Document:

exv10w50

 

Exhibit 10.50

ARTICLE I

DEFINITIONS

1.01. Acquiring Person

     Acquiring Person means that a Person, considered alone or as part of a “group” within the
meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, is or becomes
directly or indirectly the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of
securities representing at least fifty percent (50%) of the Company’s then outstanding securities
entitled to vote generally in the election of the Board.

1.02. Affiliate

     Affiliate means any “subsidiary” or “parent” corporation (as such terms are defined in Section
424 of the Code) of the Company.

1.03. Agreement

     Agreement means a written agreement (including any amendment or supplement thereto) between
the Company and a Participant specifying the terms and conditions of a Stock Award, an award of
Performance Units, an Option, SAR or Other Equity-Based Award granted to such Participant.

1.04. Associate

     Associate, with respect to any Person, is defined in Rule 12b-2 of the General Rules and
Regulations under the Exchange Act. An Associate does not include the Company or a majority-owned
subsidiary of the Company.

1.05. Board

     Board means the Board of Directors of the Company.

1.06. Change in Control

     “Change in Control” means (i) a Person is or becomes an Acquiring Person; (ii) holders of the
securities of the Company entitled to vote thereon approve any agreement with a Person (or, if such
approval is not required by applicable law and is not solicited by the Company, the closing of such
an agreement) that involves the transfer of all or substantially all of the Company’s total assets
on a consolidated basis, as reported in the Company’s consolidated financial statements; (iii)
holders of the securities of the Company entitled to vote thereon approve a transaction (or, if
such approval is not required by applicable law and is not solicited by the Company, the closing of
such a transaction) pursuant to which the Company will undergo a merger, consolidation, or
statutory share exchange with a Person, regardless of whether the

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Company is intended to be the surviving or resulting entity after the merger, consolidation,
or statutory share exchange, other than a transaction in which the holders of the Company’s voting
securities immediately prior to the transaction own securities representing at least 50% (fifty
percent) of the voting securities of such surviving entity or its parent, immediately after the
closing of such transaction; (iv) the Continuing Directors cease for any reason to constitute a
majority of the Board; (v) holders of the securities of the Company entitled to vote thereon
approve a plan of complete liquidation of the Company or an agreement for the sale or liquidation
by the Company of all or substantially all of the Company’s assets (or, if such approval is not
required by applicable law and is not solicited by the Company, the commencement of actions
constituting such a plan or the closing of such an agreement); or (vi) the Board adopts a
resolution to the effect that, in its judgment, as a consequence of any one or more transactions or
events or series of transactions or events, a Change in Control of the Company has effectively
occurred. The Board shall be entitled to exercise its sole and absolute discretion in exercising
its judgment and in the adoption of such resolution, whether or not any such transaction(s) or
event(s) might be deemed, individually or collectively, to satisfy any of the criteria set forth in
subparagraphs (i) through (v) above.

1.07. Code

     Code means the Internal Revenue Code of 1986, and any amendments thereto.

1.08. Committee

     Committee means the Compensation Committee of the Board; provided, however, that with respect
to awards made to a member of the Board who is not an employee of the Company or an Affiliate,
“Committee” means the Board.

1.09. Common Stock

     Common Stock means the common stock, par value $0.001 per share, of the Company.

1.10. Company

     Company means Columbia Equity Trust, Inc., a Maryland corporation.

1.11. Continuing Director

     Continuing Director means any member of the Board, while a member of the Board and (i) who was
a member of the Board on the Effective Date or (ii) whose nomination for or election to the Board
was recommended or approved by a majority of the Continuing Directors.

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1.12. Control Change Date

     Control Change Date means the date on which a Change in Control occurs. If a Change in
Control occurs on account of a series of transactions, the “Control Change Date” is the date of the
last of such transactions.

1.13. Corresponding SAR

     Corresponding SAR means an SAR that is granted in relation to a particular Option and that can
be exercised only upon the surrender to the Company, unexercised, of that portion of the Option to
which the SAR relates.

1.14. Dividend Equivalent Right

     Dividend Equivalent Right means the right, subject to the terms and conditions prescribed by
the Committee, of a Participant to receive (or have credited) cash, stock or other property in
amounts equivalent to the cash, stock or other property dividends declared on shares of Common
Stock with respect to the specified shares of Common Stock (“Dividend Equivalents”) subject to an
Option, as determined by the Committee, in its sole discretion. The Committee may provide that
such Dividend Equivalents (if any) shall be deemed to have been reinvested in additional shares of
Common Stock or otherwise reinvested.

1.15. Effective Date

     Effective Date means the date on which the initial public offering of the Common Stock is
completed.

1.16. Exchange Act

     Exchange Act means the Securities Exchange Act of 1934, as amended.

1.17. Fair Market Value

     Fair Market Value means, on any given date, the reported “closing” price of a share of Common
Stock on the New York Stock Exchange. If, on any given date, the Common Stock is not listed for
trading on the New York Stock Exchange, then Fair Market Value shall be the “closing” price of a
share of Common Stock on such other exchange on which the Common Stock is listed for trading or, if
the Common Stock is not listed on any exchange, the amount determined by the Committee using any
reasonable method in good faith.

1.18. Initial Value

     Initial Value means, with respect to a Corresponding SAR, the option price per share of the
related Option and, with respect to an SAR granted independently of an Option, the price per

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share of Common Stock as determined by the Committee on the date of grant; provided, however,
that the price shall not be less than the Fair Market Value on the date of grant.

1.19. Operating Partnership

     Operating Partnership means Columbia Equity, L.P.

1.20. Option

     Option means a stock option that entitles the holder to purchase from the Company a stated
number of shares of Common Stock at the price set forth in an Agreement.

1.21. Other Equity-Based Award

     Other Equity-Based Award means any award other than an Option, SAR, a Performance Unit award
or a Stock Award which, subject to such terms and conditions as may be prescribed by the Committee,
entitles a Participant to receive shares of Common Stock or rights or units valued in whole or in
part by reference to, or otherwise based on, shares of Common Stock (including securities
convertible into shares of Common Stock) or other equity interests including interests in the
Operating Partnership.

1.22. Participant

     Participant means an employee of the Company or an Affiliate, a member of the Board, or a
person or entity that provides significant services to the Company or an Affiliate and who
satisfies the requirements of Article IV and is selected by the Committee to receive an award of
Performance Units, Stock Award, Option, SAR, Other Equity-Based Award or a combination thereof.

1.23. Performance Units

     Performance Units means an award, in the amount determined by the Committee, stated with
reference to a specified number of shares of Common Stock or other securities or property, that in
accordance with the terms of an Agreement entitles the holder to receive a payment for each
specified unit equal to the value of the Performance Unit on the date of payment.

1.24. Person

     “Person” means any human being, firm, corporation, partnership, or other entity. “Person”
also includes any human being, firm, corporation, partnership, or other entity as defined in
sections 13(d)(3) and 14(d)(2) of the Exchange Act. The term “Person” does not include the Company
or any Related Entity, and the term Person does not include any employee-benefit plan maintained by
the Company or any Related Entity, or any person or entity organized, appointed, or established by
the Company or any Related Entity for or pursuant to the

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terms of any such employee-benefit plan, unless the Board determines that such an
employee-benefit plan or such person or entity is a “Person”.

1.25. Plan

     Plan means this Columbia Equity Trust, Inc. 2005 Equity Compensation Plan.

1.26. Related
Entity

     Related Entity means any entity that is part of a controlled group of corporations or is under
common control with the Company within the meaning of Sections 1563(a), 414(b) or 414(c) of the
Code.

1.27. Restoration Feature

     Restoration Feature means the right to receive a new Option covering the number of shares of
Common Stock surrendered as payment of the option price (in whole or in part) or withheld in
satisfaction (in whole or in part) of the tax withholding obligation related to the exercise of an
option (the “Exercised Option”). The new Option shall have an exercise price equal to the Fair
Market Value of the Common Stock on the date the Exercised Option was exercised, shall be
exercisable six months from the date of its grant and shall otherwise be subject to the same terms
and conditions applicable to the Exercised Option.

1.28. SAR

     SAR means a stock appreciation right that in accordance with the terms of an Agreement
entitles the holder to receive, with respect to each share of Common Stock encompassed by the
exercise of the SAR, the excess, if any, of the Fair market Value at the time of exercise over the
Initial Value. References to “SARs” include both Corresponding SARs and SARs granted independently
of Options, unless the context requires otherwise.

1.29. Stock Award

     Stock Award means shares of Common Stock awarded to a Participant under Article VIII.

1.30. Ten Percent Shareholder

     Ten Percent Shareholder means any individual owning more than ten percent (10%) of the total
combined voting power of all classes of stock of the Company or of a Related Entity. An individual
shall be considered to own any voting stock owned (directly or indirectly) by or for his or her
brothers, sisters, spouse, ancestors or lineal descendants and shall be considered to own
proportionately any voting stock owned (directly or indirectly) by or for a corporation,
partnership, estate or trust of which such individual is a shareholder, partner or beneficiary.

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ARTICLE II

PURPOSES

     The Plan is intended to assist the Company and its Affiliates in recruiting and retaining
individuals and other service providers with ability and initiative by enabling such persons or
entities to participate in the future success of the Company and its Affiliates and to associate
their interests with those of the Company and its stockholders. The Plan is intended to permit the
grant of both Options qualifying under Section 422 of the Code (“incentive stock options”) and
Options not so qualifying, and the grant of SARs, Stock Awards, Performance Units, and Other
Equity-Based Awards in accordance with the Plan and any procedures that may be established by the
Committee. No Option that is intended to be an incentive stock option shall be invalid for failure
to qualify as an incentive stock option. The proceeds received by the Company from the sale of
shares of Common Stock pursuant to this Plan shall be used for general corporate purposes.

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ARTICLE III

ADMINISTRATION

     The Plan shall be administered by the Committee. The Committee shall have authority to grant
SARs, Stock Awards, Performance Units, Options and Other Equity-Based Awards upon such terms (not
inconsistent with the provisions of this Plan), as the Committee may consider appropriate. Such
terms may include conditions (in addition to those contained in this Plan), on the exercisability
of all or any part of an Option or SAR or on the transferability or forfeitability of a Stock
Award, an award of Performance Units or an Other Equity-Based Award. Notwithstanding any such
conditions, the Committee may, in its discretion, accelerate the time at which any Option or SAR
may be exercised, or the time at which a Stock Award or Other Equity-Based Award may become
transferable or nonforfeitable or the time at which an Other Equity-Based Award or an award of
Performance Units may be settled. In addition, the Committee shall have complete authority to
interpret all provisions of this Plan; to prescribe the form of Agreements; to adopt, amend, and
rescind rules and regulations pertaining to the administration of the Plan (including rules and
regulations that require or allow Participants to defer the payment of benefits under the Plan);
and to make all other determinations necessary or advisable for the administration of this Plan.
The express grant in the Plan of any specific power to the Committee shall not be construed as
limiting any power or authority of the Committee. Any decision made, or action taken, by the
Committee in connection with the administration of this Plan shall be final and conclusive. The
members of the Committee shall not be liable for any act done in good faith with respect to this
Plan or any Agreement, Option, SAR, Stock Award, Other Equity-Based Award or award of Performance
Units. All expenses of administering this Plan shall be borne by the Company.

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ARTICLE IV

ELIGIBILITY

     Any employee of the Company or an Affiliate (including a corporation that becomes an Affiliate
after the adoption of this Plan) and any member of the Board is eligible to participate in this
Plan. In addition, any other person or entity that provides significant services to the Company or
an Affiliate is eligible to participate in this Plan if the Committee, in its sole discretion,
determines that the participation of such person or entity is in the best interest of the Company.

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ARTICLE V

COMMON STOCK SUBJECT TO PLAN

5.01. Common Stock Issued

     Upon the award of shares of Common Stock pursuant to a Stock Award, an Other Equity-Based
Award or in settlement of an award of Performance Units, the Company may deliver to the Participant
shares of Common Stock or treasury shares from its authorized but unissued Common Stock. Upon the
exercise of any Option, SAR or Other Equity-Based Award denominated in shares of Common Stock, the
Company may deliver to the Participant (or the Participant’s broker if the Participant so directs),
shares of Common Stock from its authorized but unissued Common Stock.

5.02. Aggregate Limit

     (a) The maximum aggregate number of shares of Common Stock that may be issued under this Plan
pursuant to the exercise of Options and SARs, the grant of Stock Awards or Other Equity-Based
Awards and the settlement of Performance Units is equal to 9.9% of the number of fully diluted
shares of Common Stock outstanding on the Effective Date, including any shares issued pursuant to
the exercise of the underwriters’ over-allotment option on or before the Effective Date. Other
Equity-Based Awards covering Operating Partnership units that are convertible (directly or
indirectly) into Common Stock shall reduce the maximum aggregate number of shares of Common Stock
that may be issued under this Plan on a one-for-one basis, i.e., each such unit shall be treated as
an award of Common Stock.

     (b) The maximum number of shares of Common Stock that may be issued under this Plan in
accordance with Section 5.02(a) shall be subject to adjustment as provided in Article XI.

5.03. Reallocation of Shares

     If any award or grant under the Plan expires, is forfeited or is terminated without having
been exercised or paid (whether in cash or Common Stock), then any shares of Common Stock (or
Operating Partnership unit) covered by such lapsed, cancelled, expired or unexercised portion of
such award or grant shall be available for the grant of other Options, SARs, Stock Awards, Other
Equity-Based Awards and settlement of Performance Units under this Plan.

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ARTICLE VI

OPTIONS

6.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom an Option is to be granted and will specify the number of shares of Common Stock covered by
such awards. The Committee also will specify whether Dividend Equivalent Rights are granted in
conjunction with the Option and whether the Option includes a Restoration Feature.

6.02. Option Price

     The price per share of Common Stock purchased on the exercise of an Option shall be determined
by the Committee on the date of grant, but shall not be less than the Fair Market Value on the date
the Option is granted. Notwithstanding the preceding sentence, the price per share for Common
Stock purchased on the exercise of any Option that is an incentive stock option granted to an
individual who is a Ten Percent Shareholder on the date such option is granted, shall not be less
than one hundred ten percent (110%) of the Fair Market Value on the date the Option is granted.
Except as provided in Article XI, the price per share of an outstanding Option may not be reduced
(by amendment, cancellation and new grant or otherwise) without the approval of shareholders.

6.03. Maximum Option Period

     The maximum period in which an Option may be exercised shall be determined by the Committee on
the date of grant, except that no Option shall be exercisable after the expiration of ten years
from the date such Option was granted. In the case of an incentive stock option granted to a
Participant who is a Ten Percent Shareholder on the date of grant, such Option shall not be
exercisable after the expiration of five years from the date of grant. The terms of any
Option may provide that it is exercisable for a period less than such maximum period.

6.04. Nontransferability

     Except as provided in Section 6.05, each Option granted under this Plan shall be
nontransferable except by will or by the laws of descent and distribution. In the event of any
transfer of an Option (by the Participant or his transferee), the Option and any Corresponding SAR
that relates to such Option must be transferred to the same person or persons or entity or
entities. Except as provided in Section 6.05, during the lifetime of the Participant to whom the
Option is granted, the Option may be exercised only by the Participant. No right or interest of a
Participant in any Option shall be liable for, or subject to, any lien, obligation, or liability of
such Participant.

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6.05. Transferable Options

     Section 6.04 to the contrary notwithstanding, if the Agreement provides, an Option that is not
an incentive stock option may be transferred by a Participant to the Participant’s children,
grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership
in which such family members are the only partners, on such terms and conditions as may be
permitted under Rule 16b-3 under the Exchange Act as in effect from time to time. The holder of an
Option transferred pursuant to this Section shall be bound by the same terms and conditions that
governed the Option during the period that it was held by the Participant; provided, however, that
such transferee may not transfer the Option except by will or the laws of descent and distribution.
In the event of any transfer of an Option (by the Participant or his transferee), the Option and
any Corresponding SAR that relates to such Option must be transferred to the same person or persons
or entity or entities.

6.06. Employee Status

     For purposes of determining the applicability of Section 422 of the Code (relating to
incentive stock options), or in the event that the terms of any Option provide that it may be
exercised only during employment or continued service or within a specified period of time after
termination of employment or continued service, the Committee may decide to what extent leaves of
absence for governmental or military service, illness, temporary disability, or other reasons shall
not be deemed interruptions of continuous employment or service.

6.07. Exercise

     Subject to the provisions of this Plan and the applicable Agreement, an Option may be
exercised in whole at any time or in part from time to time at such times and in compliance with
such requirements as the Committee shall determine; provided, however, that incentive stock options
(granted under the Plan and all plans of the Company and its Affiliates) may not be first
exercisable in a calendar year for shares of Common Stock having a Fair Market Value (determined as
of the date an Option is granted) exceeding $100,000. An Option granted under this Plan may be
exercised with respect to any number of whole shares less than the full number for which the Option
could be exercised. A partial exercise of an Option shall not affect the right to exercise the
Option from time to time in accordance with this Plan and the applicable Agreement with respect to
the remaining shares subject to the Option. The exercise of an Option shall result in the
termination of any Corresponding SAR to the extent of the number of shares with respect to which
the Option is exercised.

6.08. Payment

     Subject to rules established by the Committee and unless otherwise provided in an Agreement,
payment of all or part of the Option price may be made in cash, certified check, by tendering
shares of Common Stock (which, if acquired from the Company, have been held by the Participant for
at least six months) or by a broker-assisted cashless exercise. If shares of

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Common Stock are used to pay all or part of the Option price, the sum of the cash and cash
equivalent and the Fair Market Value (determined as of the day preceding the date of exercise) of
the shares surrendered must not be less than the Option price of the shares for which the Option is
being exercised.

6.09. Stockholder Rights

     No Participant shall have any rights as a stockholder with respect to shares subject to an
Option until the date of exercise of such Option.

6.10. Disposition of Shares

     A Participant shall notify the Company of any sale or other disposition of shares of Common
Stock acquired pursuant to an Option that was an incentive stock option if such sale or disposition
occurs (i) within two years of the grant of an Option or (ii) within one year of the issuance of
shares of Common Stock to the Participant. Such notice shall be in writing and directed to the
Secretary of the Company.

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ARTICLE VII

SARS

7.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom SARs are to be granted and will specify the number of shares of Common Stock covered by
such awards. No Participant may be granted Corresponding SARs (under the Plan and all plans of the
Company and its Affiliates) that are related to incentive stock options which are first exercisable
in any calendar year for shares of Common Stock having an aggregate Fair Market Value (determined
as of the date the related Option is granted) that exceeds $100,000.

7.02. Maximum SAR Period

     The term of each SAR shall be determined by the Committee on the date of grant, except that no
SAR shall have a term of more than ten years from the date of grant. In the case of a
Corresponding SAR that is related to an incentive stock option granted to a Participant who is a
Ten Percent Shareholder on the date of grant, such Corresponding SAR shall not be exercisable after
the expiration of five years from the date of grant. The terms of any SAR may provide that it has a
term that is less than such maximum period.

7.03. Nontransferability

     Except as provided in Section 7.04, each SAR granted under this Plan shall be nontransferable
except by will or by the laws of descent and distribution. In the event of any such transfer, a
Corresponding SAR and the related Option must be transferred to the same person or persons or
entity or entities. Except as provided in Section 7.04, during the lifetime of the Participant to
whom the SAR is granted, the SAR may be exercised only by the Participant. No right or interest of
a Participant in any SAR shall be liable for, or subject to, any lien, obligation, or liability of
such Participant.

7.04. Transferable SARs

     Section 7.03 to the contrary notwithstanding, if the Agreement provides, an SAR, other than a
Corresponding SAR that is related to an incentive stock option, may be transferred by a Participant
to the Participant’s children, grandchildren, spouse, one or more trusts for the benefit of such
family members or a partnership in which such family members are the only partners, on such terms
and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in effect from time
to time. The holder of an SAR transferred pursuant to this Section shall be bound by the same
terms and conditions that governed the SAR during the period that it was held by the Participant;
provided, however, that such transferee may not transfer the SAR except by will or the laws of
descent and distribution. In the event of any transfer of a Corresponding SAR

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(by the Participant or his transferee), the Corresponding SAR and the related Option must be
transferred to the same person or person or entity or entities.

7.05. Exercise

     Subject to the provisions of this Plan and the applicable Agreement, an SAR may be exercised
in whole at any time or in part from time to time at such times and in compliance with such
requirements as the Committee shall determine; provided, however, that a Corresponding SAR that is
related to an incentive stock option may be exercised only to the extent that the related Option is
exercisable and only when the Fair Market Value exceeds the option price of the related Option. An
SAR granted under this Plan may be exercised with respect to any number of whole shares less than
the full number for which the SAR could be exercised. A partial exercise of an SAR shall not
affect the right to exercise the SAR from time to time in accordance with this Plan and the
applicable Agreement with respect to the remaining shares subject to the SAR. The exercise of a
Corresponding SAR shall result in the termination of the related Option to the extent of the number
of shares with respect to which the SAR is exercised.

7.06. Employee Status

     If the terms of any SAR provide that it may be exercised only during employment or continued
service or within a specified period of time after termination of employment or continued service,
the Committee may decide to what extent leaves of absence for governmental or military service,
illness, temporary disability or other reasons shall not be deemed interruptions of continuous
employment or service.

7.07. Settlement

     At the Committee’s discretion, the amount payable as a result of the exercise of an SAR may be
settled in cash, shares of Common Stock, or a combination of cash and Common Stock. No fractional
share will be deliverable upon the exercise of an SAR but a cash payment will be made in lieu
thereof.

7.08. Stockholder Rights

     No Participant shall, as a result of receiving an SAR, have any rights as a stockholder of the
Company or any Affiliate until the date that the SAR is exercised and then only to the extent that
the SAR is settled by the issuance of Common Stock. Notwithstanding the foregoing, the Committee
may provide in an Agreement that the holder of an SAR is entitled to Dividend Equivalents during
the period beginning on the date of the award and ending on the date the SAR is exercised.

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ARTICLE VIII

STOCK AWARDS

8.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom a Stock Award is to be made and will specify the number of shares of Common Stock covered
by such awards.

8.02. Vesting

     The Committee, on the date of the award, may prescribe that a Participant’s rights in a Stock
Award shall be forfeitable or otherwise restricted for a period of time or subject to such
conditions as may be set forth in the Agreement. By way of example and not of limitation, the
Committee may prescribe that Participant’s rights in a Stock Award shall be forfeitable or
otherwise restricted subject to the attainment of objectives stated with reference to the
Company’s, an Affiliate’s or a business unit’s attainment of objectives stated with respect to
performance criteria established by the Committee.

8.03. Employee Status

     In the event that the terms of any Stock Award provide that shares may become transferable and
nonforfeitable thereunder only after completion of a specified period of employment or continuous
service, the Committee may decide in each case to what extent leaves of absence for governmental or
military service, illness, temporary disability, or other reasons shall not be deemed interruptions
of continuous employment or service.

8.04. Stockholder Rights

     Unless otherwise specified in accordance with the applicable Agreement, while the shares of
Common Stock granted pursuant to the Stock Award may be forfeited or are nontransferable, a
Participant will have all rights of a stockholder with respect to a Stock Award, including the
right to receive dividends and vote the shares; provided, however, that during such period (i) a
Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares
granted pursuant to a Stock Award, (ii) the Company shall retain custody of the certificates
evidencing shares granted pursuant to a Stock Award, and (iii) the Participant will deliver to the
Company a stock power, endorsed in blank, with respect to each Stock Award. The limitations set
forth in the preceding sentence shall not apply after the shares granted under the Stock Award are
transferable and are no longer forfeitable.

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ARTICLE IX

PERFORMANCE UNIT AWARDS

9.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom an award of Performance Units is to be made and will specify the number of shares of Common
Stock or other securities or property covered by such awards.

9.02. Earning the Award

     The Committee, on the date of the grant of an award, shall prescribe that the Performance
Units will be earned, and the Participant will be entitled to receive payment pursuant to the award
of Performance Units, only upon the satisfaction of performance objectives and such other criteria
as may be prescribed by the Committee.

9.03. Payment

     In the discretion of the Committee, the amount payable when an award of Performance Units is
earned may be settled in cash, by the issuance of shares of Common Stock, by the delivery of other
securities or property or a combination thereof. A fractional share of Common Stock shall not be
deliverable when an award of Performance Units is earned, but a cash payment will be made in lieu
thereof. Performance Units may be paid in a lump sum or in installments following the close of the
performance measuring period or, in accordance with procedures established by the Committee, on a
deferred basis.

9.04. Stockholder Rights

     A Participant, as a result of receiving an award of Performance Units, shall not have any
rights as a stockholder until, and then only to the extent that, the award of Performance Units is
earned and settled in shares of Common Stock. After an award of Performance Units is earned and
settled in shares, a Participant will have all the rights of a stockholder as described in Section
8.05.

9.05. Nontransferability

     Except as provided in Section 9.06, Performance Units granted under this Plan shall be
nontransferable except by will or by the laws of descent and distribution. No right or interest of
a Participant in any Performance Units shall be liable for, or subject to, any lien, obligation, or
liability of such Participant.

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9.06. Transferable Performance Units

     Section 9.05 to the contrary notwithstanding, if the Agreement provides, an award of
Performance Units may be transferred by a Participant to the Participant’s children, grandchildren,
spouse, one or more trusts for the benefit of such family members or a partnership in which such
family members are the only partners, on such terms and conditions as may be permitted under Rule
16b-3 under the Exchange Act as in effect from time to time. The holder of Performance Units
transferred pursuant to this Section shall be bound by the same terms and conditions that governed
the Performance Units during the period that they were held by the Participant; provided, however
that such transferee may not transfer Performance Units except by will or the laws of descent and
distribution.

9.07. Employee Status

     In the event that the terms of any Performance Unit award provide that no payment will be made
unless the Participant completes a stated period of employment or continued service, the Committee
may decide to what extent leaves of absence for government or military service, illness, temporary
disability, or other reasons shall not be deemed interruptions of continuous employment or service.

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ARTICLE X

OTHER EQUITY–BASED AWARDS

10.01. Award

     In accordance with the provisions of Article IV, the Committee will designate each individual
to whom an Other Equity-Based Award is to be made and will specify the number of shares of Common
Stock or other equity interests (including interests in the Operating Partnership) covered by such
awards.

10.02. Terms and Conditions

     The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and
conditions which govern the award. The terms and conditions of an Other Equity-Based Award may
prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable,
nontransferable or otherwise restricted for a period of time or subject to such other conditions as
may be determined by the Committee, in its discretion and set forth in the Agreement. Other
Equity-Based Awards may be granted to Participants, either alone or in addition to other awards
granted under the Plan, and Other Stock-Based Awards may be granted in the settlement of other
Awards granted under the Plan.

10.03. Payment or Settlement

     Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based on,
shares of Common Stock, shall be payable or settled in shares of Common Stock, cash or a
combination of Common Stock and cash, as determined by the Committee in its discretion. Other
Equity-Based Awards denominated as equity interests in other than shares of Common Stock may be
paid or settled in shares or units of such equity interests or cash or a combination of both as
determined by the Committee in its discretion.

10.04. Employee Status

     If the terms of any Other Equity-Based Award provides that it may be earned or exercised only
during employment or continued service or within a specified period of time after termination of
employment or continued service, the Committee may decide to what extent leaves of absence for
governmental or military service, illness, temporary disability or other reasons shall not be
deemed interruptions of continuous employment or service.

10.05. Stockholder Rights

     A Participant, as a result of receiving an Other Equity-Based Award, shall not have any rights
as a stockholder until, and then only to the extent that, the Other Equity-Based Award is earned
and settled in shares of Common Stock.

-18-

 

ARTICLE XI

ADJUSTMENT UPON CHANGE IN COMMON STOCK

     The maximum number of shares as to which Options, SARs, Performance Units, Stock Awards and
Other Equity-Based Awards may be granted and the terms of outstanding Stock Awards, Options, SARs,
Performance Units and Other Equity-Based Awards shall be adjusted as the Board shall determine to
be equitably required in the event that (i) the Company (a) effects one or more stock dividends,
stock split-ups, subdivisions or consolidations of shares or (b) engages in a transaction to which
Section 424 of the Code applies or (ii) there occurs any other event which, in the judgment of the
Board necessitates such action. Any determination made under this Article XI by the Board shall be
final and conclusive.

     The issuance by the Company of stock of any class, or securities convertible into stock of any
class, for cash or property, or for labor or services, either upon direct sale or upon the exercise
of rights or warrants to subscribe therefor, or upon conversion of stock or obligations of the
Company convertible into such stock or other securities, shall not affect, and no adjustment by
reason thereof shall be made with respect to, the maximum number of shares as to which Options,
SARs, Performance Units, Stock Awards and Other Equity-Based Awards may be granted or the terms of
outstanding Stock Awards, Options, SARs, Performance Shares or Other Equity-Based Awards.

     The Committee may make Stock Awards and may grant Options, SARs, Performance Units or Other
Equity-Based Awards in substitution for performance shares, phantom shares, stock awards, stock
options, stock appreciation rights, or similar awards held by an individual who becomes an employee
of the Company or an Affiliate in connection with a transaction described in the first paragraph of
this Article XI. Notwithstanding any provision of the Plan (other than the limitation of Section
5.02), the terms of such substituted Stock Awards, SARs, Other Equity-Based Awards, Options or
Performance Units shall be as the Committee, in its discretion, determines is appropriate.

-19-

 

ARTICLE XII

COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES

     No Option or SAR shall be exercisable, no shares of Common Stock shall be issued, no
certificates for shares of Common Stock shall be delivered, and no payment shall be made under this
Plan except in compliance with all applicable federal and state laws and regulations (including,
without limitation, withholding tax requirements), any listing agreement to which the Company is a
party, and the rules of all domestic stock exchanges on which the Company’s shares may be listed.
The Company shall have the right to rely on an opinion of its counsel as to such compliance. Any
stock certificate issued to evidence shares of Common Stock when a Stock Award is granted, a
Performance Unit or Other Equity-Based Award is settled or for which an Option or SAR is exercised
may bear such legends and statements as the Committee may deem advisable to assure compliance with
federal and state laws and regulations. No Option or SAR shall be exercisable, no Stock Award or
Performance Unit shall be granted, no shares of Common Stock shall be issued, no certificate for
shares of Common Stock shall be delivered, and no payment shall be made under this Plan until the
Company has obtained such consent or approval as the Committee may deem advisable from regulatory
bodies having jurisdiction over such matters.

-20-

 

ARTICLE XIII

GENERAL PROVISIONS

13.01. Effect on Employment and Service

     Neither the adoption of this Plan, its operation, nor any documents describing or referring to
this Plan (or any part thereof), shall confer upon any individual or entity any right to continue
in the employ or service of the Company or an Affiliate or in any way affect any right and power of
the Company or an Affiliate to terminate the employment or service of any individual or entity at
any time with or without assigning a reason therefor.

13.02. Unfunded Plan

     This Plan, insofar as it provides for grants, shall be unfunded, and the Company shall not be
required to segregate any assets that may at any time be represented by grants under this Plan.
Any liability of the Company to any person with respect to any grant under this Plan shall be based
solely upon any contractual obligations that may be created pursuant to this Plan. No such
obligation of the Company shall be deemed to be secured by any pledge of, or other encumbrance on,
any property of the Company.

13.03. Rules of Construction

     Headings are given to the articles and sections of this Plan solely as a convenience to
facilitate reference. The reference to any statute, regulation, or other provision of law shall be
construed to refer to any amendment to or successor of such provision of law.

13.04. Withholding Taxes

     Each Participant shall be responsible for satisfying any income and employment tax withholding
obligations attributable to participation in the Plan. Unless otherwise provided by the Agreement,
any such withholding tax obligations may be satisfied in cash (including from any cash payable in
settlement of an award of Performance Units, SARs or Other Equity-Based Award) or a cash equivalent
acceptable to the Committee. Any withholding tax obligations also may be satisfied (a) by
surrendering to the Company shares of Common Stock previously acquired by the Participant;
provided, that if such shares were acquired from the Company they have been held by the Participant
for at least six months; (b) by authorizing the Company to withhold or reduce the number of shares
of Common Stock otherwise issuable to the Participant upon the exercise of an Option or SAR, the
settlement of a Performance Unit award or an Other Equity-Based Award (if applicable) or the grant
or vesting of a Stock Award; or (c) by any other method as may be approved by the Committee. If
shares of Common Stock are used to pay all or part of such withholding tax obligation, the Fair
Market Value of the shares surrendered, withheld or reduced shall be determined as of the day the
tax liability arises.

-21-

 

ARTICLE XIV

LIMITATION ON BENEFITS

14.01. Impact of Change in Control.

     Upon a Change in Control, the Committee is authorized to cause (i) outstanding Options and
SARs to become fully exercisable thereafter, (ii) outstanding Stock Awards to become transferable
and nonforfeitable thereafter and (iii) outstanding Performance Units and Other Equity-Based Awards
to become earned in their entirety.

14.02. Assumption Upon Change in Control.

     In the event of a Change in Control the Committee, in its discretion and without the need for
a Participant’s consent, may provide that an outstanding Option, SAR, Stock Award, Performance Unit
or Other Equity-Based Award shall be assumed by, or a substitute award granted by, the surviving
entity in the Change in Control. Such assumed or substituted award shall be of the same type of
award as the original Option, SAR, Stock Award, Performance Unit or Other Equity-Based Award being
assumed or substituted. The assumed or substituted award shall have a value, as of the Control
Change Date, that is substantially equal to the value of the original award (or the difference
between the Fair Market Value and the option price or Initial Value in the case of Options and
SARs) as the Committee determines is equitably required and such other terms and conditions as may
be prescribed by the Committee.

14.03. Cash-Out Upon Change in Control.

     In the event of a Change in Control the Committee, in its discretion and without the need of a
Participant’s consent, may provide that each Option, SAR, Stock Award and Performance Unit and
Other Equity-Based Award shall be cancelled in exchange for a payment. The payment may be in
cash, shares of Common Stock or other securities or consideration received by stockholders in the
Change in Control transaction. The amount of the payment shall be an amount that is substantially
equal to (i) the amount by which the price per share received by stockholders in the Change in
Control exceeds the Option price or Initial Value in the case of an Option and SAR, or (ii) the
price per share received by stockholders for each share of Common Stock subject to a Stock Award,
Performance Unit or Other Equity-Based Award or (iii) the value of the other securities or property
in which the Performance Unit or Other Equity-Based award is denominated.

14.04. Limitation of Benefits

     The benefits that a Participant may be entitled to receive under this Plan and other benefits
that a Participant is entitled to receive under other plans, agreements and arrangements (which,
together with the benefits provided under this Plan, are referred to as “Payments”), may constitute
Parachute Payments that are subject to Code Sections 280G and 4999. As provided in this Article
XI, the Parachute Payments will be reduced if, and only to the extent that, a reduction

-22-

 

will allow a Participant to receive a greater Net After Tax Amount than a Participant would
receive absent a reduction.

     The Accounting Firm will first determine the amount of any Parachute Payments that are payable
to a Participant. The Accounting Firm also will determine the Net After Tax Amount attributable to
the Participant’s total Parachute Payments.

     The Accounting Firm will next determine the largest amount of Payments that may be made to the
Participant without subjecting the Participant to tax under Code Section 4999 (the “Capped
Payments”). Thereafter, the Accounting Firm will determine the Net After Tax Amount attributable
to the Capped Payments.

     The Participant will receive the total Parachute Payments or the Capped Payments, whichever
provides the Participant with the higher Net After Tax Amount. If the Participant will receive the
Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount of any
noncash benefits under this Plan or any other plan, agreement or arrangement (with the source of
the reduction to be directed by the Participant) and then by reducing the amount of any cash
benefits under this Plan or any other plan, agreement or arrangement (with the source of the
reduction to be directed by the Participant). The Accounting Firm will notify the Participant and
the Company if it determines that the Parachute Payments must be reduced to the Capped Payments and
will send the Participant and the Company a copy of its detailed calculations supporting that
determination.

     As a result of the uncertainty in the application of Code Sections 280G and 4999 at the time
that the Accounting Firm makes its determinations under this Article XIV, it is possible that
amounts will have been paid or distributed to the Participant that should not have been paid or
distributed under this Article XIV (“Overpayments”), or that additional amounts should be paid or
distributed to the Participant under this Article XIV (“Underpayments”). If the Accounting Firm
determines, based on either the assertion of a deficiency by the Internal Revenue Service against
the Company or the Participant, which assertion the Accounting Firm believes has a high probability
of success or controlling precedent or substantial authority, that an Overpayment has been made,
the Participant must repay to the Company, without interest; provided, however, that no loan will
be deemed to have been made and no amount will be payable by the Participant to the Company unless,
and then only to the extent that, the deemed loan and payment would either reduce the amount on
which the Participant is subject to tax under Code Section 4999 or generate a refund of tax imposed
under Code Section 4999. If the Accounting Firm determines, based upon controlling precedent or
substantial authority, that an Underpayment has occurred, the Accounting Firm will notify the
Participant and the Company of that determination and the amount of that Underpayment will be paid
to the Participant promptly by the Company.

     For purposes of this Article XIV, the term “Accounting Firm” means the independent accounting
firm engaged by the Company immediately before the Control Change Date. For purposes of this
Article XIV, the term “Net After Tax Amount” means the amount of any

-23-

 

Parachute Payments or Capped Payments, as applicable, net of taxes imposed under Code Sections
1, 3101(b) and 4999 and any State or local income taxes applicable to the Participant on the date
of payment. The determination of the Net After Tax Amount shall be made using the highest combined
effective rate imposed by the foregoing taxes on income of the same character as the Parachute
Payments or Capped Payments, as applicable, in effect on the date of payment. For purposes of this
Article XIV, the term “Parachute Payment” means a payment that is described in Code Section
280G(b)(2), determined in accordance with Code Section 280G and the regulations promulgated or
proposed thereunder.

     Notwithstanding any other provision of this Article XIV, the limitations and provisions of
this Article XIV shall not apply to any Participant who, pursuant to an agreement with the Company
or the terms of another plan maintained by the Company, is entitled to indemnification for any
liability that the Participant may incur under Code Section 4999.

-24-

 

ARTICLE XV

AMENDMENT

     The Board may amend or terminate this Plan at any time; provided, however, that no amendment
may adversely impair the rights of Participants with respect to outstanding awards. In addition,
an amendment will be contingent on approval of the Company’s stockholders, to the extent required
by law, the rules of any exchange on which the Common Stock is listed or if the amendment would
materially increase the benefits accruing to Participants under the Plan, materially increase the
aggregate number of shares of Common Stock that may be issued under the Plan or materially modify
the requirements as to eligibility for participation in the Plan.

-25-

 

ARTICLE XVI

DURATION OF PLAN

     No Stock Award, Performance Unit Award, Option, SAR or Other Equity-Based Award may be granted
under this Plan after the tenth anniversary of the date that the Plan is adopted by the Board of
Directors. Stock Awards, Performance Unit awards, Options, SARs and Other Equity-Based Awards
granted before such date shall remain valid in accordance with their terms.

-26-

 

ARTICLE XVII

EFFECTIVE DATE OF PLAN

     Options, Stock Awards, Performance Units and Other Equity-Based Awards may be granted
under this Plan on and after the Effective Date, provided that, this Plan shall not be effective
unless approved by a majority of the stockholders of Common Stock entitled to vote and present or
represented by properly executed and delivered proxies at a duly held stockholders’ meeting at
which a quorum is present or by unanimous consent of the stockholders, within twelve months of the
Effective Date.

-27-exv10w75

 

Exhibit 10.75

MASTER AGREEMENT

     THIS MASTER AGREEMENT (this “Agreement”), dated as of the ___day of June, 2005, among
CARR CAPITAL CORPORATION, a District of Columbia corporation (“Carr”), 5454 WISCONSIN
AVENUE REALTY COMPANY LLC, a Delaware limited liability company (“WARC”) and COLUMBIA
EQUITY, LP, a Virginia limited partnership (“CE”), recites and provides as follows:

RECITALS

     A. Carr and The Barlow Corporation, a Maryland corporation have entered into an Agreement and
Plan of Merger, dated as of March 25, 2005 (the “Merger Agreement”).

     B. Carr has entered into a loan application letter agreement (the “GE Loan
Application”), dated May 20, 2005, with General Electric Capital Corporation (“GE”) for
a mortgage loan secured by the Barlow Building in the approximate amount of $61,750,000 (the
“GE Loan”).

     C. WARC and CE, as members, desire to enter into a limited liability company agreement for
Barlow Holdings LLC, a Delaware limited liability company (the “Company”) on the terms and
conditions hereinafter set forth.

     D. Carr desires to assign all of its right, title and interest in the Merger Agreement and the
GE Loan Application to the Company on the terms and conditions hereinafter set forth.

     E. WARC and CE desire for the Company to assume all of Carr’s right, title and interest in the
Merger Agreement and the GE Loan Application and to perform all of Carr’s obligations thereunder on
the terms and conditions hereinafter set forth.

AGREEMENT

     NOW, THEREFORE, in consideration of Ten Dollars ($10.00) in hand paid, of the mutual promises
hereinafter set forth, and of other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

ARTICLE I

FORMATION OF THE COMPANY AND ENTERING INTO THE LIMITED LIABILITY COMPANY AGREEMENT

     SECTION 1.1 Formation of the Company.

     The Company was formed by the filing of a Certificate of Formation in the Office of the
Secretary of State of the State of Delaware on May 12, 2005.

1

 

     SECTION 1.2 Entering into the Limited Liability Company Agreement.

     WARC and CE will enter into a Limited Liability Company Agreement for the Company in
substantially the form attached hereto as Exhibit A, with such changes as WARC and CE shall
mutually agree upon (the “LLC Agreement”). WARC and CE agree to negotiate the final form
of the LLC Agreement in good faith.

ARTICLE II

ASSIGNMENT AND ASSUMPTION OF THE MERGER AGREEMENT AND THE GE LOAN APPLICATION

     SECTION 2.1 Assignment and Assumption of the Merger Agreement and the GE Loan
Application.

     Carr agrees to assign all of its right, title and interest in the Merger Agreement and the GE
Loan Application to the Company, and WARC and CE agree to cause the Company to assume all of
Carr’s right, title and interest in the Merger Agreement and the GE Loan Application, and to
perform all of Carr’s obligations thereunder on the terms and conditions hereinafter set forth.
The Merger Agreement and the GE Loan Application shall be assigned to the Company free and clear of
all liens, encumbrances, security interests, prior assignments or conveyances, conditions,
restrictions, voting agreements, claims, and any other matters affecting title thereto.

     SECTION 2.2 Consideration.

     Carr shall receive no direct consideration for assigning the Merger Agreement and the GE Loan
Application to the Company; provided, however, that upon closing of the GE Loan pursuant to the
terms of the GE Loan Application, Carr shall be entitled to receive from the Company a “debt
sourcing fee” of three-quarters of one percent (.75%) of the original principal amount of the GE
Loan (the “Debt Sourcing Fee”).

ARTICLE III

CONDITIONS PRECEDENT TO THE CLOSING

     SECTION 3.1 Conditions to Carr’s Obligations.

     Carr’s obligation to consummate the Closing (as defined in Section 4.1) is subject to the
timely satisfaction of each and every one of the conditions and requirements set forth in this
Section 3.1, all of which shall be conditions precedent to the Carr’s obligations under this
Agreement.

     (a) CE and WARC Obligations. CE and WARC shall have performed all obligations of CE
and WARC hereunder which are to be performed prior to Closing, and shall have delivered or caused
to be delivered to Carr, all of the documents and other information required of CE and WARC.

2

 

     (b) No Injunction. On the Closing Date (as defined in Section 4.1), there shall be no
effective injunction, writ, preliminary restraining order or other order issued by a court of
competent jurisdiction restraining or prohibiting the consummation of the transactions contemplated
hereby.

     (c) Closing Under the Merger Agreement. Closing (as defined in the Merger Agreement)
shall have occurred.

     (d) Closing. The Closing shall have occurred on or prior to September 1, 2005.

     SECTION 3.2 Conditions to CE’s Obligations.

     CE’s obligations to consummate the Closing is subject to the timely satisfaction of each and
every one of the conditions and requirements set forth in this Section 3.2, all of which shall be
conditions precedent to CE’s obligations under this Agreement.

     (a) Carr and WARC’s Obligations. Carr and WARC shall have performed all obligations
of Carr and WARC hereunder which are to be performed prior to Closing, and shall have delivered or
caused to be delivered to the Contributor, all of the documents and other information required of
Carr and WARC.

     (b) No Injunction. On the Closing Date, there shall be no effective injunction, writ,
preliminary restraining order or other order issued by a court of competent jurisdiction
restraining or prohibiting the consummation of the transactions contemplated hereby.

     (c) Loan Funding. The GE Loan shall have funded.

     (d) Closing Under the Merger Agreement. Closing (as defined in the Merger Agreement)
shall have occurred.

     (e) Closing. The Closing shall have occurred on or prior to September 1, 2005.

SECTION 3.3 Conditions to WARC’s Obligations. 

     WARC’s obligations to consummate the Closing is subject to the timely satisfaction of each and
every one of the conditions and requirements set forth in this Section 3.3, all of which shall be
conditions precedent to WARC’s obligations under this Agreement.

     (a) Carr and CE’s Obligations. Carr and CE shall have performed all obligations of
Carr and CE hereunder which are to be performed prior to Closing, and shall have delivered or
caused to be delivered to the Contributor, all of the documents and other information required of
Carr and WARC.

     (b) No Injunction. On the Closing Date, there shall be no effective injunction, writ,
preliminary restraining order or other order issued by a court of competent jurisdiction
restraining or prohibiting the consummation of the transactions contemplated hereby.

     (c) Loan Funding. The GE Loan shall have funded.

3

 

     (d) Closing Under the Merger Agreement. Closing (as defined in the Merger Agreement)
shall have occurred.

     (e) Closing. The Closing shall have occurred on or prior to September 1, 2005.

ARTICLE IV

CLOSING AND CLOSING DOCUMENTS

     SECTION 4.1 Closing.

     The consummation and closing (the “Closing”) of the transactions contemplated under this
Agreement shall take place at the offices of Hunton & Williams LLP, Washington, D.C., or such other
place as is mutually agreeable to the parties, on the date of the closing of the initial public
offering of Columbia Equity Trust, Inc. (the “Closing Date”), or as otherwise set by agreement of
the parties; provided, however, that this Agreement shall terminate if Closing does not occur prior
to September 1, 2005.

     SECTION 4.2 Deliveries.

     (a) At the Closing, Carr shall deliver the following:

     (i) Assignment of Merger Agreement and GE Loan Application. Carr shall have
executed and delivered an Assignment and Assumption Agreement, in substantially the form of
Exhibit B attached hereto (the “Assignment and Assumption”), granting and
conveying to the Company all of Carr’s right, title and interest in the Merger Agreement and
GE Loan Application free and clear of all liens, encumbrances, security interests, prior
assignments, voting agreements, conditions, restrictions, claims, and other matters
affecting title thereto;

     (ii) Authority Documents. Evidence satisfactory to CE and WARC that the person
or persons executing the closing documents on behalf of Carr has full right, power, and
authority to do so.

     (b) At the Closing, CE shall deliver the following:

     (i) LLC Agreement. CE shall have executed and delivered to WARC the LLC
Agreement (to the extent finally agreed upon).

     (ii) Authority Documents. Evidence satisfactory to Carr and WARC that the
person or persons executing the closing documents on behalf of CE has full right, power, and
authority to do so.

     (c) At the Closing, WARC shall deliver the following:

     (i) LLC Agreement. WARC shall have executed and delivered to CE the LLC
Agreement (to the extent finally agreed upon).

4

 

     (ii) Authority Documents. Evidence satisfactory to Carr and CE that the person
or persons executing the closing documents on behalf of WARC has full right, power, and
authority to do so.

     (d) At the Closing, CE and WARC shall cause the Company to deliver the following:

     (i) Assumption of Merger Agreement and GE Loan Application. The Company shall
have executed and delivered the Assignment and Assumption Agreement, assuming all of Carr’s
right, title and interest in the Merger Agreement and GE Loan Application and agreeing to
perform all of Carr’s obligations thereunder;

     (ii) Debt Sourcing Fee. The Debt Sourcing Fee to Carr.

     (iii) Authority Documents. Evidence satisfactory to Carr that the person or
persons executing the closing documents on behalf of the Company has full right, power, and
authority to do so.

ARTICLE V

MISCELLANEOUS PROVISIONS

     SECTION 5.1 Completeness; Modification.

     This agreement constitutes the entire agreement between the parties hereto with respect to the
transactions contemplated hereby and supersedes all prior discussions, understandings, agreements
and negotiations between the parties hereto. Each party hereby acknowledges that it is not relying
on any representation or warranty of the other not contained in this Agreement in connection with
its entering into this Agreement or consummation of the transaction contemplated hereby. This
Agreement may be modified only by a written instrument duly executed by the parties hereto.

     SECTION 5.2 Governing Law.

     This Agreement and all documents referred to herein shall be governed by and construed and
interpreted in accordance with the laws of the State of Maryland.

     SECTION 5.3 Counterparts.

     To facilitate execution, this Agreement may be executed in as many counterparts as may be
required. It shall not be necessary that the signature on behalf of both parties hereto appear on
each counterpart hereof. All counterparts hereof shall collectively constitute a single agreement.

     SECTION 5.4 Severability.

     If any term, covenant or condition of this Agreement, or the application thereof to any person
or circumstance, shall to any extent be invalid or unenforceable, the remainder of this Agreement,
or the application of such term, covenant or condition to other persons or

5

 

circumstances, shall not be affected thereby, and each term, covenant or condition of this
Agreement shall be valid and enforceable to the fullest extent permitted by law.

     SECTION 5.5 Incorporation by Reference.

     All of the exhibits attached hereto are by this reference incorporated herein and made a part
hereof.

     SECTION 5.6 Assignment.

     No party may assign its rights hereunder without the prior consent of the other parties
hereto.

[SIGNATURES ON FOLLOWING PAGES]

6

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed in their names by
their respective duly authorized representatives.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Carr:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Carr Capital Corporation, a District of Columbia

corporation
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Oliver T. Carr, III	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Oliver T. Carr, III	 	 
	 	 	Title:	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	WARC:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	5454 Wisconsin Avenue Realty Company LLC, a

Delaware limited liability company
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Commingled Pension Trust Fund (Special

Situation) of JPMorgan Chase Bank, N.A., its

sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	JPMorgan Chase Bank, N.A., as

Trustee	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Nathaniel R. Daly	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	Nathaniel R. Daly	 	 
	 

	 	 	 	 	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	CE:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Columbia Equity, LP, a Virginia limited partnership
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Columbia Equity Trust, Inc., a Maryland
corporation, its general partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Oliver T. Carr, III	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	Name:	 	Oliver T. Carr, III	 	 
	 	 	 	 	Title:	 	Chairman and Chief Executive Officer	 	 

 

 

Exhibit B

ASSIGNMENT AGREEMENT

     This ASSIGNMENT AGREEMENT (the “Assignment”) is entered into as of the ___day of _________,
2005, by and between Carr Capital Corporation, a District of Columbia corporation (the “Assignor”)
and Barlow Holdings LLC, a Delaware limited liability company (the “Assignee”).

RECITALS:

     A. Assignor is a party to that certain Agreement and Plan of Merger with The Barlow
Corporation, a Maryland Corporation, dated as of March 25, 2005 (the “Merger Agreement”).

     B. Assignor is a party to that certain loan application letter with General Electric Capital
Corporation, dated May 20, 2005 (the “GE Loan Application”).

     C. Assignor desires to assign all of its right, title and interest in the Merger Agreement and
the GE Loan Application to the Assignee.

     D. Assignee desires to assume all of Assignor’s right, title and interest in the Merger
Agreement and the GE Loan Application.

     NOW, THEREFORE, in consideration of the foregoing, the payment of Ten Dollars ($10.00) and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Assignor and Assignee agree as follows:

     1. Incorporation. The recitals are, by this reference, incorporated into this
Assignment and made a part of it as if fully restated in this paragraph 1.

     2. Assignment. Assignor hereby assigns to Assignee all of Assignor’s right, title and
interest in and Assignee assumes all of Assignor’s obligations under the Merger Agreement and the
GE Loan Application.

     3. Miscellaneous. This Assignment shall be binding upon and shall inure to the
benefit of and be enforceable by the parties hereto and their respective successors and assigns.
This Assignment shall be governed and construed in accordance with the laws of the State of
Maryland.

     4. Counterparts. This Assignment may be executed in multiple counterparts, each of
which shall be deemed an original, and all of which, taken together, shall constitute one and the
same instrument.

[SIGNATURES ON FOLLOWING PAGE]

 

 

     IN WITNESS WHEREOF, the parties hereto have executed this Assignment as of the date and year
first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	ASSIGNOR:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Carr Capital Corporation	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	Name:	 	Oliver T. Carr, III	 	 	 	 	 	 
	 	 	Title:	 	President and Chief Executive Officer	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	ASSIGNEE:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Barlow Holdings LLC	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By: Columbia Equity, LP, a Virginia limited

partnership, its manager	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By: Columbia Equity Trust, Inc., a Maryland
corporation, its general partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Oliver T. Carr, III	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:
	 	Chairman and Chief	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]