Document:

Employment Agreement, effective as of May 17, 2008 - Nelson C. Rising

 
Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”), effective as of May 17, 2008 (the “Effective Date”), is entered into by and
between Maguire Properties, Inc., a Maryland corporation (the “REIT”), Maguire Properties, L.P., a Maryland limited partnership (the “Operating Partnership”) and Nelson C. Rising (the “Executive”). 
 WHEREAS, the REIT and the Operating Partnership (collectively, the “Company”) desire to employ the Executive and to enter into an agreement
embodying the terms of such employment; and 
 WHEREAS, the Executive desires to accept employment with the Company, subject to the terms and
conditions of this Agreement. 
 NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 
 1. Employment Period. Subject to the provisions for earlier termination hereinafter provided, the Executive’s employment hereunder shall be
for a term (the “Employment Period”) commencing on the Effective Date and ending on the fifth anniversary of the Effective Date. 
 2. Terms of Employment. 
 (a) Position and Duties. 
 (i) During the Employment Period, the Executive shall serve as President and Chief Executive Officer of the REIT and the Operating
Partnership, shall perform such employment duties as are usual and customary for such positions, and shall be the highest executive officer of each of the REIT and the Operating Partnership. The Chief Executive Officer will report directly and
solely to the Board of Directors of the REIT (the “Board”). All officers and employees of the REIT will report, directly or indirectly, to the Chief Executive Officer and not the Chairman of the Board. There will be no officer equal to or
above the rank of the Executive. During the Employment Period, the Executive shall be the principal spokesperson for the Company. In addition, during the Employment Period, the Company shall cause the Executive to be nominated to stand for election
to the Board at any meeting of stockholders of the REIT during which any such election is held and the Executive’s term as director will expire if he is not reelected; provided, however, that the Company shall not be obligated to
cause such nomination if any of the events constituting Cause (as defined below) have occurred and not been cured. Provided that the Executive is so nominated and is elected to the Board, the Executive hereby agrees to serve as a member of the
Board. At the Company’s request, the Executive shall serve the Company and/or its subsidiaries and affiliates in other offices and capacities in addition to the foregoing consistent with the Executive’s positions as President and Chief
Executive Officer of the REIT and the Operating Partnership. In the event that the Executive, during the Employment Period, serves in any one or more of such additional capacities, the Executive’s compensation shall not be increased beyond that
specified in Section 2(b) hereof. In addition, in the event the 

 
Executive’s service in one or more of such additional capacities is terminated, the Executive’s compensation, as specified in Section 2(b)
hereof, shall not be diminished or reduced in any manner as a result of such termination for so long as the Executive otherwise remains employed under the terms of this Agreement. 
 (ii) During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive
agrees to devote substantially full-time attention and time during normal business hours to the business and affairs of the Company. During the Employment Period it shall not be a violation of this Agreement for the Executive to (A) serve on
corporate, civic or charitable boards or committees, (B) fulfill limited teaching, speaking and writing engagements, (C) engage in political activities or (D) manage his personal investments, in each case, so long as such activities
do not significantly interfere or conflict with the performance of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement or (E) retain his ownership interest in Maguire Partners—Master
Investments, LLC, a California limited liability company. It is expressly understood and agreed that to the extent that any such activities have been conducted by the Executive prior to the Effective Date, the continued conduct of such activities
(or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of the Executive’s responsibilities to the Company. Further, it shall not be a
violation of this Section 2(a)(ii) for the Executive to fulfill and wind down his obligations to Rising Realty 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 the Executive’s duties or responsibilities under this Agreement. 
 (iii) During the Employment Period, the Executive shall perform the services required by this Agreement at the Company’s principal
offices located in downtown Los Angeles (the “Principal Location”), except for travel to other locations as may be necessary to fulfill the Executive’s duties and responsibilities hereunder. The Company shall reasonably expeditiously
relocate its executive offices to the Principal Location following the Effective Date. 
 (b) Compensation, Benefits, Etc. 

(i) Base Salary. During the Employment Period, the Executive shall receive a base salary (the “Base Salary”) of
$950,000 per annum, as the same may be increased thereafter pursuant to the Company’s normal practices for its executives. The Base Salary shall be paid at such intervals as the Company pays executive salaries generally. During the Employment
Period, the Base Salary shall be reviewed at least annually for possible increase in the Company’s discretion. Any increase in Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. The Base
Salary shall not be reduced after any such increase and the term “Base Salary” as utilized in this Agreement shall refer to Base Salary as so increased. 
 (ii) Annual Bonus. In addition to the Base Salary, the Executive shall be eligible to earn, for each fiscal year of the Company
ending during the Employment Period, an annual cash performance bonus (an “Annual Bonus”) under the Company’s 

  

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bonus plan or plans applicable to senior executives. The Executive’s target Annual Bonus shall be 200% of his Base Salary actually paid for such year
and his maximum Annual Bonus shall be 300% of his Base Salary actually paid for such year, but the actual Annual Bonus shall be determined on the basis of the Company’s attainment of objective financial performance metrics (including but not
limited to funds from operations or total shareholder return) or a combination of the Company’s attainment of such financial performance metrics and the Executive’s attainment of individual objectives, in each case as determined and
approved by the Compensation Committee of the Board in accordance with the terms and conditions under such bonus plan(s); provided, however, that the Executive’s Annual Bonus with respect to the partial fiscal year in which the
Effective Date occurs shall be pro rated according to the Base Salary actually paid for such partial fiscal year and may be determined on the basis of attainment of individual objectives or subjective criteria approved by the Compensation Committee
of the Board. 
 (iii) Restricted Stock Unit Award and Dividend Equivalents Award. The Company shall, on the Effective
Date, grant the Executive 1,500,000 restricted stock units (the “RSUs”) 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”), consisting of 250,000 time-based RSUs (the “Time-Based RSUs”) and 1,250,000 performance-based RSUs (the “Performance-Based RSUs”). Consistent with the foregoing, the terms and conditions of the
Time-Based RSUs shall be set forth in an award agreement (the “Time-Based RSU Agreement”) substantially in the form attached hereto as Exhibit A, and the terms and conditions of the Performance-Based RSUs shall be set forth in an
award agreement (the “Performance-Based RSU Agreement” and, together with the Time-Based RSU Agreement, the “RSU Agreements”) substantially in the form attached hereto as Exhibit B, each to be entered into by the Company
and the Executive concurrently herewith and together shall evidence the grant of the RSUs. Subject to this Section 2(b)(iii), the Time-Based RSUs and the Performance-Based RSUs shall be governed in all respects by the terms of the Incentive
Plan and the applicable RSU Agreement. In addition, provided that the Executive is employed by the Company on January 2, 2009, the Company agrees to grant to the Executive under the Incentive Plan Dividend Equivalents with respect to ordinary
quarterly cash dividends paid with respect to the REIT’s common stock on the terms and conditions set forth in the Dividend Equivalents Agreements for Ordinary Quarterly Cash Dividends (applicable to RSUs awarded under the Time-Based RSU
Agreement and the Performance-Based RSU Agreement) (the “Ordinary Dividend Equivalents”) substantially in the form attached hereto as Exhibits C and D (the “Dividend Equivalents Agreements”). 
 (iv) Incentive, Savings and Retirement Plans. During the Employment Period, the Executive shall be entitled to participate in all
other incentive plans, practices, policies and programs, and all savings and retirement plans, practices, policies and programs, in each case that are applicable generally to senior executives of the Company. 
 (v) Welfare Benefit Plans. During the Employment Period, the Executive and the Executive’s eligible family members shall be
eligible for participation in the welfare benefit plans, practices, policies and programs (including, if applicable, 

  

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medical, dental, disability, employee life, group life and accidental death insurance plans and programs) maintained by the Company for its senior
executives. 
 (vi) Expenses. During the Employment Period, the Executive shall be entitled to receive prompt
reimbursement for all reasonable business expenses incurred by the Executive in accordance with the policies, practices and procedures of the Company provided to senior executives of the Company. 
 (vii) Fringe Benefits. During the Employment Period, the Executive shall be entitled to such fringe benefits and perquisites as are
provided by the Company to its senior executives from time to time, in accordance with the policies, practices and procedures of the Company, and shall receive such additional fringe benefits and perquisites as the Company may, in its discretion,
from time-to-time provide. Without limiting the generality of the foregoing: 
 (A) the Executive shall be entitled to travel
on Company business via private aircraft at the Company’s expense; 
 (B) the Company shall provide the Executive with
an automobile driver at the Company’s expense; provided that, the Executive hereby acknowledges and agrees that he shall be solely responsible for any income tax liability with respect thereto; and 
 (C) the Company shall promptly pay directly or reimburse the Executive for reasonable legal and compensation consultant fees and expenses
actually incurred by the Executive in connection with the drafting, review and negotiation of this Agreement and all documents attached hereto or referenced herein, in each case on or prior to the date hereof. 
 To the extent that any payments or reimbursements provided to the Executive under this Section 2(b)(vii) or Section 2(b)(vi) or (ix) are
deemed to constitute compensation to the Executive, 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 or
expense reimbursements that constitute compensation in one year shall not affect the amount of payments or expense reimbursements constituting compensation that are eligible for payment or reimbursement in any subsequent year, and the
Executive’s right to such payments or reimbursement of any such expenses shall not be subject to liquidation or exchange for any other benefit. 
 (viii) Vacation. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the plans, policies, programs and practices of the Company applicable to its senior executives
but in no event less than four (4) weeks per calendar year. 
 (ix) Compensation Gross-Up. The amount of
compensation payable to the Executive pursuant to Sections 2(b)(i), (ii) and (iii) above shall be “grossed up” as necessary (on an after-tax basis) to compensate for any additional social security 

  

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withholding taxes due as a result of the Executive’s shared employment by the Operating Partnership, the REIT and, if applicable, any subsidiary and/or
affiliate thereof. 
 (x) Indemnification Agreement. 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 E, which shall become effective as of the Effective Date.

 3. Termination of Employment. 
 (a) Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death or Disability during the Employment Period. For purposes of this Agreement, “Disability” shall mean the
absence of the Executive from the Executive’s duties with the Company on a full-time basis for 90 consecutive days or for a total of 180 days in any 12-month period, in either case as a result of incapacity due to mental or physical illness
which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative. 
 (b) Cause. The Company may terminate the Executive’s employment during the Employment Period for Cause or without Cause. For purposes of this
Agreement, “Cause” shall mean the occurrence of any one or more of the following events unless the Executive fully corrects the circumstances constituting Cause within a reasonable period of time after receipt of the Notice of Termination
(as defined below): 
 (i) the Executive’s willful and continued failure to substantially perform his duties with the
Company (other than any such failure resulting from the Executive’s incapacity due to physical or mental illness or any such actual or anticipated failure after his issuance of a Notice of Termination for Good Reason), after a written demand
for substantial performance is delivered to the Executive by the Board, which demand specifically identifies the manner in which the Board believes that the Executive has not substantially performed his duties; 
 (ii) the Executive’s willful commission of an act of fraud or dishonesty resulting in economic or financial injury to the Company;

 (iii) the Executive’s conviction of, or entry by the Executive of a guilty or no contest plea to, the commission of a
felony or a crime involving moral turpitude; 
 (iv) a willful breach by the Executive of his fiduciary duty to the Company
which results in economic or other injury to the Company; or 
 (v) the Executive’s willful and material breach of the
Executive’s covenants set forth in Section 10(a) or 10(b) hereof. 
 For purposes of this provision, no act or failure to act, on the part of the
Executive, shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Any act,
or failure to act, based upon authority given pursuant to a resolution duly 

  

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adopted by the Board or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive
in good faith and in the best interests of the Company. The cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the
affirmative vote of not less than two-thirds of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to the Executive and the Executive is given an opportunity, together
with counsel for the Executive, to be heard before the Board), finding that, in the good faith opinion of the Board, the Executive is guilty of any of the conduct described in Section 3(b) hereof, and specifying the particulars thereof in
detail; provided, that if the Executive is a member of the Board, the Executive shall not vote on such resolution nor shall the Executive be counted in determining the “entire membership” of the Board. 
 (c) Good Reason. The Executive’s employment may be terminated by the Executive for Good Reason or by the Executive without Good Reason. The
Executive’s termination of employment, whether for Good Reason or without Good Reason, shall not be deemed to be a breach of this Agreement. For purposes of this Agreement, “Good Reason” shall mean the occurrence of any one or more of
the following events without the Executive’s prior written consent, unless the Company fully corrects the circumstances constituting Good Reason (provided such circumstances are capable of correction) within 30 days after the Company’s
receipt of the Notice of Termination (as defined below) delivered by the Executive: 
 (i) the assignment to the Executive of
any duties materially inconsistent in any respect with the Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 2(a) hereof, or any other
action by the Company which results in a material diminution in such position, authority, duties or responsibilities, excluding for this purpose (A) any failure of the Company’s stockholders to elect the Executive to the Board, or
(B) an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive; 
 (ii) the Company’s reduction of the Executive’s Base Salary or Annual Bonus opportunity, each as in effect on the date hereof or
as the same may be increased from time to time; 
 (iii) the relocation of the Principal Location to a location more than
thirty (30) miles from such location, or the Company’s requiring the Executive to be based at a location more than thirty (30) miles from the Principal Location, except for required travel on the Company’s business to an extent
substantially consistent with the Executive’s present business travel obligations; 
 (iv) the Company’s failure to
obtain a satisfactory agreement from any successor to assume and agree to perform this Agreement, as contemplated in Section 11 hereof; 
 (v) the Company’s failure to cause the Executive to be nominated by the Board to stand for election to the Board at any meeting of stockholders of the REIT 

  

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during which any such election is held and whereby the Executive’s term as director will expire if he is not reelected, the Board’s failure to
appoint the Executive to serve on the executive committee of the Board should such a committee be established, the Board’s reappointment of Robert F. Maguire III (the “Former CEO”) as Chairman of the Board or the Board’s
nomination of the Former CEO to stand for election to the Board at any meeting of stockholders of the REIT during which any such election is held, in each case unless any of the events constituting Cause have occurred; 
 (vi) the Company’s failure to cure a material breach of its obligations under this Agreement after written notice is delivered to the
Board by the Executive which specifically identifies the manner in which the Executive believes that the Company has breached its obligations under the Agreement and the Company is given a reasonable opportunity to cure any such breach; or

 (vii) the Bylaws of the REIT do not provide that (A) the Chief Executive Officer has the power to call meetings of the
Board and special meetings of the stockholders, or (B) the agendas for meetings of the Board shall be set by the Chairman of the Board in consultation with the Chief Executive Officer. 
 (d) Notice of Termination. Any termination by the Company for Cause, or by the Executive for Good Reason, shall be communicated by a Notice of
Termination to the other parties hereto given in accordance with Section 13(c) hereof. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in
this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated and
(iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than thirty days after the giving of such notice). The failure by the Executive
or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or
the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. 
 (e) Termination of Offices and Directorships. Upon termination of the Executive’s employment for any reason, the Executive shall be deemed to have resigned from all offices, directorships, and other employment positions if any,
then held with the Company or any other member of the Maguire Group (as defined below), and shall take all actions reasonably requested by the Company to effectuate the foregoing. 
 4. Obligations of the Company upon Termination. 
 (a) Without Cause or For Good Reason. Subject to Section 4(d) below, if, during the Employment Period, the Executive incurs 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”) during the Employment Period by reason of (1) a
termination of the Executive’s 

  

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employment without Cause, or (2) a termination of the Executive’s employment by the Executive for Good Reason: 
 (i) The Executive shall be paid, in a single lump sum payment on the date of the Executive’s termination of employment, the aggregate
amount of the Executive’s earned but unpaid Base Salary and accrued but unpaid vacation pay through the date of such termination (the “Accrued Obligations”). In addition, the Executive shall be paid, in a single lump sum payment
within 60 days after the date of Executive’s Separation from Service (such date, the “Date of Termination”), the aggregate amount of (A) any Annual Bonus required to be paid to the Executive pursuant to Section 2(b)(ii)
above for any fiscal year of the Company that ends on or before the Date of Termination to the extent not previously paid (the “Unpaid Bonus”), and (B) two (the “Severance Multiple”) times the sum of (x) the Base Salary
in effect on the Date of Termination plus (y) the Annual Bonus earned by the Executive (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. 
 (ii) The Executive shall be paid, in a single lump sum payment within 60 days after the Date of Termination, a pro rata portion of the Annual Bonus for the partial fiscal year in which the Date of Termination occurs
in an amount determined based on (A) the extent to which the financial performance targets applicable to such Annual Bonus (pro rated based on the number of days in such fiscal year through the Date of Termination and as if the entire Annual
Bonus was based solely on such financial performance targets for such fiscal year) are actually achieved as of the Date of Termination, or (B) if such financial performance targets have not been established by the Compensation Committee of the
Board, the Annual Bonus earned by the Executive (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 (pro rated based on the number of days
in the fiscal year in which the Date of Termination occurs through the Date of Termination) (a “Pro-Rated Annual Bonus”). 
 (iii) To the extent not previously vested as of the Date of Termination, the RSUs will be subject to accelerated vesting pursuant to the terms and conditions set forth in the applicable RSU Agreement. 
 (iv) During the period commencing on the Date of Termination and ending on the earlier of (i) the eighteen month anniversary of the
Date of Termination and (ii) the expiration of the Executive’s eligibility for benefits under Section 4980B of the Code and the regulations thereunder (“COBRA”), the Company shall continue to provide the Executive and the
Executive’s eligible family members with group health insurance coverage at least equal to that which would have been provided to them if the Executive’s employment had not been terminated; provided, however, that if the
Executive becomes re-employed with another employer and is eligible to receive group health insurance coverage under another employer’s plans, the Company’s obligations under this Section 4(a)(iv) shall be reduced to the extent
comparable coverage is actually provided to the Executive and the Executive’s eligible family members, and any such coverage shall be reported by the Executive to the Company. 
  

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 (v) For a period of not more than one year following the Date of Termination, the Company
shall, at its sole expense and on an as-incurred basis, provide the Executive with reasonable outplacement services directly related to the Executive’s Separation from Service which shall be consistent with industry practice for similarly
situated executives. 
 Notwithstanding the foregoing, it shall be a condition to the Executive’s right to receive the amounts provided for in Sections
4(a)(i)(B), 4(a)(ii), 4(a)(iv) and 4(a)(v) above that the Executive execute and deliver to the Company a release of claims in substantially the form attached hereto as Exhibit F (the “Release”) within twenty-one (21) days
following the Date of Termination and that the Executive not revoke such release within seven (7) days thereafter. 
 (b) For Cause
or Without Good Reason. If the Executive’s employment shall be terminated by the Company for Cause or by the Executive without Good Reason during the Employment Period, the Company shall have no further obligations to the Executive under
this Agreement other than with respect to (A) Section 2(b)(vi) or (ix), 8, 9 or 13(b) hereof (in each case, subject to the terms and conditions thereof), (B) provided that the Executive is employed by the Company on January 2,
2009, the Company’s obligation to grant the Ordinary Dividend Equivalents pursuant to Section 2(b)(iii) hereof, and (C) the obligation to pay to the Executive the Accrued Obligations in cash within 30 days after the Date of
Termination. For the avoidance of doubt, neither (i) the obligations of the Company under the RSU Agreements, the Dividend Equivalents Agreements and the Indemnification Agreement, nor (ii) any obligation of the Company to pay or provide
accrued or vested benefits to which the Executive may be entitled under the Company’s 401(k), savings and retirement plans and welfare benefit plans as in effect from time to time, shall be deemed “obligations to the Executive under this
Agreement” for purposes of this Section 4(b). 
 (c) Death or Disability. Subject to Section 4(d) below, if the
Executive incurs a Separation from Service by reason of the Executive’s death or Disability during the Employment Period: 
 (i) The Accrued Obligations shall be paid to the Executive’s estate or beneficiaries or to the Executive, as applicable, in cash on the date of the Executive’s termination; 
 (ii) Any Unpaid Bonus shall be paid to the Executive’s estate or beneficiaries or to the Executive, as applicable, in a single lump
sum payment within 60 days after the Date of Termination; 
 (iii) 100% of the Executive’s annual Base Salary, as in
effect on the Date of Termination, shall be paid to the Executive’s estate or beneficiaries or to the Executive, as applicable, in cash within 30 days following the Date of Termination; 
 (iv) The Pro-Rated Annual Bonus shall be paid to the Executive’s estate or beneficiaries or to the Executive, as applicable, within
60 days after the Date of Termination; 
  

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 (v) To the extent not previously vested as of the Date of Termination, RSUs will be
subject to accelerated vesting pursuant to the terms and conditions set forth in the RSU Agreements; and 
 (vi) During the
period commencing on the Date of Termination and ending on the earlier of (i) the twelve month anniversary of the Date of Termination and (ii) the expiration of the Executive’s eligibility for benefits under COBRA, the Executive and
the Executive’s eligible family members shall continue to be provided with group health insurance coverage at least equal to that which would have been provided to them if the Executive’s employment had not been terminated;
provided, however, that if the Executive becomes re-employed with another employer and is eligible to receive group health insurance coverage under another employer’s plans, the Company’s obligations under this
Section 4(c)(vi) shall be reduced to the extent comparable coverage is actually provided to the Executive and the Executive’s eligible family members, and any such coverage shall be reported by the Executive to the Company. 
 (d) Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without limitation any
severance payments or benefits payable under Section 4 or 5 hereof, shall be paid to the Executive 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 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 the Executive’s death), the Company shall pay the Executive a lump-sum amount equal to the cumulative amount that would have otherwise been payable to the Executive during such period, plus interest credited at the
applicable federal rate in effect as of the Date of Termination provided for in Section 7872(f)(2)(A) of the Code. 
 5. Termination
Upon a Change in Control. Subject to Section 4(d) above, if a Change in Control (as defined herein) occurs during the Employment Period and the Executive incurs a Separation from Service (a) by reason of a termination by the Company
without Cause or by the Executive for Good Reason, in each case within two (2) years after the effective date of the Change in Control or (b) provided that the Executive remains continuously employed by the Company through the one year
anniversary of the effective date of the Change in Control (the “CIC Anniversary Date”), by the Executive for any reason on or within 30 days after the CIC Anniversary Date (a “Change in Control Resignation”), then
the Executive shall be entitled to the payments and benefits provided in Section 4(a) hereof, subject to the terms and conditions thereof (including, without limitation, the requirement that a condition to the Executive’s right to receive
the amounts provided for in Sections 4(a)(i)(B), 4(a)(ii), 4(a)(iv) and 4(a)(v) is that the Executive execute, deliver and not revoke the Release), except that for purposes of this Section 5, the Severance Multiple shall equal three (3). In the
event of a Change in Control or a Separation from Service described in this Section 5, the RSUs will be subject to accelerated vesting pursuant to the terms and conditions set forth in the applicable RSU Agreement. For 

  

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purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following events: 
 (i) the acquisition, directly or indirectly, by any “person” or “group” (as those terms are defined in
Sections 3(a)(9), 13(d), and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) and the rules thereunder) of “beneficial ownership” (as determined pursuant to Rule 13d-3 under the Exchange Act) of securities
entitled to vote generally in the election of directors (“voting securities”) of the REIT that represent 35% or more of the combined voting power of the REIT’s then outstanding voting securities, other than 
 (A) an acquisition of securities by a trustee or other fiduciary holding securities under any employee benefit plan (or related trust)
sponsored or maintained by the REIT or any person controlled by the REIT or by any employee benefit plan (or related trust) sponsored or maintained by the REIT or any person controlled by the REIT, or 
 (B) an acquisition of securities by the REIT or a corporation owned, directly or indirectly, by the stockholders of the REIT in
substantially the same proportions as their ownership of the stock of the REIT, or 
 (C) an acquisition of securities
pursuant to a transaction described in clause (iii) below that would not be a Change in Control under clause (iii). 
 Notwithstanding the foregoing, the following event shall not constitute an “acquisition” by any person or group for purposes of this clause (i): an acquisition of the REIT’s securities by the REIT which causes the REIT’s
voting securities beneficially owned by a person or group to represent 35% or more of the combined voting power of the REIT’s then outstanding voting securities; provided, however, that if a person or group shall become the beneficial
owner of 35% or more of the combined voting power of the REIT’s then outstanding voting securities by reason of share acquisitions by the REIT as described above and shall, after such share acquisitions by the REIT, become the beneficial owner
of any additional voting securities of the REIT, then such acquisition shall constitute a Change in Control; 
 (ii)
individuals (excluding, for the avoidance of doubt, the Former CEO) who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however,
that any individual (excluding, for the avoidance of doubt, the Former CEO) becoming a director subsequent to the date hereof whose election by the REIT’s shareholders, or nomination for election by the Board, was approved by a vote of at least
a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board; 
  

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 (iii) the consummation by the REIT (whether directly involving the REIT or indirectly
involving the REIT through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the REIT’s assets or (z) the
acquisition of assets or stock of another entity, in each case, other than a transaction 
 (A) which results in the
REIT’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the REIT or the person that, as a result of the transaction,
controls, directly or indirectly, the REIT or owns, directly or indirectly, all or substantially all of the REIT’s assets or otherwise succeeds to the business of the REIT (the REIT or such person, the “Successor Entity”)) directly or
indirectly, at least 50% of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 
 (B) after which no person or group beneficially owns voting securities representing 35% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated
for purposes of this clause (B) as beneficially owning 35% or more of combined voting power of the Successor Entity solely as a result of the voting power held in the REIT prior to the consummation of the transaction; or 
 (iv) approval by the REIT’s shareholders of a liquidation or dissolution of the REIT. 
 For purposes of clause (i) above, the calculation of voting power shall be made as if the date of the acquisition were a record date for a vote of the REIT’s
shareholders, and for purposes of clause (iii) above, the calculation of voting power shall be made as if the date of the consummation of the transaction were a record date for a vote of the REIT’s shareholders. 
 6. Expiration of Employment Period. Subject to Section 4(d) above, if the Executive incurs a Separation from Service upon or after the fifth
anniversary of the Effective Date by reason of the expiration of the Employment Period: 
 (i) the Accrued Obligations shall
be paid to the Executive on the Date of Termination; 
 (ii) any Unpaid Bonus shall be paid to the Executive in a single lump
sum payment within 60 days after the Date of Termination; and 
 (iii) the Pro-Rated Annual Bonus shall be paid to the
Executive within 60 days after the Date of Termination. 
 Notwithstanding the foregoing, it shall be a condition to the Executive’s right to receive
the Pro-Rated Annual Bonus under this Section 6 that the Executive execute and deliver to the Company the Release within twenty-one (21) days following the Date of Termination and that the Executive not revoke such release within seven
(7) days thereafter. 
  

 12 

 7. Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit the
Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company and for which the Executive may qualify, nor shall anything herein limit or otherwise affect such rights as the Executive may have
under any contract or agreement with the Company. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company at or subsequent
to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement. 
 8. Full Settlement. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or
take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and, except as expressly provided, such amounts shall not be reduced whether or not the Executive obtains other
employment. The Company agrees to pay as incurred (within 30 days following the Company’s receipt of an invoice from the Executive), to the full extent permitted by law, all reasonable legal fees and expenses which the Executive or his
beneficiaries may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of
performance thereof (including as a result of any contest by the Executive or his beneficiaries about the amount of any payment pursuant to this Agreement), plus in each case interest on any delayed payment at the applicable Federal rate provided
for in Section 7872(f)(2)(A) of the Code. The preceding sentence shall not apply with respect to any such contest if the court having jurisdiction over such contest determines that the Executive’s claim in such contest is frivolous or
maintained in bad faith. 
 9. Certain Additional Payments by the Company. 
 (a) Anything in this Agreement to the contrary notwithstanding and except as set forth below, in the event it shall be determined that any Payment (as
defined below) would be subject to the Excise Tax (as defined below), then the Executive shall be entitled to receive an additional payment (the “Excise Tax Gross-Up Payment”) in an amount such that, after payment by the Executive of all
taxes (and any interest or penalties imposed with respect to such taxes), including, without limitation, any income and employment taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Excise Tax
Gross-Up Payment, the Executive retains an amount of the Excise Tax Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of this Section 9(a), if it shall be determined that the Executive
is entitled to the Excise Tax Gross-Up Payment, but that the Parachute Value (as defined below) of all Payments does not exceed 110% of the Safe Harbor Amount (as defined below), then no Excise Tax Gross-Up Payment shall be made to the Executive and
the amounts payable under this Agreement shall be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount. The reduction of the amounts payable hereunder, if applicable, shall be made by first reducing
the payments under 

  

 13 

 
Section 4(a)(i) hereof, unless an alternative method of reduction is elected by the Executive, and in any event shall be made in such a manner as to
maximize the Value (as defined below) of all Payments actually made to the Executive. For purposes of reducing the Payments to the Safe Harbor Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. If the
reduction of the amount payable under this Agreement would not result in a reduction of the Parachute Value of all Payments to the Safe Harbor Amount, no amounts payable under the Agreement shall be reduced pursuant to this Section 9(a). The
Company’s obligation to make Excise Tax Gross-Up Payments under this Section 9 shall not be conditioned upon the Executive’s Separation from Service. For purposes of determining the amount of any Excise Tax Gross-Up Payment, the
Executive shall be considered to pay federal income tax at the Executive’s highest actual marginal rate of federal income taxation in the calendar year in which the Excise Tax Gross-Up Payment is to be made, and state and local income or
franchise taxes at the Executive’s highest actual marginal rate of taxation in the state and locality of the Executive’s residence or other state and locality where the Executive will be subject to taxes on the date on which the Excise Tax
Gross-Up Payment is made, net of the Executive’s actual reduction in federal income taxes which could be obtained from deduction of such state and local taxes, and taking into consideration the phase-out of the Executive’s itemized
deductions under federal income tax law. 
 (b) Subject to the provisions of Section 9(c) hereof, all determinations required to be made
under this Section 9, including whether and when an Excise Tax Gross-Up Payment is required, the amount of such Excise Tax Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by such nationally
recognized accounting firm as may be selected by the Company and reasonably acceptable to the Executive (the “Accounting Firm”); provided, that the Accounting Firm’s determination shall be made based upon “substantial
authority” within the meaning of Section 6662 of the Code. The Accounting Firm shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the receipt of notice from the Executive that
there has been a Payment or such earlier time as is requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Excise Tax Gross-Up Payment, as determined pursuant to this Section 9, shall be
paid by the Company to the Executive within five days of the receipt of the Accounting Firm’s determination; provided, however, that in no event shall any such Excise Tax Gross-Up Payment or any payment of any income or other taxes to be paid
by the Company under this Section 9 be made later than the end of the Executive’s taxable year next following the Executive’s taxable year in which the Executive remits the related taxes. Any costs and expenses incurred by the Company
on behalf of the Executive under this Section 9 due to any tax contest, audit or litigation will be paid by the Company by the end of the Executive’s taxable year following the taxable year in which the taxes that are the subject of the
tax contest, audit or litigation are remitted to the taxing authority, or where as a result of such tax contest, audit or litigation no taxes are remitted, the end of the Executive’s taxable year following the taxable year in which the audit is
completed or there is a final and non-appealable settlement or other resolution of the contest or litigation. Subject to the provisions of Section 9(c) hereof, any determination by the Accounting Firm shall be binding upon the Company and the
Executive, unless the Company obtains an opinion of outside legal counsel, based upon at least “substantial authority” within the meaning of Section 6662 of the Code, reaching a different determination, in which event such legal
opinion shall be binding upon the Company and the Executive. 
  

 14 

 (c) The Executive shall notify the Company in writing of any claim by the Internal Revenue Service that,
if successful, would require the payment by the Company of the Excise Tax Gross-Up Payment. Such notification shall be given as soon as practicable, but no later than 10 business days after the Executive is informed in writing of such claim. The
Executive shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which the Executive
gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Executive in writing prior to the expiration of such period that the Company
desires to contest such claim, the Executive shall: 
 (i) give the Company any information reasonably requested by the
Company relating to such claim, 
 (ii) take such action in connection with contesting such claim as the Company shall
reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company, 
 (iii) cooperate with the Company in good faith in order effectively to contest such claim, and 
 (iv) permit the Company to participate in any proceedings relating to such claim; 
 provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection
with such contest, and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income or employment tax (including interest and penalties) imposed as a result of such representation and payment of costs and
expenses. Without limitation on the foregoing provisions of this Section 9(c), the Company shall control all proceedings taken in connection with such contest, and, at its sole discretion, may pursue or forgo any and all administrative appeals,
proceedings, hearings and conferences with the applicable taxing authority in respect of such claim and may direct the Executive to contest the claim in any permissible manner (other than by paying the tax claimed and suing for a refund or by
appealing from any judgment where the Executive would be required to post a bond), and the Executive agrees to prosecute such contest to a determination before any administrative tribunal and in the United States Tax Court, as the Company shall
determine; provided, however, that any extension of the statute of limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to
such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which the Excise Tax Gross-Up Payment would be payable hereunder, and the Executive shall be entitled to settle or contest, as
the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
 (d) If, after the receipt by the
Executive of an Excise Tax Gross-Up Payment, the Executive becomes entitled to receive any refund with respect to the Excise Tax to which such Excise Tax Gross-Up Payment relates, the Executive shall (subject to the Company’s 

  

 15 

 
complying with the requirements of Section 9(c) hereof, if applicable) promptly pay to the Company the amount of such refund (together with any interest
paid or credited thereon after taxes applicable thereto). 
 (e) Notwithstanding any other provision of this Section 9, the Company may,
in its sole discretion, withhold and pay over to the Internal Revenue Service or any other applicable taxing authority, for the benefit of the Executive, all or any portion of any Excise Tax Gross-Up Payment, and the Executive hereby consents to
such withholding. 
 (f) Any other liability for unpaid or unwithheld Excise Taxes shall be borne exclusively by the Company, in accordance
with Section 3403 of the Code. The foregoing sentence shall not in any manner relieve the Company of any of its obligations under this Employment Agreement. 
 (g) Definitions. The following terms shall have the following meanings for purposes of this Section 9: 
 (i) “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax. 
 (ii) “Parachute Value” of a Payment shall mean the present value as of the date of the change of control for purposes of
Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Accounting Firm for purposes of determining whether and to what extent the
Excise Tax will apply to such Payment. 
 (iii) A “Payment” shall mean any payment or distribution in the nature of
compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or otherwise. 
 (iv) The “Safe Harbor Amount” shall mean 2.99 times the Executive’s “base amount,” within the meaning of
Section 280G(b)(3) of the Code. 
 (v) “Value” of a Payment shall mean the economic present value of a Payment
as of the date of the change of control for purposes of Section 280G of the Code, as determined by the Accounting Firm using the discount rate required by Section 280G(d)(4) of the Code. 
 10. Confidential Information and Non-Solicitation. 
 (a) 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 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 the Executive during the Executive’s employment by
the Company and which shall not be or become public knowledge (other than by acts by the 

  

 16 

 
Executive or representatives of the Executive in violation of this Agreement). After termination of the Executive’s employment with the Company, the
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, 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 the Executive receives actual notice that the Executive is or may be required by law or legal process to communicate or divulge
any such information, knowledge or data, the Executive shall promptly so notify the Company; and provided, further, that the information, knowledge or data subject to this Section 10(a) shall not include information, knowledge or
data which becomes available to the Executive following the Date of Termination from a source other than the Company (provided, that such source is not known by the Executive to be subject to another confidentiality agreement with, or other
obligation of confidentiality or secrecy to, the Company). 
 (b) While employed by the Company and, for two (2) years after the Date of
Termination, the Executive 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 the Executive 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 the Executive’s employment by the Company without
Cause or by the Executive for Good Reason, (ii) a termination of the Executive’s employment following a Change in Control, or (iii) a Separation from Service of the Executive upon or after the fifth anniversary of the Effective Date
by reason of the expiration of the Employment Period, the post-termination restrictions set forth in this Section 10(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 10(b) shall not apply with respect to Douglas J. Gardner and Christopher C. Rising and each of their
executive and/or administrative assistants, and the Executive’s executive and/or administrative assistants. 
 (c) In no event shall an
asserted violation of the provisions of this Section 10 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement. However, in recognition of the facts that irreparable injury will
result to the Company in the event of a breach by the Executive of his obligations under Sections 10(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, the Executive acknowledges, consents and agrees 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 the Executive. 
  

 17 

 11. Successors. 
 (a) This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 
 (b) This Agreement shall inure
to the benefit of and be binding upon the Company and its successors and assigns. 
 (c) The Company will require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and
agrees to perform this Agreement by operation of law, or otherwise. 
 12. Payment of Financial Obligations. The payment or provision
to the Executive by the Company of any remuneration, benefits or other financial obligations pursuant to this Agreement shall 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. 
 13. Miscellaneous. 
 (a) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without reference to
principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. 
 (b) Arbitration. Except as set forth in Section 10(c) above, any disagreement, dispute, controversy or claim arising out of or relating to this Agreement or the interpretation of this Agreement or any arrangements relating to
this Agreement or contemplated in this Agreement 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, the Executive and the Company shall select a mutually acceptable neutral arbitrator from among the JAMS/Endispute panel of
arbitrators. In the event the Executive and the Company cannot agree on an arbitrator, the Administrator of JAMS/Endispute will appoint an arbitrator. Neither the Executive 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 

  

 18 

 
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. 

(c) 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 the Executive: at the
Executive’s most recent address on the records of the Company, with a copy to: 
 Munger, Tolles & Olson LLP 
 355 South Grand Avenue, 35th Floor 
 Los
Angeles, California 90071 
 Attention: Robert K. Johnson 
 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. 
 (d) Sarbanes-Oxley Act of
2002. Notwithstanding anything herein to the contrary, if the Company determines, in its good faith judgment, that any transfer or deemed transfer of funds hereunder is likely to be construed as a personal loan prohibited by Section 13(k)
of the Exchange Act and the rules and regulations promulgated thereunder, then such transfer or deemed transfer shall not be made to the extent necessary or appropriate so as not to violate the Exchange Act and the rules and regulations promulgated
thereunder. 
 (e) Section 409A of the Code. Certain payments and benefits under this Agreement 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 Agreement 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 Agreement to the
contrary, if the Company determines 

  

 19 

 
that any compensation or benefits payable under this Agreement may be subject to Section 409A of the Code and related Department of Treasury guidance,
the Company may, with the Executive’s prior written consent, adopt such amendments to this Agreement 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 Agreement 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. 
 (f) Authority.
The Company hereby represents and warrants to the Executive that (i) the Company has all necessary corporate or limited partnership power and authority to enter into this Agreement, the RSU Agreements, the Dividend Equivalents Agreements and
the Indemnification Agreement, (ii) the entry into this Agreement, the RSU Agreements, the Dividend Equivalents Agreements and the Indemnification Agreement by the Company has been duly authorized, and (iii) the Compensation Committee of
the Board has duly authorized and approved (A) the grants of the RSUs effective as of the Effective Date, and (B) the Dividend Equivalents rights set forth in the Dividend Equivalents Agreements to be made on January 2, 2009 if the
Executive is employed by the Company on that date. The Company hereby further represents and warrants that the RSU Agreements and the Dividend Equivalents Agreements comply in all material respects with the terms and conditions of the Incentive
Plan. 
 (g) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement. 
 (h) Withholding. The Company may withhold from any amounts payable under
this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. In addition, notwithstanding any other provision of this Agreement, the Company may, in its sole discretion,
withhold and pay over to the Internal Revenue Service or any other applicable taxing authority, for the benefit of the Executive, all or any portion of any Excise Tax Gross-Up Payment, and the Executive hereby consents to such withholding.

 (i) No Waiver. The Executive’s or the Company’s failure to insist upon strict compliance with any provision of this
Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to Section 3(c) hereof, shall not be deemed
to be a waiver of such provision or right or any other provision or right of this Agreement. 
 (j) Entire Agreement. As of the
Effective Date, this Agreement, together with the RSU Agreements, the Dividend Equivalents Agreements and the Indemnification Agreement, constitutes the final, complete and exclusive agreement between the Executive 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. 
  

 20 

 (k) Amendment. No amendment or other modification of this Agreement shall be deemed effective
unless made in writing and signed by the parties hereto. 
 (l) Counterparts. This Agreement 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] 
  

 21 

 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the
authorization from the Board, each of the REIT and the Operating Partnership has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 
  

			
	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
	
	“EXECUTIVE”
		
		 	 /s/ NELSON C. RISING

		 	Nelson C. Rising

 Signature Page to Employment Agreement (NCR)Time-Based Restricted Stock Units Agreement-Nelson C. Rising

 
Exhibit 10.2 
 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 Nelson C. Rising (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, 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 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 
 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 
 Section 1.1 – Awards of Restricted Stock Units

 (a) For good and valuable consideration, on the Grant Date the Company hereby grants to the Executive Restricted Stock Units for 250,000
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 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. 
 Notwithstanding anything to the contrary anywhere else in this Agreement, the Restricted Stock Units 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. 
 Section 1.2 – Consideration to Company 
 In consideration for the grant of Restricted Stock Units 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. 
  

 - 2 - 

 ARTICLE II. 
 VESTING AND PAYMENT 
 Section 2.1 – Vesting of Restricted Stock Units 
 (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. 
 Section 2.2 – Forfeiture of Unvested Restricted Stock Units 
 Immediately upon the Executive’s Separation from Service (as defined in the Employment Agreement), the Executive shall forfeit any and all Restricted Stock Units 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 which are not so vested shall lapse and expire; provided, however,
that no such forfeiture shall exist and all Restricted Stock Units granted under this Agreement shall vest in the event of: 
  

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 (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 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. 
  

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 (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 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 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 

  

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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 
 (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 

  

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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 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. 
  

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 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. 
 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/ NELSON C. RISING

	Nelson C. Rising

 Signature Page to Time-Based RSU Agreement (NCR) 

 APPENDIX A 
 ADJUSTMENTS TO NUMBER OF RESTRICTED STOCK UNITS GRANTED 
 The following adjustments to the number of
outstanding Restricted Stock Units 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 are 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, 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. 
  

 A-1 

 (d) Whenever an adjustment to the number of outstanding Restricted Stock Units 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-2

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