Document:

Exhibit 10.5

 

I-Bankers Securities, Inc.

535 5th Avenue

Suite 423

New York, New York 10017

 

October 19, 2020

 

Good Works Acquisition Corp.

4265 San Felipe, Suite 603

Houston, TX 77027

Attn: Cary Grossman, President

 

Ladies and Gentlemen:

 

This is to confirm
our agreement whereby Good Works Acquisition Corp., a Delaware corporation (“Company”), has requested I-Bankers
Securities, Inc. (the “Advisor”) to serve as the Company’s advisor in connection with the Company acquiring,
engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of,
entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses
or entities (each a “Target”) (in each case, a “Business Combination”) as described in the
Company’s Registration Statement on Form S-1 (File No. 333-248333 filed with the U.S. Securities and Exchange Commission
(“Registration Statement”) in connection with its initial public offering (“IPO”).

 

	 	1.	Services and Fees.

 

(a) The Advisor
will, from time to time, upon the Company’s request and in consultation with the Company:

 

	 	(i)	Assist the Company in preparing presentations for each potential Business Combination;

 

	 	(ii)	Assist the Company in arranging meetings with Company shareholders, including making calls directly to shareholders, to discuss each potential Business Combination and each potential Target’s attributes and providing regular market feedback, including written status reports, from these meetings and participate in direct interaction with shareholders, in all cases to the extent legally permissible;

 

	 	(iii)	Introduce the Company to potential investors to purchase the Company’s securities in connection with each potential Business Combination; and

 

	 	(iv)	Assist the Company with the preparation of any press releases and filings related to each potential Business Combination or Target (the activities described in the foregoing clauses (i)-(iv), the “Services”).

 

(b) As compensation
for the Services, the Company will pay the Advisor a fee (the “Fee”) equal to 4.5% of the gross proceeds of
the IPO. The Fee shall be due and payable at the closing of the Business Combination (“Closing”). If a proposed
Business Combination is not consummated for any reason, no Fee shall be due or payable.

 

(c) The Fee shall
be exclusive of any finder’s fees which may become payable to the Advisor pursuant to any other agreement between the Advisor
and the Company or the Target.

 

	 	2.	Expenses.

 

At the Closing, the
Company shall reimburse the Advisor for all reasonable and documented costs and expenses incurred by the Advisor (including reasonable
fees and disbursements of counsel) in connection with the performance of the Services; provided, however, any costs and/or expenses
in excess of $5,000 in the aggregate shall be subject to the Company’s prior written approval, which approval will not be
unreasonably withheld. The expenses and costs will be charged at cost without markup.

 

     

     

    

 

	 	3.	Company Cooperation; Information.

 

(a) The Company
will provide full cooperation to the Advisor as may be necessary for the efficient performance by the Advisor of its obligations
hereunder, including, but not limited to, providing to the Advisor and its counsel, on a timely basis, all documents and information
regarding the Company and Target that the Advisor may reasonably request or that are otherwise relevant to the Advisor’s
performance of its obligations hereunder (collectively, the “Information”); making the Company’s management,
auditors, consultants, and advisors available to the Advisor; and, using commercially reasonable efforts to provide the Advisor
with reasonable access to the management, auditors, suppliers, customers, consultants and advisors of Target. The Company will
promptly notify the Advisor of any change in facts or circumstances or new developments affecting the Company or Target or that
might reasonably be considered material to the Advisor’s engagement hereunder.

 

(b) The Advisor
agrees to keep strictly confidential all information conveyed by the Company or the Company’s Representatives (as defined
below) to the Advisor in connection with this Agreement including, for the avoidance of doubt, the identities of any Targets and
any Business Combination, in whatever form, whether written, electronic or oral, and to execute a non-disclosure agreement in customary
form reasonably acceptable to the Advisor if requested to do so by the Company.

 

	 	4.	Representations, Warranties, and Covenants.

 

(a) The Company
represents, warrants, and covenants to the Advisor that all Information it makes available to the Advisor by or on behalf of the
Company in connection with the performance of its obligations hereunder will not, to the Company’s knowledge, contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make statements made, in light of the
circumstances under which they were made, not misleading as of the date thereof and as of the consummation of the Business Combination.
The Company acknowledges and agrees that the Advisor will use and rely on the accuracy and completeness of the Information supplied
to the Advisor without having the obligation to independently verify the same.

 

(b) The Advisor
represents, warrants and covenants to the Company that it is not prohibited from entering into this Agreement by any other contract,
agreement, law or order.

 

	 	5.	Indemnity.

 

The Company shall indemnify
the Advisor and its affiliates and directors, officers, employees, shareholders, representatives, and agents in accordance with
the indemnification provisions set forth in Annex I hereto, all of which are incorporated herein by reference.
Notwithstanding the foregoing and Annex I, the Advisor hereby acknowledges that the Company has established a trust
account (the “Trust Account”) containing the proceeds of the IPO and from certain private placements occurring
simultaneously with the IPO (including interest accrued from time to time thereon) for the benefit of the Company’s public
shareholders and certain other parties. For and in consideration of the Company entering into this Agreement, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Advisor hereby agrees that it does
not now and shall not at any time hereafter have any right, title, interest or claim of any kind in or to any assets held in the
Trust Account as a result of entering into this Agreement, and shall not make any claim against the Trust Account as a result of
entering into this Agreement, regardless of whether such claim arises based on contract, tort, equity or any other theory of legal
liability (any and all such claims are collectively referred to hereafter as the “Released Claims”). The Advisor
hereby irrevocably waives any Released Claims that it may have against the Trust Account now or in the future as a result of, or
arising out of, any of the Services provided to the Company hereunder and will not seek recourse against the Trust Account with
respect thereto.

 

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	 	6.	Use of Name and Reports.

 

Without the Advisor’s
prior written consent, neither the Company nor any of its affiliates (nor any director, officer, manager, partner, member, employee,
or agent thereof) shall quote or refer to (i) the Advisor’s name or (ii) any advice rendered by the Advisor to the Company
or any communication from the Advisor in connection with performance of the Services, except as required by applicable federal
or state law, regulation, or securities exchange rule.

 

	 	7.	Status as Independent Contractor.

 

The Advisor shall perform
the Services as an independent contractor and not as an employee of the Company or affiliate thereof. It is expressly understood
and agreed to by the parties that the Advisor shall have no authority to act for, represent, or bind the Company or any affiliate
thereof in any manner, except as may be expressly agreed to by the Company in writing. In rendering the Services, the Advisor will
be acting solely pursuant to a contractual relationship on an arm’s-length basis. This Agreement is not intended to create
a fiduciary relationship between the parties and neither the Advisor nor any of the Advisor’s officers, directors or personnel
will owe any fiduciary duty to the Company or any other person in connection with any of the matters contemplated by this Agreement.

 

	 	8.	Potential Conflicts.

 

The Company acknowledges
that the Advisor is a full-service securities firms engaged in securities trading and brokerage activities and providing investment
banking and advisory services from which conflicting interests may arise. In the ordinary course of business, the Advisor and its
affiliates may at any time hold long or short positions, and may trade or otherwise effect transactions, for their own account
or the accounts of customers, in debt or equity securities of the Company, its affiliates, or other entities that may be involved
in the transactions contemplated hereby. Additionally, the Advisor regularly enters into agreements similar to this Agreement with
other companies. Nothing in this Agreement shall be construed to limit or restrict the Advisor or any of its affiliates in conducting
such business.

 

	 	9.	Entire Agreement.

 

This Agreement constitutes
the entire understanding between the Company and Advisor with respect to the subject matter hereof and supersedes all prior agreements
and understandings, oral or written, with respect thereto. This Agreement may not be modified or terminated orally or in any manner
other than by an agreement in writing signed by the Company and the Advisor.

 

	 	10.	Notices.

 

Any notices required
or permitted to be given hereunder shall be in writing and shall be deemed given when mailed by certified mail or private courier
service, return receipt requested, addressed to each party at its respective addresses set forth above, or such other address as
may be given by a party in a notice given pursuant to this Section.

 

	 	11.	Successors and Assigns.

 

This Agreement may
not be assigned by any party without the written consent of the other parties. This Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and, except where prohibited, to their successors and assigns.

 

	 	12.	Non-Exclusivity.

 

Nothing herein shall
be deemed to restrict or prohibit the engagement by the Company of other consultants providing the same or similar services or
the payment by the Company of fees to such other consultants. The Company’s engagement of any other consultant(s) shall not
affect the Advisor’s right to receive the Fee and reimbursement of expenses pursuant to this Agreement.

 

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	 	13.	Applicable Law; Venue.

 

This Agreement
shall be construed and enforced in accordance with the laws of the State of New York without giving effect to conflict of laws.
In the event of any dispute under this Agreement, then and in such event, each party hereto agrees that the dispute shall be brought
and enforced in the courts of the State of New York, County of New York, or the United States District Court for the Southern District
of New York, in each event at the discretion of the party initiating the dispute. Each party irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. Each party hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum. Any such process or summons to be served upon a party may be served by transmitting a copy thereof
by registered or certified mail, postage prepaid, addressed to such party at the address set forth at the beginning of this Agreement.
Such mailing shall be deemed personal service and shall be legal and binding upon the party being served in any action, proceeding
or claim. The parties agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies)
all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with
the preparation therefor.

 

	 	14.	Counterparts.

 

This Agreement may
be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute
but one instrument.

 

[Signature Page Follows]

 

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If the foregoing correctly
sets forth the understanding between the Advisor and the Company with respect to the foregoing, please so indicate your agreement
by signing in the place provided below, at which time this letter shall become a binding contract.

 

	 	I-Bankers Securities, Inc.
	 	 	 
	 	By:	/s/ Mike McCrory
	 	Name: 	Mike McCrory
	 	Title:	CEO

 

AGREED AND ACCEPTED BY:

 

Good Works Acquisition Corp.

 

	By:	/s/ Cary Grossman	 
	Name: 	Cary Grossman	 
	Title:	President	 

 

[Signature
Page to Business Combination Marketing Agreement]

 

     

     

    

 

ANNEX I

 

Indemnification

 

In connection with
Good Works Acquisition Corp.’s (the “Company”) engagement of I-Bankers Securities, Inc. (the “Advisor”)
pursuant to that certain letter agreement (“Agreement”) of which this Annex forms a part, the Company hereby
agrees, subject to Section 5 of the Agreement, to indemnify and hold harmless the Advisor and its affiliates and their respective
directors, officers, shareholders, agents and employees of any of the foregoing (collectively the “Indemnified Persons”),
from and against any and all claims, actions, suits, proceedings (including those of shareholders), damages, liabilities and expenses
incurred by any of them (including the reasonable fees and expenses of counsel), as incurred, (collectively a “Claim”),
that are related to or arise out of the Agreement and any actions taken or omitted to be taken by any Indemnified Person as contemplated
by the Agreement or in accordance with and at the Company’s request or with the Company’s consent in connection with
the Agreement, and the Company shall advance or reimburse, at the Indemnified Person’s option, any Indemnified Person for
all expenses (including the reasonable fees and expenses of counsel) as incurred by such Indemnified Person in connection with
investigating, preparing or defending any such claim, action, suit or proceeding, in connection with pending or threatened litigation
in which any Indemnified Person is a party. The Company will not, however, be responsible for any Claim that is finally judicially
determined to have resulted from the gross negligence or willful misconduct of any person seeking indemnification for such Claim.
The Company further agrees that no Indemnified Person shall have any liability to the Company for or in connection with the Company’s
engagement of the Advisor except for any Claim incurred by the Company as a result of such Indemnified Person’s gross negligence
or willful misconduct.

 

The Company further
agrees that it will not, without the prior written consent of the Advisor, settle, compromise or consent to the entry of any judgment
in any pending or threatened Claim in respect of which indemnification may be sought hereunder (whether or not any Indemnified
Person is an actual or potential party to such Claim), unless such settlement, compromise or consent (i) includes an unconditional,
irrevocable release of each Indemnified Person from any and all liability arising out of such Claim, and (ii) does not include
a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Person.

 

Promptly upon receipt
by an Indemnified Person of notice of any complaint or the assertion or institution of any Claim with respect to which indemnification
is being sought hereunder, such Indemnified Person shall notify the Company in writing of such complaint or of such assertion or
institution but failure to so notify the Company shall not relieve the Company from any obligation it may have hereunder, except
and only to the extent such failure results in the forfeiture by the Company of substantial rights and defenses. If the Company
so elects or is requested by such Indemnified Person, the Company will assume the defense of such Claim, including the employment
of counsel reasonably satisfactory to such Indemnified Person and the payment of the fees and expenses of such counsel. In the
event, however, that legal counsel to such Indemnified Person reasonably determines that having common counsel would present such
counsel with a conflict of interest or if the defendant in, or target of, any such Claim, includes an Indemnified Person and the
Company, and legal counsel to such Indemnified Person reasonably concludes that there may be legal defenses available to it or
other Indemnified Persons different from or in addition to those available to the Company, then such Indemnified Person may employ
its own separate counsel to represent or defend him, her or it in any such Claim and the Company shall pay the reasonable fees
and expenses of such counsel. Notwithstanding anything herein to the contrary, if the Company fails timely or diligently to defend,
contest, or otherwise protect against any Claim, the relevant Indemnified Party shall have the right, but not the obligation, to
defend, contest, compromise, settle, assert crossclaims, or counterclaims or otherwise protect against the same, and shall be fully
indemnified by the Company therefor, including without limitation, for the reasonable fees and expenses of its counsel and all
amounts paid as a result of such Claim or the compromise or settlement thereof.

 

     

     

    

 

In addition, with respect
to any Claim in which the Company assumes the defense, the Indemnified Person shall have the right to participate in such Claim
and to retain his, her or its own counsel therefor at his, her or its own expense.

 

The Company agrees
that if any indemnity sought by an Indemnified Person hereunder is held by a court to be unavailable for any reason then (whether
or not the Advisor is an Indemnified Person), the Company and the Advisor shall contribute to the Claim for which such indemnity
is held unavailable in such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and
the Advisor on the other, in connection with the Advisor’s engagement referred to above, subject to the limitation that in
no event shall the amount of Advisor’s contribution to such Claim exceed the amount of fees actually received by Advisor
from the Company pursuant to the Advisor’s engagement hereunder. The Company hereby agrees that the relative benefits to
the Company, on the one hand, and the Advisor on the other, with respect to the Advisor’s engagement shall be deemed to be
in the same proportion as (a) the total value paid or proposed to be paid or received by the Company or its shareholders as the
case may be, pursuant to the transaction (whether or not consummated) for which the Advisor is engaged to render services bears
to (b) the fee paid or proposed to be paid to the Advisor in connection with such engagement.

 

The Company’s
indemnity, reimbursement and contribution obligations under this Agreement (a) shall be in addition to, and shall in no way limit
or otherwise adversely affect any rights that any Indemnified Party may have at law or at equity and (b) shall be effective whether
or not the Company is at fault in any way.psb-20200930 Q3 Exhibit 101

		

			Exhibit 10.1

		

		

			 

		

		
			PS BUSINESS PARKS, INC.
		

		
			2012 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN
		

		
			
RESTATED RESTRICTED STOCK UNIT AGREEMENT
		

		
			﻿
		

		
			THIS RESTATED RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”) is made as of [Restatement Date] (the “Restatement Date”), by and between PS Business Parks, Inc., acting on its own behalf (the “Company”), and on behalf of PS Business Parks, L.P. as its sole general partner (the “Partnership”)(as appropriate in context below, references to the Company shall also include the Partnership), and [Name of Grantee], an employee of the Company, a Subsidiary or a Service Provider (the “Grantee”).
		

		
			WHEREAS, the PS Business Parks, Inc. 2012 Equity and Performance-Based Incentive Compensation Plan (the “Plan”) has been duly approved by the Board of Directors of the Company and the shareholders of the Company;
		

		
			WHEREAS, under the Plan the Company is authorized to issue, inter alia, Restricted Stock Units relating to shares of common stock, par value $.01 per share, of the company (the “Stock”);
		

		
			WHEREAS, the Company has previously determined that it was desirable to grant Restricted Stock Units to the Grantee under the terms and conditions set forth below; and
		

		
			WHEREAS, the Company and the Grantee have now determined to amend and restate certain terms of the Grantee’s grant.
		

		
			NOW,  THEREFORE, in consideration of the mutual benefits hereinafter provided, and each intending to be legally bound, the Company and the Grantee hereby agree as follows:
		

			
	
			
				 1.
			

			
	
			
			GRANT OF RESTRICTED STOCK UNITS.

		
			On [Grant Date] (the “Grant Date”), the Company granted to the Grantee [No. of] Restricted Stock Units, subject to the terms of this Restricted Stock Unit Agreement and the Plan.  All terms and conditions of the Plan are hereby incorporated into this Agreement by reference and shall be deemed to be part of this Agreement, without regard to whether such terms and conditions are not otherwise set forth in this Agreement.  To the extent that any capitalized words used in this Agreement are not defined, they shall have the definitions stated for them in the Plan.  In the event that there is any inconsistency between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall govern.
		

			
	
			
				 2.
			

			
	
			
			VESTING OF RESTRICTED STOCK UNITS.

			
	
			
				 2.1.
			

			
	
			
			Service Requirement.

		
			Rights in respect of [Percentage]% of the number of Restricted Stock Units specified in Section 1 above shall vest on each of the first [No.] anniversary[ies] of the Grant Date [or insert vesting schedule], provided that the Grantee is in service on the applicable vesting date.  As used herein, “service” shall mean service to the Company or a Subsidiary as an employee, director, consultant, Service Provider or independent contractor.  For purposes of this Agreement, termination of service would not be deemed to occur if the Grantee, after terminating service in one capacity, continues to provide service to the Company, any Subsidiary or any Affiliate in another capacity.  Termination of service is sometimes referred to below as termination of employment or other relationship with the Company.  As used herein, references to the “Company” shall be deemed to include its Subsidiaries and Affiliates.  The period during which the Restricted Stock Units have not vested and therefore are subject to a substantial risk of forfeiture is referred to below as the Restricted Period.
		

			
	
			
				 2.2.
			

			
	
			
			Special Vesting Provisions.  Notwithstanding anything to the contrary in Section 2.1:

		 

 

			
	
			
				 2.2.1.
			Death or Disability.  Upon the Grantee’s death or Disability, all Restricted Stock Units granted to the Grantee pursuant to this Agreement that have not previously vested shall immediately become vested.

			
	
			
				 2.2.2.
			Retirement.  If the Grantee’s Service is terminated by reason of such Grantee’s Retirement, all Restricted Stock Units granted to the Grantee pursuant to this Agreement that have not previously vested shall immediately become vested as of the Grantee’s Retirement Date (defined below).  For purposes of this Agreement, “Retirement” means the Grantee’s termination of Service other than due to death, Disability, or Cause if:

		
			(a)by the Retirement Date the Grantee is at least 55 years old and has provided at least 10 years of Service as defined in the Plan (generally including service with the Company, Public Storage, and their Affiliates);
		

		
			(b)by the Retirement Date the sum of the Grantee’s age and total years of Service equals at least 80;
		

		
			(c)the Grantee has provided the Company at least 12 months’ prior written notice of the Grantee’s intention to retire;
		

		
			(d)on or prior to the Retirement Date the Grantee has entered into a separation agreement, in a form acceptable to the Company, which includes a full release of claims and certain restrictive covenants as of the date of Retirement; and
		

		
			(e)subject to the Grantee’s continued Service through both the Certification Date and the Retirement Date, the Chairman of the Compensation Committee (the “Chairman”) has taken separate action to establish a date of termination of Service for the Grantee (the “Retirement Date”) and to approve such accelerated vesting for such Grantee (the date of such action by the Chairman, the “Certification Date”); provided, however, that (i) the Grantee shall have no right to such accelerated vesting if the Chairman does not take action to approve such accelerated vesting for such Grantee or revokes its approval before the Retirement Date; and (ii) if the Grantee’s Service is terminated for any reason other than death or Disability prior to such Retirement Date, any Restricted Stock Units held by the Grantee that have not vested shall terminate immediately, and the Grantee shall forfeit any rights with respect to such unvested Restricted Stock Units as of such termination of Service.
		

			
	
			
				 2.3.
			

			
	
			
			Restrictions on Transfer.

		
			The Grantee may not sell, transfer, assign, pledge or otherwise encumber or dispose of the Restricted Stock Units.
		

			
	
			
				 2.4.
			

			
	
			
			Delivery of Shares. 

		
			Consistent with Section 4.2(c) of the Partnership's Agreement of Limited Partnership, delivery of shares of Stock represented by the Grantee’s vested Restricted Stock Units shall be made in the following fashion: (a) on behalf of the Grantee, the Partnership will purchase from the Company for fair market value the number of shares of Stock represented by the Grantee’s vested Restricted Stock Units, (b) the shares will be transferred by the Company, on behalf of the Partnership, to the Grantee, as soon as administratively practicable following the date on which such Restricted Stock Units vest; provided, however, that such delivery shall occur no later than March 15th of the calendar year following the calendar year in which such Restricted Stock Units vested, and (c) the Company will contribute to the Partnership the proceeds received from the Partnership for the shares in exchange for a number of Partnership Units equal to the number of shares being delivered to the Grantee.
		

		 

		

			2

		

 

			
	
			
				 3.
			

			
	
			
			TERMINATION OF EMPLOYMENT OR OTHER RELATIONSHIP.

		
			Upon the termination of the Grantee’s employment or other relationship with the Company other than by reason of death, Disability, or Retirement (pursuant to Section 2.2.2), any Restricted Stock Units held by the Grantee that have not vested shall terminate immediately, and the Grantee shall forfeit any rights with respect to such Restricted Stock Units.
		

			
	
			
				 4.
			

			
	
			
			DIVIDEND AND VOTING RIGHTS.

		
			The Grantee shall have none of the rights of a shareholder with respect to the Restricted Stock Units.  The Grantee shall be entitled to receive, upon the Company’s payment of a cash dividend on its outstanding shares, a cash payment for each Restricted Stock Unit held as of the record date for such dividend equal to the per-share dividend paid on the Stock, which cash payment shall be made at the same time as the Company’s payment of a cash dividend on its outstanding shares.
		

			
	
			
				 5.
			

			
	
			
			REQUIREMENTS OF LAW.

		
			The Company shall not be required to deliver any shares under this Restricted Stock Unit Agreement if the delivery of such shares would constitute a violation by the Grantee or by the Company of any provision of any law or regulation of any governmental authority, including without limitation any federal or state securities laws or regulations.  If at any time the Company shall determine, in its discretion, that the listing, registration or qualification of any shares upon any securities exchange or under any state or federal law, or the consent or approval of any government regulatory body, is necessary or desirable as a condition of, or in connection with, the delivery of shares hereunder, the Restricted Stock Units shall not vest in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company.  Specifically in connection with the Securities Act of 1933 (as now in effect or as hereafter amended), unless a registration statement under such Act is in effect with respect to the shares, the Company shall not be required to deliver such shares unless the Company has received evidence satisfactory to it that the Grantee may acquire such shares pursuant to an exemption from registration under such Act.  Any determination in this connection by the Company shall be final, binding, and conclusive.  The Company may, but shall in no event be obligated to, register any securities covered hereby pursuant to the Securities Act of 1933 (as now in effect or as hereafter amended).  The Company shall not be obligated to take any affirmative action in order to cause the delivery of shares pursuant thereto to comply with any law or regulation of any governmental authority.  As to any jurisdiction that expressly imposes the requirement that the Restricted Stock Units shall not vest unless and until the shares are registered or are subject to an available exemption from registration, the vesting of the Restricted Stock Units (under circumstances in which the laws of such jurisdiction apply) shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption.
		

			
	
			
				 6.
			

			
	
			
			WITHHOLDING OF TAXES.

		
			The Company and any Subsidiary shall have the right to deduct from payments of any kind otherwise due to the Grantee any federal, state, or local taxes of any kind required by law to be withheld with respect to the termination of the Restricted Period with respect to the Restricted Stock Units.  At the termination of the Restricted Period, the Grantee shall pay to the Company or the Subsidiary, as applicable, any amount that the Company or the Subsidiary may reasonably determine to be necessary to satisfy such withholding obligation.  Subject to the prior approval of the Company or the Subsidiary, as applicable, which may be withheld by the Company or the Subsidiary in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or in part, (i) by causing the Company or the Subsidiary to withhold shares otherwise deliverable or (ii) by delivering to the Company or the Subsidiary Stock already owned by the Grantee.  The shares so delivered or withheld shall have a fair market value not exceeding the minimum amount of tax required to be withheld by applicable law.  The Fair Market Value of the shares used to satisfy such withholding obligation shall be determined by the Company or the Subsidiary as of the date that the amount of tax to be withheld is to be determined.  A Grantee who has made an election pursuant 
		

		 

		

			3

		

 

		to this Section 6 may satisfy his or her withholding obligation only with shares that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.
		

			
	
			
				 7.
			

			
	
			
			PARACHUTE LIMITATIONS.

		
			Notwithstanding any other provision of this Agreement or of any other agreement, contract, or understanding heretofore or hereafter entered into by the Grantee and the Company or any Subsidiary, except an agreement, contract, or understanding hereafter entered into that expressly modifies or excludes application of this Section 7 (the “Other Agreements”), and notwithstanding any formal or informal plan or other arrangement heretofore or hereafter adopted by the Company (or any Subsidiary) for the direct or indirect compensation of the Grantee (including groups or classes of participants or beneficiaries of which the Grantee is a member), whether or not such compensation is deferred, is in cash, or is in the form of a benefit to or for the Grantee (a “Benefit Arrangement”), if the Grantee is a “disqualified individual,” as defined in Section 280G(c) of the Code, the Restricted Stock Units and any right to receive any payment or other benefit under this Agreement shall be reduced (i) to the extent that such right to payment or benefit, taking into account all other rights, payments, or benefits to or for Grantee under the Plan, all Other Agreements, and all Benefit Arrangements, would cause any payment or benefit to the Grantee under this Agreement to be considered a “parachute payment” within the meaning of Section 280G(b)(2) of the Code as then in effect (a “Parachute Payment”), but only (ii) if, as a result of receiving a Parachute Payment, the aggregate after-tax amounts received by the Grantee from the Company under this Agreement, the Plan, all Other Agreements, and all Benefit Arrangements would be less than the maximum after-tax amount that could be received by Grantee without causing any such payment or benefit to be considered a Parachute Payment.  In the event that the receipt of any such right to exercise, payment, or benefit under this Agreement, in conjunction with all other rights, payments, or benefits to or for the Grantee under the Plan, any Other Agreement or any Benefit Arrangement would cause the Grantee to be considered to have received a Parachute Payment under this Agreement that would have the effect of decreasing the after-tax amount received by the Grantee as described in clause (ii) of the preceding sentence, then those rights, payments, or benefits under this Agreement, the Plan, any Other Agreements, and any Benefit Arrangements that should be reduced or eliminated so as to avoid having the payment or benefit to the Grantee under this Agreement be deemed to be a Parachute Payment shall be reduced in the following order: (x) cash payments that do not constitute deferred compensation within the meaning of Section 409A of the Code, (y) welfare or in-kind benefits and (z) cash payments that constitute deferred compensation, in each case, beginning with payments or benefits that are to be paid the farthest in time from the date of such reduction.
		

			
	
			
				 8.
			

			
	
			
			DISCLAIMER OF RIGHTS.

		
			No provision of this Agreement shall be construed to confer upon the Grantee the right to be employed by the Company, any Subsidiary or any Affiliate, or to interfere in any way with the right and authority of the Company, any Subsidiary or any Affiliate either to increase or decrease the compensation of the Grantee at any time, or to terminate any employment or other relationship between the Grantee and the Company, any Subsidiary, any Service Provider or any Affiliate of any of the foregoing.
		

			
	
			
				 9.
			

			
	
			
			DATA PRIVACY.

		
			To administer the Plan, the Company and its Affiliates may process personal data about the Grantee. Such data includes, but is not limited to, the information provided in this Agreement and any changes thereto, other appropriate personal and financial data about the Grantee such as home address and business addresses and other contact information, and any other information that might be deemed appropriate by the Company to facilitate the administration of the Plan.  By accepting this grant, the Grantee hereby gives express consent to the Company and its Affiliates to process any such personal data.  The Grantee also gives express consent to the Company to transfer any such personal data outside the country in which Grantee works, including, with respect to non-U.S. resident Grantees, to the United States, to 
		

		 

		

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		transferees who will include the Company and other persons who are designated by the Company to administer the Plan.
		

			
	
			
				 10.
			

			
	
			
			CONSENT TO ELECTRONIC DELIVERY OF MATERIALS.

		
			The Company may choose to deliver certain statutory materials relating to the Plan in electronic form. By accepting this grant, the Grantee agrees that the Company may deliver the Plan’s prospectus and any annual reports to the Grantee in an electronic format. If at any time the Grantee would prefer to receive paper copies of these documents, as the Grantee is entitled to, the Company would be pleased to provide copies. The Grantee may contact the Company’s Legal Department to request paper copies of these documents.
		

			
	
			
				 11.
			

			
	
			
			INTERPRETATION OF THE AGREEMENT.

		
			All decisions and interpretations made by the Chairman with regard to any question arising under the Plan or this Agreement shall be binding and conclusive on the Company and the Grantee and any other person.  In the event that there is any inconsistency between the provisions of this Agreement and of the Plan, the provisions of the Plan shall govern.
		

			
	
			
				 12.
			

			
	
			
			SECTION 409A.

		
			The grant of Restricted Stock Units under this Agreement is intended to comply with Section 409A of the Code (“Section 409A”) to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement will be interpreted and administered to be in compliance with Section 409A.  The Company, however, will have no liability to the Grantee if Section 409A is determined to apply and adversely affects the Grantee.  With respect to payments under this Agreement, for purposes of Section 409A, each payment (if there is more than one payment) will be considered one of a series of separate payments.  If at the time of the Grantee’s separation from service, (a) the Grantee is a “specified employee” (as defined in Section 409A and using the identification methodology selected by the Company from time to time), and (b) the Company makes a good faith determination that an amount payable on account of such separation from service to the Grantee constitutes “deferred compensation” (within the meaning of Section 409A), payment to the specified employee may not be made before the date that is six months after the date of the Grantee’s separation from service from the Company or its Affiliates (or, if earlier, the date of the Grantee’s death).
		

		
			With respect to any amount payable under this Agreement to the Grantee that constitutes “deferred compensation” (within the meaning of Section 409A), payment under this Agreement may not be accelerated upon a Change in Control under the Plan, unless such Change in Control is also a “change in control” (as defined in Section 409A) or unless otherwise permitted by Section 409A.  Upon a Change in Control under the Plan that is not a “change in control” (as defined in Section 409A), such payment shall be made on the next payment date permitted by Section 409A.
		

			
	
			
				 13.
			

			
	
			
			CLAWBACK.

		
			The Restricted Stock Units shall be subject to mandatory repayment by the Grantee to the Company to the extent the Grantee is, or in the future becomes, subject to (a) any Company “clawback” or recoupment policy, or (b) any applicable laws which impose mandatory recoupment, under circumstances set forth in such applicable laws.
		

			
	
			
				 14.
			

			
	
			
			ENTIRE AGREEMENT.

		
			This Agreement and the Plan constitute the entire agreement regarding this grant and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof.  Neither this Agreement nor any term hereof may be amended, waived, discharged, or terminated except by a written instrument signed by the Company and the Grantee; provided, however, that the Company unilaterally may amend, waive, discharge, or terminate any provision hereof to the extent that such amendment, waiver, discharge, or termination does not adversely affect the interests of the Grantee 
		

		 

		

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		hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof.
		

			
	
			
				 15.
			

			
	
			
			GOVERNING LAW.

		
			This Agreement shall be governed by the laws of the State of California (but not including the choice of law rules thereof).
		

		
			 
		

		

		

		 

		

			6

		

 

		IN WITNESS WHEREOF, the parties hereto have caused this Restated Restricted Stock Unit Agreement to be duly executed as of the date first above written.
		

			
					
						GRANTEE:

					
					
						 

					
					
						COMPANY:

					
						PS BUSINESS PARKS, INC.

				
	
					
						﻿

					
					
						 

					
					
						 

					
						 

					
						By:

				
	
					
						[Grantee Name]

					
					
						 

					
					
						Name:[Officer Name]

					
						Title:[Officer Title]

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
						ADDRESS FOR NOTICE TO GRANTEE:

					
						 

					
						[Grantee Address]

					
					
						 

					
					
						PARTNERSHIP:

					
						PS BUSINESS PARKS, L.P.

					
						By: PS Business Parks, Inc., General Partner

					
						 

					
						By: ______________________

					
						Name:[Officer Name]

					
						Title: [Officer Title]

					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

				

		
			﻿
		

		 

		

			Signature Page to the Restated Restricted Stock Unit Agreement

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