Document:

exv10w36

 

Exhibit 10.36

FIFTH AMENDMENT TO

AGREEMENT OF PURCHASE AND SALE

     This FIFTH AMENDMENT TO AGREEMENT OF PURCHASE AND SALE (this “Amendment”) is executed this
19th day of January, 2006, between MOR MONTPELIER LLC, FORBES BOULEVARD LLC, and DERRY
COURT LLC (collectively, “Seller”) and ASSET CAPITAL PARTNERS, L.P. (“Purchaser”; and, collectively
with Seller, the “Parties”).

     WHEREAS, Seller and Purchaser entered into that certain Agreement of Purchase and Sale dated
November 7, 2005 (the “Original Agreement”), as amended by (i) a First Amendment to Agreement of
Purchase and Sale dated December 12, 2005 (the ''First Amendment”), (ii) a Second Amendment to
Agreement of Purchase and Sale dated December 14, 2005 (the “Second Amendment”), (iii) a Third
Amendment to Agreement of Purchase and Sale dated December 16, 2005 (the “Third Amendment”), and
(iv) a Fourth Amendment to Agreement of Purchase and Sale dated January 9, 2006 (the “Fourth
Amendment”). The Original Agreement as amended by the First Amendment, Second Amendment, Third
Amendment and Fourth Amendment is referred to herein as the “Agreement”.

     WHEREAS, the Parties have now agreed to further amend the Agreement as described herein. All
terms not otherwise defined herein shall have the meanings set forth in the Agreement.

     NOW, THEREFORE, the Parties hereby agree as follows:

     1.     Anything contained in the Agreement notwithstanding, the definition of “Closing Date” under
Section 1.1(j) of the Agreement is hereby deleted in its entirety and replaced with the following:
“As designated by the Purchaser upon not less than 5 business days’ prior written notice, but no
later than February 28, 2006.”

     2.     Notwithstanding the provisions of the Original Agreement to the contrary, in order to
facilitate its financing, should Seller and Purchaser be unable to simultaneously close the
purchase and sale of all three properties constituting the Property at such time as Purchaser is
prepared to close the purchase and sale of the Forbes Property, Purchaser shall have the right to
elect to close the purchase and sale of the Forbes Property separate and apart from the Montpelier
Property and the Derry Court Property by delivery of written notice to Seller at least five (5)
business days prior to the anticipated Closing Date (the “Forbes Closing Date”), in which event the
following shall apply:

     (a)     The Agreement shall be deemed to constitute two separate agreements, one for the
purchase and sale of the Forbes Property on the Forbes Closing Date for a purchase price of
$9,400,000 (the “Forbes Purchase Price”), and a second for the purchase and sale of the
Derry Property and the Montpelier Property for a combined purchase price of $13,300,000 (the
“Montpelier/Derry Purchase Price”), to be consummated on the Closing Date (as defined in the
Agreement).

 

 

     (b)     The entire Earnest Money shall be applied to the purchase of the Montpelier
Property and Derry Property, and not the Forbes Property.

     (c)     All other terms of the Agreement shall apply to each transaction as appropriate in
the context of the applicable Property.

     3.     Except as expressly amended by this Amendment, the Agreement is hereby ratified and
affirmed in all respects. This Amendment may be executed by the parties hereby in counterpart.

     4.     This Amendment shall be binding upon and shall inure to the benefit of the parties hereto
and their personal representatives, successors, and assigns.

     5.     This Amendment shall be interpreted and construed in accordance with the laws of the State
of Maryland.

[SIGNATURE PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, the parties to this Fifth Amendment to Agreement of Purchase and Sale have set
their hands the day and year first written above.

	 	 	 	 	 
	WITNESSES:  	SELLER:

MOR MONTPELIER LLC

 	 
	 	By:  	/s/ Mark Knobloch
 	(SEAL) 
	 	 	Mark D. Knobloch, President 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	FORBES BOULEVARD LLC

 	 
	 	By:  	/s/ Mark Knobloch
 	(SEAL) 
	 	 	Mark D. Knobloch, President 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	DERRY COURT LLC

 	 
	 	By:  	/s/ Mark Knobloch
 	(SEAL) 
	 	 	Mark D. Knobloch, President 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	PURCHASER:

ASSET CAPITAL PARTNERS, L.P.

 	 
	 	By:  	ACC GP, LLC, its general partner
 	 
	 

	 	 	 	 	 
	 	By:  	Asset Capital Corporation, Inc., its Sole member
 	 
	 

	 	 	 	 	 
	 	By:  	/s/ Blair Fernau
 	(SEAL) 
	 	 	Blair Fernau, Chief Investment Officerexv10w37

 

Exhibit 10.37

SEPARATION AGREEMENT AND GENERAL RELEASE

     This Separation Agreement and General Release (“Separation Agreement”) is made by and between
Asset Capital Corporation, Inc., a Maryland Corporation (the “Company”), and Barry E. Johnson, (the
“Executive”). The Company and the Executive may be referred to collectively herein from time to
time as “the Parties.”

     WHEREAS, Executive has been employed by the Company pursuant to an Employment Agreement
executed on June 30, 2005 (“Employment Agreement”); and

     WHEREAS, Executive has informed the Company that he wishes to resign and pursue other career
opportunities; and

     WHEREAS, the Company wishes to demonstrate its appreciation for Executive’s dedicated service;
and

     WHEREAS, the Parties have agreed to treat Executive’s resignation as a resignation of
Executive’s employment without Good Reason as provided in Section 5.2(a) of Executive’s Employment
Agreement, provided that the Parties desire to modify certain terms, conditions, benefits and/or
obligations of Executive’s Employment Agreement as set forth herein;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the
Parties agree as follows:

	1.	 	Effective Date of Agreement. This Separation Agreement shall become effective and
enforceable (“Effective Date”) on the date it is executed. Once effective, all of the terms,
conditions, benefits and restrictions of this Settlement Agreement shall be fully enforceable
and binding on the Parties.

	2.	 	Termination of Employment.

	 	a.	 	Executive hereby resigns his employment and any positions he
holds with the Company and its subsidiaries and affiliates, including but not
limited to his positions as Chief Financial Officer, Treasurer and Secretary of
the Company, as of November 30, 2005 (the “Date of Termination”). Executive
will perform his duties and responsibilities in good faith and shall assist the

page 1 of 13

 

	 	 	 	Company in transitioning the Executive’s duties and responsibilities as
directed by the Company through the Date of Termination; provided, however,
that the Executive shall not be required to come in to the office after
November 23, 2005. After the Date of Termination, the Executive shall have no
further duties or responsibilities to be performed for the Company or any of
its subsidiaries or affiliates and shall have no authority to act or endeavor
to act on behalf of the Company or any of its subsidiaries or affiliates for
any reason.

	 	b.	 	Executive will not receive any compensation or benefits from
the Company after the Date of Termination, except as hereinafter provided in
this Separation Agreement. Executive acknowledges and understands that some of
these benefits are not routinely provided, that they exceed those provided
under existing policies, and that they exceed those to which he is or otherwise
would be entitled for a resignation of his employment without Good Reason, and
that they are given in consideration of his release and waiver of any claim
that he may have against the Company in connection with his employment and
termination of employment, as well as Executive’s other agreements as set forth
herein.

	3.	 	Consideration to Executive. The Company shall provide Executive the following:

	 	a.	 	The Company shall continue to provide Executive his salary and
regular benefits as set forth in his Employment Agreement until the Date of
Termination.
	 
	 	b.	 	The Company shall pay to Executive on January 15, 2006, the
amount of $131,250.00 (One Hundred Thirty-One Thousand, Two Hundred Fifty
Dollars), said amount representing 7 (Seven) Months of his current Base Salary
as defined in Section 3.1 of Executive’s Employment Agreement.
	 
	 	c.	 	Following the Date of Termination, the Company shall pay to
Executive the amount of $18,750.00 (Eighteen Thousand Seven Hundred Fifty
Dollars) per month, said amount representing One Month of his current Base
Salary as defined in Section 3.1 of Executive’s Employment Agreement. The

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	 	 	 	Company shall remit its first monthly payment to Executive on December 15,
2005, and shall thereafter make such monthly payment to Executive on the
15th day of each month. The Company’s obligation under this section
shall expire upon the first to occur of either: (1) the Company’s remittance
of its 7th (Seventh) monthly payment to Executive, or (2)
Executive’s commencement of any new employment. Executive agrees to promptly
notify the Company upon obtaining any new employment. Executive further agrees
that, should he fail to notify the Company of his new employment and collect
any payment from the Company under this section after having commenced such new
employment, the Company shall be entitled to a reimbursement from Executive of
any amount that it paid to Executive after the expiration of its obligation
under this section.
	 
	 	d.	 	The Company shall pay the full cost for Executive to
participate in the health insurance plans (including group medical, dental and
vision benefits) in which Executive was enrolled immediately prior to the Date
of Termination. The Company’s obligation under this section shall expire upon
the first to occur of either: (1) June 30, 2006, or (2) Executive’s commencing
any new employment; provided, however, that the Executive shall have the right
at his cost to continue to participate in the Company’s group medical benefits
program for up to 18 months following the Date of Termination as provided by
COBRA. Executive agrees to promptly notify the Company upon obtaining any new
employment. Executive further agrees that, should he fail to notify the
Company of his new employment and collect any payment from the Company under
this section after having commenced such new employment, the Company shall be
entitled to a reimbursement from Executive of any amount that it paid to
Executive after the expiration of its obligation under this section.
	 
	 	e.	 	For so long as the Company is making monthly payments to the
Executive pursuant to Section 3(c) of this Separation Agreement, the Executive
shall be covered by the Company’s long-term disability insurance policy. The
Executive shall be responsible for the premiums associated with his coverage

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	 	 	 	under this policy, which shall be deducted by the Company from the monthly
payments made by the Company to the Executive pursuant to Section 3(c).
	 	f.	 	The Company agrees to carry Directors and Officers insurance
coverage on Executive for a period of Twenty-Four (24) months from the Date of
Termination for his acts and omissions while an officer and director of the
Company on a basis no less favorable to him than the coverage provided to
current officers and directors.
	 
	 	g.	 	The Company agrees to reimburse Executive for any amounts
otherwise due to him under Sections 3.5 and 3.9 of his Employment Agreement as
well as for business expenses incurred through the Date of Termination in
accordance with Section 3.9 of the Employment Agreement.
	 
	 	h.	 	The Company agrees that all restricted stock awards and LTIP
awards previously granted by the Company to Executive and that have vested
pursuant to the terms of Executive’s Employment Agreement shall be retained by
Executive. These amounts are as follows: 3,610 restricted shares of the
common stock of the Company and 640 LTIP units previously awarded to the
Executive under the Company’s Long-Term Incentive Plan. At any time up to and
including June 30, 2006, Executive shall have the right to sell all or any
portion of (a) such vested shares of restricted common stock and LTIP units
and/or (b) 2,941 shares of common stock purchased directly by the Executive
back to the Company at a price of $8.50 per share/unit by providing the Company
with a written notice of intent to sell specifying the number of shares of
common stock and/or LTIP units he desires to sell, and the Company agrees to
repurchase any such shares of common stock or LTIP units within ten (10) days
after receipt of any such written request by Executive. Executive agrees that
he shall forfeit all unvested equity in any and all stock, restricted stock
awards, LTIP units and any other equity awards actually granted by the Company
to Executive.

page 4 of 13

 

	4.	 	Company’s Waiver of Non-Competition Provisions of Executive’s Employment Agreement.

	 	 	The Company hereby releases Executive from the non-competition covenant in Section 6.1(a) of
Executive’s Employment Agreement.

	5.	 	Waiver, Release of Claims, and Covenant Not to Sue. 

	 	a.	 	Executive, for himself, his agents, personal representatives,
heirs and assigns, hereby unconditionally releases and forever discharges the
Company and all of its affiliated entities and subsidiaries, as well as their
respective officers, directors, partners, owners, employees, agents,
representatives, predecessors and successors, whether in their individual and
representative capacities (collectively “Released Parties”) from all liability
for any acts, occurrences or omissions arising out of or connected in any way
with Executive’s employment, prospective employment, or termination of
employment by the Company and any of its affiliates or subsidiaries, both as to
matters now known and those discovered hereafter. The foregoing includes, but
is not limited to, any and all claims for monetary relief, injunctive relief,
back pay, fringe benefits, attorney fees, costs, and employment or
reinstatement, that could have been raised under common law, including wrongful
discharge, breach of any contractual rights, both express or implied, breach of
any covenant of good faith and fair dealing, both express or implied, any tort,
any claim of invasion of privacy, any legal restrictions on the Released
Parties’ rights to terminate employees, and any federal, state, or other
governmental statute, regulation, ordinance, or directive, specifically
including but not limited to, Title VII of the Civil Rights Act of 1964, the
Americans with Disabilities Act, the Family and Medical Leave Act, the Fair
Labor Standards Act, the Employee Retirement Income Security Act, the
Securities Act of 1933, the Securities Exchange Act of 1934, and state
securities laws. Executive covenants not to sue the Released Parties with
respect to any of the released claims or potential claims described above. The
foregoing release does not waive or infringe (i) Executive’s right to receive
retirement benefits to the extent he is eligible for such benefits pursuant to
the terms of any applicable retirement or

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	 	 	 	pension program; (ii) any rights to vested stock described in Section 3(g)
hereof, and (iii) any indemnification rights under this Separation Agreement,
that certain Indemnification Agreement by and between the Company and the
Executive dated as of November 11, 2005, and the Company’s charter and by-laws.

	 	b.	 	The Company hereby unconditionally releases and forever
discharges Executive from all liability for any acts, occurrences or omissions
arising out of or connected in any way with Executive’s employment, prospective
employment, or termination of employment by, or services as a member of the
Board of Directors of, the Company and any of its affiliates or subsidiaries,
both as to matters now known and those discovered hereafter, except to the
extent the Company determines in good faith that the Executive has engaged in
any fraudulent or criminal conduct. The Company covenants not to sue the
Executive with respect to any of the released claims or potential claims
described above.

	 	c.	 	The Parties expressly understand and agree that the waivers,
releases and covenants not to sue set forth in clauses (a) and (b) above do not
preclude either Party from acting to enforce the terms, conditions, rights,
obligations and requirements of this Separation Agreement as provided herein.

	6.	 	Nondisclosure of Confidential Information. The Executive shall hold in a fiduciary
capacity for the benefit of the Company all secret or Confidential Information, knowledge or
data relating to the Company or any of its affiliated companies, and their respective
businesses, which shall have been obtained by the Executive during the Executive’s employment
by the Company or any of its affiliated companies, except for secret or Confidential
Information, knowledge or data which becomes public knowledge (other than as a result of any
act by the Executive or any representatives of the Executive in violation of this Separation
Agreement). Executive shall not, without the prior written consent of the Company or as may
otherwise be required by law or legal process, communicate or divulge any such information,
knowledge or data to anyone other than the Company and those designated by it. The agreement
made in this section 6 shall be in addition to, and not in limitation or derogation of, any
obligations

page 6 of 13

 

otherwise imposed by law upon the Executive in respect of confidential information of the
Company. “Confidential Information,” as used in this Separation Agreement, means any and all
confidential information (whether recorded in documentary form or by electronic or other means)
relating to the business methods, corporate plans, business plans, strategic plans, employee
information (including compensation, qualifications, and utilization), management systems,
finances, existing or developing business opportunities, processes under development, potential
product applications, or research and development projects of the Company, or relating to the
marketing or sales of any past, present or future product or service of the Company including,
without limitation, sales techniques, price lists, discount structures, advertising and
promotional material, the names, addresses, telephone numbers and contact names of customers and
potential customers of and suppliers and potential suppliers to the Company, the nature of their
business operations, their requirements for any product or service sold to or purchased by the
Company and all confidential aspects of their business relationship with the Company and any
trade secrets, secret formulae, processes, inventions, designs, know-how, discoveries, and
technical information relating to any past, present or future product or service of the Company.
Confidential Information also includes any other information to which the Company attaches an
equivalent level of confidentiality or in respect of which it owes an obligation of
confidentiality to any third party, knowledge of which Executive acquired at any time during his
employment by the Company or any of its affiliated companies and which is not readily
ascertainable to persons not connected with the Company either at all or without significant
expenditure of labor, skill or money. The nondisclosure obligation set forth in this Paragraph
is in addition to Executive’s fiduciary, statutory and other common law duties to maintain the
confidentiality of the Company’s Confidential Information and, to the extent not otherwise
provided herein, the Company’s trade secrets.

	7.	 	Non-Solicitation. Executive agrees that, for a period of One Year following the Date
of Termination,

	 	a.	 	Executive shall not, without the Company’s prior written
consent, directly or indirectly, knowingly (i) solicit or encourage to leave
the employment or other service of the Company, or any of its affiliates, any
employee or independent contractor thereof or (ii) hire (on behalf of Executive
or any

page 7 of 13

 

other person or entity) any employee who has left the employment of the Company
or any of its affiliates within the one-year period which follows Executive’s
Date of Termination, and

	 	b.	 	Executive will not, whether for his own account or for the
account of any other person, firm, corporation or other business organization,
intentionally interfere with the Company’s or any of its affiliates’
relationship with any person who, during the term of Executive’s employment
with the Company, is or was a customer or client of the Company or any of its
affiliates.

	8.	 	Acknowledgement of Enforceability of Covenants. It is agreed by the Parties that the
covenants contained in Sections 6 and 7 impose a fair and reasonable restraint on Executive in
light of the activities and business of the Company on the date of the execution of this
Separation Agreement and the current plans of the Company; but it is also the intent of the
Company and Executive that such covenants be construed and enforced in accordance with the
changing activities, business and locations of the Company and its affiliates throughout the
term of these covenants. Executive also acknowledges that this restraint will not prevent him
from earning a living in his chosen field of work.

	 	a.	 	In the event any court of competent jurisdiction shall
determine that the scope, time or other restrictions set forth herein are
unreasonable, then it is the intention of the Parties that such restrictions be
enforced to the fullest extent that such court deems reasonable, and the
Agreement shall thereby be reformed to reflect the same.

	 	b.	 	It is specifically agreed that the duration of the period
during which the agreements and covenants of Executive made in Sections 6 and 7
shall be effective shall be computed by excluding from such computation any
time during which Executive is in violation of any provision of Sections 6 and
7.

	 	c.	 	Notwithstanding any of the foregoing, if any applicable law,
judicial ruling or order shall reduce the time period during which Executive
shall be prohibited from engaging in any competitive activity described in
Sections 6 and 7 hereof, the period of time for which Executive shall be
prohibited

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pursuant to Sections 6 and 7 hereof shall be the maximum time permitted by law.

	9.	 	Consultation in Advance of Action. Before Executive engages in any action which may
reasonably be construed as a violation of this Separation Agreement, or as to which Executive
believes the application of the Separation Agreement is not clear, specifically including the
provisions of Sections 6 and 7 above, Executive agrees to contact and confer with the Chairman
of the Audit Committee of the Company’s Board of Directors, or his designee, regarding
Executive’s intended action, to make a good faith effort to avoid a violation, and to discuss
the availability of alternative courses of action that would not result in a violation. Both
Parties agree to engage in such discussions in good faith.

	10.	 	Injunctive and Contractual Relief. Executive understands and agrees that the
covenants contained in Sections 6 and 7 are special, unique and of an extraordinary character.
Because of the difficulty of measuring economic losses to the Company as a result of a breach
of the foregoing covenants, and because of the immediate and irreparable damage that could be
caused to the Company for which it would have no other adequate remedy, in the event of any
default, breach or threatened breach of these Sections by Executive, the Company shall be
entitled to institute and prosecute proceedings as provided for in Section 14, and shall be
entitled specifically to injunctive relief and to such other and further relief as may be
available to the Company at law and/or in equity. Executive hereby waives any right to
require the posting of a bond in the event the Company seeks injunctive and/or other equitable
relief to enforce this Separation Agreement. The rights, obligations and remedies provided in
this section and in Section 14 shall be in addition to, and not in lieu of, any rights,
obligations and/or remedies imposed by applicable law under statutes enforcing the protection
of trade secrets and other proprietary information.

	11.	 	Severability. The Parties understand and agree that every Section, and each subpart,
sub-paragraph or provision therein, of this Separation Agreement is separable, severable and
divisible from the rest of the Separation Agreement. If any Section, subpart, sub-paragraph
or provision herein is ruled invalid, illegal, unenforceable or void by any arbitrator,
regulatory agency or court of competent jurisdiction, the Parties understand and agree that

page 9 of 13

 

the remainder of this Separation Agreement shall continue to be enforceable to the fullest
extent permitted by law.

	12.	 	Choice of Governing Law. The Parties understand and agree that the validity,
interpretation, construction and performance of this Separation Agreement, as well as the
rights of the Parties under this Separation Agreement, shall be governed in accordance with
the laws of the State of Maryland, without regard to its conflicts of law principles.

	13.	 	Full Integration. This Separation Agreement constitutes the entire agreement between
the parties regarding the resignation of Executive’s employment with the Company. It fully
supercedes any and all prior oral or written representations, communications or agreements
between the parties pertaining to its subject matter, including the term letter signed by the
President of the Company and dated and delivered to Executive on November 11, 2005. The
Parties understand and agree that by executing this Separation Agreement, the Parties mutually
and voluntarily release one another from each and every of their respective rights and
obligations under the Employment Agreement to the extent said rights and obligations are not
specifically referenced herein. The Parties also understand and agree that, to the extent any
term, right, benefit or obligation as set forth the in Executive’s Employment Agreement is
inconsistent with, or conflicts in any way with any term, right, benefit or obligation as set
forth in this Separation Agreement, the term, right, benefit or obligation as set forth in
this Separation Agreement shall be controlling and shall supercede Executive’s Employment
Agreement. The Parties further acknowledge that no written or oral representations
inconsistent with or additional to the terms and conditions of this Separation Agreement have
been made or reached. Except as provided herein, the parties further agree that no
modification, amendment or waiver of any of the provisions of this Separation Agreement shall
be effective unless made in writing, specifically referring to this Separation Agreement, and
signed by Executive and the Company.

	14.	 	Disputes. The Company shall be entitled to seek any and all relief to which it is
entitled in any court of competent jurisdiction with respect to any violation or threatened
violation by Executive of the provisions of Sections 6 and 7 of this Separation Agreement.
Except as otherwise set forth in Section 10 above, in the event a Party institutes any
proceeding to enforce his or its legal rights under, or to recover damages for breach by the
other Party of,

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	 	 	this Separation Agreement, the prevailing Party shall be entitled to recover from the other
Party any actual expenses for attorney’s fees and disbursements incurred by such prevailing
Party.

	15.	 	No Waiver. The Parties acknowledge and agree that the failure to enforce at any time
any of the provisions of this Separation Agreement or to require at any time performance by
any party of any of the provisions hereto shall in no way be construed as a waiver of such
provision or effect the validity of this Separation Agreement or any part thereof, or the
right of each party thereafter to enforce each and every provision in accordance with the
terms of this Separation Agreement.

	16.	 	Assignability. This Separation Agreement is not assignable by Executive but is
assignable by the Company. This Separation Agreement shall be binding upon and inure to the
benefit of the Company and its successors and assigns.

	17.	 	Non-Disclosure of Agreement. The Parties agree to keep any and all matters relating
to this Separation Agreement, including its existence, terms and the negotiations and
circumstances which led to this Separation Agreement, confidential such that they will not
disclose such matters to any person or entity at any time; provided that the Company may
disclose such matters to any of its officers, directors, partners, owners, agents, auditors,
representatives and employees, to the extent such disclosure is reasonably necessary to
effectuate the terms and conditions of this Separation Agreement or as required by law, and
the Executive may disclose this Separation Agreement to his counsel. Notwithstanding the
foregoing, the Executive understands and agrees that the Company may be required under the
federal securities laws to disclose the material terms of this Separation Agreement in filings
the Company makes with the Securities and Exchange Commission. To the extent the Company
determines to make any such disclosure, the Company agrees to provide the Executive with a
reasonable opportunity to review and comment in advance upon such disclosure and the Company
agrees to consider in good faith any comments the Executive may have with respect to such
disclosure; provided, however, the Company shall have the right to reject any such comments if
the Company determines, upon the advice of its counsel, that making any revisions to the
disclosure requested by the Executive would not be in the best interests of the Company.

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	18.	 	Non-Disparagement. The Parties agree that they will not take any action or make any
comment which impugns, defames, disparages, criticizes, negatively characterizes or casts in
an unfavorable light, the other. Executive’s obligation under this Paragraph shall apply to
the Company and to the Released Parties, including their officers, directors, management,
employees, agents, policies, practices, processes, or products. Executive agrees not to
voluntarily provide assistance or information to any person or entity pursuing any claim,
charge or complaint against the Company, except that nothing herein shall be interpreted to
limit Executive’s right to confer with counsel or to provide truthful testimony pursuant to
subpoena or notice of deposition or as otherwise required by law.

	19.	 	Counterparts. This Separation Agreement may be executed in counterparts, each of
which shall be deemed an original for all purposes.

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Both Parties have read this Separation Agreement, understand and agree to its terms and enter into
it voluntarily. By signing below, Executive acknowledges that he is receiving a signed copy of
this Separation Agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Separation Agreement to be signed as of the
day and year first below written.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Asset Capital Corporation, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	Date:

	 	11/15/05
	 	 
	 	/s/ William LeBlanc
 

By: William B. LeBlanc, III
	 	 
	 

	 	 	 	 	 	Title: President	 	 
	 
	 	 	 	 	 	 	 	 
	Date:

	 	11/15/05
	 	 
	 	/s/ Barry E. Johnson	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Barry E. Johnson	 	 

page 13 of 13

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