Document:

Time-Based Restricted Stock Units Agreement - Douglas J. Gardner

 
Exhibit 10.7 
 TIME-BASED RESTRICTED STOCK UNITS AGREEMENT 
 THIS TIME-BASED RESTRICTED STOCK UNITS AGREEMENT (this “Agreement”) is made effective as of May 17, 2008 (the “Grant Date”),
between Maguire Properties, Inc., a Maryland corporation (the “Company”), Maguire Properties, L.P., a Maryland limited partnership (the “Partnership”), and Douglas J. Gardner (the “Executive” or “Restricted Stock
Unit Holder”). 
 WHEREAS, the Company and the Partnership desire to employ Executive and have entered into an Employment Agreement with
the Executive concurrently herewith (the “Employment Agreement”) embodying the terms of such employment, and this Agreement is entered into in connection with the Employment Agreement; 
 WHEREAS, the Company has established the Second Amended and Restated 2003 Incentive Award Plan of Maguire Properties, Inc., Maguire Properties Services,
Inc. and Maguire Properties, L.P. (the “Plan”); 
 WHEREAS, the Company wishes to carry out the Plan (the terms of which are hereby
incorporated by reference and made a part of this Agreement); 
 WHEREAS, Section 8.5 of the Plan provides for the issuance of shares of
the Company’s common stock, par value $.01 per share (the “Common Stock”), pursuant to Deferred Stock awards (“Restricted Stock Units”); 
 WHEREAS, Section 8.3 of the Plan provides for the issuance of Dividend Equivalents awards which may be converted to additional shares of Common Stock by such formula and at such time and subject to such
limitations as may be determined by the Committee appointed to administer the Plan; 
 WHEREAS, the Compensation Committee of the Board of
Directors, appointed to administer the Plan, has determined that it would be to the advantage and in the best interest of the Company and its stockholders to grant to the Executive the Restricted Stock Units and Dividend Equivalents awards for
ordinary quarterly cash dividends as provided for herein as an inducement to the Executive to enter into or remain in the service of the Company pursuant to the terms of the Employment Agreement, and has advised the Company thereof and instructed
the undersigned officer to issue said Restricted Stock Units and Dividend Equivalents awards; and 
 WHEREAS, all capitalized terms used
herein without definition shall have the meanings ascribed to such terms in this Agreement (including terms which are defined herein by reference to the Employment Agreement) or, if not defined herein, in the Plan; 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto do hereby agree as follows: 

 ARTICLE I. 
 AWARDS OF RESTRICTED STOCK UNITS AND DIVIDEND EQUIVALENTS 
 Section 1.1 – Awards of
Restricted Stock Units and Dividend Equivalents 
 (a) For good and valuable consideration, on the Grant Date the Company hereby grants to the
Executive Restricted Stock Units for 131,250 shares of Common Stock upon the terms and conditions set forth in this Agreement. Each Restricted Stock Unit represents the right to receive one share of Common Stock at the times and subject to the
conditions set forth herein, upon payment of the purchase price of $0.01 per share of Common Stock without commission or other charge. The Company shall withhold this purchase price from the number of shares of Common Stock to be distributed, unless
the Executive elects to pay this purchase price in cash by providing written notice to the Company of such election no less than 15 days prior to the date of which such shares are to be issued. 
 (b) Pursuant to Section 11.3 of the Plan, the Company agrees to make proportionate adjustments to the number of outstanding Restricted Stock Units
(including, without limitation, Restricted Stock Units issued in connection with the deemed reinvestment of Dividend Equivalents) as provided in Appendix A to this Agreement or, if not specifically provided for in Appendix A, as provided in
Section 2.5 hereof or Section 11.3 of the Plan, it being understood that any such adjustment to the number of outstanding Restricted Stock Units shall be made with respect to any particular outstanding Restricted Stock Unit until such time
as such Restricted Stock Unit expires, is forfeited or is actually distributed in shares of Common Stock or paid in cash hereunder. 
 (c)
The Company hereby grants to the Executive a Dividend Equivalents award with respect to each Restricted Stock Unit granted pursuant to this Agreement for all ordinary quarterly cash dividends which are paid to all or substantially all holders of the
outstanding shares of Common Stock between the Grant Date and the date when the Restricted Stock Unit is distributed or paid to the Executive or forfeited or expires. The Dividend Equivalents award for each Restricted Stock Unit shall be equal to
the amount of cash which is paid as a dividend on one share of Common Stock. All such Dividend Equivalents shall be credited to the Executive and be deemed to be reinvested in additional Restricted Stock Units as of the date of payment of any such
dividend based on the Fair Market Value of a share of Common Stock on such date. Each additional Restricted Stock Unit which results from such deemed reinvestment of Dividend Equivalents granted hereunder shall be subject to the same vesting,
distribution or payment, adjustment and other provisions which apply to the underlying Restricted Stock Unit to which such additional Restricted Stock Unit relates. 
 Notwithstanding anything to the contrary anywhere else in this Agreement, the Restricted Stock Units and Dividend Equivalents awards granted under this Agreement are subject to the terms, definitions and provisions of
this Agreement and the Plan, which is incorporated herein by reference; provided, however, that in the event of any conflict between the provisions of this Agreement and those of the Plan, the provisions of this Agreement shall control.

  

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 Section 1.2 – Consideration to Company 
 In consideration for the grant of Restricted Stock Units and Dividend Equivalents awards provided for in this Agreement, the Executive agrees to render
services to the Company pursuant to the terms of the Employment Agreement. Nothing in this Agreement or in the Plan shall confer upon the Executive any right to continue in the service of the Company, the Partnership, or any Subsidiary or shall
interfere with or restrict in any way the rights of the Company, the Partnership, or any Subsidiary, which are hereby expressly reserved, to discharge the Executive at any time for any reason whatsoever, with or without cause, it being understood
that the foregoing shall not be deemed to reduce or otherwise adversely affect the intended benefits conferred upon the Executive by this Agreement or the Employment Agreement. 
 ARTICLE II. 
 VESTING AND PAYMENT 
 Section 2.1 – Vesting of Restricted Stock Units and Dividend Equivalents 
 (a) Subject to paragraphs (b), (c) and (d) below and to Section 2.2 hereof, the Restricted Stock Units shall vest in cumulative
installments as follows: 
 (i) Twenty percent (20%) of the Restricted Stock Units shall vest on the first anniversary of
the Grant Date; 
 (ii) Twenty percent (20%) of the Restricted Stock Units shall vest on the second anniversary of the
Grant Date; 
 (iii) Twenty percent (20%) of the Restricted Stock Units shall vest on the third anniversary of the Grant
Date; 
 (iv) Twenty percent (20%) of the Restricted Stock Units shall vest on the fourth anniversary of the Grant Date;
and 
 (v) Twenty percent (20%) of the Restricted Stock Units shall vest on the fifth anniversary of the Grant Date.

 (b) Notwithstanding any provision to the contrary in paragraph (a) above, after the first anniversary of the Grant Date the Restricted
Stock Units shall vest on a daily pro rata basis between each anniversary of the Grant Date, such that on the date of any determination an additional number of Restricted Stock Units shall be vested (rounded to the nearest whole share) equal to the
product of (A) the number of Restricted Stock Units which would otherwise vest on the next anniversary of the Grant Date under paragraph (a) above, and (B) a fraction the numerator of which shall be the number of days which have
elapsed since the immediately preceding anniversary of the Grant Date and the denominator of which shall be 365. 
 (c) Each additional
Restricted Stock Unit which results from adjustments made pursuant to Section 1.1(b) hereof shall vest whenever the underlying Restricted Stock Unit to which such additional Restricted Stock Unit relates vests. 
  

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 (d) Each additional Restricted Stock Unit which results from deemed reinvestments of Dividend Equivalents
pursuant to Section 1.1(c) hereof shall vest whenever the underlying Restricted Stock Unit to which such additional Restricted Stock Unit relates vests. 
 Section 2.2 – Forfeiture of Unvested Restricted Stock Units and Dividend Equivalents 
 Immediately
upon the Executive’s Separation from Service (as defined in the Employment Agreement), the Executive shall forfeit any and all Restricted Stock Units and Dividend Equivalents awards granted under this Agreement which have not vested or do not
vest on or prior to the date on which the Executive’s Separation from Service occurs, and the Executive’s rights in any such Restricted Stock Units and Dividend Equivalents awards which are not so vested shall lapse and expire;
provided, however, that no such forfeiture shall exist and all Restricted Stock Units and Dividend Equivalents awards granted under this Agreement shall vest in the event of: 
 (a) The Executive’s Separation from Service by reason of a termination by the Company without Cause or by the Executive for Good Reason or due to the
Executive’s death or Disability (as such capitalized terms are defined in the Employment Agreement); or 
 (b) The occurrence of a
Change in Control (as defined in the Employment Agreement). 
 Section 2.3 – Distribution or Payment of Restricted Stock Units

 (a) All of the Executive’s Restricted Stock Units which are then vested under Sections 2.1 or 2.2 hereof shall be distributed in
shares of Common Stock or, at the option of the Company, paid in cash on the earliest to occur of the following dates: 
 (i)
the fifth anniversary of the Grant Date; 
 (ii) the date of the occurrence of a Change in Control (as defined in the
Employment Agreement), but only if such transaction or event constitutes a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5); or 
 (iii) subject to Section 2.3(b), the date of the Executive’s Separation from Service (as defined in the Employment Agreement)
for any reason. 
 No distribution or payment of the Executive’s vested Restricted Stock Units shall be made pursuant to Section 2.3(a)(ii) above
upon the occurrence of a Change in Control (as defined in the Employment Agreement) that does not constitute a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5). 
 (b) Notwithstanding anything to the contrary in this Agreement, no Restricted Stock Unit shall be distributed or paid to the Executive pursuant to
Section 2.3(a)(iii) hereof during the 6-month period following the Executive’s “separation from service” (within the meaning of Section 409A(a)(2)(A)(i) of the Code) if the Company determines that paying such amounts at the
time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the distribution or payment of any of the Executive’s Restricted 

  

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Stock Units is delayed as a result of the previous sentence, then on the first business day following the end of such 6-month period (or such earlier date
upon which such amount can be paid under Section 409A of the Code without resulting in a prohibited distribution, including as a result of the Executive’s death), such Restricted Stock Units shall be distributed in shares of Common Stock
or, at the option of the Company, paid in cash. 
 (c) In the event that the Company elects to distribute the Executive’s Restricted
Stock Units in shares of Common Stock, the Company shall make such distribution not later than the third business day after it receives written notice or has actual knowledge of an event requiring such distribution, provided that any such
distribution made pursuant to Section 2.3(a)(ii) above upon the date of the occurrence of a Change in Control that constitutes a “change in control event” (as defined in Treasury Regulation Section 1.409A-3(i)(5)) shall be made
or deemed made immediately preceding and effective upon the occurrence of such transaction or event. 
 (d) In the event that the Company
elects to make payment of the Executive’s Restricted Stock Units in cash, the amount payable in cash for each Restricted Stock Unit shall be equal to the Fair Market Value of a share of Common Stock on the day immediately preceding the
applicable distribution or payment date under Section 2.3(a) and (b) above. 
 (e) All distributions made in shares of Common Stock
shall be made by the Company in the form of whole shares of Common Stock, and any fractional share shall be distributed in cash in an amount equal to the value of such fractional share determined based on the Fair Market Value as of the date
immediately prior to such distribution. 
 (f) The time of distribution of the Restricted Stock Units under this Agreement may not be changed
except as may be permitted by the Administrator in accordance with Section 409A of the Code and the applicable Treasury Regulations promulgated thereunder. 
 Section 2.4 – Restricted Stock Units Not Transferable 
 Neither the Restricted Stock Units or
Dividend Equivalents nor any interest or right therein or part thereof shall be liable for the debts, contracts, or engagements of the Executive or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation,
pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law or by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy) and any
attempted disposition thereof shall be null and void and of no effect; provided, however, that this Section 2.4 shall not prevent transfers by will or by the applicable laws of descent and distribution or pursuant to a domestic
relations order as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder. 
 Section 2.5 – Restricted Stock Units on New Shares 
 In the event that the outstanding shares of Common Stock are changed
into or exchanged for a different number or kind of capital stock or other securities of the Company or of another corporation or other entity by reason of merger, consolidation, combination, recapitalization, reclassification, reorganization, stock
split, stock dividend or combination of 

  

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shares, or otherwise, such new or additional or different shares or securities which are issued upon conversion of or in exchange or substitution for one
share of Common Stock shall be substituted as the property which the Executive will be entitled to receive in distribution or payment for each Restricted Stock Unit pursuant to Section 2.3 hereof, unless the Committee with the Executive’s
consent provides for the substitution of new or additional or different shares or securities. 
 ARTICLE III. 
 MISCELLANEOUS 
 Section 3.1
– Holding Period and Additional Restrictions as to Ownership and Transfer 
 (a) Notwithstanding any provision
of this Agreement to the contrary, in the event that the grant of the Restricted Stock Units is not exempt under Section 16 of the Exchange Act on the Grant Date, the Company will make any distribution or payment for a Restricted Stock Unit in
cash to the extent that such payment or distribution is required to be made on or prior to the six month anniversary of the Grant Date. 
 (b) If any distribution of shares of Common Stock in settlement of Restricted Stock Units would otherwise violate the Ownership Limit set forth in the Articles of Incorporation of the Company (after giving effect to any waiver thereof by
the Company), the Company will make payment for any such Restricted Stock Units in cash. 
 Section 3.2 – Conditions to Issuance of
Stock Certificates 
 Shares of Common Stock which are distributed in settlement of Restricted Stock Units may be either previously authorized
but unissued shares or issued shares which have then been reacquired by the Company. Upon payment of the purchase price set forth in Section 1.1(a), such shares of Common Stock shall be fully paid and nonassessable. The shares of Common Stock
issued pursuant to this Agreement shall be held in book entry form and no certificates shall be issued therefor; provided, however, that certificates may be issued for shares of Common Stock issued pursuant to this Agreement at the
request of the holder and in accordance with the charter and bylaws of the Company, as amended or supplemented from time to time. The Company shall not be required to issue such shares in book entry or certificated form prior to fulfillment of all
of the following conditions: 
 (a) The admission of such shares to listing on all stock exchanges on which such class of stock is then
listed; 
 (b) The completion of any registration or other qualification of such shares under any state or federal law or under rulings or
regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Committee shall, in its absolute discretion, deem necessary or advisable; 
 (c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Committee shall, in its absolute discretion,
determine to be necessary or advisable; and 
  

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 (d) To the extent that the Executive has elected to pay the purchase price or withholding taxes in cash
pursuant to Section 1.1(a) or 3.8 hereof, the receipt by the Company of full payment for such shares, including payment of any applicable withholding tax. 
 The Company will use commercially reasonable efforts to satisfy all of the foregoing conditions on or prior to the date when any distribution or payment of the Restricted Stock Units is to be made to the Executive
pursuant to Section 2.3(a) or (b) hereof (and, if any of the foregoing conditions remain unsatisfied as of such date, the Company will use commercially reasonable efforts to satisfy such conditions as promptly as reasonably practicable).

 In the event that the Company delays a distribution or payment in settlement of Restricted Stock Units because it reasonably determines
that the issuance of shares of Common Stock in settlement of Restricted Stock Units will violate Federal securities laws or other applicable law, such distribution or payment shall be made at the earliest date at which the Company reasonably
determines that the making of such distribution or payment will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii). The Company shall not delay any payment if such delay will result in a violation of
Section 409A of the Code. 
 Section 3.3 – Ownership Limit and REIT Status 
 Notwithstanding anything to the contrary contained herein, in the event that the Committee reasonably determines that payment of the Restricted Stock
Units in shares of Common Stock could cause the Executive to be in violation of the Ownership Limit (after giving effect to any waiver thereof by the Company) or could impair the Company’s status as a REIT, the Company may make such payments in
cash pursuant to Section 2.3(d) hereof, but the Company may not limit or delay distributions or payments of the Restricted Stock Units. 
 Section 3.4 – Notices 
 Any notice to be given by the Executive under the terms of this Agreement shall be addressed to
the Secretary of the Company (or, in the event that the Executive is the Secretary of the Company, then to the Company’s Chairman of the Board). Any notice to be given to the Executive shall be addressed to him at his home address on record
with the Company. By a notice given pursuant to this Section 3.4, either party may hereafter designate a different address for notices to be given to him. Any notice which is required to be given to the Executive shall, if Executive is then
deceased, be given to the Executive’s personal representative if such representative has previously informed the Company of his or her status and address by written notice under this Section 3.4. Any notice required or permitted hereunder
shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail, with postage and fees prepaid, addressed as set forth above or upon confirmation of delivery by a
nationally recognized overnight delivery service. 
 Section 3.5 – Rights as Stockholder 
 Except as otherwise provided herein, the holder of the Restricted Stock Units shall not have any of the rights of a stockholder with respect to the
Restricted Stock Units or Dividend 

  

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Equivalents until shares of Common Stock are distributed to him in settlement of such Restricted Stock Units. 
 Section 3.6 – Conformity to Securities Laws 
 The Executive acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of all applicable federal and state laws, rules and regulations (including, but not
limited to the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, including without limitation the applicable exemptive conditions of Rule 16b-3) and to such
approvals by any listing, regulatory or other governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. To the extent permitted by applicable law, the Plan, this Agreement and the
Restricted Stock Units shall be deemed amended to the extent necessary to conform to such laws, rules and regulations, provided, however, that no such amendment shall, without the written consent of the Executive, impair any rights or
benefits of the Executive under this Agreement. 
 Section 3.7 – Amendments 
 This Agreement may only be amended in writing signed by a duly authorized officer of the Company and the Executive. 
 Section 3.8 – Tax Withholding 
 The
Company or the Partnership shall be entitled to withhold in cash or deduction from other compensation payable to the Executive any sums required by federal, state or local tax law to be withheld with respect to the vesting, distribution or payment
of the Restricted Stock Units. In satisfaction of the foregoing requirement upon distribution or payment of the Restricted Stock Units, whenever the Company makes distributions of Restricted Stock Units in shares of Common Stock, the Company shall
withhold shares of Common Stock otherwise issuable in such distributions having a Fair Market Value equal to the sums required to be withheld, unless the Executive elects to make a cash payment to the Company for such withholding taxes by providing
written notice to the Company of such election no less than 15 days prior to the date of which such shares are to be issued. Notwithstanding any other provision of the Plan or this Agreement, the number of shares of Common Stock which may be
withheld with respect to the distribution or payment of the Restricted Stock Units in order to satisfy the Executive’s federal and state income and payroll tax liabilities with respect to the issuance of shares of Common Stock in payment of the
Restricted Stock Units shall be limited to the number of shares which have a Fair Market Value on the date of withholding equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal and state income
tax and payroll tax purposes that are applicable to such supplemental taxable income. 
 Section 3.9 – Governing Law 
 This Agreement shall be administered, interpreted and enforced under the internal laws of the State of California without regard to conflicts of laws
thereof. 
  

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 Section 3.10 – Unfunded, Unsecured Obligations 
 The obligations of the Company under the Plan and this Agreement shall be unfunded and unsecured, and nothing contained herein shall be construed as
providing for assets to be held in trust or escrow or any other form of segregation of the assets of the Company for the benefit of the Executive or any other person or persons to whom benefits are to be paid pursuant to the terms of the Plan or
this Agreement. The interest of the Executive or any other person hereunder shall be limited to the right to receive the benefits as set forth herein. To the extent that the Executive or any other person acquires a right to receive benefits under
the Plan or this Agreement, such rights shall be no greater than the right of an unsecured general creditor of the Company. 
 [SIGNATURE
PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto. 
  

			
	MAGUIRE PROPERTIES, INC.,
	a Maryland corporation
		
	By:	 	 /s/ WALTER L. WEISMAN

	Name:	 	Walter L. Weisman
	Title:	 	Director
	
	 MAGUIRE PROPERTIES, L.P.,
 a Maryland
limited partnership

		
	By:	 	Maguire Properties, Inc., a Maryland corporation
	Its:	 	General Partner
		
	By:	 	 /s/ WALTER L. WEISMAN

	Name:	 	Walter L. Weisman
	Title:	 	Director

  

	
	EXECUTIVE
	
	 /s/ DOUGLAS J. GARDNER

	Douglas J. Gardner

 Signature Page to Time-Based RSU Agreement (DJG) 

 APPENDIX A 
 ADJUSTMENTS TO NUMBER OF RESTRICTED STOCK UNITS GRANTED 
 The following adjustments to the number of
outstanding Restricted Stock Units (including, without limitation, Restricted Stock Units issued in connection with the deemed reinvestment of Dividend Equivalents) shall be made from time to time by the Company, without duplication, in accordance
with this Appendix A as follows: 
 (a) In case outstanding shares of Common Stock shall be subdivided or split into a greater number of
shares of Common Stock, the number of outstanding Restricted Stock Units as of immediately prior to the opening of business on the effective date for such subdivision or split shall be proportionately increased, and conversely, in case outstanding
shares of Common Stock shall be combined into a smaller number of shares of Common Stock, the number of outstanding Restricted Stock Units as of immediately prior to the opening of business on the effective date for such combination shall be
proportionately reduced, such increase or reduction, as the case may be, to become effective immediately prior to the opening of business on the effective date for such subdivision, split or combination. 
 (b) In case the Company shall hereafter pay or make a dividend or other distribution (other than ordinary quarterly cash dividends) in shares of Common
Stock, cash or other property to all or substantially all holders of its outstanding shares of Common Stock, the number of Restricted Stock Units outstanding as of the date of payment of any such dividend or distribution shall be increased by a
number of Restricted Stock Units equal to either (i) in the case of a stock dividend, the product of (x) the number of shares of Common Stock so distributed with respect to one share of Common Stock and (y) the number of Restricted
Stock Units outstanding as of the date of payment of such stock dividend or (ii) in the case of all other dividends or distributions, the product of (x) the quotient obtained by dividing (A) the aggregate amount of cash and/or fair
market value of other property which is paid with respect to one share of Common Stock in connection with such dividend or other distribution by (B) the Fair Market Value of a share of Common Stock on the date of payment of such dividend or
distribution and (y) the number of Restricted Stock Units outstanding as of the date of payment of such dividend or other distribution. In either case of clause (i) or (ii), such increase shall become effective as of the date of payment of
such dividend or other distribution. 
 (c) As soon as reasonably practicable in connection with any other corporate transactions or events
not set forth in (a) or (b), including any such transaction that constitutes a recapitalization, reclassification, reorganization, merger, consolidation, split-up, combination, redemption, repurchase, dividend or other distribution,
liquidation, dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company or the Partnership, or exchange of Common Stock or other securities of the Company or the Partnership, or issuance of
warrants, options or other rights to purchase Common Stock or other securities of the Company or the Partnership, or other similar corporate transaction or event, the Board or the Compensation Committee of the Board shall make a good faith
determination as to what adjustments, if any, to the number of outstanding Restricted Stock Units (including, without limitation, Restricted Stock Units issued in connection with the deemed reinvestment of Dividend Equivalents) are appropriate in
order to preserve for the Restricted Stock Unit Holder the benefits or 

  

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potential benefits intended to be provided to such Restricted Stock Unit Holder, and shall make any such adjustments at such time as it determines in good
faith is appropriate in order to preserve for the Restricted Stock Unit Holder the benefits or potential benefits intended to be provided to such Restricted Stock Unit Holder. 
 (d) Whenever an adjustment to the number of outstanding Restricted Stock Units (including, without limitation, Restricted Stock Units issued in
connection with the deemed reinvestment of Dividend Equivalents) is made pursuant to this Appendix A, the Company shall reasonably promptly provide the Restricted Stock Unit Holder with written notice setting forth the number of outstanding
Restricted Stock Units held by the Restricted Stock Unit Holder after giving effect to such adjustments. 
  

 A-2Employment Letter, effective as of May 17, 2008 - Christopher C. Rising

 
Exhibit 10.8 
 MAGUIRE PROPERTIES, INC. 
 355 SOUTH GRAND AVE., SUITE 3300 
 LOS ANGELES, CALIFORNIA 90071 
 May 17, 2008 
 Mr. Christopher C. Rising 
 555 S. Flower Street, Suite 3200 
 Los Angeles, CA 90071 
  

	 	Re:	EMPLOYMENT TERMS 

 Dear Christopher:

 Maguire Properties, Inc. (the “REIT”) and Maguire Properties, L.P. (the “Operating Partnership” and
together with the REIT, the “Company”) are pleased to offer you the position of Senior Vice-President of the REIT and the Operating Partnership on the terms and conditions set forth in this letter (the “Letter”),
effective as of May 17, 2008 (the “Effective Date”): 
 1. POSITION, DUTIES
AND RESPONSIBILITIES. As of the Effective Date, you will be employed as Senior Vice-President of the REIT and the Operating Partnership. In the capacity of Senior Vice President, you will have such
duties and responsibilities as are normally associated with such position. Your duties may be changed from time to time by the Company, consistent with your position. You will report to the Chief Executive Officer of the Company (the
“CEO”) or an Executive Vice President of the Company designated by the CEO, and will work at the Company’s principal offices located in downtown Los Angeles, except for travel to other locations as may be necessary to fulfill
your responsibilities. At the Company’s request, you will serve the Company and/or its subsidiaries and affiliates in other capacities in addition to the foregoing consistent with your position as Senior Vice-President of the REIT and the
Operating Partnership. In the event that you serve in any one or more of such additional capacities, your compensation will not be increased beyond that specified in this Letter. In addition, in the event your service in one or more of such
additional capacities is terminated, your compensation, as specified in this Letter, will not be diminished or reduced in any manner as a result of such termination for so long as you otherwise remain employed under the terms of this Letter.
Further, it shall not be a violation of this Section 1 for you to fulfill and wind down your obligations to Rising Realty Partners, LLC, and Hamilton Capital Partners, LLC, during the 90 day period following the Effective Date or to consummate
any transactions negotiated during such 90-day period, so long as such activities do not materially interfere or conflict with the performance of your duties or responsibilities under this Agreement. 
 2. BASE SALARY. During your employment with the Company, the Company will pay you a base salary (the
“Base Salary”) of $325,000 per year, less payroll deductions and all required withholdings, payable in accordance with the Company’s normal payroll practices and 

 
prorated for any partial month of employment. Your Base Salary may be subject to increase pursuant to the Company’s policies as in effect from time to
time. 
 3. ANNUAL BONUS. In addition to the Base Salary set forth above, you will be
eligible to participate in the Company’s incentive bonus plan applicable to similarly situated executives of the Company. The amount of your annual bonus (the “Annual Bonus”) will be based on the attainment of performance
criteria established and evaluated by the Company in accordance with the terms of such bonus plan as in effect from time to time, provided that, subject to the terms of such bonus plan, your target Annual Bonus will be 75% of your Base Salary for
such year, and your maximum Annual Bonus will be 150% of your Base Salary for such year. 
 4. RESTRICTED
STOCK UNIT AWARD. The Company shall, on the Effective Date, grant you 79,250 restricted stock units with dividend equivalent rights (the “RSUs”), which shall be subject
to time-based vesting, under the Second Amended and Restated 2003 Incentive Award Plan of Maguire Properties, Inc., Maguire Properties Services, Inc. and Maguire Properties, L.P. (the “Incentive Plan”). Consistent with the
foregoing, the terms and conditions of the RSUs shall be set forth in an award agreement (the “RSU Agreement”) substantially in the form attached hereto as Exhibit A, to be entered into by the Company and you concurrently
herewith and together shall evidence the grant of the RSUs. Subject to this Section 4, the RSUs shall be governed in all respects by the terms of the Incentive Plan and the RSU Agreement. 
 5. PERFORMANCE-BASED EQUITY AWARD. Subject to approval by the
Compensation Committee of the Board of Directors of the REIT (the “Board”), as soon as practicable following the Company’s establishment of a new long-term equity-based incentive compensation program under the Incentive Plan,
the Company shall grant you an award under such program which shall be subject to performance-based vesting. The size and other terms and conditions of such award shall be determined by the Compensation Committee of the Board in consultation with
the Chief Executive Officer of the Company, and shall be commensurate with the size, terms and conditions of similar awards granted to similarly situated executives of the Company. 
 6. BENEFITS AND VACATION. You will be eligible to participate in all incentive,
savings and retirement plans, practices, policies and programs maintained or sponsored by the Company from time to time which are applicable to other similarly situated executives of the Company, subject to the terms and conditions thereof. Without
limiting the Company’s discretion with respect to your participation in the Company’s incentive plans, the size and/or terms of any equity-based award(s) that may be granted to you under such plans may take into consideration your grant of
RSUs described above. You will also be eligible for standard benefits, such as medical insurance, sick leave, vacations and holidays to the extent applicable generally to other similarly situated executives of the Company. 
 7. COMPENSATION GROSS-UP. The amount of compensation payable to you pursuant to
Sections 2, 3, 4 and 5 above will be “grossed up” as necessary (on an after-tax basis) to compensate for any additional social security withholding taxes due as a result of your shared employment by the Operating Partnership, the REIT and,
if applicable, any subsidiary and/or affiliate thereof. To the extent that any payments provided to you under this Section 7 are deemed to constitute compensation to you, such amounts shall be paid or reimbursed reasonably 

  

 
promptly, but not later than December 31 of the year following the year in which the expense was incurred. The amount of any payments that constitute
compensation in one year shall not affect the amount of payments constituting compensation that are eligible for payment or reimbursement in any subsequent year, and your right to such payments or reimbursement shall not be subject to liquidation or
exchange for any other benefit. 
 8. CONFIDENTIAL INFORMATION AND
NON-SOLICITATION. 
 (a) You shall hold in a fiduciary capacity for the benefit of the
Company all secret or confidential information, knowledge or data relating to the REIT, the Operating Partnership, Maguire Services, Inc., a Maryland corporation, and their respective subsidiaries and affiliates (collectively, the “Maguire
Group”), and each of their respective businesses, which shall have been obtained by you during your employment by the Company and which shall not be or become public knowledge (other than by acts by you or your representatives in violation
of this Letter). After termination of your employment with the Company, you 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, including but not limited to customer information and trade secrets of the Maguire Group, to anyone other than the Company and those designated by it; provided, that if you receive actual notice that you are or may be required by law or
legal process to communicate or divulge any such information, knowledge or data, you shall promptly so notify the Company; and provided, further, that the information, knowledge or data subject to this Section 8(a) shall not include
information, knowledge or data which becomes available to you following the Date of Termination from a source other than the Company (provided, that such source is not known by you to be subject to another confidentiality agreement with, or
other obligation of confidentiality or secrecy to, the Company). You further agree that, upon termination of your employment, you will not receive or remove from the files or offices of the Maguire Group any originals or copies of documents or other
materials maintained in the ordinary course of business of the Maguire Group, and that you will return any such documents or materials otherwise in your possession. 
 (b) While employed by the Company and, for two (2) years after the Date of Termination, you shall not directly or indirectly solicit, induce, or encourage any employee, consultant, agent, customer, vendor, or
other parties doing business with any member of the Maguire Group to terminate their employment, agency, or other relationship with the Maguire Group or such member or to cease to render services for or to transfer their business from the Maguire
Group or such member and you shall not initiate discussion with any such person for any such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity; provided, however, that in
the event of (i) a termination of your employment by the Company without Cause or by you for Good Reason, (ii) a termination of your employment following a Change in Control, or (iii) a termination of your employment on or within 10
days following the date on which Nelson C. Rising’s employment with the Company is terminated by reason of the expiration of the Employment Period (as defined in that certain Employment Agreement, dated as of May 17, 2008, between Maguire
Properties, Inc., Maguire Properties, L.P. and Nelson C. Rising (the “NCR Employment Agreement”)), the post-termination restrictions set forth in this Section 8(b) shall only apply with respect to employees of, and consultants
who were, within the 2 years immediately prior to the Date of Termination, 

  

 
employees of, the Maguire Group and shall not apply with respect to any consultant (other than a consultant who was, within the 2 years immediately prior to
the Date of Termination, an employee of the Maguire Group), agent, customer, vendor or other parties doing business with any member of the Maguire Group. Notwithstanding anything herein to the contrary, this Section 8(b) shall not apply with
respect to Nelson C. Rising and Douglas J. Gardner and each of their executive and/or administrative assistants, and your executive and/or administrative assistants. 
 (c) In no event shall an asserted violation of the provisions of this Section 8 constitute a basis for deferring or withholding any amounts otherwise payable to you under this Agreement. However, in recognition
of the facts that irreparable injury will result to the Company in the event of a breach by you of your obligations under Sections 8(a) and (b) hereof, that monetary damages for such breach would not be readily calculable, and that the Company
would not have an adequate remedy at law therefor, you acknowledge, consent and agree that in the event of such breach, or the threat thereof, the Company shall be entitled, in addition to any other legal remedies and damages available, to specific
performance thereof and to temporary and permanent injunctive relief (without the necessity of posting a bond) to restrain the violation or threatened violation of such obligations by you. 
 9. AT-WILL EMPLOYMENT. Your employment with the Company is “at-will,” and
either you or the Company may terminate your employment for any reason whatsoever (or for no reason) by giving 30 days prior written notice of such termination to the other party. This at-will employment relationship cannot be changed except in a
writing signed by you and an authorized representative of the Company. 
 10. TERMINATION OF
EMPLOYMENT WITHOUT CAUSE OR FOR GOOD REASON. 
 (a) Severance Payment. Subject to Section 10(b) below, if, during the period of your employment with the Company, you incur a “separation from service” from the Company (within the meaning of
Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulation Section 1.409A-1(h)) (a “Separation from Service”) by reason of (1) a termination of
your employment by the Company without Cause (as defined below), or (2) a termination of your employment by you for Good Reason (as defined below), then, in addition to any other amounts payable to you through the date of termination of your
employment, including without limitation under the RSU Agreement, the Company will pay you a lump-sum cash severance payment within 60 days after the date of your Separation from Service (such date, the “Date of Termination”) in an
amount equal to the sum of (x) your Base Salary in effect on the Date of Termination plus (y) the Annual Bonus earned by you (regardless of whether such amount was paid out on a current basis or deferred) for the fiscal year of the Company
immediately preceding the Date of Termination or the target Annual Bonus for the fiscal year of the Company in which the Date of Termination occurs, whichever is greater. 
 Notwithstanding the foregoing, in no event shall you or your estate or beneficiaries be entitled to any such payments set forth in Sections 10(a)(x) and (y) hereof upon any termination of your employment by
reason of your total and permanent disability or your death. You shall not be 

  

 
required to mitigate the amount of any severance that may be payable to you under this Section 10(a) by seeking other employment following a termination
of your employment with the Company. Notwithstanding the foregoing, it shall be a condition to the your right to receive the amounts provided for in Sections 10(a)(x) and (y) above that you execute and deliver to the Company a release of claims
in substantially the form attached hereto as Exhibit B (the “Release”) within twenty-one (21) days following the Date of Termination and that you not revoke such release within seven (7) days thereafter. 

(b) Six-Month Delay. Notwithstanding anything to the contrary in this Letter, no compensation or benefits, including without limitation any
severance payments or benefits payable under Section 10 hereof, shall be paid to you during the 6-month period following your “separation from service” (within the meaning of Section 409A(a)(2)(A)(i) of the Code) if the Company
determines that paying such amounts at the time or times indicated in this Letter would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence,
then on the first business day following the end of such 6-month period (or such earlier date upon which such amount can be paid under Section 409A of the Code without resulting in a prohibited distribution, including as a result of your
death), the Company shall pay you a lump-sum amount equal to the cumulative amount that would have otherwise been payable to you during such period. 
 (c) Definitions of Cause and Good Reason. For purposes of this Letter: 
 (i)
“Cause” shall mean: 
 (A) your willful and continued failure to substantially perform your duties with the
Company (other than any such failure resulting from your incapacity due to physical or mental illness or any such actual or anticipated failure after you provide notice to the Company of your intention to terminate your employment for Good Reason),
after a written demand for substantial performance is delivered to you by the Company, which demand specifically identifies the manner in which the Company believes that you have not substantially performed your duties; 
 (B) your willful commission of an act of fraud or dishonesty resulting in economic or financial injury to the Company or its subsidiaries
or affiliates; 
 (C) your conviction of, or entry by you of a guilty or no contest plea to, the commission of a felony or a
crime involving moral turpitude; 
 (D) a willful breach by you of your fiduciary duty to the Company which results in
economic or other injury to the Company or its subsidiaries or affiliates; or 
 (E) your willful and material breach of your
covenants set forth in Section 8 above. 
  

 For purposes of this provision, no act or failure to act on your part will be considered
“willful” unless it is done, or omitted to be done, by you in bad faith or without reasonable belief that your action or omission was in the best interests of the Company. 
 (ii) “Good Reason” shall mean a termination of the employment of Nelson C. Rising either (A) by the Company without
“Cause” or (B) by Mr. Rising for “Good Reason” (as each such term is defined in the NCR Employment Agreement), provided that, not later than the 30th day following Mr. Rising’s termination (or, if later than
such 30th day, not later than the date that is the 15th day following the date on which the Company, in response to a request submitted by you within 15 days following Mr. Rising’s termination, acknowledges that Mr. Rising has either
been terminated without “Cause” or has terminated for “Good Reason”), you provide written notice to the Company that you wish to terminate employment for Good Reason. 
 11. ARBITRATION. Except as set forth in Section 8 above, any disagreement, dispute, controversy or claim
arising out of or relating to this Letter or the interpretation of this Letter or any arrangements relating to this Letter or contemplated in this Letter or the breach, termination or invalidity thereof shall be settled by final and binding
arbitration administered by JAMS/Endispute in Los Angeles, California in accordance with the then existing JAMS/Endispute Arbitration Rules and Procedures for Employment Disputes. In the event of such an arbitration proceeding, you and the Company
shall select a mutually acceptable neutral arbitrator from among the JAMS/Endispute panel of arbitrators. In the event you and the Company cannot agree on an arbitrator, the Administrator of JAMS/Endispute will appoint an arbitrator. Neither you nor
the Company nor the arbitrator shall disclose the existence, content, or results of any arbitration hereunder without the prior written consent of all parties. Except as provided herein, the Federal Arbitration Act shall govern the interpretation,
enforcement and all proceedings. The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of the state of California, or federal law, or both, as applicable, and the arbitrator is without jurisdiction to apply any
different substantive law. The arbitrator shall have the authority to entertain a motion to dismiss and/or a motion for summary judgment by any party and shall apply the standards governing such motions under the Federal Rules of Civil Procedure.
The arbitrator shall render an award and a written, reasoned opinion in support thereof. Judgment upon the award may be entered in any court having jurisdiction thereof. 
 12. COMPANY RULES AND REGULATIONS. As an employee of the Company, you agree to abide by Company rules and regulations as set forth in
the Company’s Employee Handbook or as otherwise promulgated. 
 13. PAYMENT OF FINANCIAL
OBLIGATIONS. The payment or provision to you by the Company of any remuneration, benefits or other financial obligations pursuant to this Letter will be allocated to the Operating Partnership, the REIT and, if
applicable, any subsidiary and/or affiliate thereof in accordance with the Employee Sharing and Expense Allocation Agreement, by and between the REIT, the Operating Partnership, and Maguire Services, Inc., as in effect 

 
from time to time; provided, that the Operating Partnership and the REIT shall be jointly and severally liable for such obligations. 
 14. CODE SECTION 409A. Certain payments and benefits under this Letter are intended to be exempt from the
application of Section 409A, while other payments hereunder may constitute “nonqualified deferred compensation” within the meaning of Section 409A, the payment of which is intended to comply with Section 409A. To the extent
applicable, this Letter shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of this Letter to the contrary, if
the Company determines that any compensation or benefits payable under this Letter may be subject to Section 409A of the Code and related Department of Treasury guidance, the Company may, with your prior written consent, adopt such amendments
to this Letter or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to (i) exempt the compensation
and benefits payable under this Letter from Section 409A of the Code and/or preserve the intended tax treatment of such compensation and benefits, or (ii) comply with the requirements of Section 409A of the Code and related Department
of Treasury guidance. 
 15. WITHHOLDING. The Company may withhold from any amounts payable under this
Letter such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 16.
ENTIRE AGREEMENT. As of the Effective Date, this Letter and the employment terms set forth herein (together with the RSU Agreement and the Indemnification Agreement (as defined below)) constitute
the final, complete and exclusive agreement between you and the Company with respect to the subject matter hereof and replaces and supersedes any and all other agreements, offers or promises, whether oral or written, between the parties concerning
the subject matter hereof. This letter may not be modified unless in writing and signed by both you and a duly authorized representative of the Company. The parties hereby acknowledge that in connection with the execution of this Agreement, they are
entering into an Indemnification Agreement (the “Indemnification Agreement”), substantially in the form attached hereto as Exhibit C, which shall become effective as of the Effective Date. 
 17. CHOICE OF LAW. This Letter (including any claim or controversy arising out of or
relating to this Letter) shall be construed, interpreted and the rights of the parties determined in accordance with the laws of the State of California (without regard to conflict of law principles that would result in the application of any law
other than the law of the State of California). 
 18. PROOF OF RIGHT TO
WORK. As required by law, this offer of employment is subject to satisfactory proof of your right to work in the United States. 
 19. NOTICES. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return
receipt requested, postage prepaid, addressed as follows: 
  

 If to you: at your most recent address on the records of the Company 
 If to the REIT or the Operating Partnership: 
 Maguire Properties, Inc. 
 Attn: General Counsel 
 with a copy to: 
 Latham & Watkins 
 633 West Fifth Street, Suite 4000 
 Los
Angeles, CA 90071 
 Attn: Julian Kleindorfer 
 or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee. 
 20. COUNTERPARTS. This Letter and any agreement referenced herein may be executed simultaneously in two or more
counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument. 
 [SIGNATURE PAGE
FOLLOWS] 
  

 Please confirm your agreement to the foregoing by signing and dating the enclosed duplicate original of
this Letter in the space provided below for your signature and returning it to the Company. Please retain one fully-executed original for your files. 
  

			
	Sincerely,
	
	 MAGUIRE PROPERTIES, INC.,
 a Maryland
corporation

		
	By:	 	 /s/ WALTER L. WEISMAN

	Name:	 	Walter L. Weisman
	Title:	 	Director
	
	 MAGUIRE PROPERTIES, L.P.,
 a Maryland limited
partnership

		
	By:	 	Maguire Properties, Inc.
	Its:	 	General Partner
		
	By:	 	 /s/ WALTER L. WEISMAN

	Name:	 	Walter L. Weisman
	Title:	 	Director

  

			
	Accepted and Agreed,
	this 17th day of May, 2008.
		
	By:	 	 /s/ CHRISTOPHER C. RISING

		 	Christopher C. Rising

  

 Signature Page to Employment Agreement (CCR)

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