Document:

<B><FONT SIZE=2><P ALIGN="RIGHT">EXHIBIT 10.10</B></P>

<B><P ALIGN="CENTER">EXECUTIVE EMPLOYMENT AGREEMENT</P>
</B><P ALIGN="JUSTIFY">&#9;This Employment Agreement ("Agreement") is made
between Alexandria Real Estate Equities, Inc. (the "Company") and James H.
Richardson ("Employee"), effective as of January&nbsp;1, 2005 (the "Effective
Date").</P>
<B><P ALIGN="CENTER">RECITALS</P>
</B><P ALIGN="JUSTIFY">&#9;Whereas, Employee is currently employed by the
Company as its President, pursuant to an Executive Employment Agreement
originally adopted on December 31, 1997 and subsequently extended through
December 31, 2004; and</P>
<P ALIGN="JUSTIFY">&#9;Whereas, the Company desires to continue to employ
Employee as its President, and Employee is willing to continue such employment
by the Company, on the terms and subject to the conditions set forth in this
Agreement.</P>
<B><P ALIGN="CENTER">AGREEMENT</P>
</B><P ALIGN="JUSTIFY">&#9;Now, Therefore, in consideration of the mutual
promises and subject to the terms and conditions set forth herein, the parties
hereto agree as follows:</P>
<B><P ALIGN="JUSTIFY">SECTION 1.</B>&#9;<B>POSITION; DUTIES; LOCATION.</P>
</B><P ALIGN="JUSTIFY">&#9;During the Term (as defined in Section 2 below),
Employee agrees to be employed by and to serve the Company as its President, and
the Company agrees to employ and retain Employee in such capacity.  In addition,
Employee agrees to serve in such capacities for the Company's subsidiaries, and
in such additional capacities consistent with Employee's current position as a
senior executive of the Company, as may be determined by the Board of Directors
of the Company (the "Board"), and the Company agrees to employ Employee in such
capacities.  Employee shall devote such of his business time, energy, and skill
to the affairs of the Company and its subsidiaries as shall be necessary to
perform the duties of such positions.  Notwithstanding the foregoing, subject to
any written policies of the Company, nothing in this Agreement shall preclude
Employee from (i) engaging in charitable and community affairs and not-for-
profit activities, so long as they are consistent with his duties and
responsibilities under this Agreement; (ii) managing his personal investments;
(iii) serving on the boards of directors of non-profit companies; and (iv)
serving on the boards of directors of other for-profit companies; provided,
however, that, prior to accepting a position on any such for-profit board of
directors, Employee shall obtain the approval of the Board (or, if applicable,
the appropriate committee thereof), which shall not be unreasonably withheld;
and provided, further, however, that Employee shall submit to the Board (or the
appropriate committee thereof) a list of any for-profit boards of directors on
which Employee is serving as of the Effective Date of this Agreement.  Employee
shall report to the Chief Executive Officer ("CEO") and at all times during the
Term shall have powers and duties at least commensurate with his position as a
senior executive officer.  Employee shall be based in the San Francisco Bay
Area, except for required travel on the Company's business.</P>
<B><P ALIGN="JUSTIFY">SECTION 2.&#9;TERM.</P>
</B><P ALIGN="JUSTIFY">The term of this Agreement (the "Term") shall be for a
period commencing on the "Effective Date" and ending on December 31, 2009,
unless terminated earlier pursuant to Section 3 of this Agreement.  Commencing
on December 31, 2009, and on each subsequent anniversary thereof, the Term shall
be automatically extended for one (1) additional year unless, no later than six
(6) months before such date, either party shall have given written notice to the
other that it does not wish to extend the Term.  References herein to the Term
shall refer to both the initial Term and any such extended Term.</P>
<B><P ALIGN="JUSTIFY">SECTION 3.&#9;COMPENSATION AND OTHER BENEFITS.</P>
</B><P ALIGN="JUSTIFY">In consideration of Employee's employment, and except as
otherwise provided herein, Employee shall receive from the Company the
compensation and benefits described in this Section 3.  Employee authorizes the
Company to deduct and withhold from all compensation to be paid to Employee any
and all sums required to be deducted or withheld by the Company pursuant to the
provisions of any federal, state, or local law, regulation, ruling, or
ordinance, including, but not limited to, income tax withholding and payroll
taxes.</P>
<B><P ALIGN="JUSTIFY">3.1&#9;Base Salary.</B>  During the Term and subject to
the terms and conditions set forth herein, the Company agrees to pay Employee an
annual base salary equal to Four Hundred and Seventy Five Thousand Dollars
($475,000), less standard payroll deductions and tax withholdings, payable on
the Company's regular payroll schedule (the "Base Salary").  Employee's Base
Salary shall be reviewed no less frequently than on each anniversary of the
Effective Date during the Term by the Board (or such committee as may be
appointed by the Board for such purpose).  The Base Salary payable to Employee
shall be increased on each such anniversary date (and such other times as the
Board or a committee of the Board may deem appropriate during the Term) to an
amount determined by the Board (or a committee of the Board).  Each such new
Base Salary shall become the base for each successive annual increase; provided,
however, that such increase, at a minimum, shall be equal to the cumulative
cost-of-living increment as reported in the "Consumer Price Index, San
Francisco, California, All Items," published by the U.S. Department of Labor
(using January 1, 2005 as the base date for comparison).  Any increase in Base
Salary or other compensation shall in no way limit or reduce any other
obligations of the Company hereunder and, once established at an increased
specified rate, Employee's Base Salary shall not be reduced unless Employee
otherwise agrees in writing.</P>
<P ALIGN="JUSTIFY">&#9;&#9;<B>3.2&#9;Bonus.</B>&nbsp;&nbsp;Employee shall be
eligible to receive a bonus for each fiscal year of the Company (or portion
thereof) during the Term (each, a "Bonus"), with the Bonus to consist of (i) a
retention bonus equal to 50% of Employee's Base Salary (the "Retention Bonus")
for the Employee's continued good faith service through the end of such fiscal
year, which shall be deemed to be earned as of January 1 of the next fiscal year
and paid no later than the end of the first quarter of that next fiscal year at
the time at which such Retention Bonuses are paid by the Company to senior
executives; and (ii) an amount (the "Performance Bonus") as determined in the
sole discretion of the Board (or a committee of the Board) based upon its
evaluation of Employee's performance and the performance of the Company during
such year and such other factors and conditions as the Board (or a committee of
the Board) deems relevant (the "Performance Bonus Criteria"), with the amount
payable upon achievement of target levels of performance being no less than 50%
of Base Salary (the "Performance Bonus Target"); provided, however, that the
Board, in its reasonable discretion, may provide for an award in an amount less
than the Performance Bonus Target in the event that the Performance Bonus
Criteria are not fully achieved and for an award in an amount more than the
Performance Bonus Target in the event that the Performance Bonus Criteria are
exceeded.  Any such Performance Bonus shall be payable within 185 days after the
end of Corporation's fiscal year (the "Bonus Year") to which such Performance
Bonus relates; provided that, in the event that Employee terminates employment
with the Company for any reason other than a termination by the Company for
Cause after the end of the Bonus Year and prior to the date when such
Performance Bonuses are paid by the Company to senior executives, then Employee
shall receive the same Performance Bonus that would have been awarded to
Employee in the absence of such termination and it shall be paid to Employee at
the same time that Performance Bonuses are paid by the Company to other senior
executives.  The Performance Bonus Criteria shall be developed in the reasonable
discretion of the Board (or a committee of the Board) after consultation with
Employee.</P>
<P ALIGN="JUSTIFY">&#9;&#9;<B>3.3&#9;Restricted Stock; Options.</B>  As of
January 1, 2006, Employee shall be granted 12,500 shares (the "Signing Bonus
Shares") of restricted Company stock, as a signing bonus in recognition of,
among other things, his superior performance during his previous period of
employment, which shares shall vest in equal monthly increments over a period of
twenty-four (24) months.  Employee shall also be eligible for additional grants
of restricted stock in the Company from time to time as shall be determined by
the Compensation Committee of the Board in its sole discretion, and subject to
such vesting, exercisability, and other provisions as the Board may determine in
its discretion, after reviewing the performance of both Employee and the
Company.  Any stock options that Employee has already been granted by the
Company prior to the execution of this Agreement shall continue to be governed
in all respects by the terms of the applicable stock option agreement, grant
notice and plan documents.</P>
<P ALIGN="JUSTIFY">&#9;&#9;<B>3.4&#9;Vacation.</B>  Employee shall be entitled
to accrue a minimum of six (6) weeks of paid vacation during each calendar year
during the Term and any extensions thereof, prorated for partial years.  Any
accrued vacation not taken during any year may be carried forward to subsequent
years; provided that Employee may not accrue more than twelve (12) weeks of
unused vacation at any time.  Unused vacation in excess of Employee's allowable
accrued vacation under the foregoing proviso shall be promptly paid to Employee
at the end of each year in a cash amount equal to the number of weeks of excess
vacation time, multiplied by Employee's weekly Base Salary.</P>
<P ALIGN="JUSTIFY">&#9;&#9;<B>3.5&#9;Life Insurance.</B>  During the Term, the
Company shall, at its sole cost and expense, procure and keep in effect term
life insurance on the life of Employee, payable to such beneficiaries as
Employee may from time to time designate, in the aggregate amount of $2,500,000.
Such policy shall be owned by Employee or by a member of his immediate family.
The Company shall have no incidents of ownership therein.</P>
<P ALIGN="JUSTIFY">&#9;&#9;<B>3.6&#9;Disability Insurance.</B>&nbsp;&nbsp;During
the Term, the Company shall, at its sole cost and expense, procure and keep in
effect long-term disability, accidental death and disability, and short-term
disability insurance coverage comparable to Employee's current disability
insurance policy, payable to Employee in an annual amount not less than sixty
percent (60%) of Employee's then existing Base Salary. </P>
<P ALIGN="JUSTIFY">&#9;&#9;<B>3.7&#9;Other Benefits.</B>  Employee shall be
eligible to participate in such of the Company's benefit and deferred
compensation plans as may be made available to executive officers of the
Company, including, without limitation, the Company's stock incentive plans,
annual incentive compensation plans, profit sharing/pension plans, deferred
compensation plans, annual physical examinations, dental plans, vision plans,
sick pay, medical plans, personal catastrophe and accidental death insurance
plans, financial planning, automobile arrangements, retirement plans and
supplementary executive retirement plans, if any.  For purposes of establishing
the length of service under any benefit plans or programs of the Company,
Employee's employment with the Company shall be deemed to have commenced on July
31, 1997.  </P>
<P ALIGN="JUSTIFY">&#9;&#9;<B>3.8&#9;Reimbursement for
Expenses.</B>&nbsp;&nbsp;During the Term, the Company shall reimburse Employee
for all reasonable out-of-pocket business and/or entertainment expenses incurred
by Employee for the purpose of and in connection with the performance of his
services pursuant to this Agreement.  Employee shall be entitled to such
reimbursement upon the presentation by Employee to the Company of vouchers or
other statements itemizing such expenses in reasonable detail consistent with
the Company's policies.  In addition, Employee shall be entitled to
reimbursement for (i) dues and membership fees in professional organizations
and/or industry associations in which Employee is currently a member or becomes
a member; (ii) appropriate industry seminars and mandatory continuing education
and (iii) membership in a health club of Employee's choosing up to a maximum
annual fee of $2,500.  </P>
<B><P ALIGN="JUSTIFY">SECTION 4.&#9;TERMINATION; SEVERANCE.</P>
<P ALIGN="JUSTIFY">4.1&#9;Termination.</B>  Either the Company or Employee may
terminate this Agreement at any time prior to the end of the Term, with or
without Cause or Good Reason, subject to the terms and conditions set forth
herein.  </P>
<B><P ALIGN="JUSTIFY">4.2&#9;Compensation and Benefits Upon Termination.</B>
Upon the termination of this Agreement for any reason, the Company shall pay
Employee: (a) all of Employee's accrued and unused vacation and unpaid Base
Salary earned through Employee's last day of employment (the "Separation Date");
and (b) any Bonus earned but unpaid as of the Separation Date (i.e., in the
event Employee has worked through the end of the fiscal year and earned a Bonus,
but such Bonus has not been paid as of the Separation Date).  </P>
<B><P ALIGN="JUSTIFY">4.3&#9;Termination For Cause.</B>  The Company shall be
entitled to terminate this Agreement for Cause (as defined herein) immediately
upon written notice to Employee, which notice shall specify the reason for and
the effective date of such termination.  In that event, the Company shall pay
Employee the compensation set forth in Section 4.2 of this Agreement, and
Employee shall not be entitled to any further compensation from the Company,
including severance benefits.</P>
<B><P ALIGN="JUSTIFY">&#9;&#9;4.4&#9;Termination Without Cause.</B>  The Company
shall be entitled to terminate this Agreement without Cause (as defined herein)
immediately upon written notice to Employee. In that event, the Employee shall
receive the following severance benefits:</P>
<B><P ALIGN="JUSTIFY">(a)</B>&#9;A lump sum amount (payable within ten (10) days
following the Separation Date) equal to the Base Salary otherwise payable to
Employee during the remainder of the Term had such early termination of this
Agreement not occurred (but in no event less than two years of Base Salary),
plus a lump sum amount equal to Employee's target bonus for the fiscal year in
which Employee's employment termination is effective as determined by the Board
(or a committee thereof) (or if such target has not yet been determined, the
average of the annual bonuses earned by Employee in the two (2) years
immediately preceding the date of termination) ("Target Bonus").  These amounts
shall be subject to standard payroll deductions and withholdings.</P>
<B><P ALIGN="JUSTIFY">(b)</B>&#9;The Company shall accelerate the vesting of any
equity awards previously granted to Employee by the Company (whether in the form
of stock options or shares of restricted stock) such that all unvested shares
shall be deemed vested as of the Separation Date.</P>
<P ALIGN="JUSTIFY">In the event the Company terminates Employee's employment
without Cause following a Change in Control (as defined herein), then Employee
shall be entitled to the accelerated vesting set forth above in Section 4.4(b)
of this Agreement, as well as the cash severance payments set forth in Section
4.4(a) of this Agreement, except that such lump-sum amounts shall be multiplied
by three (3); provided that the total of such lump sums shall not exceed three
times Employee's Base Salary plus three times Employee's Target Bonus.  </P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">4.5&#9;Termination Upon Death or Disability.</B>  The
Agreement shall terminate immediately upon Employee's death or Disability (as
defined herein).  In that event, Employee shall be entitled to the compensation
set forth in Section 4.2 of this Agreement, as well as the severance benefits
set forth in Sections 4.4(a) and (b) of this Agreement.</P>
<B><P ALIGN="JUSTIFY">4.6&#9;Resignation Without Good Reason.  </B>Employee
shall be entitled to resign without Good Reason at any time upon written notice
to the Company thirty (30) days prior to the effective date of such resignation,
which shall be specified in Employee's notice of resignation.  In that event,
the Company shall pay Employee the compensation set forth in Section 4.2 of this
Agreement, and Employee shall not be entitled to any further compensation from
the Company, including severance benefits.</P>
<P ALIGN="JUSTIFY">&#9;&#9;<B>4.7&#9;Resignation For Good Reason Not Following A
Change In Control. </B> Employee shall be entitled to terminate this Agreement
upon a material breach of this Agreement by the Company, or a failure to provide
directors and officers liability insurance coverage applicable to Employee, at
any time not following a Change in Control, if such breach or failure is not
cured by the Company within thirty (30) days after Employee delivers the Company
written notice thereof specifying the nature of such breach or failure.  In that
event, the Employee's resignation shall be deemed a resignation for Good Reason,
and Employee shall be entitled to the compensation set forth in Section 4.2 of
this Agreement, as well as the severance benefits set forth in Sections 4.4(a)
and (b) of this Agreement.  Employee's right to terminate Employee's employment
under this Section 4.7, as well as under Section 4.8 for Good Reason following a
Change in Control, shall not be affected by any Disability of Employee, and
Employee's continued employment by the Company shall not constitute a consent
to, or a waiver of rights with respect to, any circumstance giving rise to a
resignation for Good Reason under either Sections 4.7 or 4.8 of this
Agreement.</P>
<P ALIGN="JUSTIFY">&#9;&#9;<B>4.8&#9;Resignation For Good Reason Following A
Change In Control.</B>  Employee shall be entitled to terminate this Agreement
for Good Reason following a Change in Control (as defined in Section 4.10.3
herein).  In that event, Employee shall be entitled to the accelerated vesting
set forth above in Section 4.4(b) of this Agreement, as well as the cash
severance payments set forth in Section 4.4(a) of this Agreement, except that
such lump-sum amounts shall be multiplied by three (3); provided that the total
of such lump sums shall not exceed three times Employee's Base Salary plus three
times Employee's Target Bonus.</P>
<B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">4.9&#9;Release. </B> As a condition to receipt of any
severance benefits under this Agreement, Employee (or Employee's heirs, in the
event of Employee's death) shall be required to provide the Company with an
effective general release of any and all known and unknown claims against the
Company and its officers, directors, employees, shareholders, parents,
subsidiaries, successors, agents, and affiliates, in a form reasonably required
by the Company.</P>
<B><P ALIGN="JUSTIFY">4.10&#9;Definitions.</B>  For purposes of this Agreement,
the following definitions shall apply:</P>
<B><P ALIGN="JUSTIFY">4.10.1&#9; Disability.</B>  The term "disability" shall
mean a physical or mental disability that renders Employee unable to perform one
or more of the essential functions of his job, as determined by the Board, for a
period of 180 days during any 365 day period. </P>
<B><P ALIGN="JUSTIFY">4.10.2&#9; Cause. </B> For purposes of this Agreement,
"Cause" shall mean: (a) Employee's use of alcohol or narcotics which proximately
results in the willful Material Breach (as defined below) or habitual willful
neglect of Employee's duties under this Agreement; (b) Employee's criminal
conviction of fraud, embezzlement, misappropriation of assets, malicious
mischief, or any felony; or (c) Employee's willful Material Breach of this
Agreement, if such willful Material Breach is not cured by Employee within
thirty (30) days after the Company's written notice thereof specifying the
nature of such willful Material Breach.  For purposes of this Section 4.10.2,
the term willful "Material Breach" shall mean the substantial and continual
willful nonperformance of Employee's duties under this Agreement which the Board
determines has resulted or is likely to result in material injury to the
Company.</P>
<P ALIGN="JUSTIFY">&#9;&#9;&#9;<B>4.10.3 &#9; Good Reason Following A Change In
Control. </B> Following a Change in Control (as defined in Section 4.10.4
below), "Good Reason" shall mean, without the Employee's express written
consent, a material breach of this Agreement by the Company, including the
occurrence of any of the following circumstances, which breach is not fully
corrected within thirty (30) days after written notice thereof specifying the
nature of such breach has been delivered to the Company: (a) the assignment to
the Employee of any duties inconsistent with the position in the Company that
the Employee held immediately prior to the Change in Control, or an adverse
alteration in the nature or status of the Employee's responsibilities from those
in effect immediately prior to such change; (b) a reduction by the Company in
the Employee's annual base salary as in effect on the date hereof or as the same
may be increased from time to time; (c) the relocation of the Employee's offices
to a location outside the San Francisco Peninsula (or, if different, the
metropolitan area in which such offices are located immediately prior to the
Change in Control), or the Company's requiring Employee to travel on the
Company's business to an extent not substantially consistent with Employee's
business travel obligations immediately prior to the Change in Control; (d) the
failure by the Company to pay the Employee any portion of his current
compensation except pursuant to an across-the-board compensation deferral
similarly affecting all the Employees of the Company and all the Employees of
any entity whose actions resulted in a Change in Control, or to pay Employee any
portion of an installment of deferred compensation under any deferred
compensation program of the Company, within seven (7) days of the date such
compensation is due; (e) the failure by the Company to continue in effect any
compensation plan in which the Employee participates immediately prior to the
Change in Control which is material to the Employee's total compensation, unless
an equitable arrangement (embodied in an ongoing substitute or alternative plan)
has been made with respect to such plan, or the failure by the Company to
continue Employee's participation therein (or in such substitute or alternative
plan) on a basis not materially less favorable, both in terms of the amount of
benefits provided and the level of participation relative to other participants,
as existed at the time of the Change in Control; (f) the failure by the Company
to continue to provide Employee with benefits substantially similar to those
under any of the Company's directors and officers liability insurance, life
insurance, medical, health and accident, or disability plans in which the
Employee was participating at the time of the Change in Control, the taking of
any action by the Company which would directly or indirectly materially reduce
any of such benefits or deprive the Employee of any material fringe benefit
enjoyed by him at the time of the Change in Control, or the failure by the
Company to provide the Employee with the number of paid vacation days to which
he is entitled in accordance with the Company's normal vacation policy in effect
at the time of the Change in Control; or (g) the failure of the Company to
obtain a satisfactory agreement from any successor to assume and agree to
perform this Agreement.</P>
<P ALIGN="JUSTIFY">&#9;<B>4.10.4&#9; Change of Control.</B>  A "Change in
Control" shall be deemed to have occurred if:</P>
<P ALIGN="JUSTIFY">&#9;&#9;&#9;<B>(a)</B>&#9;any Person, as such term is used in
section 3(a)(9) of the Securities Exchange Act of 1934, as amended from time to
time (the "Exchange Act"), as modified and used in sections 13(d) and 14(d)
thereof, except that such term shall not include (A) the Company or any of its
subsidiaries, (B) a trustee or other fiduciary holding securities under an
employee benefit plan of the Company or any of its affiliates, (C) an
underwriter temporarily holding securities pursuant to an offering of such
securities, (D) a Company owned, directly or indirectly, by the stockholders of
the Company in substantially the same proportions as their ownership of stock of
the Company, or (E) a person or group as used in Rule 13d-1(b) under the
Exchange Act, that is or becomes the Beneficial Owner, as such term is defined
in Rule 13d-3 under the Exchange Act, directly or indirectly, of securities of
the Company (not including in the securities beneficially owned by such Person
any securities acquired directly from the Company or its affiliates other than
in connection with the acquisition by the Company or its affiliates of a
business) representing twenty-five percent (25%) or more of the combined voting
power of the Company's then outstanding securities; or</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;&#9;&#9;<B>(b)</B>&#9;the following individuals cease for
any reason to constitute a majority of the number of directors then serving:
individuals who, on the date hereof, constitute the Board and any new director
(other than a director whose initial assumption of office is in connection with
an actual or threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of the Company) whose
appointment or election by the Board or nomination for election by the Company's
stockholders was approved or recommended by a vote of at least two-thirds (2/3)
of the directors then still in office who either were directors on the date
hereof or whose appointment, election or nomination for election was previously
so approved or recommended; or</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;&#9;&#9;<B>(c)</B>&#9;there is consummated a merger or
consolidation of the Company with any other Company, other than (A) a merger or
consolidation which would result in the voting securities of the Company
outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity or any parent thereof), in combination with
the ownership of any trustee or other fiduciary holding securities under an
employee benefit plan of the Company or any subsidiary of the Company, at least
seventy-five percent (75%) of the combined voting power of the securities of the
Company or such surviving entity or any parent thereof outstanding immediately
after such merger or consolidation, or (B) a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which no
Person is or becomes the Beneficial Owner, directly or indirectly, of securities
of the Company (not including in the securities beneficially owned by such
Person any securities acquired directly from the Company or its affiliates other
than in connection with the acquisition by the Company or its affiliates of a
business) representing twenty-five percent (25%) or more of the combined voting
power of the Company's then outstanding securities; or</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;&#9;&#9;<B>(d)</B>&#9;the stockholders of the Company
approve a plan of complete liquidation or dissolution of the Company or there is
consummated an agreement for the sale or disposition by the Company of all or
substantially all of the Company's assets, other than a sale or disposition by
the Company of all or substantially all of the Company's assets to an entity, at
least seventy-five (75%) of the combined voting power of the voting securities
of which are owned by stockholders of the Company in substantially the same
proportions as their ownership of the Company immediately prior to such
sale.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;&#9;<B>4.11&#9;<A NAME="_Toc116466922">Gross-Up</B>.  If
any of the Total Payments (as hereinafter defined) will be subject to the tax
imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the
"Code") (the "Excise Tax"), the Company shall pay to the Employee, no later than
the tenth (10th) day following the Separation Date, an additional amount (the
"Gross-Up Payment") such that the net amount retained by him, after deduction of
any Excise Tax on the Total Payments and any federal, state and local income tax
and excise tax upon the payment provided for by this Section 4.11, shall be
equal to the Total Payments.  For purposes of determining whether any of the
Total Payments will be subject to the Excise Tax and the amount of such Excise
Tax, (i) all payments or benefits received or to be received by the Employee in
connection with a Change in Control or the termination of the Employee's
employment (whether payable pursuant to the terms of this Agreement or of any
other plan, arrangement or agreement with the Company, its successors, any
person whose actions result in a Change in Control or any person affiliated (or
which, as a result of the completion of the transactions causing a Change in
Control, will become affiliated) with the Company or such person within the
meaning of Section 1504 of the Code (the "Total Payments")) shall be treated as
"parachute payments" (within the meaning of Section 280G(b)(2) of the Code)
unless, in the opinion of tax counsel selected by the Company's independent
auditors and reasonably acceptable to the Employee, such payments or benefits
(in whole or in part) do not constitute parachute payments, including by reason
of Section 280G(b)(4)(A) of the Code, and all "excess parachute payments"
(within the meaning of Section 280G(b)(1) of the Code) shall be treated as
subject to the Excise Tax, unless in the opinion of such tax counsel such excess
parachute payments represent reasonable compensation for services actually
rendered within the meaning of Section 280G(b)(4)(B) of the Code, or are not
otherwise subject to the Excise Tax, and (ii) the value of any noncash benefits
or any deferred payment or benefit shall be determined by the Company's
independent auditors in accordance with the principles of Sections 280G(d)(3)
and (4) of the Code.  For purposes of determining the amount of the Gross-Up
Payment, Employee shall be deemed to pay federal income taxes at the highest
marginal rate of federal income taxation in the calendar year in which the
Gross-Up Payment is to be made and state and local income taxes at the highest
marginal rate of taxation in the state and locality of the residence of Employee
on the Separation Date, net of the maximum reduction in federal income taxes
that could be obtained from deduction of such state and local taxes.</A></P>
<P ALIGN="JUSTIFY"><A NAME="_Toc116466923">&#9;&#9;<B>4.12&#9;No Offset</B>.
Employee shall not be required to mitigate damages under this Agreement by
seeking other comparable employment or otherwise.  </A></P>
<B><P ALIGN="JUSTIFY">SECTION 5.&#9;PROPRIETARY INFORMATION AND INVENTIONS
AGREEMENT.</P>
</B><P ALIGN="JUSTIFY">Employee shall be required to continue compliance with
his obligations under the Employee Proprietary Information and Inventions
Agreement that Employee previously executed with the Company.  </P>
<B><P ALIGN="JUSTIFY">SECTION 6.&#9;COMPANY POLICIES.</P>
</B><P ALIGN="JUSTIFY">Employee shall be required to continue compliance with
the Company's employee policies and procedures established by the Company from
time to time.  </P>

<B>SECTION 7.&#9;ASSIGNABILITY.
</B><P ALIGN="JUSTIFY">This Agreement is binding upon and inures to the benefit
of the parties and their respective heirs, executors, administrators, personal
representatives, successors and assigns.  The Company may assign its rights or
delegate its duties under this Agreement at any time and from time to time.
However, the parties acknowledge that the availability of Employee to perform
services and the covenants provided by Employee hereunder are personal to
Employee and have been a material consideration for the Company to enter into
this Agreement.  Accordingly, Employee may not assign any of Employee's rights
or delegate any of Employee's duties under this Agreement, either voluntarily or
by operation of law, without the prior written consent of the Company, which may
be given or withheld by the Company in its sole and absolute discretion.</P>
<B>SECTION 8.&#9;NOTICES.
</B><P ALIGN="JUSTIFY">All notices and other communications under this Agreement
shall be in writing and shall be given by facsimile, first class mail (certified
or registered with return receipt requested), or Federal Express overnight
delivery, and shall be deemed to have been duly given three days after mailing
or twenty-four (24) hours after transmission of a facsimile or Federal Express
overnight delivery (if the receipt of the facsimile or Federal Express overnight
delivery is confirmed) to the respective persons named below:</P>
<P>&#9;If to the Company:&#9;Alexandra Real Estate Equities, Inc.</P>
<P>&#9;&#9;&#9;385 E. Colorado Boulevard<BR>
&#9;&#9;&#9;Suite 299</P>
<P>&#9;&#9;&#9;Pasadena, CA&nbsp;&nbsp;91101</P>
<P>&#9;&#9;&#9;Phone:&nbsp;&nbsp;(626) 578 0777</P>
<P>&#9;If to Employee:&#9;James H. Richardson<BR>
&#9;&#9;&#9;c/o Alexandria Real Estate Equities, Inc.<BR>
&#9;&#9;&#9;2929 Campus Drive <BR>
&#9;&#9;&#9;Suite 400A <BR>
&#9;&#9;&#9;San Mateo, CA 94403-2537</P>
<P ALIGN="JUSTIFY">Any Party may change such Party's address for notices by
notice duly given pursuant hereto.</P>
<B>SECTION 9.&#9;ARBITRATION.
</B><P ALIGN="JUSTIFY">To ensure the timely and economical resolution of
disputes that may arise in connection with Employee's employment with the
Company, Employee and the Company agree that any and all disputes, claims, or
causes of action arising from or relating to the enforcement, breach,
performance, negotiation, execution, or interpretation of this Agreement,
Employee's employment, or the termination of Employee's employment, shall be
resolved to the fullest extent permitted by law by final, binding and
confidential arbitration, by a single arbitrator, in Los Angeles, California,
conducted by JAMS under the then applicable JAMS rules. <B>By agreeing to this
arbitration procedure, both Employee and the Company waive the right to resolve
any such dispute through a trial by jury or judge or administrative
proceeding.</B>  The arbitrator shall:  (a) have the authority to compel
adequate discovery for the resolution of the dispute and to award such relief as
would otherwise be permitted by law; and (b) issue a written arbitration
decision, to include the arbitrator's essential findings and conclusions and a
statement of the award.  The arbitrator shall be authorized to award any or all
remedies that Employee or the Company would be entitled to seek in a court of
law.  The Company shall pay all JAMS' arbitration fees in excess of the amount
of court fees that would be required if the dispute were decided in a court of
law.  Nothing in this Agreement is intended to prevent either Employee or the
Company from obtaining injunctive relief in court to prevent irreparable harm
pending the conclusion of any such arbitration.  </P>
<B>SECTION 10.&#9;MISCELLANEOUS.</OL>

<P ALIGN="JUSTIFY">10.1&#9;Entire Agreement.</B>  This Agreement contains the
full, complete, and exclusive embodiment of the entire agreement of the parties
with regard to the subject matter hereof and supersedes all prior
communications, representations, or agreements, oral or written, and all
negotiations, conversations or discussions between or among the parties relating
to this Agreement.  Employee has not entered into this Agreement in reliance on
any representations, written or oral, other than those contained herein.  Any
ambiguity in this document shall not be construed against either party as the
drafter.</P>
<B><P ALIGN="JUSTIFY">10.2&#9;Amendment.</B>  This Agreement may not be amended
except by an instrument in writing duly executed by the parties hereto.</P>
<B><P ALIGN="JUSTIFY">10.3&#9;Applicable Law; Choice of Forum.</B>  This
Agreement has been made and executed under, and will be construed and
interpreted in accordance with, the laws of the State of California.</P>
<B><P ALIGN="JUSTIFY">10.4&#9;Provisions Severable.</B>  Every provision of this
Agreement is intended to be severable from every other provision of this
Agreement.  If any provision of this Agreement is held to be invalid, illegal or
unenforceable, in whole or in part, such invalidity, illegality or
unenforceability shall not affect the other provisions of this Agreement; and
this Agreement shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein except to the extent that such
provision may be construed and modified so as to render it valid, lawful, and
enforceable in a manner consistent with the intent of the parties to the extent
compatible with the applicable law as it shall then appear.</P>
<B><P ALIGN="JUSTIFY">10.5&#9;Non-Waiver of Rights and Breaches.</B>  Any waiver
by a party of any breach of any provision of this Agreement will not be deemed
to be a waiver of any subsequent breach of that provision, or of any breach of
any other provision of this Agreement.  No failure or delay in exercising any
right, power, or privilege granted to a party under any provision of this
Agreement will be deemed a waiver of that or any other right, power or
privilege.  No single or partial exercise of any right, power or privilege
granted to a party under any provision of this Agreement will preclude any other
or further exercise of that or any other right, power or privilege.</P>
<B><P ALIGN="JUSTIFY">10.6&#9; Headings.</B>  The headings of the Sections and
Paragraphs of this Agreement are inserted for ease of reference only, and will
have no effect in the construction or interpretation of this Agreement.</P>
<B><P ALIGN="JUSTIFY">10.7&#9; Counterparts.</B>  This Agreement and any
amendment or supplement to this Agreement may be executed in two or more
counterparts, each of which will constitute an original but all of which will
together constitute a single instrument.  Transmission by facsimile of an
executed counterpart signature page hereof by a party hereto shall constitute
due execution and delivery of this Agreement by such party.</P>
<P ALIGN="JUSTIFY">&#9;&#9;<B>10.8&#9;Indemnification</B>.  In addition to any
rights to indemnification to which Employee is entitled under the Company's
Charter and By-Laws, the Company shall indemnify Employee at all times during
and after the Term of this Agreement to the maximum extent permitted under
Section 2-418 of the General Corporation Law of the State of Maryland or any
successor provision thereof and any other applicable state law, and shall pay
Employee's expenses in defending any civil or criminal action, suit, or
proceeding in advance of the final disposition of such action, suit, or
proceeding, to the maximum extent permitted under such applicable state
laws.</P>
<P ALIGN="JUSTIFY">In Witness Whereof, the parties hereto have caused this
Agreement to be duly executed on January 9, 2006, effective as of the Effective
Date.  </P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">ALEXANDRIA REAL ESTATE EQUITIES,
INC. </P>
</B>

<P ALIGN="JUSTIFY">By:<U>/s/Joel S. Marcus</U>&#9;<U>&#9;&#9;&#9;&#9;&#9;</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Name:<U>Joel S. Marcus</U>&#9;<br>
Title:<U>Chief Executive Officer</U>&#9;</P>
<P ALIGN="JUSTIFY">&#9;&#9;</P>

<P><B>JAMES H.
RICHARDSON</B></P>
<P><U>/s/James H. Richardson</U></P><B><FONT SIZE=2><P ALIGN="RIGHT">EXHIBIT 10.11</P>

<P ALIGN="CENTER">AMENDED AND RESTATED<BR>
EXECUTIVE EMPLOYMENT AGREEMENT</B></P>
</B><P ALIGN="JUSTIFY">THIS AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT
(this "Agreement"), originally made and entered into as of the 5th day of
January, 1994 (the "Original Effective Date"), and thereafter amended from time
to time, by and between Alexandria Real Estate Equities, Inc., a Maryland
corporation ("Corporation") and Joel S. Marcus, an individual ("Officer"), is
hereby amended and restated in its entirety effective as of January 1, 2005 (the
"Effective Date") to read as follows:</P>
<B><P ALIGN="CENTER">RECITAL</P>
</B><P ALIGN="JUSTIFY">WHEREAS, Corporation desires to continue to employ
Officer as its Vice Chairman and Chief Executive Officer, and Officer is willing
to continue to accept such employment by Corporation, on the terms and subject
to the conditions set forth in this Agreement.</P>
<P ALIGN="JUSTIFY">NOW, THEREFORE, in consideration of the mutual covenants
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree to amend
and restate this Agreement as follows:</P>
<OL>

<B><P ALIGN="JUSTIFY"><LI><U>Position and Duties; Location</U>.</LI></P>
</B><P ALIGN="JUSTIFY">During the Term (as defined below), Officer agrees to be
employed by and to serve Corporation as its Vice Chairman and Chief Executive
Officer.  In addition, Officer agrees to serve in such capacities for
Corporation's subsidiaries, and in such additional capacities consistent with
Officer's current position as a senior executive officer, as may be determined
by the Board of Directors of Corporation (the "Board").  Corporation agrees to
employ and retain Officer in such capacities.  Officer shall devote such of his
business time, energy, and skill to the affairs of Corporation and its
subsidiaries as shall be necessary to perform the duties of such positions.
Notwithstanding the foregoing, subject to any written policies of Corporation,
nothing in this Agreement shall preclude Officer from (i) engaging in charitable
and community affairs and not-for-profit activities, so long as they are
consistent with his duties and responsibilities under this Agreement; (ii)
managing his family and other personal investments; (iii) serving on the boards
of directors of non-profit companies; and (iv) serving on the boards of
directors of other for-profit companies; provided, however, that, prior to
accepting a position hereafter on any such for-profit board of directors,
Officer shall obtain the approval of the Board (or, if applicable, the
appropriate committee thereof), which shall not be unreasonably withheld; and
provided, further, however, that Officer shall submit to the Board (or the
appropriate committee thereof) a list of any for-profit boards of directors on
which Officer is serving as of the Effective Date.  Officer shall only report to
and be responsible directly to the Chairman of the Board and to the Board and at
all times during the Term shall have powers and duties at least commensurate
with his positions, including, without limitation, the right to hire or
terminate any subordinate officers and any employees without the approval or
consent of the Board or any other officer of Corporation; provided, however,
that Officer shall consult with the Board before exercising his right to hire or
terminate the Chief Financial Officer, Chief Operating Officer, and President of
Corporation; and provided further that Officer and Corporation acknowledge that
nothing in this Agreement modifies the authority of the Compensation Committee
of the Board to establish the aggregate compensation levels of senior officers,
above the level of vice president, of Corporation.  Officer shall be based at
the principal executive offices of Corporation in the Los Angeles, California
metropolitan area, except for reasonable required travel on Corporation's
business.</P>
<B><P ALIGN="JUSTIFY"><LI><U>Term of Employment</U>.</LI></P>
</B><P ALIGN="JUSTIFY">The Term of this Agreement (the "Term") shall be for a
period commencing on January 1, 2005 and ending on December 31, 2009 (together
with any later date resulting from an extension as contemplated below, the
"Termination Date"), unless terminated earlier pursuant to this Agreement (the
"Early Termination Date," and, as the context so requires, a "Termination
Date").  Commencing on December 31, 2009, and on each subsequent anniversary
thereof, the Term shall be automatically extended for one additional year
unless, no later than six months before such date, either party shall have given
written notice to the other that it does not wish to extend the Term.
References herein to the Term shall refer to both the initial Term and any such
extended Term.</P>
<B><P ALIGN="JUSTIFY"><LI><U>Compensation, Benefits and
Reimbursement</U>.</LI></P>
<OL>

<P ALIGN="JUSTIFY">3.1&nbsp;&nbsp;<U>Base Salary</B></U>.  During the Term, Officer shall
be entitled to the following base salary:</P>
<OL TYPE="a">

<B><P ALIGN="JUSTIFY"><LI><U>Minimum Base Salary</U>.</B>  During the Term and
subject to the terms and conditions set forth herein, Corporation agrees to pay
to Officer an annual "Base Salary" of $675,000, or such higher amount as may
from time to time be determined by Corporation.  Unless otherwise agreed in
writing by Officer and Corporation, the salary shall be payable in substantially
equal semi-monthly installments in accordance with the standard policies of
Corporation in existence from time to time.</LI></P>
<B><P ALIGN="JUSTIFY"><LI><U>Earned Base Salary</B></U>.  For purposes of any
early termination of this Agreement as provided in Paragraph 4 below, the term
"Earned Base Salary" shall mean all semi-monthly installments of the Base Salary
which have become due and payable to Officer, together with any partial monthly
installment prorated on a daily basis up to and including the applicable
Termination Date.</LI></P></OL>

<B><P ALIGN="JUSTIFY">3.2&nbsp;&nbsp;<U>Increases in Base
Salary</B></U>.&nbsp;&nbsp;Officer's Base Salary shall be reviewed no less
frequently than on each anniversary of the Effective Date during the Term by the
Board (or such committee as may be appointed by the Board for such purpose).
The Base Salary payable to Officer shall be increased on each such anniversary
date (and such other times as the Board or a committee of the Board may deem
appropriate during the Term) to an amount determined by the Board (or a
committee of the Board).  Each such new Base Salary shall become the base for
each successive annual increase; provided, however, that such increase, at a
minimum, shall be equal to the cumulative cost-of-living increment as reported
in the "Consumer Price Index, Los Angeles, California, All Items," published by
the U.S. Department of Labor (using January 1, 2005 as the base date for
comparison).  Any increase in Base Salary or other compensation shall in no way
limit or reduce any other obligations of Corporation hereunder and, once
established at an increased specified rate, Officer's Base Salary shall not be
reduced unless Officer otherwise agrees in writing.</LI></P>
<B><P ALIGN="JUSTIFY">3.3&nbsp;&nbsp;<U>Bonus</B></U>.&nbsp;&nbsp;During the Term, Officer
is eligible for the following cash bonus (each, a "Bonus"):</P>
<OL TYPE="a">

<B><P ALIGN="JUSTIFY"><LI><U>Bonus</B></U>.&nbsp;&nbsp;Officer shall be eligible
to receive a Bonus for each fiscal year of Corporation (or portion thereof)
during the Term, with the Bonus to consist of (i) a retention bonus equal to 50%
of Base Salary (the "Retention Bonus"), which shall be deemed earned as of
January 1 of the next fiscal year and paid no later than the end of the first
quarter of that next fiscal year; and (ii) an amount (the "Performance Bonus")
as determined in the sole discretion of the Board (or a committee of the Board)
based upon its evaluation of Officer's performance during such year and such
other factors and conditions as the Board (or a committee of the Board) deems
relevant (the "Performance Bonus Criteria"), with the amount payable upon
achievement of target levels of performance being no less than 50% of Base
Salary (the "Performance Bonus Target"); provided, however, that the Board, in
its reasonable discretion, may provide for an award in an amount less than the
Performance Bonus Target in the event that the Performance Bonus Criteria are
not fully achieved and for an award in an amount more than the Performance Bonus
Target in the event that the Performance Bonus Criteria are exceeded.  Any such
Performance Bonus shall be payable within 185 days after the end of
Corporation's fiscal year to which such Bonus relates.  Officer shall also
receive a cash signing bonus, which shall be earned and paid on a monthly basis
in the form of twelve (12) monthly payments of $100,000 each, beginning with a
$100,000 payment on April 1, 2006, and ending with the twelfth payment on March
1, 2007.  </LI></P>
<B><P ALIGN="JUSTIFY"><LI><U>Determination of Bonus</B></U>.&nbsp;&nbsp;The
Performance Bonus Criteria shall be developed in the reasonable discretion of
the Board (or a committee of the Board) after consultation with
Officer.</LI></P></OL>

<B><P ALIGN="JUSTIFY">3.4&nbsp;&nbsp;<U>Additional Benefit</B>s</U>.&nbsp;&nbsp;During the
Term, Officer shall be entitled to the following additional benefits:  </P>
<OL TYPE="a">

<B><P ALIGN="JUSTIFY"><LI><U>Officer Benefits</B></U>.&nbsp;&nbsp;Officer shall
be eligible to participate in such of Corporation's benefit and deferred
compensation plans as are made available to executive officers of Corporation,
including, without limitation, Corporation's stock incentive and other equity-
based compensation plans, annual incentive compensation plans, profit
sharing/pension plans, deferred compensation plans, annual physical
examinations, dental plans, vision plans, sick pay, medical plans, personal
catastrophe and accidental death insurance plans, financial planning, automobile
arrangements, retirement plans and supplementary executive retirement plans, if
any.  For purposes of establishing the length of service under any benefit plans
or programs of Corporation, Officer's employment with Corporation shall be
deemed to have commenced on the Original Effective Date of this
Agreement.</LI></P>
<B><P ALIGN="JUSTIFY"><LI><U>Vacation</B></U>.&nbsp;&nbsp;Officer shall be
entitled to accrue a minimum of six weeks of paid vacation during each year
during the Term and any extensions thereof, prorated for partial years.  Any
accrued vacation not taken during any year may be carried forward to subsequent
years; provided that Officer may not accrue more than 12 weeks of unused
vacation at any time.  Unused vacation in excess of Officer's allowable accrued
vacation under the foregoing proviso shall be promptly paid to Officer at the
end of each year in a cash amount equal to (i) the number of weeks of excess
vacation time, multiplied by (ii) weekly Base Salary.</LI></P>
<B><P ALIGN="JUSTIFY"><LI><U>Life Insurance</B></U>.&nbsp;&nbsp;During the Term,
Corporation shall, at its sole cost and expense, procure and keep in effect term
life insurance (a minimum five year term certain policy) on the life of Officer,
payable to such beneficiaries as Officer may from time to time designate, in the
aggregate amount of $5,000,000.  Such policy shall be owned by Officer or by a
member of his immediate family.  Corporation shall have no incidents of
ownership therein.</LI></P>
<B><P ALIGN="JUSTIFY"><LI><U>Disability Insurance</U>.</B>&nbsp;&nbsp;During the
Term, Corporation shall, at its sole cost and expense, procure and keep in
effect long-term disability and accidental death and disability insurance and
short-term disability coverage (the "Disability Policy") similar to Officer's
current disability insurance policy on Officer, payable to Officer in an annual
amount not less than 60% of Officer's then existing Base Salary, Retention
Bonus, Performance Bonus, and other cash compensation subject to such
limitations as may be applicable under California law and under standard
insurance underwriters requirements.  The premiums for the foregoing coverage
shall be included in Officer's gross income.   </LI></P>
<B><P ALIGN="JUSTIFY"><LI><U>Reimbursement for
Expenses</U>.</B>&nbsp;&nbsp;During the Term, Corporation shall reimburse
Officer for all reasonable out-of-pocket business and/or entertainment expenses
incurred by Officer for the purpose of and in connection with the performance of
his services pursuant to this Agreement.  Officer shall be entitled to such
reimbursement upon the presentation by Officer to Corporation of vouchers or
other statements itemizing such expenses in reasonable detail consistent with
Corporation's policies.  In addition, Officer shall be entitled to reimbursement
for (i) dues and membership fees in professional organizations and/or industry
associations in which Officer is currently a member or becomes a member; (ii)
appropriate industry seminars and mandatory continuing education and (iii)
membership in a health club or other health-related activity of Officer's
choosing up to a maximum annual fee of $5,000.  Corporation shall pay Officer
for all reasonable attorney's fees, disbursements and costs incurred by Officer
in connection with the negotiation, preparation and execution of this Agreement,
within 15 days following presentation of invoices which have been paid.
</LI></P>
<B><P ALIGN="JUSTIFY"><LI><U>Withholding</B></U>.&nbsp;&nbsp;Compensation and
benefits paid to Officer under this Agreement shall be subject to applicable
federal, state and local wage deductions and other deductions required by
law.</LI></P>
<B><P ALIGN="JUSTIFY"><LI><U>Certain Restricted Stock; Certain Other Equity-
Related Provisions</B></U>.&nbsp;&nbsp;Effective as of the date that this
Agreement is executed by Corporation and Officer, Officer shall be granted
30,000 shares of restricted stock of Corporation as a stock signing bonus in
recognition of, among other things, his superior performance during his previous
period of employment.  These 30,000 shares of restricted stock shall be granted
effective January 1, 2006 and vest 1/24th each month over the 24-month period
from January 1, 2006 through December 31, 2007.  In addition, without limiting
the generality of Paragraph 3.4(a) above, Officer shall be eligible during the
Term to participate in any stock incentive or other equity-based compensation
plans of Corporation on a basis that is no less favorable than that applicable
to other senior executives of Corporation.  With respect to restricted stock and
other equity or equity-based compensation awards (excluding awards of stock
options and stock appreciation rights), Corporation shall pay Officer an
additional cash amount as a tax gross-up upon each vesting or other taxation
date with respect to such awards equal to 40% of the value of the shares,  other
property or cash included in Officer's taxable income on such date (but not more
than $1 million in any calendar year; provided that any unused potential gross-
up under such $1 million cap shall be carried over and available so as to
increase the cap for the next and all subsequent years for which there could be
a required gross-up payment, until such carried-over amount is used up);
regardless of whether the applicable award was, is or will be made before,
concurrently with or after the date hereof.  Officer will receive the full cash
dividends attributable to all nonforfeited shares of restricted stock (or
units), regardless of whether such shares (or units) have become vested on or
before the record date for such dividends on the shares (or, as applicable, the
underlying shares).  Upon a Change in Control (as defined below), (i) any and
all equity or equity-based compensation shall vest; and (ii) any and all options
shall be exercisable for their full terms without regard to the termination of
Officer's employment. </LI></P></OL>
</OL>

<B><P ALIGN="JUSTIFY"><LI><U>Termination of this Agreement</U>.</LI></P>
<OL>

<P ALIGN="JUSTIFY">4.1&nbsp;&nbsp;<U>Termination by Corporation Defined</B></U>.</P>
<OL TYPE="a">

<B><P ALIGN="JUSTIFY"><LI><U>Termination Without Cause</B></U>.  Subject to the
provisions set forth in<BR>
Paragraph 4.3 below, "Termination Without Cause" shall constitute any
termination of Officer's employment by Corporation other than termination for
Cause (as defined below).</LI></P>
<B><P ALIGN="JUSTIFY"><LI><U>Termination for Cause</B></U>.  Subject to the
provisions set forth in<BR>
Paragraph 4.3 below, prior to the Termination Date, Corporation shall have the
right to terminate this Agreement for Cause 30 days after written notice has
been delivered to Officer, which notice shall specify the specific facts
relating to and reason for, and the effective date of, such termination (which
date shall be the applicable Early Termination Date).  For purposes of this
Agreement, "Cause" shall mean the following:</LI></P>
<OL TYPE="i">

<P ALIGN="JUSTIFY"><LI>Officer's use of alcohol or narcotics which proximately
results in the willful material breach or habitual willful neglect of Officer's
duties under this Agreement;</LI></P>
<P ALIGN="JUSTIFY"><LI>Officer's criminal conviction of fraud, embezzlement,
misappropriation of assets, or any felony, but in no event traffic or similar
violations; or</LI></P>
<P ALIGN="JUSTIFY"><LI>Officer's willful Material Breach (as defined below) of
this Agreement, if such willful Material Breach is not cured by Officer within
30 days after Corporation's written notice thereof specifying the nature of such
willful Material Breach.  For purposes of this Paragraph 4.1(b), the term
willful "Material Breach" (A) shall mean the substantial and continual willful
nonperformance of Officer's material duties under this Agreement resulting from
Officer's gross negligence or willful misconduct which the Board reasonably
determines has resulted in material injury to Corporation and (B)
notwithstanding anything in this Paragraph 4.1(b) to the contrary, the term
willful "Material Breach" shall include Officer's willful material violation of
any specific and proper resolution passed by the Board (or a committee thereof)
consistent with this Agreement.</LI></P></OL>

<P ALIGN="JUSTIFY">Notwithstanding the foregoing, Cause shall in no event be
deemed to exist except (i) as to any event or condition allegedly constituting
Cause, as to which notice is given not more than 30 days following the date that
such event or condition first becomes known to the Board, and (ii) upon a
finding reflected in a resolution of the Board approved by at least two-thirds
of the members of the Board, excluding Officer (whose finding shall not be
binding upon or entitled to any deference by any court, arbitrator or other
decision-maker ruling on this Agreement), at a meeting of which Officer shall
have been given proper notice and at which Officer (and Officer's counsel) shall
have a reasonable opportunity to present Officer's case.</P>
<P ALIGN="JUSTIFY">For purposes of this Paragraph 4.1(b), no act or omission or
other conduct shall be considered "willful" if Officer believed in good faith
that such act or omission or conduct was in or not opposed to the best interests
of Corporation.</P>
<B><P ALIGN="JUSTIFY"><LI><U>Termination by Reason of Death or
Disability</B></U>.  Subject to the provisions set forth in Paragraph&nbsp;4.3
below, prior to the Termination Date, Corporation shall have the right to
terminate this Agreement by reason of Officer's death or Permanent Disability.
For purposes of this benefit, "Permanent Disability" shall mean any physical or
mental disability which causes Officer to be unable to perform all of Officer's
material duties as an employee of Corporation for 180 consecutive business days.
Notwithstanding the foregoing, if Corporation asserts that Officer has a
Permanent Disability; (i)&nbsp; Corporation shall give Officer at least
15&nbsp;business days' advance written notice thereof; (ii)&nbsp;Officer shall
have the right within 10 business days after such notice to dispute
Corporation's assertion; (iii)&nbsp;within 10&nbsp;business days after
exercising such right Officer shall submit to a physical examination by a
physician affiliated with any major metropolitan hospital and selected by
Officer; provided, however, that, prior to such physical examination, Officer
shall obtain the approval of the Board (or if applicable, its designated
committee) with respect to the selection of such physician, which approval shall
not be unreasonably withheld; and (iv)&nbsp;if such physician shall issue his
written statement to the effect that in his opinion, based on his diagnosis,
Officer is capable of resuming his employment and devoting his full time and
energy to discharging his duties within 10&nbsp;business days after the date of
such statement, Corporation shall not have the right to terminate Officer under
this Paragraph&nbsp;4.1(c) without further dispute.  </LI></P></OL>

<B><P ALIGN="JUSTIFY">4.2&nbsp;&nbsp;<U>Termination by Officer Defined</B></U>.</P>
<OL TYPE="a">

<B><P ALIGN="JUSTIFY"><LI><U>Termination Other than for Good Reason</B></U>.
Subject to the provisions set forth in Paragraph 4.3 below, Officer shall have
the right to terminate this Agreement for any reason other than for Good Reason
(as defined below), at any time prior to the Termination Date, upon written
notice delivered to Corporation 30 days prior to the effective date of
termination specified in such notice (which date shall be the applicable Early
Termination Date).</LI></P>
<B><P ALIGN="JUSTIFY"><LI><U>Termination for Good
Reason</U>.</B>&nbsp;&nbsp;Subject to the provisions of Paragraph 4.3 below,
Officer shall have the right to terminate this Agreement prior to the
Termination Date in the event of Good Reason.  For the purposes of this
Agreement, "Good Reason" shall mean, without Officer's express written consent,
the occurrence of any of the following circumstances, and in the case of clauses
(i), (iii), (v), (vi), (vii), (viii) and (ix) of this Paragraph 4.2(b), failure
of Corporation to cure such circumstances within 30 days after written notice
thereof specifying the nature of such circumstances has been delivered to
Corporation (it being agreed that, if Corporation effects a cure of an event or
condition under any particular one of such clauses, it shall not again be
permitted during the Term to cure an event or condition under that same clause);
provided that Officer shall be required to provide such written notice to
Corporation within 30 days following the date that such circumstance first
becomes known to Officer:</LI></P>
<OL TYPE="i">

<P ALIGN="JUSTIFY"><LI>the assignment to Officer of any duties inconsistent with
Officer's positions as set forth in Paragraph l, or an adverse alteration in the
nature or status of Officer's responsibilities;</LI></P>
<P ALIGN="JUSTIFY"><LI>upon or after a Change in Control (as defined below), a
substantial change in the nature of the business operations of
Corporation;</LI></P>
<P ALIGN="JUSTIFY"><LI>a reduction by Corporation in Officer's Base Salary or
Retention Bonus as in effect on the date hereof or as the same may be increased
from time to time;</LI></P>
<P ALIGN="JUSTIFY"><LI>the relocation of Corporation's principal executive
offices to a location outside the Los Angeles and Pasadena, California
metropolitan areas, or Corporation's requiring Officer to be based anywhere
other than Corporation's principal executive offices except for required travel
on Corporation's business to an extent substantially consistent with Officer's
business travel obligations immediately to the date hereof;</LI></P>
<P ALIGN="JUSTIFY"><LI>the failure by Corporation to pay Officer any portion of
his current compensation, or to pay Officer any portion of an installment of
deferred compensation under any deferred compensation program of Corporation,
within seven days of the date such compensation is due;</LI></P>
<P ALIGN="JUSTIFY"><LI>upon or after a Change in Control, the failure by
Corporation to continue in effect any compensation plan in which Officer
participates immediately prior to the Change in Control which is material to
Officer's total compensation, unless an equitable arrangement (embodied in an
ongoing substitute or alternative plan) has been made with respect to such plan,
or the failure by Corporation to continue Officer's participation therein (or in
such substitute or alternative plan) on a basis not materially less favorable,
both in terms of the amount of benefits provided and the level of participation
relative to other participants, as existed prior to the Change in
Control;</LI></P>
<P ALIGN="JUSTIFY"><LI>upon or after a Change in Control, the failure by
Corporation to continue to provide Officer with benefits substantially similar
to those under any of Corporation's directors and officers liability insurance,
life insurance, medical, health and accident, or disability plans in which
Officer was participating at the time of a Change in Control, the taking of any
action by Corporation which would directly or indirectly materially reduce any
of such benefits or deprive Officer of any material fringe benefit enjoyed by
him at the time of a Change in Control, or the failure by Corporation to provide
Officer with the number of paid vacation days to which he is entitled on the
basis of years of service with Corporation in accordance with Corporation's
normal vacation policy in effect at the time of the Change in Control;</LI></P>
<P ALIGN="JUSTIFY"><LI>the failure of Corporation to obtain a satisfactory
agreement from any successor to assume and agree to perform this Agreement;
or</LI></P>
<P ALIGN="JUSTIFY"><LI>a material breach of this Agreement by
Corporation.</LI></P></OL>
</OL>

<P ALIGN="JUSTIFY">Officer's right to terminate Officer's employment for Good
Reason shall not be affected by Officer's incapacity due to physical or mental
illness.  In addition, notwithstanding any other provision of this Agreement,
(i) any termination of employment by Corporation (other than a termination by
Corporation for Cause), or failure to renew this Agreement, during the six-month
period following a Change in Control (the "Six-Month Period") shall  be treated
as a termination by Officer for Good Reason, and (ii) any termination of
employment (other than a termination by Corporation for Cause), regardless of
the reason therefor or the party initiating the termination,  shall be treated
as a termination by Officer for Good Reason if it occurs within the 30-day
period following the Six-Month Period.</P>
<B><P ALIGN="JUSTIFY">4.3&nbsp;&nbsp;<U>Effect of Termination</B></U>.  In the event that
this Agreement is terminated by Corporation or Officer prior to the Termination
Date in accordance with the provisions of this Paragraph 4, the obligations and
covenants of the parties under this Paragraph 4 shall be of no further force and
effect, except for the obligations of the parties set forth below in this
Paragraph 4.3, and such other provisions of this Agreement which shall survive
termination of this Agreement as provided in Paragraph 6.11 below.  Except as
otherwise specifically set forth in this Agreement, all amounts due upon
termination shall be payable on the date such amounts would otherwise have been
paid had the Agreement continued through its Term; provided, however, that
Deferred Amounts (as defined below) shall be payable within 30 days following
the Early Termination Date.  In the event of any such early termination in
accordance with the provisions of this Paragraph 4.3, Officer shall be entitled
to the following:</LI></P>
<OL TYPE="a">

<B><P ALIGN="JUSTIFY"><LI><u>Termination by Corporation</U>.</LI></P>
<OL TYPE="i">

</B><P ALIGN="JUSTIFY"><LI><U>Termination Without Cause</U>.&nbsp;&nbsp;In the
event that Corporation terminates this Agreement without Cause pursuant to
Paragraph 4.1(a) above, Officer shall be entitled to:  (i) Earned Base Salary;
(ii) any earned Bonus, for the fiscal year of Corporation immediately prior to
the fiscal year in which Officer is terminated, that Officer is entitled to
receive, pursuant to Paragraph 3.3 of this Agreement, but which has not been
paid to Officer as of the Early Termination Date, in the amount in which such
bonus either has been determined or approved by the Board (or a committee of the
Board) or is readily ascertainable (in all cases without regard to any ability
of the Board (or committee) to exercise any negative discretion regarding
payment), at the same time that other executive bonuses are determined, by
reference to Performance Bonus Criteria previously established by the Board (or
a committee of the Board) (an "Earned Bonus"); (iii) vested benefits pursuant to
written employee benefit plans ("Earned Benefits") and reimbursable expenses;
(iv) any compensation earned but deferred ("Deferred Amounts"); (v) a pro rata
Bonus for the portion of the fiscal year in which Officer's termination occurs,
equal to the sum of (a) a pro rata portion of the Retention Bonus for the
applicable year and (b) a pro rata portion of the Performance Bonus for the
applicable year, which shall be determined by an independent certified public
accountant mutually acceptable to Officer and Corporation, based on
Corporation's or Officer's, as applicable, level of achievement of the
Performance Bonus Criteria during the financial quarters in the year of
Officer's termination that were completed prior to such termination, provided
that if such termination occurs prior to the end of the first financial quarter
of the applicable year, the Performance Bonus shall be determined based on
Corporation's or Officer's, as applicable, level of achievement of the
Performance Bonus Criteria for the immediately preceding year, and provided,
further, that in any event, for purposes of this clause (b), the Performance
Bonus that is to be prorated for the applicable year shall not be less than the
Performance Bonus for the immediately preceding year (a "Pro Rata Bonus"); (vi)
the Severance Payment (as defined below); (vii) continued participation
throughout the three-year period following Officer's termination of employment
in all employee welfare and pension benefit plans, programs or arrangements to
the extent permitted by those plans (but at such costs no higher than as in
effect immediately preceding such termination, provided that Corporation shall
in no event be required to provide any benefits otherwise required by this
clause (vii) after such time as Officer becomes entitled to receive benefits of
the same type from another employer or recipient of Officer's services; (viii)
payment of full salary in lieu of all accrued vacation; (ix) for a period of up
to 180 days following Officer's termination of employment, outplacement services
(which shall be reasonable for an officer of Officer's status at a company such
as Corporation) through a bona fide outplacement organization acceptable to
Officer that, at a minimum, agrees to supply Officer with outplacement
counseling, a private office and administrative support, including telephone
service ("Applicable Outplacement Services"); (x) full and immediate vesting of
any and all outstanding and unvested equity or equity-based compensation awards
(including without limitation restricted stock and stock options) granted to
Officer under Corporation's stock option or incentive compensation plans and
exercisability of any and all outstanding options for their full terms without
regard to the termination (for the avoidance of doubt, such awards for purposes
of this Agreement include, without limitation, the grants of restricted stock
and options listed on Schedule A hereto); and (xi) any payments which would have
been payable under the last sentence of Section 3.3(a) (Bonus) herein if
Officer's employment had not terminated.  In the event Officer's participation
in any such plan, program or arrangement described in this Paragraph 4.3(a)(i)
is barred, Corporation shall arrange to provide Officer with substantially
similar benefits (on a post-tax basis). </LI></P>
<P ALIGN="JUSTIFY"><LI><U>Termination for Cause</U>.&nbsp;&nbsp;In the event
that Corporation terminates this Agreement for Cause pursuant to Paragraph
4.1(b) above, Officer shall be entitled to<BR>
(i) Earned Base Salary; (ii) any Earned Bonus; (iii) Earned Benefits and
reimbursable expenses; and (iv) any Deferred Amounts.  Officer shall not be
entitled to any Pro Rata Bonus, future annual Bonus or Severance
Payment.</LI></P>
<P ALIGN="JUSTIFY"><LI><U>Termination Due to Death or Permanent
Disability</U>.&nbsp;&nbsp;In the event that Officer's employment is terminated
by reason of death or Permanent Disability, he shall be entitled to all
compensation and benefits described in Paragraph 4.3(a)(i) above, except
subparagraph (ix) therein.</LI></P>
<P ALIGN="JUSTIFY"><LI><U>Termination Due to Non-Renewal</U>.&nbsp;&nbsp;In the
event that Corporation does not renew this Agreement as contemplated by
Paragraph 2 above, and either party terminates Officer's employment upon the
scheduled expiration of the Term (and, for the avoidance of doubt, the
termination is not treated as a termination for Good Reason under the last
sentence of Paragraph 4.2(b) above), Officer shall be entitled to all of the
compensation and benefits to which he would be entitled under Paragraph
4.3(a)(i) above in the event of a termination by Corporation without Cause,
except that the definition of "Severance Payment" in Paragraph 4.4(a) below
shall be applied by substituting "two times" for "three times," as the latter
appears therein.</LI></P></OL>

<B><P ALIGN="JUSTIFY"><LI><U>Termination by Officer</U>.</LI></P>
<OL TYPE="i">

</B><P ALIGN="JUSTIFY"><LI><U>Termination Other than for Good
Reason</U>.&nbsp;&nbsp;In the event that Officer terminates this Agreement other
than for Good Reason, Officer shall be entitled to (i)&nbsp;Earned Base Salary;
(ii) any Earned Bonus; (iii) Earned Benefits and reimbursable expenses; and (iv)
any Deferred Amounts.  Officer shall not be entitled to any Pro Rata Bonus,
future annual Bonus or Severance Payment.</LI></P>
<P ALIGN="JUSTIFY"><LI><U>Termination for Good Reason</U>.&nbsp;&nbsp;In the
event that Officer terminates this Agreement for Good Reason, Officer shall be
entitled to all of the compensation and benefits to which he would be entitled
under Paragraph 4.3(a)(i) above in the event of a termination by Corporation
without Cause; provided, however, that in the event that Officer terminates this
Agreement for Good Reason pursuant to Paragraph 4.2(b)(iii), Earned Base Salary
shall mean all semi-monthly installments of Base Salary as in effect on the date
of termination or the date immediately prior to any reduction under Paragraph
4.2(b)(iii), whichever is greater, which have become due and payable to Officer,
together with any partial monthly installment prorated on a daily basis up to
and including the applicable Termination Date.</LI></P></OL>
</OL>

<B><P ALIGN="JUSTIFY">4.4&nbsp;&nbsp;<U>Severance Payment; Post-Employment Consulting
</LI></U></P>
<OL TYPE="a">

<P ALIGN="JUSTIFY"><LI><U>Definition of "Severance Payment</B></U>."&nbsp;&nbsp;For
purposes of this Agreement, the term "Severance Payment" shall mean an amount
equal to three times Officer's Aggregate Compensation.  For the purposes of this
Agreement, "Aggregate Compensation" shall mean the sum of (i) Officer's Base
Salary as in effect on the date of termination and (ii) the sum of (a) the
Retention Bonus for the applicable year and (b) the Performance Bonus for the
applicable year, as determined pursuant to Paragraph 4.3(a)(i)(v)(b) above;
provided, however, that in the event that Officer terminates this Agreement for
Good Reason pursuant to Paragraph 4.2(b)(iii), Aggregate Compensation shall mean
the sum of (i) Officer's Base Salary, as in effect on the date of termination or
the date immediately prior to any reduction described in Paragraph 4.2(b)(iii),
whichever is greater, and (ii) the sum of (a) the Retention Bonus for the
applicable year or as in effect on the date immediately prior to any reduction
described in Paragraph 4.2(b)(iii), whichever is greater, and (b) the
Performance Bonus for the applicable year, as determined pursuant to Paragraph
4.3(a)(i)(v)(b) above.  In the event that Officer is entitled to a Severance
Payment, except by virtue of death or Permanent Disability, Officer shall
provide post-employment consulting services pursuant to Paragraph 4.4(c)
below).</LI></P>
<B><P ALIGN="JUSTIFY"><LI><U>Payment of Severance Payment</U>.</B>&nbsp;&nbsp;In
the event that Officer is entitled to any Severance Payment pursuant to
Paragraph 4.3 above, such Severance Payment shall be payable in a lump sum
within 10 days following Officer's termination.  Officer and Corporation agree
that one-half of such Severance Payment shall constitute consideration for
Officer's compliance with the post-employment consulting provisions of Paragraph
4.4(c) below and the noncompetition obligation of Paragraph 5.</LI></P>
<B><P ALIGN="JUSTIFY"><LI><U>Post-Employment Consulting</U>.</LI></P>
<OL TYPE="i">

</B><P ALIGN="JUSTIFY"><LI><U>Consulting Period</U>.&nbsp;&nbsp;In the event
that Officer is entitled to a Severance Payment, except by virtue of death or
Permanent Disability, Officer shall continue to provide services to Corporation
as a consultant for the period (the "Consulting Period") from the termination of
Officer's employment through the earlier of: the 12-month period following
Officer's termination of employment, or the date of the termination of Officer's
service as a consultant by Corporation due to Officer's material breach of this
Agreement.</LI></P>
<P ALIGN="JUSTIFY"><LI><U>Consulting Duties</U>.&nbsp;&nbsp;Officer shall be
available to provide consulting services during the Consulting Period (or
shorter period, if applicable) in Officer's areas of expertise, as requested by
the Chief Executive Officer of Corporation or the Board (or a committee of the
Board).  Officer shall make himself available to provide such services for up to
20 hours per month for the first three months of the Consulting Period, and five
hours per month for the remainder of the Consulting Period; provided that the
Executive shall not be required to provide services that would conflict with or
otherwise interfere in any way with his duties or responsibilities (including
without limitation as to the time, place and manner of services) for any
subsequent employer or other recipient of his services.  Corporation shall
require such services at reasonable times and places mutually agreed upon by
Company and Officer.  By way of example, it shall not be a breach of this
Agreement if Officer has made himself available to render such services and
Corporation does not require Officer to render all such services.</LI></P>
<P ALIGN="JUSTIFY"><LI><U>Independent Contractor Status</U>.&nbsp;&nbsp;During
the Consulting Period (or shorter period, if applicable), Officer acknowledges
and agrees that he (i) shall be an independent contractor of Corporation and not
an employee, and (ii) shall not be entitled to any of the benefits that
Corporation may make available solely to its employees, except as otherwise
specifically set forth in this Agreement or to the extent that Officer elects
continued health care coverage under the Consolidated Omnibus Budget
Reconciliation Act of 1985 ("COBRA") or analogous provisions of state law.
Consultant shall execute Corporation's standard form of independent contractor
consulting agreement, which shall among other things, require Consultant to
refrain from unauthorized use and disclosure of the Company's confidential and
proprietary information (but which shall in no event be more restrictive than
this Agreement as to such matters). </LI></P>
<P ALIGN="JUSTIFY"><LI><U>Expense Reimbursement</U>.&nbsp;&nbsp;Corporation
shall reimburse Officer for all reasonable out-of-pocket business expenses
incurred by Officer for the purpose of and in connection with the performance of
his consulting services pursuant to this Agreement.  Officer shall be entitled
to such reimbursement upon the presentation by Officer to Corporation of
vouchers or other statements itemizing such expenses in reasonable detail
consistent with Corporation's policies.</LI></P></OL>

<B><P ALIGN="JUSTIFY"><LI><U>Full Settlement of All
Obligations</U>.</B>&nbsp;&nbsp;Officer hereby acknowledges and agrees that any
Severance Payment paid to Officer hereunder shall be deemed to be in full and
complete settlement of all obligations of Corporation under this
Agreement.</LI></P>
<B><P ALIGN="JUSTIFY"><LI><U>Change in Control</B></U>.&nbsp;&nbsp;For purposes
of this Agreement, a "Change in Control" shall be deemed to have occurred
if:</LI></P>
<OL TYPE="i">

<P ALIGN="JUSTIFY"><LI>Any Person, as such term is used in section 3(a)(9) of
the Securities Exchange Act of 1934 as amended from time to time (the "Exchange
Act"), as modified and used in sections 13(d) and 14(d) thereof, except that
such term shall not include (A) Corporation or any of its subsidiaries, (B) a
trustee or other fiduciary holding securities under an employee benefit plan of
Corporation or any of its affiliates, (C) an underwriter temporarily holding
securities pursuant to an offering of such securities, (D) a corporation owned,
directly or indirectly, by the stockholders of Corporation in substantially the
same proportions as their ownership of stock of Corporation, or (E) a person or
group as used in Rule 13d-1(b) under the Exchange Act, that is or becomes the
Beneficial Owner, as such term is defined in Rule 13d-3 under the Exchange Act,
directly or indirectly, of securities of Corporation (not including in the
securities beneficially owned by such Person any securities acquired directly
from Corporation or its affiliates other than in connection with the acquisition
by Corporation or its affiliates of a business) representing 25% or more of the
combined voting power of Corporation's then outstanding securities; or</LI></P>
<P ALIGN="JUSTIFY"><LI>The following individuals cease for any reason to
constitute a majority of the number of directors then serving:  individuals who,
on the date hereof, constitute the Board and any new director (other than a
director whose initial assumption of office is in connection with an actual or
threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of Corporation) whose
appointment or election by the Board or nomination for election by Corporation's
stockholders was approved or recommended by a vote of at least two-thirds of the
directors then still in office who either were directors on the date hereof or
whose appointment, election or nomination for election was previously so
approved or recommended; or</LI></P>
<P ALIGN="JUSTIFY"><LI>There is consummated a merger or consolidation of
Corporation with any other corporation, other than (A) a merger or consolidation
which would result in the voting securities of Corporation outstanding
immediately prior to such merger or consolidation continuing to represent
(either by remaining outstanding or by being converted into voting securities of
the surviving entity or any parent thereof), in combination with the ownership
of any trustee or other fiduciary holding securities under an employee benefit
plan of Corporation or any subsidiary of Corporation, at least 75% of the
combined voting power of the securities of Corporation or such surviving entity
or any parent thereof outstanding immediately after such merger or
consolidation, or (B) a merger or consolidation effected to implement a
recapitalization of Corporation (or similar transaction) in which no Person is
or becomes the Beneficial Owner, directly or indirectly, of securities of
Corporation (not including in the securities beneficially owned by such Person
any securities acquired directly from Corporation or its affiliates other than
in connection with the acquisition by Corporation or its affiliates of a
business) representing 25% or more of the combined voting power of Corporation's
then outstanding securities; or</LI></P>
<P ALIGN="JUSTIFY"><LI>The stockholders of Corporation approve a plan of
complete liquidation or dissolution of Corporation or there is consummated an
agreement for the sale or disposition by Corporation of all or substantially all
of Corporation's assets, other than a sale or disposition by Corporation of all
or substantially all of Corporation's assets to an entity, at least 75% of the
combined voting power of the voting securities of which are owned by
stockholders of Corporation in substantially the same proportions as their
ownership of Corporation immediately prior to such sale.</LI></P></OL>
</OL>

<B><P ALIGN="JUSTIFY">4.5&nbsp;&nbsp;<U>Gross-Up</U>.</B>&nbsp;&nbsp;If any of the Total
Payments (as hereinafter defined) will be subject to the tax (the "Excise Tax")
imposed by Section 4999 of the Code, Corporation shall pay to Officer, no later
than the 10th day following the Early Termination Date, an additional amount
(the "Gross-Up Payment") such that the net amount retained by him, after
deduction of any Excise Tax on the Total Payments and any federal and state and
local income tax upon the payment provided for by this Paragraph, shall be equal
to the excess of the Total Payments over the payment provided for by this
Paragraph.  For purposes of determining whether any of the Total Payments will
be subject to the Excise Tax and the amount of such Excise Tax, (i) all payments
or benefits received or to be received by Officer in connection with a Change in
Control or the termination of Officer's employment (whether payable pursuant to
the terms of this Agreement or of any other plan, arrangement or agreement with
Corporation, its successors, any person whose actions result in a Change in
Control or any person affiliated (or which, as a result of the completion of the
transactions causing a Change in Control, will become affiliated) with
Corporation or such person within the meaning of Section 1504 of the Code (the
"Total Payments")) shall be treated as "parachute payments" (within the meaning
of Section 280G(b)(2) of the Code) unless, in the opinion of tax counsel
selected by Corporation's independent auditors and reasonably acceptable to
Officer, such payments or benefits (in whole or in part) do not constitute
parachute payments, including by reason of Section 280G(b)(4)(A) of the Code,
and all "excess parachute payments" (within the meaning of Section 280G(b)(1) of
the Code) shall be treated as subject to the Excise Tax, unless in the opinion
of such tax counsel such excess parachute payments represent reasonable
compensation for services actually rendered within the meaning of Section
280G(b)(4)(B) of the Code, or are not otherwise subject to the Excise Tax, and
(ii) the value of any noncash benefits or any deferred payment or benefit shall
be determined by Corporation's independent auditors in accordance with the
principles of Sections 280G(d)(3) and (4) of the Code.  For purposes of
determining the amount of the Gross-Up Payment, Officer shall be deemed to pay
federal income and other taxes at the highest marginal rate of federal income
taxation in the calendar year in which the Gross-Up Payment is to be made and
state and local income taxes at the highest marginal rate of taxation in the
state and locality of the residence of Officer on the Early Termination Date,
net of the maximum reduction in federal income taxes that could be obtained from
deduction of such state and local taxes.</LI></P>
<B><P ALIGN="JUSTIFY">4.6&nbsp;&nbsp;<U>No Mitigation or Offset</B></U>.&nbsp;&nbsp;Officer
shall not be required to mitigate damages under this Agreement by seeking other
comparable employment or otherwise, and the amount of any payment or benefit
provided for in this Agreement, shall not be reduced by any compensation earned
by or provided to Officer as the result of employment by an employer other than
Corporation.</LI></P></OL>

<B><P ALIGN="JUSTIFY"><LI><U>Noncompetition</U>.</LI></P>
</B><P ALIGN="JUSTIFY">During the Term and ending 12 months following the date
that Officer ceases to be an employee of Corporation, Officer shall not engage
in any activity directly and materially competitive, with a material adverse
impact on Corporation, with the business of Corporation. (By way of example and
for avoidance of ambiguity, the noncompetition period in the preceding sentence
is intended to run for one year from termination of employment, regardless of
whether Executive is consulting for all or part of that one year period pursuant
to the terms of Paragraph 4.4 above.)  This provision shall not be construed to
prohibit Officer from owning up to 5% of the outstanding voting shares of the
equity securities of any corporation whose common stock is listed for trading on
any national securities exchange or on the NASDAQ system.  </P>
<B><P ALIGN="JUSTIFY"><LI><U>Miscellaneous</U>.</LI></P>
<OL>

<P ALIGN="JUSTIFY">6.1&nbsp;&nbsp;<U>Payment Obligations</B></U>.&nbsp;&nbsp;Corporation's
obligation to pay Officer the compensation and to make the arrangements provided
herein shall be unconditional, and Officer shall have no obligation whatsoever
to mitigate damages hereunder.  If arbitration after a Change in Control shall
be brought to enforce or interpret any provision contained herein, Corporation
shall, to the extent permitted by applicable law and Corporation's Articles of
Incorporation and By-Laws, indemnify Officer for Officer's attorneys' fees and
disbursements incurred in such arbitration.</LI></P>
<B><P ALIGN="JUSTIFY">6.2&nbsp;&nbsp;<U>Confidentiality</B></U>.&nbsp;&nbsp;Officer agrees
that all confidential and proprietary information relating to the business of
Corporation shall be kept and treated as confidential both during and after the
Term, except as may be permitted in writing by the Board or as such information
is within the public domain or comes within the public domain without any breach
of this Agreement; provided, however, that this Paragraph 6.2 imposes no
obligation upon Officer with respect to information that (i) was in Officer's
possession before receipt from Employer; (ii) is disclosed to immediate family
members, or to tax, financial, or legal advisors for purposes of obtaining such
advice; (iii) is rightfully received by Officer from a third party who does not
have a duty of confidentiality; or (iv) is disclosed as required by law or legal
process.</LI></P>
<B><P ALIGN="JUSTIFY">6.3&nbsp;&nbsp;<U>Waiver</B></U>.&nbsp;&nbsp;The waiver of the breach
of any provision of this Agreement shall not operate or be construed as a waiver
of any subsequent breach of the same or other provision hereof.</LI></P>
<B><P ALIGN="JUSTIFY">6.4&nbsp;&nbsp;<U>Entire Agreement;
Modifications</B></U>.&nbsp;&nbsp;Except as otherwise provided herein, this
Agreement (together with the agreements and plans referred to herein) represents
the entire understanding among the parties with respect to the subject matter
hereof, and this Agreement supersedes any and all prior understandings,
agreements, plans and negotiations, whether written or oral, with respect to the
subject matter hereof, including without limitation any understandings,
agreements or obligations respecting any past or future compensation, Bonuses,
reimbursements or other payments to Officer from Corporation.  All modifications
to the Agreement must be in writing and signed by the party against whom
enforcement of such modification is sought.</LI></P>
<B><P ALIGN="JUSTIFY">6.5&nbsp;&nbsp;<U>Notices</B></U>.&nbsp;&nbsp;All notices and other
communications under this Agreement shall be in writing and shall be given by
facsimile or first class mail, certified or registered with return receipt
requested, and shall be deemed to have been duly given three days after mailing
or<BR>
24 hours after transmission of a facsimile (if the receipt of the facsimile is
confirmed) to the respective persons named below:</LI></P>
<P>&#9;If to Corporation:&#9;Alexandra Real Estate Equities, Inc.</P>
<P>385 East Colorado Boulevard<BR>
Suite 299</P>
<P>Pasadena, CA&nbsp;&nbsp;91101</P>
<P>Phone:&nbsp;&nbsp;(626) 578 0777</P>
<P>If to Officer:&#9;&#9;Joel S. Marcus,</P>
<P>at the address shown on the execution page hereof.</P>
<P>With a copy to:</P>
<P>Clifford Chance US LLP</P>
<P>31 West 52nd Street</P>
<P>New York, New York  10019</P>
<P>Attention:  Andrew L. Oringer, Esq.</P>
<P>Phone:&nbsp;&nbsp;(212) 878 8171</P>
<P ALIGN="JUSTIFY">Any Party may change such Party's address for notices by
notice duly given pursuant hereto.</P>
<B><P ALIGN="JUSTIFY">6.6&nbsp;&nbsp;<U>Headings</B></U>.&nbsp;&nbsp;The Paragraph headings
herein are intended for reference only and shall not by themselves determine the
construction or interpretation of this Agreement.</LI></P>
<B><P ALIGN="JUSTIFY">6.7&nbsp;&nbsp;<U>Governing Law</B></U>.&nbsp;&nbsp;Other than with
respect to Paragraph 6.13 below, this Agreement shall be governed by and
construed in accordance with the laws of the State of California without regard
to its principles of conflict of laws.</LI></P>
<B><P ALIGN="JUSTIFY">6.8&nbsp;&nbsp;<U>Arbitration</B></U>.&nbsp;&nbsp;Any dispute arising
out of or relating to this Agreement or its enforcement, breach, performance, or
interpretation, that cannot be settled by good faith negotiation between the
parties shall be submitted to Judicial Arbitration and Mediation Services, Inc.
("JAMS"), or its successor, for final and binding arbitration by a single
arbitrator in Los Angeles, California, pursuant to JAMS' then applicable
arbitration rules (incorporated herein by reference), which arbitration shall be
the exclusive remedy of the parties hereto.  By agreeing to this arbitration
procedure, the parties waive the right to resolve any such dispute through a
trial by jury or judge or by administrative proceeding.  The resulting
arbitration shall be deemed equivalent to a final order of a court having
jurisdiction over the subject matter, shall not be appealable, and shall be
enforceable in any court of competent jurisdiction.  The arbitrator shall (i)
have the authority to compel adequate discovery for the resolution of the
dispute and to award such relief as would otherwise be permitted by law, and (b)
issue a written arbitration decision including the arbitrator's essential
findings and conclusions and a statement of the award.  Corporation shall pay
all of JAMS' administrative fees (including but not limited to arbitrator fees)
for this arbitration.  Submission to arbitration shall not preclude the right of
any party hereto involved in a dispute regarding this Agreement (each, a
"Disputing Party" and collectively, the "Disputing Parties") to institute
proceedings for injunctive relief to prevent irreparable harm pending the
arbitration of a matter subject to arbitration pursuant to this Agreement.
Subject to the exceptions contained in Paragraph 6.2, any documentation and
information submitted by any party in the arbitration proceeding shall be kept
strictly confidential by the parties and the arbitrator.  In addition to any
other relief or award that may be granted by the arbitrator to Officer in a
proceeding conducted under this paragraph, Officer shall be entitled to receive
from Corporation, at least monthly as expenses are incurred, all reasonable
attorneys' fees, disbursements and costs incurred in connection with any dispute
arising under or relating to this Agreement, including but not limited to the
interpretation, enforcement or reasonableness thereof; provided, however, that,
if the arbitrator or other applicable decision-maker presiding over the
proceeding affirmatively finds on each and every material issue that Officer
failed to prevail, Officer shall pay his own attorneys' fees, disbursements and
costs (other than JAMS' administrative fees) and, if applicable, return any
amounts theretofore paid to Officer or on his behalf under this Paragraph 6.8.
</LI></P>
<B><P ALIGN="JUSTIFY">6.9&nbsp;&nbsp;<U>Severability</B></U>.&nbsp;&nbsp;Should a court or
other body of competent jurisdiction determine that any provision of this
Agreement is excessive in scope or otherwise invalid or unenforceable, such
provision shall be adjusted rather than voided, if possible, and enforced along
with all other provisions of this Agreement to the extent possible under
applicable law consistent with the intent of the parties.</LI></P>
<B><P ALIGN="JUSTIFY">6.10&nbsp;&nbsp;<U>Survival of Corporation's
Obligations</B></U>.&nbsp;&nbsp;Corporation's obligations hereunder shall not be
terminated by reason of any liquidation, dissolution, bankruptcy, cessation of
business, or similar event relating to Corporation.  This Agreement shall not be
terminated by any merger or consolidation or other reorganization of
Corporation.  In the event any such merger, consolidation or reorganization
shall be accomplished by transfer of stock or by transfer of assets or
otherwise, the provisions of this Agreement shall be binding upon and inure to
the benefit of the surviving or resulting corporation or person.  This Agreement
shall be binding upon and inure to the benefit of the executors, administrators,
heirs, successors and assigns of the parties; provided, however, that except as
herein expressly provided, this Agreement shall not be assignable either by
Corporation (except to an affiliate of Corporation, in which event Corporation
shall remain liable if the affiliate fails to meet any obligations to make
payments or provide benefits or otherwise) or by Officer.</LI></P>
<B><P ALIGN="JUSTIFY">6.11&nbsp;&nbsp;<U>Survival of Certain Rights and
Obligations</U>.&nbsp;</B>&nbsp;The rights and obligations of the parties hereto
pursuant to Paragraphs 4.3, 4.4, 4.5, 4.6, 5, 6.1 through 6.11, and 6.13 hereof
shall survive the termination of this Agreement.</LI></P>
<B><P ALIGN="JUSTIFY">6.12&nbsp;&nbsp;<U>Counterparts</B></U>.&nbsp;&nbsp;This Agreement may
be executed in one or more counterparts, all of which taken together shall
constitute one and the same Agreement.</LI></P>
<B><P ALIGN="JUSTIFY">6.13&nbsp;&nbsp;<U>Indemnification and
Insurance</B></U>.&nbsp;&nbsp;In addition to any rights to indemnification to
which Officer is entitled under Corporation's Articles of Incorporation and By-
Laws, Corporation shall indemnify Officer at all times during and after the Term
to the maximum extent permitted under Section 2-418 of the General Corporation
Law of the State of Maryland or any successor provision thereof and any other
applicable state law, and shall pay Officer's expenses in defending any civil or
criminal action, suit, or proceeding in advance of the final disposition of such
action, suit, or proceeding, to the maximum extent permitted under such
applicable state laws.  It is expressly understood and agreed that Corporation
shall continue to indemnify Officer as provided above and maintain such
liability insurance coverage for Officer, after the Term has ended for any
claims that may be made against him with respect to his service as a director or
officer of Corporation.  Corporation shall cover Officer, at Corporation's
expense, under director and officer insurance which provides coverage not less
than the amount of coverage on the date hereof, covering any and all claims
arising out of Officer's tenure as an officer or manager of Corporation, both
during and, at all times while potential liability exists, after the Term on a
basis no less favorable in each and every respect as is applicable to any
officer (whether current or former) of Corporation.</LI></P></OL>
</OL>

<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">IN WITNESS WHEREOF, the parties hereto have executed this
Agreement.</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">CORPORATION:</P>
<P>ALEXANDRIA REAL ESTATE EQUITIES, INC., <BR>
a Maryland corporation</P><DIR>
<DIR>

<P>By:&#9;<U>/s/Richard B. Jennings&#9;</U><BR>
Name: Richard B. Jennings<BR>
Title:  Director and Chairman of the Compensation Committee</P>
<P ALIGN="JUSTIFY">Date:&#9;<U>March 13, 2006&#9;</DIR>
</DIR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">OFFICER:</P><DIR>
<DIR>

<P ALIGN="JUSTIFY">By:&#9;<U>/s/Joel S. Marcus&#9;<BR>
</U>Joel S. Marcus</P>
<P ALIGN="JUSTIFY">Date:&#9;<U>March 13, 2006&#9;</DIR>
</DIR>
</U></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>

<FONT SIZE=3><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]