Third Amendment to Fifth Amended and Restated Agreement



 Exhibit 10.1 
 KILROY REALTY, L.P. 
 THIRD AMENDMENT TO FIFTH AMENDED AND RESTATED 
 AGREEMENT OF LIMITED PARTNERSHIP 
 This Third
Amendment to the Fifth Amended and Restated Agreement of Limited Partnership (this “Amendment”) is made as of May 21, 2009 by and among Kilroy Realty Corporation, a Maryland corporation, as general partner (the “General
Partner”) of Kilroy Realty, L.P., a Delaware limited partnership (the “Partnership”), and the other parties listed on the signature pages hereto, for the purpose of amending the Fifth Amended and Restated Agreement of
Limited Partnership, dated as of March 5, 2004, as amended to the date hereof (the “Partnership Agreement”). 
 WHEREAS, the signatories hereto desire to amend the Partnership Agreement as set forth herein; 
 NOW THEREFORE, in consideration of
the foregoing, the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the signatories hereto, intending to be legally bound, agree to continue the Partnership and
amend the Partnership Agreement as follows: 
 Defined Terms. Capitalized terms used without definition in this Amendment shall have the meaning given to
each such term in the Partnership Agreement. 
 Amendments. 
 Section 1.1. 
 Section 1.1 of the Partnership Agreement is hereby amended to include the following new definition:

 “Adjusted Net Income” means for each fiscal year of the Partnership, an amount equal to the Partnership’s Net
Income or Net Loss for such fiscal year, computed without regard to the items set forth below, provided if the Adjusted Net Income for such fiscal year is a negative number (i.e., a net loss), then the Adjusted Net Income for that fiscal year shall
be treated as if it was zero: 
 (a) Depreciation; and 
 (b) Net gain or loss realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership, including but not limited to net gain or loss treated as realized in
connection with an adjustment to the Gross Asset Value of the Partnership’s assets as set forth in the definition of such term. 
 The following
definition in Section 1.1 of the Partnership Agreement is hereby amended as follows: 
 The last paragraph of the definition of
“Net Income or Net Loss” shall be deleted. 







 Section 6.5. 
 The following new Section 6.5 is inserted in the Partnership Agreement: 
 Section 6.5. Special Allocations

 A. Notwithstanding the provisions in Sections 6.1, 6.2.B.1 and 6.2.B.2, but subject to the other provisions of this Article 6, if the
Partnership has positive Adjusted Net Income for a fiscal year, such Adjusted Net Income shall first be allocated to the Holders of Senior Preferred Units under Section 6.2.B.1(e) for such fiscal year, with the remaining items of Net Income or
Net Loss allocated to the Partners pursuant to Sections 6.2.B.1 and 6.2.B.2. 
 B. Notwithstanding the provisions of Sections 6.1, 6.2.B.1
and 6.2.B.2, but subject to Sections 6.3 and 6.5.A, in the event Net Income, Net Loss or items thereof are being allocated to a Partner to offset prior Net Loss, Net Income or items thereof which have been allocated to such Partner, the General
Partner shall attempt to allocate such offsetting Net Income, Net Loss or items thereof which are of the same or similar character (including without limitation Section 704(b) book items versus tax items) to the original allocations with
respect to such Partner. 
 Section 15.10. 
 The
following sentence is added to the end of Section 15.10: 
 The failure of any amendment to this Agreement to be effective as to any particular
Limited Partner shall not render it ineffective as to any other Limited Partner. 
 Miscellaneous. 
 Effect of Amendment. Except as specifically modified hereby, all terms and provisions of the Partnership Agreement shall continue to remain in full force and
effect and, except as the context otherwise requires, each reference to the Partnership Agreement in this Amendment shall be a reference to the Partnership Agreement as amended hereby. 
 Counterparts. This Amendment may be executed in two or more counterparts, each of which when and as executed shall be deemed to be an original, and all of which when taken together shall constitute one and the
same instrument. 
 Successors and Assigns. This Amendment shall inure to the benefit of and be binding upon the successors and assigns of each of the
Partners. 
 Headings. The headings in this Amendment are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
 Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE. 

Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal
or unenforceable in any respect 








 
for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in
any way impaired or affected, it being intended that each party’s rights and privileges shall be enforceable to the fullest extent permitted by law. 
 (Signature Pages Follow) 







 IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first written above.

  

			
	GENERAL PARTNER
	
	KILROY REALTY CORPORATION
		
	By:	 	 /s/    Tyler H. Rose

	Name: Title:	 	 Tyler H. Rose
 Senior Vice President and Treasurer


		
	By:	 	 /s/    Tamara J. Porter

	Name: Title:	 	 Tamara J. Porter
 Vice President and Corporate Counsel












			
	 BELBROOK REALTY CORPORATION,
 a Delaware
Corporation

		
	By:	 	 /s/    Andrew Frenette

	Name:	 	Andrew Frenette
	Title:	 	Vice President
	
	 CLEARWOOD REALTY CORPORATION,
 a Delaware
Corporation

		
	By:	 	 /s/    Andrew Frenette

	Name:	 	Andrew Frenette
	Title:	 	Vice President
	
	 CLEARFORK REALTY CORPORATION,
 a Delaware
Corporation

		
	By:	 	 /s/    Andrew Frenette

	Name:	 	Andrew Frenette
	Title:	 	Vice President
	
	 BELDORE REALTY CORPORATION,
 a Delaware
Corporation

		
	By:	 	 /s/    Andrew Frenette

	Name:	 	Andrew Frenette
	Title:	 	Vice President










			
	 SERIES A LIMITED PARTNER:
  
 BLACKROCK

		
	By:	 	 /s/    Michael Pungello

	Name:	 	Michael Pungello
	Title:	 	Director


 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.] 








			
	 COMMON LIMITED PARTNER:
  

		
	By:	 	 /s/    John B. Kilroy, Jr.

	Name:	 	 John B. Kilroy, Jr.



 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.] 








			
	 COMMON LIMITED PARTNER:
  
 KILROY TECHNOLOGIES COMPANY, LLC

		
	By:	 	 /s/    John B. Kilroy, Jr.

	Name:	 	 John B. Kilroy, Jr.

	Title:	 	 Member



 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.] 








			
	 COMMON LIMITED PARTNER:
  

		
	By:	 	 /s/    John B. Kilroy, Sr.

	Name:	 	 John B. Kilroy, Sr.



 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.] 








			
	 COMMON LIMITED PARTNER
  
 KILROY INDUSTRIES

		
	By:	 	 /s/    John B. Kilroy, Sr.

	Name:	 	 John B. Kilroy, Sr.

	Title:	 	President
	
	 KILROY TECHNOLOGIES COMPANY, LLC

		
	By:	 	 /s/    John B. Kilroy, Sr.

	Name:	 	 John B. Kilroy, Sr.

	Title:	 	 Member

	
	 KILROY AIRPORT IMPERIAL COMPANY
 By: The
Kilroy Company, Its General Partner

		
	By:	 	 /s/    John B. Kilroy, Sr.

	Name:	 	 John B. Kilroy, Sr.

	Title:	 	President










			
	 COMMON LIMITED PARTNER:
  

		
	By:	 	 /s/    Lawrence D. Dorr

	Name:	 	 Lawrence D. Dorr



 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.] 








			
	 COMMON LIMITED PARTNER:
  

		
	By:	 	 /s/    Robin Kilroy

	Name:	 	 Robin Kilroy



 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.] 








			
	 COMMON LIMITED PARTNER:
  

		
	By:	 	 /s/    James Reynolds

	Name:	 	 James Reynolds



 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.] 








			
	 COMMON LIMITED PARTNER:
  

		
	By:	 	 /s/    Patrice Kilroy

	Name:	 	 Patrice Kilroy



 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.] 








			
	 COMMON LIMITED PARTNER:
  

		
	By:	 	 /s/    Dana Pantuso

	Name:	 	 Dana Pantuso



 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.] 








			
	 COMMON LIMITED PARTNER:
  

		
	By:	 	 /s/    Anne E. Kilroy McCahon

	Name:	 	 Anne E. Kilroy McCahon



 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.] 








			
	 COMMON LIMITED PARTNER:
  

		
	By:	 	 /s/    Susan J. Hahn

	Name:	 	 Susan J. Hahn



 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.] 








			
	 COMMON LIMITED PARTNER:
  

		
	By:	 	 /s/    Martin V. Clevenger

	Name:	 	 Martin V. Clevenger



 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.] 








			
	 COMMON LIMITED PARTNER:
  

		
	By:	 	 /s/    Jay H. Shidler

	Name:	 	 Jay H. Shidler



 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.] 








			
	 COMMON LIMITED PARTNER:
  

		
	By:	 	 /s/    Lawrence J. Taff

	Name:	 	 Lawrence J. Taff



 [Signature Page to Third Amendment to Fifth Amended and Restated Agreement of

 Limited Partnership of Kilroy Realty, L.P.]