Document:

EX-4.1

 EXHIBIT 4.1 

STOCKHOLDERS AGREEMENT 

among 
 HUDSON PACIFIC
PROPERTIES, INC., 
 HUDSON PACIFIC PROPERTIES, L.P. 

and 
 THE OTHER PARTIES
HERETO 
 Dated as of April 1, 2015 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 1.1
	 	 Certain Defined Terms
	  	 	1	  
	 1.2
	 	 Construction
	  	 	5	  
		
	 ARTICLE II CORPORATE GOVERNANCE
	  	 	6	  
			
	 2.1
	 	 Board Nomination Rights
	  	 	6	  
	 2.2
	 	 Committee Representation Rights
	  	 	9	  
		
	 ARTICLE III COVENANTS
	  	 	10	  
			
	 3.1
	 	 Standstill
	  	 	10	  
	 3.2
	 	 Restrictions on Transfer
	  	 	12	  
	 3.3
	 	 Confidentiality
	  	 	12	  
	 3.4
	 	 Issuances of Common Securities
	  	 	13	  
		
	 ARTICLE IV MISCELLANEOUS
	  	 	14	  
			
	 4.1
	 	 Termination
	  	 	14	  
	 4.2
	 	 Sponsor Stockholder Actions
	  	 	14	  
	 4.3
	 	 Joint and Several Liability
	  	 	15	  
	 4.4
	 	 Further Assurances
	  	 	15	  
	 4.5
	 	 Counterparts
	  	 	15	  
	 4.6
	 	 Notices
	  	 	15	  
	 4.7
	 	 Governing Law; Judicial Proceedings; Waiver of Jury Trial
	  	 	16	  
	 4.8
	 	 Enforcement
	  	 	16	  
	 4.9
	 	 Amendment and Modification; Waiver
	  	 	16	  
	 4.10
	 	 Severability
	  	 	16	  
	 4.11
	 	 Table of Contents, Headings and Captions
	  	 	17	  
	 4.12
	 	 Entire Agreement; Third Party Beneficiaries
	  	 	17	  
	 4.13
	 	 Certain Transactions
	  	 	17	  
	 4.14
	 	 Publicity
	  	 	17	  
	 4.15
	 	 No Recourse
	  	 	17	  
	 4.16
	 	 Dealings with the Sponsor Stockholders
	  	 	17	  
	 4.17
	 	 Operating Partnership Matters
	  	 	18	  

  
 i 

 STOCKHOLDERS AGREEMENT 

THIS STOCKHOLDERS AGREEMENT (as amended, modified or supplemented in accordance with the terms hereof, this
“Agreement”) is entered into as of April 1, 2015, by and among Hudson Pacific Properties, Inc., a Maryland corporation (the “Company”), each of the other parties identified on the signature pages hereto under
the heading “Sponsor Stockholders” and any other parties that may from time to time become parties hereto (collectively, the “Sponsor Stockholders”), solely for purposes of Section 3.1(a), Blackstone Real
Estate Advisors L.P., a Delaware limited partnership (the “Advisor”), and solely for purposes of Section 4.17, Hudson Pacific Properties, L.P., a Maryland limited partnership and a subsidiary of the Company (the
“Operating Partnership”). 
 RECITALS 

WHEREAS, this Agreement is being made pursuant to the terms of that certain Asset Purchase Agreement, dated as of December 6, 2014 (the
“Purchase Agreement”), by and among the Company, the Operating Partnership, and the other parties thereto, which provides for, in part, (i) the contribution by the Company to the Operating Partnership of shares of the
Company’s common stock, par value $0.01 per share (“Common Shares”), and the delivery by the Operating Partnership to the Sponsor Stockholders of such Common Shares, and (ii) the issuance by the Operating Partnership of
common units of limited partnership interest in the Operating Partnership (“Common OP Units”) (such deliveries and issuances being referred to herein together as the “Equity Issuance”); and 

WHEREAS, in connection with the consummation of the Equity Issuance, the Company and the Sponsor Stockholders wish to set forth certain
understandings and agreements between such parties, including with respect to corporate governance matters. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

1.1 Certain Defined Terms. As used herein, the following terms shall have the meanings as set forth below: 

“Advisor” has the meaning set forth in the Preamble. 

“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control
with such Person. For the purposes of this definition, “control”, when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing; provided, however, that
notwithstanding the foregoing, (i) neither the Company nor any of its subsidiaries, including the Operating Partnership, shall be deemed an Affiliate of any of the Sponsor Stockholders, and (ii) an Affiliate of a Sponsor Stockholder shall
not include (x) any portfolio company of such Sponsor Stockholder or any limited partners of such Sponsor Stockholder, in each case of this clause (x), to the extent such Person has neither received Confidential Information nor is acting on
behalf of or at the direction of any Sponsor Stockholder or any Affiliate or Representative of such Sponsor Stockholder or (y) The Blackstone Group L.P. or any of its Affiliates in their Non-Real Estate Private Equity Business. 

  
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 “Agreement” has the meaning set forth in the Preamble. 

“Beneficial Owner”, “Beneficially Own” and “Beneficial Ownership” have the meanings set
forth in Rule 13d-3 promulgated under the Exchange Act; provided, that, for purposes of determining whether a Person is a Beneficial Owner of a security, (i) a Person shall be deemed to be the Beneficial Owner of any securities which may
be acquired by such Person pursuant to any contract, arrangement or understanding or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise (irrespective of whether the right to acquire such securities is
exercisable immediately or only after the passage of time, including the passage of time in excess of sixty (60) days, the satisfaction of any conditions, the occurrence of any event or any combination of the foregoing) and (ii) a Person
shall be deemed to be the Beneficial Owner of Common Shares that may be issued upon redemption of Common OP Units; provided, further, that for purposes of calculating the percentage of fully diluted Common Shares Beneficially Owned by
the Sponsor Stockholders under Section 3.1(a), all the Common Shares which may be acquired by any Person (determined as described in clauses (i) and (ii) above) shall be deemed to be outstanding Common Shares. 

“Board” has the meaning set forth in Section 2.1(a). 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in the cities of New York, New
York or Los Angeles, California are authorized by law to close. 
 “Bylaws” means the Amended and Restated Bylaws of the
Company, as the same may be amended, modified or restated from time to time. 
 “Change of Control Transaction” means any
single transaction or series of related transactions involving (i) the sale of all or substantially all of the assets of the Company or the Operating Partnership, or (ii) the merger, consolidation, share exchange, business combination,
recapitalization, liquidation, dissolution or similar transaction with respect to the Company or the Operating Partnership. 

“Charter” means the charter of the Company. 

“Contested Election” means any election at which the directors on the Board shall be elected by a plurality of the votes cast
at such meeting as a result of the operation of the proviso at the end of the first sentence of Article II, Section 7(b) of the Bylaws, or any successor provision of the Bylaws. 

“Common Limited Partner” has the meaning set forth in the Operating Partnership Agreement. 

“Common OP Units” has the meaning set forth in the Recitals. 

“Common Redemption” has the meaning set forth in the Operating Partnership Agreement. 

“Common Securities” has the meaning set forth in Section 3.4. 

“Common Shares” has the meaning set forth in the Recitals. 

  
 2 

 “Company” has the meaning set forth in the Preamble. 

“Confidential Information” means all information (irrespective of the form of communication, and irrespective of whether
obtained prior to or after the date hereof) obtained by a Sponsor Stockholder or its Representatives (as defined below) from the Company or its Representatives, in connection with the Beneficial Ownership of any Covered Securities or through its
rights granted pursuant to this Agreement (including through its membership on the Board), other than information which (a) was already in the possession of a Sponsor Stockholder or its Representatives, provided that such information is
not known by a Sponsor Stockholder or its Representatives to be subject to another obligation of confidentiality to the Company, (b) was or becomes generally available to the public other than as a result of a breach of this Agreement by such
Sponsor Stockholder or its Representatives or as a result of a breach of the Existing Confidentiality Agreement, (c) was or becomes available to such Sponsor Stockholder or its Representatives from a source other than the Company, its
subsidiaries or their respective Representatives, or any other Sponsor Stockholder or its Representatives, as the case may be; provided, that the source thereof is not known by such Sponsor Stockholder or its Representatives to be bound by an
obligation of confidentiality to the Company, or (d) is or becomes independently developed by or on behalf of such Sponsor Stockholder or its Representatives without the use of any such information that would otherwise be Confidential
Information hereunder. Subject to clauses (b) through (d) above, “Confidential Information” also includes all non-public information previously provided by the Company or its Representatives under the provisions of the Existing
Confidentiality Agreement, including all information, documents and reports referred to thereunder. 
 “Covered Securities”
means (i) any Common Shares and Common OP Units received by the Sponsor Stockholders pursuant to the Equity Issuance and (ii) any Common Shares issued to the Sponsor Stockholders in exchange for Common OP Units described in the preceding
clause (i) pursuant to the terms of the Operating Partnership Agreement. 
 “Election Time” has the meaning set forth
in Section 4.17(d)(ii). 
 “Equity Issuance” has the meaning set forth in the Recitals. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time. 
 “Exchange Common Shares” has the meaning set forth in
Section 4.17(d)(ii). 
 “Existing Confidentiality Agreement” means the letter agreement relating to
confidentiality, dated as of September 18, 2014, between Blackstone Real Estate Advisors L.P. and the Operating Partnership. 

“Investment Fund” means any investment fund, investment vehicle, holding company or other account that is, directly or
indirectly, managed or advised by any Sponsor Stockholder or any of their respective Affiliates. 
 “Investor Group” has
the meaning set forth in Section 4.16. 
 “Nominating and Corporate Governance Committee” has the meaning set
forth in Article IV, Section 1 of the Bylaws (or any successor committee of the Board). 
 “Nomination Deadline” has
the meaning set forth in Section 2.1(c). 

  
 3 

 “Nomination Information” has the meaning set forth in
Section 2.1(a). 
 “Nomination Termination Date” has the meaning set forth in Section 2.1(f)(iii).

 “Non-Real Estate Private Equity Business” means any business or investment of a Sponsor Stockholder and its Affiliates
distinct from the real estate private equity business of such Sponsor Stockholder and its Affiliates; provided, that such business or investment shall not be deemed to be distinct from such real estate private equity business (and shall be
deemed to be an Affiliate of the Sponsor Stockholders) if and at such time that (a) any Confidential Information with respect to the Company or its subsidiaries is made available to investment professionals of such Sponsor Stockholder and its
Affiliates who are not involved in the real estate private equity business of such Sponsor Stockholder and its Affiliates and who are involved in such other business or investment or (b) such Sponsor Stockholder or any of its Affiliates directs
any such business or investment to take any action, to the extent that such action would violate any provision of this Agreement that would be applicable to such business or investment were it to be deemed to be a Sponsor Stockholder hereunder. 

“Non-Recourse Party” has the meaning set forth in Section 4.15. 

“NYSE” means the New York Stock Exchange, or successor thereto. 

“Operating Partnership” has the meaning set forth in the Preamble. 

“Operating Partnership Agreement” means the Third Amended and Restated Agreement of Limited Partnership of the Operating
Partnership, as may be amended, modified or restated from time to time. 
 “Permitted Debt” means any securitized
commercial mortgage backed securities or other similar instruments, mezzanine indebtedness and mortgage indebtedness, in each case secured by one or more of the properties or assets of the Company or any of its subsidiaries and without recourse to
the Company or the Operating Partnership other than customary non-recourse carveout guarantees, environmental indemnities and limited payment or similar guarantees. 

“Permitted Transfer” has the meaning set forth in Section 3.2(b). 

“Person” means an individual or a corporation, partnership, limited liability company, association, trust, or any other
entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Proposed
Recipients” has the meaning set forth in Section 4.17(d)(vi). 
 “Purchase Agreement” has the meaning
set forth in the Recitals. 
 “Representatives” of a Person means such Person’s officers or directors (or Persons
serving similar functions), employees, members, agents, partners, attorneys, accountants, consultants, bankers and financial advisors. 

“Resale Prospectus” means the Prospectus, along with any amendments or supplements thereto, forming a part of the Shelf
Registration Statement. 
 “Restricted Period” has the meaning set forth in Section 3.2(a). 

  
 4 

 “SEC” means the Securities and Exchange Commission. 

“Sponsor Cash Amount” has the meaning set forth in Section 4.17(d)(ii). 

“Sponsor Designator” means the Sponsor Stockholder, or group of Sponsor Stockholders collectively, then holding of record a
majority of the total number of Common Shares and Common OP Units held of record by all Sponsor Stockholders. 
 “Sponsor
Nominees” has the meaning set forth in Section 2.1(a). 
 “Sponsor Notice of Redemption” has the
meaning set forth in Section 4.17(d)(i). 
 “Sponsor Redemption Date” has the meaning set forth in
Section 4.17(d)(iii). 
 “Sponsor Registration Rights Agreement” means that certain Registration Rights
Agreement, dated as of the date hereof, by and among the Company and the Sponsor Stockholders. 
 “Sponsor Stockholders”
has the meaning set forth in the Preamble. 
 “Standstill Period” has the meaning set forth in Section 3.1(a).

 “Tendered Common Units” has the meaning set forth in the Operating Partnership Agreement. 

“Tendering Sponsor” has the meaning set forth in Section 4.17(d)(i). 

“Transfer” means any direct or indirect sale (including a short sale), assignment, encumbrance, pledge, hypothecation,
disposition or other transfer (by operation of law or otherwise) or entry into any contract, option or agreement with respect to any sale, assignment, encumbrance, pledge, hypothecation, disposition, “put equivalent position” (as defined
by Rule 16a-1(h) of the Exchange Act), hedging transaction or other transfer (by operation of law or otherwise), of any capital stock or interest (including voting interest) in any capital stock (it being understood that no Transfer shall be deemed
to be made by a Sponsor Stockholder solely as a result of direct or indirect transfers of limited partnership interests in such Sponsor Stockholder so long as (i) The Blackstone Group L.P. and its Affiliates retain sole voting control over such
Sponsor Stockholder following any such direct or indirect transfer and (ii) such direct or indirect transfer shall not require any public report or filing under Section 16(a) of the Exchange Act reporting a reduction in beneficial
ownership of any Covered Securities, on a combined basis, by The Blackstone Group L.P. and its Affiliates). 
 1.2 Construction.
Unless the context requires otherwise, the gender of all words used in this Agreement includes the masculine, feminine and neuter forms and the singular form of words shall include the plural and vice versa. All references to Articles and Sections
refer to articles and sections of this Agreement, and all references to Schedules and Exhibits are to Schedules and Exhibits attached hereto, each of which is made a part hereof for all purposes. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation” (except to the extent the context otherwise provides). This Agreement shall be construed
without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted. 

  
 5 

 ARTICLE II 

CORPORATE GOVERNANCE 
 2.1
Board Nomination Rights. 
 (a) On or prior to the date of this Agreement, the Company shall increase the number of directors of the
Board in accordance with Article III Section 2 of the Bylaws to twelve (12) directors and elect to the Board of Directors of the Company (the “Board”) three (3) individual nominees designated by the Sponsor Designator
(the “Sponsor Nominees”); provided, however, that no such election of a particular Sponsor Nominee shall be required if the Board reasonably determines in good faith, after consultation with outside legal counsel, that
such Sponsor Nominee has been involved in any of the events enumerated in Items 2(d) or (e) of Schedule 13D under the Exchange Act or Item 401(f) of Regulation S-K under the Exchange Act or is subject to any order, decree or judgment of
any governmental authority prohibiting service as a director of any public company, in which case the Sponsor Designator shall withdraw the designation of such Sponsor Nominee and shall designate another individual as a Sponsor Nominee, which
replacement will also be subject to the requirements of this Section 2.1(a). The Sponsor Stockholders will take all necessary action to cause any Sponsor Nominee to consent to such reference and background checks and to provide such
information (including information necessary to determine such Sponsor Nominee’s independence status as well as information necessary to determine any disclosure obligations of the Company) as the Board or its Nominating and Corporate
Governance Committee may reasonably request in connection with the Company’s disclosure obligations or in connection with the Company’s legal, regulatory or stock exchange requirements (collectively, the “Nomination
Information”), which requests shall be of the same type and scope as the Company requests of all other nominees to the Board. As of the date of this Agreement, the Sponsor Designator has designated Frank Cohen, Michael Nash and John
Schreiber as the initial Sponsor Nominees, and the Company has determined that such Sponsor Nominees satisfy the requirements of this Section 2.1(a). 

(b) The Company agrees, to the fullest extent permitted by applicable law (including with respect to any standard of conduct required of
directors under Maryland law), to include in the slate of nominees recommended by the Board (or the Nominating and Corporate Governance Committee of the Board) for election at any annual or special meeting of stockholders of the Company at which
directors are to be elected to the Board (or consent in lieu of meeting) the applicable Sponsor Nominees, and to nominate, recommend and use its reasonable best efforts to solicit the vote of stockholders of the Company to elect to the Board such
slate of directors (which efforts shall, to the fullest extent permitted by applicable law, include the inclusion in any proxy statement prepared, used, delivered or publicly filed by the Company to solicit the vote of its stockholders in connection
with any such meeting the recommendation of the Board that the stockholders of the Company vote in favor of the slate of directors, including the Sponsor Nominee(s)). For any meeting (or consent in lieu of meeting) of the Company’s stockholders
for the election of members of the Board, the Board (or the Nominating and Corporate Governance Committee thereof) shall not nominate, in the aggregate, a number of nominees greater than the number of members of the Board. 

  
 6 

 (c) The Sponsor Designator shall deliver to the Company a written notice identifying each such
Sponsor Nominee, together with all Nomination Information about such proposed Sponsor Nominee as shall be reasonably requested by the Board (or the Nominating and Corporate Governance Committee thereof) no later than the earlier of (the
“Nomination Deadline”) (x) fifteen (15) Business Days following the written request of the Company and (y) the time by which such information is reasonably requested by the Board (or the Nominating and Corporate
Governance Committee thereof) to be delivered (which time shall be concurrent with the request for such information from and otherwise consistent with the request for such information from the other nominees). If the Sponsor Designator fails to
designate all the Sponsor Nominees it is entitled to designate prior to such time, then the Sponsor Nominee(s) previously designated by the Sponsor Designator and then serving on the Board (if any) shall be the proposed Sponsor Nominee(s). 

(i) If a Sponsor Nominee who has been designated by the Sponsor Designator and nominated for election as a director in
accordance with this Section 2.1 is not so elected at any meeting of the stockholders of the Company at which directors are to be elected that is a Contested Election, then (x) such Sponsor Nominee shall not be a director for such
new term, (y) any such election loss shall not be deemed to create a vacancy that the Sponsor Designator shall have the right to fill pursuant to this Agreement and (z) neither the Company nor the Board will be obligated to increase the
size of the Board or take any other action during such new term to elect such Sponsor Nominee or any designated replacement thereof to serve as an additional director during such new term; provided, however, that nothing in the
foregoing clauses (x), (y) or (z) shall in any way affect the rights of the Sponsor Designator, in connection with the next meeting of the stockholders of the Company at which directors are to be elected, to designate up to the total
number of Sponsor Nominees to which it is entitled pursuant to Section 2.1(a) (subject to Section 2.1(f)); and 

(ii) if a Sponsor Nominee who has been designated by the Sponsor Designator and nominated for election as a director in
accordance with this Section 2.1 is not so elected at any meeting of the stockholders of the Company at which directors are to be elected that is not a Contested Election, then (x) if such Sponsor Nominee is then a director on the
Board, such Sponsor Nominee will continue in office as a “holdover” director, but will tender his or her resignation as a director, subject to acceptance thereof by the Board, each in accordance with the Company’s Corporate Governance
Guidelines, and if the Board thereafter accepts such resignation, then such resignation will be deemed to create a vacancy that the Sponsor Designator shall have the exclusive right to fill pursuant to Section 2.1(d) below, and the
Sponsor Designator agrees that it will fill such vacancy with a Sponsor Nominee other than the Sponsor Nominee who failed to be elected at such meeting of the stockholders of the Company and whose resignation was so accepted, or (y) if such
Sponsor Nominee is not then a director on the Board, such election loss will be deemed to create a vacancy that the Sponsor Designator shall have the exclusive right to fill pursuant to Section 2.1(d) below, and the Sponsor Designator
agrees that it will designate a new Sponsor Nominee fill such vacancy with a Sponsor Nominee other than the Sponsor Nominee that failed to be so elected. 

(d) Prior to the Nomination Termination Date, the Sponsor Designator shall have the exclusive right to designate a nominee to fill any and all
vacancies created by reason of the death, resignation (including as described in Section 2.1(e)(i)(ii) above) or removal (in accordance with the Charter) of any Sponsor Nominee (other than the resignation or removal of any Sponsor
Nominee as a result of the reduction in the number of Sponsor Nominees pursuant to clauses (i) or (ii) of Section 2.1(f) below) and such nominee will be promptly elected to the Board by the Board to serve until the next annual
meeting of stockholders and until his or her successor is elected and qualifies. If the Sponsor Designator fails to designate a replacement Sponsor Nominee for any such vacancy prior to the Nomination Deadline, or if later, the time the Company
reasonably requires such information in connection with its next meeting of stockholders at which directors are to be elected, then such directorship shall be eliminated by the Board with effect immediately prior to such next meeting. If such
directorship shall be so eliminated, the Sponsor Designator shall have the right to designate Sponsor Nominees pursuant to Section 2.1(a) (subject to Section 2.1(f)) to fill such vacancy at the subsequent meeting of
stockholders at which directors are to be elected, and immediately prior to such meeting the Company shall increase the number of directors of the Board in accordance with Article III Section 2 of the Bylaws to create the necessary number of
vacancy(ies). 

  
 7 

 (e) Each Sponsor Nominee serving on the Board shall be subject to the policies and requirements
of the Company and the Board, including the Company’s Corporate Governance Guidelines and the Company’s Code of Business Conduct and Ethics, in a manner consistent with the application of such policies and requirements to other members of
the Board, and shall be entitled to the same rights, privileges and compensation applicable to all other members of the Board generally or to which all such members of the Board are entitled. In furtherance of the foregoing, the Company shall
indemnify, exculpate, and reimburse fees and expenses of the Sponsor Nominees (including by entering into an indemnification agreement in a form substantially similar to the Company’s form director indemnification agreement) and provide the
Sponsor Nominees with director and officer insurance to the same extent it indemnifies, exculpates, reimburses and provides insurance for the other members of the Board pursuant to the Charter, Bylaws, applicable law or otherwise. The Company will
prepare and provide, or cause to be prepared and provided, to the Sponsor Nominees (in their capacity as such), any information, and access to any information, relating to the Company and its subsidiaries as and when provided to other members of the
Board (other than any information in connection with (x) evaluating or negotiating any transaction with a Sponsor Stockholder or any of its Affiliates or (y) business opportunities being pursued by the Company or its subsidiaries, on the
one hand, and by a Sponsor Stockholder or its Affiliates, on the other hand). 
 (f) The obligations of the Company pursuant to this
Section 2.1 shall be subject to the following: 
 (i) in the event that the Sponsor Stockholders Beneficially
Own, in the aggregate, a number of Common Shares and Common OP Units representing less than or equal to 50%, but greater than or equal to 30%, of the total number of Common Shares and Common OP Units issued to the Sponsor Stockholders pursuant to
the Equity Issuance, the number of Sponsor Nominees which may be designated by the Sponsor Designator pursuant to this Section 2.1 shall be reduced to two (2) individual nominees, and at the request of the Board, the Sponsor
Stockholders shall cause the applicable number of Sponsor Nominees then serving on the Board to promptly resign from the Board (which resigning Sponsor Nominee shall be selected by the Sponsor Designator), following which (A) no more than two
(2) Sponsor Nominees shall be serving on the Board and (B) the size of the Board shall be reduced correspondingly; 

(ii) in the event that the Sponsor Stockholders Beneficially Own, in the aggregate, a number of Common Shares and Common OP
Units representing less than 30%, but greater than or equal to 15%, of the total number of Common Shares and Common OP Units issued to the Sponsor Stockholders pursuant to the Equity Issuance, the number of Sponsor Nominees which may be designated
by the Sponsor Designator pursuant to this Section 2.1 shall be reduced to one (1) individual nominee, and at the request of the Board, the Sponsor Stockholders shall cause the applicable number of Sponsor Nominees then serving on
the Board to promptly resign from the Board (which resigning Sponsor Nominees shall be selected by the Sponsor Designator), following which (A) no more than one (1) Sponsor Nominee shall be serving on the Board and (B) the size of the
Board shall be reduced correspondingly; and 
 (iii) all obligations of the Company under this Section 2.1 shall
terminate (and the Sponsor Stockholders shall have no further rights to designate any Sponsor Nominees) upon the first to occur of: (A) such time as the Sponsor Stockholders shall Beneficially Own, in the aggregate, a number of Common Shares
and Common OP Units representing less than 15% of the total number Common Shares and Common OP Units issued to the Sponsor Stockholders pursuant to the Equity Issuance or (B) the delivery by the Sponsor Designator of written notice to the
Company irrevocably waiving and terminating all of the Sponsor Stockholders’ rights under this Section 2.1 (the date of termination of the obligations of the Company under this Section 2.1 

  
 8 

 
pursuant to the foregoing clauses (A) or (B) being referred to herein as the “Nomination Termination Date”), and upon such Nomination Termination Date, the Sponsor
Stockholders shall cause all Sponsor Nominees then serving on the Board to promptly resign from the Board. 
 (g) Except in accordance with
this Section 2.1, the Board shall not seek the removal of a Sponsor Nominee without the prior written consent of the Sponsor Designator. 

(h) In addition to any vote or consent of the Board required by applicable law or the Charter or Bylaws, prior to the Nomination Termination
Date, any action by the Company to (i) increase the total number of directors comprising the Board to more than a total of twelve (12) directors or (ii) adopt any qualifications of a director to be imposed upon a Sponsor Nominee,
other than those required by the Bylaws as of the date hereof or those generally applicable to all directors shall, in each case, require the prior written consent of the Sponsor Designator. 

(i) The Company shall not amend Article III, Section 15 of the Bylaws without the prior written consent of the Sponsor Designator. In
addition, to the maximum extent permitted from time to time by the laws of the State of Maryland, the Company hereby renounces, and the Board shall adopt a resolution renouncing, any interest or expectancy in, or any right to be offered an
opportunity to participate in, business opportunities or classes or categories of business opportunities that are developed by or presented to one or more of the Sponsor Nominees, even if the opportunity is one that the Company or its subsidiaries
might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so, and no Sponsor Nominee shall have any duty to communicate or offer such business opportunity to the Company or any of the
Company’s Affiliates. Notwithstanding the foregoing, a Sponsor Nominee who is offered an opportunity expressly in his or her capacity as a director of the Company (a “Directed Opportunity”) shall be obligated to communicate
such Directed Opportunity to the Company. 
 (j) Until such time as the Sponsor Stockholders or their respective Affiliates own, or are
entitled to exercise or direct the voting power of in the election of directors, Covered Securities that would entitle the Sponsor Stockholders, in the aggregate, to exercise or direct the exercise of less than 10% of the voting power of the
Company’s stock in the election of directors (assuming for this purpose that all Common OP Units held by the Sponsor Stockholders are exchanged for Common Shares), the Company shall not take any action so as to cause the application of Title 3,
Subtitle 7 of the Maryland General Corporation Law, or any successor statute, to any Covered Securities Beneficially Owned by the Sponsor Stockholders. 

2.2 Committee Representation Rights. For so long as the Sponsor Designator shall have the right to designate at least two
(2) Sponsor Nominees pursuant to Section 2.1, subject to the satisfaction by the applicable Sponsor Nominee of the independence requirements of Rule 10A-3 of the Exchange Act and the requirements to qualify as an “independent
director” under the rules of the NYSE, the Company shall, if requested in writing by the Sponsor Designator, promptly appoint one (1) Sponsor Nominee then serving on the Board, selected by the Sponsor Designator, to serve on each committee
of the Board (and for the avoidance of doubt, the Sponsor Designator may select different Sponsor Nominees to serve on different committees of the Board and may, upon written notice to the Company, modify such selections which shall be promptly
effected by the Company) other than any committee formed for the purpose of evaluating or negotiating any transaction with Sponsor Stockholder, Advisor or any of its or their respective Affiliates. 

  
 9 

 ARTICLE III 

COVENANTS 
 3.1 Standstill.

 (a) Each Sponsor Stockholder and the Advisor agrees that during the period beginning on the date of this Agreement and ending on the date
on which the Sponsor Stockholders Beneficially Own, in the aggregate, a number of Common Shares representing less than 10% of the total number of Common Shares of the Company (on a fully diluted basis) then outstanding (such period, the
“Standstill Period”), without the prior written consent of the Company, it will not at any time, nor will it cause or permit any of its Affiliates or any of its or their Representatives (acting at its or their direction or on its or
their behalf) to, acquire, make any proposal or offer to acquire, or propose or facilitate the acquisition of, directly or indirectly, by purchase or otherwise, record or Beneficial Ownership of (i) any additional equity securities of the
Company, including Common Shares, or securities of the Company convertible, exchangeable, redeemable or exercisable into such equity securities (other than Common Shares issued or issuable as a result of any stock split, stock dividend or
distribution, subdivision, recapitalization or other similar transaction of Common Shares or upon exchange of Common OP Units), or (ii) other than any Permitted Debt, any debt securities of the Company or the any of its subsidiaries or other
direct or indirect interests in loans or recourse indebtedness issued by the Company or any of its subsidiaries. During the Standstill Period, without the prior written consent of the Company, each Sponsor Stockholder and the Advisor agrees it will
not at any time, nor will it cause or permit any of its Affiliates or any of its or their Representatives (acting at its or their direction or on its or their behalf) to, directly or indirectly: 

(i) enter into, agree to enter into, commence or submit any merger, consolidation, tender offer, exchange offer, business
combination, share exchange, recapitalization, restructuring or other extraordinary transaction involving the Company, any subsidiary or division of the Company, or any of their respective securities or assets or take any action that would
reasonably be expected to require the Company to make a public announcement regarding the possibility of any such transaction; 

(ii) tender into a tender or exchange offer commenced by a third party other than a tender or exchange offer that the Board has
affirmatively publicly recommended to the Company’s stockholders that such stockholders tender into such offer and has not publicly withdrawn or changed such recommendation (and in the case of such a withdrawal or change of recommendation, it
shall not be a breach of this clause (ii) if the tendered or exchanged securities are withdrawn prior to the expiration of such tender or exchange offer); 

(iii) (x) make, or in any way participate in, any “solicitation” of “proxies” (as such terms are used in
the proxy rules of the SEC promulgated pursuant to Section 14 of the Exchange Act) to vote any securities of the Company under any circumstances, or deposit any securities of the Company in a voting trust or subject them to a voting agreement,
pooling agreement or other agreement of similar effect (other than solely between or among the Sponsor Stockholders or any of their Affiliates), (y) seek to advise or influence any Person with respect to the voting of any securities of the
Company or the Operating Partnership (other than to vote as recommended by Board), or (z) grant any proxy with respect to any Common Shares (other than (A) in connection with satisfying the Sponsor Stockholders obligations under
Section 3.1(b) or (B) otherwise to the Company or a Person specified by the Company in a proxy card provided to stockholders of the Company by or on behalf of the Company) or other equity securities of the Company; 

(iv) form, join or in any way participate in a “group” (as that term is used for purposes of Rule 13d-5 or
Section 13(d)(3) of the Exchange Act) with respect to any of securities of the Company, other than a group including solely the Sponsor Stockholders and their Affiliates; 

  
 10 

 (v) disclose any intention, plan or arrangement to change any of the members of
the Board (other than pursuant to its rights hereunder), any of the executive officers of the Company, the Charter or the Bylaws, other than to the Company or the Board or their Representatives (it being understood that this clause (v) shall
not prohibit any Sponsor Stockholder from voting any securities of the Company in its sole discretion, but subject to Section 3.1(b)); 

(vi) call, request the calling of, or otherwise seek or submit a written request for the calling of a special meeting of, or
initiate any stockholder proposal for the election of any director (other than the designation to the Company of a Sponsor Nominee in accordance with Section 2.1) or any other action by, the stockholders of the Company; 

(vii) seek to influence or control the management of the Board, or the policies, affairs or strategy of the Company or the
Operating Partnership; 
 (viii) publicly disclose any intention, plan or arrangement inconsistent with the foregoing; 

(ix) advise, knowingly assist or knowingly encourage, or enter into any arrangements with, any other Persons in connection with
any of the foregoing; or 
 (x) request the Company to amend or waive any provision of this Section 3.1
(including this clause (x)); 
 provided, that the restrictions set forth in this Section 3.1(a) shall not be deemed to
restrict any actions taken by any Sponsor Nominee serving on the Board solely in his or her capacity as a director or any non-public, internal actions taken by the Sponsor Stockholders or any of their Affiliates or Representatives to prepare any
Sponsor Nominee to act in such capacity. 
 (b) Until such time as the Sponsor Stockholders Beneficially Own, in the aggregate, a number of
Common Shares and Common OP Units representing less than 15% of the total number Common Shares and Common OP Units issued to the Sponsor Stockholders pursuant to the Equity Issuance, each Sponsor Stockholder shall cause all Common Shares held by
such Sponsor Stockholder to be voted by proxy (returned sufficiently in advance of the deadline for proxy voting for the Company to have the reasonable opportunity to verify receipt) mailed to the stockholders of the Company in connection with the
solicitation of any proxy (i) in favor of all persons nominated to serve as directors of the Company by the Board (or the Nominating and Corporate Governance Committee thereof) in any slate of nominees which includes Sponsor Nominees and
(ii) otherwise in accordance with the recommendation of the Board (to the extent such recommendation is not inconsistent with the rights of the Sponsor Stockholders under this Agreement) with respect to any other action, proposal or other
matter to be voted upon by the stockholders of the Company other than in connection with (A) any proposed Change of Control Transaction, (B) any amendment to the Charter or Bylaws, (C) any other transaction that the Company submits to
a vote of the stockholder approval pursuant to Section 312.03 of the NYSE Listed Company Manual (or, if applicable, any successor rule or regulation of the NYSE) or (D) any other transaction that the Company submits to a vote of the
stockholders for approval. 

  
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 3.2 Restrictions on Transfer. 

(a) Subject to Section 3.2(b) below and in addition to any restrictions on transfer set forth in the Operating Partnership
Agreement, during the period beginning on the date of this Agreement and ending on March 1, 2016 (the “Restricted Period”), no Sponsor Stockholder shall Transfer any Covered Securities; provided, however, that on
November 1, 2015, the provisions of this Section 3.2 shall cease to be applicable to 50% of the Covered Securities (with the Sponsor Designator being able to designate from time to time whether the Covered Securities in respect of
which this Section 3.2 shall cease to be applicable shall be Common Shares and/or Common OP Units); provided, further, that (x) in the event that, prior to November 1, 2015, the Sponsor Designator delivers written
notice to the Company irrevocably waiving and terminating all of the Sponsor Stockholders’ rights under Section 2.1, the Restricted Period shall be deemed to end on, and all obligations of the Sponsor Stockholders under this
Section 3.2(a) shall terminate as of, November 1, 2015, and (y) in the event that, following November 1, 2015, but prior to March 1, 2016, the Sponsor Designator delivers written notice to the Company irrevocably
waiving and terminating all of the Sponsor Stockholders’ rights under Section 2.1, the Restricted Period shall be deemed to end on, and all obligations of the Sponsor Stockholders under this Section 3.2(a) shall
terminate as of, the earlier of March 1, 2016 and thirty (30) days following the Company’s receipt of such written notice. 

(b) The Sponsor Stockholders shall, subject to the “Aggregate Stock Ownership Limit” and the “Common Stock Ownership
Limit” (as set forth and defined in Article VI of the Charter) (but giving effect to, and subject to the terms of, any waiver thereof granted by the Board to the Sponsor Stockholders) and subject to the terms of the Operating Partnership
Agreement (after application of Section 4.17 hereof), be entitled to Transfer any Covered Securities at any time (i) to the Company, (ii) to any Affiliate or any Investment Fund of which such Sponsor Stockholder or an Affiliate
of such Sponsor Stockholder serves as the general partner, managing member or discretionary manager or advisor, so long as such transferee, in connection with such Transfer, executes a joinder to this Agreement evidencing such transferee’s
agreement to become a party to and be bound by and subject to the terms and provisions of this Agreement to the same effect as such transferring Sponsor Stockholder, and upon such Transfer to be deemed a “Sponsor Stockholder” hereunder (a
“Permitted Transfer”), (iii) pursuant to an order of a court, regulatory agency or other governmental authority, or (iv) if such Transfer is solely to tender into a tender or exchange offer commenced by a third party (for
the avoidance of doubt, not in violation of this Agreement, including pursuant to Section 3.1(a)(ii)). 
 (c) Any Transfer or attempted
Transfer of Covered Securities in violation of this Section 3.2 shall, to the fullest extent permitted by applicable law, be null and void ab initio, and the Company shall not, and shall instruct its transfer agent and other third
parties not to, record or recognize any such purported transaction on the share register of the Company. 
 (d) If any Covered Securities
are certificated, upon the request of a holder thereof following the expiration of the restrictions pursuant to this Section 3.2 with respect to such Covered Securities (including in connection with a transaction referenced in
Section 4.1), the holder thereof shall be entitled to promptly receive from the Company new certificates for a like number of Covered Securities not bearing any legend with respect to transfer restrictions pursuant to this Agreement,
including those legends referred to in Section 4.4(d) of the Purchase Agreement, but not including the last block paragraph of the legend referred to in Section 4.4(e) of the Purchase Agreement. 

3.3 Confidentiality. 

(a) In furtherance of and not in limitation of any other similar agreement a Sponsor Stockholder or any of its Representatives may have with
the Company or its subsidiaries or any other Person, each of the Sponsor Stockholders hereby agrees that all Confidential Information with respect to the Company and its subsidiaries (including the Operating Partnership) and its and their respective

  
 12 

 
businesses, finances and operations shall be kept confidential by such Sponsor Stockholder and its Representatives, shall not be disclosed by any such Person in any manner whatsoever, except as
permitted by this Section 3.3(a) and shall not be used for any purpose other than as expressly permitted by this Agreement. Any Confidential Information may be disclosed: 

(i) by a Sponsor Stockholder to its Affiliates and its and their Representatives, in each case, solely if and to the extent any
such Affiliate or Representative needs to be provided such Confidential Information to assist such Sponsor Stockholder in evaluating or reviewing its investment in the Company, including in connection with the disposition thereof, and each such
Affiliate or Representative shall be deemed to be bound by the provisions of this Section 3.3(a) and such Sponsor Stockholder shall be responsible for any breach of this Section 3.3(a) by any such Affiliate or Representative;

 (ii) by a Sponsor Stockholder or any of its Representatives to the extent the Company consents in writing; or 

(iii) by a Sponsor Stockholder or Representatives to the extent that such Sponsor Stockholder or Representative has received
advice from its counsel (including in-house counsel) that it is required to do so to comply with applicable law or legal or regulatory process or any request by or from a governmental or regulatory authority; provided, that, prior to making
such disclosure, such Person uses reasonable best efforts to preserve the confidentiality of the Confidential Information to the extent permitted by applicable law, including, to the extent reasonably practicable and permitted by applicable law,
(A) consulting with the Company regarding such disclosure and (B) if requested by the Company, assisting the Company in seeking a protective order to limit the scope of or prevent the requested disclosure; provided, further,
that such Sponsor Stockholder or Representative uses reasonable best efforts to disclose only that portion of the Confidential Information as is requested by the applicable governmental or regulatory authority or as is, based on the written advice
of its counsel (including in-house counsel), required to comply with applicable law or legal or regulatory process. 
 (b) Each Sponsor
Stockholder agrees that, without limiting any Sponsor Nominee’s legal duties as a member of the Board under applicable law but subject to Section 3.3(a) above, each of the parties hereto hereby consents to the Sponsor Nominees
sharing any information such Sponsor Nominee (in his or her capacity as such) receives from the Company with the Sponsor Stockholders, their Affiliates and their respective Representatives, in each case, who shall be deemed to be bound by the
provisions of this Section 3.3 and, in the case of an Affiliate of a Sponsor Stockholder, by Section 3.1 (and the relevant Sponsor Stockholder shall also remain responsible for any breach of such provisions by any such
Sponsor Stockholder’s Affiliates and Representatives), for the internal use by such Sponsor Stockholder and its Affiliates of any such information, subject, however, to (x) such Sponsor Stockholder, any Investment Fund of such Sponsor
Stockholder or any of their respective Affiliates maintaining adequate procedures to prevent such information from being used in connection with the purchase or sale of securities of the Company in violation of applicable law or this Agreement and
(y) compliance by such Sponsor Stockholder and, to the extent Confidential Information is furnished thereto, any of its Restricted Affiliates with the confidentiality provisions set forth in this Section 3.3 and any applicable
restrictions set forth in Section 3.1. Each Sponsor Stockholder hereby covenants and agrees that it will establish and maintain adequate procedures to prevent Confidential Information with respect to the Company, its subsidiaries and its
and their businesses, finances and operations from being disclosed in violation of this Agreement. 
 3.4 Issuances of Common
Securities. During the period beginning on the date of this Agreement and ending on the twenty-four (24) month anniversary of the date of this Agreement, without 

  
 13 

 
the prior written consent of the Sponsor Designator, neither the Company nor any subsidiary of the Company, including the Operating Partnership, shall issue any common equity securities
(including Common Shares, Common OP Units, or other securities which may be acquired by any Person pursuant to any contract, arrangement or understanding or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise
or any combination of any of the foregoing) or any debt or equity securities which vote together in any respect with any such common equity securities) (collectively, “Common Securities”), other than (i) one or more issuances
of up to 16,843,028 Common Shares, in the aggregate (which amount shall not include any issuances of Common Securities described in the following clauses (ii) and (iii)), (ii) issuances of Common Securities to employees, officers,
directors and consultants of the Company or any of its subsidiaries in the ordinary course of business pursuant to any Company compensatory agreement or plan, (iii) issuances of Common Shares in redemption of (including where the proceeds of
such issuances are used to pay the redemption price therefor) or in exchange for any outstanding (x) Common OP Units, (y) preferred units of limited partnership interest in the Operating Partnership, and (z) shares of the
Company’s 8.375% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share, (iv) issuances of securities and other equity issuances in property joint ventures or (v) issuances of equity securities by entities that are
non-wholly owned subsidiaries of the Operating Partnership where such issuances are solely intended to facilitate the ability of such subsidiary to qualify as a real estate investment trust for tax purposes and are issued for customary consideration
and on other customary terms. For purposes of this Section 3.4, perpetual preferred equity securities on market terms shall not be deemed to be convertible into or exchangeable for common equity securities solely due to a customary right
of conversion or exchange in connection with a change of control transaction or a delisting event. For purposes of calculating the number Common Shares issued under clause (i) above with respect to (x) Common Shares that may be acquired
upon the exercise of conversion rights, exchange rights warrants or options, the maximum number of Common Shares that may be issued shall be used and (y) shares that vote together with common equity securities, the number of voting equivalents
shall be used, and, if both clauses (x) and (y) apply, the greater number of shall be used. 
 ARTICLE IV 

MISCELLANEOUS 
 4.1
Termination. 
 (a) At such time when the Sponsor Stockholders and their Affiliates no longer Beneficially Own any Covered
Securities, then this Agreement shall automatically terminate and be of no further force and effect. 
 (b) Upon the consummation of any
merger, consolidation or similar transaction involving the Company whereby, immediately following the consummation of such transaction, the holders of Common Shares of the Company immediately prior to the consummation of such transaction do not
continue to hold (in substantially the same proportion as their ownership of the Company’s voting securities immediately prior to the transaction) more than 50% of all of the outstanding Common Shares or other securities entitled to vote for
the election of directors of the surviving or resulting entity in such transaction, this Agreement shall automatically terminate and be of no further force and effect; provided, that Section 2.1(i), Section 2.1(j),
Section 3.2(d), Section 3.3 (for one year following the termination hereof) and this Article IV (and the definitions in Article I to the extent applicable) shall survive in accordance with their terms. 

4.2 Sponsor Stockholder Actions. Any determination, consent or approval of, or notice or request delivered by, or any other action of,
any Sponsor Stockholder shall be made by, and shall be valid and binding upon, all Sponsor Stockholders, if made by the Sponsor Designator. 

  
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 4.3 Joint and Several Liability. The Sponsor Stockholders hereby agree that all covenants,
agreements, liability and obligations under this Agreement are joint and several to the Sponsor Stockholders, and each Sponsor Stockholder will be liable to the fullest extent provided for in this Agreement for any breach, default, liability or
other obligation of each of the other Sponsor Stockholders. 
 4.4 Further Assurances. Each of the parties hereto agrees that it
shall use reasonable best efforts to take, or cause to be taken, all actions necessary, proper or advisable to give effect to the obligations of the parties hereunder, including by executing and delivering such additional documents as may be
reasonably necessary or desirable to effectuate this Agreement. 
 4.5 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile, portable document format (.pdf)
or other electronic means shall be effective as delivery of a manually executed counterpart to this Agreement. 
 4.6 Notices. All
notices, requests, demands, claims and other communications which are required or may be given under this Agreement shall be in writing and shall be deemed to have been duly given when received if personally delivered; when transmitted if
transmitted by facsimile (with written confirmation of transmission) and the Business Day after it is sent, if sent for next day delivery to a domestic address by recognized overnight delivery service (e.g., Federal Express). In each case
notice shall be sent to: 
  

	 	(a)	If to the Company: 

 Hudson Pacific Properties, Inc. 

11601 Wilshire Blvd. 6th Floor 

Los Angeles, California 90025 

Attention: General Counsel 

Facsimile: (310) 445-5710 

with a copy (which shall not constitute notice) to: 

Latham & Watkins LLP 

355 South Grand Avenue 
 Los
Angeles, California 90071 
 Attention: Julian Kleindorfer; Bradley A. Helms 

Facsimile: (213) 891-8763 
  

	 	(b)	If to the Sponsor Stockholders: 

 Blackstone Real Estate Advisors L.P. 

345 Park Avenue 
 New York, New
York 10154 
 Attention: Frank Cohen and Judy Turchin 

Facsimile: (212) 583-5202 

with a copy (which shall not constitute notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Attention: Brian Stadler 

Facsimile: (212) 455-2502 

  
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 Any party hereto may change the address or facsimile number to which notices, requests, demands,
claims, and other communications hereunder are to be delivered by giving each other party hereto notice in the manner herein set forth. 

4.7 Governing Law; Judicial Proceedings; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the
laws of the State of Maryland, without regard to principles of conflicts of laws thereof. In any judicial proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties unconditionally
submits to the exclusive jurisdiction and venue in the Circuit Court for Baltimore City, Maryland, or if jurisdiction over the matter is vested exclusively in federal courts, the United States District Court for the District of Maryland, and the
appellate courts to which orders and judgments thereof may be appealed. In any such judicial proceeding, the parties agree (i) to consent to the assignment of any proceeding in the Circuit Court for Baltimore City, Maryland to the Business and
Technology Case Management Program pursuant to Maryland Rule 16-205 (or any successor thereof); and (ii) that in addition to any method for the service of process permitted or required by such courts, to the fullest extent permitted by law,
service of process may be made by delivery provided pursuant to the directions in Section 4.6. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY
DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 4.8 Enforcement. Each of the parties hereto
acknowledges and agrees that the other parties would be damaged irreparably, and in a manner for which monetary damages would not be an adequate remedy, in the event any of the provisions of this Agreement are not performed in accordance with its
specific terms or otherwise are breached. Accordingly, each of the parties hereto agrees that the other parties shall be entitled to an injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically
this Agreement and the terms and provisions hereof in any action instituted as provided in Section 4.7, in addition to any other remedy to which they may be entitled, at law or in equity and that each party hereto agrees to waive any
requirements for the securing or posting of any bond or other security in connection with such remedy. 
 4.9 Amendment and Modification;
Waiver. This Agreement may not be amended, modified or supplemented, except by an instrument in writing signed on behalf of each of the parties hereto and any party subsequently made a party hereto pursuant to a joinder executed by any Sponsor
Stockholder in accordance with Section 3.2(b). Any agreement on the part of a party hereto to any waiver of any obligation of the other parties shall be valid only if set forth in an instrument in writing signed on behalf of such waiving
party. The failure of any party hereto to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights, nor shall any single or partial exercise by any party hereto of any of its rights under this Agreement
preclude any other or further exercise of such rights or any other rights under this Agreement. 
 4.10 Severability. If any
provision of this Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected
thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the
fullest extent permitted by law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby. 

  
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 4.11 Table of Contents, Headings and Captions. The table of contents, headings,
subheadings and captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

4.12 Entire Agreement; Third Party Beneficiaries. This Agreement (including the Purchase Agreement, together with the several
agreements and other documents and instruments referred to therein or annexed thereto), as well the terms and conditions of any waiver granted by the Board to the Sponsor Stockholders with respect to any provisions of the Charter,
(i) constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties hereto and their Affiliates with respect to the subject matter hereof and thereof and (ii) is not
intended to confer any rights, benefits, remedies, obligations or liabilities upon any Person other than the parties hereto and thereto, as the case may be, and their respective successors and permitted assigns. 

4.13 Certain Transactions. In the event of any stock split, reverse stock split, stock dividend or distribution, subdivision, or any
change in the Common Shares or Common OP Units by reason of any recapitalization, combination, reclassification, exchange of shares or similar transaction, the terms “Common Shares” and “Common OP Units” used herein shall, as
applicable, including for purposes of the definition of “Covered Securities”, be deemed to refer to and include all such dividends and distributions and any other securities into which or for which any or all of such securities may be
changed or exchanged or which are received in such transaction. 
 4.14 Publicity. To the extent any public announcement by the
Company is in respect of the matters governed by this Agreement, the Company will use its reasonable best efforts to consult with the Sponsor Stockholders prior to such announcement (except to the extent such information is consistent with prior
public disclosure or is otherwise in the public domain). 
 4.15 No Recourse. The parties agree that this Agreement may only be
enforced against, and any claims or causes of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified
as parties hereto and no former, current or future equity holders, controlling persons, directors, officers, employees, agents or Affiliates of any party hereto or any former, current or future stockholder, controlling person, director, officer,
employee, general or limited partner, member, manager, agent or Affiliate of any of the foregoing (each, a “Non-Recourse Party”) shall have any liability for any obligations or liabilities of the parties to this Agreement or for any
claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby or in respect of any representations made or alleged to be made in connection herewith. Without limiting the rights of any
party against the other parties hereto, and subject to the immediately following sentence, in no event shall any party or any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement against, or seek to
recover monetary damages from, any Non-Recourse Party. Notwithstanding the foregoing, this Section 4.15 shall in no way be deemed to limit the liability or obligations of any party to the extent that such party is required to cause its
subsidiaries, Affiliates or Representatives to take any action or refrain from taking any action pursuant to this Agreement. 
 4.16
Dealings with the Sponsor Stockholders. Each of the Company and the Sponsor Stockholders acknowledge and agree that: (a) the Sponsor Stockholders and their Non-Recourse Parties (collectively, the “Investor Group”;
provided, that for purposes of this Section 4.16, references to “Investor Group” shall not include any Sponsor Nominees in their capacity as such, provisions with respect to whom are contained in
Section 2.1(i)) (i) have investments or other business relationships with entities engaged in other businesses (including those which may compete with the business of the Company and any of its subsidiaries or areas in which the
Company or any of its subsidiaries may in the 

  
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future engage in business) and in related businesses other than through the Company or any of its subsidiaries, (ii) may develop a strategic relationship with businesses that are or may be
competitive with the Company or any of its subsidiaries and (iii) will not be prohibited by virtue of its investment in the Company or its subsidiaries, or its service on the Board or any subsidiary’s board of directors or other governing
body, from pursuing and engaging in any such activities; (b) neither the Company nor any other stockholders of the Company shall have any right in or to such other ventures or activities or to the income or proceeds derived therefrom;
(c) no member of the Investor Group shall be obligated to present any particular investment or business opportunity to the Company even if such opportunity is of a character which, if presented to the Company, could be undertaken by the
Company, and each member of the Investor Group shall have the right to undertake any such opportunity for itself for its own account or on behalf of another or to recommend any such opportunity to other Persons; and (d) subject to the express
terms and conditions set forth in this Agreement, each member of the Investor Group may enter into contracts and other arrangements with the Company and its Affiliates from time to time on terms approved by the Board and the board of directors of
such Affiliates, as applicable. Each of the Company and the Sponsor Stockholders hereby waives, to the fullest extent permitted by applicable law, any claims and rights that such Person may otherwise have in connection with the matters described in
this Section 4.16 and the Company, pursuant to approval by the Board, hereby renounces its interest or expectancy, as between itself and the Investor Group, in any corporate opportunity or other matter described in this
Section 4.16. 
 4.17 Operating Partnership Matters. The Company, in its capacity as the sole general partner of the
Operating Partnership and pursuant to the authority granted to the Company in such capacity pursuant to Section 15.10 of the Operating Partnership Agreement, the Operating Partnership and the Sponsor Stockholders hereby agree as follows: 

(a) For purposes of the Operating Partnership Agreement, the Initial Holding Period (as defined in the Operating Partnership Agreement) as
applied to the Sponsor Stockholders, their Affiliates and their respective successors-in-interest shall be a period that ends on the execution and delivery of this Agreement. 

(b) In connection with any Transfer of Limited Partnership Interests (as defined in the Operating Partnership Agreement) that complies with
both the Operating Partnership Agreement and this Agreement, for purposes of Section 11.4 of the Operating Partnership Agreement, the applicable transferee of a Sponsor Stockholder or its Affiliates shall be admitted to the Operating
Partnership as a Substituted Limited Partner (as defined in the Operating Partnership Agreement) upon the transferee’s satisfaction of the requirements set forth in Sections 11.4.A(i) and 11.4.A(ii) of the Operating Partnership Agreement. 

(c) In consideration of the representations and warranties made by the Sponsor Stockholders pursuant to Sections 4.2 and 4.4 of the Purchase
Agreement (which representations and warranties are incorporated herein by reference and which shall survive the execution and delivery of this Agreement by each of the Sponsor Stockholders), the Sponsor Stockholders are deemed to have satisfied in
full all requirements set forth in Sections 3.4.B, 3.4.C and 3.4.D of the Operating Partnership Agreement, which shall have no force and effect with respect to the Sponsor Stockholders (including a Person who becomes a Sponsor Stockholder pursuant
to a Permitted Transfer and who makes representations and warranties to the Company in such Person’s joinder to this Agreement required pursuant to Section 3.2(b) equivalent to those set forth in Sections 4.2 and 4.4 of the Purchase
Agreement); provided that with respect to Section 3.4.C(iii) of the Operating Partnership Agreement, the Sponsor Stockholders may Transfer (as defined in the Operating Partnership Agreement) any Common OP Units to any Affiliates (as
defined in the Operating Partnership Agreement), without regard to the limitations contained therein, provided that after any such Transfer (as defined in the 

  
 18 

 
Operating Partnership Agreement), such Common OP Units are held by no more than thirty (30) partners, not including as partners for such purposes any Flow-Through Partners (as defined in the
Operating Partnership Agreement) unless a principal purpose of the use of the Flow-Through Entity (as defined in the Operating Partnership Agreement) through which such partners invest was to permit the Operating Partnership to satisfy the
100-partner limitation within the meaning of Treas. Reg. Section 1.7704-1(h)(3)(ii). 
 (d) Notwithstanding the requirements of
Section 15.1 of the Partnership Agreement: 
 (i) Following the date of this Agreement, a Sponsor Stockholder (the
“Tendering Sponsor”) may from time to time exercise its Common Redemption Right (as defined in the Operating Partnership Agreement) by delivering to the Company written notice, executed by a duly authorized signatory of such
Tendering Sponsor, in the form attached hereto as Exhibit A (a “Sponsor Notice of Redemption”), and which delivery shall be deemed to be a “Common Unit Notice of Redemption” in respect of a “Common
Redemption” (each as defined in the Operating Partnership Agreement) and which will be deemed to comply in full with the requirements set forth in clause (i) of Sections 15.1.B and Section 15.1.G of the Operating Partnership Agreement
(and, except as set forth in this Agreement, no further information, certificates, affidavits or other documents of the Tendering Sponsor shall be required); 

(ii) upon receipt of a Sponsor Notice of Redemption, the Company shall give notice to the Tendering Sponsor prior to 9:30 a.m.
Eastern time on the immediately following Business Day (the “Election Time”) of its election to either (A) cause the Operating Partnership to redeem all of the Tendering Sponsor’s Tendered Common Units in exchange for an
aggregate cash amount equal to the product (the “Sponsor Cash Amount”) of (x) the Market Price (as defined in the Operating Partnership Agreement) of a Common Share as of the date of receipt of such Sponsor Notice of Redemption
multiplied by (y) the Common Unit REIT Shares Amount (as defined in the Operating Partnership Agreement) determined as of the Sponsor Redemption Date (as defined below) or (B) acquire all of the Tendering Sponsor’s Tendered
Common Units in exchange for a number of newly-issued Common Shares equal to the Common Unit REIT Shares Amount (as defined in the Operating Partnership Agreement) (the “Exchange Common Shares”); provided, that the date of
“receipt” of a Sponsor Notice of Redemption shall (1) for purposes of determining the Sponsor Cash Amount and the Election Time, be (x) the date on which the Sponsor Notice of Redemption is received by the Company if received
prior to 6:00 p.m. Eastern time or (y) the Business Day following the date on which the Sponsor Notice of Redemption is received by the Company if received later than 6:00 p.m. Eastern time and (2) for purposes of determining the Sponsor
Redemption Date, be (x) the date on which the Sponsor Notice of Redemption is received by the Company if received prior to 4:30 p.m. Eastern time or (y) the Business Day following the date on which the Sponsor Notice of Redemption is
received by the Company if received later than 4:30 p.m. Eastern time, in each case, the time of receipt being the time transmitted by electronic mail to each of the Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Chief
Investment Officer and General Counsel of the Company at the addresses set forth in Schedule I hereto (excluding any officer roles that are vacant at such time); provided, further, that in the event that the Company fails to
give such notice prior to the Election Time, the Company shall be deemed to have elected to cause the Partnership to redeem all such Tendered Common Units in exchange for Common Shares pursuant to the preceding clause (B); 

(iii) in the event that the Company elects to cause the Operating Partnership to redeem all of the Tendering Sponsor’s
Tendered Common Units in exchange for the Sponsor Cash Amount, the Company shall deliver the Sponsor Cash Amount by wire transfer of 

  
 19 

 
immediately available funds (to the account(s) designated by the Tendering Sponsor) no later than three (3) Business Days following the date of receipt of the Sponsor Notice of Redemption
(the “Sponsor Redemption Date”, which shall be deemed to be the “Cut-Off Date” for purposes of the Operating Partnership Agreement); provided, that if the Operating Partnership fails to deliver the Sponsor Cash
Amount by the Sponsor Redemption Date, in addition to the Sponsor Cash Amount, the Company or the Operating Partnership shall pay to the Tendering Sponsor simple interest on such Sponsor Cash Amount at a rate of 10% per annum (which rate shall
increase to 15% per annum and begin to compound quarterly in the event that the Sponsor Cash Amount (and any interest accrued thereon) has not been delivered to the Tendering Sponsor on or prior to the thirty (30) day anniversary of the
Sponsor Redemption Date); provided, further, that the Tendering Sponsor shall continue to own all Tendered Common Units and be treated as a Common Limited Partner (as defined in the Operating Partnership Agreement) with respect to such
Tendered Common Units for all purposes of the Operating Partnership Agreement, until such Tendered Common Units are paid for in full (together with any accrued interest) as provided herein; 

(iv) in the event that the Company elects (or is deemed to have elected) to acquire all of the Tendering Sponsor’s
Tendered Common Units in exchange for the Exchange Common Shares, on the Sponsor Redemption Date the Tendering Sponsor shall sell the Tendered Common Units to the Company and, in exchange therefor, the Company shall deliver newly-issued Exchange
Common Shares in book-entry form (or other evidence of issuance as may be reasonably requested by the Tendering Sponsor) to the Tendering Sponsor or to another recipient as directed by the Tendering Sponsor (including such other recipient pursuant
to Section 4.17(d)(vi)) no later than 9:30 a.m. Eastern time on the Sponsor Redemption Date, which Exchange Common Shares shall be duly authorized, validly issued, fully paid and non-assessable and free of any pledge, lien, encumbrance
or restriction, other than the Ownership Limit (as defined in the Operating Partnership Agreement) and, to the extent applicable, the Securities Act (as defined in the Operating Partnership Agreement) and relevant state securities or “blue
sky” laws; provided, that the Tendering Sponsor shall continue to own all Tendered Common Units and be treated as a Common Limited Partner (as defined in the Operating Partnership Agreement) with respect to such Tendered Common Units for
all purposes of the Operating Partnership Agreement, until the Tendering Sponsor (and/or such other recipient) becomes the record owner of all the Exchange Common Shares; 

(v) any Exchange Common Shares issued by the Company in exchange for Tendered Common Units from a Tendering Sponsor pursuant to
this Section 4.17(d) shall not contain a legend regarding restrictions under the Securities Act if (A) concurrently with the delivery of the applicable Sponsor Notice of Redemption, such Tendering Sponsor shall have delivered to the
Company a certificate executed by a duly authorized signatory of the Tendering Sponsor in the form attached hereto as Exhibit B, (B) such Tendering Sponsor is named as a selling stockholder in the Resale Prospectus and (C) the Shelf
Registration Statement (as defined in the Sponsor Registration Rights Agreement) of which the Resale Prospectus forms a part is effective (and the Company is eligible to use such Shelf Registration Statement); provided, that if and to the
extent that the Tendering Sponsor does not effect, or cause to be effected, any disposition of Exchange Common Shares issued upon an acquisition of Tendered Common Units by the Company pursuant to this Section 14.7(d) in accordance with
the plan of distribution contained in the Resale Prospectus, at the time of any such disposition of such Exchange Common Shares by the Tendering Sponsor, the Tendering Sponsor shall cause to be delivered to the Company an opinion of counsel, in form
and substance acceptable to the Company in its reasonable discretion, confirming that such Exchange Common Shares may be transferred pursuant to an exemption from the registration requirements of the Securities Act; 

  
 20 

 (vi) if (A) the requirements of clauses (A), (B) and (C) of the
preceding Section 4.17(d)(v) have been satisfied, (B) concurrently with the delivery of a Sponsor Redemption Notice, the applicable Tendering Sponsor provides written notice to the Company (x) that such Tendering Sponsor has
entered into a firm underwriting agreement or other binding agreement and, pursuant to which, it has sold or will (on or prior to the Sponsor Redemption Date) sell Common Shares pursuant to the Shelf Registration Statement in an amount equal to the
number of Exchange Common Shares that may be issued by the Company in connection with the redemption of the Tendering Sponsor’s Tendered Common Units pursuant to this Section 14.7(d), and (y) identifying, and providing all
necessary information to give effect to the issuance of delivery of Common Shares to, the intended recipient(s) of such Common Shares (the “Proposed Recipients”), (C) the issuance of Exchange Common Shares to the Tendering
Sponsor in exchange for such Tendering Sponsor’s Tendered Common Units would not otherwise be prohibited by the Ownership Limit as defined in the Operating Partnership Agreement) (but giving effect to, and subject to the terms of, any waiver
thereof granted, and the Excepted Holder Limit (as defined in the Charter) established, by the Board to the Sponsor Stockholders), and (D) no Suspension Period (as defined in the Sponsor Registration Rights Agreement) is then in effect, then
(1) the Company and the Operating Partnership agree that such Tendering Sponsor’s Tendered Common Units shall not be redeemed by the Operating Partnership for cash as described in Section 4.17(d)(iii), and (2) in lieu of
issuing the Exchange Common Shares to the Tendering Sponsor as described in Section 4.17(d)(iv), the Company shall issue and deliver such Exchange Common Shares, which Exchange Common Shares shall not contain a legend regarding
restrictions under the Securities Act, to the Proposed Recipients (in the proposed denominations set forth in such written notice), which delivery may be effected through The Depository Trust Company’s Deposit and Withdrawal at Custodian
service or Direct Registration System (to the extent such deliveries are requested and reasonably available), no later than 9:30 a.m. Eastern time on the Sponsor Redemption Date; and 

(vii) Notwithstanding anything to the contrary in this Agreement, (A) this Section 4.17(d) shall not restrict
or otherwise limit the Company’s ability to cause the Operating Partnership to redeem any Excess Common Units (including Tendered Common Units that a Tendering Sponsor agrees to treat as Excess Common Units) with the proceeds of a Stock
Offering Funding pursuant to Section 15.1.H of the Operating Partnership Agreement, and (B) each of the Company, the Operating Partnership and the Sponsor Stockholders agree that the penultimate sentence of Section 15.1.B of the
Operating Partnership shall be deemed to not apply to any Tendering Sponsors. 
 (e) Any Transfers of Common OP Units by the Sponsor
Stockholders pursuant to Article 11 of the Operating Partnership Agreement shall not be subject to the requirements of Section 11.6.E of the Operating Partnership Agreement. 

(f) Notwithstanding anything to the contrary in this Agreement or the provisions of Section 15.1.A, 15.1.B or 15.1.H of the Operating
Partnership Agreement, the Sponsor Stockholders hereby agree that they shall have no rights to require the Operating Partnership to redeem Common OP Units for cash, to the extent the Company’s election to acquire such Common OP Units in
exchange for Common Shares pursuant to Section 15.1.B of the Operating Partnership Agreement or this Agreement would otherwise be prohibited by the Ownership Limit (defined in the Operating Partnership Agreement) (but giving effect to, and
subject to the terms of, any waiver thereof granted, and Excepted Holder Limit (as defined in the Charter) established, by the Board to the Sponsor Stockholders). 

(g) Notwithstanding Sections 7.3.B, 7.3.C and 14.2 of the Operating Partnership Agreement, but without limiting Sections 4.1 (other
than the last sentence thereof), 4.4.E, 11.4.B, 12.1, 

  
 21 

 
12.2.A and 12.3 of the Operating the Partnership Agreement, without the prior written consent of the Sponsor Designator (x) the Operating Partnership Agreement shall not be amended if such
amendment would (i) amend or modify the following provisions of the Operating Partnership Agreement in a manner adverse in any respect to the Sponsor Stockholders (in their capacity as Common Limited Partners): Section 3.1,
Section 3.3, Section 3.4, the last sentence of Section 4.1, Section 4.2.C, Section 4.3.E, Section 4.4, Section 4.5, Section 4.7, Section 7.3, Section 7.4, Section 7.5, Section 7.6,
Section 7.8, Section 7.9, Section 7.10, Article 8, Article 9, Article 10, Article 11, Article 13, Article 14 or Article 15 or, in each case for all provisions referenced in this clause (g)(x)(i), amend or modify any related
definitions as set forth in the Operating Partnership Agreement or exhibits to the Operating Partnership Agreement or (ii) add any new provision to the Operating Partnership Agreement that would have substantially identical effect and
(y) the Company and the Operating Partnership shall not take any action that is intended to or would otherwise have substantially identical effect as the amendments prohibited pursuant to clause (x) (but for purposes of this clause
(y) without regard to any potential tax consequences). 
 [Signature Page Follows] 

  
 22 

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

			
	COMPANY:
	
	Hudson Pacific Properties, Inc.
		
	By:		 /s/ Mark T. Lammas

	Name:		Mark T. Lammas
	Its:		Chief Financial Officer
	
	OPERATING PARTNERSHIP:
	
	Hudson Pacific Properties, L.P., solely for purposes of Section 4.17
		
	By:		Hudson Pacific Properties, Inc.
	Its:		General Partner
		
	By:		 /s/ Mark T. Lammas

	Name:		Mark T. Lammas
	Its:		Chief Financial Officer

 [Signature page to Stockholders Agreement] 

			
	ADVISOR:
	
	BLACKSTONE REAL ESTATE ADVISORS L.P., solely for purposes of Section 3.1(a)
		
	By:		BRE Advisors VI L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	SPONSOR STOCKHOLDERS:
	
	BLACKSTONE REAL ESTATE PARTNERS V L.P.
		
	By:		Blackstone Real Estate Associates V L.P., its general partner
	By:		BREA V L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE PARTNERS V.TE.1 L.P.
		
	By:		Blackstone Real Estate Associates V L.P., its general partner
	By:		BREA V L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE PARTNERS V.TE.2 L.P.
		
	By:		Blackstone Real Estate Associates V L.P., its general partner
	By:		BREA V L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director

 [Signature page to Stockholders Agreement] 

			
	BLACKSTONE REAL ESTATE PARTNERS V.F L.P.
		
	By:		Blackstone Real Estate Associates V L.P., its general partner
	By:		BREA V L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE HOLDINGS V L.P.
		
	By:		BREP V Side-by-Side GP L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE PARTNERS VI L.P.
		
	By:		Blackstone Real Estate Associates VI L.P., its general partner
	By:		BREA VI L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE PARTNERS VI.TE.1 L.P.
		
	By:		Blackstone Real Estate Associates VI L.P., its general partner
	By:		BREA VI L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE PARTNERS VI.TE.2 L.P.
		
	By:		Blackstone Real Estate Associates VI L.P., its general partner
	By:		BREA VI L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director

 [Signature page to Stockholders Agreement] 

			
	BLACKSTONE REAL ESTATE PARTNERS VI (AV) L.P.
		
	By:		Blackstone Real Estate Associates VI L.P., its general partner
	By:		BREA VI L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE PARTNERS (AIV) VI L.P.
		
	By:		Blackstone Real Estate Associates VI L.P., its general partner
	By:		BREA VI L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE HOLDINGS VI L.P.
		
	By:		BREP VI Side-by-Side GP L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE FAMILY REAL ESTATE PARTNERSHIP VI – SMD L.P.
		
	By:		Blackstone Family GP L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director

 [Signature page to Stockholders Agreement] 

			
	NANTUCKET SERVICES, LLC
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKHAWK SERVICES II LLC
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director

 [Signature page to Stockholders Agreement] 

 EXHIBIT A 

SPONSOR NOTICE OF REDEMPTION 
  

			
	To:		Hudson Pacific Properties, Inc.

  

	
	  

	
	  

	
	  

 The undersigned Common Limited Partner or Assignee hereby irrevocably tenders for redemption [—] Common Units in Hudson Pacific Properties, L.P. in accordance with the terms of the Third Amended and Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P., dated as of
April 1, 2015 as amended (the “Partnership Agreement”), as modified pursuant to Section 4.17 of the Stockholders Agreement, dated as of April 1, 2015 (the “Stockholders Agreement”), by
and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LLC and the other parties thereto, and the Common Redemption Right referred to therein. The undersigned Common Limited Partner or Assignee: 

(a) undertakes to surrender such Tendered Common Units and any certificate therefor at the closing of the Common Redemption; 

(b) directs that the wire transfer representing the Sponsor Cash Amount deliverable upon the closing of such Common Redemption be delivered to
the account specified below; 
 (c) represents, warrants, certifies and agrees that: 

(i) the undersigned Common Limited Partner or Assignee (as defined in the Partnership Agreement) is a Qualifying Common Party
(as defined in the Partnership Agreement), 
 (ii) the undersigned Common Limited Partner or Assignee (as defined in the
Partnership Agreement) has good marketable title to such Tendered Common Units and, at the closing of the Common Redemption, will have good marketable title to such Tendered Common Units free and clear of the rights or interests of any other person
or entity, 
 (iii) the undersigned Common Limited Partner or Assignee (as defined in the Partnership Agreement) has, and at
the closing of the Common Redemption will have, the full right, power and authority to tender and surrender such Tendered Common Units as provided herein, 

(iv) the undersigned Common Limited Partner or Assignee (as defined in the Partnership Agreement) has obtained the consent or
approval of all persons and entities, if any, having the right to consent to or approve such tender and surrender, and 
 (v)
after giving effect to an acquisition of the Tendered Common Units by the General Partner pursuant to Section 4.17 of the Stockholders Agreement in exchange for the Common Unit REIT Shares Amount (as defined in the Partnership Agreement),
neither the Common Limited Partner nor any member of such Common Limited Partner’s Stockholder Group (as defined in the Ownership Limit Waiver Certificate (as defined in the Purchase Agreement)), if such Common Limited Partner were treated as
Stockholder (as defined in the Ownership Limit Waiver Certificate), would own REIT Shares (as defined in the Partnership Agreement) in violation of the Ownership Limit; and 

(d) acknowledges that it will continue to own such Tendered Common Units until and unless either (1) such Tendered Common Units are
acquired by the General Partner pursuant to Section 4.17 of the Stockholders Agreement or (2) such redemption transaction closes. 

 All capitalized terms used herein and not otherwise defined shall have the same meaning ascribed
to them respectively in the Stockholders Agreement. 
  

							
	Dated:		  
				Name of Common Limited Partner or Assignee:
				
							  

				
							  

							(Signature of Common Limited Partner or Assignee)
				
							  

							(Street Address)
				
							  

							(City)            (State)                    (Zip Code)

  

			
	Wire Instructions
		
	ABA Routing Number:		
		
	Bank Name:		
		
	Bank Address:		
		
	Name on Bank Account:		
		
	Account Number:		
		
	SWIFT / IBAN (if applicable):		
		
	For Further Credit Acct #:		
		
	For Further Credit Acct Name:		

 EXHIBIT B 

TENDERING SPONSOR CERTIFICATE 

[DATE] 

The undersigned, [NAME], the duly authorized and appointed [TITLE] of [TENDERING SPONSOR], does hereby represent
and warrant on behalf of [TENDERING SPONSOR] that: 
 (a) any disposition of Exchange Common Shares to be
issued in exchange for the Tendered Common Units referred to in the Sponsor Notice of Redemption enclosed with this certificate will be effected, or caused to be effected, by the [TENDERING SPONSOR] in accordance with the plan of distribution
contained in the Resale Prospectus; and 
 (b) the [TENDERING SPONSOR] is an “Accredited Investor” as that
term is defined in Rule 501 of Regulation D promulgated under the Securities Act. 
 Capitalized terms used in this certificate and not
otherwise defined herein shall have the meaning ascribed to them in the Stockholders Agreement, dated as of April 1, 2015, by and among Hudson Pacific Properties, Inc., Hudson Pacific Properties, LLC and the other parties thereto. 

IN WITNESS WHEREOF, the undersigned has signed and delivered this certificate as of the date first written above. 

 

			
	By:		  

			Name:
			Title:

 SCHEDULE I 

E-MAIL ADDRESSES 
  

			
	Chief Executive Officer:		
		
	Chief Financial Officer:		
		
	Chief Accounting Officer:		
		
	Chief Investment Officer:		
		
	General Counsel:		

 The Company may change the electronic mail addresses set forth on this Schedule I by giving each
Sponsor Stockholder notice in the manner set forth in Section 4.6.EX-4.2

 EXHIBIT 4.2 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT is entered into as of April 1, 2015 by and among Hudson Pacific Properties, Inc., a Maryland
corporation (the “Company”), and the holders listed on Schedule I hereto (each an “Initial Holder” and, collectively, the “Initial Holders”). 

RECITALS 
 WHEREAS, this
Agreement is being made pursuant to the terms of that certain Asset Purchase Agreement, dated as of December 6, 2014 (the “Purchase Agreement”), by and among the Company, Hudson Pacific Properties, L.P., a Maryland limited
partnership and a subsidiary of the Company (the “Operating Partnership”), and certain Affiliates of the Initial Holders; 

WHEREAS, as part of the consideration delivered pursuant to the Purchase Agreement, the Company will contribute to the Operating Partnership
and the Operating Partnership will deliver to the Initial Holders shares of the Company’s common stock, par value $.01 per share (“Common Stock”), and the Operating Partnership will issue to the Initial Holders common units of
limited partnership interest in the Operating Partnership (“Common OP Units”); 
 WHEREAS, upon the terms and subject to
the conditions contained in the Operating Partnership Agreement (as defined below), Common OP Units are redeemable for cash or, at the Company’s option, exchangeable for shares of Common Stock; and 

WHEREAS, in connection with the Purchase Agreement, the Company has agreed to grant the Initial Holders and their permitted assignees and
transferees the registration rights set forth in Article II hereof. 
 NOW, THEREFORE, in consideration of the premises and the
mutual agreements herein contained, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 
 Section 1.1.
Definitions. In addition to the definitions set forth above, the following terms, as used herein, have the following meanings: 

“Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under common control
with such Person. For the purposes of this definition, “control” when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing; provided, that the Holders shall
not be considered Affiliates of the Company, the Operating Partnership or any other subsidiaries of the Company. 

“Agreement” means this Registration Rights Agreement, as it may be amended, supplemented or restated from time to time. 

  
 1 

 “Business Day” means any day except a Saturday, Sunday or other day on which
commercial banks in The City of New York, New York or Los Angeles, California are authorized by law to close. 
 “Charter”
means the charter of the Company. 
 “Commission” means the Securities and Exchange Commission. 

“Common OP Units” shall have the meaning set forth in the Recitals hereto. 

“Common Stock” shall have the meaning set forth in the Recitals hereto. 

“Company” shall have the meaning set forth in the Preamble hereto. 

“Company Offering” means an offering pursuant to an effective registration statement in which common equity securities of the
Company are sold (whether or not for the account of the Company) (i) to an underwriter on a firm commitment basis for reoffering and resale to the public, (ii) in an offering that is a “bought deal” with one or more investment
banks or (iii) in a block trade with a broker-dealer, but shall, in each case, not include (x) a Stock Offering Funding and/or (y) any at-the-market offering programs of the Company. 

“Demand Registration” shall have the meaning set forth in Section 2.1(a). 

“Demand Registration Statement” shall have the meaning set forth in Section 2.1(a). 

“Effectiveness Period” shall have the meaning set forth in Section 2.4(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Existing Registration Rights Agreement” means the Registration Rights Agreement, dated as of June 29, 2010, by and
among the Company and the holders party thereto, as amended by the First Amendment to Registration Rights Agreement, dated as of May 3, 2011, as in effect as of the date of the Purchase Agreement. 

“Farallon” means the “Farallon Holders” (as defined in the Existing Registration Rights Agreement). 

“Holder” means (i) any Initial Holder who is the record or beneficial owner of any Registrable Security or (ii) any
assignee or transferee of a Holder (including assignments or transfers of Registrable Securities to such assignees or transferees as a result of the foreclosure on any loans secured by such Registrable Securities) (x) to the extent permitted
under, and not in violation of, the Stockholders Agreement, the Operating Partnership Agreement and the Charter, as applicable, and (y) provided such assignee or transferee agrees in writing to be bound by all the provisions hereof. 

“Holder Indemnitee” shall have the meaning set forth in Section 2.8. 

“Indemnified Party” shall have the meaning set forth in Section 2.10. 

“Indemnifying Party” shall have the meaning set forth in Section 2.10. 

“Initial Holder” shall have the meaning set forth in the Preamble hereto. 

  
 2 

 “Initial Lock-Up Termination Date” means November 1, 2015 (or any earlier
date upon which the Lock-Up Restrictions terminate in accordance with Section 4.1 of the Stockholders Agreement) 

“Inspectors” shall have the meaning set forth in Section 2.6(m). 

“Lock-Up Restrictions” means those restrictions applicable to the transfer of Registrable Securities pursuant to
Section 3.2 of the Stockholders Agreement. 
 “Market Value” means, with respect to the Common Stock, the average of
the daily market price for the ten (10) consecutive trading days immediately preceding the date of a written request for an offering pursuant to Section 2.5(a). The market price for each such trading day shall be: (i) if the
Common Stock is listed or admitted to trading on any securities exchange, the closing price, regular way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day, in either case as
reported in the principal consolidated transaction reporting system; (ii) if the Common Stock is not listed or admitted to trading on any securities exchange, the last reported sale price on such day or, if no sale takes place on such day, the
average of the closing bid and asked prices on such day, as reported by a reliable quotation source designated by the Company; or (iii) if the Common Stock is not listed or admitted to trading on any securities exchange and no such last
reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source designated by the Company, or if there shall be no bid and asked
prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported; provided that if there are
no bid and asked prices reported during the ten (10) days prior to the date in question, the Market Value of the Common Stock shall be determined by the Board of Directors of the Company acting in good faith on the basis of such quotations and
other information as it considers, in its reasonable judgment, appropriate. 
 “Operating Partnership” shall have the
meaning set forth in the Recitals hereto. 
 “Operating Partnership Agreement” means the Third Amended and
Restated Agreement of Limited Partnership of the Operating Partnership, dated as of the date hereof, and as the same may be further amended, modified or restated from time to time. 

“Permitted Offering” shall have the meaning set forth in Section 2.14. 

“Person” means an individual or a corporation, partnership, limited liability company, association, trust, or any other
entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Piggy-Back
Exercise” shall have the meaning set forth in Section 2.2. 
 “Piggy-Back Offering” shall have the
meaning set forth in Section 2.3. 
 “Purchase Agreement” shall have the meaning set forth in the
Recitals hereto. 
 “Qualified Offering” means an offering pursuant to an effective registration statement in which
Registrable Securities are sold (i) to an underwriter on a firm commitment basis for reoffering and resale to the public, (ii) in an offering that is a “bought deal” with one or more investment banks or (iii) in a block
trade with a broker-dealer, but in each case shall not include any at-the-market offering program. 
 “Recommended Size”
shall have the meaning set forth in Section 2.3. 
 “Records” shall have the meaning set forth in
Section 2.6(m). 

  
 3 

 “Registration Expenses” shall have the meaning set forth in
Section 2.7. 
 “Registrable Securities” means with respect to any Holder, the shares of Common Stock owned,
either of record or beneficially, by such Holder that were (a) received by an Initial Holder pursuant to the Purchase Agreement, (b) issued or issuable upon exchange of Common OP Units received by an Initial Holder pursuant to the Purchase
Agreement, and, (c) in the case of (a) and (b), any additional shares of Common Stock issued as a dividend or distribution on, in exchange for, or otherwise in respect of, such shares or units (including as a result of splits,
combinations, recapitalizations, mergers, consolidations, reorganizations or otherwise). 
 As to any particular Registrable Securities,
they shall cease to be Registrable Securities at the earliest time as one of the following shall have occurred: (i) a registration statement (including a Shelf Registration Statement) covering such shares has been declared effective by the
Commission and all such shares have been disposed of pursuant to such effective registration statement or (ii) such shares have been sold in accordance with Rule 144. 

“Rule 144” means Rule 144 promulgated under the Securities Act, as amended from time to time, or any similar successor rule
thereto that may be promulgated by the Commission. 
 “Securities Act” means the Securities Act of 1933, as amended,
together with the rules and regulations promulgated thereunder. 
 “Selling Holder” means a Holder who is selling
Registrable Securities pursuant to a registration statement under the Securities Act pursuant to the terms hereof. 
 “Shelf
Registration Statement” shall have the meaning set forth in Section 2.4(a). 
 “Stockholders
Agreement” means that certain Stockholders Agreement, dated as of the date hereof, entered into by and among the Initial Holders, the Company and the other parties thereto. 

“Stock Offering Funding” shall have the meaning set forth in the Operating Partnership Agreement. 

“Suspension Notice” shall have the meaning set forth in Section 2.14. 

“Suspension Period” shall have the meaning set forth in Section 2.14. 

ARTICLE II 
 REGISTRATION
RIGHTS 
 Section 2.1. Demand Registration. 

(a) Commencing on or after the Initial Lock-Up Termination Date and from time to time so long as there are any Registrable Securities
outstanding, if the Company is not eligible to file a Shelf Registration Statement, if the Company has not caused a Shelf Registration Statement to be declared effective by the Commission in accordance with Section 2.4 or if the Shelf
Registration Statement shall cease to be effective, subject to the minimum size limitations in Section 2.5(a), the Holder(s) holding a majority of Registrable Securities then outstanding may collectively make one or more written requests
to the Company for registration under the Securities Act of all or part of its or their Common Stock constituting Registrable Securities, including for the avoidance of doubt shares of Common Stock issued or issuable upon exchange of Common OP
Units, that are not then subject to the 

  
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Lock-Up Restrictions (a “Demand Registration”). The Holders submitting the request for a Demand Registration shall concurrently provide written notice of the proposed
registration to all other Holders. The Company shall prepare and file with the Commission, within thirty (30) days after such request for a Demand Registration, a registration statement on an appropriate form which the Company is then eligible
to use with respect to any Demand Registration (a “Demand Registration Statement”) as selected by the Company, and shall use its reasonable best efforts to cause any such Demand Registration Statement to be declared effective by the
Commission as promptly as reasonably practicable after the filing thereof. Any request for a Demand Registration will specify the number of shares of Registrable Securities proposed to be sold in the offering thereof; provided that the
requesting Holder(s) may change the number of Registrable Securities proposed to be offered pursuant to any Demand Registration at any time prior to the Demand Registration Statement with respect to the Demand Registration being declared effective
by the Commission, in each case subject to the minimum size limitations in Section 2.5(a). Without the prior written consent of the Holders requesting such Demand Registration, no stockholder of the Company (other than the Holders) may
include securities in any offering requested under this Section 2.1; provided that the Company may include in such offering securities to be sold for the account of the Company, subject to the limitations set forth in
Section 2.5(b). 
 (b) Effective Registration. The Company will use its reasonable best efforts to keep any Demand
Registration Statement continuously effective and in compliance with the Securities Act and usable for sale of such Registrable Securities for the period as may be requested by the Selling Holders. 

Section 2.2. Piggy-Back Offering. If at any time following the Initial Lock-Up Termination Date (x) the Company proposes to
file a registration statement under the Securities Act with respect to a Company Offering of Common Stock by the Company for its own account or the account of any securityholder of the Company (other than a Holder) or (y) Common Stock is to be
sold in a Company Offering (in each case other than (A) for the account of Farallon pursuant to an offering initiated by Farallon under the Existing Registration Rights Agreement or (B) pursuant to a registration statement on Form S-4 or
S-8 (or any substitute form that may be adopted by the Commission) or filed in connection with an exchange offer or offering of securities solely to the Company’s existing securityholders), then the Company shall give written notice of such
proposed filing or sale, as applicable, to the Holders as soon as practicable (but in no event less than ten (10) days before the anticipated filing date and no less than five (5) days before the anticipated sale), and, subject to the
Lock-Up Restrictions and Section 2.13, such notice shall offer such Holders the opportunity to register or sell, as applicable, such number of shares of Registrable Securities that are not then subject to the Lock-Up Restrictions as each
such Holder may request (which may be all or less than all of the Holder’s Registrable Securities) (a “Piggy-Back Exercise”). Subject to Section 2.3, the Company shall use commercially reasonable efforts to cause
the managing underwriter(s) of a proposed Company Offering to permit the Registrable Securities that are not then subject to the Lock-Up Restrictions that are requested to be included pursuant to a Piggy-Back Exercise to be included on the same
terms and conditions as any similar securities of the Company included therein. The registration or sale of Registrable Securities as provided in this Section 2.2 shall not count as a Qualified Offering for purposes of the limitations
set forth in Section 2.5(a). If any Holder who has requested inclusion in such offering disapproves of the terms of the related underwriting agreement, such Holder shall not be required to enter into such underwriting agreement and, if
such Holder elects to not enter into such underwriting agreement such Holder shall withdraw from such offering by providing written notice to the Company and the underwriter(s) no later than the time at which the public offering price and
underwriters’ discount are determined with the underwriter(s). 
 Section 2.3. Reduction of Piggy-Back Offering.
Notwithstanding anything contained in Section 2.2, if the managing underwriter(s) of an offering described in Section 2.2 (a “Piggy-Back Offering”) advise in writing the Company and the Holders that, in their
opinion, the size of the intended offering is such that the success of the offering would be significantly and adversely affected by inclusion of all of 

  
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the Registrable Securities requested to be included by the Holders in a Piggy-Back Offering, then (i) in the case of a Piggy-Back Offering initiated by the Company for its own account, the
amount of the Common Stock to be offered for the accounts of the Holders and any other stockholders of the Company exercising similar piggyback registration rights shall be reduced to the extent necessary to reduce the total amount of securities to
be included in such offering to the amount recommended by such managing underwriter(s) (the “Recommended Size”) (such securities to be apportioned, to the extent possible, pro rata among the Holders and such other
stockholders according to the total amount of securities requested to be included by each such person, but in any case not in violation of Section 2.3 of the Existing Registration Rights Agreement, and if a violation of Section 2.3 of the
Existing Registration Rights Agreement would be caused by a pro rata reduction (which violation is not applicable so long as a “Shelf Registration Statement” as defined under the Existing Registration Rights Agreement is effective),
then the Common Stock to be offered for the accounts of the Holders shall be reduced to the extent necessary so that no such violation will result); and (ii) in the case of a Piggy-Back Offering initiated by holders of securities of the Company
(other than the Holders), (x) the amount of the Common Stock to be offered by the Company for its own account in such Piggy-Back Offering shall be first reduced to the extent necessary in order to achieve the Recommended Size, and if such
reduction is insufficient, then no Common Stock for the account of the Company shall be included in such offering, (y) following any reduction for the Company pursuant to the preceding clause (x), the amount of the Common Stock to be offered
for the accounts of holders of securities of the Company (other than the Holders) shall be reduced to the extent necessary to achieve the Recommended Size (among such holders pro rata according to the securities requested for inclusion by
them or in such other proportions as mutually agreed by such holders), and if such reduction is insufficient, then no Common Stock for the account of such holders shall be included in such offering and (z) following the reductions pursuant to
the preceding clauses (x) and (y), the amount of the Common Stock to be offered for the accounts of the Holders shall be reduced to the extent necessary to achieve the Recommended Size (among such Holders pro rata according to the
Registrable Securities requested for inclusion by them or in such other proportions as mutually agreed by the requesting Holders). 

Section 2.4. Shelf Registration. 

(a) The Company shall prepare and file not later than August 1, 2015, a “shelf” registration statement with respect to the
resale of all of the Registrable Securities by the Holders thereof on an appropriate form which the Company is then eligible to use for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (the
“Shelf Registration Statement”) and permitting registration of such Registrable Securities for resale by such Holders in accordance with the methods of distribution elected by the Holders and set forth in the Shelf Registration
Statement. Unless the Shelf Registration Statement shall become automatically effective, the Company shall use its reasonable best efforts to cause the Shelf Registration Statement to be declared effective by the Commission prior to the Initial
Lock-Up Termination Date, and, subject to Sections 2.4(e) and 2.14, to keep such Shelf Registration Statement continuously effective for a period ending when all shares of Common Stock covered by the Shelf Registration Statement are no
longer Registrable Securities (the “Effectiveness Period”). 
 (b) At the time the Shelf Registration Statement is
declared effective, each Holder shall be named as a selling securityholder in the Shelf Registration Statement and the related prospectus in such a manner as to permit such Holder to deliver such prospectus to purchasers of Registrable Securities in
accordance with applicable law. 
 (c) Subsequent Filings. The Company shall prepare and file such additional registration
statements as necessary and use its reasonable best efforts to cause such registration statements to be declared effective by the Commission so that a Shelf Registration Statement remains 

  
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continuously effective, subject to Section 2.14, with respect to resales of all Registrable Securities as and for the periods required under Section 2.4(a) (such
subsequent registration statements to constitute a Shelf Registration Statement). 
 Section 2.5. Qualified Offerings. 

(a) Requests. Any offering under a Demand Registration Statement or a Shelf Registration Statement shall be by means of a Qualified
Offering if requested in writing by the Holder(s) requesting such Demand Registration or offering of Registrable Securities off of a Shelf Registration Statement, as applicable; provided, that (i) the Registrable Securities to be sold in
such Qualified Offering shall have a Market Value of at least $50,000,000 on the date of such request and (ii) the Company shall not be obligated to effect, or take any action to effect, a Qualified Offering (A) within one hundred and
twenty (120) days following the last date on which a Qualified Offering or a Stock Offering Funding was completed pursuant to this Section 2.5; or (B) during any lock-up period binding upon the Holders or the Company (in each
case if such lock-up period would prohibit the proposed Qualified Offering and is not waived by the underwriters) entered into in connection with any prior Company Offering; provided, further, that the limitations set forth in clause
(i) above shall not apply for any Qualified Offering, and the limitations set forth in clause (ii)(A) above shall not take into account any Qualified Offering, in each case in respect of which the Company is not required to either
(x) enter into an underwriting agreement, purchase agreement, lock-up agreement or other similar agreement or (y) take any action referenced in Sections 2.6(k)(ii), (iii) or (iv). Any request for a Qualified
Offering hereunder shall be made to the Company in accordance with the notice provisions of this Agreement. Without the prior written consent of the Holders, no stockholder of the Company (other than the Holders) may include securities in any
Qualified Offering requested under this Section 2.5; provided that the Company may include in such offering securities to be sold for the account of the Company, subject to the limitations set forth in Section 2.5(b). 

(b) Reduction of Qualified Offering. Notwithstanding anything contained herein, if the managing underwriter(s) of an offering
described in Section 2.5(a) advise in writing the Company and the Holder(s) of the Registrable Securities included in such offering that the size of the intended offering is such that the success of the offering would be significantly
and adversely affected by inclusion of all the Registrable Securities requested to be included, then the amount of securities to be offered for the accounts of the Holders shall be reduced pro rata among such Holders (according to the
Registrable Securities requested for inclusion by them or in such other proportions as mutually agreed by the requesting Holders) to the extent necessary to reduce the total amount of securities to be included in such offering to the amount
recommended by such managing underwriter(s). The Company shall have the opportunity to include such number of securities as it may elect in an offering described in Section 2.5(a); provided, if the managing underwriter(s) of such
offering advise in writing the Company and the Holder(s) of the Registrable Securities requested to be included that the success of the offering would be significantly and adversely affected by inclusion of all the securities requested to be
included by the Company, then the amount of securities to be offered for the account of the Company shall be reduced to the extent necessary to reduce the total amount of securities to be included in such offering to the amount recommended by such
managing underwriter(s). 
 (c) Managing Underwriters. The Holders of a majority of the Registrable Securities to be included in a
Qualified Offering pursuant to Section 2.5(a) shall select the managing underwriter(s) in connection with any Qualified Offering; provided that such managing underwriter must be reasonably satisfactory to the Company. 

(d) Structure. The Holders of a majority of the Registrable Securities to be included in a Qualified Offering pursuant to
Section 2.5(a) shall determine the size, manner of sale, plan of 

  
 7 

 
distribution, price, underwriting discounts and other financial terms for the offering. Each Holder will be permitted to request the removal of any Registrable Securities held by it from any
Qualified Offering pursuant to Section 2.5(a) at any time prior to the pricing of the Qualified Offering or the effective date of the applicable registration statement (or supplement for a take down in the case of a Shelf Registration
Statement), by providing written notice thereof to the Company; provided, that if such removal(s) cause such Qualified Offering to cease to have a Market Value of at least $50,000,000, the Company shall not be obligated to effect, or take any
action to effect, such Qualified Offering, but if such offering is effected in accordance with this Section 2.5, it shall count as a Qualified Offering for purposes of Section 2.5(a). 

Section 2.6. Registration Procedures; Filings; Information. Subject to Section 2.14 hereof, in connection with each
registration effected by the Company pursuant to Sections 2.1 or 2.4 or offering pursuant thereto, as applicable: 
 (a) The
Company will, as promptly as practicable, prepare and file with the Commission such amendments, post-effective amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to cause or
maintain the effectiveness of such registration statement for so long as such registration statement is required to be kept effective and to comply with the provisions of the Securities Act with respect to the disposition of all Registrable
Securities covered by such registration statement during the period in which such registration statement is required to be kept effective, and, upon the written request of a Holder, the Company shall as soon as reasonably practicable amend or
supplement the prospectus relating to the Shelf Registration Statement to facilitate a “take down” as may be reasonably requested by such Holder. 

(b) The Company will, within a reasonable period of time prior (but no later than two (2) Business Days prior) to filing a registration
statement or prospectus or any amendment or supplement thereto, furnish to each Holder of Registrable Securities being registered and each underwriter, if any, of the Registrable Securities covered by such registration statement copies of such
registration statement as proposed to be filed, and thereafter furnish to such Holder and underwriter, if any, such number of conformed copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits
thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary prospectus) and such other documents proposed to be filed including documents that are to be incorporated by
reference into the registration statement, amendment or supplement or as such Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Selling Holder. The Company shall consider
in good faith such reasonable changes in any such documents prior to the filing thereof as the counsel to the Holders may request and the Company shall make available such of its representatives as shall be reasonably requested by the Holders or any
underwriter available for discussion of such documents. 
 (c) The Company will furnish to each Holder of Registrable Securities being
registered, without charge, such number of conformed copies of such registration statement and of each such amendment and supplement thereto (in each case including all exhibits) other than those which are being incorporated into such registration
statement by reference, such number of copies of the prospectus contained in such registration statements (including each complete prospectus and any summary or preliminary prospectus) and any other prospectus filed under Rule 424 under the
Securities Act in conformity with the requirements of the Securities Act, and such other documents, including documents incorporated by reference, as any Holder or an underwriter in a Qualified Offering may reasonably request, in each case including
each such amendment and supplement thereto, to the extent such other documents are not available on the Commission’s Electronic Data Gathering Analysis and Retrieval System (or any successor system), in order to facilitate the disposition of
the Registrable Securities by such Holder (it being understood that the Company consents to the use of such prospectus and any amendment or supplement thereto by the Holders and their underwriters, if any, in connection with the offering and sale of
the Registrable Securities thereby). 

  
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 (d) The Company will notify each Holder, as promptly as practicable after it shall receive
notice thereof, of the time when such registration statement, or any post-effective amendments to such registration statement, shall have become effective, or a supplement to any prospectus forming part of such registration statement has been filed
or when any document is filed with the Commission that would be incorporated by reference into the prospectus. 
 (e) The Company will
deliver as promptly as practicable to Holders’ counsel copies of all correspondence between the Commission and the Company, its counsel or auditors with respect to any registration statement relating to Registrable Securities. 

(f) After the filing of a registration statement, the Company will as promptly as practicable notify each Selling Holder of Registrable
Securities covered by such registration statement of (i) any stop order, injunction or other order or requirement of the Commission suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding
for such purpose and use its reasonable best efforts to prevent the issuance or entry of such stop order, injunction or other order or requirement and, if issued or entered, to obtain as soon as practicable the lifting thereof, and (ii) the
removal of any such stop order, injunction or other order or requirement or proceeding or the lifting of any such suspension. 
 (g) The
Company will use its reasonable best efforts to (i) register or qualify the Registrable Securities under such other securities or “blue sky” laws of such jurisdictions in the United States (where an exemption does not apply) as any
Holder or managing underwriter(s), if any, reasonably (in light of such Holder’s intended plan of distribution) requests, (ii) keep such registration or qualification in effect for so long as such registration statement is required to be
kept effective, (iii) cooperate with the Holders and the underwriter(s), if any, and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority and (iv) cause such
Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company; provided that the Company will not be required to
(A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (g), (B) subject itself to any material tax obligation in any such jurisdiction where it is not then so
subject or (C) consent to general service of process in any such jurisdiction to which it is not then so subject. The Company will promptly notify each Selling Holder of (x) the receipt by the Company of any notification with respect to
the suspension of the qualification or exemption from qualification of any Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction or the initiation or threat of initiation of any proceeding for such
purpose, and the Company will use its reasonable best efforts to prevent the issuance of any such order or suspension and, if issued, will use its reasonable best efforts to remove any such order or suspension and (y) the removal of any such
order or suspension. 
 (h) The Company will immediately notify each Holder of such Registrable Securities, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the preparation of a supplement or amendment to such registration statement or prospectus so that, as thereafter delivered to the
purchasers of such Registrable Securities, such registration statement or prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading and promptly prepare and file, and furnish to each Selling Holder a reasonable number of copies of, any such supplement or amendment. 

  
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 (i) The Company will cooperate with the Holders to facilitate the timely delivery, preparation
and delivery of certificates, with requisite CUSIP numbers, representing Registrable Securities to be sold. 
 (j) The Company will
otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make available to its securityholders, as soon as reasonably practicable, an earnings statement covering a period of twelve
(12) months, beginning after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder (or any
successor rule or regulation hereafter adopted by the Commission). 
 (k) Subject to Section 2.5(a), in the case of a Qualified
Offering hereunder the Company will enter into and perform its obligations under customary agreements (including an underwriting agreement, if any, in customary form and including provisions with respect to indemnification and contribution in
customary form and consistent with the provisions relating to indemnification and contribution contained herein) and take such other actions as are reasonably required and at such times as customarily occur in similar registered offerings in order
to expedite or facilitate the disposition of the Registrable Securities subject to such Qualified Offering, including: 
 (i) making such
representations and warranties to the Selling Holders and the underwriters, if any, in form, substance and scope as are customarily made by issuers in similar offerings; 

(ii) using its reasonable best efforts to obtain opinions of counsel to the Company and updates thereof addressed to the underwriters, if
any, covering the matters customarily covered in opinions requested in similar offerings; 
 (iii) using its reasonable best efforts to
obtain “cold comfort” letters and updates thereof from the Company’s independent certified public accountants addressed to the underwriters, if any, which letters shall be customary in form and shall cover matters of the type
customarily covered in “cold comfort” letters to underwriters in connection with similar offerings; and 
 (iv) to the extent
reasonably requested by the lead or managing underwriters, making the Company’s executive officers available for customary presentations to investors to discuss the affairs of the Company at times that may be mutually and reasonably agreed upon
(including, to the extent customary, senior management participation in due diligence calls with the underwriters and their counsel and, in the case of any marketed Qualified Offering, sending appropriate officers of the Company to attend “road
shows” scheduled in reasonable number and at reasonable times in connection with any such Qualified Offering). 
 (l) In the case of a
Qualified Offering, the Company will make available for inspection by any Selling Holder of Registrable Securities subject to such Qualified Offering, any underwriter participating in any disposition of such Registrable Securities and any attorney,
accountant or other professional retained by any such Selling Holder or underwriter (the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company (collectively, the
“Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any
Inspector in connection with such registration statement, subject to entry by each such Inspector of a customary confidentiality agreement in a form reasonably acceptable to the Company. 

  
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 (m) The Company will use its reasonable best efforts to cause all Registrable Securities covered
by a registration statement filed by the Company pursuant to Sections 2.1 or 2.4 to be listed on each securities exchange or national quotation system on which Common Stock is then listed or quoted. 

(n) use its reasonable best efforts to facilitate the registration and thereafter to complete the distribution of the Registrable Securities
so registered. 
 (o) The Company may require each Selling Holder of Registrable Securities to promptly furnish in writing to the Company
such information regarding such Selling Holder, the Registrable Securities held by it and the intended method of distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be
legally required in connection with such registration. No Holder may include Registrable Securities in any registration statement pursuant to this Agreement unless and until such Holder has furnished to the Company such information. Each Holder
further agrees to furnish as soon as reasonably practicable to the Company all information required to be disclosed in order to make information previously furnished to the Company by such Holder not materially misleading. 

(p) Each Selling Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in
Sections 2.6(f) or 2.6(h) or upon receipt of a Suspension Notice, such Selling Holder will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities
until such Selling Holder’s receipt of written notice from the Company that such disposition may be made and, in the case of Section 2.6(h) copies of any supplemented or amended prospectus contemplated by Section 2.6(h)
and, if so directed by the Company, such Selling Holder will deliver to the Company all copies, other than permanent file copies then in such Selling Holder’s possession, of the most recent prospectus covering such Registrable Securities at the
time of receipt of such notice. Each Selling Holder of Registrable Securities agrees that it will immediately notify the Company at any time when a prospectus relating to the registration of such Registrable Securities is required to be delivered
under the Securities Act of the happening of an event as a result of which information previously furnished by such Selling Holder to the Company in writing for inclusion in such prospectus contains an untrue statement of a material fact or omits to
state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made. 

Section 2.7. Registration Expenses. In connection with the registration of Registrable Securities pursuant to this Agreement and
the Company’s performance of its other obligations hereunder, the Company shall pay any and all third party (except with respect to clause (iv) below) registration expenses incurred in connection therewith (the “Registration
Expenses”), regardless whether a registration statement is declared effective by the Commission, including: (i) all registration and filing fees; (ii) all fees and expenses of compliance with securities or “blue sky”
laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) all printing expenses; (iv) all of the Company’s internal expenses (including all salaries
and expenses of its officers and employees performing legal or accounting duties); (v) all fees and expenses incurred in connection with the listing of the Registrable Securities; (vi) all fees and disbursements of counsel for the Company
and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses of any comfort letters or costs associated with the delivery by independent registered public accountants of a comfort
letter or comfort letters); (vii) all fees and disbursements of the Company’s auditors, including in connection with the preparation of comfort letters, and any transfer agent and registrar fees; and (viii) all fees and expenses of
any special experts retained by the Company in connection with such registration; provided, however, that the Company shall have no obligation to pay any underwriting fees, discounts or commissions attributable to the sale of
Registrable Securities, or any legal fees and expenses of counsel to the Holders or any transfer taxes relating to the registration or sale of the Registrable Securities. 

  
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 Section 2.8. Indemnification by the Company. The Company agrees to indemnify and hold
harmless each Holder and each Holder’s officers, directors, agents, partners, members, employees, managers, advisors, sub-advisors, attorneys, representatives and Affiliates, each underwriter (within the meaning of the Securities Act), and each
Person, if any, who controls such Selling Holder or underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a “Holder Indemnitee”) from and against, as incurred, any and
all losses, claims, damages and liabilities (or actions in respect thereof), costs and expenses (including reasonable and documented fees, expenses and disbursements of attorneys and other professionals) that arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in any registration statement, preliminary prospectus, prospectus, or free writing prospectus relating to the Registrable Securities (in each case, as amended or supplemented
if the Company shall have furnished any amendments or supplements thereto), or that arise out of or are based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, except to the extent such losses, claims, damages, liabilities, costs or expenses arise out of or are based upon any such untrue statement or omission or alleged
untrue statement or omission included in such registration statement or in any such prospectus in reliance upon and in conformity with information regarding such Holder Indemnitee which was furnished in writing to the Company by such Holder
Indemnitee or on such Holder Indemnitee’s behalf expressly for inclusion therein. 
 Section 2.9. Indemnification by Holders of
Registrable Securities. Each Selling Holder agrees, severally but not jointly, to indemnify and hold harmless the Company, its officers, directors, agents, employees, attorneys, representatives and Affiliates, each underwriter (within the
meaning of the Securities Act), and each Person, if any, who controls the Company or underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity
from the Company to such Selling Holder, but only with respect to information relating to such Selling Holder which was included in reliance upon and in conformity with information furnished in writing by such Selling Holder or on such Selling
Holder’s behalf expressly for use in any registration statement, preliminary prospectus, prospectus or free writing prospectus relating to the Registrable Securities, or any amendment or supplement thereto; provided, however, that
the total obligations of such Selling Holder under this Agreement (including, but not limited to, obligations arising under Section 2.11 herein) will be limited to an amount equal to the net proceeds actually received by such Selling
Holder (after deducting any discounts and commissions) from the disposition of Registrable Securities pursuant to such registration statement. 

Section 2.10. Conduct of Indemnification Proceedings. In case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought pursuant to Section 2.8 or 2.9, such person (an “Indemnified Party”) shall promptly notify the person against whom such indemnity may be
sought (an “Indemnifying Party”) in writing of the commencement thereof, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall
assume the payment of all fees and expenses (provided, however, that the failure of any Indemnified Party to give such notice will not relieve such Indemnifying Party of any obligations hereunder, except to the extent such Indemnifying
Party is materially prejudiced by such failure). The Indemnifying Party shall not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof;
provided, however, that (i) if the Indemnifying Party fails to take reasonable steps necessary to defend diligently the action or proceeding within twenty (20) Business Days after receiving notice from such Indemnified Party
that the Indemnified Party believes it has failed 

  
 12 

 
to do so, or (ii) if such Indemnified Party who is a defendant in any action or proceeding which is also brought against the Indemnifying Party shall have reasonably concluded, based on the
advice of counsel, that there may be one or more legal defenses available to such Indemnified Party which are not available to the Indemnifying Party, then, in any such proceeding, any Indemnified Party shall have the right to assume or continue its
own defense and the Indemnifying Party shall be liable for the expenses therefor subject to the remainder of this Section 2.10. It is understood that the Indemnifying Party shall not, in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one (1) separate firm of attorneys in each jurisdiction at any time for all such Indemnified Parties, and that all such fees and expenses shall be
reimbursed as they are incurred upon written request and presentation of invoices. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by (i) in the case of Persons indemnified pursuant to
Section 2.8 hereof, the Selling Holders which owned a majority of the Registrable Securities sold under the applicable registration statement and (ii) in the case of Persons indemnified pursuant to Section 2.9, the
Company. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent, or if there be a final judgment for
the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. No Indemnifying Party shall, without the
prior written consent of the Indemnified Party, which consent shall not be unreasonably withheld, effect any settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or (to the knowledge of the Indemnifying
Party) threatened action or claim in respect of which indemnity or contribution could have been sought hereunder by such Indemnified Party (whether or not the Indemnified Party is an actual or potential party to such action or claim), unless such
settlement, compromise or judgment includes an unconditional release of such Indemnified Party from all liability arising out of such action or claim without any admission of fault, culpability, failure to act or liability by or on behalf of any
such Indemnified Party. 
 Section 2.11. Contribution. If the indemnification provided for in Section 2.8 or
2.9 hereof is held by a court of competent jurisdiction to be unavailable to an Indemnified Party or insufficient in respect of any losses, claims, damages, liabilities, costs or expenses that otherwise would have been covered by
Section 2.8 or 2.9 hereof, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages,
liabilities, costs or expenses in such proportion as is appropriate to reflect the relative fault of the Company, on the one hand, and of each Selling Holder, on the other hand, in connection with such statements or omissions which resulted in such
losses, claims, damages, liabilities, costs or expenses, as well as any other relevant equitable considerations. The relative fault of the Company, on the one hand, and of each Selling Holder, on the other, shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party. 

The Company and the Selling Holders agree that it would not be just and equitable if contribution pursuant to this Section 2.11
were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a
result of the losses, claims, damages, liabilities, costs or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such
Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.11, no Selling Holder shall be required to contribute any amount which in the aggregate exceeds
the amount that such Selling Holder would have been obligated to pay by way of indemnification if indemnification as provided for under Section 2.9 had been available under the circumstances. No person guilty of fraudulent
misrepresentation (within the 

  
 13 

 
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Selling Holders’
obligations to contribute pursuant to this Section 2.11, if any, are several in proportion to amount that the proceeds of the offering actually received by such Selling Holder bears to the total proceeds of the offering received by all
the Selling Holders, and not joint. 
 Section 2.12. Rule 144. The Company covenants that it will use its reasonable best
efforts to comply with all applicable requirements under the Securities Act and the Exchange Act and with all applicable rules and regulations of the Commission thereunder so as to enable any Holder to sell its Registrable Securities pursuant to
Rule 144, including to (a) make and keep public information regarding the Company available, as those terms are defined in Rule 144(c)(1), (b) file with the Commission in a timely manner any reports and documents required to be filed by
the Company under the Securities Act and the Exchange Act, (c) furnish to any Holder forthwith upon request (i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144, the Securities Act and the
Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested by a Holder so as to
enable such Holder to sell shares of Common Stock without registration under the Securities Act within the exemptions provided by Rule 144, and (d) take such further action as any Holder may reasonably request, all to the extent required from
time to time to enable Holders to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 (including reasonably cooperating with the Holders to cause the transfer agent
to remove any restrictive legend on certificates evidencing Registrable Securities, subject to the expiration of the Lock-Up Restrictions with respect to the applicable Registrable Securities). This Section 2.12 shall survive the
termination of the Agreement so long as any Holder continues to hold Registrable Securities. 
 Section 2.13. Participation in
Qualified Offerings. 
 (a) No Person may participate in any underwritten offerings hereunder unless such Person (i) agrees to
sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements (provided that any underwriting agreements shall be in customary form, and including
provisions with respect to indemnification and contribution in customary form) and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms
of such underwriting arrangements and these registration rights provided for in this Article II. 
 (b) The Company agrees
that, if requested by the managing underwriter(s) in any Qualified Offering contemplated by this Agreement, it will enter into a customary “lock-up” agreement providing that it will not, directly or indirectly, sell, offer to sell, grant
any option for the sale of, or otherwise dispose of any securities that are the same or similar to the Registrable Securities being offered (or securities convertible into or exchangeable or exercisable for such securities) (subject to customary
exceptions) and will not enter into derivative transactions with similar economic effect, and it shall use its reasonable best efforts to obtain agreements from its directors and executive officers regarding the same, for a period not to exceed
sixty (60) days from the effective date of the registration statement pertaining to such Registrable Securities or from such other date as may be requested by the underwriter(s); provided, that in no event shall the Company be obligated
to enter into any such lock-agreements that are more restrictive than such lock-up agreements agreed to by any Holders participating in such Qualified Offering. 

(c) The Holders agree that, if requested by the managing underwriter(s) in any Company Offering for the account of the Company or pursuant to
the Existing Registration Rights 

  
 14 

 
Agreement (in each case subject to the Company’s compliance with Section 2.2), the Holders will enter into customary “lock-up” agreements providing that the Holders
will not, directly or indirectly, sell, offer to sell, grant any option for the sale of, or otherwise dispose of any securities that are the same or similar to the securities being offered in such offering (or securities convertible into or
exchangeable or exercisable for such securities) (subject to customary exceptions) and will not enter into derivative transactions with similar economic effect, for a period not to exceed thirty (30) days from the effective date of the
registration statement pertaining to such securities or from such other date as may be requested by the underwriter(s); provided, that in no event shall the Holders be obligated to enter into such lock-agreements that are any more restrictive
than such lock-up agreements agreed to by the Company, its directors and executive officers or the other stockholders of the Company participating in such offering. 

(d) Beginning on and after November 1, 2016, to the extent a Holder or the Company is subject to a “lock-up” agreement (in
each case if such lock-up period would prohibit a Qualified Offering), any period of time during which such Holder or the Company, as applicable, is subject to such “lock-up” agreement shall be deemed to count as a “Suspension
Period” for purposes of Section 2.14, and the execution by the Holders or the Company, as applicable, of such a “lock-up” obligation shall be deemed to be the delivery of a Suspension Notice by the Company for purposes of
Section 2.14 below. 
 Section 2.14. Suspension of Use of Registration Statement. If the Board of Directors of the
Company determines in its good faith judgment that the filing of a registration statement or the use of any related prospectus (I) would be materially detrimental to the Company because (x) such action would require the disclosure of
material information that the Company has a bona fide business purpose for preserving as confidential or the disclosure of which would materially impede the Company’s ability to consummate a significant transaction, and that the Company
is not otherwise required by applicable securities laws or regulations to disclose or (y) the Company is actively undertaking an underwritten offering of its stock or is in active discussions with underwriters regarding an underwritten offering
of its stock and it is reasonably likely that such an underwritten offering will be promptly initiated by the Company, or (II) is prohibited because all reports required to be filed by the Company pursuant to the Exchange Act have not been filed by
the required date without regard to any extension, or if the consummation of any business combination or acquisition or investment by the Company has occurred or is probable for purposes of Rule 3-05, Rule 3-14 or Article 11 of Regulation S-X
promulgated under the Securities Act or any similar successor rule, upon written notice thereof by the Company to the Holders, then upon the delivery of written notice (a “Suspension Notice”) of such determination by the Company to
the Holders which shall be signed by the Chief Executive Officer, President or any Executive Vice President of the Company certifying thereto, the rights of the Holders to offer, sell or distribute any Registrable Securities pursuant to a
registration statement or to require the Company to take action with respect to the registration or sale of any Registrable Securities pursuant to a registration statement shall be suspended (a “Suspension Period”) until the
earliest of (i) the date upon which the Company notifies the Holders in writing that suspension of such rights for the grounds set forth in this Section 2.14 is no longer necessary, (ii) the date upon which a
“lock-up” giving rise to a deemed Suspension Period pursuant to Section 2.13(d) above expires, (iii) the date upon which copies of any applicable supplemented or amended prospectus is distributed to the Holders (in the
case of a suspension pursuant to clause (I)(x) above), (iv) in the case of clause (II), the date upon which the Company has filed such reports or obtained and filed the financial information required by Rule 3-05, Rule 3-14 or Article
11 of Regulation S-X to be included or incorporated by reference, as applicable, in a Shelf Registration Statement, and (v) (A) the thirtieth (30th) day after delivery of the
Suspension Notice (if the Suspension Notice is given during the twelve (12)-month period following the Initial Lock-Up Termination Date) or (B) the ninetieth (90th) day after delivery of the Suspension Notice (if the Suspension Notice is
given thereafter); provided, that the Company shall not be entitled to exercise any such right more than two (2) times in any twelve (12) month period or less than thirty (30) days from the termination of the prior such
Suspension Period, as 

  
 15 

 
applicable (it being agreed, however, that a deemed Suspension Period pursuant to Section 2.13(d) above shall not count towards the limitations set forth in this first proviso); and
provided further, that in no event shall the number of days covered by one or more Suspension Periods exceed forty-five (45) days during the twelve (12)-month period following the Initial Lock-Up Termination Date or one hundred
and fifty-five (155) days in any three hundred and sixty-five (365)-day period thereafter. During any Suspension Period, the Company shall also delay the filing or effectiveness of, and shall not sell or permit a sale under, any registration
statement with respect to any common equity securities of the Company to be sold by the Company or by any other stockholders of the Company, other than (x) sales pursuant to a Company Offering for the account of the Company (subject to the
Company’s compliance with Section 2.2), (y) sales under a Company-sponsored dividend reinvestment plan or pursuant to a registration statement on Form S-4 or Form S-8 (or any
substitute forms that may be adopted by the Commission) or filed in connection with an exchange offer or offering of securities solely to the Company’s existing securityholders, or (z) in the case of a suspension pursuant to clause (I)(y)
above, sales by stockholders of the Company not involving an offering pursuant to an effective registration statement sold to an underwriter on a firm commitment basis for reoffering and resale to the public and not involving an offering that is a
“bought deal” with one or more investment banks and, in each case of this clause (z), not requiring the Company to undertake any of the types of actions contemplated by clauses (ii), (iii) or (iv) of Section 2.6(k)
and not requiring the Company to deliver a “lock-up” (as described in this clause (z), a “Permitted Offering”). The Company agrees to give the notice under (i) above as promptly as practicable following the date that
such suspension of rights is no longer necessary. For the avoidance of doubt, in the case of a suspension pursuant to clause (I)(y) above, the Holders shall be permitted to make a Permitted Offering if other stockholders of the Company are being
allowed by the Company to make Permitted Offerings. 
 Section 2.15. Additional Shares. The Company, at its option, may register
under a Shelf Registration Statement and any filings with any state securities commissions filed pursuant to this Agreement, any number of unissued shares of Common Stock or any shares of Common Stock owned by any other stockholder or stockholders
of the Company; provided that in no event shall the inclusion of such shares on a registration statement reduce the amount offered for the account of the Holders in any offering at the request of the Holders pursuant to
Section 2.5. From and after the date hereof, the Company shall not enter into any agreement granting registration rights to any party with respect to the Company’s securities that would cause a violation of the rights granted to the
Holders hereunder. The Company represents and warrants to each Holder that, as of the date of this Agreement, no Person has any registration rights with respect to any securities of the Company or of the Operating Partnership, other than those
rights granted pursuant to the Existing Registration Rights Agreement. 
 ARTICLE III 

MISCELLANEOUS 

Section 3.1. Remedies. In addition to being entitled to exercise all rights provided herein and granted by law, including recovery
of damages, the Holders shall be entitled to specific performance of the rights under this Agreement. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of
this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

Section 3.2. Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, in each case without the written consent of the Company and the Holders holding a majority of the then outstanding Registrable
Securities. No failure or 

  
 16 

 
delay by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon any breach thereof
shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 
 Section 3.3. Notices. All
notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally (notice deemed given upon receipt), telecopied (notice deemed given upon confirmation of receipt) or sent by a nationally recognized
overnight courier service, such as Federal Express (notice deemed given upon receipt of proof of delivery), to the parties hereto at the following addresses (or at such other address for a Party as shall be specified by like notice): 

(1) if to any Holder, initially to the address indicated in Schedule I or to such other address and to such other Persons as any Holder may
hereafter specify in writing; and 
 (2) if to the Company, initially at 11601 Wilshire Blvd., Sixth Floor, Los Angeles, California 90025,
Facsimile: (310) 445-5710, Attention: Kay Tidwell, or to such other address as the Company may hereafter specify in writing. 

Section 3.4. Successors and Assigns; Assignment of Registration Rights. This Agreement shall inure to the benefit of and be
binding upon the successors, assigns and transferees of each of the parties. Any Holder may assign its rights under this Agreement in whole or in part without the consent of the Company in connection with a transfer of such Holder’s Registrable
Securities, but only if the assignment or transfer is permitted by, and not in violation of, the Stockholders Agreement, the Operating Partnership Agreement and the Charter, as applicable, and provided such assignee or transferee agrees in writing
to be bound by all the provisions hereof. 
 Section 3.5. Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Each party shall become bound by this
Agreement immediately upon affixing its signature hereto. 
 Section 3.6. Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of New York. 
 Section 3.7. Severability. In the event that any one
or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby. 
 Section 3.8. Entire Agreement. This Agreement is
intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no
restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Registrable Securities. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject matter. 
 Section 3.9. Certain Transactions. In
the event that any securities are issued in respect of, or in exchange for, or in substitution of the Registrable Securities by reason of any reorganization, recapitalization, merger, consolidation, spin-off, partial or complete liquidation, share
dividend, split-up, sale of assets, distribution to stockholders or combination of Common Stock or Common OP Units or any other similar change in the Company’s or the Operating Partnership’s capital structure, the Company

  
 17 

 
agrees that appropriate adjustments shall be made to this Agreement to ensure that the Holders have, immediately after consummation of such transaction, substantially the same rights with respect
to the Company or another issuer of securities, as applicable, as they have immediately prior to the consummation of such transaction in respect of the Registrable Securities under this Agreement. 

Section 3.10. Headings; Interpretation. The headings in this Agreement are for convenience of reference only and shall not limit
or otherwise affect the meaning hereof. The words “include,” “includes,” and “including” herein shall be deemed to be followed by “without limitation” whether or not they are in fact followed by such word or
words of like import. 
 Section 3.11. Termination. The obligations of the parties hereunder shall terminate with respect to a
Holder when it no longer holds Registrable Securities, and with respect to all the parties hereto in the event that (i) the Holders, in the aggregate, own less than one percent (1%) of the outstanding shares of Common Stock (for purposes
of this calculation, Common OP Units shall be deemed to be Common Stock to the extent held by the Holders or any other Person (other than by the Company or any subsidiary thereof)) and (ii) all of the shares of Common Stock received pursuant to
the Purchase Agreement or issued or issuable upon exchange of Common OP Units issued pursuant to the Purchase Agreement may be sold in one transaction pursuant to Rule 144 (without any volume or other limitations), except, in each case, for any
obligations under Sections 2.7, 2.8, 2.9, 2.10, 2.11, 2.12 and this Article III. 

Section 3.12. Waiver of Jury Trial. The parties hereto (including any Initial Holder and any subsequent Holder) irrevocably waive
any right to trial by jury. 
 [SIGNATURE PAGE FOLLOWS] 

  
 18 

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

			
	HUDSON PACIFIC PROPERTIES, INC.
		
	By:		 /s/ Mark T. Lammas

	Name:		Mark T. Lammas
	Title:		Chief Financial Officer

  
 [Signature Page to
Registration Rights Agreement] 

			
	HOLDERS:
	
	BLACKSTONE REAL ESTATE PARTNERS V L.P.
		
	By:		Blackstone Real Estate Associates V L.P., its general partner
	By:		BREA V L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE PARTNERS V.TE.1 L.P.
		
	By:		Blackstone Real Estate Associates V L.P., its general partner
	By:		BREA V L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE PARTNERS V.TE.2 L.P.
		
	By:		Blackstone Real Estate Associates V L.P., its general partner
	By:		BREA V L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE PARTNERS V.F L.P.
		
	By:		Blackstone Real Estate Associates V L.P., its general partner
	By:		BREA V L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director

  
 [Signature Page to
Registration Rights Agreement] 

			
	BLACKSTONE REAL ESTATE HOLDINGS V L.P.
		
	By:		BREP V Side-by-Side GP L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE PARTNERS VI L.P.
		
	By:		Blackstone Real Estate Associates VI L.P., its general partner
	By:		BREA VI L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE PARTNERS VI.TE.1 L.P.
		
	By:		Blackstone Real Estate Associates VI L.P., its general partner
	By:		BREA VI L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE PARTNERS VI.TE.2 L.P.
		
	By:		Blackstone Real Estate Associates VI L.P., its general partner
	By:		BREA VI L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director

  
 [Signature Page to
Registration Rights Agreement] 

			
	BLACKSTONE REAL ESTATE PARTNERS VI (AV) L.P.
		
	By:		Blackstone Real Estate Associates VI L.P., its general partner
	By:		BREA VI L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE PARTNERS (AIV) VI L.P.
		
	By:		Blackstone Real Estate Associates VI L.P., its general partner
	By:		BREA VI L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE REAL ESTATE HOLDINGS VI L.P.
		
	By:		BREP VI Side-by-Side GP L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKSTONE FAMILY REAL ESTATE PARTNERSHIP VI – SMD L.P.
		
	By:		Blackstone Family GP L.L.C., its general partner
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director

  
 [Signature Page to
Registration Rights Agreement] 

			
	NANTUCKET SERVICES, LLC
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director
	
	BLACKHAWK SERVICES II LLC
		
	By:		 /s/ Frank Cohen

	Name:		Frank Cohen
	Title:		Senior Managing Director

  

  
 [Signature Page to
Registration Rights Agreement] 

 Schedule I 

Initial Holders 
  

							
	 	  	 	  	Number of Registrable Securities
	 Name of Holder
	  	 Address of Holder
	  	 Common Stock
	  	 OP Units

	Blackstone Real Estate Partners V L.P.	  	345 Park Avenue, 10th Floor, New York, NY 10154	  	1,913,567	  	12,166,992
				
	Blackstone Real Estate Partners V.TE.1 L.P.	  	345 Park Avenue, 10th Floor, New York, NY 10154	  	669,716	  	4,258,243
				
	Blackstone Real Estate Partners V.TE.2. L.P.	  	345 Park Avenue, 10th Floor, New York, NY 10154	  	1,720,620	  	10,940,178
				
	Blackstone Real Estate Partners V.F L.P.	  	345 Park Avenue, 10th Floor, New York, NY 10154	  	470,476	  	2,991,420
				
	Blackstone Real Estate Holdings V L.P.	  	345 Park Avenue, 10th Floor, New York, NY 10154	  	192,760	  	1,225,619
				
	Blackstone Real Estate Partners VI L.P.	  	345 Park Avenue, 10th Floor, New York, NY 10154	  	1,335,362	  	8,490,605
				
	Blackstone Real Estate Partners VI.TE.1 L.P.	  	345 Park Avenue, 10th Floor, New York, NY 10154	  	388,898	  	2,472,719
				
	Blackstone Real Estate Partners VI.TE.2. L.P.	  	345 Park Avenue, 10th Floor, New York, NY 10154	  	815,338	  	5,184,145
				
	Blackstone Real Estate Partners VI (AV) L.P.	  	345 Park Avenue, 10th Floor, New York, NY 10154	  	661,829	  	4,208,091
				
	Blackstone Real Estate Partners (AIV) VI L.P.	  	345 Park Avenue, 10th Floor, New York, NY 10154	  	4,120	  	26,199
				
	Blackstone Real Estate Holdings VI L.P.	  	345 Park Avenue, 10th Floor, New York, NY 10154	  	23,584	  	149,951
				
	Blackstone Family Real Estate Partnership VI – SMD L.P.	  	345 Park Avenue, 10th Floor, New York, NY 10154	  	80,675	  	512,956
				
	Nantucket Services L.L.C.	  	 Two N. Riverside Plaza, Suite 2100

Chicago, IL 60606
	  	4,313	  	27,423
				
	Blackhawk Services II LLC	  	 Two N. Riverside Plaza, Suite 2100

Chicago, IL 60606
	  	345,053	  	2,193,939

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