Document:

Form of Time-Based Restricted Stock Units Agreement

 Exhibit 10.22 
 TIME-BASED RESTRICTED STOCK UNITS AGREEMENT 
 THIS TIME-BASED RESTRICTED STOCK UNITS AGREEMENT
(this “Agreement”) is made effective as of                      (the “Grant Date”), between Maguire Properties, Inc., a
Maryland corporation (the “Company”), Maguire Properties, L.P., a Maryland limited partnership (the “Partnership”), and
                     (the “Executive” or “Restricted Stock Unit Holder”). 
 WHEREAS, the Company, the Partnership and the Executive are currently parties to that certain employment letter agreement by and between the Company, the
Partnership and the Executive, dated                      (as amended from time to time, the “Employment Agreement”); 
 WHEREAS, the Company has established the Second Amended and Restated 2003 Incentive Award Plan of Maguire Properties, Inc., Maguire Properties Services,
Inc. and Maguire Properties, L.P. (the “Plan”); 
 WHEREAS, the Company wishes to carry out the Plan (the terms of which are hereby
incorporated by reference and made a part of this Agreement); 
 WHEREAS, Section 8.5 of the Plan provides for the issuance of shares of
the Company’s common stock, par value $.01 per share (the “Common Stock”), pursuant to Deferred Stock awards (“Restricted Stock Units”); 
 WHEREAS, Section 8.3 of the Plan provides for the issuance of Dividend Equivalents awards which may be converted to additional shares of Common Stock by such formula and at such time and subject to such
limitations as may be determined by the Committee appointed to administer the Plan; 
 WHEREAS, the Compensation Committee of the Board of
Directors, appointed to administer the Plan, has determined that it would be to the advantage and in the best interest of the Company and its stockholders to grant to the Executive the Restricted Stock Units and Dividend Equivalents awards for
ordinary quarterly cash dividends as provided for herein as an inducement to the Executive remain in the service of the Company pursuant to the terms of the Employment Agreement, and has advised the Company thereof and instructed the undersigned
officer to issue said Restricted Stock Units and Dividend Equivalents awards; and 
 WHEREAS, all capitalized terms used herein without
definition shall have the meanings ascribed to such terms in this Agreement (including terms which are defined herein by reference to the Employment Agreement) or, if not defined herein, in the Plan; 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto do hereby agree as follows: 

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

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

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

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 (d) Each additional Restricted Stock Unit which results from deemed reinvestments of Dividend Equivalents
pursuant to Section 1.1(c) hereof shall vest whenever the underlying Restricted Stock Unit to which such additional Restricted Stock Unit relates vests. 
 Section 2.2 – Forfeiture of Unvested Restricted Stock Units and Dividend Equivalents 
 (a) Immediately
upon the Executive’s “separation from service” from the Company and the Partnership (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”), the Executive shall forfeit any and all Restricted Stock Units and Dividend Equivalents awards granted under this Agreement which have not vested or do not vest on or prior to the
date on which the Executive’s Separation from Service occurs, and the Executive’s rights in any such Restricted Stock Units and Dividend Equivalents awards which are not so vested shall lapse and expire; provided, however,
that no such forfeiture shall exist and all Restricted Stock Units and Dividend Equivalents awards granted under this Agreement shall vest in the event of: 
 (i) The Executive’s Separation from Service by reason of a termination by the Company without “Cause” (as defined in the Employment Agreement) or due to the Executive’s death or total and permanent
disability; or 
 (ii) The occurrence of a Change in Control (as defined below). 
 (b) For purposes of this Agreement, a “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 Company that represent 35% or more of the combined voting power of the Company’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 Company or any person controlled by the Company or by any employee benefit plan (or related trust) sponsored or maintained by the Company or any person controlled by the Company, or 
 (B) an acquisition of securities by the Company or a corporation owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of the stock of the Company, 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); 
  

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 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 Company’s securities by the Company which causes the Company’s voting securities beneficially owned by a person or group to represent 35%
or more of the combined voting power of the Company’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
Company’s then outstanding voting securities by reason of share acquisitions by the Company as described above and shall, after such share acquisitions by the Company, become the beneficial owner of any additional voting securities of the
Company, then such acquisition shall constitute a Change in Control; 
 (ii) individuals who, as of the Grant 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, Robert F. Maguire III) becoming a director
subsequent to the date hereof whose election by the Company’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; 
 (iii) the consummation by the Company (whether directly involving the Company or indirectly involving the Company 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 Company’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 Company’s voting securities outstanding immediately before the transaction continuing to represent (either
by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the
Company’s assets or otherwise succeeds to the business of the Company (the Company 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 Company prior to the consummation of the transaction; or 
  

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 (iv) approval by the Company’s shareholders of a liquidation or dissolution of the
Company. 
 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 Company’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
Company’s shareholders. 
 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, 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 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 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 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. 
 (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 

  

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equal to the Fair Market Value of a share of Common Stock on the day immediately preceding the applicable distribution or payment date under
Section 2.3(a) and (b) above. 
 (e) All distributions made in shares of Common Stock shall be made by the Company in the form of
whole shares of Common Stock, and any fractional share shall be distributed in cash in an amount equal to the value of such fractional share determined based on the Fair Market Value as of the date immediately prior to such distribution. 

(f) The time of distribution of the Restricted Stock Units under this Agreement may not be changed except as may be permitted by the Administrator in
accordance with Section 409A of the Code and the applicable Treasury Regulations promulgated thereunder. 
 Section 2.4 –
Restricted Stock Units Not Transferable 
 Neither the Restricted Stock Units or Dividend Equivalents nor any interest or right therein
or part thereof shall be liable for the debts, contracts, or engagements of the Executive or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means
whether such disposition be voluntary or involuntary or by operation of law or by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy) and any attempted disposition thereof shall be null and void
and of no effect; provided, however, that this Section 2.4 shall not prevent transfers by will or by the applicable laws of descent and distribution or pursuant to a domestic relations order as defined by the Code or Title I of
the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder. 
 Section 2.5 – Restricted Stock Units
on New Shares 
 In the event that the outstanding shares of Common Stock are changed into or exchanged for a different number or kind
of capital stock or other securities of the Company or of another corporation or other entity by reason of merger, consolidation, combination, recapitalization, reclassification, reorganization, stock split, stock dividend or combination of shares,
or otherwise, such new or additional or different shares or securities which are issued upon conversion of or in exchange or substitution for one share of Common Stock shall be substituted as the property which the Executive will be entitled to
receive in distribution or payment for each Restricted Stock Unit pursuant to Section 2.3 hereof, unless the Committee with the Executive’s consent provides for the substitution of new or additional or different shares or securities.

 ARTICLE III. 
 MISCELLANEOUS 
 Section 3.1 – Holding Period and
Additional Restrictions as to Ownership and Transfer 
 (a) Notwithstanding any provision of this Agreement to
the contrary, in the event that the grant of the Restricted Stock Units is not exempt under Section 16 of the Exchange Act on the Grant Date, the Company will make any distribution or payment for a Restricted Stock Unit in cash to the extent
that such payment or distribution is required to be made on or prior to the six month anniversary of the Grant Date. 
  

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 (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 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. 
  

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 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 set forth in the Articles of Incorporation of the Company (after giving effect to any waiver thereof by the Company) or could impair the
Company’s status as a REIT, the Company may make such payments in cash pursuant to Section 2.3(d) hereof, but the Company may not limit or delay distributions or payments of the Restricted Stock Units. 
 Section 3.4 – Notices 
 Any notice to be given by the Executive under the terms of this Agreement shall be addressed to the Secretary of the Company (or, in the event that the Executive is the Secretary of the Company, then to the Company’s Chairman of the
Board). Any notice to be given to the Executive shall be addressed to him at his home address on record with the Company. By a notice given pursuant to this Section 3.4, either party may hereafter designate a different address for notices to be
given to him. Any notice which is required to be given to the Executive shall, if Executive is then deceased, be given to the Executive’s personal representative if such representative has previously informed the Company of his or her status
and address by written notice under this Section 3.4. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail,
with postage and fees prepaid, addressed as set forth above or upon confirmation of delivery by a nationally recognized overnight delivery service. 
 Section 3.5 – Rights as Stockholder 
 Except as otherwise provided herein, the holder of the Restricted Stock
Units shall not have any of the rights of a stockholder with respect to the Restricted Stock Units or Dividend Equivalents until shares of Common Stock are distributed to him in settlement of such Restricted Stock Units. 
 Section 3.6 – Conformity to Securities Laws 
 The Executive acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of all applicable federal and state laws, rules and regulations (including, but not
limited to the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, including without limitation the applicable exemptive conditions of Rule 16b-3) and to such
approvals by any listing, regulatory or other governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. To the extent permitted by applicable law, the Plan, this Agreement and the
Restricted Stock Units shall be deemed amended to the extent necessary to conform to such laws, rules and regulations, provided, however, that no such amendment shall, without the written consent of the Executive, impair any rights or
benefits of the Executive under this Agreement. 
 Section 3.7 – Amendments 
  

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 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:	 	  

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

		
	By:	 	Maguire Properties, Inc., a Maryland corporation
	Its:	 	General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	
	EXECUTIVE
	
	  

 Signature Page to Time-Based RSU Agreement 

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

  

 A-1 

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

 A-2Employment Agreement

 Exhibit 10.27 
 EMPLOYMENT AGREEMENT 
 Employment Agreement, dated as of June 30, 2008, by and between Supertel
Hospitality, Inc., a Virginia corporation with its principal place of business located at 309 North 5th Street, Norfolk, Nebraska 68701 (the “Employer”) and Steven C. Gilbert, an individual (the “Employee”). 
 WHEREAS, the Employer and the Employee desire to enter into an Employment Agreement on the terms set forth below; 
 NOW, THEREFORE, for and in consideration of the premises, covenants, conditions and obligations thereafter set forth, the parties hereto agree as
follows: 
 Section 1. Employment. The Employer hereby employs the Employee, and the Employee hereby accepts employment, upon
the terms and subject to the conditions hereinafter set forth. 
 Section 2. Duties. The Employee will be employed as the
Senior Vice President, CAP-EX of the Employer, or such other positions to which he may be appointed by the Board of Directors. The Employee will perform the duties attendant to his executive position with the Employer. The Employee agrees to devote
his full time and best efforts to the performance of his duties to the Employer. The Employee shall be permitted to participate in charitable activities and accept positions on the boards of non-profit entities. 
 Section 3. Term. The initial term of employment of the Employee hereunder will commence on the date of this Agreement (the
“Commencement Date”) and continue until December 31, 2008, unless earlier terminated pursuant to Section 6, and will be automatically renewed for successive additional one year terms thereafter (commencing January 1, 2009),
unless terminated by either party by written notice to the other, given no fewer than 30 days prior to the expiration of the then current term. 
 Section 4. Compensation and Benefits. In consideration for the services of the Employee hereunder, the Employer will compensate the Employee as follows: 
  

	 	(a)	Base Salary. Until the termination of the Employee’s employment hereunder, the Employer will pay the Employee, bi-weekly in arrears, a base salary (the “Base
Salary”) established by the Compensation Committee of Employer’s Board of Directors which Base Salary will be reviewed by the Employer annually. The Employee’s Base Salary as of the date of this Agreement shall be $112,000 per annum.

  

	 	(b)	Bonus. The Employer will consider the Employee for cash bonuses on an annual basis. Any such bonus will be based on the recommendation of Employer’s Compensation
Committee of the board of directors. 

  

	 	(c)	Stock Options. Pursuant to the Employer’s Stock Option Plan (the “Plan”), the Employer will consider the Employee for option grants on an annual basis. Any
such grants will be made in the sole discretion of Employer’s Compensation Committee of the Board of Directors. 

	 	(d)	Vacation. The Employee will be entitled to 4 weeks of paid vacation per year at the reasonable and mutual convenience of the Employer and the Employee. Unless otherwise
approved by the Board of Directors of the Employer, accrued vacation not taken in any calendar year will not be carried forward or used in any subsequent year. 

 Section 5. Expenses. The Employee, in connection with the services to be performed by him pursuant to the terms of this Agreement, may
be required to make payments for travel and similar expenses. The Employer will reimburse the Employee for all reasonable expenses of types authorized by the Employer and incurred by the Employee in the performance of his duties hereunder. The
Employee will comply with such budget limitations and approval and reporting requirements with respect to expenses as the Employer may establish from time to time. 
 Section 6. Termination. The Employee’s employment hereunder will commence on the Commencement Date and continue until the end of the term specified in Section 3 hereof and any renewals of
such term, except that the employment of the Employee hereunder will sooner terminate in the following manner: 
  

	 	(a)	Death or Disability. Upon the death of the Employee during the term of his employment hereunder or, at the option of the Employer, in the event of the Employee’s
disability, upon 30 days’ notice to the Employee. The Employee will be deemed disabled if he is unable to perform his duties hereunder for a period of sixty consecutive days on account of injury or sickness. Any refusal by the Employee to
submit to a medical examination for the purpose of certifying disability under this Section 6(a) will be deemed conclusively to constitute evidence of the Employee’s disability. 

  

	 	(b)	For Cause. For “Cause” immediately upon written notice by the Employer to the Employee. For purposes of this Agreement, a termination will be for Cause if:

  

	 	(i)	the Employee commits an unlawful or criminal act (A) involving moral turpitude or (B) resulting in a financial loss to Employer; or 

  

	 	(ii)	the Employee (A) fails to obey written directions delivered to Employee by the Employer’s Board of Directors, Chief Executive Officer or Chief Financial Officer, or
(B) commits a material breach of any of the covenants, terms and provisions hereof, and in either case such failure or breach continues for more than three days after receipt by the Employee of written notice of such failure or breach.

  

	 	(c)	Payments Upon Termination. The Employee will not be entitled to any compensation upon termination, except for any portion of his Base Salary accrued but unpaid from the last
monthly payment date to the date of termination and expense reimbursements under Section 5 hereof for expenses incurred in the performance of his duties hereunder prior to termination, if (i) such termination occurs as a result of an event
set forth in Section 6(a) or Section 6(b), (ii) such termination occurs as a result of Employee’s voluntary termination of his employment with Employer, or (iii) such termination results from Employee’s retirement upon
reaching age 65. If Employee’s termination results from the involuntary termination of Employee by Employer without cause (as defined in Section 6(b)), Employer shall pay Employee, for twelve months, an amount equal to Employee’s Base
Salary at the time of termination, which amount shall be paid at the times and in the amounts Employee would have been paid Base Salary had the 

	 	

	 	 
employment not been terminated. Employee accepts the payments as specified herein as full satisfaction of all amounts owed to Employee by Employer pursuant
to this Agreement in the event of Employee’s termination. 

 Section 7. Confidential Information. The
Employee recognizes and acknowledges that certain assets of the Employer and its affiliates, including without limitation information regarding methods of operation, proprietary computer programs, sales, products, profits, costs, markets and key
personnel (hereinafter called “Confidential Information”) are valuable, special and unique assets of the Employer and its affiliates. The Employee will not, during or after his term of employment, disclose any of the Confidential
Information to any person, firm, corporation, association, or any other entity for any reason or purpose whatsoever, directly or indirectly, except as may be required pursuant to his employment hereunder, unless and until such Confidential
Information becomes publicly available other than as a consequence of the breach of the Employee of his confidentiality obligations hereunder. In the event of the termination of his employment, whether voluntary or involuntary and whether by the
Employer or the Employee, the Employee will deliver to the Employer all documents and data pertaining to the Confidential Information and will not take with him any documents or data or any kind or any reproductions (in whole or in part) of any
items relating to the Confidential Information. 
 Section 8. Noncompetition. During the term hereof and until one year
after termination of the Employee’s employment hereunder, the Employee will not (i) engage directly or indirectly, alone or as a shareholder, partner, officer, director, employee or consultant of any other business organization, in any
business activities which (A) relate to the economy motel business (the “Designated Industry”) and (B) were either conducted by the Employer prior to the Employee’s termination or proposed to be conducted by the Employer at
the time of such termination, (ii) divert to any competitor of the Employer in the Designated Industry any business opportunity of the Employee, or (iii) solicit or encourage any officer, employee, or consultant of the Employer to leave
its employ for employment by or with any competitor of the Employer in the Designated Industry. The Employee’s noncompetition obligations hereunder will not preclude the Employee from owning less than 5% of the common stock of any publicly
traded corporation conducting business activities in the Designated Industry. The Employee will continue to be bound by the provisions of this Section 8 until their expiration and will not be entitled to any compensation from the Employer with
respect thereto. If at any time the provisions of this Section 8 will be determined to be invalid or unenforceable, by reason of being vague or unreasonably as to area, duration or scope of activity, this Section 8 will be considered
divisible and will become and be immediately amended to only such area, duration and scope of activity as will be determined to be reasonable and enforceable by the court or other body having jurisdiction over the matter; and the Employee agrees
that this Section 8 as so amended will be valid and binding as though any invalid or unenforceable provision had not been included herein. 
 Section 9. General. 
  

	 	(a)	Notices. All notices and other communications hereunder will be in writing or by written telecommunication, and will be deemed to have been duly given if delivered personally
or if mailed by certified mail, return receipt requested or by written telecommunication, to the relevant address set forth below, or to such other address as the recipient of such notice of communication will have specified to the other party
hereto in accordance with this Section 9: 

 If to the Employer, to: 
 Supertel Hospitality, Inc. 
 309 North 5th Street 
 Norfolk, NE 68701 

 If to the Employee, to: 
 Steve Gilbert 
 311 Valley View Drive 
 Norfolk, NE 68701 
  

	 	(b)	Equitable Remedies. Each of the parties hereto acknowledges and agrees that upon any breach by the Employee of his obligations under Section 7 and 8 hereof, the Employer
will have no adequate remedy at law, and accordingly will be entitled to specific performance and other appropriate injunctive and equitable relief. 

  

	 	(c)	Severability. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of
the remaining provisions hereof will not in any way be affected or impaired. 

  

	 	(d)	Waivers. No delay or omission by either party hereto in exercising any right, power or privilege hereunder will impair such right, power or privilege, nor will any single or
partial exercise of any such right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privilege. 

  

	 	(f)	Assigns. This Agreement will be binding upon and inure to the benefit of the heirs and successors of each of the parties hereto. 

  

	 	(g)	Entire Agreement. This Agreement contains the entire understanding of the parties, supersedes all prior agreements and understandings relating to the subject matter hereof
and will not be amended except by a written instrument signed by each of the parties hereto. 

  

	 	(h)	Governing Law. This Agreement and the performance hereof will be construed and governed in accordance with the laws of the State of Nebraska. 

 IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused this Agreement to be duly executed as of the date and year
first above written. 
  

							
		 		 	Supertel Hospitality, Inc.
				
	 /s/ Steven C. Gilbert
	 		 	By:	 	 /s/ Paul J. Schulte

	Employee	 		 		 	Paul J. Schulte, President, and Chief Executive Officer

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