Document:

Exhibit 10.4

                                     FORM OF
                         THIRD PARTY PROPERTY MANAGEMENT
                              AND LEASING AGREEMENT

      THIS THIRD PARTY PROPERTY MANAGEMENT AND LEASING (Agreement) is made and
entered into as of the day of , 2005 by and between BERKELEY PROPERTY
MANAGEMENT, LLC, a Delaware Limited Liability company with offices in Grass
Valley, California (Manager), a wholly owned subsidiary of BERKELEY TRUST
ADVISORS, LLC, The Berkeley REIT Advisor and __________________________ (Third
Party Manager).

                              W I T N E S S E T H:

      WHEREAS, Manager has entered into a contractual obligation with Berkeley
REIT to lease and manage real estate properties on behalf of Berkeley REIT; and

      WHEREAS, Manager intends to retain Third Party Manager to manage and
coordinate the leasing of the herein described specific real estate properties
owned by Berkeley REIT under the terms and conditions set forth herein; and

      NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound hereby, do
hereby agree as follows:

                                   ARTICLE I.
                                   DEFINITIONS

      Except as otherwise specified or as the context may otherwise require, the
following terms have the respective meanings set forth below for all purposes of
this Agreement, and the definitions of such terms are equally applicable both to
the singular and plural forms thereof:

      1.1 Affiliate means a person who is (i) in the case of an individual, any
relative of such person, (ii) any officer, director, trustee, partner, Third
Party Manager, employee or holder of ten percent (10%) or more of any class of
the voting securities of or equity interest in such person; (iii) any
corporation, partnership, limited liability company, trust or other entity
controlling, controlled by or under common control with such person; or (iv) any
officer, director, trustee, partner, Third Party Manager, employee or holder of
ten percent (10%) or more of the outstanding voting securities of any
corporation, partnership, limited liability company, trust or other entity
controlling, controlled by or under common control with such person. For
purposes of this definition, the term controls, is controlled by, or is under
common control with shall mean the possession, direct or indirect, of the power
to direct or cause the direction of the management and policies of an entity,
whether through the ownership of voting rights, by contract or otherwise.

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      1.2 Gross Revenues means all amounts actually collected as rents or other
charges for the use and occupancy of the Properties, but shall exclude interest
and other investment income of Manager and proceeds received by Manager for a
sale, exchange, condemnation, eminent domain taking, casualty or other
disposition of assets of Manager.

      1.3 Improvements means buildings, structures, equipment from time to time
located on the Properties and all parking and common areas located on the
Properties.

      1.4 Lease means, unless the context otherwise requires, any lease or
sublease made by Manager as landlord or by its predecessor.

      1.5 Management Fees has the meaning set forth in Section 4.1(a) hereof.

      1.6 Net Asset Value means the excess of (i) the aggregate of the Fair
Market Value of all the Properties (excluding vacant properties) owned by
Manager (whether wholly owned or partial investment through a joint venture
partnership or other co-ownership arrangement), over (ii) the aggregate
outstanding debt of Manager (excluding debt having maturities of one year of
less).

      1.7 Manager means Berkeley Property Management, LLC, a Delaware Limited
Liability company with offices in Grass Valley, California, a wholly owned
subsidiary of Berkeley Trust Advisors, LLC, The Berkeley REIT Advisor.

      1.8 Ownership Agreements has the meaning set forth in Section 2.4(k)
hereof.

      1.9 Properties means all real estate properties described in Paragraph 2.2
of this agreement.

      1.10 Third Party Property Manager means any entity other than Manager or
an Affiliate of Manager that has been retained by Manager to perform and carry
out at one or more of the Properties the property management services described
in Section 2.4 hereof, but shall exclude persons, entities or independent
contractors retained or hired by Third Party Manager to perform facility
management or other services or tasks at a particular Property, the costs for
which are passed through to and ultimately paid by the tenant at such Property.

                                   ARTICLE II.
          APPOINTMENT OF THIRD PARTY MANAGER; SERVICES TO BE PERFORMED

      2.1 Appointment of Third Party Manager. Manager hereby engages and retains
Third Party Manager as property manager and as tenant coordinating agent of the
specific Properties names herein in Paragraph 2.2, and Third Party Manager
hereby accepts such appointment on the terms and conditions hereinafter set
forth, it being understood that this Agreement shall cause Third Party Manager
to be, at law, manager's agent upon the terms contained herein.

                                  Page 2 of 12
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      2.2 Property(ies) To Be Managed. The property(ies) that are the subject of
this agreement is (are) described as follows:

      1.______________________________________(Name, address, location, # units)

      2.______________________________________(Name, address, location, # units)

      3.______________________________________(Name, address, location, # units)

      4.______________________________________(Name, address, location, # units)

      2.3 General Duties. Third Party Manager shall devote its best efforts to
performing its duties hereunder to administer, promote, manage, operate,
maintain, improve and lease the Properties in a diligent, careful and vigilant
manner in coordination with Third Party Manager. The services of Third Party
Manager are to be of scope and quality not less than those generally performed
by third party property managers of other similar properties in the area. Third
Party Manager shall make available to Manager the full benefit of the judgment,
experience and advice of the members of Third Party Manager's organization and
staff with respect to the policies to be pursued by Manager relating to the
management, operation and leasing of the Properties. .

      2.3 Specific Duties as Property Third Party Manager. Third Party Manager's
duties as property manager of the Properties shall include the following:

            (a) Lease Obligations. Third Party Manager shall perform all duties
of the landlord under all leases insofar as such duties relate to operation,
maintenance, and day-to-day management. Third Party Manager shall also provide
or cause to be provided, at Managers expense, all services normally provided to
tenants of like premises, including where applicable and without limitation,
gas, electricity or other utilities required to be furnished to tenants under
leases, normal repairs and maintenance, and cleaning and janitorial service.

Third Party Manager shall arrange for and supervise the performance of all
installations and improvements in space leased to any tenant which are either
expressly required under the terms of the lease of such space or which are
customarily provided to tenants.

            (b) Maintenance. Third Party Manager shall cause the Properties to
be maintained in the same manner as similar properties in the area. Third Party
Manager's duties and supervision in this respect shall include, without
limitation, cleaning of the interior and the exterior of the Improvements and
the public common areas on the Properties and the making and supervision of
repairs, alterations, and decoration of the Improvements, subject to and in
strict compliance with this Agreement and the Leases. Construction activities
undertaken by the Third Party Manager, if any, will be limited to activities
related to the management, operation, maintenance, and leasing of the Property
(e.g., repairs, renovations, and leasehold improvements).

                                  Page 3 of 12
<PAGE>

            (c) Leasing Functions. Third Party Manager shall coordinate the
leasing of the Properties and shall negotiate and use its best efforts to secure
executed leases from qualified tenants, and to execute same on behalf of
Manager, if requested, for available space in the Properties, such leases to be
in form and on terms approved by Manager and Third Party Manager, and to bring
about complete leasing of the Properties. Third Party Manager shall be
responsible for the hiring of all leasing agents, as necessary for the leasing
of the Properties, and to otherwise oversee and manage the leasing process on
behalf of the Manager.

            (d) Notice of Violations. Third Party Manager shall forward to
Manager promptly upon receipt all notices of violation or other notices from any
governmental authority, and board of fire underwriters or any insurance company,
and shall make such recommendations regarding compliance with such notice as
shall be appropriate.

            (e) Personnel. Any personnel hired by Third Party Manager to
maintain, operate and lease the Property shall be the employees or independent
contractors of Third Party Manager and not of Manager. Third Party Manager shall
use due care in the selection and supervision of such employees or independent
contractors. Third Party Manager shall be responsible for the preparation of and
shall timely file all payroll tax reports and timely make payments of all
withholding and other payroll taxes with respect to each employee.

            (f) Utilities and Supplies. Third Party Manager shall enter into or
renew contracts for electricity, gas, steam, landscaping, fuel, oil, maintenance
and other services as are customarily furnished or rendered in connection with
the operation of similar rental property in the area.

            (g) Expenses. Third Party Manager shall analyze all bills received
for services, work and supplies in connection with the maintaining and operating
the Properties, pay all such bills, and, if requested by Manager, pay, when due,
utility and water charges, sewer rent and assessments, and any other amount
payable in respect to the Properties. All bills shall be paid by Third Party
Manager within the time required to obtain discounts, if any. Manager may from
time to time request that Third Party Manager forward certain bills to Manager
promptly after receipt, and Third Party Manager shall comply with any such
request. It is understood that the payment of real property taxes and assessment
and insurance premiums will be paid out of the Account (as hereinafter defined)
by Third Party Manager. All expenses shall be billed at net cost (i.e., less all
rebates, commissions, discounts and allowances, however designed).

            (h) Monies Collected. Third Party Manager shall collect all rent and
other monies from tenants and any sums otherwise due Manager with respect to the
Properties in the ordinary course of business. In collecting such monies, Third
Party Manager shall inform tenants of the Properties that all remittances are to
be in the form of a check or money order. Manager authorizes Third Party Manager
to request, demand, collect and receipt for all such rent and other monies and
to institute legal proceedings in the name of Manager for the collection thereof
and for the dispossession of any tenant in default under its Lease.

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            (i) Banking Accommodations. Third Party Manager shall establish and
maintain a separate checking account (the Account) for funds relating to the
Properties. All monies deposited from time to time in the Account shall be
deemed to be trust funds and shall be and remain the property of Manager and
shall be withdrawn and disbursed by Third Party Manager for the account of
Manager only as expressly permitted by this Agreement for the purposes of
performing the obligations of Third Party Manager hereunder. No monies collected
by Third Party Manager on Managers behalf shall be commingled with funds of
Third Party Manager. The Account shall be maintained, and monies shall be
deposited therein and withdrawn there from, in accordance with the following:

                  (i) All sums received from rents and other income from the
            Properties shall be promptly deposited by Third Party Manager in the
            Account. Third Party Manager shall have the right to designate two
            or more persons who shall be authorized to draw against the Account,
            but only for purposes authorized by this Agreement.

                  (ii) All sums due to Third Party Manager hereunder, whether
            for compensation, reimbursement for expenditures, or otherwise, as
            herein provided, shall be a charge against the operating revenues of
            the Properties and shall be paid and/or withdrawn by Third Party
            Manager from the Account prior to the making of any other
            disbursements there from.

                  (iii) By the 30th day of the first month following each
            calendar quarter, Third Party Manager shall forward to Manager net
            operating proceeds from the preceding quarter, retaining at all
            times, however a reserve of $5,000, in addition to any amounts
            otherwise provided in the budget.

            (j) Tenant Complaints. Third Party Manager shall maintain
business-like relations with the tenants of the Properties.

            (k) Ownership Agreements. Third Party Manager has received copies of
agreements of limited partnership, joint venture partnership agreements and
operating agreements of Manager and its Affiliates (the Ownership Agreements)
and is familiar with the terms thereof. Third Party Manager shall use reasonable
care to avoid any act or omission which, in the performance of its duties
hereunder, shall in any way conflict with the terms of the Ownership Agreements.

            (l) Signs. Third Party Manager shall place and remove, or cause to
be placed and removed, such signs upon the Properties as Third Party Manager
deems appropriate, subject, however, to the terms and conditions of the Leases
and to any applicable ordinances and regulations.

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      2.5 Approval of Leases, Contracts, Etc. In fulfilling its duties to the
Manager, Third Party Manager may and hereby is authorized to enter into any
leases, contracts or agreements on behalf of the Manager in the ordinary course
of the management, operation, maintenance and leasing of the Property.

      2.6 Accounting, Records and Reports.

            (a) Records. Third Party Manager shall maintain all office records
and books of account and shall record therein, and keep copies of, each invoice
received from services, work and supplies ordered in connection with the
maintenance and operation of the Properties. Such records shall be maintained on
a double entry basis. Manager and persons designated by Manager shall at all
reasonable time have access to and the right to audit and make independent
examinations of such records, books and accounts and all vouchers, files and all
other material pertaining to the Properties and this Agreement, all of which
Third Party Manager agrees to keep safe, available and separate from any records
not pertaining to the Properties, at a place recommended by Third Party Manager
and approved by Manager.

            (b) Quarterly Reports. On or before the 30th day of the first month
following each calendar quarter for which such report or statement is prepared
and during the term of this Agreement, Third Party Manager shall prepare and
submit to Manager the following reports and statements:

                  (i) Rental collection record;

                  (ii) Quarterly operating statement;

                  (iii) Copy of cash disbursements ledger entries for such
            period, if requested;

                  (iv) Copy of cash receipts ledger entries for such period, if
            requested;

                  (v) The original copies of all contracts entered into by Third
            Party Manager on behalf of Manager during such period, if requested;
            and

                  (vi) Copy of ledger entries for such period relating to
            security deposits maintained by Third Party Manager, if requested.

            (c) Budgets and Leasing Plans. Not later than November 15 of each
calendar year, Third Party Manager shall prepare and submit to Manager for its
approval an operating budget and a marketing and leasing plan on the Properties
for the calendar year immediately following such submission. The budget and
leasing plan shall be in the form of the budget and plan approved by Manager
prior to the date thereof. As often as reasonably necessary during the period

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covered by any such budget, Third Party Manager may submit to Manager for its
approval an updated budget or plan incorporating such changes as shall be
necessary to reflect cost over-runs and the like during such period. If Manager
does not disapprove any such budget within 30 days after receipt thereof by
Manager, such budget shall be deemed approved. If Manager shall disapprove any
such budget or plan, it shall so notify Third Party Manager within said 30-day
period and explain the reasons therefor. Third Party Manager will not incur any
costs other than those estimated in any budget except for:

                  (i) tenant improvements and real estate commissions required
            under a Lease;

                  (ii) maintenance or repair costs under $5,000;

                  (iii) costs incurred in emergency situations in which action
            is immediately necessary for the preservation or safety of the
            Property, or for the safety of occupant or other person (or to avoid
            the suspension of any necessary service of the Property);

                  (iv) expenditures for real estate taxes and assessment; and

                  (v) maintenance supplies calling for an aggregate purchase
            price less than $25,000.

            (d) Returns Required by Law. Third Party Manager shall execute and
file when due all forms, reports, and returns required by law relating to the
employment of its personnel.

            (e) Notices. Promptly after receipt, Third Party Manager shall
deliver to Manager all notices, from any tenant, or any governmental authority,
that are not a routine nature. Third Party Managers shall also report
expeditiously to Manager notice of any extensive damage to any part of the
Properties.

                                  ARTICLE III.
                       THIRD PARTY MANAGER'S COMPENSATION

      3.1 Property Management and Leasing.

            (a) Management Fees. Commencing on the date hereof, Manager shall
pay Third Party Manager for the property management and leasing services
described in Article II hereof fees payable monthly (Management Fees) in an
amount equal to 4% of the annual gross rental revenues generated by the
property(ies) described in Section 2.2 hereof. Said Management Fee includes all
costs and expenses incurred by Third Party Manager in performing its duties
hereunder including its administrative and overhead cost, but shall not include
direct expenses incurred as a result of property ownership and operation
described in Section 2.3(g). Third Party Manager's compensation under this
Section 3.1 shall apply to all renewals, extensions or expansions of Leases
which Third Party Manager has originally negotiated.

                                  Page 7 of 12
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            (b) Other Management Fee Matters. For planning and coordinating the
construction of any tenant finish along with Third Party Manager or any
architect, contractor or other authorized person, the payment for which shall be
the responsibility of the tenant, Third Party Manager shall be entitled to
receive from any such tenant an amount equal to up to 5% of the amount as
remitted by the tenant to Third Party Manager or to a representative of Third
Party Manager in payment for such construction.

      3.2 Initial Lease-Up Fee. In addition to the compensation paid to Third
Party Manager under Section 3.1 above, Third Party Manager shall be entitled to
receive a separate fee for the one-time initial rent-up or leasing-up of newly
constructed Improvements in an amount not to exceed the fee customarily charged
in arms length transactions by others rendering similar services in the same
geographic area for similar properties as determined by a survey of brokers and
agents in such area. For this purpose, a total rehabilitation shall be included
in the term newly constructed.

      3.3 Audit Adjustment. If any audit of the records, books or accounts
relating to the Properties discloses an overpayment or underpayment of
Management Fees, Manager or Third Party Manager shall promptly pay to the other
party the amount of such overpayment or underpayment, as the case may be. If
such audit discloses an overpayment of Management Fees for any fiscal year of
more than the correct Management Fees for such fiscal year, Third Party Manager
shall bear the cost of such audit.

                                   ARTICLE IV.
                          INSURANCE AND INDEMNIFICATION

      4.1 Insurance to be Carried.

            (a) Third Party Manager shall obtain and keep in full force and
effect insurance on the Properties against such hazards as Manager and Third
Party Manager shall deem appropriate, but in any event insurance sufficient to
comply with the Leases and the Ownership Agreements shall be maintained. All
liability policies shall provide sufficient insurance satisfactory to both
Manager and Third Party Manager and shall contain waivers of subrogation for the
benefit of Third Party Manager.

            (b) Third Party Manager shall obtain and keep in full force and
effect, in accordance with the laws of the state in which each Property is
located, employers liability insurance applicable to and covering all employees
of Third Party Manager at the Properties and all persons engaged in the
performance of any work required hereunder, and Third Party Manager shall
furnish Manager certificates of insurers naming Manager as a co-insured and
evidencing that such insurance is in effect. If any work under this Agreement is
subcontracted as permitted herein, Third Party Manager shall include in each
subcontract a provision that the subcontractor shall also furnish Manager with
such a certificate.

                                  Page 8 of 12
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      4.2 Cooperation with Insurers. Third Party Manager shall cooperate with
and provide reasonable access to the Properties to representatives of insurance
companies and insurance brokers or agents with respect to insurance which is in
effect or for which application has been made. Third Party Manager shall use its
best efforts to comply with all requirements of insurers.

      4.3 Accidents and Claims. Third Party Manager shall promptly investigate
and shall report in detail to Manager all accidents, claims for damage relating
to the ownership, operation or maintenance of the Properties, and any damage or
destruction to the Properties and the estimated costs of repair thereof, and
shall prepare for approval by Manager all reports required by an insurance
company in connection with any such accident, claim, damage, or destruction.
Such reports shall be given to Manager promptly and any report not so given
within 10 days after the occurrence of any such accident, claim, damage or
destruction shall be noted in the monthly report delivered to Manager pursuant
to Section 2.6(b). Third Party Manager is authorized to settle any claim against
an insurance company arising out of any policy and, in connection with such
claim, to execute proofs of loss and adjustments of loss and to collect and
receipt for loss proceeds.

      4.4 Indemnification. Third Party Manager shall hold Manager harmless from
and indemnify and defend Manager against any and all claims or liability for any
injury or damage to any person or property whatsoever for which Third Party
Manager is responsible occurring in, on, or about the Properties, including,
without limitation, the Improvements when such injury or damage shall be caused
by the negligence of Third Party Manager, its agents, servants, or employees,
except to the extent that Manager recovers insurance proceeds with respect to
such matter. Manager will indemnify and hold Third Party Manager harmless
against all liability for injury to persons and damage to property caused by
Managers negligence and which did not result from the negligence or misconduct
of Third Party Manager, except to the extent Third Party Manager recovers
insurance proceeds with respect to such matter.

                                   ARTICLE V.
                                TERM, TERMINATION

      5.1 Term. This Agreement shall commence on the date first above written
and shall continue until terminated in accordance with the earliest to occur of
the following:

            (a) One year from the date of the commencement of the term hereof.
However, this Agreement will be automatically extended for an additional
one-year period at the end of each year unless Manager or Third Party Manager
gives sixty (60) days written notice of its intention to terminate the
Agreement; or

            (b) Immediately upon the occurrence of any of the following:

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                  (i) A decree or order is rendered by a court having
            jurisdiction (A) adjudging Third Party Manager as bankrupt or
            insolvent, or (B) approving as properly filed a petition seeking
            reorganization, readjustment, arrangement, composition or similar
            relief for Third Party Manager under the federal bankruptcy laws or
            any similar applicable law or practice, or (C) appointing a receiver
            or liquidator or trustee or assignee in bankruptcy or insolvency of
            Third Party Manager or a substantial part of the property of Third
            Party Manager, or for the winding up or liquidation of its affairs,
            or

                  (ii) Third Party Manager (A) institutes proceedings to be
            adjudicated a voluntary bankrupt or an insolvent, (B) consents to
            the filing of a bankruptcy proceeding against it, (C) files a
            petition or answer or consent seeking reorganization, readjustment,
            arrangement, composition or relief under any similar applicable law
            or practice, (D) consents to the filing of any such petition, or to
            the appointment of a receiver or liquidator or trustee or assignee
            in bankruptcy or insolvency for it or for a substantial part of its
            property, (E) makes an assignment for the benefit of creditors, (F),
            is unable to or admits in writing its inability to pay its debts
            generally as they become due unless such inability shall be the
            fault of Manager, or (G) takes corporate or other action in
            furtherance of any of the aforesaid purposes.

      Upon termination, the obligations of the parties hereto shall cease,
provided that Third Party Manager shall comply with the provisions hereof
applicable in the event of termination and shall be entitled to receive all
compensation which may be due Third Party Manager hereunder up to the date of
such termination, and provided, further, that if this Agreement terminates
pursuant to clause (b) above, Manager shall have other remedies as may be
available at law or in equity.

      5.2 Third Party Managers Obligations after Termination. Upon the
termination of this Agreement, Third Party Manager shall have the following
duties:

            (a) Third Party Manager shall deliver to Manager, or its designee,
all books and records with respect to the Properties.

            (b) Third Party Manager shall transfer and assign to Manager, or its
designee, all service contracts and personal property relating to or used in the
operation and maintenance of the Properties, except personal property paid for
and owned by Third Party Manager. Third Party Manager shall also, for a period
of sixty (60) days immediately following the date of such termination, make
itself available to consult with and advise Manager, or its designee, regarding
the operation, maintenance and leasing of the Properties.

            (c) Third Party Manager shall render to Manager an accounting of all
funds of Manager in its possession and shall deliver to Manager a statement of
Management Fees claimed to be due Third Party Manager and shall cause funds of
Manager held by Third Party Manager relating to the Properties to be paid to
Manager or its designee.

                                 Page 10 of 12
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                                   ARTICLE VI.
                                  MISCELLANEOUS

      6.1 Notices. All notices, approvals, consents and other communications
hereunder shall be in writing, and, except when receipt is required to start the
running of a period of time, shall be deemed given when delivered in person or
on the fifth day after its mailing by either party by registered or certified
United States mail, postage prepaid and return receipt requested, to the other
party, at the addresses set forth after their respect name below or at such
different addresses as either party shall have theretofore advised the other
party in writing in accordance with this Section 7.1.

 Manager:                 BERKELEY PROPERTY MANAGEMENT, LLC
                          Attention: Property Manager
                          1201 Sutton Way
                          Grass Valley, CA 95945

Third Party
    Manager:              NAME AND ADDRESS OF THIRD PARTY MANAGER

      6.2 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of California.

      6.3 Assignment. Third Party Manager may delegate partially or in full its
duties and rights under this Agreement but only with the prior written consent
of Manager. Except as provided in the immediately preceding sentence, this
Agreement shall be binding upon and shall inure to the benefit of the parties
and their respective successors and assigns.

      6.4 No Waiver. The failure of Manager to seek redress for violation or to
insist upon the strict performance of any covenant or condition of this
Agreement shall not constitute a waiver thereof for the future.

      6.5 Amendments. This Agreement may be amended only by an instrument in
writing signed by the party against whom enforcement of the amendment is sought.

      6.6 Headings. The headings of the various subdivisions of this Agreement
are for reference only and shall not define or limit any of the terms or
provisions hereof.

      6.7 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, and it shall not be
necessary in making proof of this Agreement to produce or account for more than
one such counterpart.

                                 Page 11 of 12
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      6.8 Entire Agreement. This Agreement contains the entire understanding and
all agreements between Manager and Third Party Manager respecting the management
of the Properties. There are no representations, agreements, arrangements or
understandings, oral or written, between Manager and Third Party Manager
relating to the management of the Properties that are not fully expressed
herein.

      6.9 Disputes. If there shall be a dispute between Manager and Third Party
Manager relating to this Agreement resulting in litigation, the prevailing party
in such litigation shall be entitled to recover from the other party to such
litigation such amount as the court shall fix as reasonable attorneys fees.

      6.10 Activities of Third Party Manager. The obligations of Third Party
Manager pursuant to the terms and provisions of this Agreement shall not be
construed to preclude Third Party Manager from engaging in other activities or
business ventures, whether or not such other activities or ventures are in
competition with the Manager or the business of Manager.

      6.11 Independent Contractor. Third Party Manager and Manager shall not be
construed as joint venturers or partners of each other pursuant to this
Agreement and neither shall have the power to bind or obligate the other except
as set forth herein. In all respects, the status of Manger to Manager under this
Agreement is that of an independent contractor.

      IN WITNESS WHEREOF, the parties have executed this Property Management,
Leasing and Asset Management Agreement as of the date first above written.

                     MANAGER:

                     Berkeley Property Management, LLC

                     By:    _______________________________

                     Name:  _______________________________

                     Title: _______________________________

                     THIRD PARTY MANAGER:

                     By:    _______________________________

                     Name:  _______________________________

                     Title: _______________________________

                                 Page 12 of 12Exhibit 10.23

                AMENDED AND RESTATEDWILLIS GROUP HOLDINGS LIMITED
                       2001 SHARE PURCHASE AND OPTION PLAN

1.   Purpose of Plan

The  Willis Group Holdings Limited ("Holdings") 2001 Share Purchase and Option
Plan (the "Plan") is designed:

          (a) to promote the long term financial interests and growth of
          Holdings and its Subsidiaries (collectively, "Willis Group") by
          attracting and retaining personnel with the training, experience and
          ability to enable them to make a substantial contribution to the
          success of Willis Group's business;

          (b) to motivate management personnel by means of growth-related
          incentives to achieve long range goals; and

          (c) to further the identity of interests of participants with those of
          the shareholders of Willis Group through opportunities for increased
          stock, or stock-based, ownership in Willis Group.

2. Definitions

          As used in the Plan, the following words shall have the following
          meanings: (a) "Board of Directors" means the Board of Directors of
          Holdings.

          (b) "Change in Control" means: (i) sale of all or substantially all of
          the assets of Holdings or Willis Group to a Person or Group that is
          not Kohlberg Kravis Roberts & Co. or an affiliate thereof
          (collectively, the "KKR Partnerships"), (ii) a sale by any member of
          the KKR Partnerships resulting in more than 50% of the voting stock of
          Holdings or Willis Group being held by a Person or Group that is not a
          member of the KKR Partnerships or (iii) a merger, consolidation,
          recapitalization or reorganization of Holdings or Willis Group with or
          into another Person which is not a member of the KKR Partnerships; and
          following any of the foregoing events in (ii)-(iii), (x) the KKR
          Partnerships no longer have the ability, without the approval of a
          Person or Group who is not a member of the KKR Partnerships, to elect
          a majority of the Board of Directors of Holdings (or the resulting
          entity) and (y) any Person or Group who is not a member of the KKR
          Partnerships is or becomes the Beneficial Owner, directly or
          indirectly, in the aggregate, of a greater percentage of the total
          voting power of Holdings or Willis Group than that held, directly or
          indirectly, in the aggregate, by the KKR Partnerships. For purposes of
          this definition, "Beneficial Owner" shall have the same meaning as
          defined in Rules 13d-3 and 13d-5 under the Exchange Act, which shall
          in any event include having the power to vote (or cause to be voted)
          pursuant to contract, irrevocable proxy or otherwise, and which, for
          purposes of the calculation under clause (y), shall be deemed to
          include shares that any such Person or Group has a right to acquire,
          whether such right is exercisable immediately or only after the
          passage of time.

          (c) "Committee" means the Compensation Committee of the Board of
          Directors (or, if no such committee is appointed, the Board of
          Directors).

          (d) "Common Shares" or "Share" means common shares of Willis Group,
          which may be authorized but unissued.

          (e) "Director" means any member of the Board of Directors.

          (f) "Employee" means a person, including a director and an officer, in
          the employment of Willis Group.

          (g) "Exchange Act" means the Securities Exchange Act of 1934 of the
          United States, as amended.
<PAGE>

          (h) "Grant" means an award made to a Participant pursuant to the Plan
          and described in Paragraph 5, including, without limitation, an award
          of a Share Option, Restricted Share, Purchase Share, or Other
          Share-Based Grant or any combination of the foregoing.

          (i) "Grant Agreement" means an agreement between Holdings and a
          Participant that sets forth the terms, conditions and limitations
          applicable to a Grant.

          (j) "Group" means a "group" as such term is used in Sections 13(d) and
          14(d) of the Exchange Act, acting in concert.

          (k) "Participant" means an Employee or Director of any member of
          Willis Group, to whom one or more Grants have been made, and such
          Grants have not all been forfeited or terminated under the Plan.

          (l) "Person" means "person" as such term is used in Sections 13(d) and
          14(d) of the Exchange Act.

          (m) "Share-Based Grants" means the collective reference to the grant
          of Purchase Shares, Restricted Shares and Other Share-Based Grants.

          (n) "Share Options" means options to purchase Common Shares, which may
          or may not be incentive stock options ("Incentive Stock Options")
          within the meaning of Section 422 of the Internal Revenue Code of 1986
          of the United States, as amended (the "Code").

          (o) "Subsidiary" means a "subsidiary", as such term is defined in
          Section 86 of the Bermudan Companies Act 1981.

3. Administration of Plan

          (a) The Plan shall be administered by the Committee. All of the
          members of the Committee and any other Directors shall be eligible to
          be selected for Grants under the Plan; provided, however, that to the
          extent the Board determines it is necessary or desirable to satisfy
          any regulation or rule, whether under Section 16 of the Exchange Act
          or otherwise related to the Grants, the members of the Committee shall
          qualify under such regulation or rules. The Committee may adopt its
          own rules of procedure, and the action of a majority of the Committee,
          taken at a meeting or taken without a meeting by a writing signed by
          such majority, shall constitute action by the Committee. The Committee
          shall have the power and authority to administer, construe and
          interpret the Plan, to make rules for carrying it out and to make
          changes in such rules. The Committee shall also have the power to
          establish sub-plans, which may constitute separate schemes, for the
          purpose of establishing schemes which qualify for approval by the UK
          Inland Revenue or meet any special tax or regulatory requirements
          anywhere in the world. Any such interpretations, rules, administration
          and sub-plans shall be consistent with the basic purposes of the Plan.

          (b) The Committee may delegate to the Chief Executive Officer and to
          other senior officers of Willis Group its duties under the Plan
          subject to such conditions and limitations as the Committee shall
          prescribe except that only the Committee may designate and make Grants
          to Participants who are subject to Section 16 of the Exchange Act.

          (c) The Committee may employ attorneys, consultants, accountants,
          appraisers, brokers or other persons. The Committee, Willis Group, and
          the officers and Directors of Willis Group shall be entitled to rely
          upon the advice, opinions or valuations of any such persons. All
          actions taken and all interpretations and determinations made by the
          Committee in good faith shall be final and binding upon all
          Participants, Willis Group and all other interested persons. No member
          of the Committee shall be personally liable for any action,
          determination or interpretation made in good faith with respect to the
          Plan or the Grants, and all members of the Committee shall be fully
          protected by Willis Group with respect to any such action,
          determination or interpretation.
<PAGE>

4. Eligibility

        Subject to Section 11 of the Plan, the Committee may from time to time
make Grants under the Plan to such Employees or Directors of Willis Group, and
in such form and having such terms, conditions and limitations as the Committee
may determine. Grants may be granted singly, in combination or in tandem. The
terms, conditions and limitations of each Grant under the Plan shall be set
forth in a Schedule to the Plan (as described in Section 11 below), to be
attached hereto, and/or a Grant Agreement, in a form approved by the Committee,
consistent, however, with the terms of the Plan.

5. Grants

        From time to time, the Committee will determine the forms and amounts of
Grants for Participants. Such Grants may take the following forms in the
Committee's sole discretion; provided, however, that in no event shall the
purchase price of any Grant be less than the par value of the Shares; and
provided further that the maximum number of Common Shares that may be issued,
sold or distributed as Restricted Shares, Purchase Shares or other Share-Based
Grants shall not exceed 3,500,000 Common Shares. The terms of any Grant may
include a requirement that the Participant enter into an agreement or election
under which the Participant agrees to pay his or her employer's social security
or National Insurance liability (or reimburse the employer for such liability)
in any jurisdiction arising on exercise of any Share Option, or at any other
time with respect to any other Share-Based Award, and if this requirement is not
permitted in any jurisdiction the Grant in such circumstances shall be null and
void.
         (a) Share Options--These are options to purchase Common Shares, which
         may or may not be Incentive Stock Options. Any options that are granted
         as Incentive Stock Options shall have an exercise price at least equal
         to the fair market value of one share of Common Shares on the date of
         Grant (or, if the person to whom the option is being granted owns
         Common Shares representing more than 10 percent of the voting power of
         all classes of Company equity, the exercise price shall be at least
         equal to 110 percent of the fair market value of one Common Share on
         the date of Grant). At the time of the Grant the Committee shall
         determine, and shall have contained in the Grant Agreement or other
         Plan rules, the option exercise period, the option price, and such
         other conditions or restrictions on the grant or exercise of
          the option as the Committee deems appropriate, which may include the
         requirement that the grant of options is predicated on the acquisition
         of Purchase Shares under Section 5(c) by the Participant or as may be
         required pursuant to applicable law, if such options shall be Incentive
         Stock Options. Payment of the option price shall be made in cash or in
         shares of Common Shares (provided, that such Shares have been held by
         the Participant for not less than six months (or such other period as
         established by the Committee from time to time)), or a combination
         thereof, in accordance with the terms of the Plan, the Grant Agreement
         and any applicable guidelines of the Committee in effect at the time.

         (b) Restricted Shares--Restricted Shares are Common Shares delivered to
         a Participant with or without payment of consideration with
         restrictions or conditions on the Participant's right to transfer or
         sell such shares; provided that the price of any Restricted Stock may
         not be less than the par value of the Common Shares. The number of
         shares of Restricted Shares and the restrictions or conditions on such
         shares shall be as the Committee determines, in the Grant Agreement or
         by other Plan rules, and the certificate for the Restricted Shares
         shall bear evidence of such restrictions or conditions. Subject to
         Section 9 and Section 11, Restricted Shares may NOT have a restriction
         period of less than 6 months.

         (c) Purchase Shares--Purchase Shares refers to shares of Common Shares
         offered to a Participant at such price as determined by the Committee,
         the acquisition of which may make him eligible to receive under the
         Plan, among other things, Share Options.

         (d) Other Share-Based Grants--The Committee may make other Grants under
         the Plan pursuant to which shares of Common Shares or other equity
         securities of Willis Group are or may in the future be acquired, or
         Grants denominated in stock units, including ones valued using measures
         other than market value. Other Share-Based Grants may be granted with
         or without consideration.

<PAGE>

6. Limitations and Conditions

         (a) The number of Shares available for Grants under this Plan shall be
         25,000,000 shares of the authorized Common Shares as of the effective
         date of the Plan. The number of Shares subject to Grants under this
         Plan to any one Participant shall not be more than 5,000,000 Shares in
         any one calendar year. Unless restricted by applicable law, Shares
         related to Grants that are forfeited, terminated, cancelled or expire
         unexercised, shall immediately become available for new Grants.

         (b) No Grants shall be made under the Plan beyond ten years after the
         effective date of the Plan, but the terms of Grants made on or before
         the expiration of the Plan may extend beyond such expiration. At the
         time a Grant is made or amended or the terms or conditions of a Grant
         are changed, the Committee may provide for limitations or conditions on
         such Grant.

         (c) Nothing contained herein shall affect the right of Willis Group to
         terminate any Participant's employment at any time or for any reason.
         The rights and obligations of any individual under the terms of his
         office or employment with any member of Willis Group shall not be
         affected by his or her participation in this Plan or any right which he
         or she may have to participate in it, and an individual who
         participates in this Plan shall waive any and all rights to
         compensation or damages in consequence of the termination of his or her
         office or employment for any reason whatsoever insofar as those rights
         arise or may arise from his or her ceasing to have rights under or be
         entitled to exercise any Grant as a result of such termination.

         (d) Deferrals of Grant payouts may be provided for, at the sole
         discretion of the Committee, in the Grant Agreements.

         (e) Except as otherwise prescribed by the Committee, the amounts of the
         Grants for any employee of a Subsidiary, along with interest, dividend,
         and other expenses accrued on deferred Grants shall be charged to the
         Participant's employer during the period for which the Grant is made.
         If the Participant is employed by more than one Subsidiary or by both
         Willis Group and a Subsidiary during the period for which the Grant is
         made, the Participant's Grant and related expenses will be allocated
         between the companies employing the Participant in a manner prescribed
         by the Committee.

         (f) Other than as specifically provided pursuant to a Grant Agreement
         or other related agreement between a Participant and Willis Group, no
         benefit under the Plan shall be subject in any manner to anticipation,
         alienation, sale, transfer, assignment, pledge, encumbrance, or charge,
         and any attempt to do so shall be void. No such benefit shall, prior to
         receipt thereof by the Participant, be in any manner liable for or
         subject to the debts, contracts, liabilities, engagements, or torts of
         the Participant.

         (g) Participants shall not be, and shall not have any of the rights or
         privileges of, shareholders of Willis Group in respect of any Shares
         purchasable in connection with any Grant unless and until certificates
         representing any such Shares have been issued by Willis Group to such
         Participants, unless the Committee shall otherwise determine.

         (h) No election as to benefits or exercise of Stock Options or other
         rights may be made during a Participant's lifetime by anyone other than
         the Participant except by a legal representative appointed for or by
         the Participant.

         (i) Absent express provisions to the contrary, any grant under this
         Plan shall not be deemed compensation for purposes of computing
         benefits or contributions under any retirement plan of any member of
         Willis Group and shall not affect any benefits under any other benefit
         plan of any kind now or subsequently in effect under which the
         availability or amount of benefits is related to level of compensation.
         This Plan is not a "Retirement Plan" or "Welfare Plan" under the
         Employee Retirement Income Security Act of 1974 of the United States,
         as amended.

         (j) Unless the Board determines otherwise, no benefit or promise under
         the Plan shall be secured by any specific assets of any member of
         Willis Group, nor shall any assets of any member of Willis Group be
         designated as attributable or allocated to the satisfaction of Willis
         Group's obligations under the Plan.
<PAGE>

7. Transfers and Leaves of Absence

        For purposes of the Plan, unless the Committee determines otherwise: (a)
a transfer of a Participant's employment without an intervening period of
separation among Willis Group and any Subsidiary shall not be deemed a
termination of employment, and (b) a Participant who is granted in writing a
leave of absence shall be deemed to have remained in the employ of Willis Group
during such leave of absence.

8. Adjustments

        In the event of any change in the outstanding Common Shares by reason of
a stock split, spin-off, stock dividend, stock combination or reclassification,
recapitalization or merger, change of control, or similar event, the Committee
shall adjust appropriately the number of Shares subject to the Plan and
available for or covered by Grants and Share prices related to outstanding
Grants to the extent necessary, and may make such other revisions to outstanding
Grants as it deems are equitably required including, without limitation, in an
event that is not a change of control, providing for the payment of a dividend
in respect of the Shares subject to any outstanding Grants, in all events in
order to allow Participants to participate in such event in an equitable manner.

9. Merger, Consolidation, Exchange, Acquisition, Liquidation or Dissolution

        In its absolute discretion, and on such terms and conditions as it deems
appropriate, coincident with or after the grant of any Stock Option or any
Stock-Based Grant, the Committee may provide that such Stock Option or
Stock-Based Grant cannot be exercised after a Change in Control, a merger,
amalgamation pursuant to Bermuda law, or other consolidation of Holdings or
Willis Group with or into another company, the exchange of all or substantially
all of the assets of Holdings or Willis Group for the securities of another
company, the acquisition by another Person or Group of 80% or more of Holdings
or Willis Group's then outstanding shares of voting stock or the
recapitalization, reclassification, liquidation or dissolution of Holdings or
Willis Group, and if the Committee so provides, it shall, on such terms and
conditions as it deems appropriate in its absolute discretion, also provide,
either by the terms of such Stock Option or Stock-Based Grant or by a resolution
adopted prior to the occurrence of such Change in Control merger, consolidation,
exchange, acquisition, recapitalization, reclassification, liquidation or
dissolution, that, for some period of time prior to such event, such Stock
Option or Stock-Based Grant shall be exercisable as to all shares subject
thereto, notwithstanding anything to the contrary herein (but subject to the
provisions of Section 6(b) and that, upon the occurrence of such event, such
Stock Option or Stock-Based Grant shall terminate and be of no further force or
effect; provided, however, that the Committee may also provide, in its absolute
discretion, that even if the Stock Option or Stock-Based Grant shall remain
exercisable after any such event, from and after such event, any such Stock
Option or Stock-Based Grant shall be exercisable only for the kind and amount of
securities and/or other property, or the cash equivalent thereof, receivable as
a result of such event by the holder of a number of shares of stock for which
such Stock Option or Stock-Based Grant could have been exercised immediately
prior to such event.

10. Amendment and Termination

        The Committee shall have the authority to make such amendments to any
terms and conditions applicable to outstanding Grants as are consistent with
this Plan. The Board of Directors may amend, suspend or terminate the Plan at
any time.

11. Foreign Options and Rights

        The Committee or Board, as applicable, may establish rules or schemes in
order to make Grants to Employees who are subject to the laws of nations other
than Bermuda, which Grants may have terms and conditions that differ from the
terms thereof as provided elsewhere in the Plan for the purpose of complying
with foreign laws. In the event that the Committee or Board establishes such
rules or schemes, the substantive provisions thereof shall be set forth on
schedules attached hereto, and are hereby incorporated by reference as part of
the Plan, subject to any additional action required to be taken pursuant to the
applicable foreign law.

12. Withholding Taxes

         (a) Willis Group shall have the right to deduct from any cash payment
         made under the Plan any federal, state, local, national, provincial or
         other income or other taxes required by law to be withheld with respect
         to such payment. It shall be a condition to the obligation of Willis
         Group to deliver shares upon the exercise of an Option, upon delivery
         of Restricted Stock or upon exercise, settlement or payment of any
         Other Stock-Based Grant that the Participant pay to Willis Group such
         amount as may be requested by Willis Group for the purpose of
         satisfying any liability for such withholding taxes. Any Grant
         Agreement may provide that the Participant may elect, in accordance
         with any conditions set forth in such Grant Agreement, to pay a portion
         or the entire minimum amount of such withholding taxes in shares of
         Common Shares:

         (b) Notwithstanding anything set forth in section 12 (a), an option may
         not be exercised unless:

         (i) the Board considers that the issue or transfer of shares pursuant
         to such exercise would be lawful in all relevant jurisdictions; and

         (ii) in a case where, if the option were exercised, Willis Group would
         be obliged to (or would suffer a disadvantage if it were not to)
         account for any tax (in any jurisdiction) for which the person in
         question would be liable by virtue of the exercise of the option and/or
         for any social security contributions that would be recoverable from
         the person in question (together, the "Tax Liability"), that person has
         either:

         (x) made a payment to Willis Group of an amount at least equal to the
         Holdings estimated of the Tax Liability; or

         (y) entered into arrangements acceptable to Willis Group to secure that
         such a payment is made (whether by authorizing the sale of some or all
         of the shares on his behalf and the payment to Willis Group of the
         relevant amount out of the proceeds of sale or otherwise).

13. Governing Law

        This Plan shall be governed by the laws of Bermuda, without regard to
conflicts of laws.

14. Effective Date and Termination Dates

        The Plan shall be effective on and as of the date of its original
approval by the Board of Directors of Holdings and shall be approved by a
majority of the shareholders of Holdings, and shall terminate ten years
thereafter, subject to earlier termination by the Board of Directors pursuant to
Sections 9 and 10.

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