Document:

Form of Executive Retention Agreement

 Exhibit 10.1 
 EXECUTIVE RETENTION AGREEMENT 
 The parties to this Retention Agreement (the “Agreement”)
are ________________ (“Employee”) and Interlink Electronics, Inc. (“Company”). 
 R E C I T A L S: 
 WHEREAS, the Company from time to time will consider strategic alternatives which may include the divestiture of one or more of the business units of the
Company ; 
 WHEREAS, Employee has knowledge and experience necessary for the successful operation and management of the Company until its
business units are sold; 
 WHEREAS, this Agreement shall supersede all existing agreements between the Employee and Company, either verbal
or written, regarding retention compensation, severance benefits and change of control benefits; and 
 WHEREAS, in the event of a
divestiture of one or more of the business units, the Company desires to retain the services of Employee during the period of time that Company continues its operations and for Employee to provide services to any successor for the first nine
(9) months following a Change of Control of the Company.; 
 NOW, THEREFORE, in consideration of the mutual promises herein contained,
the parties agree as follows: 
 1. SERVICES AND COMPENSATION 
 Employee agrees to devote Employee’s full time, attention, and skills in the position of ___________________ during the term of this Agreement, as
defined in Paragraph 2 below. Employee further agrees to perform such services diligently, for the best interest of Company or any successor owner of Interlink Electronics, Inc., and in a manner consistent with the standards customarily applicable
to persons rendering similar services. If in the pursuit of a strategic alternative the Company or one of both of the business unit is sold, Employee shall receive Incentive Compensation in the form and amount set forth in Exhibit A hereto at the
closing of the sale of the Company or at the closing of each of the transactions involving the individual business units if he is an active employee of the Company at the time of the closing(s). Additionally, Employee shall receive Change of Control
benefits in the form and amount set forth in Exhibit A hereto in the event that prior to a Change of Control event Employee is terminated by the Company for any reason other than cause; or in the event that prior to a Change of Control event
Employee resigns for good reason; or for nine (9) months following a Change of Control event if Employee is terminated by a successor owner for any reason other than cause; or for nine (9) months following a Change of Control event if
Employee resigns for good reason. As a condition to Employee’s receipt of any Incentive Compensation or Change in Control benefits pursuant to Exhibit A, Employee shall be required to execute a general release 

 
of claims relating to Employee’s employment by the Company and any successor employer and termination of employment at the Company or at any successor
employer, within the deadline set forth in the general release, which shall be no sooner than twenty-one (21) days after, nor later than forty-five (45) days after, Employee’s separation from service within the meaning of section 409A
of the Internal Revenue Code of 1986 (the “Code”). Payment shall be made within ten (10) days of the Employee’s execution of the release and the expiration of any applicable revocation period, which shall be in a form
substantially similar to the form attached hereto as Exhibit B. Company shall provide Employee with the final form of the release within thirty (30) days following Employee’s separation from service. 
 2. TERM 
 This Agreement shall become
effective upon execution by all parties and shall automatically terminate nine (9) months following the effective date of a Change of Control as defined in Section 3 of this Agreement. Company may also terminate this Agreement for
“cause” prior to the automatic termination, Employee may terminate this Agreement for “good reason” prior to the automatic termination, or this Agreement may terminate automatically due to the resignation, death, or disability of
Employee. 
 Termination for “cause” by Company shall mean a termination on account of any one or more of the following: 
 A. Employee commits an act of dishonesty, fraud, deception, misrepresentation or engages in other willful misconduct which is reasonably
believed to be injurious to the interest, property, operations, business or reputation of Company; 
 B. Employee engages in
willful misconduct, gross negligence, malfeasance or misfeasance in the course of employment; 
 C. Employee fails to obey a
lawful direction of Company and does not cure such failure within a reasonable period of time, not to exceed three (3) business days of being notified of such failure; 
 D. Employee breaches any material provision of this Agreement and does not cure such breach within a reasonable period of time, not to
exceed ten (10) days; 
 E. Employee is convicted of a felony or enters a nolo contendere plea to a felony, or is
convicted of a misdemeanor involving dishonesty or moral turpitude, or enters a nolo contendere plea to a misdemeanor that involves dishonesty or moral turpitude; or 
 F. Employee engages in theft or embezzlement, or attempted theft or embezzlement, of money or tangible or intangible assets or property of
Company. 

 Termination for “good reason” by Employee shall mean a resignation by Employee on account of any one or more of
the following: 
 A. a material diminution of Employee’s responsibilities from those responsibilities of Employee in
effect at the time of execution of this Agreement, except in connection with the termination of Employee’s employment for cause, disability or death, or voluntarily by Employee other than for good reason; 
 B. a material reduction by the Company, or any successor employer, of Employee’s rate of base salary; 
 C. a material change in the geographic location at which the Employee must perform his services hereunder (at least fifty (50) miles)
from the location immediately prior to the Change in Control, except for reasonably required travel on business of the Company or of any successor employer; or 
 D. any other action or inaction by the Company or any successor employer that constitutes a material breach of this Agreement and that is
not cured within ten (10) days following written notice to the Company of such breach. 
 If Employee is terminated for
“cause” or voluntarily resigns prior to the termination of this Agreement for reasons other than “good reason”, then Employee will not be eligible for the compensation set forth in paragraph 1 and Exhibit A. 
 The failure of Company to timely exercise its right of termination of this Agreement in the event of the occurrence of “cause,” or failure of
Employee to timely exercise his right of termination in the event of the occurrence of “good reason,” shall not constitute a waiver of either party’s right to terminate this Agreement for any subsequent occurrence of “cause”
or “good reason.” 
 “Disability” shall mean the absence of Employee from Employee’s duties with the Company or that
of any successor employer on a full time basis for one hundred eighty (180) consecutive days as a result of Employee’s incapacity due to physical or mental illness, unless, within thirty (30) days after a notice of termination is
given to Employee following such absence, Employee shall have returned to the full performance of Employee’s duties. 
 3. CHANGE IN
CONTROL 
 “Change in Control” of the Company shall mean the occurrence of any of the following events: 
 A. any consolidation, merger, plan of share exchange, or other reorganization involving the Company (a “Merger”) as a result of
which the holders of outstanding securities of the Company ordinarily having the right to vote for the election of directors (“Voting Securities”) immediately prior to the 

 
Merger do not continue to hold at least fifty percent (50%) of the combined voting power of the outstanding Voting Securities of the surviving or
continuing corporation immediately after the Merger, disregarding any Voting Securities issued or retained by such holders in respect of securities of any other party to the Merger; 
 B. any sale, lease, exchange or other transfer of all, or substantially all, the assets of the Company, or, in the event the assets of the
eTransactions business unit and the Specialty Products business unit are sold separately, any sale, lease, exchange or other transfer of all, or substantially all, the assets of the business unit in which Employee had been providing services
immediately prior to such sale; 
 C. the adoption of any plan or proposal for the liquidation or dissolution of the Company;
or 
 D. any Person (i.e., any individual, corporation, partnership, group, association or other “person”, as such
term is used in Section 14(d) of the Exchange Act, other than the Company, any subsidiary of the Company or any employee benefit plan(s) sponsored by the Company) shall have become the beneficial owner (within the meaning of Rule 13d-3 under
the Securities Exchange Act of 1934 (the “Exchange Act”)), directly or indirectly, of securities of the Company ordinarily having the right to vote for the election of directors representing fifty (50%) or more of the combined voting
power of the then outstanding voting securities. 
 Employee shall receive the Change in Control benefits as set forth in Exhibit A if
Employee is terminated without cause prior to a Change in Control as defined above or terminated without cause within nine (9) months following a Change in Control. 
 4. APPLICATION OF CODE §409A 
 A. If Employee is a “specified employee”
within the meaning of Code § 409A(a)(2)(B)(i) and any payment required to be made or benefit required to be provided pursuant to this Agreement is subject to Code § 409A and not exempt from those requirements under any applicable
regulations or other guidance of general applicability, then any such payment otherwise payable on account of Employee’s separation from service during the period ending on the date that is six (6) months after the separation from service
shall be paid in a lump sum on the date that is six (6) months after Employee’s separation from service instead of the date on which it would otherwise be paid; provided, however, that deferred compensation to which Employee is entitled
under Exhibit A of this Agreement need not be delayed under this subparagraph to the extent those payments would comply with the requirements of Treasury Regulation §1.409A-1(b)(9)(iii), which generally requires that the total of such payments
not exceed two (2) times the 

 
lesser of (1) Employee’s annualized compensation based on his annual rate of pay in the year before the Employee’s separation from service or
(2) the Code Section 401(a)(17) limit applicable to qualified plans during the year of Employee’s separation from service. In determining whether Employee is a “specified employee” the Company (or its delegate) may, but need
not, elect in writing, subject to the applicable limitations under Code § 409A, any of the special elective rules prescribed in Treasury Regulation §1.409A-1(i). 
 B. To the extent applicable, it is intended that this Agreement comply with the provisions of Code § 409A, so as to prevent inclusion
in gross income of any amounts payable or benefits provided hereunder in a taxable year that is prior to the taxable year or years in which such amounts or benefits would otherwise actually be distributed, provided or otherwise made available to
Employee. This Agreement shall be construed, administered, and governed in a manner consistent with this intent and the following provisions of this paragraph shall control over any contrary provisions of this Agreement. 
 C. Payments and benefits hereunder upon Employee’s termination or severance of employment with the Company that constitute deferred
compensation under Code § 409A shall not be paid or provided prior to Employee’s “separation from service” within the meaning of Code § 409A. 
 D. For purposes of Code § 409A, the right to a series of installment payments under this Agreement shall be treated as a right to a
series of separate payments so that each payment is designated as a separate payment for purposes of Code § 409A. 
 E.
References in this Agreement to Code § 409A include both that Section of the Code itself and any guidance promulgated thereunder. 
 F. Company makes no representation or warranty and shall have no liability to Employee or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Code §
409A but do not satisfy an exemption from, or the conditions of, such Section. 
 5. CONFIDENTIALITY 
 Employee agrees that he will keep the fact, terms, and amount of this Agreement completely confidential to the extent that such information is not made
public by the Company, and that Employee will not disclose any information concerning this Agreement to anyone except his legal counsel, spouse or domestic partner, tax advisors and accountants, provided that Employee may make such disclosures as
are required by law and as are necessary for legitimate law enforcement or compliance purposes. Those individuals shall be informed of the provisions of this confidentiality clause and shall agree to be bound by it. Employee agrees to keep
confidential and not to publish, communicate, furnish, divulge, disclose or use, or otherwise make 

 
available, directly or indirectly, for Employee’s own benefit or the benefit of others, any trade secrets or confidential or proprietary information
regarding the finances, marketing, practices, processes or operations of Company in any way obtained by Employee during the course of Employee’s employment. Such trade secret and confidential or proprietary information includes, but is not
limited to, compilations of information, files, notes, memoranda, price lists, catalogs, customer lists, vendor lists, records, specifications, programs, methods, techniques, processes, non-public financial information, computer programs, business
plans, compilations of non-public business information, sales procedures, customer requirements, pricing techniques, methods of doing business, or information concerning customers or vendors, product, marketing, advertising and/or design. Employee
further agrees to use such confidential information only for purposes of Employee’s employment with Company or any authorized successor. Employee also agrees to abide by any confidentiality agreement or clause to which he has previously become
obligated as a result of his employment by the Company. 
 6. ASSIGNMENTS 
 This Agreement, and all duties and obligations of Employee herein are personal in nature. Accordingly, Employee shall not assign any part of this
Agreement without the prior written consent of Company. This Agreement shall be binding upon the parties hereto and upon their administrators, representatives, successors and assigns, and shall inure to the benefit of the parties and to their
administrators, representatives, successors and assigns. Company shall take all steps necessary to bind any successor owner to this Agreement in the event of a Change in Control. 
 7. ENTIRE AGREEMENT 
 This Agreement
constitutes the entire agreement between the parties with respect to the subject matter of the Agreement, and fully supersedes any and all prior negotiations, agreements or understandings, written or oral, between the parties pertaining to the
subject matter of this Agreement, including, but not limited to, compensation benefits, severance benefits, and change of control benefits. 
 8. MODIFICATIONS 
 None of the provisions of this Agreement may be waived, changed or altered except by an instrument in
writing signed by both parties. 
 9. VALIDITY 
 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

 10. HEADINGS 
 Headings used throughout this Agreement are for administrative convenience only and shall be disregarded for the purpose of construing and enforcing this Agreement. 
 11. WAIVER OF BREACH OR VIOLATION NOT DEEMED CONTINUING 
 The waiver by either party of a breach or violation of any provision of this Agreement shall not operate as, or be construed to be, a waiver of any subsequent breach or violation. 
 12. GOVERNING LAW 
 This Agreement and
all matters relating to its meaning, validity or enforceability and the performance of services hereunder shall be governed by the laws of the State of California. 
 13. COUNTERPARTS 
 This Agreement may be executed in several counterparts, each of which shall be
deemed to be an original, but all of which together will constitute one and the same instrument. 
 14. ARBITRATION 
 Any controversy or claim arising out of or relating to Employee’s employment relationship with or its termination by Company or arising out of or
relating to this Agreement, its performance or breach, including the knowing and voluntary nature of any waiver set forth in this Agreement, and/or the validity, scope and enforceability of this Agreement to arbitrate, shall be settled by final and
binding arbitration in accordance with the currently applicable employment dispute resolution rules of the American Arbitration Association. THIS INCLUDES ALL CLAIMS REGARDING ANY ALLEGED DISCRIMINATION OR HARASSMENT. Unless a request for
arbitration is made within the time limits of applicable law, the right to arbitrate shall be deemed waived and no further action may be taken by the waiving party in any forum. 
 The parties may conduct discovery that will allow them to adequately support their claims and defenses, including the identification of relevant
documents and witnesses, under the rules referenced above and as ordered by the arbitrator. 
 The costs of arbitration (the
arbitrator’s fee and other administrative costs) shall be borne by Company. Each party shall be responsible for its own attorney’s fees, unless, upon a party’s application, the arbitrator makes an award of fees according to applicable
law. 
 The arbitrator must render a written decision including the factual and legal findings which support the award. Judgment upon the
award rendered by the arbitrator(s) may be entered in any court having jurisdiction and shall be subject to limited review under Cal. Code of Civil Procedure §1285 et seq. 

 Nothing in this Agreement shall prohibit the Company from seeking injunctive relief under applicable law
before arbitration or while arbitration is pending if deemed necessary to protect the rights of the Company. This Agreement shall be interpreted and enforced under the laws of the State of California. 
 15. VOLUNTARY ENTRY INTO AGREEMENT 
 Employee acknowledges and represents that Employee is entering into this Agreement freely and voluntarily after having had time to review the Agreement, ask questions, and consult legal counsel. Employee acknowledges and represents that he
understands the consequences of his agreement to arbitrate any disputes he may have with Company and has freely and voluntarily entered into the agreement to arbitrate. 
  

											
					
	Date:	 	 	 		 	______________________________________________,	 	Employee
		 		 		 		 		 	
						
		 		 		 	By:	 	 	 	 
		 		 		 		 		 	
					
	Date:	 	 	 		 	INTERLINK ELECTRONICS, INC.	 	
						
		 		 		 	By:	 	 	 	 

 EXHIBIT A 
 Incentive Compensation (Section 1) 
 _____________ percent (XX%) of the purchase price paid to
Interlink Electronics, Inc. for the Company or in the event the business units are sold separately, the purchase price paid for the ________________________ business units. Purchase price shall mean the net cash paid, plus the value of any
marketable securities or other property paid, for the acquisition of the business unit and shall not include any earn out provisions or assumed debt in the structure of the transaction. 
 Change in Control Benefits (Section 6) 
 In the event of a Change in Control as defined in this
Agreement and Employee is terminated without cause within nine (9) months following a Change of Control or is terminated without cause prior to a Change of Control or terminates for “good reason”, the Employee shall receive:

  

	 	(i)	Nine (9) months base salary at the rate in effect on the date of separation from service, performance bonus, and car allowance. For the calculation of performance bonus amount,
it is assumed that the Employee has achieved one hundred percent (100%) of his or her agreed performance objectives, multiplied by their agreed bonus multiplier (XX%), multiplied by their current base salary. 

  

	 	(ii)	Payment of all accrued and banked, but unused vacation pay. 

  

	 	(iii)	Nine (9) months of COBRA insurance premiums, paid in lump sum. 

  

	 	(iv)	COBRA benefits as provided by law, premiums to be paid by Employee. 

  

	 	(v)	One hundred percent (100%) of unvested stock options shall be accelerated so that such options are immediately exercisable.Amended and Restated Employment Agreement - Thomas

 Exhibit 10.38 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT
(this “Agreement”), effective as of the 18th day of December, 2008 (the “Effective Date”), is entered into by and among Thomas Properties Group, Inc., a Delaware corporation (“TPG”), Thomas
Properties Group, LP., a Maryland limited partnership (the “Operating Partnership”) and James A. Thomas (the “Executive”). 
 WHEREAS, effective as of the date of the closing of the initial public offering of shares of TPG’s common stock, TPG and the Operating Partnership (collectively, the “Company”) executed an
Employment Agreement (“Employment Agreement”) with the Executive to embody the terms of the Executive’s employment with the Company; 
 WHEREAS, the Company and the Executive desire to amend the Employment Agreement to extend the Employment Term (as defined below) for an additional three years and to adjust the Executive’s compensation, subject
to the terms and conditions of this Agreement; 
 WHEREAS, the Company and the Executive desire to amend the Employment Agreement to comply
with Section 409A of the Internal Revenue Code and the guidance and regulations promulgated thereunder (“Section 409A”); 
 WHEREAS, the Executive desires to accept continued employment with the Company, subject to the terms and conditions of this Agreement. 
 NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 
 1. Employment
Period. Subject to the provisions for earlier termination hereinafter provided, the Executive’s employment hereunder shall be for a term (the “Employment Period”) commencing on the Effective Date and ending on the third (3
rd) anniversary of the Effective Date (the “Initial Termination Date”); provided, however, that this Agreement
shall be automatically extended for one additional year on the Initial Termination Date and on each subsequent anniversary of the Initial Termination Date, unless either the Executive or the Company elects not to so extend the term of the Agreement
by notifying the other party, in writing, of such election not less than sixty (60) days prior to the last day of the term as then in effect. 
 2. Terms of Employment. 
 (a) Position and Duties. 
 (i) During the Employment Period, the Executive shall serve as Chief Executive Officer of TPG and the Operating Partnership and shall perform such
employment duties as are usual and customary for such positions and such other duties as the Board of Directors of TPG (the “Board”) shall from time to time reasonably assign to Executive. The Executive shall report directly to the
Board. In addition, during the Employment Period, subject to the rules and requirements of the charter of the nominating and corporate governance committee of the Board, the Company shall use its best efforts to cause the Executive to be nominated
as a member of the Board and appointed by the Board as Chairman of the Board; provided, however, that the Company shall not be so obligated if cause exists for removal of the Executive from the Board or 

  

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for the failure to nominate or elect the Executive to the Board. Provided Executive is so nominated, the Executive hereby agrees to serve as a member and as
Chairman of the Board. At the Company’s request, the Executive shall serve the Company and/or its subsidiaries and affiliates in other positions and capacities in addition to the foregoing. In the event that the Executive, during the Employment
Period, serves in any one or more of such additional capacities, the Executive’s compensation shall not be increased beyond that specified in Section 2(b) of this Agreement. In addition, in the event the Executive’s service in
one or more of such additional capacities is subsequently terminated, the Executive’s compensation, as specified in Section 2(b) of this Agreement, shall not be diminished or reduced in any manner as a result of such termination for
so long as the Executive otherwise remains employed under the terms of this Agreement. 
 (ii) During the Employment Period, and excluding
any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote substantially all of his business time, energy, skill and best efforts to the performance of his duties hereunder in a manner that will
faithfully and diligently further the business and interests of the Company. Notwithstanding the foregoing, during the Employment Period it shall not be a violation of this Agreement for the Executive to (A) serve on civic, charitable or other
boards or committees consistent with the Company’s conflicts of interest policies and corporate governance guidelines in effect from time to time, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions or
(C) manage his personal investments, so long as such activities do not materially interfere with the performance of the Executive’s responsibilities as an executive officer of the Company. It is expressly understood and agreed that to the
extent that any such activities have been conducted by the Executive prior to the Effective Date and fully disclosed in writing and agreed to by the Company in writing, the continued conduct of such activities (or the conduct of activities similar
in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of the Executive’s responsibilities to the Company; provided that no such activity shall be permitted that violates
any written non-competition agreement between the parties or prevents the Executive from devoting substantially all of his business time to the fulfillment of his duties hereunder. 
 (iii) The Executive agrees that he will not take personal advantage of any business opportunity that arises during his employment by the Company and
which may be of benefit to the Company unless all material facts regarding such opportunity are promptly reported by the Executive to the Board for consideration by the Company and the disinterested members of the Board determine to reject the
opportunity and to approve the Executive’s participation therein. 
 (b) Compensation. 
 (i) Base Salary. During the Employment Period, the Executive shall receive a base salary (the “Base Salary”) of $120,000 per
annum, as the same may be increased thereafter (or thereafter decreased, but not below the initial Base Salary) pursuant to the Company’s normal practices for its executives. The Base Salary shall be paid at such intervals as the Company pays
executive salaries generally. During the Employment Period, the Base Salary shall be reviewed at least annually for possible increase (or decrease, not below the initial Base Salary) in the Company’s sole discretion, as determined by the
Company’s compensation committee. Any increase in Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. The term “Base Salary” as utilized in this Agreement shall refer to Base
Salary as so adjusted. 
  

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 (ii) Annual Bonus. In addition to the Base Salary, the Executive shall be eligible to earn, for
each fiscal year of the Company ending during the Employment Period, an annual cash performance bonus (an “Annual Bonus”). The amount of the Annual Bonus and the target performance goals applicable to the Annual Bonus shall be
determined in accordance with the terms and conditions of said bonus plan as in effect from time to time; provided that the target for the first annual bonus hereunder shall be 200% of Base Salary, with 100% of Base Salary as the target bonus and
the additional 100% for extraordinary performance. The terms and conditions of any such bonus plan shall be determined by the Company’s compensation committee of the Board in its sole discretion.  
 (iii) Incentive, Savings and Retirement Plans. During the Employment Period, the Executive shall be eligible to participate in all other
incentive plans, policies and programs, and all savings and retirement plans, policies and programs, in each case that are applicable generally to senior executives of the Company.  
 (iv) Welfare Benefit Plans. During the Employment Period, the Executive and the Executive’s eligible family members shall be eligible for
participation in the welfare benefit plans, practices, policies and programs (including, if applicable, medical, dental, disability, employee life, group life and accidental death insurance plans and programs) maintained by the Company for its
senior executives.  
 (v) Expenses. During the Employment Period, the Executive shall be entitled to receive prompt
reimbursement for all reasonable business expenses incurred by the Executive in accordance with the policies, practices and procedures of the Company provided to senior executives of the Company.  
 (vi) Fringe Benefits. During the Employment Period, the Executive shall be entitled to such fringe benefits and perquisites as are provided by
the Company to its senior executives from time to time, in accordance with the policies, practices and procedures of the Company.  
 (vii) Vacation. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the plans, policies, programs and practices of the Company applicable to its senior executives.  
 (viii) Indemnification Agreement. The parties acknowledge that they have previously entered into an existing Indemnification Agreement
(“Indemnification Agreement”). 
 3. Termination of Employment. Subject to the provisions of this
Section 3, the Executive’s employment shall be deemed terminated for purposes of this Agreement when the Executive incurs a “separation from service” (as such phrase is defined in Section 409A) with the Company or any
of its affiliates because of death, disability or termination of employment for any other reason, including any reason specified in Section 3(a), (b), (c) or (d) below (such date, the “Date of Termination”);
provided, however, that except with respect to the Company’s obligation to pay any Accrued Obligations and/or Other Benefits (each, as defined below) in accordance with California law, no termination shall be deemed to occur for purposes of the
Agreement while the Executive continues to perform services for the Company or any of its affiliates in a capacity as an employee or as an independent contractor at a level that is at least equal to 20% of the average level of bona fide services
performed (whether as an employee or otherwise) by the Executive during the immediately preceding 36-month period (or, if employed less than 36 months, such lesser period). 
 (a) Death. The Executive’s employment will terminate automatically upon the Executive’s death. 
  

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 (b) Disability. To the extent consistent with federal and state law. Executive’s employment
may be terminated if Executive suffers a Disability. For purposes of this Agreement, “Disability” means a physical or mental illness which renders Executive unable to perform his essential duties for ninety (90) consecutive
days or a total of one hundred eighty (180) days in any twelve (12) month period even with reasonable accommodations, or unable to perform those duties in a manner that would not endanger his health or safety or the health or safety of
others even with reasonable accommodations. The existence of a Disability shall be determined through the reasonable opinion of an independent physician selected by the Company or its insurers and reasonably acceptable to the Executive or the
Executive’s legal representative. The Company is not, however, required to make unreasonable accommodations for Executive or accommodations that would create an undue hardship on the Company. 
 (c) Cause. The Company may terminate the Executive’s employment during the Employment Period for Cause or without Cause. For purposes of this
Agreement, “Cause” shall mean the occurrence of any one or more of the following events: 
 (i) The Executive’s willful
failure to perform or gross negligence in performing his duties owed to the Company, (other than such failure resulting from Executives’ incapacity due to physical or mental illness or any such actual or anticipated failure after his issuance
of a Notice of Termination for Good Reason), which continues after ten (10) days following a written notice is delivered to the Executive by the Board, which notice specifies such failure or negligence; 
 (ii) The Executive’s commission of an act of fraud or dishonesty in the performance of his duties; 
 (iii) The Executive’s conviction of, or entry by the Executive of a guilty or no contest plea to, any felony or any felony or misdemeanor involving
moral turpitude; 
 (iv) Any breach by the Executive of his fiduciary duty or duty of loyalty to the Company; or 
 (v) The Executive’s material breach of any of the provisions of this Agreement or of the Non-Competition Agreement, which is not cured within ten
(10) days following written notice thereof from the Company, or of the Non-Competition Agreement. 
 The termination of employment of the Executive
shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of the resolution duly adopted by the affirmative vote of a majority of the Board, including at least two-thirds of the independent
directors, at a meeting of the Board called and held for such purpose (after reasonable notice is provided to the Executive and the Executive is given an opportunity to be heard before the Board), finding that, in the good faith opinion of the
Board, sufficient Cause exists to terminate the Executive pursuant to this Section 3(c); provided, that if the Executive is a member of the Board, the Executive shall not participate in the deliberations regarding such resolution, vote
on such resolution, nor shall Executive be counted in determining a majority of the Board. In determining whether Cause exists to terminate the Executive, the Board shall consider whether any act or failure to act by the Executive was taken based
either upon the authority given pursuant to a duly 

  

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adopted resolution of the Board or upon the written advice of counsel to the Company, in each case provided after full and correct disclosure to the Board or
such counsel, as applicable, of all material facts pertaining to the subject matter upon which such authority or advice was given. 
 (d)
Good Reason. The Executive’s employment may be terminated by the Executive for Good Reason or by the Executive without Good Reason. For purposes of this Agreement, “Good Reason” shall mean the occurrence of any one or more
of the following events without the Executive’s prior written consent, provided that the Executive terminates his employment within one-hundred and eighty (180) days following the lapse of the Company’s cure period described below as
to one or more of such events and unless the Company fully corrects the circumstances constituting Good Reason (provided such circumstances are capable of correction) prior to the Date of Termination: 
 (i) The Company’s reduction of the Executive’s annual base salary below the initial Base Salary; or reduction in the Executive’s target
annual bonus. 
 (ii) The failure of the Company to use its best efforts to cause Executive to be nominated to serve as a member of the
Board, or if Executive is elected to the Board, the failure of the Board to appoint Executive as Chairman of the Board (except as provided in Section 2(a)), or the assignment to Executive of duties materially inconsistent with the
Executive’s position, authority, duties or responsibilities as contemplated by Section 2(a), or other action by the Company which materially diminishes such position, authority, duties or responsibilities, excluding for this purpose
isolated, insubstantial or inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof from Executive. 
 (iii) The failure of a successor to the Company to either assume and agree to perform the obligations of Company hereunder or replace this Agreement with an employment contract of substantially similar terms and no
less favorable than those terms provided to an acquiring company’s executive officers. 
 (iv) The Company’s failure to cure a
material breach of its obligations under this Agreement within fifteen (15) business days after written notice is delivered to the Board by Executive which specifically identifies the manner in which the Executive believes that the Company has
breached its obligations under this Agreement. 
 (e) Notice of Termination. Any termination by the Company for Cause, or by the
Executive for Good Reason, shall be communicated by Notice of Termination to the other parties hereto given in accordance with Section 10(c) of this Agreement. For purposes of this Agreement, a “Notice of Termination”
means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provision so indicated and (iii) if the Date of Termination is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than thirty days
after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the
Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. 
  

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 4. Obligations of the Company Upon Termination. 
 (a) Without Cause or For Good Reason. If, during the Employment Period, the Company shall terminate the Executive’s employment without Cause
or the Executive shall terminate his employment for Good Reason: 
 (i) The Executive shall be paid, in two lump sum payments (A) the
Executive’s earned but unpaid Base Salary and accrued but unpaid vacation pay through the Date of Termination, and any Annual Bonus required to be paid to the Executive pursuant to Section 2(b)(ii) above for any fiscal year of the
Company that ends on or before the Date of Termination to the extent not previously paid (the “Accrued Obligations”), and (B) an amount (the “Severance Amount”) equal to three (3) (the “Severance
Multiple”) times $1,250,000; provided, however, if less than one (1) year remains in the Employment Period after the Date of Termination, the Severance Multiple shall equal one (1); provided, further, that the Accrued
Obligations shall be paid when due under California law and the Severance Amount shall be paid no later than 60 days after the Date of Termination; 
 (ii) At the time when annual bonuses are paid to the Company’s other senior executives for the fiscal year of the Company in which the Date of Termination occurs, the Executive shall be paid an Annual Bonus in an
amount equal to the product of (x) the amount of the Annual Bonus to which the Executive would have been entitled if the Executive’s employment had not been terminated, and (y) a fraction, the numerator of which is the number of days
in such fiscal year through the Date of Termination and the denominator of which is the total number of days in such fiscal year (a “Pro-Rated Annual Bonus”); 
 (iii) If Executive (or any of Executive’s qualified beneficiaries) makes a timely election to continue to participate in the Company’s group
health plans (medical, dental, and vision) pursuant to 29 U.S.C. §§ 1161-1169 (“COBRA”), the Company shall pay the premium for such coverage (which premium payment shall be taxable to Executive if the Company’s group health
plans are self-insured) starting on the Date of Termination and ending on the earliest of (A) the date that is one (1) year after the Date of Termination, or (B) the date on which Executive no longer is eligible to continue to
participate under COBRA. For purposes of the foregoing, the usual limitations of COBRA shall apply and the Company’s payment of the COBRA premium(s) shall not extend the continuation period, which begins on the Date of Termination; and

 (iv) Any unvested restricted stock awards or unvested grants of Partnership Units in the Operating Partnership to Executive shall become
immediately vested in full; and 
 (v) To the extent not theretofore paid or provided, the Company shall timely pay or provide to the
Executive any vested benefits and other amounts or benefits required to be paid or provided or which the Executive is eligible to receive as of the Date of Termination under any plan, contract or agreement of the Company and its affiliates (such
other amounts and benefits shall be hereinafter referred to as the “Other Benefits”) to which the Executive is a party. 
  

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 Notwithstanding anything to the contrary in this Section 4, it shall be a condition to the
Executive’s right to receive the amounts provided for in Sections 4(a)(i)(B) and 4(a)(ii) and (iii) above that the Executive execute, deliver to the Company and not revoke a release of claims in substantially the form
attached hereto as Exhibit A. 
 (b) For Cause or Without Good Reason. If the Executive’s employment shall be terminated
by the Company for Cause or by the Executive without Good Reason during the Employment Period, the Company shall have no further obligations to the Executive under this Agreement other than pursuant to Sections 6 and 7 hereof, and the
obligation to pay to the Executive the Accrued Obligations when due under California law and to provide the Other Benefits. 
 (c) Death
or Disability. If the Executive’s employment is terminated by reason of the Executive’s death or Disability during the Employment Period: 
 (i) The Accrued Obligations shall be paid to the Executive’s estate or beneficiaries or to the Executive, as applicable, in a lump-sum cash payment when due under California law (not to exceed sixty
(60) days after the Date of Termination); 
 (ii) 100% of the Executive’s then current annual Base Salary, as in effect on the
Date of Termination, shall be paid to the Executive’s estate or beneficiaries or the Executive, as applicable, in a lump-sum cash payment within 60 days following the Date of Termination; 
 (iii) The Pro-Rated Annual Bonus shall be paid to the Executive’s estate or beneficiaries or to the Executive, as applicable, at the time when
annual bonuses are paid to the Company’s other senior executives for the fiscal year of the Company in which the Date of Termination occurs; 
 (iv) If any of Executive’s qualified beneficiaries makes a timely election to continue to participate in the Company’s group health plans (medical, dental, and vision) pursuant to COBRA, the Company shall pay the premium for such
coverage (which premium payment shall be taxable to Executive if the Company’s group health plans are self-insured) starting on the Date of Termination and ending on the earliest of (A) the date that is one (1) year after the Date of
Termination, or (B) the date on which Executive’s qualified beneficiary no longer is eligible to continue to participate under COBRA. For purposes of the foregoing, the usual limitations of COBRA shall apply and the Company’s payment
of the COBRA premium(s) shall not extend the continuation period, which begins on the Date of Termination; 
 (v) The Other Benefits shall
be paid or provided to the Executive’s estate or beneficiaries or to the Executive, as applicable, on a timely basis; and 
 (vi) Any
unvested restricted stock awards or unvested grants of Partnership Units in the Operating Partnership to Executive shall become immediately vested in full. 
 Notwithstanding anything to the contrary in this Section 4(c), in the event Executive’s employment is terminated by reason of Disability, the amount described in Section 4(c)(ii) shall be

  

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paid to Executive no later than March 15th of the calendar year immediately following the calendar year in which the Executive suffers such Disability.
The timing of the payments hereunder is subject to Section 10(e) hereof. 
 5. Termination Upon a Change in Control. If a
Change in Control (as defined herein) occurs during the Employment Period and the Executive’s employment is terminated (a) by the Company without Cause or by the Executive for Good Reason, in each case within one hundred eighty
(180) days after the effective date of the Change in Control or (b) voluntarily by the Executive for any reason on or within ninety (90) days after the effective date of the Change in Control (with such termination effective 30 days
after written notice given to the Company on or within said 90 day period), then the Executive shall be entitled to the payments and benefits provided in Section 4(a), subject to the terms and conditions thereof. The timing of the
foregoing payments is subject to Section 10(e) hereof. In addition, in the event of such a termination of the Executive’s employment, all outstanding stock options, restricted stock and other equity awards granted to the Executive
under any of the Company’s equity incentive plans (or awards substituted therefor covering the securities of a successor company) shall become immediately vested and exercisable in full. For purposes of this Agreement, “Change in
Control” shall mean the occurrence of any of the following events: 
 (i) Any transaction, whether effected directly or indirectly,
resulting in any “person” or “group” (as those terms are defined in Sections 3(a)(9), 13(d), and 14(d) of the Exchange Act and the rules thereunder) having “beneficial ownership” (as determined pursuant to Rule
13d-3 under the Exchange Act) of securities entitled to vote generally in the election of directors (“voting securities”) of TPG that represent greater than 35% of the combined voting power of TPG’s then outstanding voting securities,
other than 
 (A) any transaction or event resulting in the beneficial ownership of voting securities by a trustee or other
fiduciary holding securities under any employee benefit plan (or related trust) sponsored or maintained by TPG or any person controlled by TPG or by any employee benefit plan (or related trust) sponsored or maintained by TPG or any person controlled
by TPG, or 
 (B) any transaction or event resulting in the beneficial ownership of voting securities by TPG or a corporation
owned, directly or indirectly, by the stockholders of TPG in substantially the same proportions as their ownership of the stock of TPG, or 
 (C) any transaction or event resulting in the beneficial ownership of voting securities pursuant to a transaction described in clause (iii) below that would not be a Change in Control under clause (iii), or

 (D) the beneficial ownership of voting securities by James A. Thomas, or an Immediate Family Member or Affiliate thereof,
each as defined in the Operating Partnership Agreement (collectively, the “Thomas Affiliates”), including without limitation, the initial issuance of shares and Partnership Units in the Operating Partnership, the conversion of
Partnership Units to shares of TPG, and any additional Partnership Units and shares later received by the Thomas Affiliates; 
  

 -8- 

 (ii) Individuals who, as of the Effective Date, constitute the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election by TPG’s stockholders, or nomination for
election by the Board, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such
individual whose initial assumption of office occurs as a result of an election contest with respect to the election or removal of directors or other solicitation of proxies or consents by or on behalf of a person other than the Board; 

(iii) The consummation by TPG (whether directly involving TPG or indirectly involving TPG through one or more intermediaries) of (x) a merger,
consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of TPG’s assets or (z) the acquisition of assets or stock of another entity, in each case, other than a transaction

 (A) which results in TPG’s voting securities outstanding immediately before the transaction continuing to represent
(either by remaining outstanding or by being converted into voting securities of TPG or the person that, as a result of the transaction, controls, directly or indirectly, TPG or owns, directly or indirectly, all or substantially all of TPG’s
assets or otherwise succeeds to the business of TPG (TPG or such person, the “Successor Entity”)) directly or indirectly, greater than 50% of the combined voting power of the Successor Entity’s outstanding voting securities
immediately after the transaction, and 
 (B) after which no person or group beneficially owns voting securities representing
greater than 50% of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this clause (B) as beneficially owning greater than 50% of combined voting power of
the Successor Entity solely as a result of the voting power held in TPG prior to the consummation of the transaction; or 
 (iv) The
approval by TPG’s shareholders of a liquidation or dissolution of TPG. 
 For purposes of clause (i) above, the calculation of
voting power shall be made as if the date of the acquisition were a record date for a vote of TPG’s shareholders, and for purposes of clause (iii) above, the calculation of voting power shall be made as if the date of the consummation of
the transaction were a record date for a vote of TPG’s shareholders. 
 6. Full Settlement. In no event shall the Executive be
obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and except as expressly provided, such amounts shall not be reduced whether or not
the Executive obtains other employment. If any party to this Agreement institutes any action, suit, counterclaim, appeal, arbitration or mediation for any relief against another party, declaratory or otherwise (collectively an
“Action”), to enforce the terms hereof or to declare rights hereunder, then the Prevailing Party in such Action shall be entitled to 

  

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recover from the other party all costs and expenses of the Action, including reasonable attorneys’ fees and costs (at the Prevailing Party’s
attorneys’ then-prevailing rates) incurred in bringing and prosecuting or defending such Action and/or enforcing any judgment, order, ruling or award (collectively, a “Decision”) granted therein, all of which shall be deemed to
have accrued on the commencement of such Action and shall be paid whether or not such Action is prosecuted to a Decision. Any Decision entered in such Action shall contain a specific provision providing for the recovery of attorneys’ fees and
costs incurred in enforcing such Decision. A court or arbitrator shall fix the amount of reasonable attorneys’ fees and costs upon the request of either party. Any judgment or order entered in any final judgment shall contain a specific
provision providing for the recovery of all costs and expenses of suit, including reasonable attorneys’ fees and expert fees and costs incurred in enforcing, perfecting and executing such judgment. For the purposes of this paragraph, costs
shall include, without limitation, in addition to costs incurred in prosecution or defense of the underlying action, reasonable attorneys’ fees, costs, expenses and expert fees and costs incurred in the following: (a) postjudgment motions
and collection actions; (b) contempt proceedings; (c) garnishment, levy, debtor and third party examinations; (d) discovery; (e) bankruptcy litigation; and (f) appeals of any order or judgment. “Prevailing
Party” within the meaning of this Section includes, without limitation, a party who agrees to dismiss an Action (excluding an Action instituted in contravention of the requirements of Paragraph 10(b) below) in consideration for the
other party’s payment of the amounts allegedly due or performance of the covenants allegedly breached, or obtains substantially the relief sought by such party. 
 7. Certain Additional Payments by the Company. 
 (a) Anything in this Agreement to the contrary
notwithstanding and except as set forth below, in the event it shall be determined that any Payment would be subject to the Excise Tax, then the Executive shall be entitled to receive an additional payment (the “Excise Tax Gross-Up
Payment”) in an amount such that, after payment by the Executive of all taxes (and any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with
respect thereto) and Excise Tax imposed upon the Excise Tax Gross-Up Payment, the Executive retains an amount of the Excise Tax Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of this
Section 7(a), if it shall be determined that the Executive is entitled to the Excise Tax Gross-Up Payment, but that the Parachute Value of all Payments does not exceed 110% of the Safe Harbor Amount, then no Excise Tax Gross-Up Payment
shall be made to the Executive and the amounts payable under this Agreement shall be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount. The reduction of the amounts payable hereunder, if applicable,
shall be made by first reducing the payments under Section 4(a)(i), unless an alternative method of reduction is elected by the Executive, and in any event shall be made in such a manner as to maximize the Value of all Payments actually
made to the Executive. For purposes of reducing the Payments to the Safe Harbor Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. If the reduction of the amount payable under this Agreement would not result
in a reduction of the Parachute Value of all Payments to the Safe Harbor Amount, no amounts payable under the Agreement shall be reduced pursuant to this Section 7(a). The Company’s obligation to make Excise Tax Gross-Up Payments
under this Section 7 shall not be conditioned upon the Executive’s termination of employment. 
  

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 (b) Subject to the provisions of Section 7(c), all determinations required to be made under
this Section 7, including whether and when an Excise Tax Gross-Up Payment is required, the amount of such Excise Tax Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by such nationally
recognized accounting firm as may be selected by the Company and reasonably acceptable to the Executive (the “Accounting Firm”); provided, that the Accounting Firm’s determination shall be made based upon
“substantial authority” within the meaning of Section 6662 of the Code. The Accounting Firm shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the receipt of notice from the
Executive that there has been a Payment or such earlier time as is requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Excise Tax Gross-Up Payment, as determined pursuant to this
Section 7, shall be paid by the Company to the Executive within five days of the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm shall be binding upon the Company and the Executive, unless
the Company obtains an opinion of outside legal counsel, based upon at least “substantial authority” within the meaning of Section 6662 of the Code, reaching a different determination, in which event such legal opinion shall be
binding upon the Company and the Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Excise Tax Gross-Up
Payments that will not have been made by the Company should have been made (the “Underpayment”), consistent with the calculations required to be made hereunder. In the event the Company exhausts its remedies pursuant to
Section 7(c) and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the
Company to or for the benefit of the Executive. 
 (c) The Executive shall notify the Company in writing of any claim by the Internal Revenue
Service that, if successful, would require the payment by the Company of the Excise Tax Gross-Up Payment. Such notification shall be given as soon as practicable, but no later than 10 business days after the Executive is informed in writing of such
claim. The Executive shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which the
Executive gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Executive in writing prior to the expiration of such period that the
Company desires to contest such claim, the Executive shall: 
 (i) give the Company any information reasonably requested by the Company
relating to such claim, 
 (ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing
from time to-time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company, 
 (iii) cooperate with the Company in good faith in order effectively to contest such claim, and 
  

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 (iv) permit the Company to participate in any proceedings relating to such claim; 
 provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection
with such contest, and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties) imposed as a result of such representation and payment of costs and expenses. Without
limitation on the foregoing provisions of this Section 7(c), the Company shall control all proceedings taken in connection with such contest, and, at its sole discretion, may pursue or forgo any and all administrative appeals,
proceedings, hearings and conferences with the applicable taxing authority in respect of such claim and may, at its sole discretion, either direct the Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible
manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided,
however, that, if the Company directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Executive, on an interest-free basis, and shall indemnify and hold the Executive harmless,
on an after-tax basis, from any Excise Tax or income tax (including interest or penalties) imposed with respect to such advance or with respect to any imputed income in connection with such advance; and provided, further, that any extension of the
statute of limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the
contest shall be limited to issues with respect to which the Excise Tax Gross-Up Payment would be payable hereunder, and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service
or any other taxing authority. 
 (d) If, after the receipt by the Executive of an Excise Tax Gross-Up Payment or an amount advanced by the
Company pursuant to Section 7(c), the Executive becomes entitled to receive any refund with respect to the Excise Tax to which such Excise Tax Gross-Up Payment relates or with respect to such claim, the Executive shall (subject to the
Company’s complying with the requirements of Section 7(c), if applicable) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the
receipt by the Executive of an amount advanced by the Company pursuant to Section 7(c), a determination is made that the Executive shall not be entitled to any refund with respect to such claim and the Company does not notify the
Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset,
to the extent thereof, the amount of Excise Tax Gross-Up Payment required to be paid. 
 (e) Notwithstanding any other provision of this
Section 7, the Company may, in its sole discretion, withhold and pay over to the Internal Revenue Service or any other applicable taxing authority, for the benefit of the Executive, all or any portion of any Excise Tax Gross-Up Payment,
and the Executive hereby consents to such withholding. 
 (f) Any other liability for unpaid or unwithheld Excise Taxes shall be borne
exclusively by the Company, in accordance with Section 3403 of the Code. The foregoing sentence shall not in any manner relieve the Company of any of its obligations under this Employment Agreement. 
  

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 (g) Notwithstanding any other provision of this Section 7 to the contrary, all taxes
described in this Section 7 shall be paid or reimbursed no later than 210 days following the date upon which the applicable taxes are remitted. Any expenses, including interest and penalties assessed on the taxes described in this
Section 7, incurred by the Executive shall be reimbursed within 30 days of the date upon which the Executive submits written evidence of the incurrence of such expenses, which evidence must be submitted within 180 days of the date upon
which the Executive incurs the expense. Each provision for reimbursement pursuant to this Section 7 shall be considered a separate payment and not one of a series of payments for purposes of Section 409A. Any expense reimbursed by
the Company in one taxable year in no event will affect the amount of expenses required to be reimbursed by the Company in any other taxable year. 
 (h) Definitions. The following terms shall have the following meanings for purposes of this Section 7: 
 (i)
“Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax. 
 (ii) “Parachute Value” of a Payment shall mean the present value as of the date of the change of control for purposes of
Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2), as determined by the Accounting Firm for purposes of determining whether and to what extent the Excise Tax
will apply to such Payment. 
 (iii) A “Payment” shall mean any payment or distribution in the nature of compensation
(within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or otherwise. 
 (iv) The “Safe Harbor Amount” shall mean 2.99 times the Executive’s “base amount,” within the meaning of Section 280G(b)(3) of the Code. 
 (v) “Value” of a Payment shall mean the economic present value of a Payment as of the date of the change of control for purposes of
Section 280G of the Code, as determined by the Accounting Firm using the discount rate required by Section 280G(d)(4) of the Code. 
 8. Successors. 
 (a) This Agreement is personal to the Executive and without the prior written consent of the Company shall
not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 
 (b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 
  

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 9. Payment of Financial Obligations. The payment or provision to the Executive by the Company of
any remuneration, benefits or other financial obligations pursuant to this Agreement shall be allocated to the Operating Partnership, TPG and, if applicable, any subsidiary and/or affiliate thereof in accordance with any employee sharing and expense
allocation agreement, by and between TPG and the Operating Partnership, as in effect from time to time. 
 10. Miscellaneous.

 (a) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without
reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the
parties hereto or their respective successors and legal representatives. 
 (b) Arbitration. To the fullest extent allowed by law, any
controversy, claim or dispute between Executive and the Company (and/or any of its owners, directors, officers, employees, affiliates, or agents) relating to or arising out of Executive’s employment or the cessation of that employment will be
submitted to final and binding arbitration in the county in which Executive work(ed) for determination in accordance with the American Arbitration Association’s (“AAA”) National Rules for the Resolution of Employment Disputes,
as the exclusive remedy for such controversy, claim or dispute. In any such arbitration, the parties may conduct discovery in accordance with the applicable rules of the arbitration forum, except that the arbitrator shall have the authority to order
and permit discovery as the arbitrator may deem necessary and appropriate in accordance with applicable state or federal discovery statutes. The arbitrator shall issue a reasoned, written decision, and shall have full authority to award all remedies
which would be available in court. The parties shall share the filing fees required for the arbitration, provided that Executive shall not be required to pay an amount in excess of the filing fees required by a federal or state court with
jurisdiction. The Company shall pay the arbitrator’s fees and any AAA administrative expenses. Any judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Possible disputes covered by the
above include (but are not limited to) unpaid wages, breach of contract, torts, violation of public policy, discrimination, harassment, or any other employment-related claims under laws including but not limited to, Title VII of the Civil Rights Act
of 1964, the Americans With Disabilities Act, the Age Discrimination in Employment Act, the California Fair Employment and Housing Act, the California Labor Code, and any other statutes or laws relating to an employee’s relationship with
his/her employer, regardless of whether such dispute is initiated by the employee or the Company. Thus, this bilateral arbitration agreement applies to any and all claims that the Company may have against an employee, including but not limited to,
claims for misappropriation of Company property, disclosure of proprietary information or trade secrets, interference with contract, trade libel, gross negligence, or any other claim for alleged wrongful conduct or breach of the duty of loyalty by
an employee. However, notwithstanding anything to the contrary contained herein, Company and Executive shall have their respective rights to seek and obtain preliminary injunctive relief and other provisional remedies in aid of arbitration or to
preserve the status quo pending arbitration in an appropriate forum pursuant to California Code of Civil Procedure section 1281.8. Claims for workers’ compensation benefits and unemployment insurance (or any other claims where mandatory
arbitration is prohibited by law) are not covered by this arbitration agreement, and such claims may be presented by either Executive or the Company to the 

  

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appropriate court or government agency. BY AGREEING TO THIS BINDING ARBITRATION PROVISION, BOTH EXECUTIVE AND THE COMPANY GIVE UP ALL RIGHTS TO TRIAL BY
JURY. This arbitration agreement is to be construed as broadly as is permissible under applicable law. 
 (c) Notices. All notices and
other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to the Executive: at the Executive’s most recent address on the records of the Company, 
 If to TPG or the Operating Partnership: 
 Thomas Properties Group, Inc. 
 515 South Flower Street, Sixth Floor 
 Los Angeles, CA 90071 
 Attn: Secretary

 or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee. 
 (d) Sarbanes-Oxley Act of 2002. Notwithstanding anything herein to the contrary, if the
Company determines, in its good faith judgment, that any transfer or deemed transfer of funds hereunder is likely to be construed as a personal loan prohibited by Section 13(k) of the Exchange Act and the rules and regulations promulgated
thereunder, then such transfer or deemed transfer shall not be made to the extent necessary or appropriate so as not to violate the Exchange Act and the rules and regulations promulgated thereunder. 
 (e) Section 409A. (i) To the extent applicable, it is intended that the compensation arrangements under this Agreement be in full
compliance with the provisions of Section 409A of the Internal Revenue Code and the guidance and regulations promulgated thereunder (“Section 409A”). This Agreement shall be administered in a manner consistent with this intent
and the Executive agrees the Company shall have the right to delay the payment, or to limit the form of payment, of any amount under this Agreement to the extent the Company, in good faith, determines that such delay or limitation is necessary to
avoid adverse tax consequences under Section 409A. Specifically, notwithstanding anything in Sections 4 or 5 or any other provision of this Agreement to the contrary, if at the Executive’s Date of Termination, stock of the Company
or any of its affiliates is publicly traded on an established securities market or otherwise and the Executive is a “Specified Employee” (as defined in Section 10(e)(ii)) at the Date of Termination, the Company shall defer the
payment or commencement of the payment, as the case may be, of any amounts described in Sections 4 or 5, and any other payments or benefits payable under this Agreement, the deferral of the payment or commencement of which is necessary to
prevent any accelerated or additional tax under Section 409A, that, in any such case, otherwise become payable during the first six months following the Executive’s Date of Termination, until the earlier of (A) the first day of the
seventh month following the Executive’s Date of Termination or (B) the Executive’s death. Any payments or benefits delayed as a result of the preceding sentence shall be accumulated and paid in a lump sum, without interest, as soon as
practicable after 

  

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the first day of the seventh month following the Executive’s Date of Termination (or the Executive’s earlier death). Thereafter, payments shall
resume in accordance with this Agreement. In addition, to the extent any provision of this Agreement, including the foregoing provisions of this Section 10(e)(i), is or will be in violation of Section 409A, this Agreement shall be
amended in such manner as the parties may agree such that the Agreement is or remains in compliance with Section 409A and the foregoing intent of the parties is maintained to the maximum extent possible. Each party is responsible for reviewing
this Agreement for compliance with Section 409A. 
 (i) For purposes of this Agreement, a “Specified Employee” means, during
the 12-month period beginning on April 1, 2007 or on April 1 of any subsequent calendar year, an employee of the Company or its affiliates who met the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Internal
Revenue Code (applied in accordance with the regulations thereunder and without regard to Code Section 416(i)(5)) for being a “key employee” at any time during the 12-month period ending on the December 31st immediately preceding
such April 1st. 
 (f) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement. In the event any provision or term hereof is deemed to have exceeded applicable legal authority or shall be in conflict with applicable legal limitations, such provision shall be
reformed and rewritten as necessary to achieve consistency and compliance with such applicable law. 
 (g) Withholding. The Company
may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. In addition, notwithstanding any other provision of this
Agreement, the Company may, in its sole discretion, withhold and pay over to the Internal Revenue Service or any other applicable taxing authority, for the benefit of the Executive, all or any portion of any Excise Tax Gross-Up Payment and the
Executive hereby consents to such withholding. 
 (h) No Waiver. The Executive’s or the Company’s failure to insist upon
strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to
Section 3(c) of this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 
 (i) Entire Agreement. This Agreement, the Noncompetition Agreement and the Confidentiality Agreement constitute the final, complete and exclusive agreement between the Executive and the Company with respect to
the subject matter hereof and replace and supersede any and all other agreements (including, without limitation, the Employment Agreement), offers or promises, whether oral or written, made to the Executive by the Company or any affiliate or
representative thereof. 
 (j) Consultation With Counsel. The Executive acknowledges that he has had a full and complete opportunity
to consult with counsel and other advisors of his own choosing concerning the terms, enforceability and implications of this Agreement, and that the Company has not made any representations or warranties to the Executive concerning the terms,
enforceability or implications of this Agreement other than as reflected in this Agreement. 
  

 -16- 

 (k) Counterparts. This Agreement may be executed simultaneously in two counterparts, each of which
shall be deemed an original but which together shall constitute one and the same instrument. 
  

 -17- 

 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the
authorization from the Board, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 
  

			
	 THOMAS PROPERTIES GROUP, INC.
 A Delaware
Corporation

		
	By:	 	 /s/ James A. Thomas

	Name:	 	James A. Thomas
	Title:	 	Chief Executive Officer
	
	THOMAS PROPERTIES GROUP, L.P.,
	 A Maryland Limited Partnership
  
 By: THOMAS PROPERTIES GROUP, INC.

	A Delaware Corporation
		
	By:	 	 /s/ James A. Thomas

	Name:	 	James A. Thomas
	Title:	 	Chief Executive Officer

  

	
	EXECUTIVE:
	
	 /s/ James A. Thomas

	Name: James A. Thomas

  

 -18-

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