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end
</PDF>Exh 10.1 William Flaherty Emp Agreement dated 4/28/2006

    
      

    

    Exhibit
      10.1

    
 

    Maguire
      Properties, Inc.

    333
      S. Grand Avenue, Suite 400

    Los
      Angeles, California 90071

    

    

    April
      28,
      2006

    

    

    Mr.
      William H. Flaherty

    
      712
        Millard Canyon Road

      Altadena,
        CA 91001

    

    

    Re: Second
      Amended and Restated Employment Terms

    

    Dear
      Bill:

    

    Maguire
      Properties, Inc. (the “REIT”) and Maguire Properties, L.P. (the “Operating
      Partnership” and together with the REIT, the “Company”) are pleased to offer you
      the position of Senior Vice President, Marketing of the REIT and the Operating
      Partnership on the terms set forth below, effective as of April 28, 2006 (the
      “Effective Date”). Effective as of the Effective Date, this letter (this
“Letter”) shall amend and restate in its entirety that certain amended and
      restated employment letter, dated May 1, 2004, between you and the Company
      (the
“Original Letter”).

    

    1. Position,
      Duties and Responsibilities.
      As of
      the Effective Date, you will be employed as Senior Vice President, Marketing
      of
      the REIT and the Operating Partnership. In the capacity of Senior Vice
      President, Marketing, you will be responsible for creating and overseeing
      marketing strategies and branding initiatives, managing the Macquarie joint
      venture relationship and other potential future joint venture relationships,
      participating in analyst and investor calls, visits, tours, and events and
      in
      industry conferences to promote the Company, and developing market research
      reports of market/submarket activity for use in analyst and investor
      discussions. In addition to these core responsibilities, you may also be called
      upon to support leasing efforts, including with respect to the development
      and
      implementation of a vacant space program and/or a recruiting and training
      program. Your duties may be changed from time to time by the Company, consistent
      with your position. You will report to the Chief Executive Officer of the REIT
      or the Operating Partnership, as applicable, and will work at our principal
      offices located in downtown Los Angeles (or such other location in the Los
      Angeles area as the Company may utilize as its principal offices, including
      offices in Santa Monica), except for travel to other locations as may be
      necessary to fulfill your responsibilities. At the Company’s request, you will
      serve the Company and/or its subsidiaries and affiliates in other offices and
      capacities in addition to the foregoing. In the event that you serve in any
      one
      or more of such additional capacities, your compensation will not be increased
      beyond that specified in this Letter. In addition, in the event your service
      in
      one or more of such additional capacities is terminated, your compensation,
      as
      specified in this Letter, will not be diminished or reduced in any manner as
      a
      result of such termination for so long as you otherwise remain employed under
      the terms of this Letter.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    2. Base
      Compensation.
      During
      your employment with the Company, the Company will pay you a base salary of
      $300,000 per year, less payroll deductions and all required withholdings,
      payable in accordance with the Company’s normal payroll practices and prorated
      for any partial month of employment. Your base salary may be subject to increase
      pursuant to the Company’s policies as in effect from time to time.

    

    3. Annual
      Bonus.
      During
      your employment with the Company, in addition to the base salary set forth
      above, you will be eligible to participate in the Company’s incentive bonus plan
      applicable to similarly situated Senior Vice Presidents of the Company. The
      amount of your annual bonus will be based on the attainment of performance
      criteria established and evaluated by the Company in accordance with the terms
      of such bonus plan as in effect from time to time, provided that, subject to
      the
      terms of such bonus plan, your target annual bonus will be 60% of your annual
      base salary for such year. 

    

    4. Acknowledgement
      of Restricted Stock Award and Cash Payment.
      You and
      the Company hereby acknowledge that as of the date of the closing of the initial
      public offering of shares of the REIT’s common stock (the “IPO Date”), the REIT
      granted you a number of shares of the REIT’s common stock (the “Restricted
      Stock”) equal to the quotient obtained by dividing (x) $500,000 by (y) the
      initial public officering price of a share of the REIT’s common stock. The
      Restricted Stock was granted to you under the Amended and Restated 2003
      Incentive Award Plan of Maguire Properties, Inc., Maguire Properties Services,
      Inc. and Maguire Properties, L.P. (the “Incentive Plan”) at a purchase price of
      $0.01 per share and was vested in full as of the IPO Date. The terms and
      conditions of the Restricted Stock are set forth in a Restricted Stock
      Agreement, dated June 27, 2003, between you and the REIT. You and the Company
      further acknowledge that following the IPO Date, the Company paid you a lump-sum
      cash payment of $500,000, subject to payroll deductions and all required
      withholdings.

    

    5. Performance
      Award.
      You and
      the Company hereby acknowledge that you and the Company have entered into that
      certain Performance Award Agreement, effective as of April 1, 2005 (the
“Performance Award Agreement”), pursuant to which you were granted a
“Performance Award” on the terms and conditions set forth therein. The
      Performance Award Agreement remains effective in accordance with its
      terms.

    

    6. Benefits
      and Vacation.
      During
      your employment with the Company, you will be entitled to participate in all
      incentive, savings and retirement plans, practices, policies and programs
      maintained or sponsored by the Company from time to time (including, without
      limitation, any long-term incentive program adopted in connection with the
      Incentive Plan) which are applicable to other similarly situated Senior Vice
      Presidents of the Company, subject to the terms and conditions thereof. You
      will
      also be eligible for standard benefits, such as medical insurance, sick leave,
      vacations and holidays to the extent applicable generally to other similarly
      situated executives of the Company. During your employment with the Company,
      the
      Company will also reimburse you for the initiation fee and monthly dues actually
      incurred by you for membership in a golf or country club in the Southern
      California area, such club to be mutually agreed upon by you and the
      Company.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    

    7. Confidential
      and Proprietary Information.
      As a
      condition of your employment with the Company, you agree that during the term
      of
      such employment and any time thereafter, you will not directly or indirectly
      disclose or appropriate to your own use, or the use of any third party, any
      trade secret or confidential information concerning the REIT, the Operating
      Partnership, Maguire Properties Services, Inc., a Maryland corporation, their
      respective subsidiaries or affiliates (collectively, the “Maguire Group”) or
      their businesses, whether or not developed by you, except as it is required
      in
      connection with your services rendered for the Company. You further agree that,
      upon termination of your employment, you will not receive or remove from the
      files or offices of the Maguire Group any originals or copies of documents
      or
      other materials maintained in the ordinary course of business of the Maguire
      Group, and that you will return any such documents or materials otherwise in
      your possession. You further agree that, upon termination of your employment,
      you will maintain in strict confidence the projects in which any member of
      the
      Maguire Group is involved or contemplating. 

    

    8. Non-Solicitation.
      You
      further agree that during the term of such employment
      and for
      one year after your employment is terminated, you will not directly or
      indirectly solicit, induce, or encourage any employee, consultant, agent,
      customer, vendor, or other parties doing business with any member of the Maguire
      Group to terminate their employment, agency, or other relationship with the
      Maguire Group or such member or to render services for or transfer their
      business from the Maguire Group or such member and you will not initiate
      discussion with any such person for any such purpose or authorize or knowingly
      cooperate with the taking of any such actions by any other individual or
      entity.

    

    9. At-Will
      Employment.
      Your
      employment with the Company is “at-will,” and either you or the Company may
      terminate your employment for any reason whatsoever (or for no reason) by giving
      30 days prior written notice of such termination to the other party. This
      at-will employment relationship cannot be changed except in a writing signed
      by
      you and an authorized representative of the Company. 

    

    10. Obligations
      of the Company Upon Termination.

    

    a. Non-Cause
      Termination.
      Except
      in the case of an Enhanced Severance Termination as set forth in Section 10.b
      below, should the Company terminate your employment without “cause” (as defined
      below), then, in addition to any other amounts payable to you through the date
      of termination of your employment, the Company will pay you an aggregate amount
      (the “Basic Severance Amount”) equal to the sum of (x) 100% of your then current
      annual base salary, plus (y) 100% of your target annual bonus (assuming
      that you had remained employed) for the year in which the termination of
      employment occurs; provided, however, that in no event shall you or your estate
      or beneficiaries be entitled to all or any portion of the Basic Severance Amount
      in the event of any termination of your employment by reason of your total
      and
      permanent disability or your death. If payable to you, the Company shall pay
      you
      the Basic Severance Amount in a single lump-sum payment on the 10th
      business
      day after the date of termination. 

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

     

    b. Enhanced
      Severance Termination.
      In
      connection with entering into this Letter, you have agreed to accept a change
      of
      responsibilities with the Company from that originally contemplated under the
      Original Letter. You and the Company recognize that this change creates
      considerable uncertainties and may not ultimately workout, so to create the
      incentive for you to accept this new role with the Company, the parties have
      agreed to a unique severance arrangement as set forth in this Section 10.b.
      In
      the event that the Company shall terminate your employment without “cause” (as
      defined below) prior to the earliest to occur of (i) the date on which all
      or
      any portion of the Performance Award becomes vested, (ii) the Change in Control
      Date (as defined in the Performance Award Agreement), (iii) March 31, 2010,
      and
      (iv) such other date on which the Performance Award otherwise expires,
      terminates, is forfeited or may no longer become vested in whole or in part,
      then, in lieu of the Basic Severance Amount, the Company will pay you a
      severance payment equal to $2,500,000 (the “Enhanced Severance Amount”) in the
      form of a single lump-sum payment on the 10th
      business
      day after the date of termination; provided, however, that in no event shall
      you
      or your estate or beneficiaries be entitled to all or any portion of the
      Enhanced Severance Amount in the event of any termination of your employment
      by
      reason of your total and permanent disability or your death.

     

    c. Six
      Month Delay; Separation From Service. Notwithstanding
      anything to the contrary in this Letter, no amounts shall be paid to you under
      this Section 10 during the six-month period following your separation from
      service with the Company unless the Company determines, in its good faith
      judgment, that paying such amounts at the time or times indicated in this
      Section would not cause you to incur an additional tax under Section 409A of
      the
      Internal Revenue Code of 1986, as amended (the “Code”). If the payment of any
      such amounts are delayed as a result of the previous sentence, then on the
      first
      day following the end of such six-month period, the Company will pay you a
      lump-sum amount equal to the cumulative amount that would have otherwise been
      payable to you during such six-month period. Notwithstanding anything to the
      contrary in this Section 10, in no event will you receive any of the severance
      payments hereunder in the event that your termination of employment is not
      a
“separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the
      Code.

     

    d. Definition
      of “Cause.” For
      purposes of this Letter, the existence of “cause” for termination will be
      determined in the reasonable discretion of the Company, and will include,
      without limitation, the following: (a) material failure by you to exercise
      a
      reasonable level of skill and efficiency in performing your duties or
      responsibilities; (b) misconduct by you which injures the general reputation
      of
      any member of the Maguire Group or interferes with contracts or operations
      of
      any member of the Maguire Group; (c) your conviction of a felony or any crime
      involving moral turpitude; (d) fraud, misrepresentation, or breach of trust
      by
      you in the course of your employment which adversely affects any member of
      the
      Maguire Group; or (e) a material breach of your covenants set forth in Section
      7
      or 8 above. Your right to receive the severance payments set forth in this
      Section 10 is conditioned on and subject to your execution and non-revocation
      of
      a general release of claims against the Maguire Group, in a form reasonably
      acceptable to the Company. The severance payments set forth in this Section
      10
      comprise your complete and exclusive rights to payments, if any, in connection
      the termination of your employment, it being acknowledged and agreed that no
      rights or claims to other severance payments or other compensation of any kind,
      including without limitation, the Performance Award, shall survive the
      termination of employment.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    11. Company
      Rules and Regulations.
      As an
      employee of the Company, you agree to abide by Company rules and regulations
      as
      set forth in the Company’s Employee Handbook or as otherwise
      promulgated.

    

    12. Payment of
      Financial
      Obligations.
      The
      payment or provision to you by the Company of any remuneration, benefits or
      other financial obligations pursuant to this Letter will be allocated to the
      Operating Partnership, the REIT and, if applicable, any subsidiary and/or
      affiliate thereof in accordance with the Employee Sharing and Expense Allocation
      Agreement, by and between the REIT, the Operating Partnership, and Maguire
      Properties Services, Inc., as in effect from time to time.

    

    13. Code
      Section 409A.
      Certain
      amounts payable under this Letter may constitute “nonqualified deferred
      compensation” within the meaning of Section 409A of the Code. To the extent that
      any amounts payable under this Letter constitute “nonqualified deferred
      compensation,” this Letter and such amounts are intended to comply with the
      requirements of Section 409A of the Code, and this Letter shall be interpreted,
      construed and administered in a manner that satisfies the requirements of
      Section 409A of the Code and Treasury regulations and other interpretive
      guidance issued thereunder. Notwithstanding any provision of this Letter to
      the
      contrary, in the event that the Company determines that any amount payable
      hereunder may constitute “nonqualified deferred compensation” within the meaning
      of Section 409A of the Code, the Company may adopt such amendments to this
      Letter or adopt other policies and procedures (including amendments, policies
      and procedures with retroactive effect), or take any other actions, that the
      Company determines are necessary or appropriate to (a)
      exempt the amounts and benefits provided hereunder from Section 409A of the
      Code
      and/or preserve the intended tax treatment of such amounts or benefits, or
      (b)
      comply with the requirements of Section 409A of the Code and related Department
      of Treasury guidance. 

    

    14. Withholding.
      The
      Company may withhold from any amounts payable under this Letter such Federal,
      state, local or foreign taxes as shall be required to be withheld pursuant
      to
      any applicable law or regulation.

    

    15. Entire
      Agreement.
      As of
      the Effective Date, this Letter and the employment terms set forth herein
      comprise the final, complete and exclusive agreement between you and the Company
      with respect to the subject matter hereof and replace and supersede any and
      all
      other agreements, offers or promises, whether oral or written, made to you
      by
      any member of the Maguire Group, any entity (a “Predecessor Employer”) whose
      business or assets any member of the Maguire Group succeeded to in connection
      with the initial public offering of the common stock of the REIT or the
      transactions related thereto, or any officer, employee or other representative
      of the Maguire Group or a Predecessor Employer (including, without limitation,
      the Original Letter). You agree that any such agreement, offer or promise
      between you and any member of the Maguire Group, any Predecessor Employer,
      or
      any officer, employee or other representative of the Maguire Group or a
      Predecessor Employer is hereby terminated and will be of no further force or
      effect, and you acknowledge and agree that upon your execution of this Letter,
      you will have no right or interest in or with respect to any such agreement,
      offer or promise.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    16. Proof
      of Right to Work.
      As
      required by law, this offer of employment is subject to satisfactory proof
      of
      your right to work in the United States.

    

    

    

    

    [SIGNATURE
      PAGE FOLLOWS]

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    

    Please
      confirm your agreement to the foregoing by signing and dating the enclosed
      duplicate original of this Letter in the space provided below for your signature
      and returning it to Mark Lammas. Please retain one fully-executed original
      for
      your files.

    

    Sincerely,

    

      
 

    

    
      	
              Maguire
                Properties, Inc., 

            
	
              a
                Maryland corporation

            
	 
	 
	
              By:
                

            	
              /s/
                Robert F. Maguire III

            
	
              Name:
                

            	Robert F.
              Maguire III
              
	
              Title:

            	
              Chairman
                and Chief Executive Officer

            
	 
	
              Maguire
                Properties, L.P., 

            
	
              a
                Maryland limited partnership

            
	 
	
              By:
                Maguire Properties, Inc.

            
	
              Its:
                General Partner

            
	 
	 
	
              By:
                

            	
              
                /s/
                  Robert F. Maguire III

              

            
	
              Name:
                

            	Robert F.
              Maguire III
              
	
              Title:

            	
              Chairman
                and Chief Executive Officer

            

    

    

    

    Accepted
      and Agreed,

    this
      ----28th
      day of
      April, 2006.

    

    

    

    
      	
              By:

            	
              /s/
                William H. Flaherty

            
	 	
              William
                H. Flaherty

            

    

    

    

    
      
        
        

      

      
        7

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