Document:

Employment Agreement - Dale Shimoda

 EXHIBIT 10.10 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”), dated as of April 22, 2010, is entered into by and between Hudson
Pacific Properties, Inc., a Maryland corporation (the “REIT”), Hudson Pacific Properties, L.P., a Maryland limited partnership (the “Operating Partnership”) and Dale Shimoda (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 third anniversary of the Effective Date (the “Initial Term”). If not previously
terminated in accordance with this Agreement, the Employment Period shall automatically be extended for one additional year immediately following the Initial Term (such extension, the “Renewal Term”), unless either the Executive or
the Company elects not to so extend the Employment Period by notifying the other party, in writing, of such election (a “Non-Renewal”) not less than sixty (60) days prior to the last day of the Initial Term. Notwithstanding the
foregoing, in the event that the Company experiences a Change in Control (as defined in the Company’s 2010 Incentive Award Plan (the “Incentive Plan”)) during the Renewal Term, then the Employment Period shall instead continue
through the first anniversary of the consummation of the Change in Control. For purposes of this Agreement, “Effective Date” shall mean the date of the closing of the initial public offering of shares of the REIT’s common
stock. 
 2. Terms of Employment. 

(a) Position and Duties. 

(i) During the Employment Period, the Executive shall serve as Executive Vice President – Finance of the REIT and the
Operating Partnership, and shall perform such employment duties as are usual and customary for such positions. The Executive shall report directly to the Chief Executive Officer. At the Company’s request, the Executive shall serve the Company
and/or its subsidiaries and affiliates in other capacities in addition to the foregoing consistent with the Executive’s position as Executive Vice President – Finance 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
provided that 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 may be entitled, the Executive agrees to devote his full business time and attention to the business and affairs of the Company. Notwithstanding the foregoing, during the Employment Period, it shall not be a
violation of this Agreement for the Executive to (A) serve on boards, committees or similar bodies of charitable or nonprofit organizations, (B) fulfill limited teaching, speaking and writing engagements, and (C) manage his personal
investments, in each case, so long as such activities do not materially interfere or conflict with the performance of the Executive’s duties and 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 Los Angeles, California (the “Principal Location”), except for travel to other locations as may be necessary to fulfill the Executive’s duties and responsibilities hereunder.

 (b) Compensation, Benefits, Etc. 

(i) Base Salary. During the Employment Period, the Executive shall receive a base salary (the “Base
Salary”) of $300,000 per annum. The Base Salary shall be reviewed annually by the Compensation Committee (the “Compensation Committee”) of the Board of Directors of the REIT (the “Board”) and may be
increased from time to time by the Compensation Committee in its sole discretion. The Base Salary shall be paid in accordance with the Company’s normal payroll practices for executive salaries generally, but no less often than monthly. The Base
Salary shall not be reduced after any increase in accordance herewith 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, a discretionary cash performance bonus (an “Annual Bonus”) under the Company’s bonus plan or program applicable to senior executives. The amount of the Annual Bonus, if any,
shall be determined by the Compensation Committee in its sole discretion based on such performance criteria as the Compensation Committee shall determine in its sole discretion. The Executive acknowledges and agrees that nothing contained herein
confers on the Executive any right to an Annual Bonus in any year, and that whether the Company pays him an Annual Bonus and the amount of any such Annual Bonus shall be determined by the Compensation Committee in its sole discretion. 

(iii) Restricted Stock Award. Subject to adoption by the Board and approval by the REIT’s stockholders of the
Incentive Plan, on or as soon as practicable following the date of the closing of the REIT’s initial public offering (the “Offering Date”), the REIT shall issue to the Executive an award of Restricted Stock (as defined the
Incentive Plan) with respect to the number of shares of the REIT’s common stock equal to the quotient obtained by dividing (x) $300,000 by (y) the initial public offering price of a share of the REIT’s common stock (the
“Restricted Stock Award”). Subject to the 
  

 2 

 
Executive’s continued employment with the Company through each such date, one-third of the Restricted Stock Award shall vest and become nonforfeitable on each of the first, second and third
anniversaries of the Offering Date. The terms and conditions of the Restricted Stock Award shall be set forth in a separate award agreement in a form prescribed by the Company (the “Restricted Stock Award Agreement”), to be entered
into by the Company and the Executive, which shall evidence the grant of the Restricted Stock Award. Immediately prior to a Change in Control of the Company, the Restricted Stock Award shall, to the extent not previously vested, become fully vested
and nonforfeitable. 
 (iv) Incentive, Savings and Retirement Plans. During the Employment Period, the
Executive shall be eligible 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 available 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, 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. 
 (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; provided, however, that the Executive shall not accrue any vacation time in excess of four (4) weeks (twenty (20) days) (the “Accrual Limit”), and shall cease accruing vacation time if the
Executive’s accrued vacation reaches the Accrual Limit until such time as the Executive’s accrued vacation time drops below the Accrual Limit. 

(ix) 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 A, which shall become effective as of the Effective Date. 

 

 3 

 3. Termination of Employment. 

(a) Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death during the
Employment Period. Either the Company or the Executive may terminate the Executive’s employment in the event of the Executive’s 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 ninety (90) consecutive days or for a total of one hundred eighty (180) days in any twelve (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 reasonably 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, to the extent capable of correction, the Executive fully corrects the circumstances constituting Cause
within fifteen (15) days 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 Company, which demand specifically identifies the manner in which the Company 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 reputational, economic or financial injury to the Company; 
 (iii)
the Executive’s commission of, or entry by the Executive of a guilty or no contest plea to, 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 reputational, economic or
other injury to the Company; or 
 (v) the Executive’s willful and material breach of the Executive’s
obligations under a written agreement between the Company and the Executive, including without limitation, such a breach of this Agreement. 

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 adopted by the Board or based upon the advice of counsel for the Company shall be presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company. 

 

 4 

 (c) Good Reason. The Executive’s employment may be terminated by the Executive
for Good Reason or by the Executive without Good Reason. 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 forty-five (45) 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 any isolated, insubstantial or inadvertent actions not taken in bad faith and which are remedied by the Company promptly after receipt of notice thereof
given by the Executive; 
 (ii) the Company’s material reduction of the Executive’s Base Salary as in
effect on the date hereof or as the same may be increased from time to time; 
 (iii) a material change in the
geographic location of the Principal Location which shall, in any event, include only a relocation of the Principal Location by more than thirty (30) miles from its existing location; 

(iv) the Company’s failure to cure a material breach of its obligations under this Agreement after written notice is
delivered to the Company 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. 
 Notwithstanding the foregoing, the Executive will not be deemed to have resigned for Good Reason unless (1) the Executive
provides the Company with written notice setting forth in reasonable detail the facts and circumstances claimed by the Executive to constitute Good Reason within sixty (60) days after the date of the occurrence of any event that the Executive
knows or should reasonably have known to constitute Good Reason, (2) the Company fails to cure such acts or omissions within thirty (30) days following its receipt of such notice, and (3) the effective date of the Executive’s
termination for Good Reason occurs no later than thirty (30) days after the expiration of the cure period. 
 (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 11(b) 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 

 

 5 

 
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, unless otherwise
specified in a written agreement between the Executive and the Company, the Executive shall be deemed to have resigned from all offices, directorships, and other employment positions if any, then held with the Company, 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(e) below, if, 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 employment by the Company without Cause (other than by reason of the Executive’s Disability), 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”) and 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”). 
 (ii) In addition, the Executive shall be paid, in a
single lump-sum payment on the sixtieth (60th) day
after the date of Executive’s Separation from Service (such date, the “Date of Termination”), an amount equal to two (2) (the “Severance Multiple”) times the sum of (x) the Base Salary in effect on
the Date of Termination, plus (y) the highest Annual Bonus earned by the Executive (regardless of whether such amount was paid out on a current basis or deferred) during the Employment Period (or, in the event that the Date of Termination
occurs prior to the end of the completion of the first full fiscal year of the Company during the Employment Period, then the amount in clause (y) shall be determined by the Compensation Committee in its sole discretion, but in no event shall
such amount be less than the Base Salary in effect on the Date of Termination), plus (z) the highest Equity Award Value (as defined below) of any Annual Grant made to the Executive by the Company during the Employment Period. For purposes of
this Agreement, “Equity Award Value” shall mean (A) with respect to Stock Options and Stock Appreciation Rights (each as defined in the Incentive Plan), the grant date fair value, as computed in accordance with FASB Accounting
Standards Codification Topic 718, Compensation — Stock Compensation (or any successor accounting standard), and (B) with respect to Awards (as defined in the Incentive Plan) other than Stock Options and Stock Appreciation Rights
(and excluding cash Awards 
  

 6 

 
under the Incentive Plan), the product of (1) the number of shares or units subject to such Award, times (2) the “fair market value” of a share of the REIT’s common stock
on the date of grant as determined under the Incentive Plan. For purposes of this Agreement, “Annual Grant” shall mean the grant of an equity-based Award that constitutes a component of a given year’s annual compensation
package and shall not include any isolated, one-off or non-recurring grant outside of the Executive’s annual compensation package, such as (but not limited to) the Restricted Stock Award granted pursuant to Section 2(b)(iii) above, an
initial hiring Award, a retention Award, an Award that relates to multi-year or other long-term performance, an outperformance Award or other similar award, in any event, as determined by the Company in its sole discretion. For the avoidance of
doubt, for purposes of this Section 4(a)(ii), Annual Bonus shall include any portion of the Executive’s Annual Bonus received in the form of equity rather than cash. 

(iii) All outstanding equity awards held by the Executive on the Date of Termination shall immediately become fully vested
and exercisable. 
 (iv) During the period commencing on the Date of Termination and ending on the earlier of
(i) the eighteen (18)-month anniversary of the Date of Termination and (ii) the date on which the Executive becomes eligible to receive benefits under a “group health plan” (within the meaning of Section 4980B of the Code
and the regulations thereunder (“COBRA”)) of a subsequent employer of the Executive (of which eligibility the Executive hereby agrees to give prompt notice to the Company), subject to the Executive’s valid election to receive
COBRA benefits, the Company shall continue to provide the Executive and the Executive’s eligible dependants with coverage under its group health plans at the same levels and the same cost to the Executive as would have applied if the
Executive’s employment had not been terminated. 
 Notwithstanding the foregoing, it shall be a condition to the Executive’s right to
receive the amounts provided for in Sections 4(a)(ii), 4(a)(iii) and 4(a)(iv) above that the Executive execute and deliver to the Company an effective release of claims in substantially the form attached hereto as Exhibit B (the
“Release”) within twenty-one (21) days (or, to the extent required by law, forty-five (45) days) following the Date of Termination and that Executive not revoke such Release during any applicable revocation period.

 (b) Company Non-Renewal. Subject to Section 4(e) below, in the event that the Executive incurs a Separation from
Service during the Employment Period by reason of a Non-Renewal of the Initial Term by the Company and the Executive is willing and able, at the time of such Non-Renewal, to continue performing services on the terms and conditions set forth herein
during the Renewal Term (a “Non-Renewal Termination”), then the Executive shall be entitled to the payments and benefits provided in Section 4(a) hereof, subject to the terms and conditions of Section 4(a) (including,
without limitation, the Release requirement contained therein), provided, however, in the event of a Non-Renewal Termination that does not occur within one year after the consummation of a Change in Control of the Company, the
Severance Multiple shall equal one (1). For the avoidance of doubt, if a Non-Renewal Termination occurs on or within one (1) year after the consummation of a Change in Control of the Company, the Severance Multiple shall equal two (2).

  

 7 

 (c) For Cause, Without Good Reason or Other Terminations. If the Executive’s
employment shall be terminated by the Company for Cause, by the Executive without Good Reason or for any other reason not enumerated in this Section 4, in any case, during the Employment Period, the Company shall pay to the Executive the
Accrued Obligations in cash within thirty (30) days after the Date of Termination (or by such earlier date as may be required by applicable law). 

(d) Death or Disability. Subject to Section 4(e) 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 or as soon as practicable following 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, on
the Date of Termination; and 
 (iii) All outstanding equity awards held by the Executive on the Date of
Termination shall immediately become fully vested and exercisable. 
 (e) 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 hereof, shall be paid to the Executive during the six (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 six (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. 
 (f) Exclusive Benefits.
Except as expressly provided in this Section 4 and subject to Section 5 below, the Executive shall not be entitled to any additional payments or benefits upon or in connection with his termination of employment. 

5. Non-Exclusivity of Rights. 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. 
 6. Limitation on Payments. 

(a) Notwithstanding any other provision of this Agreement, in the event that any payment or benefit received or to be received by the
Executive (including any payment or 
  

 8 

 
benefit received in connection with a termination of the Executive’s employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (all such
payments and benefits, including the payments and benefits under Section 4 hereof, being hereinafter referred to as the “Total Payments”) would be subject (in whole or part), to the excise tax imposed under Section 4999 of
the Internal Revenue Code of 1986, as amended (the “Code”) (the “Excise Tax”), then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other
plan, arrangement or agreement, the cash severance payments under this Agreement shall first be reduced, and the noncash severance payments hereunder shall thereafter be reduced, to the extent necessary so that no portion of the Total Payments is
subject to the Excise Tax but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase
out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal,
state and local income taxes on such Total Payments and the amount of Excise Tax to which the Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal
exemptions attributable to such unreduced Total Payments). The Total Payments shall be reduced in the following order: (A) reduction of any cash severance payments otherwise payable to the Executive that are exempt from Section 409A of the
Code; (B) reduction of any other cash payments or benefits otherwise payable to the Executive that are exempt from Section 409A of the Code, but excluding any payments attributable to any acceleration of vesting or payments with respect to
any equity award that are exempt from Section 409A of the Code; (C) reduction of any other payments or benefits otherwise payable to Employee on a pro-rata basis or such other manner that complies with Section 409A of the Code, but
excluding any payments attributable to any acceleration of vesting and payments with respect to any equity award that are exempt from Section 409A of the Code; and (D) reduction of any payments attributable to any acceleration of vesting
or payments with respect to any equity award that are exempt from Section 409A of the Code, in each case beginning with payments that would otherwise be made last in time. 

(b) For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion
of the Total Payments the receipt or enjoyment of which the Executive shall have waived at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code shall be taken into account;
(ii) no portion of the Total Payments shall be taken into account which, in the written opinion of independent auditors of nationally recognized standing (“Independent Advisors”) selected by the Company, does not constitute a
“parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account
which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the Base Amount (as defined in Section 280G(b)(3) of
the Code) allocable to such reasonable compensation; and (iii) the value of any non cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles
of Sections 280G(d)(3) and (4) of the Code. 
  

 9 

 7. 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 Company and its subsidiaries and affiliates, which shall have been obtained by the Executive in connection with the Executive’s employment by the Company and which shall not be or become public knowledge (other than by acts
by the 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, to anyone other than the Company and those designated by it; provided, however, 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. 

(b) While employed by the Company and, for a period of one (1) year after the Date of Termination, the Executive shall not directly
or indirectly solicit, induce, or encourage any employee or consultant of any member of the Company and its subsidiaries and affiliates to terminate their employment or other relationship with the Company and its subsidiaries and affiliates or to
cease to render services to any member of the Company and its subsidiaries and affiliates 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. During his employment with the Company and thereafter, the Executive shall not use any trade secret of the Company or its subsidiaries or affiliates to solicit, induce, or encourage any customer, client,
vendor, or other party doing business with any member of the Company and its subsidiaries and affiliates to terminate its relationship therewith or transfer its business from any member of the Company and its subsidiaries and affiliates 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. 

(c) 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 7(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. 
 8.
Representations. The Executive hereby represents and warrants to the Company that (a) the Executive is entering into this Agreement voluntarily and that the performance of his obligations hereunder will not violate any agreement between
the Executive and any other person, firm, organization or other entity, and (b) the Executive is not bound by the terms of any agreement with any previous employer or other party to refrain from competing, directly or indirectly, with the
business of such previous employer or other party that would be violated by his entering into this Agreement and/or providing services to the Company pursuant to the terms of this Agreement. 

 

 10 

 9. 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. 

10. 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 among the Operating Partnership, the REIT and any subsidiary or affiliate thereof in such manner as such entities determine in order to reflect the services provided by the
Executive to such entities; provided, however, that the Operating Partnership and the REIT shall be jointly and severally liable for such obligations. 

11. 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) 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. 
 If to the REIT or the Operating
Partnership: 
 Hudson Pacific Properties, Inc. 

11601 Wilshire Blvd., Suite 1600 

Los Angeles, CA 90025 

Attn: General Counsel 
  

 11 

 with a copy to: 

Latham & Watkins 

355 South Grand Ave. 

Los Angeles, CA 90071-1560 

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. 

(c) 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. 

(d) Section 409A of the Code. 

(i) 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 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 shall work in good faith with the Executive to 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 avoid the imposition of taxes under Section 409A of the Code, including without limitation, actions intended to
(i) exempt the compensation and benefits payable under this Agreement from Section 409A of the Code, and/or (ii) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance;
provided, however, that this Section 11(d) shall not create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor shall the Company have any
liability for failing to do so. 
 (ii) To the extent permitted under Section 409A of the Code, any separate payment or
benefit under this Agreement or otherwise shall not be deemed “nonqualified deferred compensation” subject to Section 409A of the Code and Section 4(e) hereof to the extent provided in the exceptions in Treasury Regulation
Section 1.409A-1(b)(4), Section 1.409A-1(b)(9) or any other applicable exception or provision of Section 409A of the Code. 

(iii) To the extent that any payments or reimbursements provided to the Executive under this Agreement, including, without limitation,
pursuant to Section 2(b)(vii), are deemed to constitute compensation to the Executive to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, 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 such payments eligible for reimbursement in one year shall not affect the 

 

 12 

 
payments or expenses that are eligible for payment or reimbursement in any other taxable 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. 
 (e) 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. 
 (f)
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. 

(g) 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. 
 (h) Entire Agreement. As
of the Effective Date, this Agreement, together with the Indemnification Agreement and the Restricted Stock Award 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, by any member of the Company and its subsidiaries and affiliates (a “Predecessor Employer”), or representative
thereof, whose business or assets any member of the Company and its subsidiaries and affiliates succeeded to in connection with the initial public offering of the common stock of the REIT or the transactions related thereto. The Executive agrees
that any such agreement, offer or promise between the Executive and a Predecessor Employer (or any representative thereof) is hereby terminated and will be of no further force or effect, and the Executive acknowledges and agrees that upon his
execution of this Agreement, he will have no right or interest in or with respect to any such agreement, offer or promise. In the event that the Effective Date does not occur, this Agreement (including, without limitation, the immediately preceding
sentence) shall have no force or effect. 
 (i) Amendment. No amendment or other modification of this Agreement shall be
effective unless made in writing and signed by the parties hereto. 
 (j) 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] 
  

 13 

 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. 

 

			
	 HUDSON PACIFIC PROPERTIES, INC.,

a Maryland corporation

		
	By:	 	 /s/ Victor J. Coleman

		 	Name: Victor J. Coleman
		 	Title: Chief Executive Officer
	
	 HUDSON PACIFIC PROPERTIES, L.P.,

a Maryland limited partnership

		
	By:	 	Hudson Pacific Properties, Inc.
	Its:	 	General Partner
		
	By:	 	 /s/ Victor J. Coleman

		 	Name: Victor J. Coleman
		 	Title: Chief Executive Officer
	
	“EXECUTIVE”
	
	 /s/ Dale Shimoda

		 	Dale Shimoda

  

 14 

 EXHIBIT A 

INDEMNIFICATION AGREEMENT 
  

 A-1 

 EXHIBIT B 

GENERAL RELEASE 

For valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned does hereby release and forever
discharge the “Releasees” hereunder, consisting of Hudson Pacific Properties, Inc., a Maryland corporation, Hudson Pacific Properties, L.P., a Maryland limited partnership, and each of their partners, subsidiaries, associates,
affiliates, successors, heirs, assigns, agents, directors, officers, employees, representatives, lawyers, insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from any and all manner of action or
actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or
contingent (hereinafter called “Claims”), which the undersigned now has or may hereafter have against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date
hereof. The Claims released herein include, without limiting the generality of the foregoing, any Claims in any way arising out of, based upon, or related to the employment or termination of employment of the undersigned by the Releasees, or
any of them; any alleged breach of any express or implied contract of employment; any alleged torts or other alleged legal restrictions on Releasees’ right to terminate the employment of the undersigned; and any alleged violation of any
federal, state or local statute or ordinance including, without limitation, Title VII of the Civil Rights Act of 1964, the Age Discrimination In Employment Act, the Americans With Disabilities Act, and the California Fair Employment and Housing Act.
Notwithstanding the foregoing, this Release shall not operate to release any rights or claims of the undersigned (i) to payments or benefits under either Section 4(a) or 4(b) of that certain Employment Agreement, dated as of April 22,
2010, between Hudson Pacific Properties, Inc., Hudson Pacific Properties, L.P. and the undersigned (the “Employment Agreement”), whichever is applicable to the payments and benefits provided in exchange for this release,
(ii) to payments or benefits under the Restricted Stock Award Agreement, (iii) with respect to Section 2(b)(vi) or 6 of the Employment Agreement, (iv) to accrued or vested benefits the undersigned may have, if any, as of the date
hereof under any applicable plan, policy, practice, program, contract or agreement with the Company, or (v) to indemnification and/or advancement of expenses pursuant to the Indemnification Agreement (as defined in the Employment Agreement).

 THE UNDERSIGNED ACKNOWLEDGES THAT HE HAS BEEN ADVISED BY LEGAL COUNSEL AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA
CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH
THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 

 

 B-1 

 THE UNDERSIGNED, BEING AWARE OF SAID CODE SECTION, HEREBY EXPRESSLY WAIVES ANY RIGHTS HE MAY HAVE
THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. 
 IN ACCORDANCE WITH THE OLDER
WORKERS BENEFIT PROTECTION ACT OF 1990, THE UNDERSIGNED IS HEREBY ADVISED AS FOLLOWS: 
 (A) HE HAS THE RIGHT TO
CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS RELEASE; 
 (B) HE HAS TWENTY-ONE (21) DAYS TO CONSIDER THIS
RELEASE BEFORE SIGNING IT; AND 
 (C) HE HAS SEVEN (7) DAYS AFTER SIGNING THIS RELEASE TO REVOKE THIS
RELEASE, AND THIS RELEASE WILL BECOME EFFECTIVE UPON THE EXPIRATION OF THAT REVOCATION PERIOD. 
 The undersigned represents and
warrants that there has been no assignment or other transfer of any interest in any Claim which he may have against Releasees, or any of them, and the undersigned agrees to indemnify and hold Releasees, and each of them, harmless from any liability,
Claims, demands, damages, costs, expenses and attorneys’ fees incurred by Releasees, or any of them, as the result of any such assignment or transfer or any rights or Claims under any such assignment or transfer. It is the intention of the
parties that this indemnity does not require payment as a condition precedent to recovery by the Releasees against the undersigned under this indemnity. 

The undersigned agrees that if he hereafter commences any suit arising out of, based upon, or relating to any of the Claims released
hereunder or in any manner asserts against Releasees, or any of them, any of the Claims released hereunder, then the undersigned agrees to pay to Releasees, and each of them, in addition to any other damages caused to Releasees thereby, all
attorneys’ fees incurred by Releasees in defending or otherwise responding to said suit or Claim. 
 The undersigned
further understands and agrees that neither the payment of any sum of money nor the execution of this Release shall constitute or be construed as an admission of any liability whatsoever by the Releasees, or any of them, who have consistently taken
the position that they have no liability whatsoever to the undersigned. 
 IN WITNESS WHEREOF, the undersigned has executed this
Release this      day of             ,         . 

 

					
	  
	  		  	

  

 B-2Subscription Agreement

 EXHIBIT 10.18 

 
  

 
 SUBSCRIPTION AGREEMENT 

 by and among 

FARALLON CAPITAL PARTNERS, L.P. 

FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P. 

FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P. 

VICTOR J. COLEMAN 

and 

Hudson Pacific Properties, Inc. 

Dated as of February 15, 2010 
  

 
  

 SUBSCRIPTION AGREEMENT 

THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into as of February 15, 2010 by and among Hudson Pacific
Properties, Inc., a Maryland corporation (the “Company”), Farallon Capital Partners, L.P., a California limited partnership (“FCP”), Farallon Capital Institutional Partners, L.P., a California limited partnership
(“FCIP”), Farallon Capital Institutional Partners III, L.P., a Delaware limited partnership (“FCIPIII”), and Victor J. Coleman (“Coleman”). Each of FCP, FCIP, FCIPIII and Coleman may be referred to
herein as an “Investor” and, collectively, as the “Investors.” 
 RECITALS 

A. The Company proposes to undertake an underwritten initial public offering (the “IPO”) of its common stock, par value $0.01 per share
(the “Common Stock”). 
 B. The Investors desire to purchase Common Stock of the Company in a private placement transaction
exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(2) of the Securities Act and Rule 506 of Regulation D (“Regulation D”)
promulgated thereunder by the Securities and Exchange Commission. 
 NOW, THEREFORE, for and in consideration of the foregoing premises, and the
mutual undertakings set forth below, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

TERMS OF AGREEMENT 

ARTICLE I. 

IRREVOCABLE SUBSCRIPTION FOR SHARES. 

Section 1.1 Each Investor irrevocably subscribes for and agrees to purchase the number of shares of Common Stock indicated in this
Subscription Agreement on the terms provided for herein. The Investor agrees to and understands the terms and conditions upon which the Common Stock is being offered. The price per share paid by the Investor shall be the initial public offering
price for the Common Stock in the IPO. The aggregate purchase price for the shares of Common Stock purchased by each Investor will be the dollar amount set forth opposite the name of such Investor on Schedule A to this Agreement (the
“Committed Purchase Amount”), and the number of shares of Common Stock purchased by each Investor will be the number obtained by dividing the Committed Purchase Amount for such Investor by the initial public offering price per share
for the Common Stock in the IPO. The date, time and place of the consummation of the IPO shall be referred to herein as the “IPO Closing.” 
  

 1 

 ARTICLE II.  

CONDITIONS; CLOSING 

Section 2.1 Conditions to the Company’s Obligations. The obligations of the Company to effect the transactions
contemplated hereby shall be subject to the following conditions precedent: 
 (i) The representations and warranties of each
Investor contained in this Agreement shall have been true and correct in all material respects on the date such representations and warranties were made, and on and as of the Closing Date as if made on and as of such date; 

(ii) The obligations of each Investor contained in this Agreement shall have been duly performed on or before the Closing Date and no
such Investor shall have breached any of its covenants contained herein in any material respect; 
 (iii) Concurrently with the
Closing, each Investor shall have executed and delivered to the Company the documents required to be delivered by such Investor pursuant to Section 2.4 hereof; and 

(iv) No order, statute, rule, regulation, executive order, injunction, stay, decree or restraining order shall have been enacted,
entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that prohibits the consummation of the transactions contemplated hereby, and no litigation or governmental proceeding seeking such an order shall be
pending or threatened. 
 Any or all of the foregoing conditions may be waived by the Company in its sole and absolute
discretion. 
 Section 2.2 Conditions to the Investors’ Obligations. The obligations of each Investor to effect
the transactions contemplated hereby shall be subject to the following conditions precedent: 
 (i) The representations and
warranties of the Company contained in this Agreement shall have been true and correct in all material respects on the date such representations and warranties were made, and on and as of the Closing Date as if made on and as of such date;

 (ii) The obligations of the Company contained in this Agreement shall have been duly performed on or before the Closing Date
and the Company shall not have breached any of its covenants contained herein in any material respect; 
 (iii) Concurrently
with the Closing, the Company shall each have executed and delivered to the Investors the documents required to be delivered pursuant to Section 2.4 hereof; 

(iv) No order, statute, rule, regulation, executive order, injunction, stay, decree or restraining order shall have been enacted,
entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that prohibits the consummation of the transactions contemplated hereby, and no litigation or governmental proceeding seeking such an order shall be
pending or threatened; and 
  

 2 

 (v) The IPO Closing shall be occurring concurrently with the Closing (or the Closing shall
occur prior to, but be conditioned upon the immediate subsequent occurrence of, the IPO Closing). 
 Section 2.3 Time
and Place. The date, time and place of the consummation of the transactions contemplated hereunder (the “Closing” or “Closing Date”) shall occur concurrently with (or prior to, but conditioned upon the immediate
subsequent occurrence of) the IPO Closing, in the office of Latham & Watkins LLP, 355 South Grand Avenue, Los Angeles, California. 

Section 2.4 Closing Deliveries. At the Closing, each Investor will pay its Committed Purchase Amount in cash by wire transfer
of immediately available funds to an account designated upon reasonable advance notice by the Company. At the Closing, the parties shall make, execute, acknowledge and deliver, or cause to be made, executed, acknowledged and delivered through such
third party as may be applicable, the legal documents and other items (collectively the “Closing Documents”) necessary to carry out the intention of this Agreement and the other transactions contemplated to take place in connection
therewith, which Closing Documents and other items shall include, without limitation, the following: 
 (i) Share Certificates,
evidence of delivery of uncertificated shares of Common Stock by book-entry, and/or other evidence of the transfer of Common Stock to the applicable Investors; 

(ii) The Registration Rights Agreement between the Investors, certain other parties and the Company substantially in the form attached
hereto as Exhibit A; 
 (iii) Lock-up Agreements signed by or on behalf of each Investor, each such Lock-up to be
substantially in the form attached hereto as Exhibit B; 
 If requested by the Company, on the one hand, or any Investor,
on the other hand, each party shall provide to the requesting party a certified copy of all appropriate corporate resolutions or partnership actions authorizing the execution, delivery and performance by such party of this Agreement, any related
documents and the documents listed in this Section 2.4. 
 ARTICLE III. 

REPRESENTATIONS AND WARRANTIES OF THE INVESTORS 

Each Investor, severally, and not jointly or jointly and severally, represents and warrants to the Company as set forth below in this
Article 3, which representations and warranties are true and correct as of the date hereof and will (except to the extent expressly relating to a specified date) be true and correct as of the date of Closing (provided, that Coleman only makes the
below representations and warranties to the extent applicable to an individual and not an entity): 
 Section 3.1
Organization; Authority; Qualification. Such Investor has been duly formed, and is validly existing and in good standing under the laws of the jurisdiction of its formation. Such Investor has all requisite power and authority to enter into
this Agreement, and to carry out the transactions contemplated hereby. 
  

 3 

 Section 3.2 Due Authorization. The execution, delivery and performance of the
Agreement by such Investor have been duly and validly authorized by all necessary action of such Investor and its members or partners. The Agreement constitutes the legal, valid and binding obligation of such Investor, enforceable against such
Investor in accordance with its terms, as such enforceability may be limited by bankruptcy or the application of equitable principles. 

Section 3.3 Consents and Approvals. Except as shall have been satisfied prior to the Closing Date, no consent, waiver,
approval or authorization of any third party or governmental authority or agency is required to be obtained by such Investor in connection with the execution, delivery and performance of the Agreement and the transactions contemplated hereby, except
for those consents, waivers, approvals or authorizations, the failure of which to obtain would not have a material adverse effect on the business, financial condition or results of operations (a “Material Adverse Effect”) of such
Investor. 
 Section 3.4 No Violation. None of the execution, delivery or performance of the Agreement, and the
transactions contemplated hereby does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination, acceleration,
cancellation or other right adverse to the Company of (A) the organizational documents, including the operating agreement, if any, of such Investor, (B) any agreement, document or instrument to which such Investor is a party or by which
such Investor is bound, or (C) any term or provision of any judgment, order, writ, injunction, or decree, or require any approval, consent or waiver of, or make any filing with, any person or governmental or regulatory authority or foreign,
federal, state, local or other law binding on such Investor or by which such Investor or its assets are bound or subject; provided in the case of (B) and (C) above, unless any such violation, conflict, breach, default or right would not
have a Material Adverse Effect. 
 Section 3.5 Investment Purposes. Such Investor acknowledges its understanding
that the offering and issuance of Common Stock to be acquired by it pursuant to this Agreement are intended to be exempt from registration under the Securities Act and that the Company’s reliance on such exemption is predicated in part on the
accuracy and completeness of the representations and warranties of such Investor contained herein. In furtherance thereof, such Investor, severally, and not jointly or jointly and severally, represents and warrants to the Company as follows:

 Section 3.5.1 Investment. Such Investor is acquiring Common Stock hereunder solely for its own account and not
with a view to, or for offer or sale in connection with, any distribution thereof. Such Investor agrees and acknowledges that it will not, directly or indirectly, offer, transfer, sell, assign, pledge, hypothecate or otherwise dispose of
(hereinafter, “Transfer”) any of the Common Stock acquired hereunder, unless (i) the Transfer is pursuant to an effective registration statement under the Securities Act and qualification or other compliance under applicable
blue sky or state securities laws, or (ii) counsel for such Investor (which counsel shall be reasonably acceptable to the Company, it being agreed that Richards Kibbe & Orbe LLP 

 

 4 

 
is acceptable to the Company) shall have furnished the Company with an opinion, reasonably satisfactory in form and substance to the Company, to the effect that no such registration is required
because of the availability of an exemption from registration under the Securities Act. 
 Section 3.5.2 Knowledge.
Such Investor is knowledgeable, sophisticated and experienced in business and financial matters and fully understands the limitations on transfer imposed by the Federal securities laws and as described in the Agreement. Such Investor is able to bear
the economic risk of holding the Common Stock for an indefinite period and is able to afford the complete loss of its investment in the Common Stock; such Investor has received and reviewed all information and documents about or pertaining to the
Company, the business and prospects of the Company and the issuance of the Common Stock, as such Investor deems necessary or desirable, and has been given the opportunity to obtain any additional information or documents and to ask questions and
receive answers about such information and documents, the Company, the business and prospects of the Company and the Common Stock, which such Investor deems necessary or desirable to evaluate the merits and risks related to its investment in the
Common Stock. Such Investor has reviewed with its legal counsel and tax advisors the forms of Articles of Amendment and Restatement and Amended and Restated Bylaws of the Company and the partnership agreement of the Company’s operating
partnership subsidiary. 
 Section 3.5.3 Holding Period. Such Investor acknowledges that it has been advised that
(i) the shares of Common Stock issued pursuant to this Agreement are “restricted securities” (unless registered in accordance with applicable U.S. securities laws) under applicable federal securities laws and may be disposed of only
pursuant to an effective registration statement or an exemption therefrom and such Investor understands that the Company has no obligation to register such Investor’s Common Stock, except to the extent set forth in the Registration Rights
Agreement; accordingly, such Investor may have to bear indefinitely the economic risks of an investment in such Common Stock, (ii) a restrictive legend in the form hereafter set forth shall be placed on the Share Certificates, and (iii) a
notation shall be made in the appropriate records of the Company indicating that the shares of Common Stock issued hereunder are subject to restrictions on transfer. 

Section 3.5.4 Accredited Investor. Such Investor is an “accredited investor” (as such term is defined in Rule 501
(a) of Regulation D under the Securities Act). Such Investor has previously provided the Company with a duly executed Accredited Investor Questionnaire. No event or circumstance has occurred since delivery of such Investor’s Questionnaire
to make the statements contained therein false or misleading. 
 Section 3.5.5 Legend. Each Share Certificate issued
pursuant to this Agreement, unless registered in accordance with applicable U.S. securities laws, shall bear the following legend: 

The securities evidenced hereby have not been registered under the Securities Act of 1933, as amended (the “Act”), or
the securities laws of any state and may not be sold, transferred or otherwise disposed of in the absence of such registration, unless the transferor delivers to the company an opinion of counsel satisfactory to the company, to the effect that the
proposed sale, transfer or other disposition may be effected without registration under the Act and under applicable state securities or “Blue Sky” laws; 
  

 5 

 In addition to the foregoing legend, each Share Certificate shall bear a legend which generally provides the
following: 
 The shares represented by this certificate are subject to restrictions on Beneficial and Constructive Ownership and
Transfer for the purpose, among others, of the Corporation’s maintenance of its status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to certain further restrictions
and except as expressly provided in the Corporation’s Charter, (i) no Person may Beneficially or Constructively Own shares of the Corporation’s Common Stock in excess of 9.8% (in value or number of shares) of the outstanding shares of
Common Stock of the Corporation unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no Person may Beneficially or Constructively Own shares of Capital Stock of the Corporation in excess
of 9.8% of the value of the total outstanding shares of Capital Stock of the Corporation, unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (iii) no Person may Beneficially or Constructively
Own Capital Stock that would result in the Corporation being “closely held” under Section 856(h) of the Code or otherwise cause the Corporation to fail to qualify as a REIT; and (iv) no Person may Transfer shares of Capital Stock
if such Transfer would result in the Capital Stock of the Corporation being owned by fewer than 100 Persons. Any Person who Beneficially or Constructively Owns or attempts to Beneficially or Constructively Own shares of Capital Stock which causes or
will cause a Person to Beneficially or Constructively Own shares of Capital Stock in excess or in violation of the above limitations must immediately notify the Corporation. If any of the restrictions on transfer or ownership set forth in
(i) through (iii) above are violated, the shares of Capital Stock represented hereby will be automatically transferred to a Trustee of a Trust for the benefit of one or more Charitable Beneficiaries. In addition, the Corporation may take
other actions, including redeeming shares upon the terms and conditions specified by the Board of Directors in its sole and absolute discretion if the Board of Directors determines that ownership or a Transfer or other event may violate the
restrictions described above. Furthermore, upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be void ab initio. All capitalized terms in this legend have the meanings defined in
the Charter of the Corporation, as the same may be amended from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder of Capital Stock of the Corporation on request and without charge.
Requests for such a copy may be directed to the Secretary of the Corporation at its Principal Office. 
 Section 3.6 No
Brokers. Neither such Investor nor any of its officers, directors or employees, to the extent applicable, has employed or made any agreement with any broker, finder or similar agent or any person or firm which will result in the obligation of
the Company or any of its affiliates to pay any finder’s fee, brokerage fees or commissions or similar payment in connection with the transactions contemplated by the Agreement. 

Except as set forth in this Article III, no Investor makes any representation or warranty of any kind, express or implied, and the Company acknowledges
that it has not relied upon any other such representation or warranty. 
  

 6 

 ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to the Investors as set forth below in this Article 4, which representations and warranties are true
and correct as of the date hereof and will (except to the extent expressly relating to a specified date) be true and correct as of the date of Closing: 

Section 4.1 Organization; Authority. The Company has been duly formed and is validly existing under the laws of the
jurisdiction of its formation, and has all requisite power and authority to enter into this Agreement and, to the extent required under applicable law, is qualified to do business and is in good standing in each jurisdiction in which the nature of
its business or the character of its property make such qualification necessary. 
 Section 4.2 Due Authorization.
The execution, delivery and performance of this Agreement by the Company have been duly and validly authorized by all necessary action of the Company. This Agreement constitutes the legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, as such enforceability may be limited by bankruptcy or the application of equitable principles. 

Section 4.3 Consents and Approvals. Assuming the accuracy of the representations and warranties of the Investors made
hereunder and except in connection with the IPO, no consent, waiver, approval or authorization of any third party or governmental authority or agency is required to be obtained by the Company in connection with the execution, delivery and
performance of this Agreement and the transactions contemplated hereby, except any of the foregoing that shall have been satisfied prior to the Closing Date or the IPO Closing, as applicable, and except for those consents, waivers and approvals or
authorizations, the failure of which to obtain would not have a Material Adverse Effect. 
 Section 4.4
Non-Contravention. Assuming the accuracy of the representations and warranties of the Investors made hereunder, none of the execution, delivery or performance of this Agreement by the Company and the consummation of the subscription
transactions contemplated hereby will (A) result in a default (or an event that, with notice or lapse of time or both would become a default) or give to any third party any right of termination, cancellation, amendment or acceleration under, or
result in any loss of any material benefit, pursuant to any material agreement, document or instrument to which the Company or any of its properties or assets may be bound or (B) violate or conflict with any judgment, order, decree, or law
applicable to the Company or any of its properties or assets; provided in the case of (A) and (B), unless any such default, violation or conflict would not have a Material Adverse Effect. 

Section 4.5 REIT Status. At the effective time of the IPO and Closing, the Company shall be organized in a manner so as to
qualify as a self-administered and self-managed real estate investment trust within the meaning of Section 856 of the Internal Revenue Code of 1986, as amended (a “REIT”). As described in the prospectus relating to the IPO, the
Company intends to elect to be taxed and to operate in a manner that will allow it to qualify as a REIT for federal income tax purposes commencing with its taxable year ending December 31, 2010. 

 

 7 

 Section 4.6 Common Stock. The Common Stock issuable at the Closing in accordance
with the terms of this Agreement will be duly authorized, validly issued, fully paid and nonassessable, and not subject to preemptive or similar rights created by statute or any agreement to which the Company is a party or by which it is bound.

 Section 4.7 No Litigation. There is no action, suit or proceeding pending or, to the Company’s knowledge,
threatened against the Company that, if adversely determined, would have a Material Adverse Effect on the ability of the Company to execute or deliver, or perform its obligations under, this Agreement and the documents executed by it pursuant to
this Agreement or to consummate the transactions contemplated hereby or thereby. 
 Section 4.8 No Prior Business.
Since the date of its formation, the Company has not conducted any business, nor has it incurred any liabilities or obligations (direct or indirect, present or contingent), in each case except in connection with the formation transactions and the
IPO and as contemplated under this Agreement. 
 Section 4.9 No Broker. Neither Company nor any of its officers,
directors or employees, to the extent applicable, has employed or made any agreement with any broker, finder or similar agent or any person or firm which will result in the obligation of any Investor or any of its respective affiliates to pay any
finder’s fee, brokerage fees or commissions or similar payment in connection with transactions contemplated by the Agreement. 
 Except as
set forth in this Article 4, the Company does not make any representation or warranty of any kind, express or implied, and each Investor acknowledges that it has not relied upon any other such representation or warranty. 

ARTICLE V.  

MISCELLANEOUS 

Section 5.1 Information. The Company may request from the Investor such additional information as the Company may deem
necessary to evaluate the eligibility of the Investor to acquire the Common Stock, and may request from time to time such information as the Company may deem necessary to determine the eligibility of the Investor to hold the Common Stock or to
enable the Company to determine the Company’s compliance with applicable regulatory requirements or tax status, and the Investor shall provide such information as may reasonably be requested. 

Section 5.2 Further Assurances. The Investors and the Company shall take such other actions and execute such additional
documents following the Closing as the other may reasonably request in order to effect the transactions contemplated hereby. 

Section 5.3 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
 Section 5.4 Governing Law. This
Agreement shall be governed by the internal laws of the State of California, without regard to the choice of laws provisions thereof. 
  

 8 

 Section 5.5 Amendment; Waiver. Any amendment hereto shall be in writing and
signed by all parties hereto. No waiver of any provisions of this Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought. 

Section 5.6 Entire Agreement. This Agreement and the exhibits and schedules hereto constitute the entire agreement and
supersede conflicting provisions set forth in all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 

Section 5.7 Assignability. This Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of, the
parties hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation of law) by any party without the prior written consent of the other parties,
except to an affiliate, and no assignment shall relieve a party from its obligations under this Agreement. 
 Section 5.8
Titles. The titles and captions of the Articles, Sections and paragraphs of this Agreement are included for convenience of reference only and shall have no effect on the construction or meaning of this Agreement. 

Section 5.9 Third Party Beneficiary. Except as may be expressly provided or incorporated by reference herein, including,
without limitation, the indemnification provisions hereof, no provision of this Agreement is intended, nor shall it be interpreted, to provide or create any third party beneficiary rights or any other rights of any kind in any customer, affiliate,
stockholder, partner, member, director, officer or employee of any party hereto or any other person or entity. 

Section 5.10 Severability. If any provision of this Agreement, or the application thereof, is for any reason held to any
extent to be invalid or unenforceable, the remainder of this Agreement and application of such provision to other persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto. The parties further agree to
replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of the void or unenforceable provision and to execute any
amendment, consent or agreement deemed necessary or desirable by the Company to effect such replacement. 
 Section 5.11
Reliance. Each party to this Agreement acknowledges and agrees that it is not relying on tax advice or other advice from the other party to this Agreement, and that it has or will consult with its own advisors. 

Section 5.12 Survival. It is the express intention and agreement of the parties hereto that the representations, warranties
and covenants of each of the Investors and the Company set forth in this Agreement shall survive the consummation of the transactions contemplated hereby. 

Section 5.13 Notice. Any notice to be given hereunder by any party to the other shall be given in writing by either
(i) personal delivery, (ii) registered or certified mail, postage prepaid, return receipt requested, or (iii) facsimile transmission (provided such facsimile is followed by an original of such notice by mail or personal delivery as
provided herein), and any 
  

 9 

 
such notice shall be deemed communicated as of the date of delivery (including delivery by overnight courier, certified mail or facsimile). Mailed notices shall be addressed as set forth below,
but any party may change the address set forth below by written notice to other parties in accordance with this paragraph. 

To the Company: 

Hudson Pacific Properties, Inc. 

11601 Wilshire Blvd., Suite 1600 

Los Angeles, CA 90025 

Phone: (310) 445-5700 

Facsimile: (310) 445-5710 

Attn: General Counsel 

To the Investors: 

Farallon Capital Partners, L.P. 

One Maritime Plaza, Suite 2100 

San Francisco, California 94111 

Phone: (415) 421 2132 

Facsimile: (415) 421-2133 

Attn: Daniel J. Hirsch 

Farallon Capital Institutional Partners, L.P. 

One Maritime Plaza, Suite 2100 

San Francisco, California 94111 

Phone: (415) 421 2132 

Facsimile: (415) 421-2133 

Attn: Daniel J. Hirsch 

Farallon Capital Institutional Partners III, L.P. 

One Maritime Plaza, Suite 2100 

San Francisco, California 94111 

Phone: (415) 421 2132 

Facsimile: (415) 421-2133 

Attn: Daniel J. Hirsch 

Victor J. Coleman 

11601 Wilshire Blvd. Suite 1600 

Los Angeles, CA 90025 

Phone: 310 445-5700 

Facsimile: (310) 445-5710 

Attn: Victor J. Coleman 

Section 5.14 Equitable Remedies. The parties agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with the specific terms hereof or were otherwise breached. It is accordingly agreed that the 

 

 10 

 
parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any federal or state court located
in California (as to which the parties agree to submit to jurisdiction for the purpose of such action), this being in addition to any other remedy to which the parties are entitled under this Agreement; provided, however, that nothing in this
Agreement shall be construed to permit the Investors to enforce consummation of the IPO. 
 Section 5.15 Dispute
Resolution. The parties hereby agree that, in order to obtain prompt and expeditious resolution of any disputes under this Agreement, each claim, dispute or controversy of whatever nature, arising out of, in connection with, or in relation to
the interpretation, performance or breach of this Agreement (or any other agreement contemplated by or related to this Agreement or any other agreement between the parties), including without limitation any claim based on contract, tort or statute,
or the arbitrability of any claim hereunder (an “Arbitrable Claim”), shall, subject to Section 5.13 above, be settled by final and binding arbitration conducted in Los Angeles, California. The arbitrability of any Arbitrable
Claims under this Agreement shall be resolved in accordance with a two-step dispute resolution process administered by Judicial Arbitration & Mediation Services, Inc. (“JAMS”) involving, first, mediation before a retired
judge from the JAMS panel, followed, if necessary, by final and binding arbitration before the same, or if requested by either party, another JAMS panelist. Such dispute resolution process shall be confidential and shall be conducted in accordance
with California Evidence Code Section 1119. 
 Section 5.16 Mediation. In the event any Arbitrable Claim is not
resolved by an informal negotiation between the parties within fifteen (15) days after either party receives written notice that a Arbitrable Claim exists, the matter shall be referred to the Los Angeles, California office of JAMS, or any other
office agreed to by the parties, for an informal, non-binding mediation consisting of one or more conferences between the parties in which a retired judge will seek to guide the parties to a resolution of the Arbitrable Claims. The parties shall
select a mutually acceptable neutral arbitrator from among the JAMS panel of mediators. In the event the parties cannot agree on a mediator, the Administrator of JAMS will appoint a mediator. The mediation process shall continue until the earliest
to occur of the following: (i) the Arbitrable Claims are resolved, (ii) the mediator makes a finding that there is no possibility of resolution through mediation, or (iii) thirty (30) days have elapsed since the Arbitrable Claim
was first scheduled for mediation. 
 Section 5.17 Arbitration. Should any Arbitrable Claims remain after the
completion of the mediation process described above, the parties agree to submit all remaining Arbitrable Claims to final and binding arbitration administered by JAMS in accordance with the then existing JAMS Arbitration Rules. Neither party 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 California Arbitration Act shall govern the interpretation, enforcement and
all proceedings pursuant to this subparagraph. The arbitrator is without jurisdiction to apply any substantive law other than the laws selected or otherwise expressly provided in this Agreement. 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. 
  

 11 

 Section 5.18 Survivability. This dispute resolution process shall survive the
termination of this Agreement. The parties expressly acknowledge that by signing this Agreement, they are giving up their respective right to a jury trial. 

Section 5.19 Enforcement Costs. Should any party institute any action or proceeding under Section 5.15 above (or, with
respect to the Company, Sections 5.16 or 5.17 above), the prevailing party shall be entitled to receive all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by such prevailing party in connection with such action or
proceeding. A party entitled to recover costs and expenses under this Section shall also be entitled to recover all costs and expenses (including reasonable attorneys’ fees) incurred in the enforcement of any judgment or settlement obtained in
such action or proceeding and provision (and in any such judgment provision shall be made for the recovery of such post-judgment costs and expenses). 

Section 5.20 Several Liability. It is understood and acknowledged that to the extent any Investor makes a representation,
warranty or covenant hereunder, or assumes liability for indemnification or otherwise hereunder, the same is made or assumed by such Investor severally, and not jointly or jointly and severally with any other Investor. 

[signature page to follow] 
  

 12 

 IN WITNESS WHEREOF, the parties have executed this Subscription Agreement as of the date first written
above. 
  

			
	“COMPANY”
	
	Hudson Pacific Properties, Inc.
		
	By:	 	  

		 	Name:
		 	Title:
	
	“INVESTORS”
	
	FARALLON CAPITAL PARTNERS, L.P.
	
	By: Farallon Partners, L.L.C., its General Partner
		
	By:	 	  

		 	Name:
		 	Managing Member
	
	FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.
	
	By: Farallon Partners, L.L.C., its General Partner
		
	By:	 	  

		 	Name:
		 	Managing Member
	
	FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.
	
	By: Farallon Partners, L.L.C., its General Partner
		
	By:	 	  

		 	Name:
		 	Managing Member
	
	VICTOR J. COLEMAN
	
	  

 

 S-1 

 SCHEDULE A 
  

				
	 Investor
	  	Committed Purchase Amount
	 Farallon Capital Partners, L.P.
	  	$	 
	 Farallon Capital Institutional Partners, L.P.
	  		
	 Farallon Capital Institutional Partners III, L.P.
	  		
	 Victor J. Coleman
	  	$	2,000,000
		  	 	 
		  	$	20,000,000
		  	 	 

  

 Schedule A-1 

 EXHIBIT A 

TO 
 SUBSCRIPTION
AGREEMENT 
 FORM OF REGISTRATION RIGHTS AGREEMENT 
  

 Exhibit A-1 

 EXHIBIT B 

TO 
 SUBSCRIPTION
AGREEMENT 
 FORM OF LOCK-UP AGREEMENT 
  

 Exhibit B-1 

 Exhibit B-1 

FORM OF LOCK-UP AGREEMENT FOR VICTOR COLEMAN AND HOWARD STERN 

[•], 2010 
 Merrill Lynch,
Pierce, Fenner & Smith 

                     Incorporated 

Morgan Stanley & Co. Incorporated 

Barclays Capital Inc. 
 as Representatives of the
several Underwriters 

			
	 c/o
	  	Merrill Lynch, Pierce, Fenner & Smith
		  	   Incorporated

One Bryant Park
 New York, New York
10036

  

	 	Re:	Proposed Public Offering by Hudson Pacific Properties, Inc. 

Dear Sirs: 
 The undersigned, a
stockholder and/or an officer and/or a director of Hudson Pacific Properties, Inc., a Maryland corporation (the “Company”), understands that Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated
(“Merrill Lynch”), Morgan Stanley & Co. Incorporated (“Morgan Stanley”) and Barclays Capital Inc. (“Barclays”) and each of the other Underwriters named in Schedule A to the Underwriting
Agreement (as defined below) (collectively, the “Underwriters”), for whom Merrill Lynch, Morgan Stanley and Barclays are acting as representatives (in such capacity, the “Representatives”) propose to enter into an
Underwriting Agreement (the “Underwriting Agreement”) with the Company and Hudson Pacific Properties, L.P., a Maryland limited partnership, providing for the public offering (the “Public Offering”) of shares of
the Company’s common stock, par value $0.01 per share (the “Common Stock”). In recognition of the benefit that the Public Offering will confer upon the undersigned as a stockholder and/or an officer and/or a director of the
Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with each Underwriter that, during a period of 180 days from the date of the Underwriting Agreement (the
“Lock-up Period”), the undersigned will not, without the prior written consent of the Representatives, directly or indirectly, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant for the sale of, or otherwise dispose of or transfer any shares of the Company’s Common Stock or any securities convertible into or exchangeable or exercisable for Common Stock,
whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition, or file, or cause to be filed, any registration statement under the Securities Act of 1933, as
amended (the “1933 Act”) with respect to any of the foregoing (collectively, the “Lock-Up Securities”) or (ii) enter into any swap or any other agreement or any transaction that transfers, in whole or in part,
directly or indirectly, the economic consequence of ownership of the Lock-Up Securities, whether any such swap or transaction is to be settled by delivery of Common Stock or other securities, in cash or otherwise. 

Subject to the conditions set forth below, the restrictions set forth in the preceding sentence shall not apply to: 

 

 1 

 Exhibit B-1 

(1)(i) gifts or other dispositions by will or intestacy (including, without limitation, any disposition from a revocable trust, family
trust or similar trust arrangement providing for the distribution of assets upon death or intestacy); (ii) transfers made to (x) limited partners, members, stockholders or affiliates of the undersigned or (y) any corporation,
partnership, limited liability company or other entity all of the equity interests of which are owned, directly or indirectly, by the undersigned; (iii) bona fide gifts, sales, distributions, contributions or other dispositions, in each case
that are made exclusively between and among the undersigned and (w) members of the undersigned’s family, (x) affiliates of the undersigned that are controlled by the undersigned, or (y) a trust the beneficiaries of which are,
(A) a limited liability company the membership interest holders of which are, or (B) a partnership the partners of which are, exclusively the undersigned and/or members of the undersigned’s family; or (iv) donations or transfer
to charitable organizations; provided, however, that in the case of any gift, sale, distribution, contribution, transfer or other disposition pursuant to this clause (1), it shall be a pre-condition that (a) the recipient, transferee or
donee, as applicable, executes and delivers to the Representatives a signed lock-up agreement for the balance of the Lock-up Period, (b) no filing by any party under the Securities Exchange Act of 1934, as amended, shall be required or shall be
voluntarily made in connection with such transfer or distribution, (c) each party shall agree to not voluntarily make, any public announcement of the transfer or disposition and (d) the undersigned notifies the Representatives at least
three business days prior to the proposed gift, sale, distribution, contribution, transfer or other disposition; 
 (2)
dispositions or transfers made to an escrow account by the undersigned, or from an escrow account to the Company, one or more of its subsidiaries or any other party identified by the undersigned in the Operative Documents (as defined in the
Underwriting Agreement), in connection with the operation of any pledge arrangements set forth in the Operative Documents relating to any indemnification obligations of the undersigned under the Operative Documents; or 

(3) transactions relating to shares of Common Stock acquired by the undersigned in the open market after completion of the Public
Offering; provided, however, that (a) any subsequent sale of the shares of Common Stock acquired in the open market are not required to be reported in any public report or filing with the Securities and Exchange Commission, or otherwise
and (ii) the undersigned does not otherwise voluntarily effect any public filing or report regarding such sales. 

Notwithstanding the foregoing, if: (1) during the last 17 days of the Lock-up Period, the Company issues an
earnings release or material news or a material event relating to the Company occurs; or (2) prior to the scheduled expiration of the Lock-up Period, the Company announces that it will release earnings results or becomes aware that material
news or a material event will occur during the 16-day period beginning on the
180th day of the Lock-up Period, the restrictions imposed
by this lock-up agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event, as applicable, unless the Representatives waive,
in writing, such extension. 
 The undersigned hereby acknowledges and agrees that written notice of any
extension of the Lock-up Period pursuant to the previous paragraph will be delivered by the Representatives to the Company and the undersigned (in accordance with the notice provisions of the Underwriting Agreement) and that any such notice properly
delivered will be deemed to have been given to, and received by, the undersigned. The undersigned further agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement during the
period from the date of this lock-up agreement to and including the
34th day following the expiration of the initial
180th day of the Lock-up Period, it will give notice
thereof to the Company and will not consummate such transaction or take any such action unless it has received written confirmation from the Company that the Lock-up Period (as such may have been extended pursuant to the previous paragraph) has
expired. 
  

 2 

 The undersigned also agrees and consents to the entry of stop transfer instructions with the
Company’s transfer agent and registrar against the transfer of the Lock-Up Securities except in compliance with the foregoing restrictions. 
  

			
	Very truly yours,
		
	Signature:	 	  
	Print Name:	 	 

  

 
  

 3 

 Exhibit B-2 

FORM OF LOCK-UP AGREEMENT FOR FARALLON CONTRIBUTORS 

February
[·], 2010 

Merrill Lynch, Pierce, Fenner & Smith 

Incorporated 

Morgan Stanley & Co. Incorporated 
 Barclays
Capital 
 as Representatives of the several Underwriters 

	c/o	Merrill Lynch, Pierce, Fenner & Smith 

	    	Incorporated 

	    	One Bryant Park 

	    	New York, New York 10036 

  

	 	Re:	Proposed Public Offering by Hudson Pacific Properties, Inc. 

  

	    	Dear Sirs: 

 The undersigned, a
stockholder and/or an officer and/or a director of Hudson Pacific Properties, Inc., a Maryland corporation (the “Company”), understands that Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill
Lynch”), Morgan Stanley & Co. Incorporated (“Morgan Stanley”) and Barclays Capital (“Barclays”) and each of the other Underwriters named in Schedule A to the Underwriting Agreement (as defined below) (collectively, the
“Underwriters”), for whom Merrill Lynch, Morgan Stanley and Barclays are acting as representatives (in such capacity, the “Representatives”) propose to enter into an Underwriting Agreement (the “Underwriting Agreement”)
with the Company and Hudson Pacific Properties, L.P., a Maryland limited partnership, providing for the public offering (the “Public Offering”) of shares of the Company’s common stock, par value $0.01 per share (the “Common
Stock”). In recognition of the benefit that the Public Offering will confer upon the undersigned as a stockholder and/or an officer and/or a director of the Company, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the undersigned agrees with each Underwriter that, during a period of 365 days from the date of the Underwriting Agreement (the “Lock-up Period”), the undersigned will not, without the prior written consent
of the Representatives, directly or indirectly, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, or otherwise dispose of
or transfer any shares of the Company’s Common Stock or any securities convertible into or exchangeable or exercisable for Common Stock, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or
hereafter acquires the power of disposition, or file, or cause to be filed, any registration statement under the Securities Act of 1933, as amended (the “1933 Act”) with respect to any of the foregoing (collectively, the “Lock-Up
Securities”) or (ii) enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Lock-Up Securities, whether any such swap or
transaction is to be settled by delivery of Common Stock or other securities, in cash or otherwise; provided, that, commencing on the date that is 180 days from the date of the Underwriting Agreement (such 180 day period, the “Demand
Lock-Up Period”), the undersigned shall have the right to require the Company to file a registration statement (the “Farallon Demand Registration Statement”) registering up to 25% of the aggregate shares of Common Stock issued or
issuable to the Farallon Funds pursuant to the Formation Transactions (as defined in the Underwriting Agreement) and the concurrent private placement for resale in an underwritten offering registered pursuant to the 1933 Act, and to sell the shares
of Common Stock registered pursuant to such Farallon Demand Registration Statement. 
 Subject to the conditions set forth
below, the restrictions set forth in the preceding paragraph shall not apply to: 
 (1)(i) gifts or other dispositions by will
or intestacy (including, without limitation, any disposition from a revocable trust, family trust or similar trust arrangement providing for the distribution of assets upon death or intestacy); (ii) transfers made to (x) limited partners, members,
stockholders or affiliates of the undersigned or (y) any corporation, partnership, limited liability company or other entity all of the equity interests of which are owned, directly or indirectly, by the undersigned; (iii) bona fide gifts, sales,
distributions, contributions or other dispositions, in each case that are made exclusively between and among the undersigned and (w) members of the undersigned’s family, (x) affiliates of the undersigned that are controlled by the undersigned,
or (y) a trust the beneficiaries of which are, (A) a limited liability company the membership interest holders of which are, or (B) a partnership the partners of which are, exclusively the undersigned and/or members of the undersigned’s family;
or (iv) donations or transfer to charitable organizations; provided, however, that in the case of any gift, sale, distribution, contribution, transfer or other disposition pursuant to this clause (1), it shall be a pre-condition that (a) the
recipient, transferee or donee, as applicable, executes and delivers to the Representatives a 
  

 1 

 
signed lock-up agreement for the balance of the Lock-up Period, (b) no filing by any party under the Securities Exchange Act of 1934, as amended, shall be required or shall be voluntarily made in
connection with such transfer or distribution, (c) each party shall agree to not voluntarily make, any public announcement of the transfer or disposition and (d) the undersigned notifies the Representatives at least three business days prior to the
proposed gift, sale, distribution, contribution, transfer or other disposition; 
 (2) dispositions or transfers made to an
escrow account by the undersigned, or from an escrow account to the Company, one or more of its subsidiaries or any other party identified by the undersigned in the Operative Documents (as defined in the Underwriting Agreement), in connection with
the operation of any pledge arrangements set forth in the Operative Documents relating to any indemnification obligations of the undersigned under the Operative Documents; or 

(3) transactions relating to shares of Common Stock acquired by the undersigned in the open market after completion of the Public
Offering; provided, however, that (a) any subsequent sale of the shares of Common Stock acquired in the open market are not required to be reported in any public report or filing with the Securities and Exchange Commission, or otherwise and
(ii) the undersigned does not otherwise voluntarily effect any public filing or report regarding such sales. 
 Notwithstanding
the foregoing, if: (1) during the last 17 days of the Lock-up Period or the Demand Lock-Up Period, the Company issues an earnings release or material news or a material event relating to the Company occurs; or (2) prior to the scheduled expiration
of the Lock-up Period or the Demand Lock-Up Period, as applicable, the Company announces that it will release earnings results or becomes aware that material news or a material event will occur during the 16-day period beginning on the last day of
the Lock-up Period or the Demand Lock-Up Period, as applicable, the restrictions imposed by this lock-up agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence
of the material news or material event, as applicable, unless the Representatives waive, in writing, such extension. 
 The
undersigned hereby acknowledges and agrees that written notice of any extension of the Lock-up Period pursuant to the previous paragraph will be delivered by the Representatives to the Company and the undersigned (in accordance with the notice
provisions of the Underwriting Agreement) and that any such notice properly delivered will be deemed to have been given to, and received by, the undersigned. The undersigned further agrees that, prior to engaging in any transaction or taking any
other action that is subject to the terms of this lock-up agreement during the period from the date of this lock-up agreement to and including the 34th day following the expiration of the Lock-up Period, it will give notice thereof to the Company
and will not consummate such transaction or take any such action unless it has received written confirmation from the Company that the Lock-up Period (as such may have been extended pursuant to the previous paragraph) has expired. 

The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar
against the transfer of the Lock-Up Securities except in compliance with the foregoing restrictions. 
 Very
truly yours, 

Signature:                 
                        

Print
Name:                                      

  

 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}]]