Document:

First Modification Agreement

 Exhibit 10.22 

FIRST MODIFICATION AGREEMENT 

This FIRST MODIFICATION AGREEMENT (this “First Modification Agreement”) is made and entered into and is effective
as of the Modification Closing Date (as defined below), by and between SUNSET BRONSON ENTERTAINMENT PROPERTIES, LLC, a Delaware limited liability company (“Borrower”) and WELLS FARGO BANK, N.A., successor-in-interest to
Wachovia Bank, N.A., a national banking association, as administrative agent for the Lenders (in such capacity, “Agent”), and WELLS FARGO BANK, N.A., successor-in-interest to Wachovia Bank, N.A., a national banking
association, as a Lender (in such capacity, “WFB”), under the Loan Agreement referred to below, and with reference to the following facts: 

RECITALS 

A. Borrower, Agent and WFB (as the sole existing Lender) are the current parties to that certain Loan Agreement dated as of May 12,
2008 (the “Loan Agreement”). Capitalized terms used and not defined in this First Modification Agreement shall have the same meanings that are given to such terms in the Loan Agreement. 

B. Pursuant to the terms of the Loan Agreement, Lenders agreed to make Loans to Borrower up to a maximum Aggregate Commitment of
$39,000,000, for the purposes described in the Loan Agreement. The Maximum Commitment is currently evidenced by, among other things, a single Note in favor of WFB in the stated principal amount of $39,000,000. 

C. The Note and Borrower’s other Obligations under the Loan Documents are secured by that certain Deed of Trust, Assignment,
Security Agreement and Fixture Filing recorded on May 13, 2008, as Instrument No. 2008-0846322 in the Official Records of Los Angeles County, California (the “Original Deed of Trust”). 

D. Hudson Sunset Gower, LLC, a Delaware limited liability company (“Original Guarantor”) previously executed in
favor of Agent and Lenders (i) that certain Guaranty dated as of May 12, 2008, (the “Guaranty”), and (ii) that certain Environmental Indemnity Agreement dated as of May 12, 2008 (the
“Environmental Indemnity”). 
 E. Borrower, Agent and Lenders desire to modify the Loan Agreement and
the other Loan Documents upon the terms and conditions set forth in this First Modification Agreement, effective as of the Modification Closing Date. 

F. As used herein, the term “Loan Documents” shall mean the Loan Agreement and all other Loan Documents existing
as of the date hereof, together with this First Modification Agreement and all documents executed pursuant to this First Modification Agreement. 
  

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 AGREEMENT 

NOW, THEREFORE, with reference to the foregoing Recitals and in consideration of the mutual covenants and agreements contained in this
First Modification Agreement, and for other valuable consideration, receipt of which is acknowledged, the parties hereby agree as follows: 

1. Representations. The above statement of facts set forth in the Recitals is true and correct. Borrower represents and warrants
to Agent and Lenders that: (a) all representations and warranties contained in the Loan Documents are true and correct in all material respects on and as of the Modification Closing Date (except to the extent that such representations and
warranties relate specifically to an earlier date), provided that (i) all references therein to “Indemnitor” shall mean and refer to the Operating Partnership (as defined below), which is a limited partnership, duly organized and
validly existing under the laws of the State of Maryland and is duly qualified to transact business under the laws of the State of California, and whose chief executive office and principal place of business is 11601 Wilshire Boulevard, Suite 1600,
Los Angeles, California 90025-0317 (and all representations and warranties made with respect to Indemnitor shall be deemed to made in a manner consistent with the foregoing), (ii) all representations and warranties made with respect to any Loan
Document shall be made with reference to such Loan Document as modified by this First Modification Agreement and all other Loan Documents executed pursuant hereto, and (iii) all representations and warranties shall be made taking into account
the terms and provisions of this First Modification Agreement and all other Loan Documents executed pursuant hereto; (b) as of the Modification Closing Date (as defined below), no default, Event of Default, breach, or failure of condition shall
exist, or would exist with the giving of notice or lapse of time or both, under any of the Loan Documents (as modified hereby); and (c) Borrower, TRS Lessee (as defined below) and Operating Partnership, and their respective members and/or
partners, have obtained all required authorizations and approvals to enter into and perform their respective obligations under this First Modification Agreement and all other Loan Documents executed pursuant hereto. 

2. Modifications. The Loan Documents are modified in the following respects only (to be effective as of the Modification Closing
Date): 
 2.1 Reduction in Aggregate Commitment; No Further Right to Borrow. Notwithstanding anything in the Loan
Agreement or the other Loan Documents to the contrary, from and after the Modification Closing Date: 
 (a) the
Aggregate Commitment is reduced to equal the outstanding aggregate principal balance of the Loans in the amount of $37,000,000, and any unused portion of the Aggregate Commitment is hereby cancelled; 

(b) Borrower shall have no right to request, and Agent and Lenders shall have no obligation to fund, any further Loans;

 (c) The Aggregate Commitment shall hereafter automatically reduce (without the necessity of any further
amendments or confirmations) by the amount of each principal payment hereafter made on the Loans from any source; and 
  

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 (d) The maximum Commitment of each Lender shall automatically reduce
(without the necessity of any further amendments or confirmations) to equal its Ratable Share of the Aggregate Commitment as reduced from time to time as described in clause (c) above. 

2.2 Interest Rate Changes. Borrower acknowledges that, under the existing definition of “LIBOR Rate” contained in
Section 1.1 of the Loan Agreement, from and after June 1, 2010, the LIBOR Rate can never be less than 5.90% per annum (the “Floor Rate”). Notwithstanding the foregoing, so long as (and only so long as) a Swap
Contract (approved by Agent in its sole discretion) that provides only for an interest rate swap (but not an interest rate cap) is in place with respect to all or any portion of the Loans, the portion of the Loans that is subject to such Swap
Contract (i.e., the amount of the Loans equal to the notional amount of the Swap Contract) shall not be subject to the Floor Rate (i.e., the effective LIBOR Rate may be less than the Floor Rate with respect to the portion of the Loans that is
subject to such Swap Contract). For purposes of clarification, the immediately preceding sentence shall not apply with respect to any Swap Contract that provides for an interest rate cap. Immediately upon the expiration or cancellation of such Swap
Contract, however, the portion of the Loans that is no longer subject to such Swap Contract shall again be subject to the Floor Rate. For purposes of clarification, at any particular time, the entire outstanding principal amount of the Loans that is
not subject to a Swap Contract approved by Agent as aforesaid shall be subject to the Floor Rate. Borrower’s rights to receive payments on Swap Contracts will be encumbered by the Amended and Restated Deed of Trust, pursuant to the terms
thereof. Further, Agent shall have the right, following the occurrence of any Event of Default, to apply any and all payments made by Borrower or otherwise received by Agent and/or Lenders with respect to the Loans and any Swap Contracts, including
without limitation all proceeds received from the sale or liquidation of any collateral, to the obligations owing by Borrower under the Loan Documents and Swap Contracts in such order and manner as is deemed appropriate by Agent in its sole
discretion, and Borrower acknowledges and agrees that it shall have no right to direct Agent as to such application or to designate the portion of the obligation to be satisfied (and Borrower waives any rights it may have under applicable law or
otherwise to do so). 
 2.3 Options to Extend. 

(a) Existing Maturity Date. For clarification purposes, the original Maturity Date (as defined in Section 1.1
of the Loan Agreement) is May 30, 2010, subject to three 12-month extension options provided in Section 2.4 of the Loan Agreement. 

(b) Exercise of First Extension Option. As of the Modification Closing Date, Borrower exercises (and Agent and
Lenders accept), subject to the occurrence of the Modification Closing Date, Borrower’s exercise of the first extension option set forth in Section 2.4 of the Loan Agreement, except that the length of the first extension option is hereby
reduced from 12 months to 11 months. Therefore, effective as of the Modification Closing Date, the first Extended Maturity Date (and the then effective Maturity Date) shall be April 30, 2011. In connection with Borrower’s exercise of the
first extension option only (i.e., not with respect to Borrower’s second and third extension options), Agent and Lenders hereby waive Borrower’s compliance with the conditions set forth in Sections 2.4(f) and (g) of the Loan
Agreement. 
  

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 (c) Remaining Extension Options. Borrower’s remaining two
extension options set forth in Section 2.4 of the Loan Agreement remain in full force and effect, without any changes except solely that the length of Borrower’s second extension option shall be increased from 12 months to 13 months. For
purposes of clarification, (i) Borrower’s second extension period (if exercised and assuming that all conditions to extension set forth in Section 2.4 of the Loan Agreement are satisfied) would be from April 30, 2011 to
May 30, 2012, and (ii) Borrower’s third extension period (if exercised and assuming that all conditions to extension set forth in Section 2.4 of the Loan Agreement are satisfied) would be from May 30, 2012 to May 30,
2013. 
 2.4 Ownership Transfers in Borrower. 

(a) Approved Ownership Changes in Borrower as of the Modification Closing Date. Agent and Lenders hereby approve
the following ownership changes in Borrower. As of the Modification Closing Date, 100% of the membership interest in Borrower shall be transferred to an indirect wholly-owned subsidiary of Hudson Pacific Properties, L.P., a newly formed Maryland
limited partnership (the “Operating Partnership”). The general partner of the Operating Partnership shall be Hudson Pacific Properties, Inc., a newly formed Maryland corporation, which is a real estate investment trust (the
“REIT”). 
 (b) Permitted Ownership Changes in Borrower after the Modification Closing
Date. As used herein, “Transfer” shall have the meaning given to such term in Article I of the Amended and Restated Deed of Trust (as defined below). Borrower will not Transfer, or contract to Transfer, or permit any
Transfer of, any direct or indirect ownership interests in Borrower, TRS Lessee (as defined below), the REIT or the Operating Partnership, except as permitted below. Notwithstanding the restriction on Transfer set forth in the immediately preceding
sentence (and notwithstanding the restriction on Transfer set forth in Section 5.2 of the Amended and Restated Deed of Trust), the following Transfers of direct or indirect ownership interests shall be permitted without Agent’s or
Lenders’ consent: (i) transfers of direct or indirect interests in Borrower to the Operating Partnership or an Affiliate of the Operating Partnership, provided that the Operating Partnership shall continue to Control (as defined below)
Borrower, and that the REIT shall continue to Control Borrower, the Operating Partnership and the TRS Lessee; (ii) issuances and transfers (including pledges) of securities, options, warrants or other interests in the REIT, whether directly or
indirectly; (iii) issuances and transfers (including pledges) of partnership interests and other interests in the Operating Partnership, whether directly or indirectly, provided that the REIT shall continue to Control Borrower, the Operating
Partnership and the TRS Lessee; and (iv) a merger, consolidation or exchange of securities to which the REIT or the Operating Partnership is a party, as applicable, provided that the surviving entity shall be the REIT or the Operating
Partnership, as applicable, and that the REIT shall continue to Control Borrower, the Operating Partnership and the TRS Lessee. For purposes of this Section 2.4(b), “Control” shall mean the possession, directly or indirectly,
of the power to direct 
  

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or cause the direction of the management or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise, and “Affiliate” means any
entity that, directly or indirectly (including through one or more intermediaries), Controls, is Controlled by or is under common Control with the Operating Partnership. Borrower shall promptly notify Agent of the occurrence of any Transfers
described above (other than transfers of publicly traded stock in the REIT), and shall provide Agent with any information and/or documentation reasonably requested by Agent in connection with any such Transfer. 

2.5 Approval of New Guarantor/Indemnitor. Agent and Lenders hereby approve the substitution of the Operating Partnership as the
“Indemnitor” under the Loan Documents as of the Modification Closing Date. As a condition to the Modification Closing Date, Operating Partnership shall execute and deliver to Agent an Assignment, Assumption and Amendment Agreement with
respect to each of the Guaranty (the “Guaranty Amendment”) and the Environmental Indemnity (the “Environmental Indemnity Amendment”), each in form and content substantially similar to the form
presented to Borrower by Agent, pursuant to which Operating Partnership shall assume all obligations and liabilities of Original Guarantor (both prior to and after the Modification Closing Date) under the Guaranty and the Environmental Indemnity.
The Guaranty Amendment and the Environmental Indemnity Amendment (a) shall not release Original Guarantor for obligations under the Guaranty or the Environmental Indemnity, and (b) shall contain a general release of Agent and Lenders in
substantially the same form as provided by Borrower in Section 4 below. From and after the Modification Closing Date, (i) all references in the Loan Documents to the “Indemnitor” or the “Guarantor” shall mean the
Original Guarantor or the Operating Partnership (as applicable under the terms of the Guaranty Amendment and the Environmental Indemnity Amendment), (ii) all references in the Loan Documents to the “Guaranty” shall mean the Guaranty
as amended by the Guaranty Amendment, and (iii) all references in the Loan Documents to the “Environmental Indemnity” shall mean the Environmental Indemnity as amended by the Environmental Indemnity Amendment. 

2.6 Approval of TRS Lessee Transactions and Delivery of Amended and Restated Deed of Trust. Agent and Lenders acknowledge that
effective as of the Modification Closing Date, (i) Borrower will enter into a lease (the “TRS Lease”) between Borrower, as lessor, and a newly formed single purpose entity which will be a taxable REIT subsidiary
(“TRS Lessee”), pursuant to which TRS Lessee will lease certain space within the Project, (ii) Borrower will transfer to TRS Lessee certain personal property, certain rights and obligations under existing license
agreements and certain other contractual rights related to the operation of the Project, in each case pursuant to agreements in form and content substantially similar to the forms presented by Borrower to Agent (but including mortgagee provisions in
content substantially similar to the provisions present by Agent to Borrower), and (iii) Borrower and TRS Lessee will jointly enter into license agreements (both existing and future license agreements) with third parties (collectively,
“License Agreements”) pursuant to which such third parties will lease or license the use of space and/or equipment within the Project and/or will purchase services at the Project. All revenues from the TRS Lease and the
License Agreements shall be paid directly into the Cash Management Account, subject to the terms of the Cash Management Agreement referred to in Section 2.7 below. As a condition to the Modification Closing Date, Borrower and TRS Lessee (as
defined below) shall execute and deliver to Agent 
  

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an Amended and Restated Deed of Trust, Assignment, Security Agreement and Fixture Filing, in form and content substantially similar to the form presented by Agent to Borrower (the
“Amended and Restated Deed of Trust”). The Amended and Restated Deed of Trust shall encumber all of Borrower’s and TRS Lessee’s right, title and interest in and to the Project, including under the TRS Lease and all
License Agreements. From and after the Modification Closing Date, all references in the Loan Documents to the Deed of Trust shall mean the Amended and Restated Deed of Trust. 

2.7 Cash Management Account. Effective as of the Modification Closing Date, the existing Cash Management Account with City
National Bank shall be closed, and a new Cash Management Account shall be established with Agent. Further, effective as of the Modification Closing Date, Borrower, TRS Lessee and Agent shall enter into a new Cash Management Agreement, in form and
content acceptable to Agent in its sole discretion, that will replace the existing Cash Management Agreement with City National Bank. 

2.8 TRS Lessee. Borrower shall not cause or permit the TRS Lessee to own any properties or assets other than personal property and
lease/contract rights (including under the TRS Lease and the License Agreements) associated with the operation of the Project and that are encumbered by the Amended and Restated Deed of Trust. Borrower shall not cause or permit any Person other than
Borrower or TRS Lessee to (i) hold any ownership interests in or to any real or personal property associated with the operation of the Project, or (ii) enter into any Leases, License Agreements, services agreements or any other contractual
agreements pursuant to which revenues are derived in connection with the operation of the Project. Borrower shall cause TRS Lessee to comply with all of the covenants and other provisions of the Loan Agreement and the other Loan Documents that
relate to the Project or any interest therein held by TRS Lessee, to the same extent as if Borrower owned such interest. 
 2.9
Audited Financial Statements of Borrower. From and after the Modification Closing Date, Borrower’s obligation to deliver to Agent audited financial statements of Borrower under Sections 10.9(a)(i), (ii), (iv) and (v) of the
Loan Agreement shall be satisfied by delivery of audited consolidated financial statements for the REIT. For purposes of clarification, the immediately preceding sentence does not include reports and other information relating to the operation of
the Project, which continue to be required under Sections 10.9(a)(iii), (b), (c) and (d) of the Loan Agreement, and any other applicable provisions of the Loan Documents. 

2.10 Events of Default. In addition to the Events of Default described in Section 11.1 of the Loan Agreement, the occurrence
of any one or more of the following shall also constitute an Event of Default under the Loan Agreement: 
 (a)
Any of the events or conditions described in subsections (a) through (m), inclusive, (p), (q) or (r) of Section 11.1 of the Loan Agreement, shall occur with respect to TRS Lessee, subject to the same notice and cure periods
provided in such subsections; and 
 (b) Any Transfer or Change of Control occurs in violation of
Section 2.4 above (as modified pursuant to Section 5.8 below). 
  

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 2.11 Changes to Address For Notice Purposes. Agent’s and Borrower’s
addresses for notice purposes under Section 13.2 of the Loan Agreement, and any other Loan Documents, are hereby deleted and replaced by the following: 
  

			
	If to Borrower:	  	 Sunset Bronson Entertainment Properties, LLC

c/o Hudson Pacific Properties, Inc.
 11601
Wilshire Boulevard, Suite 1600
 Los Angeles, California 90025-0317

Attn: Victor Coleman and Howard Stern
 Facsimile:
(310) 445-5710

		
	If to Agent:	  	 Wells Fargo Bank, N.A.
 MAC
E2717-035
 15750 Alton Parkway, 3rd Floor

Irvine, CA 92618
 Attn: Leslie Baines, Vice
President
 Facsimile: 949-754-4814

3. Security Documents. The Amended and Restated Deed of Trust and any other Loan Documents which secure the Note shall continue to
secure, in addition to any other obligations secured thereby, the payment and performance of all present and future Obligations of Borrower under the Loan Agreement, the Note and the other Loan Documents, as amended hereby or executed pursuant
hereto (except to the extent that any of the terms of such Loan Documents specifically provide that any particular Obligations are not so secured). 

4. Waivers and Release. Borrower and TRS Lessee (a “Releasing Party” or the “Releasing
Parties”) each hereby waives and releases any and all defenses, deductions, offsets, claims, and causes of action against Agent and/or Lenders existing as of (or based on facts existing as of) the Modification Closing Date, which any
Releasing Party now has or may thereafter discover (whether known or unknown) in connection with the Loans or the Loan Documents. Each Releasing Party further represents and warrants to Agent and Lenders, after appropriate due diligence and
discussions with its counsel, that it believes Agent and Lenders have in all respects acted properly and in accordance with the terms of the Loan Documents and is unaware of any basis for any defense, deduction, offset, claim or cause of action of
any nature whatsoever against Agent or Lenders or the repayment of the sums owing in connection with the Facility. 
 In
furtherance of the foregoing waiver and release, each Releasing Party acknowledges and waives the benefits of California Civil Code Section 1542 (and all similar ordinances and statutory, regulatory, or judicially created laws or rules of any
other jurisdiction), which provides: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 

 

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 5. Conditions Precedent. The modifications to the Loan Documents set forth in this
Agreement shall not become effective until the first date on which each of the following conditions precedent in Sections 5.1 through 5.10 below are satisfied, or waived or deferred in writing (which may include written communications by e-mail) by
Lender in its sole and absolute discretion (herein referred to as the “Modification Closing Date”); provided, however, that if for any reason whatsoever the Modification Closing Date does not occur by October 3, 2010,
Lender may terminate this Agreement by written notice to Borrower at any time after such date and prior to the occurrence of the Modification Closing Date. The occurrence of the Modification Closing Date shall not waive Borrower’s obligations
to comply with any of the following conditions which for any reason are not satisfied by the Modification Closing Date (except to the extent expressly waived by Agent in the manner provided above), which obligations of Borrower shall continue
following the Modification Closing Date: 
 5.1 Notwithstanding anything in this Agreement to the contrary, this Agreement is
conditioned upon the closing of the REIT transactions as presented to Agent, including the change in ownership in Borrower that is described in Section 2.4(a) above, on or before the deadline stated above, and this Agreement shall automatically
become null and void if the foregoing condition is not satisfied; 
 5.2 Agent’s receipt of fully executed originals of
(i) this First Modification Agreement (including the attached Consent and Agreement of TRS Lessee), (ii) the Guaranty Amendment (in substantially the form presented to Borrower by Agent), (iii) the Environmental Indemnity Amendment
(in substantially the form presented to Borrower by Agent), (iv) the new Cash Management Agreement referred to in Section 2.7 above, and (v) if the current property manager for the Project changes or a new property management
agreement is entered into as a result of the proposed restructure, a new Subordination of Property Management Agreement executed by the new property manager in substantially the same form as the existing Subordination of Property Management
Agreement; 
 5.3 Agent’s receipt of the original Amended and Restated Deed of Trust (in substantially the form presented
to Borrower by Agent), fully executed and acknowledged by Borrower and TRS Lessee, and Agent’s receipt of evidence that the Amended and Restated Deed of Trust has been recorded in the appropriate real estate records in accordance with
Agent’s written instructions; 
 5.4 Chicago Title Insurance Company shall have issued and delivered to Agent, or shall
have irrevocably and unconditionally committed to issue for the benefit of Agent, a re-issued Title Policy with respect to the Amended and Restated Deed of Trust as of the date of its recordation in the appropriate real estate records, insuring the
Amended and Restated Deed of Trust as a valid first lien Deed of Trust encumbering the fee interest in the Project (including all estates held by Borrower and TRS Lessee in the Project), subject only to such exceptions as are approved by Agent in
its sole discretion, and containing all endorsements contained in the Title Policy insuring the Original Deed of Trust and any other endorsements reasonably required by Agent; 

 

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 5.5 Agent’s receipt of an extension fee (for the pro rata benefit of the Lenders) for
Borrower’s exercise of the first extension option pursuant to Section 2.3(b) above, in an amount equal to 0.25% of the total outstanding principal balance of the Loans as of the Modification Closing Date; 

5.6 Agent’s receipt of appropriate authorizing resolutions and certificates, and an opinion of counsel for Borrower, TRS Lessee,
Original Guarantor and Operating Partnership, covering due formation, authorization, enforceability and any other items required to be covered by Agent; 

5.7 Borrower shall have entered into a Swap Contract for the Loan approved by Agent; and 

5.8 Agent’s receipt of fully executed originals of an amendment to this First Modification Agreement, in a form reasonably approved
by Agent, pursuant to which the parties shall add to Section 2.4 hereof a provision restricting a “Change of Control” in the REIT and the Operating Partnership that is substantially parallel to the “Change of Control”
provisions agreed upon in that certain Credit Agreement by and among the REIT, as guarantor, the Operating Partnership, as borrower, the several lenders from time to time parties thereto, Barclays Capital and Banc of America Securities LLC, as joint
lead arrangers, Bank of America, N.A., as syndication agent, and Barclays Bank plc, as administrative agent (the “Corporate Credit Agreement”), which Corporate Credit Agreement is being entered into concurrently with the
initial public offering of the REIT; 
 5.9 Agent’s receipt of such other documents and agreements as Agent shall
reasonably request, all in form and substance reasonably satisfactory to Agent; and 
 5.10 Borrower shall have paid to Agent
all reasonable costs and expenses incurred by Agent in connection with this First Modification Agreement, including reasonable attorneys’ fees for preparation and negotiation of this First Modification Agreement and related documents, the cost
of the recently updated Appraisal obtained by Agent, and any other costs incurred in connection with this First Modification Agreement and the transactions contemplated hereby. 

6. Modification of Loan Documents. The Loan Documents are hereby supplemented, amended and modified to incorporate the provisions
of this First Modification Agreement, which shall supersede and prevail over any conflicting provisions of the Loan Documents. Except as otherwise specifically modified by this First Modification Agreement, all terms and provisions of the Loan
Documents shall remain unmodified and in full force and effect. Except as specifically indicated, nothing contained in this First Modification Agreement shall in any way impair the Loan Documents or alter, waive, annul, vary, affect or impair any
provision, condition, or covenant contained therein or any right, power, or remedy granted therein. The obligations and covenants of this First Modification Agreement are in addition to (and are not in substitution of) the obligations and covenants
under the Loan Documents. All 
  

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references in the Loan Documents to the Loan Agreement, the Notes, the Deed of Trust and any other terms used herein or documents described herein shall be deemed to be references to such terms
and/or documents as amended by or pursuant to this First Modification Agreement. Further, all references in the Loan Documents to the “Loan Documents” shall include, in addition to all other Loan Documents existing as of the date hereof,
this First Modification Agreement and all documents executed pursuant to this First Modification Agreement (including the Amended and Restated Deed of Trust, the new Cash Management Agreement, the Guaranty Amendment and the Environmental Indemnity
Amendment). 
 7. Default. From and after the Modification Closing Date, the breach of any representation, warranty, or
covenant contained in this First Modification Agreement or the failure of Borrower to observe or comply with any term or agreement contained in this First Modification Agreement shall, subject to any applicable notice and cure period set forth in
the Loan Agreement, constitute an Event of Default under the Loan Agreement and the other Loan Documents, and Agent shall be entitled to exercise all rights and remedies it may have under the Loan Documents and applicable law, including without
limitation the right to declare all indebtedness and obligations owing under the Notes, and all other Loan Documents, to be immediately due and payable in full. 

8. Additional Documents. From and after the Modification Closing Date, the Borrower shall, upon the request of Agent, execute,
acknowledge, and deliver, or cause to be executed, acknowledged, or delivered, such further documents, instruments, or agreements and perform such other acts as may be reasonably necessary, desirable, or proper for carrying out the intention or
facilitating the performance of the terms of this First Modification Agreement or the Loan Documents. 
 9.
Miscellaneous. Each party hereto has cooperated in the drafting and preparation of this First Modification Agreement, and as a result this First Modification Agreement shall not be construed against any party. The Loan Documents and this
First Modification Agreement may be amended or modified only by a written agreement signed by the parties hereto. The Loan Documents and this First Modification Agreement contain or expressly incorporate by reference the entire agreement of the
parties with respect to the matters contemplated therein or herein and supersede all prior negotiations. This First Modification Agreement and the Consents attached hereto may be executed in any number of counterparts, each of which when executed
and delivered to Agent will be deemed to be an original and all of which, taken together, will be deemed to be one and the same instrument. Further, counterpart original signatures pages may be executed into one or more fully executed documents. The
headings used in this First Modification Agreement are for convenience only and shall be disregarded in interpreting the substantive provisions of this First Modification Agreement. Time is of the essence of each term of the Loan Documents and this
First Modification Agreement. This First Modification Agreement shall be governed by and interpreted in accordance with the laws of the State of California, except if preempted by Federal law. If any provision of this First Modification Agreement or
any of the Loan Documents shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be deemed severed therefrom and the remaining parts shall remain in full force as though the invalid,
illegal, or unenforceable portion had never been a part thereof. 
  

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 IN WITNESS WHEREOF, the parties have executed this First Modification Agreement as of the
date first stated above. 
  

											
	BORROWER:
	
	SUNSET BRONSON ENTERTAINMENT PROPERTIES, LLC,
	a Delaware limited liability company
		
	By:	  	 Sunset Studios Holdings, LLC,

a Delaware limited liability company,

		  	its sole member
			
		  	By:	  	 Hudson Sunset Bronson, LLC,

a Delaware limited liability company,

		  		  	its sole member
				
		  		  	By:	  	 Hudson Pacific Properties, L.P.,

a Maryland limited partnership,

		  		  		  	its sole member
					
		  		  		  	By:	 	 Hudson Pacific Properties, Inc.,

a Maryland corporation,

		  		  		  		 	its general partner
						
		  		  		  		 	By:	 	 /s/ Victor J. Coleman

		  		  		  		 	Name:	 	Victor J. Coleman
		  		  		  		 	Title:	 	Chief Executive Officer

  

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 AGENT: 

WELLS FARGO BANK, N.A., successor-in-interest to Wachovia Bank, N.A., a national banking association, as administrative agent for the Lenders 

 

			
	By:	 	 /s/ Leslie Baines

	Name:	 	Leslie Baines
	Title:	 	VP

 LENDERS: 

WELLS FARGO BANK, N.A., successor-in-interest to Wachovia Bank, N.A., a national banking association, as the sole currently existing Lender 

 

			
	By:	 	 /s/ Leslie Baines

	Name:	 	Leslie Baines
	Title:	 	VP

  

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 CONSENT AND AGREEMENT OF TRS LESSEE 

This Consent and Agreement of TRS Lessee (this “Consent”) is attached to that certain First Modification
Agreement (“First Modification Agreement”) made and entered into and effective as of the Modification Closing Date (as defined therein), executed by SUNSET BRONSON ENTERTAINMENT PROPERTIES, LLC, a Delaware limited liability
company, as Borrower and WELLS FARGO BANK, N.A., successor-in-interest to Wachovia Bank, N.A., a national banking association, as Agent and Lender. Capitalized terms used and not defined in this Consent shall have the same meanings that are given to
such terms in the First Modification Agreement or in the Loan Agreement referred to therein, as applicable. The undersigned TRS Lessee, having read and understood the provisions of the First Modification Agreement and the other Loan Documents,
hereby (a) consents to all of the terms and provisions of the First Modification Agreement and the other Loan Documents, (b) agrees to join in the execution of the Amended and Restated Deed of Trust and the new Cash Management Agreement,
each of which shall secure all of Borrower’s Obligations under the Note and the Other Loan Documents and any other secured obligations described therein, and (c) joins in and makes in favor of Agent and Lenders all of those waivers and
releases set forth in Section 4 of the First Modification Agreement (which are hereby incorporated into this Consent in their entirety). 
  

					
	TRS LESSEE:
	
	 SUNSET BRONSON SERVICES, LLC,

a Delaware limited liability company

		
	By:	 	 Hudson Pacific Services, Inc.,

a Maryland corporation,
 its sole
member

			
		 	By:	 	 /s/ Victor J. Coleman

		 	Name:	 	Victor J. Coleman
		 	Title:	 	Chief Executive Officer

  

 -13-Newtek Business Services, Inc. 2010 Stock Incentive Plan

 Exhibit 10.17 

NEWTEK BUSINESS SERVICES, INC. 2010 

STOCK INCENTIVE PLAN 
  

	1.	PURPOSE OF THE PLAN. 

 The
purpose of this Plan is to advance the interests of the Company through providing select Employees, Directors and Consultants of the Company and its Affiliates with the opportunity to acquire Shares. By encouraging such stock ownership, the Company
seeks to attract, retain and motivate the best available personnel for positions of substantial responsibility and to provide additional incentives to Employees, Directors and Consultants of the Company or any Affiliate to promote the success of the
business. The Plan is not tax-qualified under Section 401(a) of the Code. 
  

	2.	DEFINITIONS. 

 As used
herein, the following definitions shall apply. 
 (a) “Account” shall mean a bookkeeping account maintained by the
Company in the name of a Participant. 
 (b) “Affiliate” has the meaning set forth in Rule 12b-2 of the General Rules
and Regulations of the Securities Exchange Act of 1934, as amended. 
 (c) “Agreement” shall mean a written agreement
entered into in accordance with Section 5(c) of the Plan. 
 (d) “Award” shall mean an Option, Restricted Share
or SAR awarded pursuant to the Plan. 
 (e) “Board” shall mean the Board of Directors of the Company, as the same may
be constituted from time to time. 
 (f) “Change in Control” shall mean any one of the following events: (i) the
acquisition following the Effective Date of ownership, holding or power to vote more than 25% of the Company’s voting shares, (ii) the acquisition of the ability to control the election of a majority of the Board, (iii) the
acquisition of a controlling influence over the management or policies of the Company by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during
any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board (the “Existing Board”) cease for any reason to constitute at least two-thirds thereof,
provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. For purposes
of defining Change in Control, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not
specifically listed herein. The decision of the Committee as to whether a Change in Control has occurred shall be conclusive and binding. 

(g) “Code” shall mean the Internal Revenue Code of 1986, as amended, and the rulings issued and regulations promulgated
thereunder. 
 (h) “Committee” shall mean the Compensation, Corporate Governance and Nominating Committee appointed by
the Board in accordance with Section 5(a) hereof. 
 (i) “Common Shares” shall mean the common shares, par value
$0.02 per share, of the Company. 
 (j) “Company” shall mean Newtek Business Services, Inc., and its successors and
assigns. 
 (k) “Consultant” shall mean any person who is performing services for the Company or an Affiliate as a
consultant, independent contractor or in another non-Employee capacity. 
 (l) “Continuous Service” shall mean the
absence of any interruption or termination of service as an Employee or Consultant of the Company or an Affiliate. Continuous Service shall not be considered interrupted in the case of (i) sick leave, military leave or any other leave of
absence approved by the Company, (ii) transfers between payroll locations of the Company or between the Company, an Affiliate or a successor, or (iii) changes between a Participant’s status as an Employee, Consultant or Director
provided the Participant is continuously performing services for the Company or an Affiliate. 

 (m) “Director” shall mean any member of the Board, and any member of the board of
directors or manager, in the case of a limited liability company, of any Affiliate or other company that the Board has by resolution designated as being eligible for participation in this Plan. 

(n) “Disability” shall mean a physical or mental condition, which in the sole and absolute discretion of the Committee, is
reasonably expected to be of indefinite duration and to substantially prevent a Participant from fulfilling his or her duties or responsibilities to the Company or an Affiliate. 

(o) “Effective Date” shall mean the date specified in Section 14 hereof. 

(p) “Employee” shall mean any person employed by the Company or an Affiliate. 

(q) “Exercise Price” shall mean the price per Optioned Share at which an Option may be exercised. 

(r) “ISO” shall mean an Option which an Agreement identifies as an “incentive stock option” within the meaning of
Section 422 of the Code. 
 (s) “Market Value” shall mean the fair market value of the Common Shares, as
determined under Section 7(b) hereof. 
 (t) “Non-Employee Director” shall have the meaning provided in Rule
16b-3. 
 (u) “Non-ISO” shall mean an option to purchase Common Shares which meets the requirements set forth in the
Plan but which an Agreement identifies as not being an ISO or which by operation or the terms of grant fails to satisfy the requirements of Section 422 of the Code. 

(v) “Option” shall mean an ISO or a Non-ISO. 

(w) “Optioned Shares” shall mean Shares subject to an Option granted pursuant to this Plan. (x) “Participant”
shall mean any person who receives an Award pursuant to the Plan. (y) “Plan” shall mean this Newtek Business Services, Inc. 2010 Stock Incentive Plan. 

(z) “Restricted Share Award” shall mean a right granted under Section 10 of this Plan to receive Shares. 

(aa) “Rule 16b-3” shall mean Rule 16b-3 of the General Rules and Regulations under the Securities Exchange Act of 1934, as
amended. 
 (bb) “Share” shall mean one Common Share. 

(cc) “SAR” shall mean a right to receive the appreciation in value, or a portion of the appreciation in value, of a specified
number of Shares over a specified period of time. 
 (dd) “Year of Service” shall mean a full twelve-month period,
measured from the grant date of an Award and each annual anniversary of that date, during which a Participant has not terminated Continuous Service for any reason. 
  

	3.	TERM OF THE PLAN AND OPTIONS. 

(a) Term of the Plan. This Plan shall remain in effect until terminated by the Board. Termination of the Plan shall not affect any Awards
previously granted, and such Awards shall remain valid and in effect in accordance with their terms until they have been earned and paid, or by their terms expire or are forfeited. No Option shall be granted under the Plan after ten years from the
Effective Date. 
 (b) Term of Options. The term of each Option granted under the Plan shall be established by the
Committee, but shall not exceed 10 years; provided, however, that in the case of an Employee who owns Shares representing more than 10% of the outstanding Common Shares at the time an ISO is granted, the term of such ISO shall not exceed five years.

  

 2 

	4.	SHARES SUBJECT TO THE PLAN. 

Except as otherwise required under Section 12, the aggregate number of Shares deliverable pursuant to Awards shall not exceed one
million, six hundred and fifty thousand (1,650,000) Shares. Such Shares may either be authorized but unissued Shares, Shares held in treasury, or Shares held in a grantor trust created by the Company. If any Award should expire, become
unexercisable, or be forfeited for any reason, the Shares subject to the Award shall, unless the Plan shall have been terminated, be available for the grant of additional Awards under the Plan. 

 

	5.	ADMINISTRATION OF THE PLAN. 

(a) Composition of the Committee. The Plan shall be administered by the Committee, appointed by the Board, and consisting of at
least two members of the Board who are Non-Employee Directors. Members of the Committee shall serve at the pleasure of the Board. In the absence at any time of a duly appointed Committee, the Plan shall be administered by the Board. 

(b) Powers of the Committee. Except as limited by the express provisions of the Plan or by resolutions adopted by the Board, the
Committee shall have sole and complete authority and discretion (i) to select Participants and grant Awards, (ii) to determine the form and content of Awards to be issued under the Plan, (iii) to interpret the Plan, (iv) to
prescribe, amend and rescind rules and regulations relating to the Plan, and (v) to make other determinations necessary or advisable for the administration of the Plan. The Committee shall have and may exercise such other power and authority as
may be delegated to it by the Board from time to time. A majority of the entire Committee shall constitute a quorum and the action of a majority of the members present at any meeting at which a quorum is present, or acts approved in writing by a
majority of the Committee without a meeting, shall be deemed the action of the Committee. 
 (c) Agreement. Each Award
shall be evidenced by an Agreement containing such provisions as may be approved by the Committee. Each such Agreement shall constitute a binding contract between the Company and the Participant, and every Participant, upon acceptance of an
Agreement, shall be bound by the terms and restrictions of the Plan and of such Agreement. The terms of each such Agreement shall be in accordance with the Plan, but each Agreement may include such additional provisions and restrictions determined
by the Committee, in its discretion, provided that such additional provisions and restrictions are not inconsistent with the terms of the Plan. In particular, for an Agreement awarding an Option, the Committee shall set forth in each Agreement
(i) the Exercise Price of an Option, (ii) the number of Shares subject to, and the expiration date of, the Option, (iii) the manner, time and rate (cumulative or otherwise) of exercise or vesting of such Option, and (iv) the
restrictions, if any, to be placed upon such Option, or upon Shares which may be issued upon exercise of’ such Option. The Chairman of the Committee and such other Directors and officers as shall be designated by the Committee are hereby
authorized to execute Agreements on behalf of the Company and to cause them to be delivered to the recipients of the Awards. 

(d) Effect of the Committee’s Decisions. All decisions, determinations and interpretations of the Committee shall be final
and conclusive on all persons affected thereby. 
 (e) Indemnification. In addition to such other rights of
indemnification as they may have, the members of the Committee shall be indemnified by the Company in connection with any claim, action, suit or proceeding relating to any action taken or failure to act under or in connection with the Plan or any
Award, granted hereunder to the full extent provided for under the Company’s governing instruments and insurance policies with respect to the indemnification of Directors. 

 

	6.	GRANT OF OPTIONS. 

 (a)
General Rule. The Committee shall have the discretion to grant Employees, Directors and Consultants Options to purchase Optioned Shares, which shall be subject to any restrictions or conditions imposed pursuant to Section 17 of this
Plan, provided, that ISOs may not be granted to Non-Employee Directors or Consultants. 
 (b) Special Rules for ISOs. The
aggregate Market Value, as of the date an Option is granted, of the Shares with respect to which ISOs are exercisable for the first time by an Employee during any calendar year (under all incentive stock option plans, as defined in Section 422
of the Code, of the Company or any present or future Affiliate of the Company) shall not exceed $100,000. Notwithstanding the foregoing, the Committee may grant Options in excess of the foregoing limitations, in which case such Options granted in
excess of such limitation shall be Options which are Non-ISOs. 
  

 3 

	7.	EXERCISE PRICE FOR OPTIONS. 

(a) Limits on Committee Discretion. The Exercise Price for an Option shall not be less than 100% of the Market Value of the
Optioned Shares on the date of grant. In the case of an ISO to be granted to an Employee who owns Shares representing more than 10% of the Company’s outstanding Common Shares at the time an ISO is granted, the Exercise Price shall not be less
than 110% of the Market Value of the Optioned Shares on the date of grant. 
 (b) Standards for Determining Exercise
Price. If the Common Shares are listed on a national securities exchange (including the NASDAQ National Market System) on the date in question, then the Market Value per Share shall be the average of the highest and lowest selling price on such
exchange on such date, or if there were no sales on such date, then the Exercise Price shall be the average of the highest and lowest selling price on such exchange on the last date on which a Share was sold. If the Common Shares are not traded on a
national securities exchange on the date in question, then the Market Value per Share shall be its fair market value as determined by the Committee in its sole and absolute discretion in accordance with Section 409A of the Code. 

 

	8.	EXERCISE OF OPTIONS. 

 (a)
Generally. Unless the Committee specifically eliminates any vesting requirement or imposes a different vesting schedule in an Agreement granting an Option, each Option shall became vested and exercisable according to the following schedule:

  

				
	 Years of Service
	  	Vested Percentage
(applied to 
Optioned Shares)	 
	 Less than 1
	  	0	% 
	 1
	  	25	% 
	 2
	  	50	% 
	 3
	  	75	% 
	 4 or more
	  	100	% 

Notwithstanding the foregoing, each Participant shall become fully (100%) vested immediately (i) upon termination of the
Participant’s Continuous Service due to the Participant’s Disability or death, or (ii) upon a Change in Control or, if earlier, the execution of a definitive agreement to effect a Change in Control. An Option may not be exercised for
a fractional Share. 
 (b) Procedure for Exercise. A Participant may exercise an Option in whole or in part, subject to
provisions relative to its termination and limitations on its exercise, only by delivery to the Committee or its designee, in accordance with procedures for the exercise of Options as the Committee may establish from time to time, of
(i) written notice of intent to exercise the Option with respect to a specified number of whole Shares, (ii) payment to the Company (contemporaneously with delivery of such notice) in cash, in Common Shares, or a combination of cash and
Common Shares, of the amount of the Exercise Price for the number of Shares with respect to which the Option is then being exercised, (iii) such representations and documents as are necessary or advisable to effect compliance with all
applicable provisions of Federal or state securities laws or regulations; and (iv) in the event that the Option or portion thereof shall be exercised by any individual other than the Participant, appropriate proof of the right of such
individual to exercise the Option or portion thereof. Each such notice (and payment where required) shall be delivered, or mailed by prepaid registered or certified mail, addressed to the Treasurer of the Company at its executive offices. Common
Shares utilized in full or partial payment of the Exercise Price for Options shall be valued at their Market Value at the date of exercise. Notwithstanding the foregoing, if the Exercise Price may be paid in Common Shares as provided above, Common
Shares delivered by the Participant may be shares which were received by the Participant upon exercise of one or more previously exercised Options, but only if such Common Shares have been held by the Participant for at least six months, or such
other period of time as is required, in the opinion of the independent auditor for the Plan, to avoid adverse financial accounting results. 
  

 4 

 (c) Period of Exercisability. Except to the extent otherwise provided herein or in
the terms of an Agreement, an Option may be exercised by a Participant only while he has maintained Continuous Service from the date of the grant of the Option, or within 90 after termination of such Continuous Service (but not later than the date
on which the Option would otherwise expire). Notwithstanding the foregoing, the Participant’s rights to exercise such option shall expire: 

(1) immediately upon termination of the Participant’s Continuous Service due to “Just Cause” which for purposes hereof
shall have the meaning set forth in any unexpired employment, consulting, or severance agreement between the Participant and the Company or an Affiliate (and, in the absence of any such agreement, shall mean termination because of the
Participant’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic
violations or similar offenses), as determined by the Committee in its discretion) or final cease-and-desist order; 
 (2)
immediately upon a determination by the Committee that the Participant has violated a non-competition provision contained in any unexpired employment, or consulting, or other written agreement between the Participant and the Company or an Affiliate;
or 
 (3) two years from the date on which the Participant’s Continuous Service terminates due to his death (but not later
than the date on which the Option would otherwise expire), during which time the Option may be exercised (to the extent that the Participant would have been entitled to exercise it immediately prior to his death) by the personal representatives of
his estate or person or persons to whom his rights under such Option shall have passed by will or by the laws of descent and distribution. 

(d) Effect of the Committee’s Decisions. The Committee’s determination whether a Participant’s Continuous Service
has ceased, and the effective date thereof, shall be final and conclusive on all persons affected thereby. 
 (e) Reload
Options. For each Optioned Share purchased upon the exercise of an Option within two years after the first date on which such Option becomes exercisable pursuant to Section 8(a) hereof, the Committee, in its sole discretion, may grant the
Participant a new Option (“Reload Option”) to purchase an additional Optioned Share. The Exercise Price of the Reload Option shall be determined in accordance with Section 7 hereof. The Reload Option shall become exercisable two years
after its grant date or as otherwise provided by the Committee. The number of Optioned Shares subject to the Reload Option shall be reduced by each Share sold or otherwise disposed of by the Participant after the grant date and before the exercise
date of the Reload Option without prior Committee approval (which shall not be withheld in the case of the Participant’s financial hardship). 
  

	9.	STOCK APPRECIATION RIGHTS. 

(a) Granting of SARs. In its sole discretion, the Committee may from time to time grant SARs to Employees either in conjunction
with, or independently of, any Options granted under the Plan. A SAR granted in conjunction with an Option may be an alternative right wherein the exercise of the Option terminates the SAR to the extent of the number of shares purchased upon
exercise of the Option and, correspondingly, the exercise of the SAR terminates the Option to the extent of the number of Shares with respect to which the SAR is exercised. Alternatively, a SAR granted in conjunction with an Option may be an
additional right wherein both the SAR and the Option may be exercised. A SAR may not be granted in conjunction with an ISO under circumstances in which the exercise of the SAR affects the right to exercise the ISO or vice versa, unless the SAR, by
its terms, meets all of the following requirements: (i) the SAR will expire no later than the ISO; (ii) the SAR may be for no more than the difference between the Exercise Price of the ISO and the Market Value of the Shares subject to the
ISO at the time the SAR is exercised; (iii) the SAR is transferable only when the ISO is transferable, and under the same conditions; (iv) the SAR may be exercised only when the ISO may be exercised; and (v) the SAR may be exercised
only when the Market Value of the Shares subject to the ISO exceeds the Exercise Price of the ISO. 
 (b) Exercise Price.
The Exercise Price as to any particular SAR shall not be less than the Market Value of one Share on the date of grant. 
 (c)
Timing of Exercise. The provisions of Section 8(c) regarding the period of exercisability of Options are incorporated by reference herein, and shall determine the period of exercisability of SARs. 

 

 5 

 (d) Exercise of SARs. A SAR granted hereunder shall be exercisable at such times and
under such conditions as shall be permissible under the terms of the Plan and of the Agreement granted to a Participant, provided that a SAR may not be exercised for a fractional Share. Upon exercise of a SAR, the Participant shall be entitled to
receive, without payment to the Company, an amount equal to the excess of (or, in the discretion of the Committee if provided in the Agreement, a portion of the excess of) the then aggregate Market Value of the number of Shares with respect to which
the Participant exercises the SAR, over the aggregate Exercise Price of such number of Shares. This amount shall be payable by the Company, at the discretion of the Committee, in cash or in Shares valued at the then Market Value thereof, or any
combination thereof. 
 (e) Procedure for Exercising SARs. To the extent not inconsistent herewith, the provisions of
Section 8(b) as to the procedure for exercising Options are incorporated by reference, and shall determine the procedure for exercising SARs. 
  

	10.	RESTRICTED SHARE AWARDS. 

(a) Grants. The Committee shall have the discretion to grant Restricted Share Awards to Employees and Directors. As promptly as
practicable after a determination is made that a Restricted Share Award is to be made, the Committee shall notify the Participant in writing of the grant of the Award, the number of Shares covered by the Award, and the terms upon which the Shares
subject to the Award may be earned. The date on which the Committee so notifies the Participant shall be considered the date of grant of the Restricted Share Award. The Committee shall maintain records as to all grants of Restricted Share Awards
under the Plan. 
 (b) Earning Shares. Unless the Committee specifically eliminates any vesting schedule in an Agreement
granting a Restricted Share Award, Shares subject to Restricted Share Awards shall be earned and become non-forfeitable by a Participant according to the following schedule, provided the Participant is an Employee or Director on the scheduled
vesting date: 
  

				
	 Years of Service
	  	Vested Percentage
(applied to Optioned Shares)	 
	 Less than 1
	  	0	%
	 1
	  	25	%
	 2
	  	50	%
	 3
	  	75	%
	 4 or more
	  	100	%

 Notwithstanding the foregoing, each
Participant shall become fully (100%) vested immediately (i) upon termination of the Participant’s Continuous Service due to the Participant’s Disability or death, or (ii) upon a Change in Control or, if earlier, the
execution of a definitive agreement to affect a Change in Control. 
 (c) Accrual of Dividends. Whenever Shares are paid
to a Participant or Beneficiary under Section 10(d), such Participant or Beneficiary shall also be entitled to receive, with respect to each Share paid, an amount equal to any cash dividends (including special large and nonrecurring dividends,
including one that has the effect of a return of capital to the Company’s shareholders) and a number of Common Shares equal to any stock dividends, declared and paid with respect to a Common Share between the date the relevant Restricted Share
Award was initially granted to such Participant and the date the Shares are being distributed. 
 (d) Distribution of
Shares. 
 (1) Timing of Distributions: General Rule. Except as otherwise expressly provided in this Plan, the Company shall
distribute Shares and accumulated cash from dividends and interest to the Participant or his Beneficiary, as the case may be, as soon as practicable after they have been earned. No fractional shares shall be distributed. 

(2) Form of Distribution. The Company shall distribute all Shares, together with any shares representing stock dividends, in the form of
Common Shares. One Common Share shall be given for each Share earned. Payments representing cash dividends (and earnings thereon) shall be made in cash. 
  

 6 

  

	11.	CHANGE IN CONTROL; EFFECT OF CHANGES IN COMMON STOCK SUBJECT TO THE PLAN. 

(a) Change in Control. Immediately prior to a Change in Control or, if earlier, the execution of a definitive agreement to effect a
Change in Control, all Options and SARs shall become fully exercisable and all Restricted Share Awards shall be 100% vested, notwithstanding any other provision of the Plan or any Agreement. 

(b) Recapitalizations; Stock Splits, Etc. In the event any recapitalization, forward or reverse split, reorganization, merger,
consolidation, spin-off, combination, repurchase, or exchange of Shares or other securities, any stock dividend or other special and nonrecurring dividend or distribution (whether in the form of cash, securities or other property), liquidation,
dissolution, or other similar transactions or events, affects the Shares such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Participants under the Plan, then the Committee shall make equitable
adjustment in (i) the number and kind of Shares deemed to be available thereafter for grants of Awards under this Plan, (ii) the number and kind of Shares that may be delivered or deliverable in respect of outstanding Awards, and
(iii) the exercise price to prevent such dilution or enlargement of rights. 
 (c) Transactions in which the Company is
Not the Surviving Entity. In the event of (i) the liquidation or dissolution of the Company, (ii) a merger or consolidation in which the Company is not the surviving entity, or (iii) the sale or disposition of all or substantially
all of the Company’s assets (any of the foregoing to be referred to herein as a “Transaction”), all outstanding Awards, together with the Exercise Prices thereof, the Committee shall make equitable adjustment for any change or
exchange of Shares for a different number or kind of shares or other securities which results from the Transaction, and the forfeiture provisions set forth in Sections 8(c)(2) and 17(c) shall automatically become null and void. 

(d) Special Rule for ISOs. Any adjustment made pursuant to subsections (a) or (b) hereof shall be made in such a manner
as not to constitute a modification of an ISO, within the meaning of Section 424(h) of the Code. 
 (e) Conditions and
Restrictions on New, Additional, or Different Shares or Securities. If, by reason of any adjustment made pursuant to this Section 11, a Participant becomes entitled to new, additional, or different shares of stock or securities, then,
except as expressly provided in this Section 11, such new, additional, or different shares of stock or securities shall thereupon be subject to all of the conditions and restrictions which were applicable to the Shares pursuant to the Award
before the adjustment was made. 
 (f) Other Issuances. Except as expressly provided in this Section, the issuance by the
Company or an Affiliate of shares of stock of any class, or of securities convertible into Shares or stock of another class, for cash or property or for labor or services either upon direct sale or upon the exercise of rights or warrants to
subscribe therefor, shall not affect, and no adjustment shall be made with respect to, the number, class, or Exercise Price of Shares then subject to Awards or reserved for issuance under the Plan. 

(g) Certain Special Dividends. The Exercise Price of and number of Shares subject to outstanding Options shall be proportionately
adjusted upon the payment of a special large and nonrecurring dividend that has the effect of a return of capital to the shareholders. 
  

	12.	TRANSFERABILITY OF AWARDS. 

ISOs may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of
descent and distribution. Notwithstanding the foregoing, or any other provision of this Plan, a Participant who holds Restricted Share Awards, SARs or Non-ISOs may transfer such Awards to his or her spouse, lineal ascendants, or to a duly
established trust for the benefit of one or more of these individuals. The Awards so transferred may thereafter be transferred only to the Participant who originally received the grant or to an individual or trust to whom the Participant could have
initially transferred the Awards pursuant to this Section 12. Awards which are transferred pursuant to this Section 12 shall be exercisable or earned by the transferee according to the same terms and conditions as applied to the
Participant. Notwithstanding any other provision of this Plan to the contrary, Common Shares that are received pursuant to an Award may not be sold within the six-month period following the grant date of that Award, except in the event of the
Participant’s death or Disability, or such other event as the Board may specifically deem appropriate. 
  

 7 

	13.	TIME OF GRANTING OPTIONS. 

The date of grant of an Option shall, for all purposes, be the later of the date on which the Committee makes the determination of
granting such Option and the Effective Date. Notice of the determination shall be given to each Participant to whom an Option is so granted within a reasonable time after the date of such grant. 

 

	14.	EFFECTIVE DATE. 

 The Plan
became effective upon its adoption by the Board on March 30, 2010, but its effectiveness and the effectiveness of any grants of Awards shall be contingent upon the Plan’s approval by a favorable vote of shareholders of a majority of the
total votes cast at a duly called meeting of the Company’s shareholders held in accordance with applicable laws. 
  

	15.	MODIFICATION OF OPTIONS. 

At any time, and from time to time, the Board may authorize the Committee to direct execution of an instrument providing for the
modification of any outstanding Option, provided no such modification shall confer on the holder of said Option any right or benefit which could not be conferred on him by the grant of a new Option at such time, impair the Option without the consent
of the holder of the Option, or have the effect of reducing the Exercise Price for the Option. 
  

	16.	AMENDMENT AND TERMINATION OF THE PLAN. 

The Board may from time to time amend the terms of the Plan and, with respect to any Shares at the time not subject to Options, suspend or
terminate the Plan. No amendment, suspension or termination of the Plan shall, without the consent of any affected holders of an Award, alter or impair the balance credited to the Participant’s Account or any rights or obligations under any
Award theretofore granted. 
  

	17.	CONDITIONS UPON ISSUANCE OF SHARES. 

(a) Compliance with Securities Laws. Common Shares shall not be issued with respect to any Option unless the issuance and delivery
of such Shares shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, any applicable state securities law, and the requirements of
any stock exchange upon which the Shares may then be listed. 
 (b) Special Circumstances. The inability of the Company
to obtain approval from any regulatory body or authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder shall relieve the Company of any liability in respect of the non-issuance or sale
of such Shares. As a condition to the exercise of an Option, the Committee may require the person exercising the Option to make such representations and warranties as may be necessary to assure the availability of an exemption from the registration
requirements of federal or state securities law. 
 (c) Repurchase Right; Damages. The Company shall have the right to
cause the forfeiture of the Shares (in the case of Optioned Shares, in exchange for any Exercise Price paid by the Participant) that a Participant receives pursuant to an Award if the Participant breaches a non-competition provision in any unexpired
employment, consulting or other written agreement between the Participant and the Company or an Affiliate. If a Participant has disposed of such Shares, the Company may seek compensatory damages from the Participant, as well as seek specific
performance for the sale to the Company of such other Shares that the Participant owns or controls (but only to the extent necessary to provide the Company with the recovery contemplated in the preceding sentence). 

(d) Committee Discretion. The Committee shall have the discretionary authority to impose in Agreements such restrictions on Shares
as it may deem appropriate or desirable, including but not limited to the authority to impose a right of first refusal, or to establish repurchase rights, or to pay a Participant the in-the-money value of his or her Option in consideration for its
cancellation, or all of these restrictions. 
  

 8 

	18.	RESERVATION OF SHARES. 

The Company, during the term of the Plan, will reserve and keep available a number of Shares sufficient to satisfy the requirements of the
Plan. 
  

	19.	WITHHOLDING TAX. 

 The
Company’s obligation to deliver Shares or make cash payments pursuant to an Award shall be subject to the Participant’s satisfaction of all applicable federal, state and local income and employment tax withholding obligations. To the
extent that the Company is required to withhold any federal, state or local income and employment taxes in respect of any compensation income realized by the Participant in respect of Shares acquired pursuant to an Award, or in respect of any Shares
becoming vested, then the Company shall deduct from any payments of any kind otherwise due to such Participant the aggregate amount of such federal, state or local income and employment taxes required to be so withheld. If no such payments are due
or to become due to such Participant, or if such payments are insufficient to satisfy such federal, state or local income or employment taxes, then such Participant will be required to pay to the Company, or make other arrangements satisfactory to
the Company regarding payment to the Company of, the aggregate amount of any such taxes. The Committee, in its discretion, may permit the Participant to satisfy the obligation, in whole or in part, by irrevocably electing to have the Company
withhold Shares, or to deliver to the Company Shares that he already owns, having a value equal to the amount required to be withheld. The value of the Shares to be withheld, or delivered to the Company, shall be based on the Market Value of the
Shares on the date the amount of tax to be withheld is determined. As an alternative, the Company may retain, or sell without notice, a number of such Shares sufficient to cover the amount required to be withheld. 

 

	20.	NO SHAREHOLDER RIGHTS. 

No Participant shall have any voting or dividend rights or other rights of a shareholder in respect of any Shares covered by an Award
prior to the time said Shares are actually distributed to him. 
  

	21.	NO EMPLOYMENT OR OTHER RIGHTS. 

In no event shall an Employee’s, Consultant’s or Director’s eligibility to participate or participation in the Plan create
or be deemed to create any legal or equitable right of the Employee, Consultant, Director, or any other party to continue service with the Company or any Affiliate. Except to the extent provided in Sections 6(b) and 9(a), no Employee, Consultant or
Director shall have a right to be granted an Award or, having received an Award, the right to again be granted an Award. However, an Employee, Consultant or Director who has been granted an Award may, if otherwise eligible, be granted an additional
Award or Awards. 
  

	22.	GOVERNING LAW. 

 The Plan
shall be governed by and construed in accordance with the laws of the State of New York, except to the extent that federal law shall be deemed to apply. 
  

 9

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