Document:

Ex 10.1

 

October
12, 2005

 

Angels
Exploration Fund Inc.                   Frontier
Energy Resources Corp.

118,
8th Avenue
SW                    7045 Wild
Wave Drive

Calgary,
Alberta                        Las
Vegas, NV 89131

T2M
0A4     

Fax:
403-276-6354

 

	
      Re:
	
      Farmin
      and Participation Agreement - Twps. 23, 24, 25 Rges. 2, 4, 6 W4M Bindloss
      Area, Alberta

 

 

 

Dear
Sirs:

 

This
letter (the “Agreement”)
outlines the terms upon which Frontier Energy Resources Corp., an Alberta
corporation, and a wholly owned subsidiary of Frontier Energy Corp., a Nevada
corporation (“Frontier”)
proposes to farmin (the “Farmin”) on
certain lands known as the Bindloss Project (hereinafter “Bindloss”),
located in South-Eastern Alberta.

 

1. Definitions
and Schedules

 

	
      1.1
	
      In
      this Agreement, the definitions provided by the 1997 CAPL Farmout and
      Royalty Procedure (the “Farmout
      and Royalty Procedure”),
      Article 1.01, will apply; however, unless inconsistent therewith or unless
      the context otherwise requires, specific terms will have the meanings set
      forth below:

 

	 	
      (a)
	
      “Angels
      Exploration Fund” means Angels Exploration Fund Inc., the “Farmor” under
      this Agreement; Frontier Energy means the under this Agreement the
      “Farmee”

 

	 	
      (b)
	
      “CAPL”
      means the Canadian Association of Petroleum
Landmen;

 

	 	
      (c)
	
      “Contract
      Depth” means a depth sufficient to penetrate at least 20 meters below the
      top of the Colony Formation, or 900 meters subsurface, whichever occurs
      first;

 

	 	
      (d)
	
      “Farmin
      Lands” means those lands described in Schedule “A” hereto;
    and

 

	 	
      (e)
	
      “Well”
      means a well drilled on the Farmin Lands.

 

	
      1.2
	
      The
      following Schedules are attached to and deemed to form part of this
      Agreement:

 

	 	
      (a)
	
      Schedule
      “A” - which describes the Title documents and Farmout
    lands;

 

	 	
      (b)
	
      Schedule
      “B” - 1997 CAPL Farmout and Royalty Procedure (Elections and Amendments);
      and

 

	 	
      (c)
	
      Schedule
      “C” - Drilling Information to be supplied by Frontier to Angels
      Exploration Fund pursuant to the Farmout and Royalty
      Procedure.

 

- 1
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2. Drilling/Payment
Obligations

 

	
      2.1
	
      On
      the date that Angels Exploration Fund signs this Agreement, Frontier will
      pay to Angels Exploration Fund the sum of
C$1.00

 

	
      2.2
	
      On
      the date that the parties receive approval from the Securities and
      Exchange Commission (the “Exchange”)
      of this Agreement and the transactions contemplated herein, Frontier will
      issue Jeff Cocks 5,000,000 common shares in the capital of Frontier Energy
      Corp (the “Payment
      Shares”)
      subject to certain provisions set forth below. The Payment Shares will be
      subject to such resale restrictions as required by the Exchange or
      applicable regulatory authorities.

	(a)  	
      Restrictive
      Legend.
      The Secretary of the Company may endorse all certificates representing the
      Payment Shares and all certificates representing Shares issued or
      transferred after this Agreement is entered into with a legend
      substantially in the following form, the terms of which are agreed upon by
      the Investor:

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE LAW, AND NO
INTEREST MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE
TRANSFERRED UNLESS (a) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION
INVOLVING SAID SECURITIES, (b) THIS CORPORATION RECEIVES AN OPINION OF
LEGAL COUNSEL FOR THE HOLDER OF THESE SECURITIES SATISFACTORY TO THIS
CORPORATION STATING THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION, OR
(c) THIS CORPORATION OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS
EXEMPT FROM REGISTRATION.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE
WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE SHAREHOLDER, A COPY
OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

	(b)  	
      Stop
      Transfer Order;
      No Transfer in Violation of Agreement.
      Mr. Cocks agrees that, in order to ensure compliance with this Agreement’s
      restrictions, the Company may issue appropriate “stop transfer”
      instructions to its transfer agent, if any, and that, if the Company
      transfers its own securities, it may make appropriate notations to the
      same effect in its own records. The Company will not be required
      (i) to transfer on its books any Shares that have been sold or
      otherwise transferred in violation of any of the provisions of this
      Agreement or (ii) to treat as owner of such Shares or to accord the
      right to vote or pay dividends to any purchaser or other transferee to
      whom such Shares will have been so transferred. 

- 2
-

	(c)  	
      Upset
      Provision.
      In the event that Angels or Mr. Cocks are unable to finance $1,000,000
      (USD) in 90 days from the signing of this Agreement (at terms acceptable
      to the Board of Directors), the Company will acquire 4,500,000 of the
      Payment Shares in exchange for the mutual release of this Agreement by all
      parties. In the event that Angels and Mr. Cocks are unable to finance less
      than $2,000,000 (USD) within 90 days from the signing of this Agreement,
      the Company will have the right to cancel 2,500,000 of the total Payment
      Shares.

 

	
      2.3
	
      On
      or before November 30, 2005, Frontier (the “Farmee”)
      will, subject to surface access and all regulatory approvals, commence the
      drilling of a test Well (the “First
      Test Well”)
      at Angels Exploration Fund’s pre-determined location on the Farmin Lands.
      Frontier will drill the First Test Well diligently and continuously to
      Contract Depth and either complete, cap or abandon the First Test Well.
      The budget for the First Test Well will be approximately C$250,000 dry
      hole cost and/or C$400,000 to completion.

 

	
      2.4
	
      Within
      90 days of completing, capping or abandoning the First Test Well, Frontier
      will, subject to surface access and all regulatory approvals, commence the
      drilling of a second test Well (the “Second
      Test Well”)
      at Angels Exploration Fund’s pre-determined location on the Farmin Lands.
      Frontier will drill the Second Test Well diligently and continuously to
      Contract Depth and either complete, cap or abandon the Second Test Well.
      The budget for the Second Test Well will be approximately C$250,000 dry
      hole cost and/or C$400,000 to completion. The Farmee will have a
      continuing option to drill Option Wells to earn undrilled sections of the
      farmout lands until the Farmee fails to drill an option well or all of the
      Farmout Lands that have been earned.

 

	
      2.5
	
      If,
      after drilling to Contract Depth, Frontier elects to take the First Test
      Well to completion, then upon completion of the First Test Well (the
      “Completion
      Date”),
      Frontier will issue to Angels Exploration Fund 100,000 common shares in
      the capital of Frontier (the “Completion
      Shares”).
      The Completion Shares will be issued subject to such resale restrictions
      required by the Exchange or applicable regulatory authorities. For greater
      certainty, Frontier will not have any obligation to issue Completion
      Shares to Angels Exploration Fund in the event Frontier does not complete
      the First Test Well. Notwithstanding the foregoing, if Frontier does not
      complete the First Test Well, but does complete the Second Test Well, then
      Frontier will issue the Completion Shares as above, with the Completion
      Date being the date that Frontier completes the Second Test Well.
      

 

	
      3.
	
      Interest
      Earned

 

	
      3.1
	
      Provided
      Frontier has fulfilled its obligations under Section 2 of this Agreement,
      Frontier will, subject to Article 3.00 of the Farmout and Royalty
      Procedure, have earned 80% of Angels Exploration Fund’s working interest
      in the Farmin Lands, from the surface to the base of the Colony formation
      or 900 meters subsurface, subject to A 10% Overriding Royalty with no
      right of conversion in Article 6.00 of the Farmout and Royalty
      Procedure.

 

- 3
-

 

	
      4.
	
      Reasonable
      Extension

 

	
      4.1
	
      If,
      in Frontiers’s reasonably held opinion, ground conditions or other
      industry-related conditions render the drilling of the First Test Well or
      the Second Test Well impossible or impracticable, an extension of the time
      required to spud the Well will be allowed until such time as the adverse
      condition(s) ceases to exist, with sufficient time then allowed to
      reasonably permit the drilling of the Well.

 

	
      5.
	
      Substitute
      Well

 

	
      5.1
	
      Frontier
      may, during the course of drilling the First Test Well or the Second Test
      Well, abandon it and within 30 days of the time of such abandonment,
      commence and thereafter diligently and continuously carry on the drilling
      of a substitute Well at a location mutually agreed to by all parties on
      the Farmin Lands to Contract Depth and either complete, cap or abandon the
      substitute Well. In such event, the earning provisions as set forth herein
      will apply to the substitute Well with the same force and effect.
      

 

	
      6.
	
      Assignment

 

	
      6.1
	
      Frontier
      will have the right to contract with an industry partner to share its
      obligations hereunder; however, unless a written amendment to this
      Agreement is executed by all involved parties, no such arrangements will
      reduce or otherwise affect Frontiers’s obligations hereunder. Upon earning
      an interest in the Farmin Lands, the 1993 CAPL Assignment Procedure will
      apply. 

 

	
      7.
	
      Operator

 

	
      7.1
	
      Angels
      Exploration Fund Inc will in its absolute discretion appoint the operator
      (the “Operator”)
      of all drilling programs conducted pursuant to this Agreement, and Well
      operations will be performed in accordance with the 1990 CAPL Operating
      Procedures. 

 

	
      8.
	
      Title

 

	
      8.1
	
      Angels
      Exploration Fund represents and warrants
that:

 

	 	
      (a)
	
      it
      has an option to acquire Geocan Energy’s Corporation’s undivided 100%
      working interest in the Farmin Lands, subject to a 10% Overriding Royalty
      and with no right to conversion in Article 6.00 of the Farmout and Royalty
      Procedure, pursuant to an agreement between Geocan Enegry Corporation and
      Angels Exploration Fund dated August 24, 2005 (the “Underlying
      Agreement”);

 

	 	
      (b)
	
      it
      has complied with all the terms of the Underlying Agreement to the extent
      necessary to maintain it in force and effect as of the date hereof;
      and

 

	 	
      (c)
	
      the
      Farmin Lands are not currently subject to any contracts for the sale of
      petroleum substances.

 

- 4
-

	
      8.2
	
      Angels
      Exploration Fund does not warrant title with respect to: (i) Response
      Energy Corporation’s undivided 100% working interest in the Farmin Lands;
      or (ii) the Title Documents. Angels Exploration Fund does not agree to
      convey any better title to the Farmin Lands than Response Energy
      Corporation conveys to it pursuant to the Underlying Agreement.
      

 

	
      9.
	
      Abandonment
      and Reclamation Costs

 

	
      9.1
	
      Angels
      Exploration Fund and Geocan Energy Corporation will have the right for a
      24 hour period following notice from Frontier to Angels Exploration Fund
      of its intention to abandon the First Test Well, to take over such Well at
      their sole cost and expense and conduct such further tests or other
      operations that they may wish to do. Failure to respond to such notice
      will be deemed an election not to take over such Well. In the event Angels
      Exploration Fund and Geocan Energy Corporation elect not to take over the
      First Test Well, Frontier agrees that it will pay all reclamation costs
      associated with the First Test Well to a maximum of C$40,000. This
      obligation will survive the termination of this
  Agreement.

 

	
      10.
	
      Termination

 

	
      10.1
	
      The
      drilling and payment obligations described in Section 2 will be at the
      sole discretion of Frontier. In the event Frontier does not fulfil its
      obligations under Section 2 of this Agreement, this Agreement will
      terminate and the interest in the Farmin Lands will revert to the
      interests prior to this Agreement and, subject to Section 9.1, neither
      party will be indebted to the other.

 

	
      11.
	
      Regulatory
      Approval

 

	
      11.1
	
      The
      obligations of Frontier in pursuance of this Agreement are subject to
      receipt of all requisite regulatory and Exchange
  approval.

 

	
      12.
	
      Counterpart
      Execution

 

	
      12.1
	
      This
      Agreement may be executed in counterpart. All of the executed counterpart
      pages when taken together will constitute the Agreement. Facsimile
      signatures are acceptable and binding.

 

	
      13.
	
      Rentals

 

	
      13.1
	
      Rentals
      will be shared in accordance with the working interests in the Farmin
      Lands.

 

	
      14.
	
      Confidentiality

 

	
      14.1
	
      The
      parties agree that all information shared between them concerning the
      Farmin Lands and the development thereof will be held in confidence and
      will not be used for any purposes other than completing this transaction
      and matters directly related thereto.

 

- 5
-

 

	
      15.
	
      General

 

	
      15.1
	
      Prior
      to the generation of the initial Authorization For Expenditure (A.F.E.) on
      the First Test Well, each of the parties will bear its own out-of-pocket
      costs, including legal, accounting, engineering and consulting expenses,
      incurred in connection with the subject matter
hereof.

 

	
      15.2
	
      The
      rights and obligations of the parties hereunder will be binding on and
      enure to the benefit of and be enforceable by each of the parties hereto,
      and their respective successors and permitted assigns. Except as provided
      herein, the rights or obligations of the parties may not be assigned by
      any party hereto without the consent of the other parties
      hereto.

 

	
      15.3
	
      This
      Agreement will be governed by and construed in accordance with the laws of
      the Province of Alberta and the laws of Canada applicable therein. The
      parties hereto irrevocably attorn to the jurisdiction of the courts of the
      Province of Alberta.

 

	
      15.4
	
      Any
      notices required hereunder will be given by delivery to the addressee,
      whether by hand, by facsimile or by registered mail, to the address on the
      first page of this Agreement. 

 

	
      15.5
	
      This
      Agreement constitutes the entire agreement between the parties hereto and
      no variation of the terms hereof will be binding unless the same is
      contained in a written document which is signed by all
      parties.

 

	
      15.6
	
      Wherever
      any term or condition of any Schedule conflicts or is at variance with any
      term or condition in the body hereof, the latter will
    prevail.

 

	
      15.7
	
      Each
      party will from time to time perform all such further acts and execute and
      deliver all further documents as may be reasonably required in order to
      fully perform its obligations under this
Agreement.

 

If this
reflects your understanding of the terms and conditions agreed upon, please sign
and return two counterpart pages to the attention of Kevin Tattersall for
distribution to the parties. 

 

Very
truly yours,

 

Name   
/s/ Robert Genesi

Robert
Genesi, President

Frontier
Energy Resources Corp.

Accepted
and agreed to this 12TH day of
October 2005.

ANGELS
EXPLORATION FUND INC. FRONTIER
ENERGY RESOURCES CORP.

Per:
/s/ Kevin Tattersall        Per: /s/
Robert Genesi    

Name
& Title: KEVIN
TATTERSALL, PRES. Name
& Title:ROBERT
GENESI, PRESIDENT

- 9
-

- 6
-

Schedule
“A”

attached
to and forming part of a Farmin Agreement dated October 12, 2005 between
Frontier Energy Resources Corp. and Angels Exploration Fund Inc.

	
      Farmin
      Lands
	
      Title
      Lease Documents
	
      Title
      Interest
	
      Encumberances

	
      Twp
      23 Rge 6 W4M: 24

      Twp
      23 Rge 6 W4M: 25

      Twp
      24 Rge 4 W4M: 15

      Twp
      24 Rge 4 W4M: 17

      Twp
      25 Rge 2 W4M: 4
	
      0404030614

      0404020025

      0403070042

      0403070043

      0403080443
	
      Geocan
      Energy Corporation - 100%(1)
	
      Crown
      Lessor Royalty

 

(1)
Farmin Agreement dated August 24,2005 among Geocan Energy Inc and Angels
Exploration Fund Inc.

- 9
-

- 7
-EX-10.14

 

Exhibit 10.14

FORM
OF

IRREVOCABLE EXCHANGE AND SUBSCRIPTION AGREEMENT

Cogdell Spencer OP

Cogdell Spencer Inc.

4401 Barclay Downs Drive

Suite 300

Charlotte, North Carolina 28209-4670

________ __, 2005

Ladies and Gentlemen:

     Reference is made to the Cogdell Spencer Inc. Consent Solicitation Statement and Confidential
Offering Memorandum, dated ______ ___, 2005 (the “Confidential Offering Memorandum”)
relating to the private offering of units representing limited partnership interests (the “OP
Units”) to be issued by Cogdell Spencer LP, a newly formed Delaware limited partnership
(“Cogdell Spencer OP”), or shares of Common Stock, par value $.01 per share, (the
“Common Stock”), to be issued by Cogdell Spencer Inc., a newly organized Maryland
corporation (the “Company”), which intends to qualify as a real estate investment trust (a
“REIT”) for U.S. federal income tax purposes. A copy of the Confidential Offering
Memorandum has been received and reviewed by the undersigned. Capitalized terms used but not
otherwise defined in this Irrevocable Exchange and Subscription Agreement shall have the respective
meanings ascribed to them in the Confidential Offering Memorandum.

     The undersigned (the “Exchanging Member”) is a holder of limited liability company,
general or limited partnership interests in one of the 31 limited liability companies or limited
partnerships (the “Existing Entities”) which own the 46 real properties described in the
Confidential Offering Memorandum. We refer to the limited liability company, general or limited
partnership interests in the Existing Entities collectively as the “Interests.” The
Investor Information Page which accompanies this agreement sets forth, in the applicable column,
the name of the Existing Entities in which the undersigned holds Interests, the Cash Amount and (if
the undersigned is an Eligible Investor) the number of OP Units or shares of Common Stock being
offered to the Exchanging Member pursuant to the terms of the Transaction Agreement for the
Existing Entity or Entities in which the Exchanging Member holds Interests. Such number of OP
Units (as the same may adjusted) is referred to herein as the “Offered OP Units” and such
number of shares of Common Stock (as the same may be adjusted) is referred to herein as “the
Offered Shares.”

     The Exchanging Member understands that only Eligible Investors (which are Investors that meet
the investor criteria described in the Confidential Offering Memorandum and make the
representations and warranties in this agreement) are eligible to elect to receive OP Units or
shares of Common Stock in the Consolidation Transaction. In addition, if such Exchanging Member is
not an Eligible Investor , such Exchanging Member will receive only cash as consideration for his,
her or its Interests.

     The Exchanging Member understands and acknowledges that, as of the date of this agreement,
neither the Company, Cogdell Spencer OP nor CSA knows the value of the OP Units or Common Stock
that will be available for exchange for the Interests. The Exchanging Member acknowledges and
understands that the value of the OP Units or Common Stock to be issued will depend on the
Company’s value in the pricing of the Company’s initial public offering (the “IPO”).

     By executing this agreement, the Exchanging Member waives its right to elect to receive cash
under the Transaction Agreement for each Existing Entity in which the undersigned holds an Interest
and irrevocably agrees, upon satisfaction of the conditions in Sections 5 and 6 of this agreement,
to receive, as indicated on the Exchanging Member’s Election, either the Offered OP Units or
Offered Shares under each such Transaction Agreement. The securities elected to be received by the
undersigned are referred to herein as the “Elected Securities.”

     1. Exchange and Subscription. By executing the signature page to this Irrevocable
Exchange and Subscription Agreement, subject to the terms and conditions hereof, the Exchanging
Member hereby agrees to

 

 

subscribe for and receive, and the Company or Cogdell Spencer OP, as applicable, agrees to
issue, the Elected Securities to the undersigned on the closing date of the IPO (the “Closing
Date”). The Exchanging Member shall not, voluntarily, involuntarily or by operation of law,
sell, assign, transfer, hypothecate, pledge or otherwise dispose of his, her or its Interest or any
interest therein. On the date of this Agreement, the Exchanging Member has delivered to the
Company or Cogdell Spencer OP, as applicable, (a) a duly completed and executed Form W-9 and FIRPTA
Affidavit; and (b) two duly completed and executed signature pages to this Irrevocable Exchange and
Subscription Agreement. As provided in paragraph 9 hereof, by executing this agreement, the
Exchanging Member is granting a power-of-attorney to the Company to execute, on behalf of the
undersigned at the closing of the transactions contemplated hereby (the “Closing”), the
Registration Rights Agreement, the Tax Protection Agreement, the Lock-Up Agreement, the Transaction
Agreement, and if the Exchanging Member is electing to receive OP Units, the partnership agreement
of Cogdell Spencer OP. Such agreements together with this agreement are collectively referred to
in this agreement as the “Subscription Documents.”

     2. Representations, Warranties and Covenants of The Exchanging Member. The Exchanging
Member hereby acknowledges, represents and warrants to, and covenants and agrees with the Company
and Cogdell Spencer OP as follows (and each representation and warranty set forth below shall be
deemed remade as of the Closing Date):

          2.1 Authorization. Such Exchanging Member represents and warrants that such
Exchanging Member has full power and authority to enter into the Subscription Documents and to
consummate the transactions contemplated by the Subscription Documents, that the execution and
delivery of the Subscription Documents by such Exchanging Member and the consummation by such
Exchanging Member of the transactions contemplated by the Subscription Documents have been duly
authorized by all necessary action on the part of such Exchanging Member and will not constitute or
result in a breach or default under, or conflict with or violate, any agreement or other
undertaking, to which such Exchanging Member is a party or by which such Exchanging Member is bound
or with any judgment, decree, statute, order, rule or regulation applicable to such Exchanging
Member or such Exchanging Member’s assets, and, if the Exchanging Member is not an individual, will
not violate any provisions of the organizational or other formation or governing documents of such
Exchanging Member. The Subscription Documents have been duly executed and delivered by such
Exchanging Member and constitute valid and legally binding obligations of such Exchanging Member
enforceable against such Exchanging Member in accordance with and subject to their respective
terms, subject to applicable bankruptcy, insolvency, moratorium or other similar laws relating to
creditors’ rights and general principles of equity. The signatures on the Subscription Documents
are genuine, and the signatory, if such Exchanging Member is an individual, has legal competence
and capacity to execute the same, or, if such Exchanging Member is not an individual, the signatory
has been duly authorized to execute the same on behalf of such Exchanging Member.

          2.2 Purchase for Investment. Such Exchanging Member is acquiring the Elected
Securities for such Exchanging Member’s own account (or if such Exchanging Member is a trustee, for
a trust account) for investment only, and not with a view to or for sale in connection with any
distribution of all or any part of such Elected Securities. Such Exchanging Member hereby agrees
that such Exchanging Member shall not, directly or indirectly, transfer all or any part of such
Elected Securities (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of
all or any part of the Elected Securities), except in accordance with the registration provisions
of the Securities Act of 1933, as amended (the “Securities Act”), and the regulations
thereunder or an exemption from such registration provisions, with any applicable state or non-U.S.
securities laws, and with the terms of this Irrevocable Exchange and Subscription Agreement. Such
Exchanging Member understands that such Exchanging Member must bear the economic risk of an
investment in the Elected Securities for an indefinite period of time because, among other reasons,
the offering and sale of such Elected Securities have not been registered under the Securities Act
and, therefore, such Elected Securities cannot be resold unless such resale is subsequently
registered under the Securities Act or an exemption from such registration is available. Such
Exchanging Member also understands that sales or transfers of such Elected Securities are further
restricted by the provisions of the Company’s charter or the organizational agreements of Cogdell
Spencer OP, and may be restricted by other applicable securities laws. If at any time the Elected
Securities are evidenced by certificates or other documents, each such certificate or other
document shall contain a legend stating that (i) such Elected Securities (1) have not been
registered under the Securities Act or the securities laws of any state; (2) have been issued
pursuant to a claim of exemption from the registration provisions of the Securities Act and any
state securities law which may be applicable; and (3) may not be sold, transferred or assigned
without compliance with the registration provisions of

 

 

the Securities Act and the regulations thereunder and any other applicable federal or state
securities laws or compliance with applicable exemptions therefrom; (ii) sale, transfer or
assignment of such Elected Securities is further subject to restrictions contained in the
organizational documents of the Issuer of such securities and such Elected Securities may not be
sold, transferred or assigned unless and to the extent permitted by, and in accordance with, the
provisions of the partnership agreement of Cogdell Spencer OP or the charter of the Company, as
applicable; and (iii) sale, transfer or assignment of such Elected Securities is subject to
restrictions contained in the Lock-Up Agreement being executed by such Exchanging Member on the
date of this agreement.

          2.3 Information. Such Exchanging Member has carefully reviewed this Irrevocable
Exchange and Subscription Agreement, the Confidential Offering Memorandum and the other
Subscription Documents. Such Exchanging Member has been provided an opportunity to ask questions
of, and such Exchanging Member has received answers thereto satisfactory to such Exchanging Member
from, the Company or its representatives regarding the terms and conditions of the offering of the
Elected Securities, and such Exchanging Member has obtained all additional information requested by
such Exchanging Member of Cogdell Spencer OP or the Company and their representatives to verify the
accuracy of all information furnished to such Exchanging Member regarding the offering of such
Elected Securities. Such Exchanging Member represents and warrants that such Exchanging Member has
read the Consent Solicitation Statement and the Confidential Offering Memorandum in its entirety
and has relied upon and is making his, her or its subscription decision to acquire the Elected
Securities in exchange for its Interests based solely upon his, her or its review and evaluation of
the Consent Solicitation Statement and the Confidential Offering Memorandum and is not relying on
the Company or any of its subsidiaries, affiliates or any of their respective representatives or
agents with respect to any tax or other economic considerations involved in connection with the
subscription for the Elected Securities. Such Exchanging Member represents and warrants that such
Exchanging Member has been advised to consult with his, her or its tax, legal and other advisors
regarding the subscription and its effects, the tax consequences of making and not making a
subscription hereunder, and has obtained, in such Exchanging Member’s judgment, sufficient
information to evaluate the merits and risks of a subscription and investment hereunder. Such
Exchanging Member has not been furnished with and has not relied on any oral or written
representation in connection with the offering of the Elected Securities that is not contained in
this agreement.

          2.4 Economic and Liquidity Risk. Such Exchanging Member represents and warrants that
such Exchanging Member has such knowledge and experience in financial and business matters such
that such Exchanging Member is capable of evaluating the merits and risks making a subscription for
the Elected Securities, and that such Exchanging Member has evaluated the risks of investing in the
Elected Securities and has determined that they are a suitable investment for such Exchanging
Member. Such Exchanging Member represents and warrants that such Exchanging Member understands
that an investment in the Elected Securities is a speculative investment that involves very
significant risks and tax uncertainties and that such Exchanging Member is prepared to bear the
economic, tax and other risks of an investment in the Elected Securities for an indefinite period
of time, and is able to withstand a total loss of such Exchanging Members investment in the Elected
Securities.

          2.5 Eligibility; Accredited Investor Status. Such Exchanging Member represents and
warrants that such Exchanging Member is an “accredited investor” as defined in Regulation D under
the Securities Act (“Accredited Investor”). In this regard, such undersigned Exchanging
Member confirms that the information previously provided in the Accredited Investor Questionnaire
which confirms the status of the undersigned as an accredited investor remains true and correct.
Such Exchanging Member will, upon request, execute and/or deliver any additional documents deemed
by the Company to be necessary or desirable to confirm such Exchanging Members Accredited Investor
status.

          2.6 Ownership of the Exchanging Member’s Entire Interest. Such Exchanging Member
hereby represents and warrants that such Exchanging Member has good and marketable title to the
Exchanging Member’s Interest in each Existing Entity listed on the Investor Information Page and
each such Interest is now and will on the Closing Date be free and clear of all pledges, claims,
liens, restrictions, charges, encumbrances, security interests, conditional sales agreements and
other obligations of any kind or nature. Such Exchanging Member will not sell, convey, assign or
otherwise transfer all or any portion of such Exchanging Member’s Interest prior to the Closing
Date. Such Exchanging Member will, upon request, execute, deliver and/or provide any additional
documents deemed by the Company to be necessary or desirable to confirm the foregoing. Such
Exchanging

 

 

Member represents and warrants that the Investor Information Page correctly sets forth the
Interest held by the Exchanging Member in each Existing Entity in which the Exchanging Member holds
an Interest.

          2.7 Residence; Etc. Such Exchanging Member represents and warrants that the Investor
Information Page correctly sets forth, for such Exchanging Member, (a) the principal residence of
such Exchanging Member if such Exchanging Member is a natural person, (b) the place of business
(or, if there is more than one place of business, the chief executive office) of such Exchanging
Member if such Exchanging Member is a corporation, partnership, limited liability company, business
trust or other entity (an “Entity”), (c) the state of incorporation, organization or
formation if such Exchanging Member is an Entity other than a general partnership, (d) the
information specified in clauses (a) and (b) of this subsection 2.7 as to each trustee of such
Exchanging Member if such Exchanging Member is a trust (other than a business trust) and such
trustee is a natural person and (e) the information specified in clauses (b) and (c) of this
subsection 2.7 as to each trustee of such Exchanging Member if such Exchanging Member is a trust
(other than a business trust) and such trustee is an Entity.

          2.8 Status as Foreign Person. Such Exchanging Member represents and warrants that he,
she or it is not a foreign person and is not owned directly or indirectly, in whole or in part, by
a foreign person as determined for purposes of Section 897(h)(4) of the Internal Revenue Code of
1986, as amended (the “Code”), and the regulations promulgated thereunder.

          2.9 Continuing Efforts. Subject to the terms and conditions herein provided, such
Exchanging Member covenants and agrees to use its best efforts to take, or cause to be taken, all
actions and do, or cause to be done, all things necessary, proper and/or appropriate to consummate
and make effective the transactions contemplated by this Irrevocable Exchange and Subscription
Agreement.

          2.10 No Brokers or Finders. Such Exchanging Member has not entered into any agreement
and is not otherwise liable or responsible to pay any brokers’ or finders’ fees or expenses to any
person or Entity with respect to this Irrevocable Exchange and Subscription Agreement or the
purchase and issuance of any Elected Securities contemplated hereby, except for any such person or
Entity the fees and expenses for which such Exchanging Member shall be solely responsible for and
pay.

     3. Representations, Warranties and Covenants of the Company and Cogdell Spencer OP.
The Company and Cogdell Spencer OP hereby acknowledge, represent and warrant to, and covenant and
agree with, the Exchanging Member as follows (and each representation and warranty set forth below
shall be deemed remade as of the Closing Date):

          3.1 Authorization. Each of the Company and Cogdell Spencer OP has the requisite power
and authority to enter into this Irrevocable Exchange and Subscription Agreement and to consummate
the transactions contemplated hereby; the execution and delivery of this Irrevocable Exchange and
Subscription Agreement by the Company and Cogdell Spencer OP, and the consummation by the Company
and Cogdell Spencer OP of the transactions contemplated hereby have been, or prior to the Closing
Date will be, duly authorized by all necessary action on the part of the Company and Cogdell
Spencer OP, and this Irrevocable Exchange and Subscription Agreement has been, or prior to the
Closing Date will be, duly executed and delivered by the Company and Cogdell Spencer OP and
constitutes or will constitute their valid and binding obligation, enforceable against them, in
accordance with and subject to its terms, subject to applicable bankruptcy, insolvency, moratorium
or other similar laws relating to creditors’ rights and general principles of equity.

          3.2 Issuance. The Elected Securities to be issued to the Exchanging Member hereunder,
will, on the Closing Date, be duly authorized, fully paid units of Cogdell Spencer OP or shares of
the Company, as applicable, issued in the name of the Exchanging Member, free and clear of all
liens, claims and encumbrances other than those created by such Exchanging Member.

          3.3 Commercially Reasonable Efforts. Subject to the terms and conditions herein
provided, the Company and Cogdell Spencer OP covenant and agree to use commercially reasonable
efforts to take, or cause to be taken, all actions and do, or cause to be done, all things
necessary, proper and/or appropriate to consummate and make effective the transactions contemplated
by this Irrevocable Exchange and Subscription Agreement.

 

 

     4. Survival. The representations, warranties, covenants and agreements contained in
this Irrevocable Exchange and Subscription Agreement shall survive the Closing Date.

     5. Conditions to Consummation by Cogdell Spencer OP and the Company. The obligations
of Cogdell Spencer OP and the Company to accept a subscription from, and to issue the Elected
Securities to, the Exchanging Member pursuant to this Irrevocable Exchange and Subscription
Agreement are subject to the fulfillment of the conditions set forth in this Article 5, any one or
more of which may be waived by the Company:

          5.1 Representations, Warranties and Covenants. The representations and warranties of
the Exchanging Member contained in this Irrevocable Exchange and Subscription Agreement shall be
true, correct and complete in all material respects on and as of the Closing Date with the same
force and effect as though made on and as of such Closing Date unless expressly stated herein to be
made as of a specified date. The Exchanging Member shall have performed in all material respects
all obligations required to be performed by him, her or it under this Irrevocable Exchange and
Subscription Agreement at or prior to the Closing Date.

          5.2 Closing Documents. The Exchanging Member shall have duly executed and delivered
to the Company and Cogdell Spencer OP on or prior to the Closing Date all documents that are
reasonably requested by the Company to effectuate the transactions contemplated hereby.

          5.3 Receipt of Subscription by the Expiration Time. The Subscription Documents and
such other documents or instruments as are, or may be, requested hereunder must be properly
completed and duly executed and returned by the Exchanging Member and received by the Company by
the Expiration Time.

          5.4 Closing Of the IPO and Other Transactions. The closing of the IPO and the
transaction contemplated by the applicable Transaction Agreement shall have occurred or shall be
imminent.

     6. Conditions to Consummation by the Exchanging Member. The obligations of the
Exchanging Member to receive Elected Securities pursuant this Irrevocable Exchange and Subscription
Agreement are subject to the fulfillment of the conditions set forth in this Article 6, any one or
more of which may be waived by him, her or it:

          6.1 Representations, Warranties and Covenants. The representations and warranties of
Cogdell Spencer OP contained herein shall be true, correct and complete in all material respects on
and as of the Closing Date with the same force and effect as though made on and as of such Closing
Date unless expressly stated therein to be made as of a specified date. Cogdell Spencer OP shall
have performed in all material respects all obligations required to be performed by it under this
Irrevocable Exchange and Subscription Agreement at or prior to the Closing Date.

          6.2 Closing Documents. Cogdell Spencer OP shall have duly executed and delivered on
or prior to the Closing Date this Irrevocable Exchange and Subscription Agreement.

          6.3 Closing Of the IPO and Other Transactions. The closing of the IPO and the
transaction contemplated by the applicable Transaction Agreement shall have occurred or shall be
imminent.

     7. Indemnity. The Exchanging Member hereby agrees to indemnify and defend the Company
and Cogdell Spencer OP and its affiliates against and to hold them harmless from any and all
damage, loss, liability and expense incurred or suffered by any of them arising out of or based
upon the inaccuracy of any representation or warranty or breach of any agreement made or to be
performed by such Exchanging Member pursuant to this Irrevocable Exchange and Subscription
Agreement or any of the documents or instruments contemplated hereby or referred to herein. The
Company and Cogdell Spencer OP hereby agree to indemnify and defend the Exchanging Member and its
affiliates against and to hold them harmless from any and all damage, loss, liability and expense
incurred or suffered by the Exchanging Member or any of its affiliates arising out of or based upon
the inaccuracy of any representation or warranty or breach of any agreement made or to be performed
by the Company or Cogdell Spencer OP pursuant to this Irrevocable Exchange and Subscription
Agreement.

 

 

     8. Changes to Form Agreements. The Exchanging Member agrees and confirms that the
terms of the OP Units and Common Stock described in the Consent Solicitation Statement and the
Confidential Offering Memorandum and the Exhibits thereto are not final and may be modified
depending on the prevailing market conditions at the time of the IPO. By executing this
Irrevocable Exchange and Subscription Agreement such Exchanging Member hereby authorizes Cogdell
Spencer OP and the Company to and understands and agrees that Cogdell Spencer OP and the Company
may make changes (including changes that may be deemed material) to the Company’s charter, the
by-laws of the Company, the Registration Rights Agreement, the Tax Protection Agreement, the
Lock-Up Agreement and the partnership agreement of Cogdell Spencer OP, to the Consent Solicitation
Statement and the Confidential Offering Memorandum, and such Exchanging Member agrees to receive
the Elected Securities, as the case may be, with such final terms and conditions as the Company
determines.

     9. Power-of-attorney.  By executing this Irrevocable Exchange and
Subscription Agreement, the undersigned Exchanging Member hereby irrevocably constitutes and
appoints the Company (or a substitute appointed by Company) as his, her or its attorney-in-fact and
agent with full power of substitution to take any and all actions and execute any of the following
agreements on such Exchanging Member’s behalf and in such Exchanging Member’s name: Lock-Up
Agreement, Registration Rights Agreement, Tax Protection Agreement, the Transaction Agreement, and,
if the Exchanging Member is electing to receive OP Units, partnership agreements, Organizational
Document Amendments of the Existing Entities, and any other documents related to the consummation
of the Consolidation Transaction on such Exchanging Member’s behalf and in such Exchanging Member’s
name, as may be deemed by the Company as necessary or desirable to effectuate the Consolidation
Transaction, IPO, and the other transactions described in the Consent Solicitation Statement and
the Confidential Offering Memorandum. The undersigned hereby grants to each attorney-in-fact full
power and authority to do and perform each and every act and thing which may be necessary, or
convenient, in connection with the foregoing, as fully, to all intents and purposes, as the
undersigned might or could do if personally present, hereby ratifying and confirming all that such
attorney-in-fact shall lawfully do or cause to be done by authority hereof. Such power-of-attorney
shall be deemed to be coupled with an interest and shall be irrevocable and shall survive the
death, disability or dissolution of the Exchanging Member.

     10. Partnership
Agreement Amendments.  By executing this
Irrevocable Exchange and Subscription Agreement, the undersigned Exchanging Member hereby
irrevocably constitutes and appoints the Company (or a substitute appointed by the Company) as his,
her or its attorney-in-fact and agent with full power of substitution, to enter into, on such
Exchanging Member’s behalf and in such Exchanging Member’s name, any amendments to the partnership
agreement of Cogdell Spencer OP approved by the partners in accordance with the terms of such
agreement. The undersigned hereby grants to each attorney-in-fact full power and authority to do
and perform each and every act and thing which may be necessary, or convenient, in connection with
the foregoing, as fully, to all intents and purposes, as the undersigned might or could do if
personally present, hereby ratifying and confirming all that such attorney-in-fact shall lawfully
do or cause to be done by authority hereof. Such power-of-attorney shall be deemed to be coupled
with an interest and shall be irrevocable and shall survive the death, disability or dissolution of
the Exchanging Member.

     11. Termination. This Agreement shall be irrevocable by the undersigned, but shall
terminate automatically if the Closing has not occurred 12 months after the date of this
Agreement.

     12. General Provisions.

          12.1 Modification. Neither this Irrevocable Exchange and Subscription Agreement nor
any provisions hereof shall be waived, modified, discharged or terminated except by an instrument
in writing signed by the party against whom any waiver, modification, discharge or termination is
sought.

          12.2 Notices. All notices, requests and other communications hereunder must be in
writing and will be deemed to have been duly given only if delivered personally or by facsimile
transmission or mailed (first class postage prepaid) to the parties at the following addresses or
facsimile numbers:

 

 

	 	 	 
	If to the Exchanging Member:

	 	To the address indicated for such
Exchanging Member on the signature page
to this Irrevocable Exchange and
Subscription Agreement.
	 
	 	 
	If to the Company or Cogdell Spencer OP:

	 	c/o Cogdell Spencer Advisers Inc.
	 

	 	4401 Barclay Downs Drive
	 

	 	Suite 300
	 

	 	Charlotte, North Carolina 28209-4670
	 

	 	Tel: (704) 940-2900
	 

	 	Fax: (704)940-2957
	 

	 	Attention: Frank Spencer
	 

	 	 
	 
	 	with a copy to:
	 

	 	Clifford Chance US LLP
	 

	 	31 West 52nd Street
	 

	 	New York, New York 10019
	 

	 	Attention: Jay Bernstein
	 

	 	Facsimile: (212) 878-8375

All such notices, requests and other communications will (a) if delivered personally to the address
as provided in this Section 12.2, be deemed given upon delivery; (b) if delivered by facsimile
transmission to the facsimile number as provided in this Section 12.2, be deemed given upon
receipt; and (c) if delivered by mail in the manner described above to the address as provided in
this Section 12.2, be deemed given upon receipt (in each case regardless of whether such notice,
request or other communication is received by any other Person to whom a copy of such notice is to
be delivered pursuant to this Section 12.2). Any party from time to time may change its address,
facsimile number or other information for the purpose of notices to that party by giving notice
specifying such change to the other parties hereto in accordance with this Section 12.2.

          12.3 Binding Effect. Except as otherwise provided herein, this Irrevocable Exchange
and Subscription Agreement shall be binding upon and inure to the benefit of the parties and their
heirs, executors, administrators, successors, legal representatives and permitted assigns. If the
Exchanging Member is itself more than one person, the obligations of such Exchanging Members shall
be joint and several and the acknowledgements, representations, warranties, covenants and
agreements herein contained shall be deemed to be made by and be binding upon each such person and
his or her heirs, executors, administrators, successors, legal representatives and permitted
assigns.

          12.4 Entire Agreement; Conflicting Provisions. The Subscription Documents contain the
entire agreement of the parties with respect to this subscription, and there are no
representations, warranties, covenants or other agreements except as stated or referred to herein
or therein.

          12.5 Assignability. This Irrevocable Exchange and Subscription Agreement is not
transferable or assignable by any party hereto. This Irrevocable Exchange and Subscription
Agreement shall be for the benefit of the parties hereto.

          12.6 Applicable Law. This Irrevocable Exchange and Subscription Agreement shall be
governed by and construed in accordance with the laws of the State of Maryland applicable to
contracts made and to be performed entirely within such State.

          12.7 Counterparts. This Irrevocable Exchange and Subscription Agreement may be
executed through the use of separate signature pages or in counterparts, and each of such
counterparts shall, for all purposes, constitute one agreement binding on the parties hereto,
notwithstanding that the parties hereto are not signatories to the same counterpart.

          12.8 Further Assurances. The Exchanging Member will, from time to time, execute and
deliver to the Company all such other and further instruments and documents and take or cause to be
taken all such other and further action as Cogdell Spencer OP may reasonably request in order to
effect the transactions

 

 

contemplated by this Irrevocable Exchange and Subscription Agreement. Notwithstanding the
foregoing, the Company or Cogdell Spencer OP may request from the Exchanging Member such additional
information as it may deem necessary to evaluate the eligibility of such Exchanging Member to
acquire Elected Securities, and may request from time to time such information as it may deem
necessary to determine the eligibility of such Exchanging Member to hold Elected Securities or to
enable Cogdell Spencer OP or the Company to determine the Exchanging Member’s compliance with
applicable regulatory requirements or tax status, and such Exchanging Member shall provide such
information as may reasonably be requested.

          12.9 Severability. If any term or provision of this Irrevocable Exchange and
Subscription Agreement shall to any extent be invalid or unenforceable, the remainder of this
Irrevocable Exchange and Subscription Agreement shall not be affected thereby, and each term and
provision of this Irrevocable Exchange and Subscription Agreement shall be valid and enforceable to
the fullest extent permitted by law. Upon the determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to
modify this Irrevocable Exchange and Subscription Agreement so as to effect their original intent
as closely as possible in an acceptable manner to the end that transactions contemplated hereby are
fulfilled to the extent possible.

          12.10 Specific Performance. The parties hereto acknowledge that there would be no
adequate remedy at law if any party fails to perform any of its obligations hereunder, and
accordingly agree that each party, in addition to any other remedy to which it may be entitled at
law or in equity, shall be entitled to compel specific performance of the obligations of any other
party under this agreement in accordance with the terms and conditions of this agreement.

          12.11 Expenses. Each of the parties hereto agrees to pay the expenses incurred by it
in connection with the negotiation, preparation, execution and delivery of this Irrevocable
Exchange and Subscription Agreement and the consummation of the transactions contemplated hereby,
including the fees and expenses of counsel to such party.

          12.12 Ambiguities. Any ambiguities or questions concerning the undersigned’s
completion or execution of the Consent and Election Form will be resolved by the Company, and its
determination will be final and binding upon undersigned.

[Remainder of this page is intentionally left blank.]

 

 

COGDELL SPENCER LP

IRREVOCABLE EXCHANGE AND SUBSCRIPTION AGREEMENT

SIGNATURE PAGE

(This signature page must be signed by the Exchanging Member)

     The undersigned Exchanging Member, desiring to enter into this Irrevocable Exchange and
Subscription Agreement for the subscription of the Elected Securities in exchange for the
Exchanging Member’s Entire Interest, hereby agrees to all of the terms and provisions of this
Irrevocable Exchange and Subscription Agreement and agrees that such Exchanging Member is bound by
all such terms and provisions and that such Exchanging Member is not exercising its option, if
applicable, to receive cash in exchange for its stock in Cogdell Spencer Advisors Inc. or its
limited liability company, general or limited partnership interests in the 31 entities in which
CSA’s properties are owned.

     Please sign your name below exactly in the same manner as the name(s) in which ownership of
the Exchanging Member’s Entire Interest is registered. When the Exchanging Member’s Entire
Interest is held by two or more joint holders, all such holders must sign. When signing as
attorney-in-fact, executor, administrator, trustee or guardian,
please give full title as such. If
a corporation, please sign in full corporate name by the President or
other authorized officer. If
a partnership or limited liability company, please sign in partnership or limited liability company
name by an authorized person.

     The Exchanging Member has executed this Irrevocable Exchange and Subscription Agreement as of
this ___day of ______ ___, 2005.

EXCHANGING MEMBER:

	 	 	 	 	 
	For Individual Investors:	 	For Investors other than Individuals:
	 
	 	 	 	 
	 	 	 
	Signature	 	(Please Type or Print Full Legal Name
of Investor – Do not use abbreviations
or all caps unless included in legal
name)
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 
	(Please Type or Print Name)

	 	 	Signature
	 
	 	 	 	 
	 	 	 
	Signature of Spouse, if joint investment	 	(Please Type or Print Name of Signatory)
	 
	 	 	 	 
	 	 	 	 	 
	(Please type Name of Spouse, if joint investment)	 	Title:
	 	 	 	 	 

 

 

Agreed and Accepted as of this __ day of __________ __, 2005.

COGDELL SPENCER LP,

a Delaware limited partnership

	 	 	 	 	 	 	 
	By:

	 	, Its General Partner	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Name:	 	 	 	 
	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	COGDELL SPENCER INC.	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Name:	 	 	 	 
	Title:	 	 	 	 

 

 

[FORM OF INVESTOR INFORMATION SHEET]

[NAME OF EXISTING ENTITY]

Contact:

[Name]

[Address]

[Telephone number]

Cogdell Advisors Inc.

(704) 940-2900

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Current Ownership % in		 	 	 	 
	Investor	 	[Existing Entity]		 	Cash Value		 	Number of OP Units

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