Document:

EX-4.1

 Exhibit 4.1 

DESCRIPTION OF REGISTRANT’S SECURITIES REGISTERED PURSUANT TO 

SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 

The following description sets forth certain material terms and provisions of the securities of PS Business Parks, Inc. (“we,”
“us” or the “Company”) that is registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This description also summarizes relevant provisions of the Maryland General
Corporation Law (the “MGCL”) and certain provisions of our Amended and Restated Charter (our “charter”), and our Amended and Restated Bylaws (our “bylaws”). The term “Operating Partnership” refers to PS
Business Parks L.P., a California limited partnership. We encourage you to read our charter, our bylaws and the applicable provisions of the MGCL for additional information. 

DESCRIPTION OF CAPITAL STOCK 

Our charter provides that we may issue up to 100,000,000 shares of common stock, $0.01 par value per share, up to 100,000,000 shares of equity
stock, $0.01 par value per share, and up to 50,000,000 shares of preferred stock, $0.01 par value per share. 
 Under Maryland law,
stockholders generally are not personally liable for our debts or obligations solely as a result of their status as stockholders. 

DESCRIPTION OF COMMON STOCK 
 Voting
Rights 
 Subject to the provisions of our charter regarding the restrictions on transfer and ownership of shares of our common stock and
except as may otherwise be specified in the terms of any class or series of common stock, each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors.
Directors are elected by a majority of the votes cast by stockholders, provided, that if the number of persons lawfully nominated exceeds the number of directors to be elected, the directors shall be elected by the vote of a plurality of the votes
cast at the meeting at which a quorum is present. A majority of the votes cast by stockholders is sufficient to approve any other matter, unless a different vote is required by our bylaws, rule, regulation or statute, or by our charter. 

Under the MGCL a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all or substantially all of its assets, engage
in a statutory share exchange or engage in similar transactions outside the ordinary course of business unless declared advisable by a majority of its board of directors and approved by the affirmative vote of stockholders holding at least two-thirds of the shares entitled to vote on the matter unless a lesser percentage (but not less than a majority of all the votes entitled to be cast on the matter) is set forth in the corporation’s charter.
Our charter provides that these actions may be taken if declared advisable by a majority of our board of directors and approved by the vote of stockholders holding at least a majority of the votes entitled to be cast on the matter. However, Maryland
law permits a corporation to transfer all or substantially all of its assets without the approval of the stockholders of the corporation to one or more persons if all of the equity interests of the person or persons are owned, directly or
indirectly, by the corporation. In addition, because operating assets may be held by a corporation’s subsidiaries, as in our situation, these subsidiaries may be able to transfer all or substantially all of such assets without a vote of our
stockholders. 

  
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 Dividends, Distributions, Liquidation and Other Rights 

Subject to the preferential rights of any other class or series of our stock and to the provisions of our charter regarding the restrictions on
transfer of shares of stock, holders of shares of common stock are entitled to receive dividends on such shares of common stock if, as and when authorized by our board of directors and declared by us out of assets legally available therefor. Such
holders also are entitled to share ratably in the assets of our company legally available for distribution to our stockholders in the event of our liquidation, dissolution or winding up after payment or establishment of reserves for all of our debts
and liabilities and any shares with preferential rights thereto. 
 Holders of shares of common stock have no preference, conversion,
exchange, sinking fund or redemption rights, have no preemptive rights to subscribe for any securities of our company and have no appraisal rights. Subject to the preferential rights of any other class or series of our stock and to the provisions of
our charter regarding the restrictions on transfer of shares of stock, shares of common stock have equal dividend, liquidation and other rights. 
 Power
to Reclassify Our Unissued Shares of Stock 
 Our charter authorizes our board of directors to classify and reclassify any unissued
shares of common, equity or preferred stock into other classes or series of shares of stock and to establish the number of shares in each class or series and to set the preferences, conversion and other rights, voting powers, restrictions,
limitations as to dividends or other distributions, qualifications or terms or conditions of redemption for each such class or series. Pursuant to this authority, our board of directors has classified 7,590 shares of 5.20% Cumulative Preferred
Stock, Series W (“Series W Preferred Stock”), 9,200 shares of 5.25% Cumulative Preferred Stock, Series X (“Series X Preferred Stock”), 8,000 shares of 5.20% Cumulative Preferred Stock, Series Y (“Series Y Preferred
Stock”), and 13,000 shares of 4.875% Cumulative Preferred Stock. Series Z (“Series Z Preferred Stock”). In the future, our board of directors could authorize the issuance of one or more additional classes of preferred stock that have
priority over the shares of common stock or equity stock with respect to dividends, distributions and rights upon liquidation and with other terms and conditions that could have the effect of delaying, deterring or preventing a transaction or a
change in control that might involve a premium price for holders of shares of our common stock or our equity stock or otherwise might be in their best interest. 

Power to Increase or Decrease Authorized Shares of Common Stock and Issue Additional Shares of Common and Preferred Stock 

We believe that the power of our board of directors, without prior stockholder approval (subject to certain exceptions), to amend our charter to increase or
decrease the number of authorized shares of stock, to issue additional authorized but unissued shares of common stock, equity stock or preferred stock and to classify or reclassify unissued shares of common stock, equity stock or preferred stock and
thereafter to cause us to issue such classified or reclassified shares of stock will provide us with increased flexibility in structuring possible future financings and acquisitions and in meeting other needs that might arise. The additional classes
or series will be available for issuance without further action by our stockholders, unless such action is required by applicable law or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded.
Although our board of directors does not currently intend to do so, it could authorize us to issue a class or series that could, depending upon the terms of the particular class or series, delay, defer or prevent a transaction or a change in control
of our company that might involve a premium price for holders of our shares of stock or otherwise be in the best interest of our stockholders. 

  
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 Exchange Listing 

Our common stock is listed on the NYSE under the symbol “PSB.” 

Transfer Agent and Registrar 
 The
transfer agent and registrar for our shares of common stock is American Stock Transfer & Trust Company. 
 DESCRIPTION OF
PREFERRED STOCK 
 We are authorized to issue up to 50,000,000 shares of preferred stock, par value $0.01 per share. Our charter
provides that the preferred stock may be issued from time to time in one or more series and give our board of directors broad authority to fix the dividend and distribution rights, conversion and voting rights, if any, redemption provisions and
liquidation preferences of each series of preferred stock. Holders of preferred stock have no preemptive rights. The preferred stock will be, when issued, fully paid and nonassessable. 

The issuance of preferred stock with special voting rights could be used to deter attempts to obtain control of us in transactions not
approved by our board of directors. We have no present intention to issue stock for that purpose. For a discussion of provisions in the partnership agreement of the Operating Partnership that restrict our ability to enter into business combinations,
see “Certain Provisions of Maryland Law and our Charter and Bylaws—Business Combinations.” 
 Description of 5.20% Cumulative Preferred
Stock, Series W 
 General 

The following is a brief description of the terms of our Series W Preferred Stock, which does not purport to be complete and is subject to and
qualified in its entirety by reference to the Annex A of our charter, which is included as an exhibit to the Current Report on Form 8-K of which this Exhibit 4.1 is a part. Our Series W Preferred Stock is
listed on the NYSE under the symbol “PSBPrW.” 
 Ranking 

With respect to the payment of dividends and amounts upon liquidation, the Series W Preferred Stock will rank pari passu with any other shares
of preferred stock issued by us, whether now or hereafter issued, ranking pari passu with the senior preferred stock (collectively, with the Series W Preferred Stock, the “Senior Preferred Stock”), and will rank senior to our common stock
and any other capital stock of the Company ranking junior to the Series W Preferred Stock. 
 Dividends 

Holders of shares of Series W Preferred Stock, in preference to the holders of shares of our common stock, and of any other capital stock
issued by us ranking junior to the Series W Preferred Stock as to payment of dividends, will be entitled to receive, when, as and if declared by the Board of Directors out of assets of the Company legally available for payment, cash dividends
payable quarterly at the rate of 5.20% of the liquidation preference per year ($1,300.00 per year per share of Series W Preferred Stock, equivalent to $1.30 per year per Series W Depositary Share (as defined below)). Dividends on the shares

  
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of Series W Preferred Stock will be cumulative from, and including, the date of issuance and will be payable, when, as and if declared by the board of directors, quarterly on or before
March 31, June 30, September 30 and December 31, commencing on or before December 31, 2016, to holders of record as they appear on the stock register of the Company on such record dates, not less than 15 or more than 45 days
preceding the payment dates thereof, as shall be fixed by the board of directors. After full dividends on the Series W Preferred Stock have been paid or declared and funds set aside for payment for all past dividend periods and for the then current
quarter, the holders of shares of Series W Preferred Stock will not be entitled to any further dividends with respect to that quarter. 

When dividends are not paid in full upon the Series W Preferred Stock and any other shares of preferred stock of the Company ranking on a
parity as to dividends with the Series W Preferred Stock (including the other series of Senior Preferred Stock), all dividends declared upon the Series W Preferred Stock and any other preferred shares of the Company ranking on a parity as to
dividends with the Series W Preferred Stock shall be declared pro rata so that the amount of dividends declared per share on such Series W Preferred Stock and such other shares shall in all cases bear to each other the same ratio that the accrued
dividends per share on the Series W Preferred Stock and such other preferred shares bear to each other. Except as set forth in the preceding sentence, unless full dividends on the Series W Preferred Stock have been paid for all past dividend
periods, no dividends (other than in common stock or other shares of capital stock issued by us ranking junior to the Series W Preferred Stock as to dividends and upon liquidation) shall be declared or paid or set aside for payment, nor shall any
other distribution be made on the common stock or on any other shares of capital stock issued by us ranking junior to or on a parity with the Series W Preferred Stock as to dividends or upon liquidation. 

Unless full dividends on the Series W Preferred Stock have been paid for all past dividend periods, we and our subsidiaries may not redeem,
repurchase or otherwise acquire for any consideration (nor may we or they pay or make available any moneys for a sinking fund for the redemption of) any shares of common stock or any other shares of capital stock issued by us ranking junior to or on
a parity with the Series W Preferred Stock as to dividends or upon liquidation except by conversion into or exchange for shares of capital stock issued by us ranking junior to the Series W Preferred Stock as to dividends and upon liquidation. 

If for any taxable year, we elect to designate as “capital gain dividends” (as defined in the Internal Revenue Code of 1986, as
amended (the “Code”)) any portion of the dividends paid or made available for the year to the holders of all classes and series of our stock, then the portion of the dividends designated as capital gain dividends that will be allocable to
the holders of Series W Preferred Stock will be an amount equal to the total capital gain dividends multiplied by a fraction, the numerator of which will be the total dividends paid or made available to the holders of Series W Preferred Stock for
the year (determined for U.S. federal income tax purposes), and the denominator of which will be the total dividends paid or made available to holders of all classes and series of our outstanding stock for that year (determined for U.S. federal
income tax purposes). 
 Our credit facility restricts our ability to pay distributions in excess of 95% of our “Funds from
Operations” for the prior four fiscal quarters. Funds from operations is defined generally as net income before gain on sale of real estate, gain or loss from debt restructuring, and deductions for depreciation and amortization. Our management
believes that this restriction will not impede our ability to pay the dividends on the Series W Preferred Stock in full. 
 Distributions
that are treated as dividends for U.S. federal income tax purposes paid by regular C corporations to persons or entities that are taxed as individuals are generally taxed at the rate applicable to long-term capital gains, which is a maximum of 20%,
subject to certain limitations. Because we are a REIT, however, our dividends, including dividends paid on the Series W Preferred Stock, generally are taxed at regular ordinary income tax rates, except to the extent that the special rules relating
to qualified dividend income or capital gains dividends paid by a REIT apply. 

  
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 No Conversion Rights 

The Series W Preferred Stock will not be convertible into shares of any other class or series of capital stock of the Company. 

Liquidation Rights 
 In the event
of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of the Series W Preferred Stock will be entitled to receive out of our assets available for distribution to stockholders, before any distribution of
assets is made to holders of common stock or of any other shares of capital stock issued by us ranking as to such distribution junior to the Series W Preferred Stock, liquidating distributions in the amount of $25,000 per share (equivalent to $25.00
per Depositary Share), plus all accrued and unpaid dividends (whether or not earned or declared) for the then current, and all prior, dividend periods. If upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the
amounts payable with respect to the Series W Preferred Stock and any other shares of stock issued by us ranking as to any such distribution on a parity with the Series W Preferred Stock are not paid in full, the holders of the Series W Preferred
Stock and of such other shares will share ratably in any such distribution of assets of the Company in proportion to the full respective preferential amounts to which they are entitled. After payment of the full amount of the liquidating
distribution to which they are entitled, the holders of the Series W Preferred Stock will not be entitled to any further participation in any distribution of assets by us. 

For purposes of liquidation rights, a consolidation or merger of the Company with or into any other corporation or corporations or a sale of
all or substantially all of the assets of the Company is not a liquidation, dissolution or winding up of the Company. 
 Redemption 

Except in certain circumstances relating to our qualification as a REIT, we may not redeem the shares of Series W Preferred Stock prior to
October 20, 2021. On and after October 20, 2021, at any time or from time to time, we may redeem the shares of Series W Preferred Stock in whole or in part at our option at a cash redemption price of $25,000 per share of Series W Preferred
Stock (equivalent to $25.00 per Depositary Share), plus all accrued and unpaid dividends to the date of redemption. If fewer than all the outstanding shares of Series W Preferred Stock are to be redeemed, the shares to be redeemed will be determined
by the board of directors of the Company, and such shares shall be redeemed pro rata from the holders of record of such shares in proportion to the number of such shares held by such holders (with adjustments to avoid redemption of fractional
shares) or by lot in a manner determined by the board of directors of the Company. 
 Notwithstanding the foregoing, if any dividends,
including any accumulated dividends, on the Series W Preferred Stock are in arrears, we may not redeem any Series W Preferred Stock unless we redeem simultaneously all outstanding Series W Preferred Stock, and we may not purchase or otherwise
acquire, directly or indirectly, any Series W Preferred Stock; provided, however, that this shall not prevent the purchase or acquisition of the Series W Preferred Stock pursuant to a purchase or exchange offer if such offer is made on the same
terms to all holders of the Series W Preferred Stock. 

  
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 Notice of redemption will be mailed by us, postage prepaid, not less than 30 or more than 60
days prior to the redemption date, addressed to the respective holders of record of shares of Series W Preferred Stock to be redeemed at their respective addresses as they appear on the stock transfer records of the Company. Each notice shall state:
(1) the redemption date; (2) the number of shares of Series W Preferred Stock to be redeemed; (3) the redemption price per share of Series W Preferred Stock; (4) the place or places where certificates for the Series W Preferred
Stock are to be surrendered for payment of the redemption price; and (5) that dividends on the shares of Series W Preferred Stock to be redeemed will cease to accrue on such redemption date. If fewer than all the shares of Series W Preferred
Stock held by any holder are to be redeemed, the notice mailed to such holder shall also specify the number of shares of Series W Preferred Stock to be redeemed from such holder. In order to facilitate the redemption of shares of Series W Preferred
Stock, the board of directors may fix a record date for the determination of shares of Series W Preferred Stock to be redeemed, such record date to be not less than 30 nor more than 60 days prior to the date fixed for such redemption. 

Notice having been given as provided above, from and after the date specified therein as the date of redemption, unless we default in
providing funds for the payment of the redemption price on such date, all dividends on the Series W Preferred Stock called for redemption will cease. From and after the redemption date, unless we so default, all rights of the holders of the Series W
Preferred Stock as stockholders of the Company, except the right to receive the redemption price (but without interest), will cease. Upon surrender in accordance with such notice of the certificates representing any such shares (properly endorsed or
assigned for transfer, if the Company shall so require and the notice shall so state), the redemption price set forth above shall be paid out of the funds provided by the Company. If fewer than all the shares represented by any such certificate are
redeemed, a new certificate shall be issued representing the unredeemed shares without cost to the holder thereof. 
 Subject to applicable law and the
limitation on purchases when dividends on the Series W Preferred Stock are in arrears, we may, at any time and from time to time, purchase any shares of Series W Preferred Stock in the open market, by tender or by private agreement. 

Voting Rights 
 Except as indicated
below, or except as expressly required by applicable law, holders of the Series W Preferred Stock will not be entitled to vote. 
 If the
equivalent of six quarterly dividends payable on the Series W Preferred Stock or any other series of preferred stock are in default (whether or not declared or consecutive), holders of the Series W Preferred Stock (voting as a class with all other
shares of preferred stock that are similarly entitled to this right, without regard to series) will be entitled to elect two additional directors until all dividends in default have been paid or declared and set apart for payment. 

Such right to vote separately to elect directors shall, when vested, be subject, always, to the same provisions for vesting of such right to
elect directors separately in the case of future dividend defaults. At any time when such right to elect directors separately shall have so vested, we may, and upon the written request of the holders of record of not less than 10% of the total
number of shares of preferred stock of the Company then outstanding shall, call a special meeting of stockholders for the election of directors. In the case of such a written request, such special meeting shall be held within 90 days after the
delivery of such request and, in either case, at the place and upon the notice provided by law and in our bylaws, provided that we shall not be required to call such a special meeting if such request is received less than 120 days before the date
fixed for the next ensuing annual meeting of stockholders, and the holders of all classes of outstanding preferred stock (in the case of dividend defaults) are offered the opportunity to elect such directors (or fill any vacancy) at such annual
meeting of stockholders. Directors so elected shall serve until the next annual meeting of our stockholders or until their respective successors are elected and qualify. 

  
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 The affirmative vote or consent of the holders of at least 66 2/3% of the outstanding shares
of the Series W Preferred Stock will be required to amend any provision of our charter if such action would adversely alter or change the powers, preferences, privileges or rights of the Series W Preferred Stock, except as set forth below. The
affirmative vote or consent of the holders of at least 66 2/3% of the outstanding shares of the Series W Preferred Stock and any other series of preferred stock similarly entitled to this right and ranking on a parity with the Series W Preferred
Stock as to dividends and upon liquidation, voting as a single class, will be required to authorize another class or series of shares senior to the Series W Preferred Stock with respect to the payment of dividends or the distribution of assets on
liquidation. 
 No consent or approval of the holders of shares of the Series W Preferred Stock will be required for the issuance from our
authorized but unissued preferred stock of other shares of any series of preferred stock ranking on a parity with or junior to the Series W Preferred Stock as to payment of dividends and distribution of assets, including other shares of Series W
Preferred Stock. 
 Description of 5.25% Cumulative Preferred Stock, Series X 

The following is a brief description of the terms of our Series X Preferred Stock, which does not purport to be complete and is subject to and
qualified in its entirety by reference to Annex B of our charter, which is included as an exhibit to the Current Report on Form 8-K of which this Exhibit 4.1 is a part. The terms and provisions of our Series X
Preferred Stock are substantially the same as those of our Series W Preferred Stock as described in “—Description of 5.20% Cumulative Preferred Stock, Series W” above, except that cash dividends are payable quarterly at the rate of
5.25% of the liquidation preference per year ($1,312.50 per year per share of Series X Preferred Stock, equivalent to $1.3125 per Series X Depositary Share (as defined below)), dividends on the shares of Series X Preferred Stock commenced on
December 28, 2017 and, except in certain circumstances, we may not redeem the shares of Series X Preferred Stock prior to September 21, 2022. Our Series X Preferred Stock is listed on the NYSE under the symbol “PSBPrX.” 

Description of 5.20% Cumulative Preferred Stock, Series Y 

The following is a brief description of the terms of our Series Y Preferred Stock, which does not purport to be complete and is subject to and
qualified in its entirety by reference to Annex C of our charter, which is included as an exhibit to the Current Report on Form 8-K of which this Exhibit 4.1 is a part. The terms and provisions of our Series Y
Preferred Stock are substantially the same as those of our Series W Preferred Stock as described in “—Description of 5.20% Cumulative Preferred Stock, Series W” above, except that dividends on the shares of Series Y Preferred Stock
commenced on March 29, 2018 and, except in certain circumstances, we may not redeem the shares of Series Y Preferred Stock prior to December 7, 2022. Our Series Y Preferred Stock is listed on the NYSE under the symbol “PSBPrY.”

 Description of 4.875% Cumulative Preferred Stock, Series Z 

The following is a brief description of the terms of our Series Z Preferred Stock, which does not purport to be complete and is subject to and
qualified in its entirety by reference to Annex D of our charter, which is included as an exhibit to the Current Report on Form 8-K of which this Exhibit 4.1 is a part. The terms and provisions of our Series Z
Preferred Stock are substantially the same as those of our Series W Preferred Stock as described in “—Description of 5.20% Cumulative Preferred Stock, Series W” above, except that cash dividends are payable quarterly at the rate of
4.875% of the liquidation preference per year ($1,218.75 per year per share of Series Z Preferred Stock, equivalent to $1.21875 per Series Z Depositary Share (as defined below)), dividends on the shares of Series Z Preferred Stock commenced on
December 31, 2019 and, except in certain circumstances, we may not redeem the shares of Series Z Preferred Stock prior to November 4, 2024. Our Series Z Preferred Stock is listed on the NYSE under the symbol “PSBPrZ.” 

  
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 DESCRIPTION OF DEPOSITARY SHARES 

Description of Depositary Shares, each Representing 1/1,000 of a Share of Series W Preferred Stock 

General 
 The following is a brief
description of the terms of our depositary shares, each representing 1/1,000 of a share of Series W Preferred Stock (“Series W Depositary Shares”) which does not purport to be complete and is subject to and qualified in its entirety by
reference to the provisions of the Deposit Agreement relating to the Series W Preferred Stock (the “Deposit Agreement”), which is included as an exhibit to the Current Report on Form 8-K of which
this Exhibit 4.1 is a part. 
 The shares of the Series W Preferred Stock are deposited with American Stock Transfer & Trust
Company, as Depositary (the “Preferred Stock Depositary”), under a Deposit Agreement among the Company, the Preferred Stock Depositary and the holders from time to time of the depositary receipts (the “Depositary Receipts”)
issued by the Preferred Stock Depositary under the Deposit Agreement. The Depositary Receipts evidence the Series W Depositary Shares. Each holder of a Depositary Receipt evidencing a Series W Depositary Share is entitled, proportionately, to all
the rights and preferences of, and subject to all of the limitations of, the interest in the Series W Preferred Stock represented by the Depositary Share (including dividend, voting, redemption and liquidation rights and preferences). 

Dividends 
 The Depositary will
distribute all cash dividends or other cash distributions received in respect of the Series W Preferred Stock to the record holders of Depositary Receipts in proportion to the number of Series W Depositary Shares owned by such holders on the
relevant record date, which will be the same date as the record date fixed by us for the Series W Preferred Stock. In the event that the calculation of such amount to be paid results in an amount which is a fraction of one cent, the amount the
Depositary shall distribute to such record holder shall be rounded to the next highest whole cent if such fraction of one cent is equal to or greater than $0.005. Otherwise, the fractional interest shall be disregarded. 

In the event of a distribution other than in cash, the Depositary will distribute property received by it to the record holders of Depositary
Receipts entitled thereto, in proportion, as nearly as may be practicable, to the number of Series W Depositary Shares owned by such holders on the relevant record date, unless the Depositary determines (after consultation with us) that it is not
feasible to make such distribution, in which case the Depositary may (with our approval) adopt any other method for such distribution as it deems equitable and appropriate, including the sale of such property (at such place or places and upon such
terms as it may deem equitable and appropriate) and distribution of the net proceeds from such sale to such holders. 
 Liquidation Preference

 In the event of the liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, the holders of each
Depositary Share will be entitled to 1/1000th of the liquidation preference accorded to each share of the Series W Preferred Stock. 

  
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 Redemption 

Whenever we redeem any Series W Preferred Stock held by the Depositary, the Depositary will redeem as of the same redemption date the number of
Series W Depositary Shares representing the Series W Preferred Stock so redeemed. The Depositary will publish a notice of redemption of the Series W Depositary Shares containing the same type of information and in the same manner as our notice of
redemption and will mail the notice of redemption promptly upon receipt of such notice from us and not less than 30 nor more than 60 days prior to the date fixed for redemption of the Series W Preferred Stock and the Series W Depositary Shares to
the record holders of the Depositary Receipts. In case less than all the outstanding Series W Depositary Shares are to be redeemed, the Series W Depositary Shares to be so redeemed shall be determined pro rata or by lot in a manner determined by the
Board of Directors. 
 Voting 

Promptly upon receipt of notice of any meeting at which the holders of the Series W Preferred Stock are entitled to vote, the Depositary will
mail the information contained in such notice of meeting to the record holders of the Depositary Receipts as of the record date for such meeting. Each such record holder of Depositary Receipts will be entitled to instruct the Depositary as to the
exercise of the voting rights pertaining to the number of shares of Series W Preferred Stock represented by such record holder’s Series W Depositary Shares. The Depositary will endeavor, insofar as practicable, to vote such Series W Preferred
Stock represented by such Series W Depositary Shares in accordance with such instructions, and we will agree to take all action which may be deemed necessary by the Depositary in order to enable the Depositary to do so. The Depositary will abstain
from voting any of the Series W Preferred Stock to the extent that it does not receive specific instructions from the holders of Depositary Receipts. 

Withdrawal of Series W Preferred Stock 

Upon surrender of Depositary Receipts at the principal office of the Depositary, upon payment of any unpaid amount due the Depositary, and
subject to the terms of the Deposit Agreement, the owner of the Series W Depositary Shares evidenced thereby is entitled to delivery of the number of whole shares of Series W Preferred Stock and all money and other property, if any, represented by
such Series W Depositary Shares. Partial shares of Series W Preferred Stock will not be issued. If the Depositary Receipts delivered by the holder evidence a number of Series W Depositary Shares in excess of the number of Series W Depositary Shares
representing the number of whole shares of Series W Preferred Stock to be withdrawn, the Depositary will deliver to such holder at the same time a new Depositary Receipt evidencing such excess number of Series W Depositary Shares. Holders of Series
W Preferred Stock thus withdrawn will not thereafter be entitled to deposit such shares under the Deposit Agreement or to receive Depositary Receipts evidencing Series W Depositary Shares therefor. 

Amendment and Termination of Deposit Agreement 

The form of Depositary Receipt evidencing the Series W Depositary Shares and any provision of the Deposit Agreement may at any time and from
time to time be amended by agreement between us and the Depositary. However, any amendment which materially and adversely alters the rights of the holders (other than any change in fees) of Series W Depositary Shares will not be effective unless
such amendment has been approved by the holders of at least a majority of the Series W Depositary Shares then outstanding. No such amendment may impair the right, subject to the terms of the Deposit Agreement, of any owner of any Series W Depositary
Shares to surrender the Depositary Receipt evidencing such Series W Depositary Shares with instructions to the Depositary to deliver to the holder the Series W Preferred Stock and all money and other property, if any, represented thereby, except in
order to comply with mandatory provisions of applicable law. The Deposit Agreement may be terminated by us or the Depositary only if (1) all outstanding Series W Depositary Shares have been redeemed or (2) there has been a final
distribution in respect of the Series W Preferred Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution has been made to all the holders of Series W Depositary Shares. 

  
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 Charges of Depositary 

We will pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. We will pay
charges of the Depositary in connection with the initial deposit of the Series W Preferred Stock and the initial issuance of the Series W Depositary Shares, and redemption of the Series W Preferred Stock and all withdrawals of Series W Preferred
Stock by owners of Series W Depositary Shares. Holders of Depositary Receipts will pay transfer and other taxes and governmental charges and certain other charges as are provided in the Deposit Agreement to be for their accounts. In certain
circumstances, the Depositary may refuse to transfer Series W Depositary Shares, may withhold dividends and distributions and sell the Series W Depositary Shares evidenced by such Depositary Receipt if such charges are not paid. 

Miscellaneous 
 The Depositary will
forward to the holders of Depositary Receipts all reports and communications from us which are delivered to the Depositary and which we are required to furnish to the holders of the Series W Preferred Stock. 

In addition, the Depositary will make available for inspection by holders of Depositary Receipts at the principal office of the Depositary,
and at such other places as it may from time to time deem advisable, any reports and communications received from the Company which are received by the Depositary as the holder of Series W Preferred Stock. 

Neither the Depositary nor any Depositary’s Agent (as defined in the Deposit Agreement), nor the Registrar (as defined in the Deposit
Agreement) nor the Company assumes any obligation or will be subject to any liability under the Deposit Agreement to holders of Depositary Receipts other than for its gross negligence, willful misconduct or bad faith. Neither the Depositary, any
Depositary’s Agent, the Registrar nor the Company will be liable if it is prevented or delayed by law or, in the case of the Depositary, any Depositary’s Agent or the Registrar, any circumstance beyond its control, in performing its
obligations under the Deposit Agreement. The Company and the Depositary are not obligated to prosecute or defend any legal proceeding in respect of any Series W Depositary Shares, Depositary Receipts or Series W Preferred Stock unless reasonably
satisfactory indemnity is furnished. The Company and the Depositary may rely on written advice of counsel or accountants, on information provided by holders of Depositary Receipts or other persons believed in good faith to be competent to give such
information and on documents believed to be genuine and to have been signed or presented by the proper party or parties. 
 Holders of
Depositary Receipts may inspect the Depositary’s transfer records for the Depositary Receipts at the Depositary’s office during normal business hours, provided that such inspection is for a proper purpose. 

Registration of Transfer of Receipts 
 The
Depositary will register on its books transfers of Depositary Receipts upon surrender of the receipt by the holder, properly endorsed or accompanied by appropriate instruments of transfer, subject to certain restrictions and conditions set forth in
the Deposit Agreement. Title to Series W Depositary Shares represented by a Depositary Receipt, which is properly endorsed or accompanied by appropriate instruments of transfer, will be transferable by delivery with the same effect as in the case of
a negotiable instrument. 

  
 10 

 Resignation and Removal of Depositary 

The Depositary may resign at any time by delivering to us notice of its election to do so, and we may at any time remove the Depositary, any
such resignation or removal to take effect upon the appointment of a successor Depositary and its acceptance of such appointment. Such successor Depositary must be appointed within 60 days after delivery of the notice for resignation or removal and
must be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus of at least $150,000,000. 

Description of Depositary Shares, each Representing 1/1,000 of a Share of Series X Preferred Stock 

The following is a brief description of the terms of our depositary shares, each representing 1/1,000 of a share of Series X Preferred Stock
(“Series X Depositary Shares”), which does not purport to be complete and is subject to and qualified in its entirety by reference to the Deposit Agreement relating to the Series X Preferred Stock, which is included as an exhibit to the
Current Report on Form 8-K of which this Exhibit 4.1 is a part. The terms and provisions of our Series X Depositary Shares are substantially the same as those of our Series W Depositary Shares as described in
“—Description of Depositary Shares, each Representing 1/1,000 of a Share of Series W Preferred Stock” above. 
 Description of Depositary
Shares, each Representing 1/1,000 of a Share of Series Y Preferred Stock 
 The following is a brief description of the terms of our
depositary shares, each representing 1/1,000 of a share of Series Y Preferred Stock (“Series Y Depositary Shares”), which does not purport to be complete and is subject to and qualified in its entirety by reference to the Deposit Agreement
relating to the Series Y Preferred Stock, which is included as an exhibit to the Current Report on Form 8-K of which this Exhibit 4.1 is a part. The terms and provisions of our Series Y Depositary Shares are
substantially the same as those of our Series W Depositary Shares as described in “—Description of Depositary Shares, each Representing 1/1,000 of a Share of Series W Preferred Stock” above. 

Description of Depositary Shares, each Representing 1/1,000 of a Share of Series Z Preferred Stock 

The following is a brief description of the terms of our depositary shares, each representing 1/1,000 of a share of Series Z Preferred Stock
(“Series Z Depositary Shares”), which does not purport to be complete and is subject to and qualified in its entirety by reference to the Deposit Agreement relating to the Series Z Preferred Stock, which is included as an exhibit to the
Current Report on Form 8-K of which this Exhibit 4.1 is a part. The terms and provisions of our Series Z Depositary Shares are substantially the same as those of our Series W Depositary Shares as described in
“—Description of Depositary Shares, each Representing 1/1,000 of a Share of Series W Preferred Stock” above. 
 CERTAIN
PROVISIONS OF MARYLAND LAW AND OUR CHARTER AND BYLAWS 
 The following is a summary of certain provisions of Maryland law and our
charter and bylaws. 

  
 11 

 Our Board of Directors 

Our charter and bylaws provide that the number of directors of our company may be established by our board of directors, but may not be fewer
than the minimum number required under Maryland law nor more than 15 directors. Our charter and bylaws currently provide that any vacancy, including a vacancy created by an increase in the number of directors, may be filled by a majority of the
remaining directors, even if the remaining directors do not constitute a quorum, except that a vacancy created by the removal of a director by the vote or written consent of the stockholders or by court order may be filled only by the vote of a
majority of the shares entitled to vote represented at a duly held meeting of stockholders at which a quorum is present, or by the written consent of holders of a majority of the outstanding shares entitled to vote. The stockholders may elect a
director or directors at any time to fill any vacancy or vacancies not filled by the directors, but any such election by written consent shall require the consent of a majority of the outstanding shares entitled to vote. Any individual elected to
fill such vacancy will serve for the remainder of the full term and until a successor is duly elected and qualified. 
 Pursuant to our
bylaws, each of our directors is elected by our stockholders to serve until the next annual meeting of stockholders and until his or her successor is duly elected and qualifies under Maryland law. Holders of shares of our common stock will have no
right to cumulative voting in the election of directors. Directors are elected by a majority of the votes cast. 
 Our bylaws provide that
at least a majority of our directors will be “independent,” with independence being defined in the manner established by our board of directors and in a manner consistent with listing standards established by the NYSE. 

Removal of Directors 
 Our charter
provides that, subject to the rights of holders of one or more classes or series of preferred stock to elect or remove one or more directors, a director may be removed with or without cause, by the affirmative vote of at least a majority of the
votes entitled to be cast generally in the election of directors. 
 Business Combinations 

Under the MGCL, certain “business combinations” (including a merger, consolidation, share exchange or, in certain circumstances
specified under the statute, an asset transfer or issuance or reclassification of equity securities) between a Maryland corporation and any interested stockholder, or an affiliate of such an interested stockholder, are prohibited for five years
after the most recent date on which the interested stockholder becomes an interested stockholder. As permitted under the MGCL, our charter opts out of this restrictive business combination statutory provision. 

The partnership agreement of our Operating Partnership provides that we may not consummate a business combination in which we must have a vote
of our stockholders unless the matter is also approved by the vote of the partners of the Operating Partnership. For this purpose, a business combination is any merger, consolidation or other combination with or into another person or sale of all or
substantially all of our assets, or any reclassification, recapitalization or change of our existing common stock. These provisions have the effect of increasing Public Storage’s influence over us, due to its ownership of operating partnership
units, and also make it more difficult for us to consummate a business combination. 
 Control Share Acquisitions 

The MGCL provides that “control shares” of a Maryland corporation acquired in a “control share acquisition” have no voting
rights except to the extent approved at a special meeting of stockholders by the affirmative vote of two-thirds of the votes entitled to be cast on the matter, excluding shares of stock in a corporation in
respect of which any of the following persons are entitled to exercise or direct the exercise of the voting power of such shares in the election of directors: (1) a person who makes or proposes to make a control share acquisition, (2) an
officer of the corporation or (3) an employee of the corporation who is also a director of the corporation. As permitted under the MGCL, our charter opts out of this restrictive statutory provision. 

  
 12 

 Maryland Unsolicited Takeover Act 

Subtitle 8 of Title 3 of the MGCL, also referred to as the Maryland Unsolicited Takeover Act, permits a Maryland corporation with a class of
equity securities registered under the Exchange Act and at least three independent directors to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in the
charter or bylaws, to any or all of the following five provisions: 
  

	 	•	 	 a classified board; 

  

	 	•	 	 a two-thirds stockholder vote requirement for removing a director;

  

	 	•	 	 a requirement that the number of directors be fixed only by vote of the directors; 

 

	 	•	 	 a requirement that requires the request of the holders of at least a majority of all votes entitled to be cast to
call a special meeting of stockholders; and 

  

	 	•	 	 a requirement that a vacancy on the board be filled only by the remaining directors and for the remainder of the
full term of the class of directors in which the vacancy occurred. 

 Our charter provides that, in accordance with Section 3-802(c) of the MGCL, we are prohibited from electing to be subject to the provisions of Sections 3-803, 3-804 or 3-805 of the MGCL (which provide for the items listed above). We will not be able to opt in without stockholder approval. 

Amendment of Our Charter and Bylaws and Approval of Extraordinary Transactions 

Under the MGCL, a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all or substantially all of its assets, engage
in a statutory share exchange or engage in similar transactions outside the ordinary course of business unless declared advisable by a majority of the board of directors and approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter unless a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter, is set forth in the corporation’s
charter. Our charter provides that these actions may be taken if declared advisable by a majority of our board of directors and approved by the vote of stockholders holding at least a majority of the votes entitled to be cast on the matter. With
respect to any merger or other extraordinary action requiring stockholder approval under Section 3-105 of the MGCL, the affirmative vote of holders of a majority of outstanding shares of the our Series W,
Series X, Series Y and Series Z Preferred Stock (voting as a single class) will also be required to approve any such transaction, unless the Company is the surviving company in the transaction (or the acquiring corporation in the case of a statutory
share exchange) and the preferences, privileges and restrictions granted to or imposed upon such series of preferred stock are not changed as the result of the transaction, in which case such series of preferred stock will not have any voting rights
with respect to the transaction. 
 Our bylaws may be amended, altered or repealed, or new bylaws may be adopted, by our board of directors
or by the affirmative vote of stockholders representing not less than majority of all the votes entitled to be cast on the matter; provided, however, our board of directors may adopt a bylaw or amendment of a bylaw changing the authorized number of
directors only for the purpose of fixing the exact number of directors within the limits specified in our charter, and provided further that the bylaw relating to restrictions on the repurchase of our stock may not be amended or repealed without the
vote or written consent of holders of a majority of the outstanding shares entitled to vote. 

  
 13 

 Indemnification and Limitation of Directors’ and Officers’ Liability 

The MGCL permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the
corporation and its stockholders for money damages except for liability resulting from actual receipt of an improper benefit in money, property or services or active and deliberate dishonesty or bad faith established by a final judgment as being
material to the cause of action. Our charter contains such a provision that eliminates such liability to the maximum extent permitted by Maryland law. 

The MGCL requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has
been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity. The MGCL permits a corporation to indemnify its present and
former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or are threatened to be made a party by
reason of their service in those or other capacities unless it is established that: 
  

	 	•	 	 the act or omission of the director or officer was material to the matter giving rise to the proceeding and
(1) was committed in bad faith or (2) was the result of active and deliberate dishonesty; 

  

	 	•	 	 the director or officer actually received an improper personal benefit in money, property or services; or

  

	 	•	 	 in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or
omission was unlawful. 

 However, under the MGCL, a Maryland corporation may not indemnify a director or officer for an
adverse judgment in a suit by or in the right of the corporation or if the director or officer was adjudged liable on the basis that personal benefit was improperly received, unless in either case a court orders indemnification and then only for
expenses. 
 In addition, the MGCL permits a corporation to advance reasonable expenses to a director or officer upon the corporation’s
receipt of: 
  

	 	•	 	 a written affirmation by the director or officer of his or her good faith belief that he or she has met the
standard of conduct necessary for indemnification by the corporation; and 

  

	 	•	 	 a written undertaking by the director or on the director’s behalf to repay the amount paid or reimbursed by
the corporation if it is ultimately determined that the director did not meet the standard of conduct. 

 Our charter and
bylaws obligate us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and to pay or reimburse reasonable expenses in advance of final disposition of a proceeding to: 

 

	 	•	 	 any present or former director or officer who is made or threatened to be made a party to the proceeding by
reason of his or her service in that capacity; or 

  

	 	•	 	 any individual who, while serving as a director or officer of our company and at our request, serves or has
served another corporation, REIT, partnership, joint venture, trust, employee benefit plan or any other enterprise as a director, officer, partner or trustee of such corporation, REIT, partnership, joint venture, trust, employee benefit plan or
other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity. 

  
 14 

 Our charter and bylaws also permit us, with the approval of our board of directors, to
indemnify and advance expenses to any person who served a predecessor of ours in any of the capacities described above and to any employee or agent of our company or a predecessor of our company. 

We have also entered into an indemnification agreement with each of our directors and officers. While Maryland law permits a corporation to
indemnify its directors and officers, as described above, it also authorizes other arrangements for indemnification of directors and officers, including insurance. The indemnification agreements are intended to provide indemnification to the maximum
extent permitted by Maryland law. 
 Insofar as the foregoing provisions permit indemnification of directors, officers or persons
controlling us for liability arising under the Securities Act, we have been informed that, in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. 

OWNERSHIP LIMITATIONS 

For us to qualify as a REIT under the Code no more than 50% in value of our outstanding shares of capital stock may be owned, directly or
constructively under the applicable attribution rules of the Code, by five or fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year. In order to maintain our qualification as a REIT, our
charter provides certain restrictions on the shares of capital stock that any stockholder may own. 
 Our charter provides that, subject to
certain exceptions, no holder may own, or be deemed to own by virtue of the attribution provisions of the Code, more than (A) 7.0% of the outstanding shares of our common stock and (B) 9.9% of the outstanding shares of each class or series
of shares of our preferred stock or equity stock and that all shares of stock be imprinted with a legend setting forth that restriction. Furthermore, the limitation does not apply with respect to shares of stock deemed to be owned by a person as a
result of such person’s ownership of shares of Public Storage (however, such ownership will be taken into account in determining whether a subsequent acquisition or transfer of our shares (but not Public Storage) violates the ownership limit).
The ownership limitation is intended to assist in preserving our REIT status in view of Public Storage’s substantial ownership interest in us and the Hughes family’s substantial ownership interest in Public Storage. There can be no
assurance, however, that such ownership limit will enable us to satisfy the requirement that a REIT not be “closely held” within the meaning of Section 856(h) of the Code for any given taxable year, in part as a result of the
provision described above providing that the ownership limitation generally does not apply to our shares deemed to be owned as a result of a person’s ownership of shares of Public Storage. 

Our charter provides that our board of directors, in its sole and absolute discretion, may grant exceptions to the ownership limits, so long
as (A) our board has determined that we would not be “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the event in question takes place during the second half of a taxable year) and would
not otherwise fail to qualify as a REIT, after giving effect to an acquisition by an excepted person of beneficial ownership of the maximum amount of capital stock permitted as a result of the exception to be granted, and taking into account the
existing and permitted ownership by other persons of stock (taking into account any other exceptions granted) and (B) the excepted persons provide to our board such representations and undertakings as our board may require. In any case, no
holder may own or acquire, either directly, indirectly or constructively under the applicable attribution rules of the Code, any shares of any class of capital stock if such ownership or acquisition (i) would cause more than 50% in value of
outstanding capital stock to be owned, either directly or constructively, under the applicable attribution rules of the Code, by five or fewer individuals (as defined in the Code to include certain tax-exempt
entities, other than, in general, qualified domestic pension funds), (ii) would result in our stock being beneficially owned by less than 100 persons (determined without reference to any rules of attribution) or (iii) would otherwise
result in our failing to qualify as a REIT. 

  
 15 

 Our charter generally provides that if any holder of capital stock purports to transfer
shares to a person or there is a change in our capital structure, and either the transfer or the change in capital structure would result in our failing to qualify as a REIT, or such transfer or the change in capital structure would cause the
transferee to hold shares in excess of the applicable ownership limit, then the shares causing the violation will be automatically transferred to a trust for the benefit of a designated charitable beneficiary. The purported transferee of those
shares will have no right to receive dividends or other distributions with respect to them and will have no right to vote the shares. Any dividends or other distributions paid to such purported transferee prior to the discovery by us that the shares
have been transferred to a trust will be paid to the trustee of the trust for the benefit of the charitable beneficiary upon demand. The trustee will designate a transferee of those shares so long as the shares would not violate the
restrictions on ownership in the charter in the hands of the designated transferee. Upon the sale of such shares, the purported transferee will receive out of any proceeds remaining after payment of expenses of the charitable trust and us the lesser
of (A)(i) the price per share such purported transferee paid for the stock in the purported transfer that resulted in the transfer of the shares to the trust, or (ii) if the transfer or other event that resulted in the transfer of the shares to
the trust was not a transaction in which the purported transferee gave full value for such shares, a price per share equal to the market price on the date of the purported transfer or other event that resulted in the transfer of the shares to the
trust and (B) the price per share received by the trustee from the sale or other disposition of the shares held in the trust. Each purported transferee shall be deemed to have waived any claims such purported transferee may have against the
trustee and us arising from the disposition of the shares, except for claims arising from the trustee’s or our gross negligence, willful misconduct, or failure to make payments when required by the charter. 

  
 16EX-10.1

 Exhibit 10.1 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is entered into as of
                , 20    , by and among PS Business Parks, Inc., a Maryland corporation (the “Company” or the
“Indemnitor”), and                 (the “Indemnitee”). 

WHEREAS, the Indemnitee is an officer and/or a director of the Company and in such capacity is performing a valuable service for the
Company; 
 WHEREAS, Maryland law permits the Company to enter into contracts with its officers or members of its Board of Directors
with respect to indemnification of, and advancement of expenses to, such persons; 
 WHEREAS, the Articles of Amendment and
Restatement of the Company (the “Charter”) and the Bylaws of the Company (the “Bylaws”) provide that the Company shall indemnify and advance expenses to its directors and officers to the maximum extent permitted by
Maryland law in effect from time to time; and 
 WHEREAS, to induce the Indemnitee to provide services to the Company as an officer
and/or a director, as applicable, and to provide the Indemnitee with specific contractual assurance that indemnification will be available to the Indemnitee regardless of, among other things, any amendment to or revocation of the Charter or the
Bylaws, or any acquisition transaction relating to the Company, the Indemnitor desires to provide the Indemnitee with protection against personal liability as set forth herein. 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Indemnitor and the Indemnitee hereby agree as
follows: 
  

	1.	 DEFINITIONS  

For purposes of this Agreement: 
  

	 	(A)	 “Change in Control” shall have the definition set forth in the PS Business Parks, Inc. 2012
Equity and Performance-Based Incentive Compensation Plan. 

  

	 	(B)	 “Corporate Status” describes the status of a person who is or was a director or officer of the
Company or is or was serving at the request of the Company as a director, officer, partner (limited or general), member, employee or agent of any other foreign or domestic corporation, partnership, joint venture, limited liability company, trust,
other enterprise (whether conducted for profit or not for profit) or employee benefit plan. The Company shall be deemed to have requested the Indemnitee to serve an employee benefit plan where the performance of the Indemnitee’s duties to the
Company also imposes or imposed duties on, or otherwise involves or involved services by, the Indemnitee to the plan or participants or beneficiaries of the plan. 

	 	(C)	 “Determination” means a determination that either (x) there is a reasonable basis for the
conclusion that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee had met the applicable standard of conduct (a “Favorable Determination”) or (y) there is no reasonable basis for the
conclusion that indemnification of the Indemnitee is proper in the circumstances (an “Adverse Determination”). 

  

	 	(D)	 “Disinterested Director” means a director who is not and was not a party to the Proceeding in
respect of which indemnification is sought by the Indemnitee and does not otherwise have an interest materially adverse to any interest of the Indemnitee. 

  

	 	(E)	 “Expenses” shall include all attorneys’ and paralegals’ fees, retainers, court
costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. 

  

	 	(F)	 “Proceeding” includes any action, suit, arbitration, alternate dispute resolution mechanism,
investigation (including any formal or informal internal investigation to which the Indemnitee is made a party by reason of the Corporate Status of the Indemnitee), administrative hearing, or any other proceeding, including appeals therefrom,
whether civil, criminal, administrative, or investigative, except one initiated by the Indemnitee pursuant to paragraph 8 of this Agreement to enforce such Indemnitee’s rights under this Agreement. 

 

	 	(G)	 “Special Legal Counsel” means a law firm, or a member of a law firm, that is experienced in
matters of corporate law and neither presently is, or in the past two years has been, retained to represent (i) the Indemnitor or the Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving
rise to a claim for indemnification hereunder. 

  

	2.	 INDEMNIFICATION  

The Indemnitee shall be entitled to the rights of indemnification provided in this paragraph 2 and under applicable law, the Charter, the
Bylaws, any other agreement, a vote of stockholders or resolution of the Board of Directors or otherwise if, by reason of such Indemnitee’s Corporate Status, such Indemnitee is, or is threatened to be made, a party to any threatened, pending,
or contemplated Proceeding, including a Proceeding by or in the right of the Company. Unless prohibited by paragraph 13 hereof and subject to the other provisions of this Agreement, the Indemnitee shall be indemnified hereunder, to the maximum
extent permitted by Maryland law in effect from time to time, against judgments, penalties, fines and settlements and reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection with such Proceeding or any claim, issue or
matter therein; provided, however, that if such Proceeding 

  
 2 

 
was initiated by or in the right of the Company, indemnification may not be made in respect of such Proceeding if the Indemnitee shall have been finally adjudged to be liable to the Company. For
purposes of this paragraph 2, excise taxes assessed on the Indemnitee with respect to an employee benefit plan pursuant to applicable law shall be deemed fines. 
  

	3.	 INDEMNIFICATION FOR EXPENSES IN CERTAIN CIRCUMSTANCES 

 

	 	(A)	 Without limiting the effect of any other provision of this Agreement (including the Indemnitee’s rights to
indemnification under paragraph 2 and advancement of expenses under paragraph 4), without regard to whether the Indemnitee is entitled to indemnification under paragraph 2 and without regard to the provisions of paragraph 6 hereof, to the extent
that the Indemnitee is successful, on the merits or otherwise, in any Proceeding to which the Indemnitee is a party by reason of such Indemnitee’s Corporate Status, such Indemnitee shall be indemnified against all reasonable Expenses actually
incurred by or on behalf of such Indemnitee in connection therewith. 

  

	 	(B)	 If the Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as
to one or more but less than all claims, issues, or matters in such Proceeding, the Indemnitor shall indemnify the Indemnitee against all reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection with each successfully
resolved claim, issue or matter. 

  

	 	(C)	 For purposes of this paragraph 3 and without limitation, the termination of any claim, issue or matter in such
Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

  

	4.	 ADVANCEMENT OF EXPENSES 

Notwithstanding anything in this Agreement to the contrary, but subject to paragraph 13 hereof, if the Indemnitee is or was or becomes a party
to or is otherwise involved in any Proceeding (including as a witness), or is or was threatened to be made a party to or a participant (including as a witness) in any such Proceeding, by reason of the Indemnitee’s Corporate Status, or by reason
of (or arising in part out of) any actual or alleged event or occurrence related to the Indemnitee’s Corporate Status, or by reason of any actual or alleged act or omission on the part of the Indemnitee taken or omitted in or relating to the
Indemnitee’s Corporate Status, then the Indemnitor shall advance all reasonable Expenses incurred by the Indemnitee in connection with any such Proceeding within twenty (20) days after the receipt by the Indemnitor of a statement from the
Indemnitee requesting such advance from time to time, whether prior to or after final disposition of such Proceeding; provided that, such statement shall reasonably evidence the Expenses incurred or to be incurred by the Indemnitee and shall include
or be preceded or accompanied by (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Indemnitor as authorized by this Agreement has been met
and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amounts advanced if it should ultimately be determined that the standard of conduct has not been met. The undertaking required by clause (ii) of the immediately
preceding sentence shall be an unlimited general obligation of the Indemnitee but need not be secured and may be accepted without reference to financial ability to make the repayment. 

  
 3 

	5.	 WITNESS EXPENSES 

Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason of such Indemnitee’s Corporate
Status, a witness (or is forced or asked to respond to discovery requests) for any reason in any Proceeding to which such Indemnitee is not a named defendant or respondent, the Indemnitor shall advance all Expenses actually incurred by or on behalf
of such Indemnitee, on an as-incurred basis in accordance with paragraph 4 of this Agreement, in connection therewith and indemnify the Indemnitee therefor. 

 

	6.	 DETERMINATION OF ENTITLEMENT TO AND AUTHORIZATION OF INDEMNIFICATION 

 

	 	(A)	 To obtain indemnification under this Agreement, the Indemnitee shall submit to the Indemnitor a written
request, including therewith such documentation and information reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification. 

 

	 	(B)	 The Indemnitor agrees that the Indemnitee shall be indemnified to the fullest extent permitted by law.
Indemnification under this Agreement may not be made unless authorized for a specific Proceeding after a Determination has been made in accordance with this paragraph 6(B) that indemnification of the Indemnitee is permissible in the circumstances
because the Indemnitee has met the following standard of conduct: the Indemnitor shall indemnify the Indemnitee in accordance with the provisions of paragraph 2 hereof, unless it is established that: (a) the act or omission of the Indemnitee
was material to the matter giving rise to the Proceeding and (x) was committed in bad faith or (y) was the result of active and deliberate dishonesty; (b) the Indemnitee actually received an improper personal benefit in money,
property or services; or (c) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Any Determination shall be made within thirty (30) days after receipt of the
Indemnitee’s written request for indemnification pursuant to Section 6(A) and such Determination shall be made either (i) by the Disinterested Directors, even though less than a quorum, so long as the Indemnitee does not request that
such Determination be made by Special Legal Counsel, or (ii) if so requested by the Indemnitee, in the Indemnitee’s sole discretion, by Special Legal Counsel in a written opinion to the Indemnitor and the Indemnitee. If a Determination is
made that the Indemnitee is entitled to indemnification, payment to the Indemnitee shall be made within fifteen (15) business days after such Determination. The Indemnitee shall reasonably cooperate with the person, persons or entity making
such Determination with respect to the Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably 

  
 4 

	 	
available to the Indemnitee and reasonably necessary to such Determination. Any Expenses incurred by the Indemnitee in so cooperating with the Disinterested Directors or Special Legal Counsel, as
the case may be, making such determination shall be advanced and borne by the Indemnitor in accordance with paragraph 4 of this Agreement (irrespective of the Determination as to Indemnitee’s entitlement to indemnification). If the person,
persons or entity empowered or selected under Section 6(B) of this Agreement to determine whether the Indemnitee is entitled to indemnification shall not have made a Favorable Determination within thirty (30) days after receipt by the
Indemnitor of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made and the Indemnitee shall be entitled to such indemnification, absent
(i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition
of such indemnification under applicable law; provided, however, that such thirty (30) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the
determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of
this Section 6(B) shall not apply if the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to Section 6(E). 

 

	 	(C)	 The Indemnitor shall be bound by and shall have no right to challenge a Favorable Determination. If an Adverse
Determination is made, or if for any other reason the Indemnitor does not make timely indemnification payments or advancement of Expenses required by this Agreement, the Indemnitee shall have the right to commence a Proceeding before a court of
competent jurisdiction to challenge such Adverse Determination and/or to require the Indemnitor to make such payments or advancement of expenses (and the Indemnitor shall have the right to defend their position in such Proceeding and to appeal any
adverse judgment in such Proceeding). The Indemnitee shall be entitled to have such Expenses advanced by the Indemnitor in accordance with paragraph 4 of this Agreement and applicable law. If the Indemnitee fails to challenge an Adverse
Determination within ninety (90) business days, or if Indemnitee challenges an Adverse Determination and such Adverse Determination has been upheld by a final judgment of a court of competent jurisdiction from which no appeal can be made, then,
to the extent and only to the extent required by such Adverse Determination or final judgment, the Indemnitor shall not be obligated to indemnify the Indemnitee under this Agreement. 

 

	 	(D)	 The Indemnitee shall cooperate with the person or entity making such Determination with respect to the
Indemnitee’s entitlement to indemnification, including providing upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and

  
 5 

	 	
which is reasonably available to the Indemnitee and reasonably necessary to such determination. Any reasonable costs or expenses (including reasonable attorneys’ fees and disbursements)
incurred by the Indemnitee in so cooperating shall be borne by the Indemnitor (irrespective of the determination as to the Indemnitee’s entitlement to indemnification) and the Indemnitor hereby indemnifies and agrees to hold the Indemnitee
harmless therefrom. 

  

	 	(E)	 In the event the determination of entitlement to indemnification is to be made by Special Legal Counsel
pursuant to Section 6(B) hereof, the Indemnitee, or the Indemnitor, as the case may be, may, within seven days after such written notice of selection shall have been given, deliver to the Indemnitor or to the Indemnitee, as the case may be, a
written objection to such selection. Such objection may be asserted only on the grounds that the Special Legal Counsel so selected does not meet the requirements of “Special Legal Counsel” as defined in paragraph 1 of this Agreement. If
such written objection is made, the Special Legal Counsel so selected may not serve as Special Legal Counsel until a court has determined that such objection is without merit. If, within twenty (20) days after submission by the Indemnitee of a
written request for indemnification pursuant to Section 6(A) hereof, no Special Legal Counsel shall have been selected or, if selected, shall have been objected to, either the Indemnitor or the Indemnitee may petition a court for resolution of
any objection which shall have been made by the Indemnitor or the Indemnitee to the other’s selection of Special Legal Counsel and/or for the appointment as Special Legal Counsel of a person selected by the court or by such other person as the
court shall designate, and the person with respect to whom an objection is so resolved or the person so appointed shall act as Special Legal Counsel under Section 6(B) hereof. The Indemnitor shall pay all reasonable fees and expenses of Special
Legal Counsel incurred in connection with acting pursuant to Section 6(B) hereof, and all reasonable fees and expenses incident to the selection of such Special Legal Counsel pursuant to this Section 6(D). In the event that a determination
of entitlement to indemnification is to be made by Special Legal Counsel and such determination shall not have been made and delivered in a written opinion within ninety (90) days after the receipt by the Indemnitor of the Indemnitee’s
request in accordance with Section 6(A), upon the due commencement of any judicial proceeding in accordance with Section 8(A) of this Agreement, Special Legal Counsel shall be discharged and relieved of any further responsibility in such
capacity. 

  

	 	(F)	 If the person or entity making the determination whether the Indemnitee is entitled to indemnification shall
not have made a determination within thirty (30) days after receipt by the Indemnitor of the request therefor, the requisite Determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be entitled
to such indemnification, absent: (i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for
indemnification, or (ii) a prohibition of such indemnification under applicable law. Such 30-day period may be extended for a 

  
 6 

	 	
reasonable time, not to exceed an additional fifteen (15) days, if the person or entity making said determination in good faith requires additional time for the obtaining or evaluating of
documentation and/or information relating thereto. The foregoing provisions of this Section 6(E) shall not apply if the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to Section 6(B) of this
Agreement. 

  

	7.	 PRESUMPTIONS 

  

	 	(A)	 It shall be presumed that the Indemnitee is entitled to indemnification under this Agreement (notwithstanding
any Adverse Determination), and the Indemnitor or any other person or entity challenging such right shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination
contrary to that presumption. 

  

	 	(B)	 The termination of any Proceeding by conviction, or upon a plea of nolo contendere or its equivalent, or an
entry of an order of probation prior to judgment, creates a rebuttable presumption that the Indemnitee did not meet the requisite standard of conduct described herein for indemnification. 

 

	8.	 REMEDIES 

  

	 	(A)	 In the event that: (i) an Adverse Determination is made, or (ii) advancement of reasonable Expenses
is not timely made pursuant to this Agreement, or (iii) payment of indemnification due the Indemnitee under this Agreement is not timely made, the Indemnitee shall be entitled to an adjudication in an appropriate court of competent jurisdiction
of such Indemnitee’s entitlement to such indemnification or advancement of Expenses. 

  

	 	(B)	 In the event that an Adverse Determination shall have been made pursuant to Section 6(B) of this Agreement
that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this paragraph 8 shall be conducted in all respects as a de novo trial, or arbitration, on the merits. The fact that an Adverse
Determination has been made earlier pursuant to paragraph 6 of this Agreement that the Indemnitee was not entitled to indemnification shall not be taken into account in any judicial proceeding commenced pursuant to this paragraph 8 and (i) the
Indemnitee shall not be prejudiced in any way by reason of that Adverse Determination and (ii) the Indemnitor shall have the burden of proving that the Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may
be. 

  

	 	(C)	 If a Favorable Determination shall have been made or deemed to have been made pursuant to Section 6(B) of
this Agreement that the Indemnitee is entitled to indemnification, the Indemnitor shall be bound by such Determination in any judicial proceeding or arbitration commenced pursuant to this paragraph 8, absent: (i) a misstatement by the
Indemnitee of a material fact, or an omission of a 

  
 7 

	 	
material fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law. 

  

	 	(D)	 The Indemnitor shall be precluded from asserting in any judicial proceeding commenced pursuant to this
paragraph 8 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Indemnitor is bound by all the provisions of this Agreement. 

 

	 	(E)	 In the event that the Indemnitee, pursuant to this paragraph 8, seeks a judicial adjudication of such
Indemnitee’s rights under, or to recover damages for breach of, this Agreement, if successful on the merits or otherwise as to all or less than all claims, issues or matters in such judicial adjudication, the Indemnitee shall be entitled to
recover from the Indemnitor, and shall be indemnified by the Indemnitor against, any and all reasonable Expenses actually incurred by such Indemnitee in connection with each successfully resolved claim, issue or matter. 

 

	 	(F)	 Notwithstanding anything in this Agreement to the contrary, no Determination as to entitlement of the
Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding. 

  

	9.	 NOTIFICATION AND DEFENSE OF CLAIMS 

The Indemnitee agrees promptly to notify the Indemnitor in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information, or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder, but the failure so to notify the Indemnitor will not relieve the Indemnitor from
any liability that the Indemnitor may have to Indemnitee under this Agreement unless the Indemnitor can establish that such omission to notify resulted in actual and material prejudice to which it cannot be reversed or otherwise eliminated without
any material adverse effect on the Indemnitor. With respect to any such Proceeding as to which Indemnitee notifies the Indemnitor of the commencement thereof: 
  

	 	(A)	 The Indemnitor will be entitled to participate therein at its own expense. 

 

	 	(B)	 Except as otherwise provided below, the Indemnitor will be entitled to assume the defense thereof, with counsel
reasonably satisfactory to Indemnitee. After notice from the Indemnitor to Indemnitee of the Indemnitor’s election to assume the defense thereof, the Indemnitor will not be liable to Indemnitee under this Agreement for any legal or other
expenses subsequently incurred by Indemnitee in connection with the defense thereof other than reasonable costs of investigation or as otherwise provided below. The Indemnitee shall have the right to employ Indemnitee’s own counsel in such
Proceeding, but the fees and disbursements of such counsel incurred after notice from the Indemnitor of the Indemnitor’s assumption of the defense thereof shall be at the expense of Indemnitee unless (a) the employment of counsel by the
Indemnitee has been authorized by the 

  
 8 

	 	
Indemnitor, (b) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Indemnitor and the Indemnitee in the conduct of the defense of such
action, (c) such Proceeding seeks penalties or other relief against the Indemnitee with respect to which the Indemnitor could not provide monetary indemnification to the Indemnitee (such as injunctive relief or incarceration) or (d) the
Indemnitor shall not in fact have employed counsel to assume the defense of such action, in each of which cases the fees and disbursements of counsel shall be at the expense of the Indemnitor. The Indemnitor shall not be entitled to assume the
defense of any Proceeding brought by or on behalf of the Indemnitor, or as to which the Indemnitee shall have reached the conclusion specified in clause (b) above, or which involves penalties or other relief against the Indemnitee of the type
referred to in clause (c) above. 

  

	 	(C)	 The Indemnitor shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in
settlement of any action or claim effected without the Indemnitor’s written consent. The Indemnitor shall not settle any action or claim in any manner that would impose any penalty or limitation on the Indemnitee without the Indemnitee’s
written consent. Neither the Indemnitor nor Indemnitee will unreasonably withhold or delay consent to any proposed settlement. 

  

	10.	 NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE SUBROGATION

  

	 	(A)	 The rights of indemnification and to receive advancement of reasonable Expenses as provided by this Agreement
shall not be deemed exclusive of any other rights to which the Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any other agreement, a vote of stockholders, a resolution of the Board of Directors or otherwise,
except that any payments otherwise required to be made by the Indemnitor hereunder shall be offset by any and all amounts received by the Indemnitee from any other indemnitor or under one or more liability insurance policies maintained by an
indemnitor or otherwise and shall not be duplicative of any other payments received by an Indemnitee from the Indemnitor in respect of the matter giving rise to the indemnity hereunder; provided, however, that if indemnification rights are provided
by an Additional Indemnitor as defined in Section 18(B) hereof, such Section shall govern. No amendment, alteration or repeal of this Agreement or any provision hereof shall be effective as to the Indemnitee with respect to any action taken or
omitted by the Indemnitee prior to such amendment, alteration or repeal. 

  

	 	(B)	 To the extent that the Company maintains an insurance policy or policies providing liability insurance for
directors and officers of the Company, the Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available and upon any Change in Control the Company shall use commercially
reasonable efforts to obtain or arrange for continuation and/or “tail” coverage for the Indemnitee to the maximum extent obtainable at such time. 

  
 9 

	 	(C)	 Except as otherwise provided in Section 18(B) hereof, in the event of any payment under this Agreement,
the Indemnitor shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and take all actions necessary to secure such rights, including execution of such documents as
are necessary to enable the Indemnitor to bring suit to enforce such rights. 

  

	 	(D)	 Except as otherwise provided in Section 18(B) hereof, the Indemnitor shall not be liable under this
Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that the Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement, or otherwise. 

 

	11.	 CONTINUATION OF INDEMNITY 

 

	 	(A)	 All agreements and obligations of the Indemnitor contained herein shall continue during the period the
Indemnitee is an officer or a member of the Board of Directors of the Company and shall continue thereafter so long as the Indemnitee shall be subject to any threatened, pending or completed Proceeding by reason of such Indemnitee’s Corporate
Status and during the period of statute of limitations for any act or omission occurring during the Indemnitee’s term of Corporate Status. This Agreement shall be binding upon the Indemnitor and its respective successors and assigns and shall
inure to the benefit of the Indemnitee and such Indemnitee’s heirs, executors and administrators. 

  

	 	(B)	 The Company shall require and cause any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance reasonably satisfactory to the Indemnitee, expressly 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 if no such succession had taken place. 

  
 10 

	12.	 SEVERABILITY 

If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (i) the
validity, legality, and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is
not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any paragraph of this
Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provisions held invalid, illegal or
unenforceable. 
  

	13.	 EXCEPTIONS TO RIGHT OF INDEMNIFICATION OR ADVANCEMENT OF EXPENSES 

Notwithstanding any other provisions of this Agreement, the Indemnitee shall not be entitled to indemnification or advancement of reasonable
Expenses under this Agreement with respect to (i) any Proceeding initiated by such Indemnitee against the Indemnitor other than a proceeding commenced pursuant to paragraph 8 hereof, or (ii) any Proceeding for an accounting of profits
arising from the purchase and sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, rules and regulations promulgated thereunder, or any similar provisions of any federal, state or local statute.

  

	14.	 NOTICE TO THE COMPANY STOCKHOLDERS 

Any indemnification of, or advancement of reasonable Expenses, to an Indemnitee that is a director in accordance with this Agreement, if
arising out of a Proceeding by or in the right of the Company, shall be reported in writing to the stockholders of the Company with the notice of the next Company stockholders’ meeting or prior to the meeting. 

 

	15.	 HEADINGS 

The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement
or to affect the construction thereof. 
  

	16.	 MODIFICATION AND WAIVER 

No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No waiver
of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

  
 11 

	17.	 NOTICES 

All notices, requests, demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given if
(i) delivered by hand or by a nationally recognized overnight delivery service and received by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage
prepaid, on the third business day after the date on which it is so mailed, if so delivered or mailed, as the case may be, to the following addresses: 

If to the Indemnitee, to the address set forth in the records of the Company. 

If to the Indemnitor, to: 
 PS
Business Parks, Inc. 
 701 Western Avenue 

Glendale, California 91201 

Attention: Secretary 
 or to such other address
as may have been furnished to the Indemnitee by the Indemnitor or to the Indemnitor by the Indemnitee, as the case may be. 
  

	18.	 CONTRIBUTION 

  

	 	(A)	 To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement
is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, penalties, fines and settlements and reasonable expenses actually
incurred by or on behalf of an Indemnitee, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to
reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers,
employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 

  

	 	(B)	 The Company acknowledges and agrees that as between the Company and any other entity that has provided
indemnification rights in respect of Indemnitee’s service as a director of the Company at the request of such entity (an “Additional Indemnitor”), the Company shall be primarily liable to Indemnitee as set forth in this Agreement for
any indemnification claim (including, without limitation, any claim for advancement of Expenses) by Indemnitee in respect of any Proceeding for which Indemnitee is entitled to indemnification hereunder. In the event the Additional Indemnitor is
liable to any extent to Indemnitee by virtue of indemnification rights provided by the Additional Indemnitor to Indemnitee in respect of Indemnitee’s service on the Board of Directors at the request of the Additional Indemnitor and Indemnitee
is also entitled to indemnification under this Agreement (including, without limitation, for advancement of Expenses) as a result of any Proceeding, the Company shall pay, in the first instance, the entire

  
 12 

	 	
amount of any indemnification claim (including, without limitation, any claim for advancement of Expenses) brought by the Indemnitee against the Company under this Agreement (including, without
limitation, any claim for advancement of Expenses) without requiring the Additional Indemnitor to contribute to such payment and the Company hereby waives and relinquishes any right of contribution, subrogation or any other right of recovery of any
kind it may have against the Additional Indemnitor in respect thereof. The Company further agrees that no advancement or payment by the Additional Indemnitor on behalf of Indemnitee with respect to any claim for which Indemnitee has sought
indemnification from the Company shall affect the foregoing and the Additional Indemnitor shall be subrogated to the extent of such advancement or payment to all of the rights of recovery of the Indemnitee against the Company. 

 

	19.	 GOVERNING LAW 

The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland,
without application of the conflict of laws principles thereof. 
  

	20.	 NO ASSIGNMENTS 

The Indemnitee may not assign its rights or delegate obligations under this Agreement without the prior written consent of the Indemnitor. Any
assignment or delegation in violation of this paragraph 20 shall be null and void. 
  

	21.	 NO THIRD PARTY RIGHTS 

Nothing expressed or referred to in this Agreement will be construed to give any person other than the parties to this Agreement any legal or
equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement; and (b) this Agreement and all of its provisions are for the sole and exclusive benefit of the parties to this Agreement and their
successors and permitted assigns. 
  

	22.	 COUNTERPARTS 

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together constitute an
agreement binding on all of the parties hereto. 
 [Signature page follows] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and
year first above written. 
  

			
	PS BUSINESS PARKS, INC.

 
			
		
	By:    	 	  

 
			
	Name:
	Title:
	
	INDEMNITEE:

 
			
		
	By:    	 	  

 
			
	Name:

 [Signature Page to Indemnification Agreement]

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