Document:

EX-10.1

 Exhibit 10.1 
 PS BUSINESS PARKS, L.P. 
 AMENDMENT TO AGREEMENT OF LIMITED 

PARTNERSHIP RELATING TO 
 5.70% SERIES V CUMULATIVE REDEEMABLE 
 PREFERRED UNITS 

This Amendment to the Agreement of Limited Partnership of PS Business Parks, L.P., a California limited partnership (the
“Partnership”), dated as of March 14, 2013 (this “Amendment”), amends the Agreement of Limited Partnership of the Partnership, dated as of March 17, 1998, as amended, by and among PS Business Parks, Inc.
(the “General Partner”) and each of the limited partners described on Exhibit A to that partnership agreement (the “Partnership Agreement”). Section references are (unless otherwise specified) references to sections
in this Amendment. 
 WHEREAS, the General Partner agreed to issue up to 4,600,000 Depositary Shares each representing 1/1000th
of a share of the General Partner’s preferred stock designated as the “5.70% Cumulative Preferred Stock, Series V” (the “Depositary Shares”) for a price of $25.00 per Depositary Share; 

WHEREAS, Section 4.1(b)(2) of the Partnership Agreement requires the General Partner to contribute to the Partnership the funds
raised through the issuance of additional shares of the General Partner in return for additional Partnership Units, and provides that the General Partner’s capital contribution shall be deemed to equal the amount of the gross proceeds of that
share issuance (i.e., the net proceeds actually contributed, plus any underwriter’s discount or other expenses incurred, with any such discount or expense deemed to have been incurred on behalf of the Partnership); 

WHEREAS, Section 4.2(a) of the Partnership Agreement provides generally for the creation and issuance of Partnership Units with such
designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to other Partnership Interests, all as shall be determined by the General Partner, without the
consent of the Limited Partners, and Section 4.2(b) of the Partnership Agreement specifically contemplates the issuance of Units to the General Partner having designations, preferences and other rights, all such that the economic interests are
substantially similar to the designations, preferences and other rights of shares issued by the General Partner, such as the Depositary Shares; 
 WHEREAS, the General Partner desires to cause the Partnership to issue additional Units of a new class and series, with the designations, preferences and relative, participating, optional or other special
rights, powers and duties set forth herein; and 
 WHEREAS, the General Partner desires by this Amendment to so amend the
Partnership Agreement as of the date first set forth above to provide for the designation and issuance of such new class and series of Units. 
 NOW, THEREFORE, the Partnership Agreement is hereby amended by establishing and fixing the rights, limitations and preferences of a new class and series of Units as follows: 

 Section 1. Definitions. Capitalized terms not otherwise defined herein shall
have their respective meanings set forth in the Partnership Agreement. Capitalized terms that are used in this Amendment shall have the meanings set forth below: 
 (a) “Liquidation Preference” means, with respect to the Series V Preferred Units (as defined below), $25.00 per Series V Preferred Unit, plus the amount of any accumulated and unpaid
Priority Return (as defined below) with respect to such Series V Preferred Unit, whether or not declared, minus any distributions in excess of the Priority Return that has accrued with respect to such Series V Preferred Units, to the date of
payment. 
 (b) “Parity Preferred Units” means any class or series of Partnership Interests (as such term is
defined in the Partnership Agreement) of the Partnership now or hereafter authorized, issued or outstanding and expressly designated by the Partnership to rank on a parity with the Series V Preferred Units with respect to distributions and rights
upon voluntary or involuntary liquidation, winding-up or dissolution of the Partnership, including the 6.875% Series R Cumulative Redeemable Preferred Units (the “Series R Preferred Units”), the 6.45% Series S Cumulative Redeemable
Preferred Units (the “Series S Preferred Units”), the 6.00% Series T Cumulative Redeemable Preferred Units (the “Series T Preferred Units”) and the 5.75% Series U Cumulative Redeemable Preferred Units (the
“Series U Preferred Units”). Notwithstanding the differing allocation rights set forth in Section 4 below that apply to the Series R, S, T and U Preferred Units. 

(c) “Priority Return” means an amount equal to 5.70% per annum, of the Liquidation Preference per Series V
Preferred Unit, commencing on the date of issuance of such Series V Preferred Unit, determined on the basis of a 360-day year (and twelve 30-day months), cumulative to the extent not distributed on any Series V Preferred Unit Distribution Payment
Date (as defined below). 
 Section 2. Creation of Series V Preferred Units. (a) Designation and Number.
Pursuant to Section 4.2(a) of the Partnership Agreement, a series of Partnership Units (as such term is defined in the Partnership Agreement) in the Partnership designated as the “5.70% Series V Cumulative Redeemable Preferred
Units” (the “Series V Preferred Units”) is hereby established effective as of March [14], 2013. The number of Series V Preferred Units shall be 4,600,000. The Holders of Series V Preferred Units shall not have any Percentage
Interest (as such term is defined in the Partnership Agreement) in the Partnership. 
 (b) Capital Contribution. In
return for the issuance to the General Partner of the Series V Preferred Units set forth on Exhibit C to this Amendment, the General Partner has contributed to the Partnership the funds raised through the General Partner’s issuance of the
Depositary Shares (the General Partner’s capital contribution shall be deemed to equal the amount of the gross proceeds of that share issuance, i.e., the net proceeds actually contributed, plus any underwriter’s discount or other
expenses incurred, with any such discount or expense deemed to have been incurred by the General Partner on behalf of the Partnership). 

 (c) Construction. The Series V Preferred Units have been created and are being
issued in conjunction with the General Partner’s issuance of the Depositary Shares relating to the General Partner’s 5.70% Cumulative Preferred Stock, Series V, and as such, the Series V Preferred Units are intended to have designations,
preferences and other rights, all such that the economic interests are substantially similar to the designations, preferences and other rights of the Depositary Shares, and the terms of this Amendment shall be interpreted in a fashion consistent
with this intent. 
 Section 3. Distributions. (a) Payment of Distributions. Subject to the rights of
holders of Parity Preferred Units as to the payment of distributions, pursuant to Section 5.1 of the Partnership Agreement, holders of Series V Preferred Units shall be entitled to receive, when, as and if declared by the Partnership acting
through the General Partner, the Priority Return. Such distributions shall be cumulative, shall accrue from the original date of issuance of the Series V Preferred Units and, notwithstanding Section 5.1 of the Partnership Agreement, will be
payable (i) quarterly in arrears on March 31, June 30, September 30 and December 31 of each year commencing on June 30, 2013 and (ii) in the event of a redemption of Series V Preferred Units (each a
“Series V Preferred Unit Distribution Payment Date”). If any date on which distributions are to be made on the Series V Preferred Units is not a Business Day (as defined below), then payment of the distribution to be made on such
date will be made on the Business Day immediately preceding such date with the same force and effect as if made on such date. Distributions on the Series V Preferred Units will be made to the holders of record of the Series V Preferred Units on the
relevant record dates to be fixed by the Partnership acting through the General Partner, which record dates shall in no event exceed fifteen (15) Business Days prior to the relevant Series V Preferred Unit Distribution Payment Date. Business
Day shall be any day other than a Saturday, Sunday or day on which banking institutions in the State of New York or the State of California are authorized or obligated by law to close, or a day which is or is declared a national or a New York or
California state holiday. 
 (b) Prohibition on Distribution. No distributions on Series V Preferred Units shall be
authorized by the General Partner or paid or set apart for payment by the Partnership at any such time as the terms and provisions of any agreement of the Partnership or the General Partner, including any agreement relating to their indebtedness,
prohibits such authorization, payment or setting apart for payment or provides that such authorization, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or to the extent that such authorization or
payment shall be restricted or prohibited by law. 
 (c) Distributions Cumulative. Distributions on the Series V
Preferred Units will accrue whether or not the terms and provisions of any agreement of the Partnership, including any agreement relating to its indebtedness, at any time prohibit the current payment of distributions, whether or not the Partnership
has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized. Accrued but unpaid distributions on the Series V Preferred Units will accumulate as of the
Series V Preferred Unit Distribution Payment Date on which they first become payable. Distributions on account of arrears for any past distribution periods may be declared and paid at any time, without reference to a regular Series V Preferred Unit
Distribution Payment Date, to holders of record of the Series V Preferred Units on the record date fixed by the Partnership acting through the General Partner which date shall not exceed fifteen (15) Business Days prior to the payment date.
Accumulated and unpaid distributions will not bear interest. 

 (d) Priority as to Distributions. Subject to the provisions of Article 13 of the
Partnership Agreement: 
 (i) So long as any Series V Preferred Units are outstanding, no distribution of cash or other property
shall be authorized, declared, paid or set apart for payment on or with respect to any class or series of Partnership Interests ranking junior as to the payment of distributions or rights upon a voluntary or involuntary liquidation, dissolution or
winding-up of the Partnership to the Series V Preferred Units (collectively, “Junior Units”), nor shall any cash or other property be set aside for or applied to the purchase, redemption or other acquisition for consideration of any
Series V Preferred Units, any Parity Preferred Units or any Junior Units, unless, in each case, all distributions accumulated on all Series V Preferred Units and all classes and series of outstanding Parity Preferred Units have been paid in full.
The foregoing sentence shall not prohibit (x) distributions payable solely in Junior Units, or (y) the conversion of Junior Units or Parity Preferred Units into Partnership Interests ranking junior to the Series V Preferred Units.

 (ii) So long as distributions have not been paid in full (or a sum sufficient for such full payment is not irrevocably
deposited in trust for payment) upon the Series V Preferred Units, all distributions authorized and declared on the Series V Preferred Units and all classes or series of outstanding Parity Preferred Units shall be authorized and declared so that the
amount of distributions authorized and declared per Series V Preferred Unit and such other classes or series of Parity Preferred Units shall in all cases bear to each other the same ratio that accrued distributions per Series V Preferred Unit and
such other classes or series of Parity Preferred Units (which shall not include any accumulation in respect of unpaid distributions for prior distribution periods if such class or series of Parity Preferred Units do not have cumulative distribution
rights) bear to each other. 
 (e) No Further Rights. Holders of Series V Preferred Units shall not be entitled to any
distributions, whether payable in cash, other property or otherwise, in excess of the full cumulative distributions described herein. 
 Section 4. Allocations. Section 6.1(a)(ii) of the Partnership Agreement is amended to read, in its entirety, as follows: 

“(ii) (A) Notwithstanding anything to the contrary contained in this Agreement, in any taxable year: (1) the holders of
Series R, S, T, U and V Preferred Units shall be allocated an amount of gross income equal to the Priority Return distributed to such holders in such taxable year. 
 (B) After the Capital Account balances of all Partners other than holders of any series of Preferred Units have been reduced to zero, Losses of the Partnership that otherwise would be allocated so as to
cause deficit Capital Account balances for those other Partners shall be allocated to the holders of the Series R, S, T, U and V Preferred Units in proportion to the positive balances of their Capital Accounts until those Capital Account
balances have been reduced to zero. If Losses have been allocated to the holders of the Series R, S, T, U and V Preferred Units pursuant to the preceding sentence, the first subsequent Profits shall be allocated to those preferred partners so as to
recoup, in reverse order, the effects of the loss allocations. 

 (C) Upon liquidation of the Partnership or the interest of the holders of Series R, S, T, U
and V Preferred Units in the Partnership, items of gross income or deduction shall be allocated to the holders of Series R, S, T, U and V Preferred Units in a manner such that, immediately prior to such liquidation, the Capital Account balances of
such holders shall equal the amount of their Liquidation Preferences.” 
 Section 5. Optional Redemption. The
Series V Preferred Units shall be redeemed at the same time, to the same extent, and applying, except as set forth below, similar procedures, as any redemption by the General Partner of the Depositary Shares. The redemption price, payable in cash,
shall equal the Liquidation Preference (the “Series V Redemption Price”). Unless otherwise agreed, the Partnership will deliver into escrow with an escrow agent acceptable to the Partnership and the holders of the Series V Preferred
Units being redeemed (the “Escrow Agent”) the Series V Redemption Price and an executed Redemption Agreement, in substantially the form attached as Exhibit A (the “Redemption Agreement”), and an Amendment to
the Agreement of Limited Partnership evidencing the Redemption, in substantially the form attached as Exhibit B. The holders of the Series V Preferred Units to be redeemed will also deliver into escrow with the Escrow Agent an executed
Redemption Agreement and an executed Amendment to the Agreement of Limited Partnership evidencing the redemption. Upon delivery of all of the above-described items by both parties, on the redemption date the Escrow Agent shall release the Series V
Redemption Price to the holders of the Series V Preferred Units and the fully-executed Redemption Agreement and Amendment to Agreement of Limited Partnership to both parties. On and after the date of redemption, distributions will cease to
accumulate on the Series V Preferred Units called for redemption, unless the Partnership defaults in the payment of the Series V Redemption Price. The Redemption Right (as such term is defined in the Partnership Agreement) given to Limited Partners
(as such term is defined in the Partnership Agreement) in Section 8.6 of the Partnership Agreement shall not be available to the holders of the Series V Preferred Units and all references to Limited Partners in said Section 8.6 (and
related provisions of the Partnership Agreement) shall not include holders of the Series V Preferred Units. 

Section 6. Voting Rights. Holders of the Series V Preferred Units will not have any voting rights or right to consent to any
matter requiring the consent or approval of the Limited Partners, except as set forth in Section 14.1 of the Partnership Agreement and in this Section 6. Solely for purposes of Section 14.1 of the Partnership Agreement, each Series V
Preferred Unit shall be treated as one Partnership Unit. 
 Section 7. Transfer Restrictions. The holders of Series
V Preferred Units shall be subject to all of the provisions of Section 11 of the Partnership Agreement. 

Section 8. No Conversion Rights. The holders of the Series V Preferred Units shall not have any rights to convert such units
into shares of any other class or series of stock or into any other securities of, or interest in, the Partnership. 

 Section 9. No Sinking Fund. No sinking fund shall be established for the
retirement or redemption of Series V Preferred Units. 
 Section 10. Exhibit A to Partnership Agreement. In order to
duly reflect the issuance of the Series V Preferred Units provided for herein, the Partnership Agreement is hereby further amended pursuant to Section 12.3 of the Partnership Agreement by replacing the current form of Exhibit A to the
Partnership Agreement with the form of Exhibit A that is attached to this Amendment as 
 Exhibit C. 

Section 11. Inconsistent Provisions. Nothing to the contrary contained in the Partnership Agreement shall limit any of the
rights or obligations set forth in this Amendment. 
 [The remainder of this page is intentionally left blank.] 

 IN WITNESS WHEREOF, this Amendment has been executed as of the date first above written.

  

			
	PS BUSINESS PARKS, INC.
		
	 By:
	 	/s/ Joseph D. Russell, Jr.
		 	Name: Joseph D. Russell, Jr.
		 	Title: President and Chief Executive Officer

 Exhibit A 
 FORM OF 
 REDEMPTION AGREEMENT 

THIS REDEMPTION AGREEMENT (the “Agreement”) is entered into effective as of
the                     day
of                     ,                     , by
and between                     (the “Retiring Partner”), and PS Business Parks, L.P., a California limited partnership (the
“Partnership”). 
 RECITALS: 
 WHEREAS, the Agreement of Limited Partnership of the Partnership, dated as of March 17, 1998, as amended, was amended by an Amendment to Agreement of Limited Partnership Relating to 5.70% Series V
Cumulative Redeemable Preferred Units (the “Amendment”), as further amended from time to time; 
 WHEREAS, the
Retiring Partner owns                     of the 5.70% Series V Cumulative Redeemable Preferred Units in the Partnership (the “Series V
Preferred Units”); and 
 WHEREAS, the Partnership desires to redeem the Series V Preferred Units of the Retiring Partner,
and the Retiring Partner desires to liquidate its Series V Preferred Units (the “Redemption”) pursuant to the Amendment and based on the representations and under the terms and conditions set forth below; 

NOW, THEREFORE, in consideration of the mutual covenants, representations and agreements herein contained, the parties hereto, intending
to be legally bound, do covenant and agree as follows: 
 1. Liquidation of Retiring Partner. In satisfaction of the
terms and conditions set forth herein and in the Amendment, the Retiring Partner’s Series V Preferred Units are hereby completely liquidated and the Retiring Partner immediately and automatically ceases to be a limited partner in the
Partnership in exchange for the payment of the Series V Redemption Price (as defined in the Amendment and in accordance with the provisions set forth in the Amendment) and for other good and valuable consideration. 

2. Representations of Retiring Partner. The Retiring Partner represents and warrants to the Partnership that: 

(a) The Retiring Partner is duly organized and validly existing under the laws of the State
of                     and has been duly authorized by all necessary and appropriate [limited liability company] [corporate] [partnership] action to
enter into this Agreement and to consummate the transactions contemplated herein. This Agreement is a valid and binding obligation of the Retiring Partner, enforceable against the Retiring Partner in accordance with its terms, except insofar as such
enforceability may be affected by bankruptcy, insolvency or similar laws affecting creditor’s rights generally and the availability of any particular equitable remedy. 
 (b) The Retiring Partner has not sold, assigned or otherwise disposed of all or any portion of the Series V Preferred Units and the Series V Preferred Units are free of any liens, security interests,
encumbrances or other restrictions, whether existing of record or otherwise. 

 (c) The execution of this Agreement by the Retiring Partner and the performance of its
obligations hereunder will not violate any contract, mortgage, indenture, or other similar restriction to which the Retiring Partner is a party or by which its assets are bound. 

(d) Neither the execution nor the delivery of this Agreement nor the consummation of the transactions contemplated herein nor fulfillment
of or compliance with the terms and conditions hereof (a) conflict with or will result in a breach of any of the terms, conditions or provisions of (i) the organizational and governing documents of the Retiring Partner or (ii) any
agreement, order, judgment, decree, arbitration award, statute, regulation or instrument to which the Retiring Partner is a party or by which it or its assets are bound, or (b) constitutes or will constitute a breach, violation or default under
any of the foregoing. No consent or approval, authorization, order, regulation or qualification of any governmental entity or any other person is required for the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby by the Retiring Partner. 
 3. Representations and Warranties of the Partnership. The Partnership
represents and warrants to the Retiring Partner as follows: 
 (a) The Partnership is duly organized and validly existing under
the laws of the State of California and has been duly authorized by all necessary and appropriate partnership action to enter into this Agreement and to consummate the transactions contemplated herein. This Agreement is a valid and binding
obligation of the Partnership enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally.

 (b) The execution of this Agreement by the Partnership and the performance of its obligations hereunder will not violate any
contract, mortgage, indenture, or other similar restriction to which the Partnership is a party or by which the Partnership is bound. 
 (c) Neither the execution nor the delivery of this Agreement nor the consummation of the transactions contemplated herein nor fulfillment of or compliance with the terms and conditions hereof
(a) conflict with or will result in a breach of any of the terms, conditions or provisions of (i) the organizational and governing documents of the Partnership or (ii) any agreement, order, judgment, decree, arbitration award,
statute, regulation or instrument to which the Partnership is a party or by which it or its assets are bound, or (b) constitutes or will constitute a breach, violation or default under any of the foregoing. No consent or approval,
authorization, order, regulation or qualification of any governmental entity or any other person is required for the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby by the Partnership.

 (d) Consummation of the Redemption by the Partnership will not render the Partnership insolvent under California partnership
law. 
 4. Indemnification. 
 (a) The Retiring Partner covenants and agrees to indemnify the Partnership and hold it harmless against and with respect to any and all damage, loss, liability, deficiency, cost and expense, including
reasonable attorneys’ fees, (i) resulting from any misrepresentation, breach of warranty or non-fulfillment of any agreement or covenant on the part of the Retiring Partner under this Agreement, and (ii) from any and all actions,
suits, proceedings, demands, assessments, judgments, costs and legal and other expenses incident to any of the foregoing. 

 (b) The Partnership covenants and agrees to indemnify the Retiring Partner and hold it
harmless against and with respect to any and all damage, loss, liability, deficiency, cost and expense, including reasonable attorneys’ fees, (i) resulting from any misrepresentation, breach of warranty or non-fulfillment of any agreement
or covenant on the part of such Partnership under this Agreement and (ii) from any and all actions, suits, proceedings, demands, assessments, judgments, costs and legal and other expenses incident to any of the foregoing. 

5. Survival of Representations and Warranties. All representations, warranties, covenants and agreements of any of the parties
hereto made in this Agreement shall survive the execution and delivery hereof, the closing hereunder, and the execution and delivery of all instruments and documents executed in connection therewith. 

6. Integration, Interpretation and Miscellaneous. This Agreement sets forth the entire understanding of the parties hereto with
respect to the subject matter herein and it shall not be changed or terminated orally. This Agreement shall be construed in accordance with the laws of the State of California. This Agreement may be executed simultaneously in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal
representatives, and successors, or successors and assigns, as the case may be. The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 

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

 

			
	 RETIRING PARTNER:

 

	 
	 By:
	 	 
		 	Name:
		 	Title:

  

			
	 PARTNERSHIP:

PS Business Parks, L.P.

	By:	 	 PS Business Parks, Inc., its

General Partner

  

					
		 	 By:
	 	 
		 		 	Name:
		 		 	Title:

 Exhibit B 
 FORM OF 
 AMENDMENT TO 

AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 PS BUSINESS PARKS, L.P. 

This Amendment to Agreement of Limited Partnership of PS Business Parks, L.P. (the “Partnership”), dated as of
                    (this “Amendment”) is entered into by the General Partner of the Partnership, PS Business Parks, Inc.,
and                     , as a withdrawing Limited Partner of the Partnership (the “Withdrawing Partner”). 

RECITALS: 

WHEREAS, capitalized terms used herein, unless otherwise defined, have the meanings assigned to such terms in the Agreement of Limited
Partnership of the Partnership entered into as of March 17, 1998, as amended (the “Partnership Agreement”). 
 WHEREAS, pursuant to the redemption by the Partnership of the 5.70% Series V Cumulative Redeemable Preferred Units pursuant to the terms and conditions set forth in that certain Redemption Agreement by
and between the Partnership and the Withdrawing Partner, dated as of                     ,
20     ,                     5.70% Series V Cumulative Redeemable Preferred Units of the Withdrawing Partner have been
redeemed by the Partnership and the General Partner desires to amend the Partnership Agreement to (a) set forth a revised list of all Partners of the Partnership as of the date hereof and (b) reflect the withdrawal of the Withdrawing
Partner from the Partnership. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the
parties hereby agree as follows: 
 1. This Amendment shall be deemed effective as of the date first above written. Except as
amended hereby, the Partnership Agreement shall remain in full force and effect and shall be otherwise unaffected hereby. 
 2.
To evidence the redemption of the 5.70% Series V Cumulative Redeemable Preferred Units of the Withdrawing Partner and the withdrawal of the Withdrawing Partner as a Limited Partner of the Partnership, attached as Schedule A is a current list
of Partners of the Partnership as of the date hereof. 
 3. The Withdrawing Partner is entering into this Amendment to evidence
its withdrawal as a Limited Partner of the Partnership. 
 4. This Amendment shall be deemed to be a contract made under the
laws of the State of California and for all purposes shall be governed by and construed in accordance with the laws of such state. 
 IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and delivered as of the date first above written. 

 
			
	 GENERAL PARTNER
 PS Business Parks, Inc.

		
	 By:
	 	 
		 	Name:
		 	Title:

  

			
	 WITHDRAWING LIMITED PARTNER

 

	 
	By:	 	 
		 	Name:
		 	Title:

 Exhibit C 
 Revised Exhibit A to the Partnership Agreement 
 Please see attached. 

[Attach revised Exhibit A to the Partnership Agreement] 

 EXHIBIT C (March 14, 2013) 

 

															
	 Name of Partner
 (Date of Admission)
	  	 Address
	  	Agreed Value of
Contributed 
Property (1)	 	  	Partnership Units	 	  	Percentage Interest	 
	 General Partner:
	  		  				  				  			
	 Total Common Shares
	  		  	$	560,689,000	  	  	 	24,247,428	  	  	 	76.85	% 
	 Total Common Units
	  		  	$	121,890,000	  	  	 	7,305,355	  	  	 	23.15	% 
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL (General & Limited Partners; not Preferred Units)
	  		  	$	682,579,000	  	  	 	31,552,783	  	  	 	100.00	% 
	 Limited Partners (Series R Preferred Units):
	  		  				  				  			
	 PS Business Parks, Inc. (October 15, 2010)
	  	 701 Western Avenue

Glendale, CA 91201
	  	 	75,000,000	  	  	 	3,000,000	  	  	 	7.54	% 
	 Limited Partners (Series S Preferred Units):
	  		  				  				  			
	 PS Business Parks, Inc. (January 18, 2012)
	  	 701 Western Avenue

Glendale, CA 91201
	  	 	230,000,000	  	  	 	9,200,000	  	  	 	23.12	% 
	 Limited Partners (Series T Preferred Units):
	  		  				  				  			
	 PS Business Parks, Inc. (May 14, 2012)
	  	 701 Western Avenue

Glendale, CA 91201
	  	 	350,000,000	  	  	 	14,000,000	  	  	 	35.18	% 
	 Limited Partners (Series U Preferred Units):
	  		  				  				  			
	 PS Business Parks, Inc. (September 14, 2012)
	  	 701 Western Avenue

Glendale, CA 91201
	  	 	230,000,000	  	  	 	9,200,000	  	  	 	23.12	% 
	 Limited Partners (Series V Preferred Units):
	  		  				  				  			
	 PS Business Parks, Inc. (March 14, 2013)
	  	 701 Western Avenue

Glendale, CA 91201
	  	 	110,000,000	  	  	 	4,400,000	  	  	 	11.06	% 
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL (Preferred Stock & Units)
	  		  	$	995,000,000	  	  	$	39,800,000	  	  	 	100.00	% 
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	(1)	Agreed value is the agreed gross value of the property at the time of contribution less any liabilities to which the property is subject at that time.EX-10.1

 Exhibit 10.1 
 MPLX OFFICER PHU 
 MPLX LP 

2012 INCENTIVE COMPENSATION PLAN 
 PHANTOM UNIT AWARD AGREEMENT 
 OFFICER 

Pursuant to this Award Agreement and the MPLX LP 2012 Incentive Compensation Plan (the “Plan”), MPLX GP LLC, a Delaware limited
liability company (the “Company”), the general partner of MPLX LP, a Delaware limited partnership (the “Partnership”) hereby grants to [NAME] (the “Participant”), an officer of the Company, on [DATE] (the
“Grant Date”), [NUMBER] phantom partnership units (“Phantom Units”) representing the right to receive a Common Unit of the Partnership. The number of Phantom Units awarded is subject to adjustment as provided in the Plan,
and the Phantom Units hereby granted are also subject to the following terms and conditions: 
 1. Relationship to the Plan.
This grant of Phantom Units is subject to all of the terms, conditions and provisions of the Plan and administrative interpretations thereunder, if any, that have been adopted by the Board. Except as defined in this Award Agreement, capitalized
terms shall have the same meanings given to them under the Plan. To the extent that any provision of this Award Agreement conflicts with the express terms of the Plan, the terms of the Plan shall control and, if necessary, the applicable provisions
of this Award Agreement shall be hereby deemed amended so as to carry out the purpose and intent of the Plan. 
 2. Vesting
and Forfeiture of Phantom Units. 
  

	 	(a)	The Phantom Units shall vest in three cumulative annual installments, as follows: 

 

	 	(i)	one-third of the Phantom Units shall vest on the first anniversary of the Grant Date; 

 

	 	(ii)	an additional one-third of the Phantom Units shall vest on the second anniversary of the Grant Date; and 

 

	 	(iii)	all remaining Phantom Units shall vest on the third anniversary of the Grant Date; 

 provided, however, that the Participant must be in continuous Employment from the Grant Date through the vesting date in order for the Phantom Units to vest. If the Employment of the Participant is
terminated for any reason (including non-Mandatory Retirement) other than death or Mandatory Retirement, any Phantom Units that have not vested as of the date of such termination of Employment shall be forfeited to the Company. 

 

	 	(b)	The Phantom Units shall immediately vest in full, irrespective of the limitations set forth in subparagraph (a) above, upon: 

 

	 	(i)	termination of the Participant’s Employment due to death; 

  
 1 

 MPLX OFFICER PHU 
  
  

	 	(ii)	termination of the Participant’s Employment due to Mandatory Retirement; or 

 

	 	(iii)	a Participant’s Qualified Termination as defined under the Marathon Petroleum Corporation Amended and Restated Executive Change in Control Severance Benefits Plan,
provided that as of such Qualified Termination the Participant has been in continuous Employment since the Grant Date. 

 3. Dividends and Cash Distributions. During the period of time between the Grant Date and the date the Phantom Units are settled, for any dividends and/or cash distributions from the Partnership on
outstanding Common Units of the Partnership, the Participant shall be credited with the equivalent of all of the dividends and/or cash distributions that would be payable with respect to the Common Unit of the Partnership represented by each Phantom
Unit, including any fractional Phantom Units, then credited to the Participant and the amount related to such credited dividends and/or cash distributions shall be accrued as a credit to the Participant’s account on the date such dividend
and/or cash distribution is made. Any additional cash or Phantom Units granted pursuant to this Paragraph 3 shall be subject to the same terms and conditions applicable to the Phantom Units to which these dividend and/or cash distributions relate,
including, without limitation, the restrictions on transfer, forfeiture, settlement and distribution provisions contained in this Award Agreement or the Plan. 

4. Settlement and Issuance of Common Units. Subject to the terms of the Plan, all vested amounts payable to
the Participant in respect of the Phantom Units, including the issuance of Common Units of the Partnership pursuant to this Paragraph 4, shall be settled in Common Units and for cash accruals credited under Paragraph 3 above, in cash, as of the
earlier of sixty (60) days following the vesting date or as soon as reasonably practicable following the date on which such Phantom Units vest, but, in no event, later than March 15th of the year following the year in which the Phantom Units vest. During the period of time between the Grant Date and
the date the Phantom Units settle, the Phantom Units will be evidenced by a credit to a bookkeeping account evidencing the unfunded and unsecured right of the Participant to receive Common Units, subject to the terms and conditions applicable to the
Phantom Units. Following vesting and upon the settlement date as described above, the Participants shall be entitled to receive a number of Common Units of the Partnership equal to the total of the number of Phantom Units granted and any additional
Phantom Units credited pursuant to Paragraph 3 above, with any fractional Phantom Units remaining settled in cash. Such Common Units shall be issued and registered in the name of the Participant. The Participant shall not have the right or be
entitled to exercise any voting rights, receive cash distributions or dividends or have or be entitled to any rights as a Partnership unitholder in respect of the Phantom Units until such time as the Phantom Units have vested and been settled and
corresponding Common Units of the Partnership have been issued. 
 5. Taxes. Pursuant to the applicable provisions of the
Plan, the Company or its designated representative shall have the right to withhold applicable taxes from the Common Units otherwise deliverable to the Participant due to the vesting of Phantom Units pursuant to Paragraph 2, or from other
compensation payable to the Participant, at the time of the vesting and delivery of such units. Because the Participant is an employee of Marathon Petroleum Corporation, the parent corporation of the Company (“MPC”), and provides
beneficial services to the Company through Participant’s employment with MPC, MPC as the employer of Participant shall be the designated representative for purposes of payroll administration of the Award and withholding of applicable taxes at
the time of vesting.  

  
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 MPLX OFFICER PHU 
  
 6. Forfeiture or Repayment Resulting from Forfeiture Event. 

(a) If there is a Forfeiture Event either while the Participant is employed or within two years after termination of the
Participant’s Employment, then the Board may, but is not obligated to, cause all of the Participant’s unvested Phantom Units to be forfeited by the Participant and returned to the Company. 

(b) If there is a Forfeiture Event either while the Participant is employed or within two years after termination of the
Participant’s Employment, then with respect to Phantom Units granted under this Award Agreement that have vested, the Board may, but is not obligated to, require that the Participant pay to the Company an amount (the “Forfeiture
Amount”) up to (but not in excess of) the lesser of (i) the value of such previously vested Phantom Units as of the date such Phantom Units vested or (ii) the value of such previously vested Phantom Units as of the date on which the
Board makes a demand for payment of the Forfeiture Amount. Any Forfeiture Amount shall be paid by the Participant within sixty (60) days of receipt from the Company of written notice requiring payment of such Forfeiture Amount. 

(c) This Paragraph 6 shall apply notwithstanding any provision of this Award Agreement to the contrary and is meant to provide the
Company with rights in addition to any other remedy which may exist in law or in equity. This Paragraph 6 shall not apply to the Participant following the effective time of a Change in Control. 

(d) Notwithstanding the any other provision of this Award Agreement to the contrary, the Participant agrees that the Company may also
require that the Participant repay to the Company any compensation paid to the Participant under this Award Agreement, as is required by the provisions of the Dodd-Frank Act and the regulations thereunder or any other “clawback” provisions
as required by law or by the applicable listing standards of the exchange on which the Common Units of the Partnership are listed for trading. 
 7. Nonassignability. Upon the Participant’s death, the Phantom Units credited to the Participant under this Award Agreement shall be transferred to the Participant’s estate and upon such
transfer settled in Common Units of the Partnership. Otherwise, the Participant may not sell, transfer, assign, pledge or otherwise encumber any portion of the Phantom Units, and any attempt to sell, transfer, assign, pledge or encumber any portion
of the Phantom Units shall have no effect. 
 8. Nature of the Grant. Under this Award Agreement, the Participant is
subject to the following conditions on the Award: 
 (a) this grant of Phantom Units is voluntary and occasional and this Award
Agreement does not create any contractual or other right to receive future Awards of Phantom Units, or benefits in lieu of Phantom Units even if Phantom Units have been awarded repeatedly in the past. 

9. No Employment Guaranteed. Nothing in this Award Agreement shall give the Participant any rights to (or impose any obligations
for) continued Employment by the Company or any Subsidiary or successor, nor shall it give such entities any rights (or impose any obligations) with respect to continued performance of duties by the Participant. 

  
 3 

 MPLX OFFICER PHU 
  
 10. Modification of Instrument. Any modification of this Award Agreement shall be binding only if
evidenced by resolution of the Board of the Company, provided that no modification may, without the consent of the Participant, adversely affect the rights of the Participant hereunder. 

11. Officer Holding Requirement. Participant agrees that any Common Units of the Partnership received by the Participant in
settlement of this Award shall be subject an additional holding period of one year from the date on which the Award is settled, during which holding period such Common Units (net of any Common Units of the Partnership used to satisfy the applicable
tax withholding requirements) may not be sold or transferred by the Participant. This holding requirement shall cease to apply upon the death, retirement or other separation from service of the Participant during the holding period. 

12. This Award is intended to comply with the requirements for the “short term deferral” exception to the application of
Section 409A of the Code, and shall be interpreted and administered to meet the requirements to be considered a short term deferral and to be exempt from compliance with Section 409A. Notwithstanding the foregoing, if the Participant is a
“specified employee” as determined by the Company in accordance with its established policy, any settlement of Awards in this Award Agreement which would be a payment of deferred compensation within the meaning of Section 409A of the
Code with respect to the Participant as a result of the Participant’s “separation from service” as defined under Section 409A of the Code (other than as a result of death) and which would otherwise be paid within six months of
the Participant’s separation from service shall be payable on the date that is one day after the earlier of (i) the date that is six months after the Employee’s separation from service or (ii) the date that otherwise complies
with the requirements of Section 409A of the Code. In addition, notwithstanding any provision of the Plan or this Award Agreement to the contrary, any settlement of this Award which would be a payment of deferred compensation within the meaning
of Section 409A of the Code with respect to the Participant and is a settlement as a result of the Participant’s separation from service in connection with a Change in Control, the term “Change in Control” under the Plan shall
mean a change in ownership or change in effective control for purposes of Section 409A of the Code. The payment of Award amounts under this Award Agreement described herein is hereby designated as a “separate payment” for purposes of
Section 409A of the Code. 
 13. Definitions. For purposes of this Award Agreement: 

“Employment” means employment with the Company or any of its Subsidiaries or affiliates including but
not limited to MPC and its Subsidiaries and affiliates. For purposes of this Award Agreement, Employment shall also include any period of time during which the Participant is on Disability status. The length of any period of Employment shall be
determined by the Company or the Subsidiary or affiliate that either (i) employs the Participant or (ii) employed the Participant immediately prior to the Participant’s termination of Employment. 

“Forfeiture Event” means the occurrence of at least one of the following (a) the Company is
required, pursuant to a determination made by the Securities and Exchange Commission or by the Board, or an authorized subcommittee of the Board, to prepare a material accounting restatement due to the noncompliance of the Company with any financial
reporting requirement under applicable securities laws as a result of misconduct, and the Board determines that (1) the Participant knowingly engaged in the misconduct, (2) the Participant was grossly negligent with respect to such
misconduct or (3) the Participant knowingly or grossly negligently failed to prevent the misconduct or (b) the Board concludes that the Participant engaged in fraud, embezzlement or other similar misconduct materially detrimental to the
Company. 

  
 4 

 MPLX OFFICER PHU 
  
 “Mandatory Retirement” means termination of Employment as a result of the
Company’s policy, if any, in effect at the time of the Grant Date, requiring the mandatory retirement of officers and/or other employees upon reaching a certain age or milestone. 

“Qualified Termination” for purposes of this Award Agreement shall have the same definition as under the
Marathon Petroleum Corporation Amended and Restated Executive Change in Control Severance Benefits Plan (the “CIC Plan”), and such definition and associated terms are hereby incorporated into this Award Agreement by reference.
Notwithstanding the definition of a “Change in Control” under the terms of the CIC Plan, for purposes of this Award Agreement such Change in Control for purposes of determining whether a separation from service is a Qualified Termination
shall include a Change in Control of either MPC, as the direct employer of the Participant, or a Change in Control of the Partnership, as the issuer of the Award. 

 

			
	 MPLX GP LLC

		
	 By
	 	  

		 	Authorized Officer

  
 5

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