##### 



Exhibit 10.1
 LIBERTY PROPERTY TRUST
 2008 LONG-TERM INCENTIVE PLAN
 EFFECTIVE AS OF JANUARY 1, 2008




---



##### 



TABLE OF CONTENTS
 PageARTICLE I            INTRODUCTION
    
    1ARTICLE II            DEFINITIONS
    
    22.1 Affiliate
    
    22.2 Award
    
    22.3 Award Agreement
    
    22.4 Award Date
    
    22.5 Award Period
    
    22.6 Award Period Target
    
    22.7 Beneficiary
    
    22.8 Board
    
    22.9 Cause
    
    22.10 CEO
    
    22.11 Change in Control
    
    22.12 Code
    
    22.13 Committee
    
    22.14 Common Share
    
    22.15 Company
    
    32.16 Effective Date
    
    32.17 Employee
    
    32.18 Employer
    
    32.19 Employment Agreement
    
    32.20 Fair Market Value
    
    32.21 Measurement Date
    
    32.22 Options
    
    32.23 Participant
    
    32.24 Performance Period
    
    32.25 Performance Period Target
    
    32.26 Permanent Disability
    
    32.27 Plan
    
    32.28 Plan Year
    
    3
 i




---



##### 



TABLE OF CONTENTS
 Page2.29 Redemption Date
    
    32.30 Retirement
    
    42.31 Share Incentive Plan
    
    42.32 Target Units
    
    42.33 Units
    
    42.34 Weighted Average Shares Outstanding
    
    4ARTICLE III            PARTICIPATION
    
    53.1 Initial Participants
    
    53.2 New Participants
    
    5ARTICLE IV            COMMON SHARES SUBJECT TO THE PLAN
    
    64.1 Common Shares Subject to the Plan
    
    64.2 Changes in Common Shares or Assets of the Company, Acquisition or
Liquidation of the Company and Other Corporate Events
    
    6ARTICLE V            AWARDS
    
    75.1 Awards
    
    75.2 Options
    
    75.3 Target Units
    
    8ARTICLE VI            PERFORMANCE TARGETS
    
    96.1 Determination of Performance of the End of the Performance Period and
Award Period
    
    9ARTICLE VII            REDEMPTION OF TARGET UNITS; VESTING
    
    107.1 Redemption of Target Units at the End of the Award Period
    
    10ARTICLE VIII            TERMINATION OF EMPLOYMENT
    
    118.1 Termination for Cause, Voluntary Resignation, or Nonrenewal of
Employment Agreement
    
    11ARTICLE IX            ADMINISTRATION
    
    129.1 Committee
    
    129.2 Committee Authority
    
    129.3 Committee Determinations
    
    129.4 Compensation of Committee
    
    12
 ii




---



##### 



TABLE OF CONTENTS
(CONTINUED)
 Page9.5 Indemnification of Committee
    
    12ARTICLE X            MISCELLANEOUS
    
    1410.1 Amendment; Termination
    
    1410.2 Non-Alienation
    
    1410.3 Funding
    
    1410.4 Governing Law
    
    1410.5 Withholding
    
    1510.6 At-Will Employment Status
    
    1510.7 Headings
    
    1510.8 Enforceability
    
    1510.9 Successors
    
    1510.10 Beneficiary
    
    1510.11 Incorporation of Equity Incentive Plan
    
    1510.12 Stock Certificates
    
    1510.13 Gender
    
    1610.14 Notices
    
    1610.15 Uniformity
    
    16
 iii




---



##### 



LIBERTY PROPERTY TRUST
2008 LONG-TERM INCENTIVE PLAN
 ARTICLE I  INTRODUCTION
  1




---



##### 



ARTICLE II  DEFINITIONS
   Affiliate 
  Award 
  Award Agreement 
  Award Date 
  Award Period 
  Award Period Target 
  Beneficiary 
  Board 
  Cause 
  CEO 
  Change in Control 
  Code 
  Committee 
  Common Share 
 2




---



##### 



 Company 
  Effective Date 
  Employee 
  Employer 
  Employment Agreement 
  Fair Market Value 
  Measurement Date 
  Options 
  Participant 
  Performance Period 
  Performance Period Target 
  Permanent Disability 
  Plan 
  Plan Year 
  Redemption Date 
 3




---



##### 



 Retirement 
  Share Incentive Plan 
  Target Units 
  Units 
  Weighted Average Shares Outstanding 
 4




---



##### 



ARTICLE III  PARTICIPATION
 Initial Participants .
 New Participants .
 5




---



##### 



ARTICLE IV  COMMON SHARES SUBJECT TO THE PLAN
 Common Shares Subject to the Plan
 Changes in Common Shares or Assets of the Company, Acquisition or Liquidation of the
Company and Other Corporate Events .
 6




---



##### 



ARTICLE V  AWARDS
 Awards .
  Options
 7




---



##### 



Target Units .
 8




---



##### 



ARTICLE VI
 PERFORMANCE TARGETS
 Determination of Performance as of the End of the Performance Period and Award
Period .
 9




---



##### 



ARTICLE VII
 REDEMPTION OF TARGET UNITS; VESTING
 Redemption of Target Units at the End of the Award Period .
 10




---



##### 



ARTICLE VIII
 TERMINATION OF EMPLOYMENT
 Termination for Cause, Voluntary Resignation, or Nonrenewal of Employment
Agreement .
 Termination for Retirement, Death, or Permanent Disability .
 Change in Control .
 11




---



##### 



ARTICLE IX  ADMINISTRATION
 Committee .
 Committee Authority .
 Committee Determinations .
 Compensation of Committee .
 Indemnification of Committee .
 12




---



##### 



13




---



##### 



ARTICLE X  MISCELLANEOUS
 Amendment; Termination .
 Non-Alienation .
 Funding .
 Governing Law .
 14




---



##### 



Withholding .
 At-Will Employment Status .
 Headings .
 Enforceability .
 Successors .
 Beneficiary .
 Incorporation of Equity Incentive Plan .
 15




---



##### 



Stock Certificates
 Stock Certificate
 Gender .
 Notices .
 Uniformity .
 16