoration, management,
     replacement or repair of the Project in a first class manner, including,
     without limitation, any amounts paid or incurred with respect to:

              (i)    Premiums for property, casualty, liability, rent
          interruption, earthquake, flood or other types of insurance carried by
          Landlord from time to time, and any deductibles thereunder actually
          paid by Landlord with respect to the Project.

             (ii)    Salaries, wages and other amounts paid or payable for
          personnel (including, without limitation, the Building manager,
          superintendent, Parking Facilities manager, operation and maintenance
          staff, administrative staff, accounting personnel and other employees
          of Landlord) involved in the maintenance and operation of the Building
          or the Project, including contributions and premiums towards fringe
          benefits, unemployment taxes and insurance, social security taxes,
          disability and worker's compensation insurance, pension plan
          contributions and similar premiums and contributions which may be
          levied on such salaries, wages, compensation and benefits and the
          total charges of any independent contractors or property managers
          engaged in the operation, repair, care, maintenance and cleaning of
          any portion of the Building or the Project.

            (iii)    Cleaning expenses, including, without limitation,
          janitorial services, window cleaning, and garbage and refuse removal.

             (iv)    Landscaping and hardscape expenses, including, without
          limitation, irrigating, trimming, mowing, fertilizing, seeding, and
          replacing plants, trees and hardscape.

              (v)    Subject to the provisions of Section 4.3(d), the cost of
          providing fuel, gas, electricity, water, sewer, telephone, steam and
          other utility services.

             (vi)    Subject to the provisions of Section 4.2(c)(x) below, the
          cost of maintaining, operating, restoring, renovating, managing,
          repairing and replacing components of equipment or machinery,
          including, without limitation, heating, refrigeration, ventilation,
          electrical, plumbing, mechanical, elevator, escalator, sprinklers,
          fire/life safety, security and energy management systems, including
          service contracts, maintenance contracts, supplies and parts with
          respect thereto.

                                       -5-
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            (vii)    The costs of security for, and supervision of, the Project.

           (viii)    Rental, supplies and other costs with respect to the
          operation of the management office for the Project.

             (ix)    All costs and fees for licenses, certificates, permits and
          inspections, and the cost incurred in connection with the
          implementation of a transportation system management program or
          similar program.

              (x)    The cost of replacement, repair, acquisition, installation
          and modification of (A) carpeting and wallcoverings, ceiling systems
          and fixtures in the Common Areas, and other furnishings in the Common
          Areas, (B) materials, tools, supplies and equipment purchased by
          Landlord which are used in the maintenance, operation and repair of
          the Project, and (C) any other form of improvements, additions,
          repairs, or replacements to the Project or the systems, equipment or
          machinery operated or used in connection with the Project; provided,
          however, that with respect to the items described in clauses (A), (B),
          and (C) above which constitute a capital item, addition, repair or
          improvement (collectively "CAPITAL ITEMS") under sound accounting and
          property management principles consistently applied and determined by
          Landlord, in each case the cost of such Capital Items shall be
          amortized (with interest at the Interest Rate) over the useful life
          (the "USEFUL LIFE") of such Capital Item, as determined by the
          Landlord in accordance with sound accounting and property management
          principles consistently applied or such other period as shall be
          consistent with Institutional Owner Practices.

             (xi)    Attorneys', accountants' and consultants' fees and expenses
          in connection with the management, operation, administration,
          maintenance and repair of the Project, including, but not limited to,
          such expenses that relate to seeking or obtaining reductions in or
          refunds of Property Taxes, or components thereof, or the costs of
          contesting the validity or applicability of any governmental
          enactments which may affect Operating Expenses.

            (xii)    Fees for the administration and management of the Project
          in an amount equal to three percent (3%) of the gross revenues of the
          Project (which shall be grossed by Landlord up to one hundred percent
          (100%) occupancy on an annual basis), without regard to whether actual
          fees so paid are greater or less than such amount.

           (xiii)    Sales, use and excise taxes on goods and services purchased
          by Landlord for the management, maintenance, administration or
          operation of the Building or the Project.

            (xiv)    Fees for local civic organizations and dues for
          professional trade associations.

             (xv)    Payments under any covenants, conditions and restrictions
          pertaining to the Project or any easement, license or operating
          agreement or similar instrument which affects the Project.

            (xvi)    Costs and expenses of investigating, testing, documenting,
          monitoring, responding to, abating and remediating Hazardous Materials
          (defined below), other than abatement and remediation costs with
          respect to Hazardous Materials actually known by Landlord (on the
          Effective Date) to require abatement or remediation under applicable
          Environmental Laws (defined below).

           (xvii)    The costs of repairing, restoring and maintaining the
          Parking Facilities of the Project, including, without limitation, the
          resurfacing, restriping and cleaning of such facilities.

          (xviii)    Any costs, fees, amounts, disbursements and expenses which
          are generally included in Operating Expenses under Institutional Owner
          Practices.

          (d)  The following costs and expenses shall be excluded from Operating
     Expenses: (i) expenses relating to leasing space in the Project (including
     tenant improvements, leasing and brokerage commissions and advertising
     expenses); (ii) legal fees and disbursements incurred for collection of
     tenant accounts or negotiation of leases, or relating to disputes between
     Landlord and other tenants and occupants of the Project; (iii) Capital
     Items unless specifically permitted by Section 4.2(c), parts (i) through
     (xviii), inclusive; (iv) Property Taxes; (v) amounts received by Landlord
     on account of proceeds of insurance to the extent the proceeds are
     reimbursement for expenses which were previously included in Operating
     Expenses; (vi) except to the extent specifically provided in Section
     4.2(c), parts (i) through (xviii), inclusive, depreciation or payments of
     principal and interest on any mortgages upon the Project; (vii) payments of
     ground rent pursuant to any ground lease covering the Project; (viii)
     subject to Section 4.3(a), the costs of: gas, steam or other fuel;
     operation of elevators and security systems; heating, cooling, air
     conditioning and ventilating; chilled water, hot and cold domestic water,
     sewer and other utilities or any other service work or facility, or level
     or amount thereof, provided to any other tenant or occupant in the Project
     which either (A) is not required to be supplied or furnished by Landlord to
     Tenant under the provisions of this Lease or (B) is supplied or furnished
     to Tenant pursuant to the terms of this Lease with separate or additional
     charge; and (ix) any cost expressly excluded from Operating Expenses in an
     express provision contained in this Lease.

          (e)  "TENANT'S PERCENTAGE SHARE" shall mean the percentage set forth
     in paragraph 5.B. of the Basic Lease Provisions; provided, however, that
     Landlord reserves the right from time to time during

                                       -6-
<Page>

     the Term of this Lease to recalculate Tenant's Percentage Share, in which
     case Tenant's Percentage Share shall be calculated by dividing the number
     of square feet of Rentable Area in the Premises by the number of square
     feet of Rentable Area in the Building, and expressing such quotient in the
     form of a percentage.

     4.3  CALCULATION METHODS AND ADJUSTMENTS.

          (a)  The variable components of Operating Expenses ("VARIABLE
     EXPENSES") for all or any portion of any Expense Year during which actual
     occupancy of the Building is less than one hundred percent (100%) of the
     Rentable Area of the Building shall be adjusted by Landlord, as determined
     in good faith by Landlord applying sound accounting and property management
     principles (and the provisions of this Lease) to reflect one hundred
     percent (100%) occupancy of the Rentable Area of the Building during such
     period. If during all or any part of any Expense Year, Landlord does not
     provide any particular item of benefit, work or service (the cost of which
     is a Variable Expense) to portions of the Project due to the fact that such
     item of benefit, work or service is not required or desired by the tenant
     of such space, or such tenant is itself obtaining and providing such item
     of benefit, work or service, or for any other reason, then for purposes of
     computing Variable Expenses for such Expense Year. Operating Expenses shall
     be increased by an amount equal to the additional Variable Expenses which
     would have been paid or incurred by Landlord during such period if it had
     furnished such item of benefit, work or service to such portions of the
     Project.

          (b)  Subject to the provisions of this Section 4.3, all calculations,
     determinations, allocations and decisions to be made hereunder with respect
     to Operating Expenses or Property Taxes shall be made in accordance with
     the good faith determination of Landlord applying sound accounting and
     property management principles consistently applied which are consistent
     with the practices of the majority of the institutional owners of
     institutional grade first-class office projects in Denver, Colorado
     ("INSTITUTIONAL OWNER PRACTICES"). Landlord shall have the right to
     allocate equitably some or all of Operating Expenses among particular
     classes or groups of tenants in the Project (for example, retail tenants)
     to reflect Landlord's good faith determination that measurably different
     amounts or types of services, work or benefits associated with Operating
     Expenses are being provided to or conferred upon such classes or groups.
     Subject to the provisions of this Section 4.3, from time to time Landlord
     shall have the right to expand or contract the amount, scope, level or
     types of services, work, items or benefits, the cost of which is included
     within Operating Expenses, so long as Landlord's treatment of the same for
     purposes of the calculation of Operating Expenses is generally consistent
     with Institutional Owner Practices and at all times maintain the standards
     of first-class, high-rise buildings. Whenever services, benefits or work
     are provided to the Project and to additional projects (where allocation of
     the cost thereof among such projects is required for calculation of
     Operating Expenses hereunder), in allocating the overall cost thereof (for
     all such projects) to Operating Expenses hereunder, there shall be excluded
     from Operating Expenses Landlord's good faith determination of the
     additional overall cost comparison allocable to the provision of such
     services, benefits or work to the additional projects. All discounts,
     reimbursements, rebates, refunds, or credits (collectively,
     "REIMBURSEMENTS") attributable to Operating Expenses or Property Taxes
     received by Landlord in a particular year shall be deducted from Operating
     Expenses or Property Taxes in the year the same are received; provided,
     however, if such practice is consistent with Institutional Owner Practices,
     Landlord may treat Reimbursements generally (or under particular
     circumstances) on a different basis. All assessments and premiums of
     Operating Expenses or Property Taxes which can be paid by Landlord in
     periodic installments shall be paid by Landlord in the maximum number of
     periodic installments permitted by Law; provided, however, that if the then
     prevailing Institutional Owner Practice is to pay such assessments or
     premiums on a different basis, Landlord may utilize such different basis of
     payment.

          (c)  Subject to applicable Laws, Landlord shall solely determine all
     decisions with respect to the method and manner by which all utility
     services shall be billed and provided in the Project, which determinations
     shall be made by Landlord in good faith and on a basis consistent with
     Institutional Owner Practices.

     4.4  PAYMENT PROCEDURE; ESTIMATES. For each Expense Year, Landlord may
elect to give Tenant written notice of its estimate of any amounts payable under
Section 4.1 for that Expense Year. On or before the first day of each calendar
month during such Expense Year, Tenant shall pay to Landlord one-twelfth
(1/12th) of such estimated amounts; provided, however, that, not more often than
quarterly, Landlord may, by written notice to Tenant, revise its estimate for
such Expense Year, and all subsequent payments under this Section 4.4 by Tenant
for such Expense Year shall be based upon such revised estimate. Landlord shall
endeavor to deliver to Tenant within one hundred fifty (150) days after the
close of each Expense Year or as soon thereafter as is practicable, a statement
of that year's Property Taxes and Operating Expenses, and Tenant's Percentage
Share of actual Property Taxes and actual Operating Expenses payable for such
Expense Year pursuant to Section 4.1, as determined by Landlord (the "LANDLORD'S
STATEMENT") and such Landlord's Statement shall be binding upon Landlord and
Tenant, except as provided in Section 4.5. If the amount of Tenant's Percentage
Share of actual Property Taxes and Operating Expenses for any Expense Year is
more than the estimated payments with respect thereto made by Tenant, Tenant
shall pay the deficiency to Landlord upon receipt of Landlord's Statement. If
the amount of Tenant's Percentage Share of actual Property Taxes and Operating
Expenses for any Expense Year is less than the estimated payments for such
Expense Year made by Tenant, such excess payments shall be credited against Rent
next payable by Tenant under this Lease or, if the Term of this Lease has
expired, such excess shall be paid to Tenant within thirty (30) days after
delivery of the Landlord's Statement for the year in which this Lease expired.
No delay in providing any Landlord's Statement described in this Section 4.4
shall act as a waiver of Landlord's right to receive payment from Tenant under
Section 4.1 above with respect to Tenant's Percentage Share of Property Taxes
and Operating Expenses, or either of them, for the period covered thereby. If
this Lease shall terminate on a day other than the end of a calendar year, the
amount of Tenant's Percentage Share of actual Property Taxes and actual
Operating Expenses

                                       -7-
<Page>

payable under Section 4.1 that is applicable to the calendar year in which such
termination occurs shall be prorated on the basis that the number of days from
January 1 of such calendar year to the termination date bears to 365. The
expiration or early termination of this Lease shall not affect the obligations
of Landlord and Tenant pursuant to this Section 4.4 to be performed after such
expiration or early termination.

     4.5  REVIEW OF LANDLORD'S STATEMENT. Provided that no Event of Default then
exists and provided further that Tenant strictly complies with the provisions of
this Section 4.5, Tenant shall have the right to conduct a reasonable review of
Landlord's supporting books and records for any portion of the Property Taxes or
Operating Expenses for a particular Expense Year covered by Landlord's
Statement, in accordance with the following procedure:

          (a)  Landlord will give Tenant access to the books and records that
     substantiate Landlord's Statement if Tenant makes a written request for
     them within thirty (30) days after delivery of Landlord's Statement. Tenant
     shall, within sixty (60) days after any such Landlord's Statement is
     delivered to Tenant, deliver a written notice (a "DISPUTE NOTICE") to
     Landlord specifying the items described in the Landlord's Statement that
     are claimed to be incorrect, and Tenant shall simultaneously pay to
     Landlord all amounts due from Tenant to Landlord as specified in the
     Landlord's Statement. In no event shall Tenant be entitled to withhold,
     deduct, or offset any monetary obligation of Tenant to Landlord under this
     Lease (including, without limitation, Tenant's obligation to make all
     payments of Base Rent and all payments of Additional Rent pending the
     completion of and regardless of the results of any review of records under
     this Section 4.5). The right of Tenant under this Section 4.5 may only be
     exercised once for each Expense Year covered by any Landlord's Statement,
     and if Tenant fails to deliver a Dispute Notice within the sixty (60) day
     period described above or fails to meet any of the other above conditions
     of exercise of such right, the right of Tenant to review a particular
     Landlord's Statement (and all of Tenant's rights to make any claim relating
     thereto) under this Section 4.5 shall automatically be deemed waived by
     Tenant.

          (b)  Tenant acknowledges that Landlord maintains its records for the
     Building at Landlord's manager's corporate offices and Tenant agrees that
     any review of records under this Section 4.5 shall be at the sole expense
     of Tenant and shall be conducted by independent certified public
     accountants of national or regional standing which are not compensated on a
     contingency fee or similar basis relating to the results of such review.
     Tenant acknowledges and agrees that any records of Landlord reviewed under
     this Section 4.5 (and the information contained therein) constitute
     confidential information of Landlord, which Tenant shall not disclose, nor
     permit to be disclosed by Tenant's accountant, to anyone other than the
     Tenant's accountants performing the review and the principals of Tenant who
     receive the results of the review. The disclosure of such information by
     Tenant or any of Tenant's employees or contractors (including, without
     limitation, Tenant's accountant) to any other person, whether or not caused
     by the conduct of Tenant, shall constitute an Event of Default.

          (c)  If Landlord disagrees with Tenant's contention that an error
     exists with respect to Landlord's Statement (and the Operating Expenses and
     Real Property Taxes described therein) in dispute, Landlord shall have the
     right to cause another review of that portion of Landlord's Statement (and
     the Operating Expenses and Real Property Taxes stated therein) to be made
     by a firm of independent certified public accountants of national or
     regional standing selected by Landlord ("LANDLORD'S ACCOUNTANT"). In the
     event of a disagreement between the two accounting firms, they shall select
     a third accounting firm of national or regional standing and its review
     shall be conclusive on Landlord and Tenant. In the event that the final
     results of a review of a particular Landlord's Statement indicates that
     total Operating Expenses and Property Taxes for the period covered by the
     Landlord's Statement in question have been overstated by more than five
     percent (5%), then Landlord shall pay the cost of the third accounting firm
     (if any) and reimburse Tenant for the reasonable cost of Tenant's
     accountant and the amount of any overpayment by Tenant of estimated
     Operating Expenses and Property Taxes, or either of them, for the period in
     question shall be credited against Tenant's obligations to pay Additional
     Rent next coming due; in all other cases, Tenant shall be liable for
     Landlord's Accountant's actual fees and expenses, and the amount of any
     underpayment shall be paid by Tenant to Landlord with the next succeeding
     installment of estimated Property Taxes and Operating Expenses.

                           ARTICLE 5 -- ADDITIONAL TAXES

     In addition to the Base Rent and all other forms of Additional Rent payable
by Tenant hereunder, Tenant shall reimburse Landlord upon demand as Additional
Rent for any and all taxes, impositions or similar fees or charges (other than
any of the same actually included by Landlord in Property Taxes with respect to
the Expense Year in question) payable by or imposed or assessed upon Landlord or
with respect to (or measured by or otherwise attributable to the cost or value
of): (a) any fixtures, equipment or other personal property located in or about
the Premises; (b) any leasehold improvements made in or to the Premises by or
for Tenant (without regard to ownership of such improvements) if and to the
extent the original cost, replacement cost or value thereof exceeds the cost of
Landlord's then effective "BUILDING STANDARD" tenant improvements, as determined
in good faith by Landlord; (c) the Rent payable hereunder, including, without
limitation, any gross receipts tax, license fee or excise tax levied by any
governmental authority; (d) the possession, leasing, operation, management,
maintenance, alteration, repair, use or occupancy of any portion of the
Premises; or (e) this transaction or any document to which Tenant is a party
creating or transferring an interest or an estate in the Premises.

                          ARTICLE 6 -- SECURITY DEPOSIT

     Upon the execution of this Lease, Tenant shall deposit with Landlord the
Security Deposit described in paragraph 6 of the Basic Lease Provisions. The
Security Deposit is made by Tenant to secure the faithful

                                       -8-
<Page>

performance of all the terms, covenants and conditions of this Lease to be
performed by Tenant. The Security Deposit is not an advance payment of Rent or a
measure or limit of Landlord's damages upon an Event of Default by Tenant. If
Tenant commits an Event of Default with respect to any provision of this Lease,
Landlord may, but shall not be required to, use, apply or retain all or any part
of the Security Deposit (a) for the payment of any Rent or any other sum in
default, (b) for the payment of any other amount which Landlord may spend or
become obligated to spend by reason of such default by Tenant, and (c) to
compensate Landlord for any other loss or damages which Landlord may suffer by
reason of such default by Tenant. If any portion of the Security Deposit is so
used or applied, Tenant shall, upon demand therefor by Landlord, deposit with
Landlord cash in an amount sufficient to restore the Security Deposit to the
amount required to be maintained by Tenant hereunder. Upon expiration or the
sooner termination of this Lease, provided that Tenant has performed all of its
obligations hereunder, Landlord shall return to Tenant the remaining portion of
the Security Deposit no later than thirty (30) days after the date Landlord
receives possession of the Premises in accordance with the provisions of this
Lease. The Security Deposit may be commingled by Landlord with Landlord's other
funds, and no interest shall be paid thereon. If Landlord transfers its interest
in the Premises, then Landlord may assign the Security Deposit to the transferee
and thereafter Landlord shall have no further liability or obligation for the
return of the Security Deposit. Tenant hereby waives the provisions of any Laws,
whether now or hereafter in effect, or common law rule, to the contrary, which
restricts the amount or types of claim that a landlord may make upon a security
deposit or imposes upon a landlord (or its successors) any obligation with
respect to the handling or return of security deposits.

                           ARTICLE 7 -- USE OF PREMISES

     7.1  TENANT'S PERMITTED USE. Tenant shall use the Premises only for
Tenant's Permitted Use as set forth in paragraph 9 of the Basic Lease Provisions
and shall not use or permit the Premises to be used for any other purpose.
Tenant shall, at its sole cost and expense, obtain and maintain in full force
and effect all governmental licenses, approvals and permits required to allow
Tenant to conduct Tenant's Permitted Use. Landlord disclaims any warranty that
the Premises are suitable for Tenant's use and Tenant acknowledges that it has
had a full opportunity to make its own determination in this regard. In no case
shall Tenant use any portion of the Premises for (a) offices of any division,
agency or bureau of the United States or any state or local government or any
foreign government or subdivision thereof, (b) offices of any licensed health
care professionals for the provision of any health care services, (c) any
schools or other training facility, (d) any retail or restaurant uses, (e) any
residential use, or (f) any communications uses such as broadcasting or radio or
television stations; however, the Premises may be used for general business
purposes by an occupant providing health care services or broadcasting from
facilities other than the Premises. Tenant shall not permit any use of the
Premises or any portion thereof for any occupancy density which is greater than
the density shown on the Pricing Floor Plan described on Exhibit C; however, if
Tenant adds an Expansion Space, it may increase that density during the
improvement of the Expansion Space by the people who will be occupying it, but
only in accordance with Law.

     7.2  COMPLIANCE WITH LAWS AND OTHER REQUIREMENTS.

          (a)  Tenant shall timely take all action required to cause the
     Premises to comply in all respects with all laws, ordinances, building
     codes, rules, regulations, orders and directives of any governmental
     authority having jurisdiction (including, without limitation, any
     certificate of occupancy) now or in the future applicable to the Premises
     (collectively, "LAWS"), including, without limitation, any Law requiring
     any form of improvement or alteration to the Premises.

          (b)  Tenant shall not use the Premises, or permit the Premises to be
     used, in any manner, or do or suffer any act in or about the Premises
     which: (i) violates or conflicts with any applicable Law; (ii) causes or is
     reasonably likely to cause damage to the Project, the Premises or the
     Building systems, including, without limitation, the life safety,
     electrical, heating, ventilation and air conditioning ("HVAC"), plumbing or
     sprinkler systems (collectively, the "BUILDING SYSTEMS") for the Building
     or the Project; (iii) violates a requirement or condition of any policy of
     insurance covering the Project or the Premises, or increases the cost of
     such policy; (iv) constitutes or is reasonably likely to constitute a
     nuisance, annoyance or inconvenience to other tenants or occupants of the
     Project or its equipment, facilities or systems; (v) interferes with, or is
     reasonably likely to interfere with, the transmission or reception of
     microwave, television, radio, telephone, or other communication signals by
     antennae or other facilities located in the Project; or (vi) violates the
     Rules and Regulations. Should any federal, state or local governmental
     agency having jurisdiction with respect to the establishment, regulation or
     enforcement of occupational, health or safety standards for employers,
     employees or tenants impose on Landlord or on Tenant at any time now or in
     the future any requirement or Law relating in any manner to the Premises or
     occupancy thereof, Tenant shall, at its sole cost and expense, comply
     promptly (or at Landlord's election, bear the cost of such compliance as
     effected by Landlord) with such requirement or Law.

     7.3  HAZARDOUS MATERIALS. No Hazardous Materials (defined below) shall be
Handled (defined below) upon, about, in, above or beneath the Premises or any
portion of the Project by or on behalf of Tenant, its subtenants or its
assignees, or their respective contractors, clients, officers, directors,
employees, agents, or invitees (collectively, a "TENANT PARTY"). Notwithstanding
the foregoing, normal quantities of those Hazardous Materials customarily used
in the conduct of general administrative and executive office activities (e.g.,
copier fluids and cleaning supplies) may be used and stored at the Premises
without Landlord's prior written consent, but only in compliance with all
applicable Environmental Laws (defined below), and with the highest prevailing
industry standards. Tenant shall, at its sole cost and expense, promptly take
all actions (or at Landlord's election, reimburse Landlord for taking all
actions) required by any Law or necessary for Landlord to make full economic use
of the Premises or any portion of the Project which arises in connection with
the Handling (defined below) of Tenant's

                                       -9-
<Page>

Hazardous Materials upon, about, above or beneath the Premises or any portion of
the Project. Such actions shall include, but not be limited to, the
investigation of the environmental condition of the Premises or any portion of
the Building, the preparation of any feasibility studies or reports and the
performance of any cleanup, remedial, removal or restoration work. Tenant shall
take all actions (or, at Landlord's election, reimburse Landlord for taking all
actions) necessary to restore the Premises or any portion of the Building to the
condition existing prior to the introduction of Tenant's Hazardous Materials,
notwithstanding any less stringent standards or remediation allowable under
applicable Environmental Laws. "ENVIRONMENTAL LAWS" means and includes all now
and hereafter existing statutes, laws, ordinances, codes, regulations, rules,
rulings, orders, decrees, directives, policies and requirements by any federal,
state or local governmental authority regulating, relating to, or imposing
liability or standards of conduct concerning public health and safety or the
environment. "HAZARDOUS MATERIALS" means: (a) any material or substance: (i)
which is defined or becomes defined as a "HAZARDOUS SUBSTANCE," "HAZARDOUS
WASTE," "INFECTIOUS WASTE," "CHEMICAL MIXTURE OR SUBSTANCE," or "AIR POLLUTANT"
under Environmental Laws; (ii) containing petroleum, crude oil or any fraction
thereof; (iii) containing polychlorinated biphenyls (PCB's); (iv) which
constitutes asbestos or asbestos-containing material; (v) which is radioactive;
(vi) which is infectious; or (b) any other material or substance displaying
toxic, reactive, ignitable or corrosive characteristics, as all such terms are
used in their broadest sense. "HANDLE," "HANDLED," or "HANDLING" shall mean any
installation, handling, generation, storage, treatment, use, disposal,
discharge, release, manufacture, refinement, presence, migration, emission,
abatement, removal, transportation, or any other activity of any type in
connection with or involving Hazardous Materials.

                       ARTICLE 8 - UTILITIES AND SERVICES

     8.1  BUILDING SERVICES. As long as no Event of Default exists, Landlord
agrees to furnish or cause to be furnished, subject to the provisions of this
Lease, as part of Operating Expenses to the Premises, the following utilities
and services, subject to the conditions and standards set forth herein:

          (a)  Non-attended automatic elevator service.

          (b)  Subject to all governmental Laws, rules, regulations and
     guidelines applicable thereto, HVAC to the Premises, which in Landlord's
     good faith judgment, is required for the comfortable use and occupancy of
     the Premises from 7:00 A.M. to 6:00 P.M. Monday through Friday, and 7:00
     A.M. to 1:00 PM, Saturdays (collectively, the "BUSINESS HOURS"), except for
     the date of observation of New Year's Day, President's Day, Independence
     Day, Labor Day, Memorial Day, Thanksgiving Day, and Christmas Day, and at
     Landlord's discretion, other state and nationally recognized holidays
     selected by Landlord which are consistent with Institutional Owner
     Practices (collectively, the "HOLIDAYS"); provided, however that if Tenant
     desires to use HVAC during hours ("NON-BUSINESS HOURS") other than Business
     Hours ("AFTER HOURS HVAC"), Tenant shall provide Landlord with prior
     written notice (which may be by email or telecopy) given, or oral request
     to the Building lobby attendant made, which at a minimum shall be 24 hours'
     written notice for weekday use and written notice prior to 12 Noon on
     Friday for weekend use, of Tenant's desired After Hours HVAC use and upon
     such additional conditions as shall be determined by Landlord from time to
     time and subject to availability. Tenant shall pay to Landlord Landlord's
     then prevailing charges (the "AFTER HOURS HVAC RATE") for supplying such
     After Hours HVAC (which are Thirty Two and 50/100 Dollars ($32.50) per hour
     per half floor on the Effective Date and shall not be greater than the
     prevailing market rate in comparable buildings) within ten (10) days of
     receipt of a reasonably detailed bill therefor. Tenant shall be responsible
     for and shall pay to Landlord any additional costs (including, without
     limitation, the costs of installation of additional HVAC equipment)
     incurred by Landlord because of the failure of the HVAC system to perform
     its function due to arrangement of partitioning in the Premises or changes
     or alterations thereto or from any use by Tenant of heat-generating
     machinery or equipment other than normal office equipment, including small
     photocopying machines and personal computers not linked to a central
     mainframe at the Premises.

          (c)  At all reasonable times, electric current as required for
     Building standard lighting and fractional horsepower office machines and
     adequate electrical wiring and facilities for connection to the lighting
     fixtures and incidental use equipment of Tenant; provided, however, that
     notwithstanding any provision of this Lease to the contrary, (i) the total
     connected electrical load for all of the incidental use equipment located
     in the Premises shall in no case exceed that found in comparable first
     class office buildings in downtown Denver from time to time, with the
     electricity so furnished for incidental use equipment to be at a nominal
     one hundred twenty (120) volts and with no electrical circuit for the
     supply of such equipment to require a current capacity exceeding twenty
     (20) amperes, and (ii) the total connected electrical load for Tenant's
     lighting fixtures within the Premises shall in no case exceed that found in
     comparable first class office buildings in downtown Denver from time to
     time, and the electricity so furnished for Tenant's lighting to be at a
     nominal two hundred seventy-seven (277) volts. Without Landlord's consent,
     Tenant shall not install, or permit the installation, in the Premises of
     any computers, word processors, electronic data processing equipment or
     other type of equipment or machines which will increase Tenant's use of
     electric current in excess of that which Landlord is obligated to provide
     pursuant to this Section 8.1(c) ("EXCESS ELECTRICAL REQUIREMENTS").

          If Tenant shall require or utilize Excess Electrical Requirements or
     electric current which may disrupt the provision of electrical service to
     other tenants in the Building or the Project, Landlord, at its election (i)
     may refuse to grant its consent or (ii) may condition its consent upon
     Tenant's payment in advance of Landlord's total direct and indirect cost
     (including, without limitation, a reasonable administration fee) of
     designing, installing, maintaining and providing any additional facilities
     determined by Landlord to be required to satisfy such Excess Electrical
     Requirements (or otherwise related to the additional wear on Building
     Systems associated therewith). If Tenant's actual electricity consumption
     for

                                      -10-
<Page>

     any portion of the Premises, as determined in good faith by Landlord
     pursuant to such measurement method or methods as Landlord shall employ
     from time to time (including, without limitation, the use of submeters or
     pulse meters, electrical surveys and engineer's estimates) exceeds
     Landlord's nondiscriminatory standard for excess electrical consumption for
     any reasonable calculation period determined by Landlord, Tenant shall pay
     to Landlord, as Additional Rent, the sum of (i) Landlord's actual direct
     and indirect costs of supplying such excess consumption, including, without
     limitation, all taxes thereon, and the cost of additional wear on Building
     Systems resulting from such excess consumption, (ii) all of Landlord's
     costs of monitoring and measuring such excess consumption, and (iii)
     Landlord's reasonable administration fee. If Tenant's increased electrical
     requirements will materially affect the temperature level in the Premises
     or in the Building, Landlord's consent may be conditioned upon Tenant's
     payment of all direct and indirect costs of installation and operation of
     any machinery or equipment necessary to restore the temperature level to
     that otherwise required to be provided by Landlord, including, but not
     limited to, the cost of modifications to the Building Systems and increased
     wear and tear on existing HVAC equipment. Landlord shall not, in any way,
     be liable or responsible to Tenant for any loss or damage or expense which
     Tenant may incur or sustain if, for any reasons beyond Landlord's
     reasonable control, either the quantity or character of electric service is
     changed or is no longer available or suitable for Tenant's requirements.
     Tenant covenants that at all times its use of electric current shall never
     exceed the capacity of the feeders, risers or electrical installations of
     the Building or the Project.

          (d)  City water for drinking and restroom purposes.

          (e)  Janitorial and cleaning services conforming to the Landlord's
     Project standards in effect from time to time (which shall be consistent
     with Institutional Owner Practices), provided that the Premises are used
     exclusively for office purposes and are kept reasonably in order by Tenant.
     Landlord shall not be required to provide janitorial services for portions
     of the Premises used for preparing or consuming food or beverages, for
     storage, as a mailroom, or for a lavatory (other than the Common Area
     lavatory rooms) other than normal "light" janitorial services such as
     emptying of waste containers, standard vacuuming, mopping and sweeping.
     Landlord shall not be responsible for more extensive lunch room cleaning
     such as the washing of dishware or cleaning any refrigerator located
     therein. In all events, Tenant shall pay to Landlord the cost of removal of
     Tenant's refuse and rubbish, to the extent that the same exceeds the refuse
     and rubbish attendant to normal office usage.

          Any  amounts which Tenant is required to pay to Landlord pursuant to
     this Section 8.1 shall be payable upon demand by Landlord and shall
     constitute Additional Rent. From time to time during the Term, Landlord
     shall have the right to modify the services provided to Tenant hereunder;
     provided such modified services are consistent with Institutional Owner
     Practices.

     8.2  INTERRUPTION OF SERVICES. Landlord shall not be liable for any failure
to furnish, stoppage of, or interruption in furnishing any of the services or
utilities described in Section 8.1 when such failure is caused by accident,
breakage, repairs, required maintenance, strikes, lockouts, labor disputes,
labor disturbances, governmental regulation, civil disturbances, acts of war,
moratorium or other governmental action, or any other cause beyond Landlord's
reasonable control, and, in such event, Tenant shall not be entitled to any
damages nor shall any failure or interruption abate or suspend Tenant's
obligation to pay Base Rent and Additional Rent required under this Lease or
constitute or be construed as a constructive or other eviction of Tenant. In the
event any governmental or quasi-governmental authority or public utility
promulgates or revises any Law or issues mandatory controls or voluntary
controls relating to the use or conservation of energy, water, gas, light or
electricity, the reduction of automobile or other emissions, or the provision of
any other utility or service, Landlord may take any reasonably appropriate
action to comply with such Law, mandatory control or voluntary guideline without
affecting Tenant's obligations hereunder. Tenant recognizes that any security
services provided by Landlord at the Project are for the protection of
Landlord's property and under no circumstances shall Landlord be responsible
for, and Tenant waives any rights with respect to, providing security or other
protection for Tenant or its employees, invitees or property in or about the
Premises or the Project. Landlord makes no representation with respect to the
adequacy or fitness of the Project's HVAC system to maintain temperatures as may
be required for the operation of any computer, data processing or other special
equipment.

                       ARTICLE 9 - MAINTENANCE AND REPAIRS

     9.1  LANDLORD'S OBLIGATIONS. Landlord shall endeavor to keep the Common
Areas of the Building and the Project in a clean and neat condition. Subject to
Section 9.2 below, Landlord shall make all necessary repairs, within a
reasonable period following receipt of notice of the need therefor from Tenant,
to the exterior walls, exterior doors and windows of the Building, and to public
corridors and other public areas of the Project not constituting a portion of
any tenant's premises and shall use commercially reasonable efforts to keep all
Building Systems used by Tenant in common with other tenants in reasonable
condition and repair, reasonable wear and tear excepted. Notwithstanding the
foregoing, Tenant shall be solely responsible for the repair and maintenance of,
and all damage to, the Building or the Project (or any component thereof)
resulting from the design and operation of all improvements which are not
Building Standard Installations (described in the Work Letter) in or serving the
Premises installed at the request of Tenant (regardless of whether installed by
Landlord, its agents or contractors or third party contractors). Except as
provided in Article 12, there shall be no abatement of Rent, nor shall there be
any liability of Landlord, by reason of any injury to, or damage suffered by
Tenant, including, without limitation, any inconvenience to, or interference
with, Tenant's business or operations arising from the making of, or failure to
make, any maintenance or repairs, alterations or improvements in or to any
portion of the Building. Tenant waives the right to make repairs at Landlord's
expense under any Laws now or hereafter in effect. No provision of this Lease
shall be construed as obligating Landlord to perform any repairs, Alterations or
decorations to the Premises or

                                      -11-
<Page>

the Project except as otherwise expressly agreed to be performed by Landlord
pursuant to the provisions of this Lease.

     9.2  TENANT'S OBLIGATIONS. No representations, except as contained herein
have been made to Tenant respecting the condition of the Premises, and the
acceptance of possession of the Premises by Tenant shall be conclusive evidence
as against Tenant that the Premises are now in tenantable and good condition.
During the Term of this Lease, Tenant shall, at its sole cost and expense,
maintain the Premises in good order and repair and in a safe, clean and neat
condition. Tenant shall make all repairs to the Premises not required to be made
by Landlord under Section 9.1 above (including, without limitation, all damaged
and broken fixtures and appurtenances) with replacements of any materials to be
made by use of materials of equal or better quality. Further, Tenant shall be
responsible for, and upon demand by Landlord shall promptly reimburse Landlord
for, any damage to any portion of the Project or the Premises caused by (a)
activities of Tenant or any Tenant Party in the Building or the Premises; (b)
the performance or existence of any alterations, additions or improvements made
by Tenant or any Tenant Party in or to the Premises; (c) the installation, use,
operation or movement of Tenant's property in or about the Building or the
Premises; or (d) any act or omission by Tenant or any Tenant Party or any other
person permitted in or invited to the Premises or the Project by Tenant or any
Tenant Party.

     9.3  LANDLORD'S RIGHTS. Landlord and its contractors shall have the right,
at all reasonable times, to enter upon the Premises to make any repairs to the
Premises or the Building or the Project reasonably required or deemed reasonably
necessary by Landlord and to erect such equipment, including scaffolding, as is
reasonably necessary to effect such repairs. In the event of any failure of
Tenant to perform any of its obligations under this Article 9, or under Articles
7, 10, or 11, where such failure remains uncured for ten (10) days after
delivery by Landlord to Tenant of written notice of such failure (or in the case
of an emergency, after such oral or written notice, if any, as may be practical
under the circumstances), Landlord may (but shall not be obligated to) elect to
perform such obligation of Tenant at Tenant's sole cost and expense, and in the
event of such performance by Landlord, Tenant shall pay to Landlord within ten
(10) days of written demand therefor one hundred ten percent (110%) of
Landlord's actual direct and indirect costs (including interest, overhead,
general conditions and administration) in performing such obligations of Tenant.

              ARTICLE 10 -- ALTERATIONS, ADDITIONS AND IMPROVEMENTS

     10.1 CONDITION OF THE PREMISES. Landlord has delivered the Premises to
Tenant and Tenant has accepted the Premises from Landlord in their "as is"
condition. Tenant has had an opportunity to inspect the Premises in order to
assure their suitability for Tenant's use and their acceptable condition.

     10.2 LANDLORD'S CONSENT: CONDITIONS. Tenant shall not make or permit to be
made any alterations, additions, or improvements in or to the Premises
("ALTERATIONS") without first obtaining the prior written consent of Landlord,
which will not be unreasonably withheld. Landlord's consent shall be requested
in writing not less than fifteen (15) business days prior to the scheduled and
actual commencement of any work therein. All such Alterations (a) shall comply
with all applicable Laws, (b) shall be compatible (as determined in good faith
by Landlord) with the Building and its mechanical, electrical, heating,
ventilating, air-conditioning and life safety systems; (c) shall not interfere
with the use and occupancy of any other portion of the Building or the Project
by any other tenant or their invitees; (d) shall not be visible from the
exterior of the Building or from any Common Areas; and (e) shall not affect the
integrity of the structural portions of the Building. In addition, Landlord may
impose as a condition to such consent such additional requirements as Landlord
in its reasonable discretion deems necessary or desirable, including, without
limitation: (A) Tenant's submission to Landlord, for Landlord's prior written
approval, of all plans and specifications relating to the Alterations; (B)
Landlord's prior written approval of the time or times when the Alterations are
to be performed; (C) Landlord's prior written approval of the contractors and
subcontractors performing work in connection with the Alterations; (D) Tenant's
receipt of all necessary permits and approvals from all governmental authorities
having jurisdiction over the Premises prior to the construction of the
Alterations; (E) Tenant's written notice of whether the Alterations include the
Handling of any Hazardous Materials; (F) Tenant's delivery to Landlord of such
bonds and insurance as Landlord shall customarily require; (G) Tenant's payment
to Landlord within ten (10) days of written demand therefor of all costs and
expenses incurred by Landlord because of Tenant's Alterations, including, but
not limited to, costs incurred in reviewing the plans and specifications for,
and the progress of, the Alterations; and (H) Tenant's (and Tenant's
contractor's) compliance with such construction rules and regulations and
building standards as Landlord may promulgate from time to time. All direct and
indirect costs relating to any modifications, alterations or improvements of the
Project or the Building, whether outside or inside of the Premises, required by
any governmental agency or by Law as a condition or as the result of any
Alteration requested or effected by Tenant (other than the Improvements
constructed pursuant to Exhibit C or the initial improvement of any Expansion
Space) shall be borne by Tenant, and in connection therewith, Landlord may elect
to perform such modifications, alterations or improvements (at Tenant's sole
cost and expense) or require such performance directly by Tenant.

     10.3 PERFORMANCE OF ALTERATIONS WORK. All work relating to the Alterations
shall be performed in compliance with the plans and specifications approved by
Landlord, all applicable Laws, ordinances, rules, regulations and directives of
all governmental authorities having jurisdiction and the requirements of all
carriers of insurance on the Premises and the Building, the Board of
Underwriters, Fire Rating Bureau, or similar organization. All work shall be
performed by Tenant at Tenant's sole cost and expense and shall be prosecuted to
completion in a diligent, first class manner and so as not to interfere with any
other tenants or occupants of the Building. Without Landlord's prior written
consent, which Landlord may withhold in its reasonable discretion, Tenant shall
not use any portion of the Common Areas in connection with the making of any
Alterations, and Tenant shall not modify or alter any improvements or components
of the Building or the Project outside of the Premises. Upon completion of any
Alterations, Tenant shall deliver to the Building management office, within
thirty (30) days following completion of

                                      -12-
<Page>

the Alterations, a reproducible copy of the "as built" drawings of the
Alterations in such form (such as a CAD system) or medium as Landlord may
reasonably require.

     10.4 LIENS. Tenant shall pay when due all costs for work performed and
materials supplied to the Premises. Tenant shall keep Landlord, the Premises and
the Project free from all liens, stop notices and violation notices relating to
the Alterations or any other work performed for, materials furnished to or
obligations incurred by Tenant and Tenant shall indemnify, defend and hold
harmless Landlord, the Premises and the Project of and from any and all loss,
cost, damage, liability and expense, including attorneys' fees, arising out of
or related to any such Hens or notices. Tenant shall give Landlord not less than
seven (7) business days prior written notice before commencing any Alterations
in or about the Premises to permit Landlord to post appropriate notices of non-
responsibility. If at any time a mechanic's lien has been claimed on account of
work pursuant to Exhibit C or any Alterations, Tenant shall also secure, prior
to commencing any subsequent Alterations, at Tenant's sole expense, a completion
and lien indemnity bond satisfactory to Landlord for such work. During the
progress of such work, Tenant shall, upon Landlord's request, furnish Landlord
with sworn contractor's statements and lien waivers covering all work
theretofore performed. Tenant shall satisfy or otherwise discharge all liens,
stop notices or other claims or encumbrances within ten (10) days after Landlord
notifies Tenant in writing that any such lien, stop notice, claim or encumbrance
has been filed. If Tenant fails to pay and remove such lien, claim or
encumbrance within such ten (10) day period, Landlord, at its election, may pay
and satisfy the same and in such event the sums so paid by Landlord, with
interest from the date of payment at the Interest Rate, shall be deemed to be
Additional Rent due and payable by Tenant at once without notice or demand.

     10.5 SURRENDER. Except as provided in Section 7.3 and in this Section 10.5,
upon expiration or earlier termination of this Lease, Tenant shall surrender the
Premises to Landlord in the same condition as when received at the inception of
this Lease as improved according to Exhibit C (or in the case of Expansion Space
as unproved according to this Lease), subject to ordinary wear and tear. All
Alterations shall become a part of the Premises and shall become the property of
Landlord upon the expiration or earlier termination of this Lease, unless
Landlord shall, by written notice given to Tenant, require Tenant to remove some
or all of Tenant's Alterations, in which event Tenant shall promptly remove
prior to the date of such expiration or termination the Alterations designated
by Landlord to be so removed and shall promptly restore, patch and repair any
resulting damage, all at Tenant's sole expense. Failure by Tenant to comply
strictly with the provisions of this Section 10.5 shall constitute a failure of
Tenant to surrender the Premises validly. In the event of any failure of Tenant
to perform its obligations under this Section 10.5, in addition to (and without
prejudice to) any and all other remedies of Landlord, Landlord may use, apply or
retain all or any part of the Security Deposit with respect to such failure. All
business and trade fixtures, machinery and equipment, furniture, movable
partitions, signage, internal cabling, wires or cabling in the risers, access
control system components, locksets that are not Building Standard, and items of
personal property owned by Tenant or installed by Tenant at its expense in the
Premises shall be and remain the property of Tenant; upon the expiration or
earlier termination of this Lease, Tenant shall, at its sole expense, remove all
such items and repair any damage to the Premises or the Project caused by such
removal. If Tenant fails to remove any such items or repair such damage promptly
after the expiration or earlier termination of this Lease, Tenant shall be
deemed to have abandoned the same, in which case Landlord may store the same at
Tenant's expense (and Tenant shall pay Landlord the cost thereof upon demand),
or appropriate the same for itself, or sell the same in its discretion, with no
liability to Tenant.

                   ARTICLE 11 - INDEMNIFICATION AND INSURANCE

     11.1 WAIVER OF LIABILITY AND INDEMNIFICATION. Except to the extent
expressly provided to the contrary herein, Tenant hereby waives all claims and
causes of action against Landlord, its partners, advisors, mortgagees and ground
lessors and each of their respective officers, managers, directors, employees,
contractors, agents, successors and assigns (collectively, "LANDLORD PARTIES")
for any damage to persons or property (including, without limitation, loss of
profits and intangible property) in any way relating to Tenant's use and
occupancy of the Premises. Tenant shall indemnify, defend, protect and hold
harmless Landlord and each of the Landlord Parties (except to the extent the
losses described below are caused by the gross negligence or willful misconduct
of Landlord, its agents or employees), from and against:

          (a)  any and all claims, losses, damages, obligations, liabilities,
     costs and expenses (including, but not limited to, reasonable attorneys'
     fees and legal costs) (collectively, "CLAIMS, DAMAGES AND COSTS") which
     arise out of, is occasioned by or is in any way attributable to (i) the use
     or occupancy of the Premises or any portion of the Project by Tenant, or
     (ii) the acts or omissions of Tenant or any Tenant Party, or (iii) any
     default of this Lease by Tenant; and

          (b)  any and all environmental damages which arise from: (i) the
     Handling of any Tenant's Hazardous Materials, or (ii) the breach of any of
     the provisions of this Lease. For the purpose of this Lease, "ENVIRONMENTAL
     DAMAGES" shall mean (X) all claims, judgments, damages, penalties, fines,
     costs, liabilities, and losses (including, without limitation, diminution
     in the value of the Premises or any portion of the Project, damages for the
     loss of or restriction on use of rentable space, and from any adverse
     impact of Landlord's marketing of space); (Y) all sums paid for settlement
     of claims, reasonable attorneys' fees, consultants' fees and experts' fees;
     and (Z) all costs incurred by Landlord in connection with investigation or
     remediation relating to the Handling of Tenant's Hazardous Materials
     necessary for Landlord to make full economic use of the Premises.

     11.2 PROPERTY INSURANCE. At all times during the Term of this Lease, Tenant
shall procure and maintain, at its sole expense:

                                      -13-
<Page>

          (a)  "special form" (and at Landlord's option earthquake, sprinkler
     leakage and flood) property insurance, in an amount not less than one
     hundred percent (100%) of replacement cost covering (i) all leasehold and
     tenant improvements in and to the Premises, (ii) all floor and wall
     coverings, and (iii) Tenant's office furniture, business and personal trade
     fixtures, equipment, furniture system, inventory and other personal
     property from time to time situated in the Premises. The proceeds of such
     insurance shall be used for the repair and replacement of the property so
     insured, except that if not so applied or if this Lease is terminated
     following a casualty, the proceeds applicable to the leasehold improvements
     shall be paid to Landlord and the proceeds applicable to Tenant's personal
     property shall be paid to Tenant; and

          (b)  business interruption insurance in such amount as will reimburse
     Tenant for actual direct or indirect sustained loss of earnings
     attributable to all perils insured against in Section 11.2(a) for a period
     of not less than twelve (12) months.

     11.3 LIABILITY INSURANCE.

          (a)  At all times during the Term of this Lease, Tenant shall procure
     and maintain, at its sole expense for the protection of Landlord and
     Tenant, commercial general liability insurance applying to the use and
     occupancy of the Premises and the business operated by Tenant. Such
     insurance shall have a minimum combined single limit of liability of at
     least $ 1,000,000 per occurrence and a general aggregate limit of at least
     $2,000,000, and Tenant shall provide in addition excess liability on a
     following form basis, with overall limits of at least $5,000,000, to its
     primary liability coverages. All such policies shall be written to apply to
     all bodily injury (including death), property damage and personal injury
     losses, shall include blanket contractual liability, broad form property
     damage, products liability, cross liability and severance of interest
     clauses, and shall be endorsed to include Landlord, State of California
     Public Employees' Retirement System, and their agents, beneficiaries,
     partners, employees, and any Holder (defined in Section 18.1) of any
     Security Document (defined in Section 18.1) designated by Landlord as
     additional insureds.

          (b)  At all times during the Term of this Lease, Tenant shall procure
     and maintain, at its sole expense for the protection of Landlord and
     Tenant, primary automobile liability insurance with limits of not less than
     $1,000,000 per occurrence covering owned, hired and non-owned vehicles used
     by Tenant.

          (c)  Prior to the sale, storage, use or giving away of alcoholic
     beverages on or from the Premises by Tenant or another person, Tenant, at
     its own expense, shall obtain a policy or policies of insurance issued by a
     responsible insurance company and in a form acceptable to Landlord saving
     harmless and protecting Landlord and the Premises against any and all
     damages, claims, liens, judgments, expenses and costs, including actual
     attorneys' fees, arising under any present or future law, statute, or
     ordinance of the State of Colorado or other governmental authority having
     jurisdiction of the Premises, by reason of any storage, sale, use or giving
     away of alcoholic beverages on or from the Premises. Such policy or
     policies of insurance shall have a minimum combined single limit of
     $3,000,000 per occurrence and shall apply to bodily injury, fatal or
     nonfatal; injury to means of support; and injury to property of any person.
     Such policy or policies of insurance shall name the Landlord and its
     agents, beneficiaries, partners, employees and any Holder of any Security
     Document designated by Landlord as additional insureds.

          (d)  At all times during the Term of this Lease, Tenant shall procure
     and maintain Workers' Compensation Insurance in accordance with the laws of
     the State of Colorado, and employer's liability insurance with a limit not
     less than $1,000,000 bodily injury each accident; $1,000,000 bodily injury
     by disease - each person; and $1,000,000 bodily injury by disease policy
     limit.

     11.4 POLICY REQUIREMENTS. All insurance required to be maintained by Tenant
shall be issued by insurance companies authorized to do insurance business in
the State of Colorado and rated not less than A:V1I in Best's Insurance Guide.
All such insurance policies shall be subject to Landlord's approval and shall be
written as primary policies, not excess or contributing with or secondary to any
other insurance as may be available to Landlord or to the additional insureds. A
certificate of insurance (or, at Landlord's option, copies of the applicable
policies) evidencing the insurance required under this Article 11 shall be
delivered to Landlord not less than thirty (30) days prior to the Commencement
Date. No such policy shall be subject to cancellation or modification without
thirty (30) days prior written notice to Landlord and to any Holder of any
Security Document designated by Landlord. Tenant shall furnish Landlord with a
replacement certificate with respect to any insurance not less than thirty (30)
days prior to the expiration of the current policy. Tenant shall have the right
to provide the insurance required by this Article 11 pursuant to blanket
policies, but only if such blanket policies expressly provide coverage to the
Premises and the Landlord as required by this Lease without regard to claims
made under such policies with respect to other persons.

     11.5 WAIVER OF SUBROGATION. Notwithstanding any provision of this Article
11 to the contrary, in the event that Landlord's insurance policies with respect
to the Premises, the Building or the Project permit a waiver of subrogation,
Landlord hereby waives any and all rights of recovery against Tenant for or
arising out of damage to, or destruction of, the Premises, the Building or the
Project from causes then included under standard "special form" insurance
policies or endorsements; provided, however, that such waiver of subrogation
shall be limited exclusively to insurance proceeds actually received by Landlord
for such damage or destruction. In the event that Tenant's insurance policies
with respect to the Premises permit a waiver of subrogation, Tenant waives any
and all rights of recovery against Landlord for or arising out of damage to or
destruction of, any property of Tenant, from causes then included under standard
"special form" insurance policies or endorsements. Tenant represents that its
present insurance policies now in force permit such waiver. If at any time
during the Term of this Lease (a) either party shall give less than five (5)
days' prior written notice to the other party certifying that any insurance
carrier which

                                      -14-
<Page>

has issued any such policy shall refuse to consent to the aforesaid waiver of
subrogation, or (b) such insurance carrier shall consent to such waiver only
upon the payment of an additional premium (and such additional premium is not
paid by the other party hereto), or (c) such insurance carrier shall revoke a
consent previously given or shall cancel or threaten to cancel any policy
previously issued and then in force and effect, because of such waiver of
subrogation, then, in any of such events, the waiver of subrogation contained
herein shall thereupon be of no further force or effect as to the loss, damage
or destruction covered by such policy. If, however, at any time thereafter, a
consent to such waiver of subrogation shall be obtainable without a substantial
additional premium from any existing or substitute insurance carrier, the waiver
hereinabove provided for shall again become effective.

     11.6 FAILURE TO INSURE. If Tenant fails to maintain any insurance which
Tenant is required to maintain pursuant to this Article 11, Tenant shall be
liable to Landlord for any loss or cost resulting from such failure to maintain.
Landlord shall have the right, in its sole discretion, to procure and maintain
such insurance which Tenant is required to maintain hereunder and the cost
thereof shall be deemed Additional Rent due and payable by Tenant. Tenant may
not self-insure against any risks required to be covered by insurance provided
by Tenant hereunder without Landlord's prior written consent.

     11.7 MISCELLANEOUS. Landlord makes no representation that the insurance
coverage specified to be carried by Tenant pursuant to this Article 11 is
adequate to protect Tenant against Tenant's undertaking under the terms of this
Lease or otherwise, and in the event Tenant believes that any such insurance
coverage called for under this Lease is insufficient, Tenant shall provide, at
its own expense, such additional insurance as Tenant deems adequate. Tenant
shall not keep, use, sell or offer for sale in or upon the Premises any article
which may be prohibited by any insurance policy periodically in force covering
the Premises, the Building or the Project. If any of Landlord's insurance
policies shall be cancelled or cancellation shall be threatened or the coverage
thereunder reduced or threatened to be reduced in any way because of the use of
the Premises or any part thereof by Tenant or any assignee, subtenant, licensee
or invitee of Tenant and, if Tenant fails to remedy the condition giving rise to
such cancellation, threatened cancellation, reduction of coverage, or threatened
reduction of coverage, within forty-eight (48) hours after notice thereof,
Landlord may, at its option, either terminate this Lease or enter upon the
Premises and attempt to remedy such condition, and Tenant shall promptly pay the
cost thereof to Landlord as Additional Rent. Landlord shall not be liable for
any damage or injury caused to any property of Tenant or of others located on
the Premises resulting from such entry. If Landlord is unable, or elects not to
remedy such condition, then Landlord shall have all of the remedies provided for
in this Lease upon the occurrence of an Event of Default. Tenant shall not do or
permit to be done any act or things upon or about the Premises or the Project,
which will (a) result in the assertion of any defense by the insurer to any
claim, (b) invalidate, or (c) be in conflict with, the insurance policies of
Landlord or Tenant covering the Building, the Premises or fixtures and property
therein, or which would increase the rate of fire insurance applicable to the
Building or the Project to an amount higher than it otherwise would be; and
Tenant shall neither do nor permit to be done any act or thing upon or about the
Premises or the Building which shall or might subject Landlord to any liability
or responsibility for injury to any person or persons or to property. If, as a
result of any act or omission by or on the part of Tenant or violation of this
Lease, whether or not Landlord has consented to the same, the rate of "special
form" or other type of insurance maintained by Landlord on or with respect to
the Building and fixtures and property therein, shall be increased to an amount
higher than it otherwise would be, Tenant shall reimburse Landlord for all
increases of Landlord's insurance premiums so caused within ten (10) days after
delivery of written demand therefor by Landlord. In any action or proceeding
wherein Landlord and Tenant are parties, a schedule or "make-up" of rates for
the Project or the Premises issued by the body making fire insurance rates or
established by insurance carrier providing coverage for the Building or demised
Premises shall be presumptive evidence of the facts stated therein including the
items and charges taken into consideration in fixing the "special form"
insurance rate then applicable to the Building or the Premises.

                       ARTICLE 12 - DAMAGE OR DESTRUCTION

     12.1 REPAIR OF THE PREMISES. Tenant shall promptly notify Landlord in
writing (a "DAMAGE NOTICE") of any casualty event, damage or condition to which
this Article 12 is or may be applicable. Landlord shall, within a reasonable
time after the discovery by Landlord of any damage resulting from any casualty
event ("CASUALTY"), subject to reasonable delays for insurance adjustment or
other matters beyond Landlord's reasonable control, and subject to all other
terms of this Article 12, begin to repair the damage to the Project and the
Premises resulting from such Casualty and shall proceed with reasonable
diligence to restore the Project and Premises to substantially the same
condition as existed immediately before such Casualty, except for modifications
required by applicable Laws or covenants, conditions and restrictions, and
modifications to the Building or the Project deemed desirable in good faith by
Landlord; provided, however, that Landlord shall not be required to repair or
replace any of the Alterations, furniture, equipment, fixtures, and other
improvements which may have been placed by, or at the request of, Tenant or
other occupants in the Project or the Premises. Landlord shall have no liability
for any inconvenience or annoyance to Tenant or injury to Tenant's business as a
result of any Casualty, or Landlord's Restoration (defined in Section 12.2)
activities hereunder, regardless of the cause therefor. Base Rent and Additional
Rent, payable under Article 4, shall abate if and to the extent a Casualty
damages the Premises and as a result thereof all or any material portion of the
Premises are rendered unfit for occupancy, and are not occupied by Tenant, for
the period of time commencing on the date Tenant vacates the portion of the
Premises affected on account thereof and continuing until the date the
Restoration to be performed by Landlord hereunder with respect to the Premises
is substantially complete, as determined by Landlord's architect; provided,
however, that such abatement shall be limited to the proceeds of rental
interruption insurance proceeds with respect to the Premises and such Casualty
collected by Landlord. Tenant shall assign to Landlord (or to any party
designated by Landlord) all insurance proceeds payable to Tenant under Tenant's
insurance required under this Lease with respect to the leasehold improvements
in the Premises, provided that, if the cost of Restoration of improvements in
the Premises by Landlord exceeds the amount of insurance proceeds received by
Landlord from Tenant's insurance carrier, as assigned by Tenant, the cost of
repairs to such improvements shall be paid by Tenant to Landlord prior to
Landlord's repair of the damage, or at

                                      -15-
<Page>

Landlord's election, at any later time following Landlord's discovery of any
insufficiency of such insurance proceeds.

     12.2   EXCEPTIONS TO LANDLORD'S OBLIGATIONS. Notwithstanding anything to
the contrary contained in this Article 12, Landlord shall have no obligation to
repair the Premises and shall have the right to terminate this Lease in any case
where (a) any portion of the Premises or any material portion of the Project is
damaged and (b) (i) Landlord estimates in good faith that the repair and
restoration of such damage under Section 12.1 ("RESTORATION") cannot reasonably
be completed (without the payment of overtime) within one hundred eighty (180)
days of Landlord's actual discovery of such damage, (ii) the Holder of any
Security Document requires the application of any insurance proceeds with
respect to such Casualty to be applied to the outstanding balance of the
obligation secured by such Security Document, (iii) the cost of such Restoration
is not fully covered by insurance proceeds available to Landlord and payments
received by Landlord from tenants, (iv) Tenant shall be entitled to an abatement
of rent under this Article 12 for any period of time in excess of thirty-three
percent (33%) of the remainder of the Term, or (v) such Casualty occurs (or
Landlord discovers the damage relating thereto) at any time within the last
eighteen (18) months of the then applicable Term (disregarding Extension Terms
if any). Such right of termination shall be exercisable by Landlord by delivery
of written notice to Tenant at any time following the Casualty until forty-five
(45) days following the later of (x) delivery of the Damage Notice or (y)
Landlord's discovery or determination of any of the events described in clauses
(i) through (v) of the preceding sentence and shall be effective upon delivery
of such notice of termination (or if Tenant has not vacated the Premises, upon
the expiration of thirty (30) days thereafter).

     12.3   WAIVER. Landlord and Tenant agree that the provisions of this
Article 12 and the remaining provisions of this Lease shall exclusively govern
the rights and obligations of the parties with respect to any and all damage to,
or destruction of, all or any portion of the Premises or the Project, and
Landlord and Tenant hereby waive and release each and all of their respective
common law and statutory rights inconsistent herewith, whether now or
hereinafter in effect.

                            ARTICLE 13 - CONDEMNATION

     13.1   TAKING. In the event the whole or a material portion of the
Premises, the Building or the Project shall be taken under the power of eminent
domain, or sold to prevent the exercise thereof (collectively, a "TAKING"), this
Lease shall automatically terminate as of the day before the date of such
Taking. In the event of a Taking of such portion of the Project, the Building or
the Premises as shall, in the opinion of Landlord, substantially interfere with
Landlord's operation thereof, Landlord may terminate this Lease upon thirty (30)
days' written notice to Tenant given at any time within sixty (60) days
following the date of such Taking. For purposes of this Lease, the date of
Taking shall be the earlier of the date of transfer of title resulting from such
Talcing or the date of transfer of possession resulting from such Taking.

     13.2   RESTORATION OF PREMISES. In the event that a portion of the Premises
is so taken and this Lease is not terminated, Landlord shall, with reasonable
diligence, proceed to restore (to the extent permitted by Law and covenants,
conditions and restrictions then applicable to the Project) the Premises (other
than Tenant's personal property and fixtures, and tenant improvements not
constituting Building Standard Installations) to a complete, functioning unit,
to the extent of the condemnation award received by Landlord. In such case, the
Annual Base Rent shall be reduced proportionately based on the portion of the
Premises so taken.

     13.3   AWARD. In the event of any Taking, the entire award for such Taking
shall belong to Landlord, except that Tenant shall be entitled to pursue
independently a separate award relating to the loss of, or damage to, Tenant's
personal property and trade fixtures and Tenant's relocation costs directly
associated with the Taking. Except as provided herein, Tenant shall not assert
any claim against Landlord or the condemning authority for, and hereby assigns
to Landlord, any compensation in connection with any such Taking, and Landlord
shall be entitled to receive the entire amount of any award therefor, without
deduction for any estate or interest of Tenant.

     13.4   TEMPORARY TAKING. No temporary Taking of the Premises for less than
the remainder of the Term shall terminate this Lease or entitle Tenant to any
abatement of the Rent payable to Landlord under this Lease; provided, further,
that any award for such temporary Taking shall belong to Tenant to the extent
that the award applies to any time period during the Term of this Lease and to
Landlord to the extent that the award applies to any time period outside the
Term.

     13.5   EXCLUSIVE REMEDY. This Article 13 shall be Tenant's sole and
exclusive remedy in the event of a Taking. Each party hereby waives the
provisions of any Laws, whether now or hereafter in effect, or common law rule,
to the contrary.

                             ARTICLE 14 - RELOCATION

     Landlord shall have the right, in its sole discretion, upon not less than
ninety (90) days prior written notice to Tenant, to relocate Tenant and to
substitute for the Premises other space in the Building on or above the
fourteenth (14th) floor containing at least as much rentable area and comparable
window lineal footage, tenant finish and floor layout as the Premises described
in paragraph 2 of the Basic Lease Provisions. If Tenant is already in occupancy
of the Premises, then Landlord shall also reimburse Tenant for Tenant's
reasonable moving and telephone relocation expenses and for reasonable
quantities of new stationery upon submission to Landlord of receipts for such
expenditures incurred by Tenant.

                                      -16-
<Page>

                     ARTICLE 15 - ASSIGNMENT AND SUBLETTING

     15.1   RESTRICTION. Without the prior written consent of Landlord, Tenant
shall not, either involuntarily or voluntarily or by operation of law or
otherwise, assign, mortgage, pledge, hypothecate, encumber or permit any lien to
attach to, or transfer this Lease or any interest herein, or sublet the Premises
or any part thereof, or permit the Premises to be occupied by anyone other than
Tenant or Tenant's employees (each a "TRANSFER" and any person or entity to whom
a Transfer is made or sought to he made is referred to herein as a
"TRANSFEREE"). Any Transfer in violation of the provisions of this Article 15
shall be void and, at Landlord's option, shall constitute an Event of Default.
For purposes of this Lease, the term "TRANSFER" shall also include (a) if Tenant
is a partnership or limited liability company, the withdrawal or change,
voluntary, involuntary or by operation of law, of eighty percent (80%) or more
of the partners, members or managers thereof, or transfer of forty percent (40%)
or more of partnership or membership interests therein within a twelve (12)
month period, or the dissolution of the partnership or the limited liability
company without immediate reconstiturion thereof, and (b) if Tenant is a
corporation whose stock is not publicly held and not traded through an exchange
or over the counter or any other form of entity, (i) the dissolution, merger,
consolidation or other reorganization of Tenant, the sale or other transfer of
more than an aggregate of fifty percent (50%) of the voting shares or other
interests of or in Tenant (other than to immediate family members by reason of
gift or death), within a twelve (12) month period, or (ii) the sale, mortgage,
hypothecation or pledge of more than an aggregate of fifty percent (50%) of the
value of the unencumbered assets of Tenant within a twelve (12) month period.
Notwithstanding anything contained in this Article 15 to the contrary, Tenant
expressly covenants and agrees not to enter into any lease, sublease, license,
concession or other agreement for use, occupancy or utilization of the Premises
which provides for rental or other payment for such use, occupancy or
utilization based in whole or in part on the net income or profits derived by
any person from the property leased, used, occupied or utilized (other than an
amount based on a fixed percentage or percentages of receipts or sales), and
that any such purported lease, sublease, license, concession or other agreement
shall be absolutely void.

     15.2   NOTICE TO LANDLORD. If Tenant desires to Transfer this Lease or any
interest herein, then at least twenty (20) business days (but no more than one
hundred eighty (180) days) prior to the effective date of the proposed Transfer,
Tenant shall submit to Landlord a written request (a "TRANSFER NOTICE") for
Landlord's consent, which notice shall include:

            (a)  A statement containing (i) the name and address of the proposed
     Transferee; (ii) current financial statements of the proposed Transferee
     certified by an officer, partner or owner thereof, and any other
     information and materials (including, without limitation, credit reports,
     business plans, operating history, bank and character references) required
     by Landlord to assist Landlord in reviewing the financial responsibility,
     character, and reputation of the proposed Transferee; (iii) the nature of
     such Transferee's business and proposed use of the Premises; (iv) the
     proposed effective date of the Transfer; (v) a description of the portion
     of the Premises subject to the proposed Transfer; (vi) all of the principal
     terms of the proposed Transfer (including a calculation of the Transfer
     Profits (defined below)); and (vii) such other information or materials as
     Landlord may reasonably request (provided, that if Landlord requests such
     additional information or materials, the Transfer Notice shall not be
     deemed to have been received until Landlord receives such additional
     materials).

            (b)  Four (4) originals of the proposed assignment or sublease or
     other Transfer on a form approved by Landlord and four (4) originals of the
     Landlord's Consent to Sublease or Assignment and Assumption of Lease and
     Consent executed by Tenant and the proposed Transferee.

            (c)  If Tenant modifies any of the terms and conditions relevant to
     a proposed Transfer specified in the Transfer Notice, Tenant shall
     re-submit such Transfer Notice to Landlord for its consent pursuant to all
     of the terms and conditions of this Article 15.

     15.3   LANDLORD'S RECAPTURE RIGHTS. At any time within twenty (20) business
days after Landlord's receipt of all (but not less than all) of the information
and documents described in Section 15.2, Landlord may, at its option, in its
sole and absolute discretion, by written notice to Tenant, elect to: (a)
sublease the Premises or the portion thereof proposed to be sublet by Tenant
upon the same terms as those offered to the proposed subtenant; (b) take an
assignment of this Lease upon the same terms as those offered to the proposed
assignee; or (c) terminate this Lease in its entirety or as to the portion of
the Premises subject to the proposed Transfer, with a proportionate adjustment
in the Rent payable hereunder if this Lease is terminated as to less than all of
the Premises. If Landlord does not exercise any of the options described in this
Section 15.3, then, during the above-described twenty (20) business day period,
Landlord shall either consent or deny its consent to the proposed Transfer.

     15.4   LANDLORD'S CONSENT: STANDARDS.

            (a)  Subject to the provisions of Sections 15.3 and 15.5, Landlord's
     consent to any proposed Transfer shall not be unreasonably withheld;
     provided, however, that in addition to any other grounds available
     hereunder or under applicable Law for properly withholding consent to such
     proposed Transfer, Landlord's consent with respect thereto shall be deemed
     reasonably withheld if in Landlord's good faith judgment: (i) the proposed
     Transferee does not have the financial strength (taking into account all of
     the Transferee's other actual or potential obligations and liabilities) to
     perform its obligations with respect to the proposed Transfer (or otherwise
     does not satisfy Landlord's standards for financial standing with respect
     to tenants under direct leases of comparable economic scope); (ii) the
     business and operations of the proposed Transferee are not of comparable
     quality to the business and operations being conducted by direct tenants of
     Landlord in the Building; (iii) the proposed Transferee intends to use any
     part of the Premises for a purpose not permitted under this Lease; (iv)
     either the proposed Transferee, or any person which directly or indirectly
     controls, is controlled by, or is under common control with the proposed
     Transferee occupies

                                      -17-
<Page>

     space in the Building or has delivered to Landlord or received from
     Landlord within the preceding one hundred eighty (180) days a proposal to
     lease space in the Building or is currently negotiating with Landlord; (v)
     the proposed Transferee is of a character or reputation or engaged in a
     business which is not consistent with the quality of the Building as
     evidenced by the parameters consistently applied in Landlord's direct
     leasing activities; (vi) the use of the Premises or the Building by the
     proposed Transferee would, in Landlord's judgment, significantly increase
     the pedestrian traffic in and out of the Building, would generate increased
     loitering in Common Areas, would increase security risk, or would require
     any alterations to the Building to comply with applicable Laws; (vii) the
     proposed Transfer would result in more than three subleases per each full
     floor of the Premises being in effect at any one time during the Term;
     (viii) any ground lessor or mortgagee whose consent to such Transfer is
     required fails to consent thereto; (ix) at the time Tenant delivers the
     Transfer Notice, there is then in effect an Event of Default; (x) the terms
     of the proposed Transfer will allow the Transferee to exercise a right of
     renewal, right of expansion, right of first offer, or other similar rights
     held by Tenant (or will allow the Transferee to occupy space leased by
     Tenant pursuant to any such right); (xi) the proposed Transfer would cause
     Landlord to be in violation of another lease or agreement to which Landlord
     is a party or would give an occupant of the Building a right to cancel or
     modify its lease; or (xii) the proposed Transferee has the power of eminent
     domain, is a governmental agency or an agency or subdivision of a foreign
     government.

            (b)  Notwithstanding anything to the contrary in this Lease, if
     Tenant or any proposed Transferee claims that Landlord has unreasonably
     withheld or delayed its consent or otherwise acted in a manner not
     permitted under this Article 15, then the sole remedy of Tenant and such
     proposed Transferee if such claim is determined by a court of competent
     jurisdiction to be successful shall be a declaratory judgment and an
     injunction for the relief sought without any monetary damages or other
     monetary relief. Tenant and each proposed Transferee hereby waive to the
     maximum extent permitted by Law any and all other remedies, including,
     without limitation, any right at law or equity to terminate this Lease with
     respect to any such claim. Tenant shall indemnify, defend, protect and hold
     harmless Landlord from any and all Claims, Damages and Costs involving or
     asserted by any third party or parties (including, without limitation,
     Tenant's proposed Transferee and any broker representing Tenant or such
     Transferee) claiming they were damaged by Landlord's wrongful withholding
     or delaying of Landlord's consent to such proposed Transfer or other breach
     of this Article 15.

     15.5   TRANSFER PROFITS. Subject to the provisions of this Article 15, if
Landlord consents to any Transfer, Tenant shall pay to Landlord fifty percent
(50%) of any Transfer Profits (defined below). "TRANSFER PROFITS" shall mean all
Rent, Additional Rent or other consideration paid by or on behalf of such
Transferee in connection with the Transfer in excess of Monthly Base Rent and
Additional Rent payable by Tenant under this Lease during the Term of the
Transfer. Tenant shall provide Landlord with a detailed statement setting forth
the calculation of any Transfer Profits Tenant either has or will derive from
such Transfer. In addition, Landlord or its representative shall have the right
at all reasonable times to audit the books and records of Tenant with respect to
the calculation of the Transfer Profits. If such inspection reveals that the
amount of Transfer Profits paid to Landlord was incorrect, then within ten (10)
days of Tenant's receipt of the results of such audit, Tenant shall pay Landlord
the deficiency and the cost of Landlord's audit.

     15.6   LANDLORD'S COSTS. With respect to each Transfer proposed to be
consummated by Tenant, whether or not Landlord shall grant consent, Tenant shall
pay all of Landlord's review and processing fees, and costs, as well as any
reasonable professional, attorneys', accountants', engineers' or other
consultants' fees incurred by Landlord relating to such proposed Transfer within
thirty (30) days after written request by Landlord.

     15.7   CONTINUING LIABILITY OF TENANT. Notwithstanding the consummation or
attempted consummation of any Transfer under this Article 15, Tenant shall
remain as fully and primarily liable for the payment of Rent and for the
performance of all other obligations of Tenant contained in this Lease to the
same extent as if the Transfer had not occurred. If any Transferee defaults
beyond applicable cure and grace periods in the performance of any of the terms
hereof, Landlord may proceed directly against Tenant without the necessity of
exhausting its remedies against such Transferee. Landlord may consent to
subsequent Transfers of this Lease with Transferees of Tenant, upon notice to
Tenant, but without obtaining its or their consent thereto, and such action
shall not relieve Tenant of its liability under this Lease.

     15.8   NON-WAIVER. The consent by Landlord to any Transfer shall not
relieve Tenant, or any person claiming through or by Tenant, of the obligation
to obtain the consent of Landlord, pursuant to this Article 15, to any further
Transfer. In the event of a Transfer, Landlord may collect rent from the
Transferee without waiving any rights hereunder and collection of the rent from
a person other than Tenant shall not be deemed a waiver of any of Landlord's
rights under this Article 15, an acceptance of Transferee as Tenant, or a
release of Tenant from the performance of Tenant's obligations under this Lease.

                        ARTICLE 16 - DEFAULT AND REMEDIES

     16.1   EVENTS OF DEFAULT BY TENANT. The occurrence of any of the following
shall constitute a material default and breach of this Lease by Tenant (an
"EVENT OF DEFAULT"):

            (a)  Any failure by Tenant to pay any Rent or any other charge
     required to be paid under this Lease, or any part thereof, (i) within seven
     (7) days after written notice that such amount has not been paid when due,
     or (ii) within three (3) days of notice that the same is due if Tenant has
     received notice pursuant to clause (i) within the preceding year, which
     notice shall be in lieu of any notice required under any Law now or
     hereafter in effect requiring that notice of default be given prior to
     commencement of an unlawful detainer or other legal proceeding.

                                      -18-
<Page>

            (b)  Any failure by Tenant to execute and deliver any statement or
     document described in Articles 18 and 22 requested by Landlord within the
     time periods specified therein, where such failure continues for ten (10)
     days after delivery of written notice of such failure by Landlord to Tenant
     which notice shall be in lieu of, and not in addition to, any notice
     required under any Law now or hereafter in effect requiring that notice of
     default be given prior to commencement of an unlawful detainer or other
     legal proceeding.

            (c)  The failure by Tenant to observe or perform any other provision
     of this Lease to be observed or performed by Tenant, other than those
     described in Sections 16.1(a), 16.1(b) and 16.1(c) above, if such failure
     continues for twenty (20) days (except where a different period of time is
     specified in this Lease, in which case such different time period shall
     apply) after written notice thereof by Landlord to Tenant; provided,
     however, that if the nature of the default is such that it cannot be cured
     within the twenty (20) day period, no default shall exist if Tenant
     commences the curing of the default within the twenty (20) day period and
     thereafter diligently prosecutes the same to completion. The twenty (20)
     day notice described herein shall be in lieu of, and not in addition to,
     any notice required under any Law now or hereafter in effect requiring that
     notice of default be given prior to the commencement of an unlawful
     detainer or other legal proceeding.

            (d)  The making or furnishing by Tenant of any warranty,
     representation or statement to Landlord in connection with this Lease, or
     any other agreement to which Tenant and Landlord are parties, which is
     false or misleading in any material respect when made or furnished.

            (e)  The assignment, subletting or other Transfer, or any attempted
     assignment, subletting or other Transfer, of this Lease in violation of
     Article 15.

            (f)  Any instance whereby Tenant or any general partner of Tenant
     shall cease doing business as a going concern, make an assignment for the
     benefit of creditors, generally not pay its debts as they become due or
     admit in writing its inability to pay its debts as they become due, file a
     petition commencing a voluntary case under any chapter of the Bankruptcy
     Code, be adjudicated an insolvent, file a petition seeking for itself any
     reorganization, composition, readjustment, liquidation, dissolution or
     similar arrangement under the Bankruptcy Code or any other present or
     future similar statute, law, rule or regulation, or file an answer
     admitting the material allegations of a petition filed against it in any
     such proceeding, consent to the filing of such a petition or acquiesce in
     the appointment of a trustee, receiver, custodian or other similar official
     for it or of all or any substantial part of its assets or properties, or
     take any action looking to its dissolution or liquidation.

            (g)  Any instance whereby a case, proceeding or other action shall
     be instituted against Tenant or any general partner of Tenant seeking the
     entry of an order for relief against Tenant or any general partner thereof
     as debtor, to adjudicate Tenant or any general partner thereof as a
     bankrupt or insolvent, or seeking reorganization, arrangement,
     readjustment, liquidation, dissolution or similar relief against Tenant or
     any general partner thereof under the Bankruptcy Code or any other present
     or future similar statute, law, rule or regulation, which case, proceeding
     or other action either results in such entry, adjudication or issuance or
     entry of any other order or judgment having a similar effect, or remains
     undismissed for sixty (60) days, or within sixty (60) days after the
     appointment (without Tenant's or such general partner's consent) of any
     trustee, receiver, custodian or other similar official for it or such
     general partner, or of all or any substantial part of its or such general
     partner's assets and properties, such appointment shall not be vacated.

            (h)  The appointment of a receiver, trustee or custodian to take
     possession of all or any substantial portion of the assets of Tenant, or
     the formation of any committee of Tenant's creditors, or any class thereof,
     for the purpose of monitoring or investigating the financial affairs of
     Tenant or enforcing such creditors' rights.

     16.2   LANDLORD'S RIGHT TO TERMINATE UPON TENANT DEFAULT. In the event of
any default by Tenant as provided in Section 16.1 above, Landlord shall have the
right to terminate this Lease and recover possession of the Premises by giving
written notice to Tenant of Landlord's election to terminate this Lease, in
which event Landlord shall be entitled to receive from Tenant:

            (a)  The worth at the time of award of any unpaid Rent which had
     been earned at the time of such termination; plus

            (b)  The worth at the time of award of the amount by which the
     unpaid Rent which would have been earned after termination until the time
     of award exceeds the amount of such rental loss Tenant proves could have
     been reasonably avoided; plus

            (c)  The worth at the time of award of the amount by which the
     unpaid Rent for the balance of the Term after the time of award exceeds the
     amount of such rental loss that Tenant proves could be reasonably avoided;
     plus

            (d)  Any other amount necessary to compensate Landlord for all the
     detriment proximately caused by Tenant's failure to perform its obligations
     under this Lease or which in the ordinary course of things would be likely
     to result therefrom; and

                                      -19-
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            (e)  At Landlord's election, such other amounts in addition to or in
     lieu of the foregoing as may be permitted from time to time by applicable
     law. As used in Sections 16.2(a) and 16.2(b) above, "WORTH AT THE TIME OF
     AWARD" shall be computed by allowing interest at the then highest lawful
     contract rate of interest. As used in Section 16.2(c) above, "worth at the
     time of award" shall be computed by discounting such amount at the Interest
     Rate. As used herein, the term "INTEREST RATE" means the lesser of (i) the
     "prime rate" or "reference rate" announced from time to time by Bank of
     America, N.T. & S.A. (or such reasonable comparable national banking
     institution as is selected by Landlord in the event Bank of America, N.T. &
     S.A. ceases to publish a prime rate or reference rate) (the "REFERENCE
     RATE"), plus one percent (1%), or (ii) the maximum rate permitted by Law.

     16.3   LANDLORD'S RIGHT TO CONTINUE LEASE UPON TENANT DEFAULT. In the event
of a default of this Lease and abandonment of the Premises by Tenant, if
Landlord does not elect to terminate this Lease as provided in Section 16.2
above, Landlord may from time to time, without terminating this Lease, enforce
all of its rights and remedies under this Lease. Without limiting the foregoing,
Landlord may continue this Lease in effect after Tenant's breach and abandonment
and recover Rent as it becomes due, if Tenant has the right to sublet or assign,
subject only to reasonable limitations. To the fullest extent permitted by Law,
the proceeds of any reletting shall be applied first to pay to Landlord all
costs and expenses of such reletting (including, without limitation, costs and
expenses of retaking or repossessing the Premises, removing persons and property
therefrom, securing new tenants, including expenses for redecoration,
alterations and other costs in connection with preparing the Premises for the
new tenant, and if Landlord shall maintain and operate the Premises, the costs
thereof) and receivers' fees incurred in connection with the appointment of and
performance by a receiver to protect the Premises and Landlord's interest under
this Lease and any necessary or reasonable alterations; second, to the payment
of any indebtedness of Tenant to Landlord other than Rent due and unpaid
hereunder; third, to the payment of Rent due and unpaid hereunder; and the
residue, if any, shall be held by Landlord and applied in payment of other or
future obligations of Tenant to Landlord as the same may become due and payable,
and Tenant shall not be entitled to receive any portion of such revenue. No
re-entry or taking of possession of the Premises by Landlord pursuant to this
Section 16.3 shall be construed as an election to terminate this Lease unless a
written notice of such election shall be given to Tenant or unless the
termination thereof be decreed by a court of competent jurisdiction.
Notwithstanding any reletting without termination by Landlord, Landlord may, at
any time after such reletting, elect to terminate this Lease for any such
default. Upon the occurrence of a default by Tenant under Section 16.1 above, if
the Premises or any portion thereof are sublet, Landlord, in addition and
without prejudice to any other remedies herein provided or provided by Law, may,
at its option, collect directly from the sublessee all rentals becoming due to
the Tenant and apply such rentals against other sums due hereunder to Landlord.

     16.4   RIGHT OF LANDLORD TO PERFORM. All covenants and agreements to be
performed by Tenant under this Lease shall be performed by Tenant at Tenant's
sole cost and expense. If Tenant shall fail to pay any sum of money, other than
Annual Base Rent, required to be paid by it hereunder or shall fail to perform
any other act on its part to be performed hereunder, then, in addition to and
without prejudice to any other right or remedy of Landlord (including, without
limitation, any right or remedy provided under Article 9), Landlord may cure the
same at the expense of Tenant (a) immediately and without notice in the case (i)
of emergency, (ii) where such default unreasonably interferes with any other
tenant in the Project, or (iii) where such default will result in the violation
of Law or the cancellation of any insurance policy maintained by Landlord, and
(b) in any other case if such default continues for ten (10) days from the
receipt by Tenant of notice of such default from Landlord. Any sums so paid by
Landlord and all incidental costs, together with interest thereon at the maximum
rate permitted by law from the date of such payment, shall be payable to
Landlord as Additional Rent on demand, and Landlord shall have the same rights
and remedies in the event of nonpayment as in the case of default by Tenant in
the payment of Rent.

     16.5   LATE PAYMENTS OF RENT. Following the occurrence of three instances
of payment of Rent more than ten (10) days late in any twelve (12) month period,
Landlord may, without prejudice to any other rights or remedies available to it,
upon written notice to Tenant, (a) require that all remaining monthly
installments of Rent shall be payable three (3) months in advance in local bank
funds, and, in addition or in the alternative, at Landlord's election, (b)
require that Tenant increase the amount of the Security Deposit (if any) by an
amount equal to one (1) month's Rent.

     16.6   DEFAULT UNDER OTHER LEASES. If the term of any lease, other than
this Lease, heretofore or hereafter made by Tenant for any space in the Building
shall be terminated or terminable after the making of this Lease because of any
default by Tenant under such other lease, such fact shall empower Landlord, at
Landlord's sole option, to terminate this Lease by notice to Tenant or to
exercise any of the rights or remedies set forth in Section 16.2.

     16.7   SUBLEASES OF TENANT. Whether or not Landlord elects to terminate
this Lease on account of any default by Tenant, as set forth in this Article 16,
Landlord shall have the right to terminate any and all subleases, licenses,
concessions, or other consensual arrangements for possession entered into by
Tenant and affecting the Premises or may, in Landlord's sole discretion, succeed
to Tenant's interest in such subleases, licenses, concessions or arrangements.
In the event of Landlord's election to succeed to Tenant's interest in any such
subleases, licenses, concessions or arrangements, Tenant shall, as of the date
of notice by Landlord of such election, have no further right to or interest in
the Rent or other consideration receivable thereunder.

     16.8   EFFORTS TO RELET. For the purposes of this Article 16, Tenant's
right to possession shall not be deemed to have been terminated by efforts of
Landlord to relet the Premises, by its acts of maintenance or preservation with
respect to the Premises, or by appointment of a receiver to protect Landlord's
interests hereunder. The foregoing enumeration is not exhaustive, but merely
illustrative of acts which may be performed by Landlord without terminating
Tenant's right to possession.

                                      -20-
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     16.9   WAIVER OF RIGHT OF REDEMPTION. Tenant hereby waives for Tenant and
for all those claiming under Tenant all right now or hereafter existing to
redeem by order or judgment of any court or by any legal process or writ,
Tenant's right of occupancy of the Premises after any termination of this Lease.
Notwithstanding any provision of this Lease to the contrary, the expiration or
termination of this Lease or the termination of Tenant's rights to possession of
the Premises shall not discharge, relieve or release Tenant from any obligation
or liability whatsoever under any indemnity provision of this Lease, including,
without limitation, the provisions of Sections 7.1 and 11.1 hereof.

     16.10  NON-WAIVER. Nothing in this Article 16 shall be deemed to affect
Landlord's rights to indemnification for liability or liabilities arising prior
to termination of this Lease for personal injury or property damages under the
indemnification clause or clauses contained in this Lease. No acceptance by
Landlord of a lesser sum than the Rent then due shall be deemed to be other than
on account of the earliest installment of such Rent due, nor shall any
endorsement or statement on any check or any letter accompanying any check or
payment as Rent be deemed an accord and satisfaction, and Landlord may accept
such check or payment without prejudice to Landlord's right to recover the
balance of such installment or pursue any other remedy provided in this Lease.
The delivery of keys to any employee of Landlord or to Landlord's agent or any
employee thereof shall not operate as a termination of this Lease or a surrender
of the Premises.

     16.11  WAIVER OF TRIAL BY JURY. Landlord and Tenant each expressly waive
their right to trial by jury in any trial held as a result of a claim arising
out of or in connection with this Lease in which Landlord and Tenant are adverse
parties. The filing of a cross-complaint by one against the other is sufficient
to make the parties "adverse."

     16.12  CUMULATIVE REMEDIES. The specific remedies to which Landlord may
resort under the terms of this Lease are cumulative and are not intended to be
exclusive of any other remedies or means of redress to which it may be lawfully
entitled in case of any breach or threatened breach by Tenant of any provisions
of this Lease. In addition to the other remedies provided in this Lease,
Landlord shall be entitled to a restraint by injunction of the violation or
attempted or threatened violation of any of the covenants, conditions or
provisions of this Lease or to a decree compelling specific performance of any
such covenants, conditions or provisions.

     16.13  DEFAULT BY LANDLORD. Landlord's failure to perform or observe any of
its obligations under this Lease shall constitute a default by Landlord under
this Lease only if such failure shall continue for a period of thirty (30) days
(or the additional time, if any, that is reasonably necessary promptly and
diligently to cure the failure) after Landlord receives written notice from
Tenant specifying the default, which notice shall describe in reasonable detail
the nature and extent of the failure and shall identify the Lease provision(s)
containing the obligation(s) in question. Subject to the remaining provisions of
this Lease, following the occurrence of any such default, Tenant shall have the
right to pursue any remedy available under Law for such default by Landlord;
provided, however, that in no case shall Tenant have any right to terminate this
Lease on account of any such default, or to setoff, abate or reduce Rent before
entry of a non-appealable final judgment in Tenant's favor against Landlord.
Tenant will have no claim against Landlord or defense to a claim by Landlord
unless Tenant gives Landlord written notice of the circumstances giving rise to
the claim or defense within one hundred eighty (180) days after the
circumstances arise.

                   ARTICLE 17 - ATTORNEYS' FEES; COSTS OF SUIT

     17.1   ATTORNEYS' FEES. If either Landlord or Tenant shall commence any
action or other proceeding against the other arising out of, or relating to,
this Lease or the Premises, the prevailing party shall be entitled to recover
from the losing party, in addition to any other relief, its actual attorneys'
fees irrespective of whether or not the action or other proceeding is prosecuted
to judgment and irrespective of any court schedule of reasonable attorneys'
fees. In addition, Tenant shall reimburse Landlord, upon demand, for all
reasonable attorneys' fees incurred in collecting Rent or otherwise seeking
enforcement against Tenant, its sublessees and assigns, of Tenant's obligations
under this Lease.

     17.2   INDEMNIFICATION. Should Landlord be made a party to any litigation
instituted by Tenant against a party other than Landlord, or by a third party
against Tenant, Tenant shall indemnify, hold harmless and defend Landlord from
any and all loss, cost, liability, damage or expense incurred by Landlord,
including attorneys' fees, in connection with the litigation.

                    ARTICLE 18 - SUBORDINATION AND ATTORNMENT

     18.1   SUBORDINATION. This Lease, and the rights of Tenant hereunder, are
and shall be subordinate to the interests of (a) all present and future ground
leases and master leases of all or any part of the Building, (b) present and
future mortgages and deeds of trust encumbering all or any part of the Building,
(c) all past and future advances made under any such mortgages or deeds of
trust, and (d) all renewals, modifications, replacements and extensions of any
such ground leases, master leases, mortgages and deeds of trust (collectively,
"SECURITY DOCUMENTS") which now or hereafter constitute a lien upon or affect
the Project, the Building or the Premises. Such subordination shall be effective
without the necessity of the execution by Tenant of any additional document for
the purpose of evidencing or effecting such subordination. In addition, Landlord
shall have the right to subordinate or cause to be subordinated any such
Security Documents to this Lease and in such case, in the event of the
termination or transfer of Landlord's estate or interest in the Project by
reason of any termination or foreclosure of any such Security Documents, Tenant
shall, notwithstanding such subordination, attorn to and become the Tenant of
the successor in interest to Landlord at the option of such successor in
interest. Furthermore, Tenant shall within twenty (20) days of demand therefor
execute any instruments or other documents which may be required by Landlord or
the holder ("HOLDER") of any Security Document and specifically shall execute,
acknowledge and deliver within twenty (20) days of demand therefor a
subordination of lease or subordination of deed of trust, in the form required
by the Holder of the Security Document requesting the document; the failure to
do so by Tenant within such time period

                                      -21-
<Page>

shall be a material default hereunder. Such instruments may contain, among other
things, provisions to the effect that such lessor, mortgagee or beneficiary
(hereafter, for the purposes of this Section 18.1, a "SUCCESSOR LANDLORD") shall
(w) not be liable for any act or omission of Landlord or its predecessors, if
any, prior to the date of such Successor Landlord's succession to Landlord's
interest under this Lease, (x) not be subject to any offsets or defenses which
Tenant might have been able to assert against Landlord or its predecessors, if
any, prior to the date of such Successor Landlord's succession to Landlord's
interest under this Lease, (y) not be liable for the return of any Security
Deposit under this Lease unless the same shall have actually been deposited with
such Successor Landlord, and (z) be entitled to receive notice of any Landlord
default under this Lease plus a reasonable opportunity to cure such default
prior to Tenant having any right or ability to terminate this Lease as a result
of such Landlord default. Landlord is hereby irrevocably appointed and
authorized as agent and attorney-in-fact of Tenant to execute and deliver all
such subordination instruments in the event that Tenant fails to execute and
deliver said instruments within five (5) days after notice from Landlord
requesting execution and delivery thereof.

     18.2   ATTORNMENT. If requested to do so, Tenant shall attorn to and
recognize as Tenant's landlord under this Lease any superior lessor, superior
mortgagee or other purchaser or person taking title to the Building by reason of
the termination of any superior lease or the foreclosure of any superior
mortgage or deed of trust, and Tenant shall, within five (5) days of demand
therefor execute any instruments or other documents which may be required by
Landlord or the Holder of any such Security Document to evidence the attornment
described in this Section 18.2.

     18.3   MORTGAGE AND GROUND LESSOR PROTECTION. Tenant agrees to give each
Holder of any Security Document, by registered or certified mail, a copy of any
notice of default served upon the Landlord by Tenant, provided that prior to
such notice Tenant has been notified in writing of the address of such Holder
(hereafter the "NOTIFIED PARTY"). Tenant further agrees that if Landlord shall
have failed to cure such default within thirty (30) days after such notice to
Landlord (or if such default cannot be cured or corrected within that time, then
such additional time as may be necessary if Landlord has commenced within such
thirty (30) days and is diligently pursuing the remedies or steps necessary to
cure or correct such default), then prior to Tenant pursuing any remedy for such
default provided hereunder, at law or in equity, the Notified Party shall have
an additional thirty (30) days within which to cure or correct such default (or
if such default cannot be cured or corrected within that time, then such
additional time as may be necessary if the Notified Party has commenced within
such thirty (30) days and is diligently pursuing the remedies or steps necessary
to cure or correct such default).

                          ARTICLE 19 - QUIET ENJOYMENT

     Provided that Tenant performs all of its obligations hereunder, Tenant
shall have and peaceably enjoy the Premises during the Term of this Lease,
subject to all of the terms and conditions contained in this Lease, from and
against all persons holding an interest in the Project from and through
Landlord.

                              ARTICLE 20 - PARKING

     20.1   Tenant (and not its employees, agents, contractors or designees)
shall have the right to rent from time to time on a first come, first served
basis, up to the number of unreserved parking privileges ("PARKING PRIVILEGES")
described in paragraph 7 of the Basic Lease Provisions. Tenant shall exercise
its right, if at all, by notice to Landlord given at least sixty (60) days
before the rental is to begin.

     20.2   Tenant shall pay, as Additional Rent, on the first day of each
calendar month during the Term, Landlord's then prevailing charge (subject to
change by Landlord from time to time in its sole discretion) for unreserved
spaces then rented by Tenant for such calendar month. Such parking charges shall
be in addition to all taxes, assessments or other impositions imposed by any
governmental entity ("PARKING TAXES") in connection with Tenant's use of such
Parking Privileges, which Parking Taxes shall be paid by Tenant, or if required
to be paid by Landlord, shall be reimbursed to Landlord by Tenant (in either
case as Additional Rent) concurrently with the payment of the parking charges
described above. The charges for the Parking Privileges and related Parking
Taxes are Tenant's responsibility even though Tenant requires its employees or
occupants to pay those charges and Parking Taxes, or reimburse Tenant for them.

     20.3   The Parking Privileges are with respect to, subject to the
provisions of this Article 20, use of the Project's parking facilities (the
"PARKING FACILITIES"). Landlord shall have the right to modify, change, add to
or delete the design, configuration, layout, size, ingress, egress, areas,
method of operation, and other characteristics of or relating to the Parking
Facilities at any time, and to provide for nonuse, partial use or restricted use
of portions thereof.

     20.4   Tenant shall cause each of its employees and occupants utilizing
Tenant's Parking Privileges to abide by all rules and regulations for the use of
the Parking Facilities prescribed from time to time by Landlord. If any
employee, contractor or other individual using one of Tenant's Parking
Privileges violates any of the terms and conditions of this Article or such
parking rules and regulations, then Landlord may revoke the license granted
hereunder with respect to the particular violating party's use of the Parking
Facilities. Landlord may delegate its responsibilities hereunder to a parking
operator in which case such parking operator shall have all the rights of
control attributed hereby to Landlord. The Parking Privileges provided to Tenant
pursuant to this Article 20 are provided to Tenant solely for use by officers,
directors, and employees of Tenant, its Affiliates, sublessees and assignees,
and such passes may not otherwise be transferred, assigned, subleased or
otherwise alienated by Tenant to any other type of transferee without Landlord's
prior approval.

                                      -22-
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                       ARTICLE 21 - RULES AND REGULATIONS

     The "RULES AND REGULATIONS" attached hereto as Exhibit D are hereby
incorporated by reference herein and made a part hereof. Tenant shall abide by,
and faithfully observe and comply with the Rules and Regulations and any
reasonable and non-discriminatory amendments, modifications and additions
thereto as may hereafter be adopted and published by written notice to tenants
by Landlord for the safety, care, security, good order and cleanliness of the
Premises and the Project. Landlord shall not be liable to Tenant for any
violation of such rules and regulations by any other tenant or occupant of the
Project.

                       ARTICLE 22 - ESTOPPEL CERTIFICATES

     Tenant agrees at any time and from time to time upon not less than five (5)
days' prior written notice from Landlord, to execute, acknowledge and deliver to
Landlord a statement in writing certifying to those facts for which
certification has been requested by Landlord or any current or prospective
purchaser, holder of any Security Document, ground lessor or master lessor,
including, but without limitation, that (a) this Lease is unmodified and in full
force and effect (or if there have been modifications, that the same is in full
force and effect as modified and stating the modifications), (b) the dates to
which the Annual Base Rent, Rent and other charges hereunder have been paid, if
any, and (c) whether or not to the best knowledge of Tenant, Landlord is in
default in the performance of any covenant, agreement or condition contained in
this Lease and, if so, specifying each such default of which Tenant may have
knowledge. The form of the statement attached hereto as Exhibit E is hereby
approved by Tenant for use pursuant to this Article 22; however, at Landlord's
option, Landlord shall have the right to use other forms for such purpose.
Tenant's failure to execute and deliver such statement within such time shall,
at the option of Landlord, constitute a material default under this Lease and,
in any event, shall be conclusive upon Tenant that this Lease is in full force
and effect without modification except as may be represented by Landlord in any
such certificate prepared by Landlord and delivered to Tenant for execution. In
the event that such certificate is being given to any Holder or ground lessor,
such statement may contain any other provisions customarily required by such
Holder or ground lessor, including, without limitation, an agreement on the part
of Tenant to furnish to such Holder or ground lessor, as applicable, written
notice of any Landlord default and a reasonable opportunity for such Holder or
ground lessor to cure such default prior to Tenant being able to terminate this
Lease. In addition, Landlord is hereby irrevocably appointed and authorized as
agent and attomey-in-fact of Tenant to execute and deliver such statement in the
event that Tenant fails to execute and deliver such statement within five (5)
days after notice from Landlord requesting execution and delivery thereof. Any
statement delivered pursuant to this Article 22 may be relied upon by any
prospective purchaser of the fee of the Building or the Project or any
mortgagee, ground lessor or other like encumbrancer thereof or any assignee of
any such encumbrance upon the Building or the Project.

                         ARTICLE 23 - ENTRY BY LANDLORD

     Landlord may enter the Premises at all reasonable times to: inspect the
same; exhibit the same to prospective purchasers, lenders or tenants, after
prior notice; determine whether Tenant is complying with all of its obligations
under this Lease; supply janitorial and other services to be provided by
Landlord to Tenant under this Lease; post notices of non-responsibility; and
make repairs or improvements in or to the Project or the Premises; provided,
however, that all such work shall be done as promptly as reasonably possible and
so as to cause as little interference to Tenant as reasonably possible. Tenant
hereby waives any claim for damages for any injury or inconvenience to, or
interference with, Tenant's business, any loss of occupancy or quiet enjoyment
of the Premises or any other loss occasioned by such entry. Landlord shall at
all times have and retain a key with which to unlock all of the doors in, on or
about the Premises (excluding Tenant's vaults, safes and similar areas
designated by Tenant in writing in advance), and Landlord shall have the right
to use any and all means by which Landlord may deem proper to open such doors to
obtain entry to the Premises, and any entry to the Premises obtained by Landlord
by any such means, or otherwise, shall not under any circumstances be deemed or
construed to be a forcible or unlawful entry into or a detainer of the Premises
or an eviction, actual or constructive, of Tenant from any part of the Premises.
Such entry by Landlord shall not act as a termination of Tenant's duties under
this Lease. If Landlord shall be required to obtain entry by means other than a
key provided by Tenant, the cost of such entry shall be payable by Tenant to
Landlord as Additional Rent.

            ARTICLE 24 - LANDLORD'S LEASE UNDERTAKINGS EXCULPATION
            FROM PERSONAL LIABILITY; TRANSFER OF LANDLORD'S INTEREST

     24.1   LANDLORD'S LEASE UNDERTAKINGS. Notwithstanding anything to the
contrary contained in this Lease, it is expressly understood and agreed by and
between the parties hereto that: (a) the recourse of Tenant or its successors or
assigns against Landlord (and the liability of Landlord to Tenant, its
successors and assigns) with respect to (i) any actual or alleged breach or
breaches by or on the part of Landlord of any representation, warranty,
covenant, undertaking or agreement contained in this Lease or (ii) any matter
relating to Tenant's occupancy of the Premises (collectively, "LANDLORD'S LEASE
UNDERTAKINGS") shall be limited to solely an amount equal to the lesser of (1)
only to Landlord's interest in the Project and (2) the equity interest Landlord
would have in the Project if the Project were encumbered by independent secured
financing equal to eighty percent (80%) of the value of the Project; (b) Tenant
shall have no recourse against any other assets of Landlord or its officers,
directors or shareholders; (c) except to the extent of Landlord's interest in
the Project, no personal liability or personal responsibility of any sort with
respect to any of Landlord's Lease Undertakings or any alleged breach thereof is
assumed by, or shall at any time be asserted or enforceable against, Landlord,
State of California Public Employees' Retirement System, CWP Capital Management,
LLC, Commonwealth Pacific, LLC or against any of their respective directors,
officers, shareholders, employees, agents, constituent partners, beneficiaries,
trustees or representatives, and (d) at no time shall Landlord be responsible or
liable to Tenant for any lost profits, lost economic opportunities or any form
of consequential damage as the result of any actual or alleged breach by
Landlord of Landlord's Lease Undertakings.

                                      -23-
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     24.2   TRANSFER OF LANDLORD'S INTEREST. Landlord and each successor to
Landlord shall be fully released from the performance of Landlord's obligations
hereunder upon their transfer of Landlord's interest in the Building to a third
party. Landlord shall not be liable for any obligation hereunder after a
transfer of its interest in the Building.

                          ARTICLE 25 - HOLDOVER TENANCY

     If Tenant holds possession of the Premises after the expiration or
termination of the Term of this Lease, by lapse of time or otherwise, with or
without the express or implied consent of Landlord, Tenant shall become a tenant
at sufferance upon all of the terms contained herein, except as to Term and Base
Rent and any other provision reasonably determined by Landlord to be
inapplicable. During such holdover period, Tenant shall pay to Landlord a
monthly Base Rent equivalent to one hundred fifty percent (150%) of the greater
of (a) Base Rent and Additional Rent payable by Tenant to Landlord during the
last month of the Term of this Lease, or (b) what a landlord under no compulsion
to lease the Premises and a tenant under no compulsion to lease the Premises
would determine as rents (including Base Rent and rental increases), taking into
consideration the uses permitted under this Lease, the quality, size, design,
and location of the Premises, and the rent for comparable class A office
buildings located in the vicinity of the Building. The monthly rent payable for
such holdover period shall in no event be construed as a penalty or as
liquidated damages for such retention of possession. Neither any provision
hereof nor any acceptance by Landlord of any rent after any such expiration or
earlier termination shall be deemed a consent to any holdover hereunder or
result in a renewal of this Lease or an extension of the Term, or any waiver of
any of Landlord's rights or remedies with respect to such holdover.
Notwithstanding any provision to the contrary contained herein, (a) Landlord
expressly reserves the right to require Tenant to surrender possession of the
Premises upon the expiration of the Term of this Lease or upon the earlier
termination hereof or at any time during any holdover and the right to assert
any remedy at law or in equity to evict Tenant and collect damages in connection
with any such holdover, and (b) Tenant shall indemnify, defend and hold Landlord
harmless from and against any and all claims, demands, actions, proceedings,
losses, damages, liabilities, obligations, penalties, costs and expenses,
including, without limitation, all lost profits and other consequential damages,
attorneys' fees, consultants' fees and court costs incurred or suffered by or
asserted against Landlord by reason of Tenant's failure to surrender the
Premises on the expiration or earlier termination of this Lease in accordance
with the provisions of this Lease.

                              ARTICLE 26 - NOTICES

     All notices which Landlord or Tenant may be required, or may desire, to
serve on the other may be served, as an alternative to personal service, by
mailing the same by registered or certified mail, postage prepaid, or by a
reputable overnight courier service, which provides evidence of delivery,
addressed to the Landlord at the address for Landlord set forth in paragraph 10
of the Basic Lease Provisions and identifying the provision of the Lease to
which the notice relates and to Tenant at the address for Tenant set forth in
paragraph 10 of the Basic Lease Provisions, or, from and after the Commencement
Date, to the Tenant at the Premises whether or not Tenant has departed from,
abandoned or vacated the Premises, or addressed to such other address or
addresses as either Landlord or Tenant may from time to time designate to the
other in writing. Any notice shall be deemed to have been served at the time the
same was posted.

                              ARTICLE 27 - BROKERS

     The parties recognize as the broker(s) who procured this Lease the firm(s)
specified in paragraph 8 of the Basic Lease Provisions and agree that Landlord
shall be solely responsible for the payment of any brokerage commissions to said
broker(s), and that Tenant shall have no responsibility therefor unless written
provision to the contrary has been made a part of this Lease. If Tenant has
dealt with any other person or real estate broker in respect to leasing,
subleasing or renting space in the Building, Tenant shall be solely responsible
for the payment of any fee due said person or firm and Tenant shall protect,
indemnify, hold harmless and defend Landlord from any liability in respect
thereto.

                           ARTICLE 28 - SIGNAGE RIGHTS

     28.1   PROHIBITED SIGNAGE. Except to the extent expressly provided in this
Article 28, Tenant shall not (a) place or install (or permit to be placed or
installed by any Tenant Party) any signs, advertisements, logos, identifying
materials, pictures or names of any type on the roof, exterior areas or Common
Areas of the Building or the Project or in any area of the Building, Premises or
Project which is visible from the exterior of the Building or outside of the
Premises or (b) place or install (or permit to be placed or installed by any
Tenant Party) in or about any portion of the Premises any window covering (even
if behind Building standard window coverings) or any other material visible from
outside of the Premises or from the exterior of the Building.

     28.2   TENANT'S SIGNAGE. Subject to compliance with applicable Laws and
such Building signage criteria as Landlord shall apply from time to time and
subject to receipt of Landlord's prior written consent, (a) in the case where
Tenant occupies an entire floor in the Building, Tenant may place in any portion
of such floor which is not visible from the exterior of the Building such
identification signage as Tenant shall desire and (b) in the case where Tenant
occupies less than an entire floor in the Building, Tenant may place in any
portion of the inside of the Premises not visible from the exterior of the
Building or from outside of the Premises such identification signage as Tenant
shall desire. All signage described in this Article 28 shall be treated as
Tenant's personal property under the provisions of Section 10.5 with respect to
Tenant's obligation at the expiration or early termination of this Lease.

                                      -24-
<Page>

                        ARTICLE 29 - FINANCIAL STATEMENTS

     At any time during the Term, Tenant shall, upon ten (10) days' prior notice
from Landlord, provide Landlord with then current financial statements and
financial statements for each of the two (2) years prior to the then current
calendar year for each of Tenant and Guarantor; provided, however, if the
financial statements of either Tenant or Guarantor are not available to the
general public, except in the case where Landlord is requesting such financial
statements for delivery to an existing or prospective lender (a "REQUESTING
LENDER") (a) in connection with a new loan (a "PROJECT LOAN") (or modification
or extension of an existing loan) secured in whole or in part by some form of
mortgage, deed of trust or other security interest in the Project (or some
interest therein) or (b) under circumstances where the failure to so deliver
such financial statements would (or could, with notice, the passage of time, or
both) constitute a default under any document relating to a Project Loan, Tenant
shall not be required to provide those financial statements which are not
available to the general public; provided, further, however, that
notwithstanding the foregoing, in the circumstances described in either
exception (a) or (b) of the foregoing proviso, Tenant shall be required to
provide the financial statements of Tenant in the form required hereunder only
to the Requesting Lender (but not to Landlord). Such statements shall be
prepared in accordance with generally accepted accounting principles,
consistently applied, and shall be audited by an independent certified public
accountant.

                           ARTICLE 30 - MISCELLANEOUS

     30.1   ENTIRE AGREEMENT. This Lease contains all of the agreements and
understandings relating to the leasing of the Premises and the obligations of
Landlord and Tenant in connection with such leasing. Landlord has not made, and
Tenant is not relying upon, any warranties, or representations, promises or
statements made by Landlord or any agent of Landlord, except as expressly set
forth herein. This Lease supersedes any and all prior agreements and
understandings between Landlord and Tenant and alone expresses the agreement of
the parties.

     30.2   AMENDMENTS. This Lease shall not be amended, changed, or modified in
any way unless in writing executed by Landlord and Tenant. Landlord shall not
have waived or released any of its rights hereunder unless in writing and
executed by the Landlord.

     30.3   SUCCESSORS. Except as expressly provided herein, this Lease and the
obligations of Landlord and Tenant contained herein shall bind or inure to the
benefit of Landlord and Tenant and their respective successors and assigns,
provided this clause shall not permit any Transfer by Tenant contrary to the
provisions of Article 15.

     30.4   SALE BY LANDLORD. An arm's length sale or conveyance by Landlord of
the Project shall operate to release Landlord from any future liability upon any
of the agreements, obligations, covenants or conditions, express or implied,
herein contained in favor of Tenant, and Tenant agrees to look solely to the
responsibility of the successor in interest of Landlord in and to this Lease
except for obligations and liabilities incurred by Landlord prior to such sale
or conveyance. This Lease shall not be affected by any such sale, however, and
Tenant agrees to attorn to the purchaser or assignee, such attornment to be
effective and self-operative without the execution of any further instruments by
any of the parties to this Lease.

     30.5   FORCE MAJEURE. Landlord shall incur no liability to Tenant with
respect to, and shall not be responsible for any failure to perform, any of
Landlord's obligations hereunder if such failure is caused by any reason beyond
the control of Landlord, including, but not limited to, strike, labor trouble,
governmental rule, regulations, ordinance, statute or interpretation, or by
fire, earthquake, civil commotion, or failure or disruption of utility services.
The amount of time for Landlord to perform any of Landlord's obligations shall
be extended by the amount of time Landlord is delayed in performing such
obligation by reason of any force majeure occurrence whether similar to or
different from the foregoing types of occurrences.

     30.6   SURVIVAL OF OBLIGATIONS. Any obligations of Tenant accruing prior to
the expiration of this Lease shall survive the termination of this Lease, and
Tenant shall promptly perform all such obligations whether or not this Lease has
expired.

     30.7   LIGHT AND AIR. No diminurion or shutting off of any light, air or
view by any structure now or hereafter erected shall in any manner affect this
Lease or the obligations of Tenant hereunder, or increase any of the obligations
of Landlord hereunder.

     30.8   GOVERNING LAW. This Lease shall be governed by, and construed in
accordance with, the laws of the State of Colorado.

     30.9   PROHIBITION AGAINST RECORDING. Neither this Lease nor any
memorandum, affidavit or other writing with respect thereto shall be recorded by
Tenant or by anyone acting through, under or on behalf of Tenant.

     30.10  SEVERABILITY. In the event any provision of this Lease is found to
be unenforceable, the remainder of this Lease shall not be affected, and any
provision found to be invalid shall be enforceable to the extent permitted by
law. The parties agree that in the event two different interpretations may be
given to any provision hereunder, one of which will render the provision
unenforceable, and one of which will render the provision enforceable, the
interpretation rendering the provision enforceable shall be adopted.

     30.11  CAPTIONS. All captions, headings, titles, numerical references and
computer highlighting are for convenience only and shall have no effect on the
interpretation of this Lease.

     30.12  INTERPRETATION. Tenant acknowledges that it has read and reviewed
this Lease and that it has had the opportunity to confer with counsel in the
negotiation of this Lease. Accordingly, this Lease shall be construed

                                      -25-
<Page>

neither for nor against Landlord or Tenant, but shall be given a fair and
reasonable interpretation in accordance with the meaning of its terms and the
intent of the parties.

     30.13  INDEPENDENT COVENANTS. Each covenant, agreement, obligation or other
provision of this Lease to be performed by Tenant are separate and independent
covenants of Tenant, and not dependent on any other provision of this Lease.

     30.14  NUMBER AND GENDER. All terms and words used in this Lease,
regardless of the number or gender in which they are used, shall be deemed to
include the appropriate number and gender, as the context may require.

     30.15  TIME IS OF THE ESSENCE. Time is of the essence of this Lease and the
performance of all obligations hereunder.

     30.16  JOINT AND SEVERAL LIABILITY. If Tenant comprises more than one
person or entity, or if this Lease is guaranteed by any party, all such persons
shall be jointly and severally liable for payment of rents and the performance
of Tenant's obligations hereunder.

     30.17  PAYMENT INCENTIVE. Landlord shall pay to Tenant (the "payment
incentive") an amount equal to Two Hundred Thirty Five Thousand Twenty Dollars
($235,020.00) payable in equal monthly installments of Three Thousand Two
Hundred Sixty Four and 17/100 Dollars ($3,264.17) in advance on the first day of
each and every calendar month (commencing on payment of Base Rent) throughout
the Term of the Lease. There shall be no payment incentive for any space other
than the Premises initially demised under this Lease. Landlord shall not be
obligated to pay Tenant the payment incentive for any month unless and until
Tenant has paid all Base Rent and other amounts due and owing by Tenant. In the
event of any abatement of Base Rent during any period in which the payment
incentive is effective, the payment incentive shall also abate in a manner
proportionate to said abatement of the Base Rent.

            If the Term of the Lease ends on a day other than the last day of
the month, then the payment incentive for the partial month during which the end
occurs shall be prorated on the basis of the actual number of days in said
month.

            The payment incentive shall not be construed as an ownership or
equity interest in the Project, any property encompassed therein or in any
entity owning the Project or any such property. In particular, Tenant shall not
be construed or treated as a member, partner, joint venturer, or other equity
owner in the Project for any purpose, including, without limitation, capital
obligations or liability in respect of Project debt or from Project operations.
The payment incentive shall be treated only as an adjustment in the rental
obligations of Tenant in respect of its leasehold obligations and interest under
the Lease.

            The payment incentive may not be assigned, transferred,
hypothecated, pledged, encumbered or otherwise alienated by Tenant, except that
the payment incentive may be transferred to a Permitted Assignee of the
leasehold hereunder or other assignee to which Landlord consents in accordance
with Article 15.

     30.18  NO OFFER TO LEASE. The submission of this Lease to Tenant or its
Broker or other agent, does not constitute an offer to Tenant to lease the
Premises. This Lease shall have no force and effect until (a) it is executed and
delivered by Tenant to Landlord and (b) it is fully reviewed and executed by
Landlord; provided, however, that, upon execution of this Lease by Tenant and
delivery to Landlord, such execution and delivery by Tenant shall, in
consideration of the time and expense incurred by Landlord in reviewing this
Lease and Tenant's credit, constitute an offer by Tenant to Lease the Premises
upon the terms and conditions set forth herein (which offer to Lease shall be
irrevocable for twenty (20) business days following the date of delivery).

     30.19  NO COUNTERCLAIM; CHOICE OF LAWS. It is mutually agreed that in the
event Landlord commences any summary proceeding for non-payment of Rent, Tenant
will not interpose any counterclaim of whatever nature or description in any
such proceeding. In addition, Tenant hereby submits to local jurisdiction in the
State of Colorado and agrees that any action by Tenant against Landlord shall be
instituted in the State of Colorado and that Landlord shall have personal
jurisdiction over Tenant for any action brought by Landlord against Tenant in
the State of Colorado.

     30.20  RIGHTS RESERVED BY LANDLORD. Landlord reserves the following rights
exercisable without notice (except as otherwise expressly provided to the
contrary in this Lease) and without being deemed an eviction or disturbance of
Tenant's use or possession of the Premises or giving rise to any claim for
set-off or abatement of Rent: (a) to change the name or street address of the
Building or the Project; (b) to install, affix and maintain all signs on the
exterior and interior of the Building and the Project; (c) to designate and
approve prior to installation all types of signs, window shades, blinds, drapes,
awnings or other similar items, and all internal lighting that may be visible
from the exterior of the Premises; (d) to display the Premises and the Building
and the Project to mortgagees, prospective mortgagees, prospective purchasers
and ground lessors at reasonable hours upon reasonable advance notice to Tenant;
(e) to change the arrangement of entrances, doors, corridors, elevators and
stairs in the Building and the Project, provided no such change shall materially
adversely affect access to the Premises; (f) to grant any party the exclusive
right to conduct any business or render any service in the Building or in the
Project, provided such exclusive right shall not operate to prohibit Tenant from
using the Premises for the purposes permitted under this Lease; (g) to prohibit
the placement of vending or dispensing machines of any kind in or about the
Premises other than for use by Tenant's employees; (h) to prohibit the placement
of video or other electronic games in the Premises; (i) to have access for
Landlord and other tenants of the Building to any mail chutes and boxes located
in or on the Premises according to the rules of the United States Post Office
and to discontinue any mail chute business in the Building and the Project; (j)
to close the Building after normal business hours, except that Tenant and its

                                      -26-
<Page>

employees and invitees shall be entitled to admission at all times under such
rules and regulations as Landlord prescribes for security purposes; (k) to
install, operate and maintain security systems which monitor, by closed circuit
television or otherwise, all persons entering or leaving the Building or the
Project; (1) to install and maintain pipes, ducts, conduits, wires and
structural elements located in the Premises which serve other parts or other
tenants of the Building or the Project; and (m) to retain at all times master
keys or pass keys to the Premises. In addition to the provisions of Article 10,
Landlord will have the right to designate the design, arrangement, style, color
and general appearance of the portion of the Premises visible from the exterior,
and contents thereof, including, without limitation, furniture, fixtures, signs,
art work, wall coverings, carpet and decorations, and all changes, additions and
removals thereto, shall, at all times, have the appearance of premises having
the same type of exposure and used for substantially the same purposes that are
generally prevailing in first class office buildings in the area; any violation
of this provision shall be deemed a material breach of this Lease.

     30.21  MODIFICATION OF LEASE. Should any current or prospective mortgagee
or ground lessor for the Building require a modification or modifications of the
Lease, which modification or modifications will not cause an increased cost or
expense to Tenant or in any other way materially and adversely change the rights
and obligations of Tenant hereunder, then and in such event, Tenant agrees that
this Lease may be so modified and agrees to execute whatever documents are
required therefor and deliver the same to Landlord within ten (10) days
following the request therefor.

     30.22  AUTHORITY. If Tenant signs as a corporation or a partnership, each
of the persons executing this Lease on behalf of Tenant does hereby covenant and
warrant that Tenant is a duly authorized and existing entity, that Tenant has
and is qualified to do business in Colorado, that Tenant has full right and
authority to enter into this Lease, and that each of both of the persons signing
on behalf of Tenant are authorized to do so. Upon Landlord's request, Tenant
shall provide Landlord with evidence reasonably satisfactory to Landlord
confirming the foregoing covenants and warranties. The person executing this
Lease on behalf of Landlord hereby covenants and warrants that Landlord has full
right and authority to enter into this Lease and that the person signing on
behalf of Landlord is authorized to do so.

     30.23  TRANSPORTATION MANAGEMENT. Tenant shall fully comply with all
present or future programs intended to manage parking, transportation or traffic
in and around the Building, and in connection therewith, Tenant shall take
responsible action for the transportation planning and management of all
employees located at the Premises by working directly with Landlord, any
governmental transportation management organization or any other
transportation-related committees or entities.

     30.24  THE OTHER IMPROVEMENTS. If portions of the Project or property
adjacent to the Project (collectively, the "Other Improvements") are owned by an
entity other than Landlord, Landlord, at its option, in its sole and absolute
discretion, may enter into an agreement with the owner or owners of any or all
of the Other Improvements to provide (a) for reciprocal rights of access or use
of the Project and the Other Improvements, (b) for the common management,
operation, maintenance, improvement or repair of all or any portion of the
Project and the Other Improvements, (c) for the allocation of a portion of the
Operating Expenses to the Other Improvements and the Operating Expenses and
Taxes for the Other Improvements to the Project, and (d) for the use or
improvement of the Other Improvements and the Project in connection with the
improvement, construction, or excavation of the Other Improvements and the
Project. Nothing contained herein shall be deemed or construed to limit or
otherwise affect Landlord's right to convey all or any portion of the Project or
any other of Landlord's rights described in this Lease.

     30.25  RENOVATION OF THE PROJECT AND OTHER IMPROVEMENTS. Tenant
acknowledges that portions of the Project and the Other Improvements may be
under construction following Tenant's occupancy of the Premises, and that such
construction may result in levels of noise, dust, obstruction of access, or
interference which are in excess of that present in a fully constructed project.
It is expressly understood and agreed that Landlord has made no representation
or warranty to Tenant and has no obligation to alter, remodel, improve,
renovate, repair or decorate the Premises, the Building, or the Project or any
portion thereof. It is further agreed and acknowledged that no representations
respecting the condition of the Premises, the Building or the Project have been
made by Landlord to Tenant except as specifically set forth in this Lease.
Tenant acknowledges and agrees that Landlord may alter, remodel, improve or
renovate (collectively, the "Renovation Work") the Building, Premises, or the
Project, and in connection with any Renovation Work, Landlord may, among other
things, erect scaffolding or other necessary structures in the Building, or the
Project, restrict access to portions of the Project, including portions of the
Common Areas, or perform work in the Building and the Project. Tenant hereby
agrees that such Renovation Work and Landlord's actions in connection with such
Renovation Work shall in no way constitute a constructive eviction of Tenant nor
entitle Tenant to any abatement of Rent. Landlord shall have no responsibility
or liability to Tenant for any injury to or interference with Tenant's business
arising from any such Renovation Work, and Tenant shall not be entitled to any
damages from Landlord for loss of use of the Premises, in whole or in part, or
for loss of Tenant's personal property or improvements, resulting from the
Renovation Work or Landlord's actions in connection therewith or for any
inconvenience occasioned by such Renovation Work or Landlord's actions in
connection therewith.

     30.26  NO PARTNERSHIP OR JOINT VENTURE. Nothing contained in this Lease
shall be deemed or construed to create the relationship of principal and agent,
or partnership, or joint venturer, or any other relationship between Landlord
and Tenant other than landlord and tenant.

     30.27  RIGHT TO LEASE. Landlord reserves the absolute right to lease space
in the Project and to create such other tenancies in the Project as Landlord, in
its sole business judgment, shall determine is in the best interests of the
Project. Landlord does not represent and Tenant does not rely upon any specific
type or number of tenants occupying any space in the Building or the Project
during the Term of this Lease.

                                      -27-
<Page>

     30.28  BUILDING NAME AND SIGNAGE. Landlord shall have the right at any time
to change the name of the Building or the Project, or both, and to install,
affix and maintain any and all signs on the exterior and on the interior of the
Building or the Project, or both, as Landlord may so desire, in its sole
discretion. Tenant shall not, without the prior written consent of Landlord, use
the name of the Building or the Project, or any pictures or illustrations of the
Building or the Project, in Tenant's advertising or in any other publicity.

     30.29  OTHER OBLIGATIONS. Landlord will reimburse Tenant for monthly rent
(which may be a lump sum settlement) that Tenant pays pursuant to its occupancy
of space at 1670 Broadway, Denver, Colorado (the "Existing Space").
Reimbursement will be made within thirty (30) days after Tenant's presentation
of evidence of its payment of the amount for which reimbursement is sought and
only so long as (a) no Event of Default has occurred, and (b) Tenant has
cooperated with Landlord's efforts to minimize Tenant's cost on account of the
Existing Space, including, without limitation, the arrangement of a sublease, an
assignment or a buyout. Landlord's obligation to reimburse Tenant pursuant to
this Section will not exceed Two Hundred Fifty Eight Thousand Five Hundred
Twenty Two Dollars ($258,522.00) in any event.

     30.30  CONFIDENTIALITY. Tenant agrees that (a) the terms and provisions of
this Lease are confidential and constitute proprietary information of Landlord
and (b) it shall not disclose, and it shall cause its partners, officers,
directors, shareholders, employees, brokers and attorneys to not disclose any
term or provision of this Lease to any other person without first obtaining the
prior written consent of Landlord.

     IN WITNESS WHEREOF, this Lease is hereby executed as of the Effective Date.

                                  LANDLORD:

                                  FIFTH STREET - DENVER CENTER, LLC, a Delaware
                                  limited liability company

                                      By:   CWP CAPITAL MANAGEMENT, LLC, a
                                            Delaware limited liability company
                                      Its:  Manager

                                            By: /s/ [ILLEGIBLE]
                                               ---------------------------------
                                            Name: [ILLEGIBLE]
                                                 -------------------------------
                                            Its:  [ILLEGIBLE]
                                                --------------------------------
                                                        APR 25 2003
                                                            NBL
                                  TENANT:

                                  THE MURRAYHILL COMPANY, a Colorado corporation

                                  By: /s/ Margaret Sue Ellis
                                     -------------------------------------------
                                  Name: Margaret Sue Ellis
                                       -----------------------------------------
                                  Its: President & CEO
                                      ------------------------------------------

                                      -28-
<Page>

                         FIRST AMENDMENT TO OFFICE LEASE
                             (15th Floor Expansion)

     THIS FIRST AMENDMENT TO OFFICE LEASE is made as of March 15, 2004 by FIFTH
STREET - DENVER CENTER, LLC, a Delaware limited liability company ("Landlord"),
and THE MURRAYHILL COMPANY, a Colorado corporation ("Tenant").

     Landlord and Tenant entered into an Office Lease dated April 1, 2003 (the
"Lease"). Section 2.3 of the Lease provides a Right of Offer and an Expansion
Option to Tenant. In lieu of its rights under Section 2.3, Tenant wishes to
lease the 15th floor of the Building (the "15th Floor"), which Landlord and
Tenant agree consists of twelve thousand (12,000) rentable square feet from the
15th Floor Commencement Date (as defined in this First Amendment) through
January 31, 2005, and twenty two thousand five hundred eighty four (22,584)
rentable square feet thereafter. Landlord and Tenant wish to memorialize their
agreement with regard to the 15th Floor. Accordingly, they agree:

     1.     RECITALS; DEFINED TERMS. The recitals are incorporated into this
First Amendment as though set forth in full in it. Defined terms that are not
defined in this First Amendment have their meanings in the Lease.

     2.     THE ADDITION OF THE 15TH FLOOR. Landlord will deliver possession of
the 15th Floor to Tenant upon Landlord's execution of this First Amendment, and
Tenant will accept the 15th Floor in its condition at the time it is delivered.
Tenant will improve the 15th Floor according to Exhibit A to this First
Amendment. From and after its delivery, the 15th Floor will be part of the
Premises for all purposes of the Lease, except that Base Rent and Tenant's
Percentage Share with respect to the 15th Floor will not begin to accrue until
the earlier of (a) the date on which the 15th Floor is substantially completed
according to Exhibit A, or (b) August 1, 2004 (in either case the "15th Floor
Commencement Date").

     3.     INCREASED BASE RENT. The Base Rent will be increased by:

<Table>
<Caption>
                                                                                MONTHLY BASE
                      PERIOD                               ANNUAL BASE RENT         RENT
                      ------                               ----------------     ------------
  <S>                                                      <C>                  <C>
  15th Floor Commencement Date through January 31,2005     $            -0-     $        -0-
  February 1, 2005 through July 31, 2005                   $     216,960.00(1)  $  18,080.00
  August 1, 2005 through July 31, 2007                     $     419,610.72     $  34,967.56
  August 1, 2007 through July 31, 2009                     $     430,902.72     $  35,908.56
</Table>

     4.     TENANT'S RESPONSIBILITY FOR OPERATING EXPENSES AND PROPERTY TAXES.
Tenant will pay on account of the 15th Floor one and eight hundred seventy six
thousandths percent (1.876%) of Operating Expenses and Property Taxes as
Tenant's Percentage Share commencing upon the 15th Floor Commencement Date and
continuing for the balance of the Term.

----------
(1)  This is an annualized amount.

                                        1
<Page>

     5.     ADDITIONAL PARKING PRIVILEGES. At any time and from time to time
after the date of this First Amendment, Tenant may by thirty (30) days prior
written notice to Landlord elect to rent up to nineteen (19) additional Parking
Privileges of which two (2) will be upper reserved spaces on all of the terms of
the Lease except that the monthly parking charge for the upper reserved spaces
from April 1, 2004 to March 31, 2005 will be the monthly parking charge for
unreserved spaces, as it may change from time to time. Beginning April 1, 2005,
the monthly parking charge for the upper reserved spaces as well as the other
Parking Privileges will be Landlord's then-prevailing charge for such spaces
(subject to change by Landlord from time to time in its sole discretion). Tenant
may surrender some or all of its Parking Privileges from time to time by giving
thirty (30) days prior written notice to Landlord.

     6.     BROKERS. Landlord and Tenant each represent and warrant that they
have dealt with no broker, realtor, or agent in connection with this First
Amendment and its negotiation, except for Rick Schepis of Fuller & Company, who
is acting on Tenant's behalf.

     7.     MISCELLANEOUS.

            (a)  Landlord and Tenant confirm the Lease as amended by this First
     Amendment. Landlord and Tenant acknowledge that, to the best of their
     knowledge, there is no default by the other under the Lease nor any
     circumstance that after the passage of time or the giving of notice, or
     both, would be a default by the other under the Lease.

            (b)  Except for the modification in this First Amendment, the Lease
     will remain in full force and effect. This First Amendment sets forth the
     entire agreement between Landlord and Tenant with respect to the matters
     set forth in it. There have been no additional oral or written
     representations or agreements. In case of any inconsistency between the
     provisions of the Lease and this First Amendment, the latter provisions
     will govern and control. This First Amendment will not be binding until
     executed and delivered by both Landlord and Tenant.

     Landlord and Tenant have executed this First Amendment as of its date.

                                      LANDLORD:

                                      FIFTH STREET - DENVER CENTER, LLC, a
                                      Delaware limited liability company

                                          By:  CWP CAPITAL MANAGEMENT,
                                               LLC, a Delaware limited liability
                                               Company
                                          Its: Manager

                                               By: /s/ [ILLEGIBLE]
                                                  ------------------------------
                                               Name:
                                                    ----------------------------
                                               Its:
                                                   -----------------------------

                                        2
<Page>

                                  TENANT:

                                  THE MURRAYHILL COMPANY, a Colorado corporation

                                  By:  /s/ Kevin J. Kanouff
                                       ------------------------------------
                                  Name:         KEVIN J. KANOUFF
                                       ------------------------------------
                                  Its:    PRESIDENT AND GENERAL C0UNSEL
                                      -------------------------------------

                                        3<Page>

                                                            Exhibit 10.33

                                  SUBLEASE AGREEMENT

     Sublease Agreement made as of August 11, 2004, between Employers
Insurance Company of Wausau, a Wisconsin corporation (f/k/a Employers
Insurance of Wausau A Mutual Company) having a place of business c/o Liberty
Mutual Insurance Company, 175 Berkeley Street, Boston, Massachusetts 02117
("TENANT"), and Clayton GRP, Inc., a Delaware corporation having a usual
place of business at 2 Corporate Drive, 8th Floor, Shelton, Connecticut 06484
("SUBTENANT"). This Sublease Agreement shall be referred to herein as the
"SUBLEASE".

     Whereas, by a lease dated December 11, 1996, as amended by that certain
First Amendment to Office Lease dated April 28, 1997 (the "FIRST AMENDMENT")
(such lease, as it has been or may be further amended, and including any
rules or regulations that have been or may be promulgated thereunder, being
referred to herein as the "MAIN LEASE", a copy of which Main Lease is
attached hereto as EXHIBIT A), Glenborough Properties, L.P., a New York Stock
Exchange public company, as successor in interest to Opus South Corporation,
a Florida corporation ("LESSOR") leased certain space (the "TENANT'S
PREMISES") in the office complex located at 13101 Telecom Drive, Tampa
Telecom Park, Temple Terrace, Florida (the "OFFICE COMPLEX"), to Tenant for a
term commencing on or about July 17, 1997, and ending on August 31, 2007, in
accordance with the Preamble and Article I of the Main Lease; and

     Whereas, Tenant has agreed to sublease to Subtenant, pursuant to the
provisions of this Sublease, an area comprising approximately 11,306 rentable
square feet of space, and more particularly shown on the plan attached hereto
as EXHIBIT B (such subleased portion of the Tenant's Premises being referred
to herein as the "PREMISES") within a portion of the Tenant's Premises
consisting of 79,393 rentable square feet located within the Office Complex.
Tenant and Subtenant agree that the recitals above are true and correct as of
the date hereof.

     Now, therefore, it is agreed between the parties hereto as follows:

     1. AGREEMENT TO SUBLEASE FOR TERM. Tenant hereby subleases to Subtenant,
and Subtenant hereby takes and subleases from Tenant, the Premises for a term
beginning on the day following Subtenant's receipt of a copy of the executed
Consent (as defined in Section 40 below) from Tenant by facsimile or as
otherwise set forth in Section 34 below (the "COMMENCEMENT DATE") and ending
at 11:59 p.m. on August 30, 2007. As used in this Sublease, the term
"Tenant's Work" shall mean carpet cleaning and replacing broken ceiling tiles
in the Premises and painting the interiors walls of the Premises by Tenant.
Except for Tenant's Work, Tenant shall have no obligation to perform any work
to prepare the Premises for Subtenant's occupancy of the Premises and except
for Tenant's Work, Subtenant shall accept the Premises in AS IS condition. In
the event the Consent is not effective as of the date forty-five (45) days
from the date of this Sublease, then Subtenant or Tenant shall have the right
to terminate this Sublease upon fifteen (15) days prior written notice to the
other provided that the Consent is not effective within such fifteen (15) day
period. Upon such termination, Tenant shall return all sums paid by Subtenant
upon the execution of this Sublease, and, upon such return and except as
otherwise expressly provided herein, this Sublease shall terminate and the
parties shall have no further recourse against each other in connection with
this Sublease.

<Page>

     2. INCORPORATION OF MAIN LEASE.

     a. Subtenant acknowledges that is has had a complete opportunity to
review the Main Lease. Except as otherwise expressly provided in this
Sublease, the provisions of the Main Lease are incorporated into and made a
part of this Sublease as they relate to the Premises and also to the Office
Complex and any land on which the Office Complex is located (the "LAND" and,
together with Office Complex, the "PROPERTY") which serve or are available to
occupants of the Premises pursuant to the Main Lease. The provisions of the
Main Lease which are so incorporated into this Sublease pursuant to the
preceding sentence shall, coincident with their incorporation, be amended so
that references in the Main Lease to "Lessor" and "Lessee" shall be deemed to
refer in this Sublease to Tenant and Subtenant, respectively, unless the
context indicates that such amendment should not be made or such amendment
would have an illogical effect on the provision being so amended. All uses of
the term "Sublease" in this Sublease shall be regarded as referring to this
Sublease, into which the Main Lease has been to incorporated. Subtenant
hereby covenants to Tenant and, if Lessor has consented to this Sublease, to
Lessor that, except as may be otherwise expressly provided in this Sublease,
Subtenant assumes, is bound by, shall comply with, and shall faithfully
perform all of the obligations of Tenant (as tenant) arising from and after
the date of this Sublease under the Main Lease that are incorporated into
this Sublease. The relationship between, and rights of, Subtenant and Tenant
shall, except as may be otherwise expressly provided in this Sublease, be
governed by the Main Lease, and, without limiting the generality of the
foregoing, Tenant shall have all of the rights granted to Lessor under the
Main Lease and be entitled to exercise such rights with respect to the
enforcement of the provisions of this Sublease and the termination of this
Sublease.

     b. Notwithstanding any of the foregoing provision of this Sublease to
the contrary, the following provision of the Main Lease are not incorporated
into or made a part of this Sublease:

Page 1 of the Main Lease;
ARTICLE I -- Base Rent (as amended by the First Amendment);
ARTICLE II -- Additional Rent (as amended by the First Amendment);
ARTICLE IV -- Possession of Premises;
ARTICLE VIII -- Alterations and Improvements (last paragraph only);
ARTICLE X -- Assignment and Subletting;
ARTICLE XIII -- Surrender of Premises (last paragraph only);
ARTICLE XVI (A) and (C) -- Miscellaneous;
ARTICLE XXI -- Tenant Improvements;
ARTICLE XXII -- Base Building;
ARTICLE XXIII -- Option to Renew;
ARTICLE XXIV -- Expansion Space Construction (as amended by the
First Amendment);
ARTICLE XXVI -- Arbitration;
ARTICLE XXVIII -- Signage;
ARTICLE XXIX -- Parking;
ARTICLE XXX -- Early Occupancy Rent;
ARTICLE XXXI -- Inspection of Books and Records;
ARTICLE XXXII -- Additional Provisions Regarding Assignment and Subletting;
ARTICLE XXXIII -- Property Acquisition Contingency;

                                           2

<Page>

ARTICLE XXXIV -- Confirmation of Occupancy Date and Base Rent Commencement
Date;
ARTICLE XXXVII -- Tenant's Offset Rights;
ARTICLE XXXVIII -- Quiet Enjoyment;
ARTICLE XXXIX -- Self Insurance;
ARTICLE XL -- Rooftop Antenna or Dish;
ARTICLE XLI -- Lessee's Termination Option;
ARTICLE XLII -- Carpet Cleaning; and
Sections 4, 5, 6, 7, 10, 11 and 13 of First Amendment

     3. SUBORDINATION TO MAIN LEASE AND CONFLICTS. Notwithstanding any other
provisions of this Sublease to the contrary, this Sublease, and the interest
of Subtenant in the Premises under this Sublease, shall in all respects be
subject and subordinate to all of the provisions of the Main Lease. To the
extent that any provision of this Sublease modifies or differs from any of
the provisions of the Main Lease, the provisions of this Sublease shall be
controlling, provided, however, that if any provision of this Sublease
violates the Main Lease, or asserts authority in one of the parties beyond
the authority provided to such party by the Main Lease, the provisions of the
Main Lease shall be deemed to limit the provisions hereof. Nothing in this
section shall, however, be deemed to confer upon Subtenant any greater rights
than those set forth in this Sublease or to limit any of Subtenant's
obligations under this Sublease. All of the rights granted to Subtenant
under this Sublease are limited to the extent that Tenant has reserved those
rights in the Main Lease. Tenant is hereby vested with full power and
authority to subordinate Subtenant's interest in the Premises under this
Sublease to any mortgage, deed of trust, ground or underlying lease, or other
lien or interest hereafter placed on the Premises, and Subtenant shall, upon
demand by Tenant, execute such further instruments to effect such
subordination as Tenant may request. Upon Subtenant's failure to execute any
such instrument, Tenant may execute any such instrument on Subtenant's behalf
and Subtenant hereby irrevocably appoints Tenant as Subtenant's attorney in
fact coupled with an interest for such purpose.

     4. TERMINATION OF MAIN LEASE AND SUBLEASE. If this Sublease has not
previously terminated by its terms, this Sublease shall terminate upon the
termination of the Main Lease. If the Main Lease shall terminate for any
reason during the term of this Sublease, this Sublease shall simultaneously
terminate on the date of such termination of the Main Lease with the same
force and effect as if such termination date had been specified herein as the
termination date hereof.

     5. RENT.

     a. Except as otherwise expressly provided in this Sublease, commencing
on and as of the Commencement Date, and continuing throughout the term of
this Sublease, Subtenant shall pay to Tenant, as rent, base rent (the "BASE
RENT") in accordance with the schedule set forth below as part of this
subsection. Unless Tenant instructs Subtenant otherwise in writing, Subtenant
shall make such payments in advance on or before the first (1st) day of the
month. Subtenant shall make such payments without notice, demand, abatement,
deduction, counterclaim, or setoff.

                                           3

<Page>

                              BASE RENT SCHEDULE

<Table>
<Caption>
                                    Base Rent per   Annual Base      Monthly
Period                                  r.s.f.         Rent        Installment
<S>                                 <C>             <C>            <C>
Commencement Date--August 31, 2005...  $11.00       $124,366.00     $10,363.83
September 1, 2005--August 31, 2006...  $12.00       $135,672.00     $11,306.00
September 1, 2006--August 30, 2007...  $13.00       $146,978.00     $12,248.17
</Table>

Notwithstanding the foregoing, Subtenant shall be entitled to an abatement of
Base Rent for sixty (60) days following the Commencement Date.

     b. Electrical service supplied to the Premises for normal office usage
is included as part of Base Rent. In the event Subtenant shall use
electricity in excess of normal office usage, as reasonably determined by
Tenant, Subtenant shall pay to Tenant the cost of such excess service within
thirty (30) days after Tenant has delivered to Subtenant an invoice therefor.
As used in this subsection 5(b), "normal office usage" shall mean usage of
electricity by Subtenant as the same occupant density as in Tenant's Premises
and for office operations and equipment substantially similar to Tenant's
office operations and equipment. Tenant may determine the amount of such
additional consumption by a survey of standard or average tenant usage of
electricity in the Tenant's Premises performed by a reputable consultant
selected by Tenant and reasonably approved and paid for by Subtenant.

     c. Under this Sublease, payments of Base Rent constitute payments of
rent. Any other payments that are required to be paid by Subtenant to Tenant
under this Sublease shall be deemed to be additional rent payable hereunder
by Subtenant to Tenant, and shall, unless otherwise expressly provided in
this Sublease, be due and payable on the later to occur of that date (i)
which is ten (10) days after Subtenant's receipt of an invoice therefor from
Tenant, or (ii) on which the next payment by Subtenant of Base Rent is due.

     d. The late payment provisions of the Main Lease shall apply to any
payments that are deemed hereunder to be rent and that arrive later than the
last day on which rent may be paid by Tenant under the Main Lease without
incurring a late payment penalty or other charge of any kind under the Main
Lease.

     e. Base Rent for the first month of the term shall be paid upon
execution of this Sublease. If the term of this Sublease begins or ends on
any day other than the first day of a calendar month, then all amounts to be
paid by Subtenant to Tenant under this Sublease for the resulting fractions
of a full calendar month shall be prorated on a per diem basis.

     f. Except as otherwise expressly provided in this Sublease, all payments
to be made by Subtenant pursuant to this Sublease shall be made to Tenant in
United States legal tender and addressed to Liberty Mutual Insurance Company,
Attn: Senior Manager, Financial Analysis, Corporate Real Estate, Mail Stop
01F, 175 Berkeley Street, Boston, Massachusetts 02116.

     6. DELIVERY OF POSSESSION AND ADJUSTMENT OF TERM. Notwithstanding any
other provisions of this Sublease to the contrary, if for any reason
whatsoever, Tenant is unable to deliver possession of the Premises to
Subtenant on the Commencement Date with Tenant's Work

                                       4

<Page>

complete, then (a) Tenant shall not be liable to Subtenant for any direct or
indirect damages or expenses, including without limitation consequential
damages, incurred by Subtenant which arise out of such inability to so
deliver possession on the Commencement Date, (b) this Sublease shall remain
in full force and effect, (c) the Commencement Date shall automatically be
adjusted to the date on which Tenant delivers possession of the Premises to
Subtenant with Tenant's Work complete, and (d) Tenant shall use reasonable
efforts to deliver possession of the Premises to Subtenant on the earliest
possible date. If the Commencement Date, as so adjusted, has not occurred by
that date which is thirty (30) days following the effective date of the
Consent, for any reason other than a Force Majeure (as hereinafter defined)
or the actions or failure to act of Subtenant, Subtenant shall have the right
to terminate this Sublease upon fifteen (15) days prior written notice to
Tenant provided that the Premises are not delivered to Subtenant with Tenant's
Work complete within such fifteen (15) days period. Upon such termination,
Tenant shall return all sums paid by Subtenant upon the execution of this
Sublease, and, upon such return and except as otherwise expressly provided
herein, this Sublease shall terminate and the parties shall have no further
recourse against each other in connection with this Sublease.

     7. USE OF PREMISES. Subtenant shall use the Premises for office purposes
and for no other purpose, subject to all covenants and agreements set forth
herein and in the Main Lease.

     8. PARKING. Tenant shall make available to Subtenant parking spaces
available to Tenant under the Main Lease at the rate of five (5) spaces per
1,000 rentable square feet. All parking hereunder shall be on a non-reserved
basis in common with others.

     9. SUBTENANT IDENTIFICATION. Tenant shall arrange, at Tenant's sole
cost, for Subtenant's name to be included, in the Office Complex standard
format, in the Office Complex directories maintained by Lessor for the
identification of the Office Complex's occupants and at the entrance to
Subtenant's suite. Any subsequent changes or alterations to such signage
shall be at Subtenant's sole cost and expense.

     10. CONDITION OF PREMISES AND IMPROVEMENT WORK. Except for Tenant's
Work, Subtenant takes the Premises in "as is" condition, and Tenant does not
warrant or make any representation concerning the adequacy or sufficiency for
Subtenant's present or future purposes of the Premises, the Office Complex,
any improvements in or to the Premises or the Office Complex, any common
areas in or appurtenant to the Office Complex, any equipment, facilities,
fixtures, or furnishings in the Premises or the Office Complex, or the real
estate of which the aforementioned items constitute a part. Subtenant shall
be responsible, at its sole expense, for any improvement work that is may
require on or relating to the Premises, including without limitation the
construction of walls in or entrances to the Premises. Subtenant may not
undertake any improvement work on or relating to the Premises, including
without limitation any construction activities, except in compliance with
this Sublease, and Subtenant shall in each instance perform such work only
after having obtained both of the individual prior written consents of Tenant
and Lessor, including to all plans, drawings, and specifications relating to
such work.

     11. MAINTENANCE OF PREMISES. Subtenant shall, at its sole expense, keep
the Premises and the equipment, facilities, fixtures, and furniture therein
neat, clean, and in as good condition and repair as when Subtenant first was
granted access to the Premises, reasonable wear

                                       5

<Page>

and tear and damage by casualty excepted, and shall perform, except as
otherwise provided in Section 2(b) above, all obligations of Tenant under the
Main Lease with respect to Subtenant's activities in and about the Premises
and the Office Complex. Except as otherwise expressly provided in this
Sublease, (a) Tenant shall not now or at any time in the future by required
to make any expenditure whatsoever with respect to the Premises and does not
assume any obligation to perform the terms, conditions, or covenants that
are, under the Main Lease, to be performed by Lessor, and (b) if Lessor
should fail to perform any of such terms, conditions, or covenants, Tenant
shall be under no obligation or liability whatsoever to Subtenant arising out
of such failure to perform by Lessor.

     12. TENANT'S OBLIGATIONS LIMITED. The Main Lease specifies certain
obligations, representations, and warranties of Lessor thereunder.
Notwithstanding the incorporation of the Main Lease into this Sublease as
provided elsewhere herein or any other provisions of this Sublease to the
contrary, (a) Tenant is not obligated to perform, or guarantee the
performance by Lessor of, Lessor's obligations under the Main Lease,
including Lessor's obligations pursuant to Article VI (Insurance) of the Main
Lease, and Lessor's representations and warranties in the Main Lease are not
to be considered the representations and warranties of Tenant under this
Sublease, (b) Tenant shall have no liability for any damage, loss, claim,
liability, or expense arising out of the failure of Lessor to perform its
obligations under the Main Lease, the breach by Lessor of its representations
and warranties under the Main Lease, the acts or omissions of Lessor, or any
other circumstance or event beyond Tenant's control. Upon written notice from
Subtenant to Tenant of Lessor's failure to so perform its obligations or of
Lessor's breach of such representations and warranties, Tenant should notify
Lessor to that effect and demand Lessor's performance or rectification of
such breach. Tenant should have no further obligation beyond making demands
as aforesaid. Tenant shall have no obligation to Subtenant for any default
under this Sublease that results from the default or any other act of Lessor
under the Main Lease. The performance by Tenant of its obligations hereunder
shall be conditioned upon the performance by Lessor of its obligations under
the Main Lease. In any circumstance in which Tenant's consent is required
under this Sublease and Tenant has agreed herein not to unreasonably withhold
or delay such consent, and in which a corresponding consent of Lessor is
required pursuant to the Main Lease in order to avoid having the Tenant's
consent constitute a breach of the Main Lease, then Tenant shall not be
deemed to have unreasonably withheld or delayed its content if such
corresponding consent of Lessor has not been obtained.

     13. NOTICE FROM LESSOR OF DEFAULT. If Tenant shall receive notice from
Lessor of any default occurring under the Main Lease with respect to the
Premises, or if there is a default by Subtenant hereunder, Tenant shall
notify Subtenant of such default and provide Subtenant with a period from the
date of such notification by Tenant in which to cure such default, which
period shall be three (3) days for a monetary default and eight (8) days for
a non-monetary default, provided however that if the nature of the
non-monetary default is such that it cannot be cured within the eight (8) day
period, no default shall be deemed to exist if Subtenant commences the curing
of the default promptly within such eight (8) day period and thereafter
diligently prosecutes the same to completion (but in no event shall such
extended cure period exceed twenty-five (25) days from Tenant's
notification). If any such default by Subtenant remains uncured after Tenant
has given Subtenant notice and an opportunity to cure as aforesaid, Tenant
shall have, in addition to any other rights and remedies available to Tenant,
the right but not any obligation to cure such default and recover from
Subtenant as additional rent all expenses,

                                       6

<Page>

including without limitation reasonable attorneys' fees, incurred by Tenant
in connection with such cure, together with interest thereon until paid at
the maximum rate permitted under applicable law. In the event of such an
uncured default by Subtenant, Tenant also shall have all rights afforded as a
landlord at law and in equity under Florida law and all of the rights and
remedies in its dealings with Subtenant as Lessor has under the Main Lease,
including without limitation Article XIV of the Main Lease, in its dealings
with Tenant in the event of a default by Tenant under the Main Lease. All
damages and expenses, including without limitation reasonable attorneys'
fees, incurred by Tenant in connection with any such cure, together with
interest thereon until paid at the maximum rate permitted under applicable
law, shall be paid by Subtenant to Tenant, as additional rent hereunder,
immediately upon Tenant's demand therefor. No remedy or election hereunder
shall be deemed exclusive, but shall, whenever possible, be cumulative with
all other remedies at law or in equity. The expiration or termination of this
Sublease and/or the termination of Subtenant's right to possession of the
Premises shall not relieve Subtenant of liability under any indemnity
provisions of this Sublease as to matters occurring or accruing during the
term of the Sublease or by reason of Subtenant's occupancy of the Premises.

     14. INSURANCE. Subtenant shall, at its sole expense, obtain and maintain
insurance policies, issued by insurers acceptable to Tenant and authorized to
do business in the State of Florida, which provide the types and amounts of
insurance coverage that Tenant is required to obtain and maintain under the
Main Lease (including without limitation the applicable waivers of
subrogation). Tenant shall use the proceeds of such policies in the manner
required of Tenant under the Main Lease. Subtenant shall name Tenant and
Lessor as additional named insureds under all such policies. Such policies
shall be primary and non-contributing with any insurance maintained by Tenant
and shall provide that they shall not be canceled or modified without thirty
(30) days' prior written notice to Tenant. A certificate of the insurer
evidencing the existence and amount of each of such required insurance
policies shall be delivered by Subtenant to Tenant before the date on which
Subtenant is first given access to or possession of the Premises, and
thereafter within twenty (20) days after any written request from Tenant.
With respect to each of such required insurance policies, Subtenant shall
provide Tenant with proof of renewal or qualified replacement insurance
policies at least ten (10) days before termination of the insurance policy
that was previously in effect. All of such insurance policies shall be
maintained throughout the term of this Sublease.

     15. COMPLIANCE WITH LAWS. Subtenant shall use the Premises only in a
manner that is in compliance with all of the requirements with respect to the
Premises which are imposed or issued by (a) governmental authorities that
have jurisdiction over the Premises, and/or (b) insurance companies that have
issued insurance policies covering the Premises and/or persons using or
anticipated to use the Premises. Subtenant shall indemnify Tenant against,
and hold Tenant harmless from, any damage, loss, claim, liability, or
expense, including without limitation reasonable attorneys' fees, arising out
of Subtenant's failure to comply with this section.

     16. NO WASTE OR NUISANCE. Subtenant shall not commit or suffer to be
committed any waste upon the Premises or any nuisance or other action which
may disturb the quiet enjoyment of any other tenant or occupant in the Office
Complex.

                                       7

<Page>

     17. HAZARDOUS WASTE. Subtenant's use of the Premises shall not involve
or result in the use, generation, manufacturing, transportation, storage,
handling, or disposal of, or the performance of any activity in connection
with, any "hazardous substance" or "hazardous waste", as these terms are
defined under federal, state, and local laws and regulations, of types or in
quantities that (a) are not permitted under applicable laws and regulations,
or (b) would, under such laws and regulations, subject Tenant or the Premises
to any claim or liability, including without limitation any damages,
penalties, or fines, or any liens on the Premises or the Office Complex or
any part thereof. Subtenant shall indemnify Tenant and Lessor against, and
hold Tenant and Lessor harmless from, any damage, loss, claim, liability, or
expense, including without limitation reasonable attorneys' fees, arising
out of any claim or charge made by federal, state or local government
entities or private parties concerning violations and/or alleged violations
of such laws and regulations or any related applicable court orders or common
law which were caused or alleged to be caused by Subtenant or its officers,
employees, contractors, agents, or invitees in connection with the use of the
Premises by such party or parties.

     18. DEFAULT BY SUBTENANT. Subtenant shall do nothing that will subject
the Main Lease to termination by Lessor under the provisions of the Main
Lease. If Subtenant is in default under the provisions of the Main Lease,
Tenant shall be entitled, but not obligated, to cure such default on behalf
of and for the account of Subtenant, in which case all damages and expenses,
including without limitation reasonable attorneys' fees, incurred by Tenant
in connection with such cure, together with interest thereon until paid at
the maximum rate permitted under applicable law, shall be paid by Subtenant
to Tenant, as additional rent hereunder, immediately upon Tenant's demand
therefor. By so curing any such default of Subtenant on behalf of and for the
account of Subtenant, Tenant shall not be deemed to have waived any of its
rights or released Subtenant from any of its obligations under this Sublease.
Tenant shall, however, also be entitled to cure such default on its own
account to preserve its interest in and under the Main Lease, and may
terminate this Sublease by reason of such default of Subtenant if Subtenant
does not pay to Tenant, as additional rent hereunder, all damages and
expenses, including without limitation reasonable attorneys' fees, incurred
by Tenant in connection with such cure, together with interest thereon until
paid at the maximum rate permitted under applicable law, within ten (10) days
after demand therefor. In the event that the Main Lease is terminated by
Lessor by reason of Subtenant's default, Subtenant shall indemnify Tenant
against, and hold Tenant harmless from, all damages and expenses that Tenant
may become liable to pay under the Main Lease resulting from such default,
plus all other expenses relating thereto, including without limitation
reasonable attorneys' fees and the full expense (including the value of the
work required to be done by Tenant's personnel) of relocating Tenant to new
leased premises as a replacement for the Tenant's Premises, which new leased
premises shall be at least equivalent to the Tenant's Premises in terms of
size, quality of location, and quality of construction.

     19. TENANT'S RIGHT OF ENTRY. In addition to any right of entry to the
Premises that Tenant may have under the provisions of the Main Lease, Tenant
reserves the right to enter the Premises during regular business hours upon
reasonable prior notice to Subtenant to determine whether Subtenant is in
compliance with this Sublease. Subtenant shall indemnify Tenant against, and
hold Tenant harmless from, any damage, loss, claim, liability, or expense,
including without limitation reasonable attorneys' fees, arising out of the
delay or inability of Tenant in gaining such entry to the Premises which
resulted from the actions of Subtenant or the functioning or malfunctioning
of any equipment or other property installed on the Premises by

                                           8

<Page>

Subtenant, including without limitation any security system. Subtenant
releases Tenant and its officers, employees, contractors, agents, and
invitees from any claim or liability for injury to persons (including without
limitation death) or property damage arising out of the functioning or
malfunctioning of any equipment or other property installed on the Premises,
including without limitation any security system, unless due to the gross
negligence or intentional misconduct of Tenant or its agents, employees or
contractors.

     20. SUBLEASING, ASSIGNMENT, OR TRANSFER. Subtenant shall not have the
right to sublease, assign, or transfer the Premises or any portion thereof,
and shall not suffer or permit the Premises or any portion thereof to be
subleased, assigned, or transferred by operation of law or otherwise.

     21. INDEMNIFICATION. Subtenant shall indemnify Tenant against, and hold
Tenant harmless from, any damage, loss, claim, liability, or expense,
including without limitation reasonable attorneys' fees, arising out of (a)
any claim by Lessor under the Main Lease arising from the act or omission of
Subtenant and/or its officers, employees, contractors, agents, or invitees, and
(b) any claim for injury to persons (including without limitation death) or
property damage arising out of (i) the occupancy and use of the Premises
by Subtenant and/or its officers, employees, contractors, agents, or
invitees, and/or (ii) the use of any other area of the Tenant's Premises or
Office Complex, including those areas to which Subtenant has been provided
access pursuant to the terms and conditions of Section 43 of this Sublease, by
Subtenant and/or its officers, employees, contractors, agents, or invitees.
Subject to Subtenant's waiver of subrogation, Tenant shall indemnify
Subtenant against and hold Subtenant harmless from any damage, loss, claim,
liability, or expense, including without limitation reasonable attorneys'
fees, arising out of injury to persons (including without limitation death) or
property damage due to the gross negligence or intentional misconduct of
Tenant within Tenant's Premises.

     22. TENANT NOT LIABLE. In no event shall Tenant or any of its officers,
employees, contractors, agents, or invitees be liable for any damage,
loss, claim, liability, or expense sustained by Subtenant or any of its
officers, employees, contractors, agents, or invitees (or anyone claiming
through them or on their behalf) resulting directly or indirectly from (a) any
latent defect in the Premises or the Office Complex, or in any equipment,
facilities, fixtures, or furniture located therein, or (b) any accident or
other occurrence in or about the Premises or the Office Complex unless due to
the gross negligence or intentional misconduct of Tenant or its agents,
employees or contractors, or (c) any negligent acts or omissions of any
owner, tenant, or other occupant of the Office Complex (other than Tenant
with respect to its own activities on the Premises) or of any invitee or
other person in the Office Complex. All property placed in the Premises by
Subtenant or any of its officers, employees, contractors, agents, or invitees
shall be so placed at the sole risk of such party, and Tenant shall have no
liability whatsoever for any damage thereto unless due to the gross negligence
or intentional misconduct of Tenant or its agents, employees or contractors.

     23. COVENANT OF QUIET ENJOYMENT. Tenant convenants that for so long as
Subtenant makes timely payment of the Base Rent and additional rent due under
this Sublease and timely performs all of Subtenant's other obligations under
this Sublease, Subtenant may peaceably and quietly have, hold, and enjoy the
Premises throughout the term (until and unless terminated) of this Sublease,
subject to the other provisions of this Sublease, provided, however, that
Subtenant

                                           9

<Page>

has no right, and by this Sublease is granted no right, to exercise any right
to extend or renew the term or any right to expand the Premises which may be
or have been granted by Lessor to Tenant under the Main Lease.

     24. SURRENDER OF PREMISES. Unless otherwise instructed by Tenant at
least thirty (30) days prior to the termination of the term hereof,
Subtenant shall at its own expense and before the end of the term hereof (a)
remove the demountable walls shown on EXHIBIT D attached hereto and all
fixtures, equipment, partitions, and other improvements to the Premises
installed by Subtenant which can be removed without materially damaging the
Premises, (b) remove all alterations and improvements to the Premises
installed by Subtenant which were not consented to by Tenant and/or Lessor
(as the case may be) as required under this Sublease and the Main Lease, (c)
remove all alterations and improvements to the Premises installed by
Subtenant as requested by Tenant and/or Lessor (as the case may be) at the
time that any plans for such work are approved by same, provided that such
request shall not unreasonably be made, (d) repair all damage resulting from
the initial installation or subsequent removal of the items specified in the
three preceding clauses, and close all floor, ceiling, and roof openings
caused by Subtenant, (e) restore any alterations or improvements to the
Premises made by Tenant which were in existence on the Commencement Date to
the condition in which such alterations or improvements existed on the
Commencement Date, reasonable wear and tear and damage by casualty excepted,
and (f) restore and surrender the Premises to Tenant in as good condition and
repair as the Premises were in at the Commencement Date, reasonable wear and
tear and damage by casualty excepted. All property of Subtenant remaining on
the Premises after the termination of the term hereof shall be deemed to have
been abandoned by Subtenant, provided, however, that if any such property so
remains on the Premises and the removal of such property would impose an
expense on Tenant, then, at Tenant's election, Tenant shall be entitled, but
not obligated, to remove such property on behalf of and for the account of
Subtenant, in which case all expenses so incurred by Tenant in connection
therewith shall be paid by Subtenant to Tenant, as additional rent hereunder,
immediately upon Tenant's demand thereof.

     25. HOLDING OVER BY SUBTENANT. If Subtenant (including without
limitation any subtenant, successor or assignee of Subtenant) holds over and
remains in possession of the Premises or any part thereof beyond the
termination of the term of this Sublease, (a) unless and until Tenant and
Subtenant have otherwise expressly agreed, such holding over shall under no
circumstances be deemed to constitute a tenancy at will, a month-to-month
tenancy, or any other form of tenancy, and, instead, such holding over shall
be regarded as occurring over Tenant's objection, and Subtenant shall be (i)
a trespasser without any right to occupy the Premises, (ii) a tenant at
sufferance, or (iii) a holdover tenant, whichever is deemed by the law of the
pertinent jurisdiction to hold the least rights to, or estate in, the
Premises, (b) Subtenant shall pay to Tenant, as a charge for the occupancy of
the Premises objected to by Tenant, an amount equal to (i) the combined total
of the Base Rent and all other payments required under this Sublease, at the
rates at which such payments were being made by Subtenant during the month
immediately preceding the termination of the term of this Sublease,
multiplied by (ii) one hundred fifty percent (150%) (provided, however, said
one hundred fifty percent shall be reduced to one hundred twenty-five percent
(125%) during the first sixty (60) days of any such holdover), and such
payments shall be made on the same schedule and in accordance with the same
procedures as were in effect concerning such payments prior to the
commencement of such holding over, (c) in addition to and without limiting
any other rights and remedies that Tenant may have on

                                           10

<Page>

account of such holding over, Subtenant shall pay to Tenant all direct,
indirect, and consequential damages, costs, and expenses incurred by Tenant
as a result of such holding over, including without limitation any costs and
expenses that Lessor charges to Tenant on account thereof (including without
limitation the holdover amounts set forth in Article XIII of the Main Lease),
and (d) indemnify Tenant against, and hold Tenant harmless from, any damage,
loss, claim, liability, or expense, including without limitation reasonable
attorney's fees, arising out of such holding over.

     26. FIRE, CASUALTY, AND EMINENT DOMAIN. With respect to any damage or
destruction by fire or other casualty, or any taking by eminent domain, the
provisions of the Main Lease shall govern, and Tenant shall have the right,
without Subtenant's consent, to make, in Tenant's sole discretion, whatever
elections are provided to Tenant under the Main Lease. Notwithstanding the
foregoing, if the Premises are partially or totally damaged by fire or other
casualty, and to the extent that, pursuant to the terms of the Main Lease,
Tenant receives a corresponding abatement applicable to the Premises,
Subtenant shall receive an abatement of Rent corresponding to the abatement
received by Tenant under the Main Lease and applicable to the portion of the
Premises damaged.

     27. FORCE MAJEURE. This Sublease and the obligation hereunder of
Subtenant to pay Base Rent and to perform under all other provisions of this
Sublease shall in no way be affected, impaired, or excused because Tenant is
unable to fulfill any of the obligations that, under this Sublease, are
expressly or implicitly to be performed by Tenant if Tenant is delayed or
prevented from so doing by reason of accident, inclement weather, fire,
flood, strike, other labor dispute, war, act of God, act of government, or
any other cause beyond the control of Tenant (such events being collectively
referred to herein as a "FORCE MAJEURE").

     28. SECURITY DEPOSIT. Tenant acknowledges receipt from Subtenant of a
security deposit in the amount of $12,248.17 (the "Security Deposit") to be
held by Tenant during the term of this Sublease (including any extensions) as
security for Subtenant's performance of its obligations hereunder, including
without limitation the surrender of possession of the Premises to Tenant as
herein provided, which Security Deposit shall be returned to Subtenant thirty
(30) days after the termination of this Sublease provided that there has been
no default in Subtenant's performance of its obligations under this Sublease.
In no instance shall the amount of the Security Deposit be considered a
measure of liquidated damages. All or any part of the Security Deposit may be
applied by Tenant in total or partial satisfaction of any obligation or
default hereunder by Subtenant. The application of all or any part of the
Security Deposit to any obligation or default of Subtenant under this
Sublease shall not deprive Tenant of, or constitute a waiver by Tenant of,
any other rights or remedies to which Tenant may be entitled.

     29. BROKER OR BROKERS. Each party represents and warrants to the other
that it has dealt with no broker or agent in connection with this Sublease
other than CB Richard Ellis, Inc. and CLW Real Estate Services Group, Inc.,
and each party covenants that it shall indemnify the other party against, and
hold the other party harmless from, any damage, loss, claim, liability, or
expense, including without limitation reasonable attorneys' fees, arising out
of any breach by the party making such covenant of the foregoing
representation and warranty. Tenant acknowledges and agrees that any broker's
fees due to either or both of such agents shall be at the sole expense

                                   11

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of Tenant pursuant to separate agreements, and only if, as, and when this
Sublease is unconditionally executed and delivered by Tenant and Subtenant.

     30. SUCCESSORS AND ASSIGNS. This Sublease shall be binding upon and
inure to the benefit of the parties hereto and their respective successors,
assigns, heirs, and legal representatives, provided, however, that this
provision shall not operate to permit any subleasing, assignment, mortgage,
lien, charge, or other transfer or encumbrance that is contrary to the
provisions of this Sublease.

     31. SUBTENANT TO ATTORN TO LESSOR. In the event that the Main Lease is
terminated for any reason other than the election by Tenant to terminate the
Main Lease pursuant to any right of election possessed by Tenant under the
Main Lease, then at Lessor's election Subtenant shall attorn to Lessor and
this Sublease shall be deemed to be and shall become a direct lease between
Lessor and Subtenant.

     32. TIME OF THE ESSENCE. Time is of the essence of each provision of
this Sublease.

     33. INTERPRETATION OF INDEMNIFICATIONS. Except as otherwise expressly
provided in this Sublease, any obligations of Subtenant to indemnify and hold
harmless another party pursuant to the provisions of this Sublease and/or the
Main Lease (insofar as this Sublease incorporates the Main Lease) shall be
deemed and interpreted to be obligations in favor of both Tenant and Lessor
and their respective successors and assigns.

    34. NOTICES. Unless otherwise expressly provided in this Sublease, any
notice, demand, approval, or other communication required or permitted to be
given hereunder shall be in writing and be deemed to have been sufficiently
given for all purposes hereunder if hand delivered with written proof of
delivery, mailed by U.S. Postal Service certified or registered mail with
postage prepaid and return receipt requested, or sent via a reputable
commercial overnight delivery service with shipment prepaid and written proof
of delivery, and addressed to the parties at the addresses for each of them
that are specified below, which addresses may be changed by the giving of
notice as provided in this section:

     If to Tenant:         Liberty Mutual Insurance Company
                           Attn: Senior Manager, Financial Analysis
                           Corporate Real Estate, Mail Stop 01F
                           175 Berkeley Street
                           Boston, Massachusetts 02116

                                          12

<Page>

     If to Subtenant:      Before Commencement Date:
                           Clayton GRP, Inc.
                           2 Corporate Drive, 8th Floor
                           Shelton, Connecticut 06484
                           Attn: Brian Newman

                           After Commencement Date:
                           Clayton GRP, Inc.
                           2 Corporate Drive, 8th Floor
                           Shelton, Connecticut 06484
                           Attn: Brian Newman

     With a simultaneous copy to:

                           Bell, Boyd & Lloyd LLC
                           70 West Madison Street
                           Suite 3100
                           Chicago, Illinois 60602
                           Attn: Randy A. Bridgeman

     35. WAIVERS. No waiver by any party of a breach of any provision of this
Sublease, and no failure by any party to exercise any right or remedy
relating to a breach of any provision of this Sublease, shall (a) constitute
a waiver or relinquishment for the future of such provision, (b) constitute a
waiver of or consent to any subsequent breach of such provision, or (c) bar
any right or remedy of such party relating to any such subsequent breach. The
exercise by any party of any right or election under this Sublease shall not
preclude such party from exercising any other right or election that it may
have under this Sublease.

     36. SUBLEASE TERMINOLOGY. Except as otherwise expressly provided in this
Sublease, capitalized terms used but not defined herein shall have the
meanings assigned to them in the Main Lease. Wherever it is required by, or
appears to be logically sensible in, the context of the language used in this
Sublease, singular numbers and terms shall include the corresponding plural
numbers and terms, masculine terms shall include the corresponding feminine
and neuter terms, and the term "person" shall include "corporation",
"company", "firm", "organization", "association", "entity", and analogous
terms. Captions and headings in this Sublease are used for convenience of
reference only, do not form a part of this Sublease, and shall not affect in
any way the meaning or interpretation of this Sublease.

     37. INVALID PROVISIONS. If any provision of this Sublease, or the
application of such provision to any party or circumstance, is found by a
court of competent jurisdiction to be invalid or unenforceable, (a) the
remainder of this Sublease shall not be affected and shall remain in full
force and effect, (b) such invalid provision or application shall be deemed
to be stricken from this Sublease, and (c) the parties shall use good faith
efforts to preserve the intent of this Sublease by substituting a reasonably
comparable provision for the benefit of the party or parties that the invalid
or unenforceable provision was intended to benefit.

     38. ENTIRE AGREEMENT. This Sublease constitutes the entire agreement
between the parties as to the subject matter hereof and supersedes all prior
agreements as the subject matter hereof. No statement, representation,
promise, or inducement as to the subject matter hereof which is not included
in this Sublease shall be binding upon the parties. This Sublease may not be
amended, revised, extended, or otherwise modified except by a written
instrument signed by Tenant and Subtenant.

     39. GOVERNING LAW. This Sublease shall be governed by and construed in
accordance with the laws of the State of Florida, except for the portion of
such laws having to do with conflicts of laws.

                                     13

<Page>

     40. LESSOR'S CONSENT AS CONDITION PRECEDENT. This Sublease, and the
rights and obligations of all parties hereto, are subject to the condition
precedent that Lessor consent in writing to this Sublease ("Consent"), which
Consent must be in form and substance satisfactory to Tenant in its sole
discretion. Such Consent by Lessor may be provided either by its endorsement
set forth as a part of this Sublease or in a separate document.

     41. AUTHORITY. Subtenant represents and warrants (a) that it is a valid
existing corporation licensed to do business in the State of Florida and (b)
that it has the power and authority to execute and deliver the Sublease and
perform its obligations thereunder. Tenant represents and warrants (a) that
it is a valid existing corporation licensed to do business in the State of
Florida and (b) that it has the power and authority to execute and deliver
the Sublease and perform its obligations thereunder.

     42. EXHIBITS. All Exhibits and attachments attached hereto are
incorporated herein by this reference:

        EXHIBIT A -- Main Lease

        EXHIBIT B -- Plan of Premises

        EXHIBIT C -- Common Room

        EXHIBIT D -- Demountable Walls

     43. COMMON MEETING ROOMS. Subtenant shall be entitled to use the common
break/meeting room, as shown on the plan attached as EXHIBIT C in accordance
with the terms and provisions hereof and the Main Lease. Subtenant's use of
the common break/meeting room shall be subject to availability in Tenant's
sole discretion and shall be coordinated in advance with Tenant's designated
representative responsible for programming of said common break/meeting room.
Tenant shall coordinate use of the common break/meeting room in a
non-discriminatory manner between Subtenant and other tenants of the Office
Complex.

     44. DEFAULT BY LESSOR. If Lessor shall default in any of its obligations
to Tenant with respect to the Premises, upon the written request of
Subtenant, Tenant shall use commercially reasonable efforts to enforce
Tenant's rights with respect to the Premises against Lessor, as requested in
writing by Subtenant.

     45. MAIN LEASE. Tenant represents to Subtenant that as of the date
hereof, to the best of Tenant's actual knowledge without prior investigation,
the Main Lease is in full force and effect and Tenant has not received any
notice of material default or breach of the Main Lease from Lessor.

                           [signatures on following page]

                                          14

<Page>

     Witness the execution hereof under seal as of the date first written
above.

                                    SUBTENANT:

                                    CLAYTON GRP, INC.

                                    By: /s/ Brian C. Newman
                                        --------------------------------------
                                    Name: Brian C. Newman
                                    Title: Chief Financial Officer

                                    TENANT:

                                    EMPLOYERS INSURANCE COMPANY
                                    OF WAUSAU

                                    By: /s/ Michelle Goddard
                                        --------------------------------------
                                    Name: Michelle Goddard
                                    Title: Senior Manager, Financial Analysis

SEE ATTACHED FOR LANDLORD'S CONSENT TO SUBLEASE

                                              15

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