Document:

Exhibit 10.3

 

FIRST
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

This FIRST AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT (this “First Amendment”) is made and entered into as of the 23rd
day of August, 2013, by and among FRANKLIN STREET PROPERTIES CORP. (the “Parent”) and each of its Material
Subsidiaries listed on Schedule 1 of the Original A&R Credit Agreement (hereinafter defined) or having
executed a Joinder (collectively with the Parent, the “Borrowers”), Compass
BANK (“Compass”) in its capacity as Lender and Documentation Agent, PNC BANK, NATIONAL ASSOCIATION
(“PNC”) in its capacity as Lender and Documentation Agent, BANK OF MONTREAL (“Bank of Montreal”)
in its capacity as Lender and Syndication Agent, RBS CITIZENS, NATIONAL ASSOCIATION (“Citizens”) in its
capacity as Lender and Syndication Agent, REGIONS BANK (“Regions”) in its capacity as Lender and Syndication
Agent, U.S. BANK NATIONAL ASSOCIATION (“US Bank”) in its capacity as Lender, CAPITAL ONE, N.A.
(“Capital One”) in its capacity as Lender, BRANCH BANKING AND TRUST COMPANY (“BB&T”)
in its capacity as Lender, TD BANK, N.A. (“TD Bank”) in its capacity as Lender, and BANK OF AMERICA,
N.A. (“Bank of America”), as Administrative Agent (“Administrative Agent”) for itself
and the other lenders party to the Credit Agreement (hereinafter defined) from time to time, Swing Line Lender and L/C Issuer.
Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement.

 

WHEREAS, the Borrowers,
the Administrative Agent and certain Lenders, including, without limitation, Compass, PNC, Bank of Montreal, Citizens, Regions,
US Bank, Capital One, BB&T and TD Bank and Bank of America, are parties to that certain Amended and Restated Credit Agreement
dated as of September 27, 2012 (the “Original A&R Credit Agreement”) pursuant to which the Lenders party
to the Original A&R Credit Agreement have extended credit to the Borrowers on the terms set forth therein;

 

WHEREAS, the Borrowers have requested,
and the Administrative Agent and the Lenders have agreed, to modify certain of the financial covenants in the Original A&R
Credit Agreement. The Original A&R Credit Agreement as amended by this First Amendment is referred to herein as the “Credit
Agreement.”

 

NOW, THEREFORE,
in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

 

		1.	Definition of “Capitalization Rate”. Section 1.01 of the Original A&R Credit
Agreement is hereby amended by deleting the definition of “Capitalization Rate” appearing therein and replacing it
with the following definition:

 

““Capitalization Rate”
means seven percent (7.0%) for each CBD or Urban Infill Property and seven and three-quarters percent (7.75%) for each Suburban
Property.”

    	 

    	 

    

 

		2.	Definition of “Mortgageability Amount”. Section 1.01 of the Original A&R
Credit Agreement is hereby amended by deleting the definition of “Mortgageability Amount” appearing therein and replacing
it with the following definition:

 

““Mortgageability Amount”
means the product of (a) Unsecured Indebtedness of the Borrowers multiplied by (b) a debt constant based on a thirty (30) year,
mortgage-style principal amortization at an interest rate equal to the greatest of (i) the 10 year Treasury Bill yield plus 300
basis points, (ii) 7.0% and (iii) the one-month Eurodollar Rate plus the Eurodollar Rate margin specified in the Applicable Rate
as of the last day of the most recent calendar quarter.”

 

		3.	Definition of “Negative Pledge”. Section 1.01 of the Original A&R Credit
Agreement is hereby amended by deleting the definition of “Negative Pledge” appearing therein and replacing it with
the following definition:

 

““Negative Pledge”
means with respect to a given asset, any provision of a document, instrument or agreement which prohibits the creation or assumption
of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however,
that an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified
ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its
assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge. Without limitation of the foregoing proviso,
for the avoidance of doubt, it is understood and agreed that the provisions of the type contained in the Loan Documents condition
the Borrower’s ability to encumber its assets but do not generally prohibit the encumbrance of assets or the encumbrance
of specific assets.”

 

		4.	Definition of “Permitted Liens”. Section 1.01 of the Original A&R Credit
Agreement is hereby amended by deleting the definition of “Permitted Liens” appearing therein and replacing it with the following
definition:

 

““Permitted Liens”
means (i) liens for taxes, assessments or governmental charges unpaid and diligently contested in good faith by the Borrower or
a Subsidiary unless payment is required prior to the contesting of any such taxes and provided no enforcement proceedings have
been commenced with respect to any lien filed in connection with such dispute and adequate reserves have been established (or are
adequately bonded) for such taxes, assessments or governmental charges, (ii) liens for taxes, assessments or governmental charges
not yet due and payable, (iii) liens for labor, materials or supplies and any other liens (exclusive of those securing Indebtedness)
which do not materially interfere with the use of the Properties comprising the Unencumbered Asset Pool or the operation of the
business of the Borrower and are either bonded or do not exceed in the aggregate at any one time $5,000,000.00, (iv) liens in favor
of a Borrower or a Wholly-Owned Subsidiary in connection with a 1031 Property, (v) liens

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deemed to occur by virtue of investments
described in clause (d) of the definition of Cash Equivalents; (vi) liens on Cash Collateral, and (vii) with respect only to assets
and Properties not comprising the Unencumbered Asset Pool and/or assets of or Equity Interests of Excluded Subsidiaries, liens
on property existing at the time of acquisition and refinancing of such liens, liens securing Secured Indebtedness, liens on the
Equity Interests of Excluded Subsidiaries, and liens securing judgments not constituting an Event of Default under Section 8.01(h),
all in amounts complying with the applicable financial covenants set forth in Section 7.11 hereof.

 

		5.	Definition of “CBD or Urban Infill Property”. Section 1.01 of the Original A&R
Credit Agreement is hereby amended by adding the following definition for “CBD or Urban Infill Property” in the correct
alphabetical order therein:

 

““CBD or Urban Infill
Property” means (a) any Property listed on the Schedule Portfolio Property By Designation attached hereto and identified
as a CBD or Urban Infill Property, or (b) any other improved Property which is located in markets with characteristics similar
to those identified in clause (a) and is designated by the Agent and the Borrower as a CBD or Urban Infill Property from time to
time.”

 

		6.	Definition of “Suburban Property”. Section 1.01 of the Original A&R Credit
Agreement is hereby amended by adding the following definition for “Suburban Property” in the correct alphabetical
order therein:

 

““Suburban Properties”
means (a) any Property listed on the Schedule Portfolio Property By Designation attached hereto and identified as a Suburban Property,
or (b) any other improved Property that does not meet the definition of a CBD or Urban Infill Property.”

 

		7.	Section 7.09. Section 7.09 of the Original A&R Credit Agreement is hereby amended
by deleting the proviso in Section 7.09 and replacing it with the following:

 

“provided, that this Section 7.09
shall not be deemed to restrict the ability of any Borrower or any Excluded Subsidiary from entering into Contractual Obligations
of any type related to Indebtedness provided such Indebtedness does not impose a lien on any Unencumbered Asset Pool Properties
or the Equity Interests of any Borrower and provided further that such Indebtedness would not result in a breach
of the financial covenants set forth in Section 7.11 of this Agreement.”

 

		8.	Section 7.11. Section 7.11 of the Original A&R Credit Agreement is hereby amended
by deleting Section 7.11 appearing therein and replacing it with the following Section 7.11:

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“7.11Financial
Covenants. Fail, at any time, to comply with any of the following financial covenants on a consolidated basis provided
that such covenants shall be calculated as of the last day of a calendar quarter:

		a.	Minimum Tangible Net Worth. Borrower shall maintain
a Tangible Net Worth equal to or in excess of $810,783,000 plus seventy-five percent (75%) of the aggregate net proceeds received
by Borrower in connection with any offering of stock or other equity in FSP after June 30, 2013.

		b.	Maximum Leverage Ratio. Borrower shall not permit the ratio of Total Indebtedness to Total Asset Value to exceed 0.60:1.0.

		c.	Maximum Secured Leverage Ratio. Borrower shall not permit the ratio of Total Secured Indebtedness (excluding the Credit
Extensions) to Total Asset Value to exceed 0.30:1.0.

		d.	Minimum Fixed Charge Coverage Ratio. Borrower shall not permit the ratio of Adjusted EBITDA to Fixed Charges to be less
than 1.50:1.0.

		e.	Maximum Unencumbered Leverage Ratio. Borrower shall not permit the ratio of Unsecured Indebtedness to Unencumbered Asset
Value to exceed 0.60:1.0.

		f.	Minimum Unsecured Debt Service Coverage. Borrower shall not permit the ratio of Unencumbered NOI to the Mortgageability
Amount to be less than 1.50:1.0. For the purpose of calculating NOI for this covenant 7.11(f), items (a)-(d) of the definition
of Net Operating Income shall be adjusted to (i) exclude the amount attributable to the Properties disposed of during such fiscal
quarter and (ii) adjust the amount attributable to Properties owned less than a full fiscal quarter so that such amount is grossed
up as if the Property had been owned for the entire fiscal quarter.

		g.	Dividends and Distributions. To the extent an Event of Default exists or would result therefrom, Borrower shall not
make Restricted Payments.

		h.	Investments. Borrower shall not permit the aggregate value of the following items of all Consolidated Parties to exceed
ten percent (10%) of Total Asset Value: (A) the total cost budget of Projects Under Development; plus (B) the cost value of all
undeveloped holdings (raw land or land which is not otherwise an operating property other than any properties determined to be
Projects Under Development) determined in accordance with GAAP; plus (C) the value of all Joint Venture Projects plus, without
duplication, the cost-basis value of the Consolidated Parties’ investment in Joint Ventures (in each case taking into account
the Consolidated Parties’ Equity Percentage thereof); plus (D) the value of Securities Holdings held by the Consolidated
Parties; plus (E) the value of all Mortgages (excluding loans to Sponsored REITS) held by the Consolidated Parties; plus (F) the
value of all foreign investments held by the Consolidated Parties.

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		i.	Maximum Secured Recourse Indebtedness Value. Borrower shall not permit Secured Recourse Indebtedness of FSP to exceed
Fifty Million Dollars ($50,000,000) in the aggregate. No Borrowers other than FSP shall be permitted to have Secured Recourse Indebtedness.

In calculating the financial covenants
pursuant to this Section 7.11, any obligations that are required to be Cash Collateralized by a Borrower under the Agreement and
the other Loan Documents shall not be deemed to be secured by a mortgage, deed of trust, lien, pledge, encumbrance or other security
interest.”

		9.	Section 8.01(e)(i). Section 8.01(e)(i) of the Original A&R Credit Agreement is
hereby amended by adding the words “(and all notice and grace periods have lapsed)” before the words “in respect
of any Indebtedness or Guarantee.”

 

		10.	Exhibit E-1. Exhibit E-1 of the Original A&R Credit Agreement is hereby deleted
and the Exhibit E-1 attached hereto is substituted therefor.

 

		11.	No Waiver. Nothing contained herein shall be deemed to (i) constitute a waiver of any Default
or Event of Default that may heretofore or hereafter occur or have occurred and be continuing or, except as expressly provided
herein, to otherwise modify any provision of the Original A&R Credit Agreement, or (ii) give rise to any defenses or counterclaims
to Administrative Agent’s or any of the Lenders’ right to compel payment of the Obligations when due or to otherwise
enforce their respective rights and remedies under the Credit Agreement and the other Loan Documents.

 

		12.	Conditions to Effectiveness. This First Amendment shall become effective as of the date
(the “Effective Date”) when each of the following conditions is met:

 

(a)receipt
by the Administrative Agent of this First Amendment duly and properly authorized, executed and delivered by each of the Borrowers
and the Lenders;

(b)receipt
by the Administrative Agent of a certificate dated as of the date hereof signed by a Responsible Officer of each Borrower certifying
that, before and after giving effect to the First Amendment, (I) the representations and warranties contained in Article V
of the Credit Agreement are true and correct in all material respects except (i) to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and (ii)
except that (1) the representations and warranties contained in subsections (a), (b) and (c) of Section 5.05
shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01;
and (2) the representations and warranties contained in Section 5.13(a) shall be deemed to refer to the most recent update
to Schedule 5.13(a) furnished pursuant to Section 6.02(a)(ii), and shall be true and correct in all material respects
as of the effective date of such update, and (3) the representations and warranties contained in the first and second sentences
of Section 5.21 shall be deemed to refer to the most recent update to Schedule 5.21 furnished pursuant to Section
6.02(a)(i), and shall be true and correct in all material respects as of the effective date of such update, and (II) no Default
of Event of Default Exists; and

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(c)payment
of any costs and expenses due to the Administrative Agent or the Lenders, including all of the Administrative Agent’s reasonable
legal fees and expenses incurred in connection with the preparation and negotiation of this First Amendment.

		13.	Representations and Warranties. The Borrowers represent and warrant to the Administrative
Agent and the Lenders as follows:

(a)The execution,
delivery and performance by each Borrower of this First Amendment, have been duly authorized by all necessary corporate or other
organizational action, and do not and will not (a) contravene the terms of any of such Borrower’s Organization Documents;
(b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be
made under (i) any Contractual Obligation to which such Borrower is a party or affecting such Borrower or the properties of such
Borrower or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral
award to which such Borrower or its property is subject; or (c) violate any Law.

(b)This First
Amendment has been duly executed and delivered by each Borrower that is party thereto. This First Amendment constitutes a legal,
valid and binding obligation of each Borrower, enforceable against each Borrower that is party thereto in accordance with its terms,
except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting
generally the enforcement of creditors’ rights and except to the extent that availability of the remedy of specific performance
or injunctive relief is subject to the discretion of the court before which any proceeding therefore may be brought.

(c)No approval,
consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person
is necessary or required in connection with the execution and delivery of, and the performance of the Borrowers’ obligations
under the Original A&R Credit Agreement as amended by the First Amendment, except where such approval, consent, exemption,
authorization, action, notice or filing has been obtained or made, and except where the failure to do so would not reasonably be
expected to have a Material Adverse Effect.

		14.	Ratification, etc. Except as expressly amended hereby, the Original A&R Credit Agreement,
the other Loan Documents and all documents, instruments and agreements related thereto are hereby ratified and confirmed in all
respects and shall continue in full force and effect. This First Amendment and the Original A&R Credit Agreement shall hereafter
be read and construed together as a single document, and all references in the Credit Agreement, any other Loan Document or any
agreement or instrument related to the Credit Agreement shall hereafter refer to the Original A&R Credit Agreement as amended
by this First Amendment.

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		15.	GOVERNING LAW. THIS FIRST AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

 

		16.	Counterparts. This First Amendment may be executed in any number of counterparts and by
different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of
which counterparts taken together shall be deemed to constitute one and the same instrument. Any counterpart signed by all parties
may be introduced into evidence in any action or proceeding without having to produce or account for the other counterparts. Likewise,
the existence of this First Amendment may be established by the introduction into evidence of counterparts that are separately
signed, provided they are otherwise identical in all material respects.

 

 

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, each of the undersigned
has duly executed this First Amendment to Amended and Restated Credit Agreement as of the date first set forth above.

 

	LENDERS/AGENT:	BANK OF AMERICA, N.A.,
	 	individually in its capacity as Administrative Agent
	 	 	 
	 	 	 
	 	By:	/s/ Oltiana M. Pappas
	 	Name:  	Oltiana M. Pappas
	 	Title:  	Senior Vice President

Lender Signature Page

 

    	 

    	 

    

 

	 	BANK OF AMERICA, N.A.,
	 	individually in its capacity as a Lender, L/C Issuer

and Swing Line Lender
	 	 	 
	 	 	 
	 	By:	/s/ Oltiana M. Pappas
	 	Name:  	Oltiana M. Pappas
	 	Title:  	Senior Vice President

 

Lender Signature Page

 

    	 

    	 

    

 

	 	COMPASS BANK, an Alabama banking
	 	corporation, individually in its capacity as a Lender
	 	and Documentation Agent
	 	 	 
	 	 	 
	 	By:	/s/ S. Kent Gorman
	 	Name:  	S. Kent Gorman
	 	Title:  	Sr.Vice President

 

Lender Signature Page

 

    	 

    	 

    

 

	 	REGIONS BANK, individually in its capacity as a
	 	Lender and Syndication Agent
	 	 	 
	 	 	 
	 	By:	/s/ Paul E. Burgan
	 	Name:  	Paul E. Burgan
	 	Title:  	Vice President

 

Lender Signature Page

 

    	 

    	 

    

 

	 	RBS CITIZENS, NATIONAL
	 	ASSOCIATION, individually in its
	 	capacity as a Lender and Syndication Agent
	 	 	 
	 	 	 
	 	By:	/s/ Lisa M. Greeley
	 	Name:  	Lisa M. Greeley
	 	Title:  	SVP

 

Lender Signature Page

 

    	 

    	 

    

 

	 	BANK OF MONTREAL, individually in
	 	its capacity as a Lender and Syndication
	 	Agent
	 	 	 
	 	 	 
	 	By:	/s/ Lloyd Baron
	 	Name:  	Lloyd Baron
	 	Title:  	Vice President

 

 

Lender Signature Page

 

    	 

    	 

    

 

	 	PNC BANK, NATIONAL ASSOCIATION,
	 	individually in its capacity as a Lender and Documentation
	 	Agent
	 	 	 
	 	 	 
	 	By:	/s/ Andrew D. Coler
	 	Name:  	Andrew D. Coler
	 	Title:  	Senior Vice President

 

Lender Signature Page

 

    	 

    	 

    

 

	 	U. S. BANK NATIONAL ASSOCIATION,
	 	individually in its capacity as a Lender
	 	 
	 	 	 
	 	 	 
	 	By:	/s/ David Heller
	 	Name:  	David Heller
	 	Title:  	Senior Vice President

 

 

Lender Signature Page

 

    	 

    	 

    

 

	 	CAPITAL ONE, N.A.,
	 	individually in its capacity as a Lender
	 	 
	 	 	 
	 	By:	/s/ Frederick H. Denecke
	 	Name:  	Frederick H. Denecke
	 	Title:  	Senior Vice President

 

 

Lender Signature Page

 

    	 

    	 

    

 

	 	BRANCH BANKING AND TRUST COMPANY,
	 	individually in its capacity as a Lender
	 	 
	 	 	 
	 	By:	/s/ Mark Edwards
	 	Name:  	Mark Edwards
	 	Title:  	Senior Vice President

 

 

Lender Signature Page

 

    	 

    	 

    

 

	 	TD BANK, N.A.,
	 	individually in its capacity as a Lender
	 	 
	 	 	 
	 	By:	/s/ Scott Widsom
	 	Name:  	Scott Widsom
	 	Title:  	Vice President

 

 

Lender Signature Page

    	 

    	 

    

	BORROWER:	FRANKLIN STREET PROPERTIES CORP.,
	 	a Maryland corporation
	 	 	 
	 	By:	/s/ _/s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

 

	 	FSP HOLDINGS LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

 

	 	FSP INVESTMENTS LLC,
	 	a Massachusetts limited liability company
	 	 	 
	 	By:	/s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

 

	 	FSP PROPERTY MANAGEMENT LLC,
	 	a Massachusetts limited liability company
	 	 	 
	 	By:	/s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  Executive Vice President

 

 

	 	FSP PROTECTIVE TRS CORP.,
	 	a Massachusetts corporation
	 	 	 
	 	By:	/s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

Borrower Signature Page

    	 

    	 

    

 

	 	FSP HILLVIEW CENTER LIMITED PARTNERSHIP, 
	 	a Massachusetts limited partnership
	 	 
	 	By:	FSP Holdings LLC, its General Partner
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/  /s/ George J. Carter
	 	 	 	Name:  George J. Carter
	 	 	 	Title:  President

 

 

	 	FSP MONTAGUE BUSINESS CENTER CORP., 
	 	a Delaware corporation
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

 

	 	FSP GREENWOOD PLAZA CORP.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

 

	 	FSP 380 INTERLOCKEN CORP.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

 

	 	FSP 390 INTERLOCKEN LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

 

	 	FSP BLUE LAGOON DRIVE LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

Borrower Signature Page

    	 

    	 

    

 

	 	FSP ONE LEGACY CIRCLE LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP ONE OVERTON PARK LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP ONE RAVINIA DRIVE LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP NORTHWEST POINT LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP RIVER CROSSING LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP EAST BALTIMORE STREET LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

Borrower Signature Page

    	 

    	 

    

 

	 	FSP EDeN BLUFF CORPORATE CENTER I LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP 121 South eighth street LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP 1410 east renner road LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP LAKESIDE CROSSING I LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP LEGACY TENNYSON CENTER LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP FOREST PARK IV NC LIMITED PARTNERSHIP,
	 	a North Carolina limited partnership
	 	 
	 	By:	FSP Forest Park IV LLC, its General Partner
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/  /s/ George J. Carter
	 	 	 	Name:  George J. Carter
	 	 	 	Title:  President

 

Borrower Signature Page

    	 

    	 

    

 

	 	FSP PARK SENECA LIMITED PARTNERSHIP,
	 	a Massachusetts limited partnership
	 	 
	 	By:	FSP Holdings LLC, its General Partner
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/  /s/ George J. Carter
	 	 	 	Name:  George J. Carter
	 	 	 	Title:  President

 

	 	FSP ADDISON CIRCLE LIMITED PARTNERSHIP,
	 	a Texas limited partnership
	 	 
	 	By:	FSP Addison Circle LLC, its General Partner
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/  /s/ George J. Carter
	 	 	 	Name:  George J. Carter
	 	 	 	Title:  President

 

	 	FSP COLLINS CROSSING LIMITED PARTNERSHIP,
	 	a Texas limited partnership
	 	 
	 	By:	FSP Collins Crossing LLC, its General Partner
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/  /s/ George J. Carter
	 	 	 	Name:  George J. Carter
	 	 	 	Title:  President

 

	 	FSP ELDRIDGE GREEN LIMITED PARTNERSHIP,
	 	a Texas limited partnership
	 	 
	 	By:	FSP Eldridge Green LLC, its General Partner
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/  /s/ George J. Carter
	 	 	 	Name:  George J. Carter
	 	 	 	Title:  President

 

	 	FSP LIBERTY PLAZA LIMITED PARTNERSHIP,
	 	a Texas limited partnership
	 	 
	 	By:	FSP Holdings LLC, its General Partner
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/  /s/ George J. Carter
	 	 	 	Name:  George J. Carter
	 	 	 	Title:  President

 

Borrower Signature Page

    	 

    	 

    

 

	 	FSP PARK TEN LIMITED PARTNERSHIP,
	 	a Texas limited partnership
	 	 
	 	By:	FSP Park Ten LLC, its General Partner
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/  /s/ George J. Carter
	 	 	 	Name:  George J. Carter
	 	 	 	Title:  President

 

	 	FSP PARK TEN PHASE II LIMITED PARTNERSHIP,
	 	a Texas limited partnership
	 	 
	 	By:	FSP Park Ten Development LLC, its General Partner
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/  /s/ George J. Carter
	 	 	 	Name:  George J. Carter
	 	 	 	Title:  President

 

	 	FSP WILLOW BEND OFFICE CENTER LIMITED
	 	PARTNERSHIP, a Texas limited partnership
	 	 
	 	By:	FSP WILLOW BEND OFFICE CENTER LLC, its 
	 	 	General Partner
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/  /s/ George J. Carter
	 	 	 	Name:  George J. Carter
	 	 	 	Title:  President

 

	 	FSP dulles virginia LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP INNSBROOK CORP., a Delaware corporation
	 	 
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

Borrower Signature Page

    	 

    	 

    

 

	 	FSP 4807 STONECROFT BOULEVARD LLC, a Delaware 
	 	limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP 4820 EMPEROR BOULEVARD LLC, a Delaware limited 
	 	liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP 909 DAVIS STREET LLC, a Delaware limited liability 
	 	company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP ADDISON CIRCLE CORP., a Delaware corporation
	 	 
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP ADDISON CIRCLE LLC, a Delaware limited liability 
	 	company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP BLUE LAGOON DRIVE CORP., a Delaware 
	 	corporation
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

Borrower Signature Page

    	 

    	 

    

 

	 	FSP COLLINS CROSSING CORP., a Delaware 
	 	corporation
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP COLLINS CROSSING LLC, a Delaware limited 
	 	liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP ELDRIDGE GREEN CORP., a Delaware corporation
	 	 
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP ELDRIDGE GREEN LLC, a Delaware limited liability 
	 	company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP EMPEROR BOULEVARD LIMITED 
	 	PARTNERSHIP, a Delaware limited partnership
	 	 
	 	By:	FSP 4820 Emperor Boulevard LLC, its general partner
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/  /s/ George J. Carter
	 	 	 	Name:  George J. Carter
	 	 	 	Title:  President

 

	 	FSP FOREST PARK IV LLC, a Delaware limited liability 
	 	company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

Borrower Signature Page

    	 

    	 

    

 

	 	FSP PARK TEN DEVELOPMENT CORP., a Delaware 
	 	corporation
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP PARK TEN DEVELOPMENT LLC, a Delaware limited 
	 	liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP PARK TEN LLC, a Delaware limited liability company
	 	 
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP WILLOW BEND OFFICE CENTER CORP., a 
	 	Delaware corporation
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

Borrower Signature Page

    	 

    	 

    

 

	 	FSP WILLOW BEND OFFICE CENTER LLC, a Delaware 
	 	limited liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

 

	 	FSP WESTCHASE LLC, a Delaware limited liability 
	 	company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP 1999 BROADWAY LLC, a Delaware limited liability 
	 	company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

	 	FSP 999 PEACHTREE STREET LLC, a Delaware limited 
	 	liability company
	 	 	 
	 	By:	/s/  /s/ George J. Carter
	 	 	Name:  George J. Carter
	 	 	Title:  President

 

Borrower Signature Page

    	 

    	 

    

 

EXHIBIT E-1

 

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date: _______________, _____

 

To:     Bank of America,
N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that
certain Amended and Restated Credit Agreement, dated as of September 27, 2012 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein
as therein defined), among Franklin Street Properties Corp. (“FSP”) and certain Wholly-Owned Subsidiaries of FSP from
time to time party thereto (collectively, the “Borrower”), the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

 

The undersigned Responsible
Officer hereby certifies as of the date hereof that he/she is the _______________________________________ of FSP, and that, as
such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the Borrower, and
that:

 

[Use following paragraph 1 for fiscal
year-end financial statements]

 

1.
     The Borrower has delivered the year-end audited financial statements required by Section 6.01(a)
of the Agreement for the fiscal year of the Borrower ended as of the above date, together with the report and opinion of an independent
certified public accountant required by such section.

[Use following paragraph 1 for fiscal
quarter-end financial statements]

 

1.      The
Borrower has delivered the unaudited financial statements required by Section 6.01(b) of the Agreement for the fiscal
quarter of the Borrower ended as of the above date. Such financial statements fairly present, in all material respects, the financial
condition, results of operations and cash flows of the Consolidated Parties in accordance with GAAP as at such date and for such
period, subject only to normal year-end audit adjustments and the absence of footnotes.

 

2.
     The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has
caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the
Borrower during the accounting period covered by such financial statements.

Exhibit-E-1

Form of Compliance Certificate

    	 

    	 

    

 

3.
     A review of the activities of the Borrower during such fiscal period has been made under the supervision
of the undersigned with a view to determining whether during such fiscal period the Borrower performed and observed all its Obligations
under the Loan Documents, and

[select one:

]

[to the knowledge of
the undersigned, during such fiscal period no Default or Event of Default has occurred and is continuing.]

--or--

[to the knowledge of
the undersigned, during such fiscal period the following Defaults and Events of Default exist:1]

 

4.
     The representations and warranties of the Borrower contained in Article V of the Agreement
are true and correct in all material respects on and as of the date hereof, except (a) to the extent that such representations
and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and (b)
except that (i) the representations and warranties contained in subsections (a), (b) and (c) of Section 5.05 refer
to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01; and (ii)
the representations and warranties contained in Section 5.13(a) refer to the most recent update to Schedule 5.13(a)
furnished pursuant to Section 6.02(a)(ii), and are true and correct in all material respects as of the effective date of
such update, and (iii) the representations and warranties contained in the first and second sentences of Section 5.21 refer
to the most recent update to Schedule 5.21 furnished pursuant to Section 6.02(a)(i), and are true and correct
in all material respects as of the effective date of such update.

5.
     The financial covenant analyses and information set forth on Schedule 1 attached hereto
are true and accurate on and as of the Financial Statement Date covered by this Certificate.

6.
     The updates to Schedules 5.21 and 5.13(a) attached hereto and the list of all Projects Under
Development attached hereto are true and accurate on and as of the Financial Statement Date covered by this Certificate.

IN WITNESS WHEREOF,
the undersigned has executed this Certificate as of _______________, _____.

 

	
        BORROWER:

         

         

         
	
        Franklin Street Properties Corp.,

        a Maryland corporation

        By: ________________________________

        Name:

        Title:

 

Exhibit-E-1

Form of Compliance Certificate

 

 

[1]
Specify nature and extent thereof and what action Borrower proposes to take with respect thereto.

    	 

    	 

    

SCHEDULE 1

Franklin Street Properties Corp.

Financial Covenants

__________ [Date]

	(in thousands, except percentages and ratios)
	
        UAP Financial Covenants:

        1. Minimum Unsecured Debt Service Coverage

         

	 	Quarterly 

Unencumbered NOI	Mortgageability 

Amount	NOI to 

Mortgageability

 Amount
	 	 	 	 
	
        Equal to 1.5:1 or more

         
	 	 	 
	
        2. Maximum Unencumbered Leverage Ratio

         
	 	 
	 	Unsecured 

Indebtedness	Unencumbered 

Asset Value	Leverage

Ratio
	Not to exceed 60% and no one Property to exceed 20%	 	 	 
	 	 	 	 
	
        Borrower Financial Covenants

        Maximum Leverage Ratio
	 	 	 
	 	Total Indebtedness	Total Asset Value	Indebtedness to

 Total Asset Value
	 	 	 	 
	Not to exceed 60%	 	 	 
	 	 	 	 

 

 

    	 

    	 

    

 

	
        Total Asset Value

        Unencumbered Asset Value (see Schedule A)

        Encumbered Asset Value (see Schedule B)

        Unrestricted Cash

        Cash Equivalents

        Book value of unimproved land holdings

        Book value of construction in progress

        Carrying value of performing mortgage loans

             Assets
        Held for Syndication

             Mortgage
        Loan Receivable

        Investment in Sponsored REITs
	 	 	 
	 	 	 	 	 
	Total Asset Value	 	 	 	 
	 	 	 	 	 
	
        Total Indebtedness

        Revolver Loan Balance

        Term Loan Balance

        Derivative Termination Value

        Secured Debt

        Other Indebtedness
	 	 	 	 
	Consolidated Parties’ Equity Percentage of Indebtedness of Unconsolidated Affiliates	 	 	 	 
	Total Indebtedness	 	 	 	 
	3. Maximum Secured Leverage Ratio

     Secured
Indebtedness of the Consolidated Parties

     Total Asset
Value

     % of Secured
Indebtedness over Total Asset Value

     Maximum
% of secured Indebtedness not to exceed 30% of Total Asset Value
	 	 	$                    	 

 

    	 

    	 

    

 

	
        4. Maximum Secured Recourse Indebtedness

             Secured
Recourse Indebtedness of FSP
	 	 
	     Maximum Secured Recourse Indebtedness of FSP	 	$50,000.00
	 	 	 
	5.  Minimum Fixed Charge Cover Ratio	 	 
	 	Adjusted EBITDA	Fixed Charges	Adjusted 

EBITDA to 

Fixed Charge 

Ratio
	Minimum 1.5:1	$	 	 
	6.  Minimum Tangible Net Worth2	 	 
	Total Assets, less:	 	 	$
	Book Value of Intangible Assets	 	 
	Write-up of book value subsequent to Balance Sheet date	 	 
	Subscriptions Receivable	 	 	 
	Total Liabilities	 	 	 
	Tangible Net Worth	 	 	 
	Required Net Worth	 	 	 
	Required as of 6/30/2013	 	 	$810,783,000
	Equity Offering after 6/30/2013 (add 75% of net proceeds from equity offerings)	 
	ATM Equity Offering after 6/30/2013 (add 75% of net proceeds from equity offerings)	 
	Required Net Worth	 	 	 

 

 

2 Total Assets and
Total Liabilities shall also exclude an asset or liability created by the Swap Termination Value.

    	 

    	 

    

Franklin Street Properties Corp.

Financial Covenants

__________ [Date]

 

	Schedule A 	 	 	 	 	 	 
	Unencumbered Asset Value	 	 	 	 	 	 
	 	 	Date	 	Cap Rate	Unencumbered 

Asset Value
	 	 	 	 	 	 	 
	Quarterly NOI	$	 	 	 	 	 
	 	 	 	 	 	 	 
	Annual NOI	 	x4	 	 	 	 
	 	$	 	 	7.0%/7.75%3	$	 
	Acquisition costs of new properties	 	 	 	 	$	 
	 	 	 	 	 	 	 
	Unencumbered Asset Value	 	 	 	 	$	 

 
  

 

 

37.0% for CBD or Urban Infill Property/7.75% for Suburban
Property

    	 

    	 

    

 

Schedule B

 

	Encumbered Asset Value	 	 	 	 
	 	Date	 	Cap Rate	Encumbered 

Asset Value
	 	 	 	 	 	 	 
	Quarterly NOI	$	 	 	 	 	 
	 	 	 	 	 	 	 
	Annual NOI	 	x4	 	 	 	 
	 	$	 	 	7.0%/7.75%4	$	 
	[Acquisition costs of new properties]	 	 	 	 	$	 
	 	 	 	 	 	 	 
	Encumbered Asset Value	 	 	 	 	$	 
	 	 	 	 	 	 	 

1
7.0% for CBD or Urban Infill Property/7.75% for Suburban Property

 

 

47.0% for CBD or Urban Infill Property/7.75% for Suburban
Property

    	 

    	 

    

Franklin Street Properties Corp.

Consolidated Balance Sheets

(Audited/Unaudited)

__________ [Date]

[To be inserted]

    	 

    	 

    

 

Franklin Street Properties Corp.

Consolidated Statement of Income

(Audited/Unaudited)

__________ [Date]

[To be inserted]

 

	 	 	 
	EBITDA	 	 
	Net Income	 	 
	Non-recurring/Extraordinary /GOS/Acq Cost	 	 
	Interest including deferred financing costs	 	 
	Taxes	 	 
	Depreciation & Amortization	 	 
	Amortization of leases (in revenue)	 	 
	Pro Rata Share Unconsolidated Affiliates	_______________	_______________
	 	 	 
	EBITDA	 	 
	Capital Item allowance ($.30 sf/year)	_______________	_______________
	Adjusted EBITDA	 	 

    	 

    	 

    

Franklin Street Properties Corp.

Financial Covenants

Quarterly Debt Service

_________________ [Date]

 

	 	 	 	 
	
        Mortgageability Amount:

         
	 	

	Unsecured

Indebtedness
	Principal (average daily balance during quarter)	 	 	$
	1 Month Eurodollar Rate + Eurodollar Rate Margin & Facility Fee:	

%	 	 
	10 year US Treasury + 300 bp (estimate)	%	 	 
	     Rate at end of quarter	%	 	 
	Fixed rate as defined	7.0%	 	 
	Rate used for calculation (highest of above)	 	 	 
	Amortization period (months)	 	 	360
	Monthly Payment	 	 	 
	Months in test period	 	 	3
	Debt service:	 	 	 
	 	 	 	 
	1 Month Eurodollar Rate + Eurodollar Rate 

Margin & Facility Fee	 	 	 
	1 Month Eurodollar Rate 	 	 	 
	Facility Fee (a)	 	 	 
	Eurodollar Margin (a)	 	 	 
	Total	 	 	 
	(a) Based on covenant leverage ratio (Maximum Leverage Ratio) grid	 

  

    	 

    	 

    

Franklin Street Properties Corp.

Property NOI

_________________ [Date]

 

	 	 	 	 	 	 	 	Actual	Actual
	 	 	 	 	 	Cost	 	Q_ NOI	Q_ NOI
	 	Name	City	State	S.F.	Most Recent 

FQ	 	Most Recent 

FQ	Same 

Quarter 

Prior Year
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	-	-	 	-	-
	 	 	 	 	 	 	 	 
	 	Unencumbered NOI	 	 	 	 	 	 
	 	Property NOI for the quarter	 	 	 	 	-	-
	 	Less: Capital Item allowance ($.30 sf/year, including acquisitions)	 	 	 
	(a)	Adjustment for management fees to 3%	 	 	 	 	 
	 	 	 	 	 	 	-	-
	 	 	 	 	 	 	 	 
	 	Property NOI for the quarter	 	 	 	-	-
	 	Less: New acquisitions (if less than 4 quarters)	 	 	-	-
	 	Less: Capital Item allowance ($.30 sf/year, including acquisitions)	 	 	 
	(a)	Adjustment for management fees to 3%	 	 	 	 	 
	 	NOI for Unencumbered Asset Value calculation	 	 	 	-	-
	 	 	 	 	 	 	 	 
	 	Cap rate per loan agreement	 	 	 	 	7.0%/7.75%1	7.0%/7.75%2
	 	 	 	 	 	 	 	 
	 	Value of the Properties:	 	 	 	 	 	 
	 	Calculated above	 	 	 	 	-	-
	 	Acquisitions at cost	 	 	 	 	-	-
	 	Unencumbered Asset Value	 	 	 	 	-	-
	 	 	 	 	 	 	 	 
	 	Encumbered NOI	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	(a)	NOI is net of actual management fees paid, adjustment is to (increase)/decrease fees to 3% level

 

 

_______________________

57.0% for CBD or Urban Infill Property/7.75% for Suburban
Property

67.0% for CBD or Urban Infill Property/7.75% for Suburban
Property

 

    	 

    	 

    

Franklin Street Properties Corp.

Management Fee Calculation7

_________________ [Date]

 

	 	 	9 Months	6 Months	3 Months
	 	 	 	 	 
	Calculation:	 	 	 	 
	Total rental revenue for 10-Q	 	 	 
	 	 	 	 	 
	Excluded revenues:	 	 	 	 
	Amort - Favorable lease	 	 	 	 
	Lease Induce/Rent reduct	 	 	 	 
	FASB 13 Revenue	 	 	 	 
	 Total excluded revenues 	 	 	 	 
	 	 	 	 	 
	 Gross revenues 	 	 $                           	 $                         	 $                           
	 	 	 	 	 
	3% of Gross Revenues 	 	 $                          	 $                         	 $                           
	 	 	 	 	 
	Less Actual management fees charged:	 	 	 
	 	 	 	 	 
	Adjustment required	 	 $                           	 $                         	 $                           

 

7 To be adjusted as appropriate to determine management
fees for the quarter.

 

    	 

    	 

    

 

Franklin Street Properties Corp.

Pricing Grid

_________________ [Date]

 

“Applicable
Rate” means, from time to time, the following percentages per annum, based upon the Leverage Ratio as set forth in the
most recent compliance certificate received by the Administrative Agent pursuant to Section 6.02(b)(i):

	Leverage Ratio	Eurodollar 

Rate Margin and 

Letters of Credit	Base Rate Margin	Facility Fee
	< 25%	135.0 bps	35.0 bps	20.0 bps
	> 25% and < 35%	140.0 bps	40.0 bps	25.0 bps
	> 35% and < 45%	145.0 bps	45.0 bps	30.0 bps
	> 45% and < 55%	165.0 bps	65.0 bps	35.0 bps
	> 55% 	190.0 bps	90.0 bps	40.0 bps

 

If elected in accordance
with the provisions of the definition of “Applicable Rate” in the Agreement, the Applicable Rate shall be as provided
in the following grid.

	Level	Credit Rating	Eurodollar 

Rate Margin and 

Letters of Credit	Base Rate Margin	Facility Fee
	I	A-/A3 (or higher)	100.0 bps	0.0 bps	15.0 bps
	II	BBB+/Baa1	105.0 bps	5.0 bps	20.0 bps
	III	BBB/Baa2	120.0 bps	20.0 bps	25.0 bps
	IV	BBB-/Baa3	145.0 bps	45.00 bps	30.0 bps
	V	<BBB-/Baa3	185.0 bps	85.0bps	40.0 bps

 

    	 

    	 

    

SCHEDULE PROPERTY PORTFOLIO BY DESIGNATION

 

	 	Internal	Internal	 	 	 
	Count	Prop ID	Property name	City	State	Designation
	1	302	FSP Park Seneca Limited Partnership	Charlotte	NC	Suburban
	2	305	FSP Hillview Center Limited Partnership	Milpitas	CA	Urban Infill
	3	307	FSP Forest Park IV LLC	Charlotte	NC	Suburban
	4	313	FSP Centennial Technology Center (a)	Colorado Springs	CO	Suburban
	5	314	FSP Willow Bend Office Center Corp.	Plano	TX	Suburban
	6	315	FSP Meadow Point Corp (a)	Chantilly	VA	Suburban
	7	316	FSP Timberlake (a)	Chesterfield	MO	Suburban
	8	318	FSP Federal Way (a)	Federal Way	WA	Suburban
	9	320	FSP Northwest Point LLC	Elk Grove Village	IL	Suburban
	10	321	FSP Timberlake East (a)	Chesterfield	MO	Suburban
	11	324	FSP Park Ten Phase II Limited Partnership	Houston	TX	Suburban
	12	325	FSP Montague Business Center Corp.	San Jose	CA	Urban Infill
	13	326	FSP Addison Circle Corp.	Addison	TX	Urban Infill
	14	328	FSP Collins Crossing Corp.	Richardson	TX	Urban Infill
	15	329	FSP Innsbrook Corp.	Glen Allen	VA	Suburban
	16	330	FSP 380 Interlocken Corp.	Broomfield	CO	Suburban
	17	331	FSP Blue Lagoon Drive Corp.	Miami	FL	Urban Infill
	18	332	FSP Eldridge Green Corp.	Houston	TX	Urban Infill
	19	339	FSP Greenwood Plaza Corp.	Englewood	CO	Urban Infill
	20	340	FSP River Crossing LLC	Indianapolis	IN	Urban Infill
	21	341	FSP Park Ten Development Corp.	Houston	TX	Suburban
	22	345	FSP Liberty Plaza Limited Partnership	Addison	TX	Urban Infill
	23	346	FSP One Overton Park LLC	Atlanta	GA	Urban Infill
	24	349	FSP 390 Interlocken LLC	Broomfield	CO	Suburban
	25	350	FSP East Baltimore Street LLC	Baltimore	MD	CBD
	26	354	FSP Lakeside Crossing I LLC	Maryland Heights	MO	Suburban
	27	355	FSP Dulles Virginia LLC	Dulles	VA	Suburban
	28	356	FSP 4807 Stonecroft Boulevard LLC	Chantilly	VA	Suburban
	29	357	FSP Eden Bluff Corporate Center I LLC	Eden Prairie	MN	Suburban
	30	362	FSP 121 South Eighth Street LLC	Minneapolis	MN	CBD
	31	364	FSP Emperor Boulevard Limited Partnership	Durham	NC	Suburban
	32	365	FSP Legacy Tennyson Center LLC	Plano	TX	Suburban
	33	366	FSP One Legacy Circle LLC	Plano	TX	Urban Infill
	34	367	FSP 909 Davis Street LLC	Evanston	IL	CBD
	35	368	FSP 1410 East Renner Road LLC	Richardson	TX	Suburban
	36	369	FSP One Ravinia Drive LLC	Atlanta	GA	Urban Infill
	37	370	FSP Westchase  LLC	Houston	TX	Urban Infill
	38	371	FSP 1999 Broadway LLC	Denver	CO	CBD
	39	372	FSP 999 Peachtree Street LLC	Atlanta	GA	CBD
	 	 	 	 	 	 
	 	(a) Owned directly by FSP; all others are subsidiaries of FSPEX-10.1

 Exhibit 10.1 
 SEPARATION AGREEMENT 
 This Separation
Agreement (the “Agreement”) by and between Theodore L. Tewksbury, III (“Executive”) and Integrated Device Technology, Inc., a Delaware corporation (the “Company”), is made effective as of the eighth
(8th) day following the date Executive signs this
Agreement (the “Effective Date”) with reference to the following facts: 
 A. Executive’s employment with
the Company and status as an officer and employee of the Company and each of its affiliates will end effective upon the Termination Date (as defined below). 
 B. Executive and the Company want to end their relationship amicably and also to establish the obligations of the parties including, without limitation, all amounts due and owing to the Executive.

 NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows:

 1. Termination Date. Executive acknowledges and agrees that his status as an officer, director and
employee of the Company will end effective as of August 27, 2013 (the “Termination Date”). Executive hereby agrees to execute such further document(s) as shall be determined by the Company as necessary or desirable to give effect to
the termination of Executive’s status as an officer and director of the Company and each of its subsidiaries; provided that such documents shall not be inconsistent with any of the terms of this Agreement. 

2. Final Paycheck; Payment of Accrued Wages and Expenses. 

(a) Final Paycheck. As soon as administratively practicable on or after the Termination Date, the Company will pay
Executive all accrued but unpaid base salary and all accrued and unused vacation earned through the Termination Date, subject to standard payroll deductions and withholdings. Executive is entitled to these payments regardless of whether Executive
executes this Agreement. 
 (b) Business Expenses. The Company shall reimburse Executive for all
outstanding expenses incurred prior to the Termination Date which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s
requirements with respect to reporting and documenting such expenses. Executive is entitled to these reimbursement regardless of whether Executive executes this Agreement. 

3. Separation Payments and Benefits. Without admission of any liability, fact or claim, the Company hereby agrees,
subject to the execution of this Agreement and Executive’s performance of his continuing obligations pursuant to the Company’s standard Employee Proprietary Information and Inventions Agreement (the “Confidentiality
Agreement”), to provide Executive the severance payments and benefits set forth below. Specifically, the Company and Executive agree as follows: 
 (a) Severance. The Executive will be entitled to (a) a lump sum payment of six hundred thousand eighteen dollars ($600,018), which is the equivalent of twelve (12) months of Executive’s base
salary, subject to standard payroll deductions and withholdings, to be paid to Employee on the first payroll date after this Agreement becomes 

  
 1 

	 	 
effective and irrevocable and (b) a lump sum payment in the amount of the bonus Executive would have received pursuant to the Company’s Annual Incentive Compensation Plan (“AIP”)
with respect to the fiscal year in which the Termination Date occurs, had he remained in continuous employment through the end of such fiscal year, subject to applicable withholdings and payable on the regularly scheduled payment date under the AIP
(in the fiscal year following the fiscal year in which the Termination Date occurs). 

 (b)
Stock Options. As of the Termination Date, it is anticipated that Executive will have vested options to purchase an aggregate of 842,708 shares of Company common stock pursuant to the Company’s equity incentive plans and the option
agreements evidencing such grants (collectively, the “Stock Option Agreements”). Executive shall have up to twelve (12) months following the Termination Date to exercise his vested options. Any vested options not exercised prior to
the first anniversary of the Termination Date will thereupon automatically terminate. All unvested options shall terminate on the Termination Date. 
 (c) Healthcare Continuation Coverage. If Executive elects to receive continued healthcare coverage pursuant to the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended (“COBRA”), the Company shall directly pay, or reimburse Executive for, the COBRA premium for Executive and Executive’s covered dependents, such payment or reimbursement to continue until the earlier of (i) the first
anniversary of the Termination Date or (ii) the date Executive becomes eligible for comparable coverage under another employer’s plans. After the Company ceases to pay or reimburse premiums pursuant to the preceding sentence, Executive may, if
eligible, elect to continue healthcare coverage at Executive’s expense in accordance with the provisions of COBRA. 
 (d) Laptop Computer. Executive shall be entitled to retain Executive’s laptop computer after the Termination Date, provided, that Executive first provides the laptop computer to the Company
for the removal of all files which Executive shall do as soon as practicable for Executive but in any event within ten (10) business days after the Termination Date. The laptop computer shall be returned to Executive within five business days of the
date Executive delivers it to the Company with the operating systems and software intact. The parties have determined the value of the laptop computer to be $1,000.00. 

(e) Taxes. Executive understands and agrees that all payments under this Agreement will be subject to appropriate
tax withholding and other deductions. To the extent any taxes may be payable by Executive for the benefits provided to him by this Agreement beyond those withheld by the Company, Executive agrees to pay them himself and to indemnify and hold the
Company and the other entities released herein harmless for any tax claims or penalties, and associated attorneys’ fees and costs, resulting from any failure by him to make required payments. To the extent that any reimbursements payable
pursuant to this Agreement are subject to the provisions of Section 409A of the Code, such reimbursements shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred, the amount of expenses
reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

  
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 (f) SEC Reporting. Executive acknowledges that to the extent required
by the Securities Exchange Act of 1934, as amended (the “Exchange Act”), he will have continuing obligations under Section 16(a) and 16(b) of the Exchange Act to report certain transactions in Company common stock for six (6) months
following the Termination Date. Executive hereby agrees not to undertake, directly or indirectly, any reportable transactions until the end of such six (6) month period. 

(g) Sole Separation Benefit. Executive agrees that the payments provided by this Section 3 are not required under
the Company’s normal policies and procedures and are provided as a severance solely in connection with this Agreement. Executive acknowledges and agrees that the payments referenced in this Section 3 constitute adequate and valuable
consideration, in and of themselves, for the promises contained in this Agreement. 
 4. Full Payment.
Executive acknowledges that the payment and arrangements herein shall constitute full and complete satisfaction of any and all amounts properly due and owing to Executive as a result of his employment with the Company and the termination thereof.
Executive further acknowledges that, other than the Confidentiality Agreement, this Agreement shall supersede each agreement entered into between Executive and the Company regarding Executive’s employment, including, without limitation, any
offer letter, employment agreement, severance and/or change in control agreement, and each such agreement other than the Stock Option Agreements shall be deemed terminated and of no further effect as of the Termination Date. 

5. Executive’s Release of the Company. Executive understands that by agreeing to the release provided by this
Section 5, Executive is agreeing not to sue, or otherwise file any claim against, the Company or any of its employees or other agents for any reason whatsoever based on anything that has occurred as of the date Executive signs this Agreement.

 (a) On behalf of Executive and Executive’s heirs, assigns, executors, administrators, trusts, spouse and
estate, Executive hereby releases and forever discharges the “Releasees” hereunder, consisting of the Company, and each of its owners, affiliates, subsidiaries, predecessors, successors, assigns, agents, directors, officers,
partners, employees, and insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens,
contracts, agreements, promises, liability, claims, demands, damages, loss, cost or expense, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called “Claims”), which Executive now has or may hereafter
have against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof, including, without limiting the generality of the foregoing, any Claims arising out of, based upon, or
relating to Executive’s hire, employment, remuneration or resignation by the Releasees, or any of them, Claims arising under federal, state, or local laws relating to employment, Claims of any kind that may be brought in any court or
administrative agency, including any Claims arising under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000, et seq.; Americans with Disabilities Act, as amended, 42 U.S.C. § 12101 et seq.; the
Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et seq.; Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621, et seq.; Civil Rights Act of 1866, and Civil Rights Act of 1991; 42 U.S.C. § 1981,
et seq.; Equal Pay Act, as amended, 29 U.S.C. § 206(d); regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq.; The Family and Medical Leave Act, as amended, 29 U.S.C. § 2601
et seq.; the Fair Labor Standards Act of 1938, as 

  
 3 

	 	 
amended, 29 U.S.C. § 201 et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; the Worker Adjustment and Retraining Notification
Act, as amended, 29 U.S.C. § 2101 et seq.; the California Fair Employment and Housing Act, as amended, Cal. Lab. Code § 12940 et seq.; the California Equal Pay Law, as amended, Cal. Lab. Code §§ 1197.5(a),199.5; the
Moore-Brown-Roberti Family Rights Act of 1991, as amended, Cal. Gov’t Code §§12945.2, 19702.3; California Labor Code §§ 1101, 1102; the California WARN Act, California Labor Code §§ 1400 et. seq; California Labor
Code §§ 1102.5(a),(b); claims for wages under the California Labor Code and any other federal, state or local laws of similar effect; the employment and civil rights laws of California; Claims for breach of contract; Claims arising in
tort, including, without limitation, Claims of wrongful dismissal or discharge, discrimination, harassment, retaliation, fraud, misrepresentation, defamation, libel, infliction of emotional distress, violation of public policy, and/or breach of the
implied covenant of good faith and fair dealing; and Claims for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s fees. 

(b) Notwithstanding the generality of the foregoing, Executive does not release the following claims: 

(i) Claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable
state law; 
 (ii) Claims for workers’ compensation insurance benefits under the terms of any worker’s
compensation insurance policy or fund of the Company; 
 (iii) Claims to continued participation in certain of
the Company’s group benefit plans pursuant to the terms and conditions of COBRA; 
 (iv) Claims to any
benefit entitlements vested as the date of Executive’s employment termination, pursuant to written terms of any Company employee benefit plan; 
 (v) Claims for indemnification under any indemnification agreement between Executive and the Company, the Company’s Bylaws, California Labor Code Section 2802 or any other applicable law; and

 (vi) Executive’s right to bring to the attention of the Equal Employment Opportunity Commission claims
of discrimination; provided, however, that Executive does release Executive’s right to secure any damages for alleged discriminatory treatment. 

(c) Acknowledgement. In accordance with the Older Workers Benefit Protection Act of 1990, Executive has been
advised of the following: 
 (i) Executive should consult with an attorney before signing this Agreement;

 (ii) Executive has been given at least twenty-one (21) days to consider this Agreement; 

  
 4 

 (iii) Executive has seven (7) days after signing this Agreement to revoke
it. If Executive wishes to revoke this Agreement, Executive must deliver notice of Executive’s revocation in writing, no later than 5:00 p.m. on the 7th day following Executive’s execution of this Agreement to Matthew Brandalise, Vice
President, General Counsel and Secretary, 6024 Silver Creek Valley Rd., San Jose, CA 95138, fax: (408) 284-8454. Executive understands that if he revokes this Agreement, it will be null and void in its entirety, and he will not be entitled to any
payments or benefits provided in this Agreement, other than as provided in Section 2 hereof. 
 (d) EXECUTIVE
ACKNOWLEDGES THAT EXECUTIVE HAS BEEN ADVISED OF AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS: 
 “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.” 
 BEING AWARE OF SAID CODE SECTION, EXECUTIVE HEREBY
EXPRESSLY WAIVES ANY RIGHTS EXECUTIVE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. 
 6. Non-Disparagement, Transition, Transfer of Company Property and Limitations on Service. Executive further agrees that: 

(a) Non-Disparagement. Executive agrees that he shall not disparage, criticize or defame the Company, its
affiliates and their respective affiliates, directors, officers, agents, partners, stockholders, employees, products, services, technology or business, either publicly or privately. The Company agrees that it shall not, and it shall instruct its
officers and members of its Board of Directors to not, disparage, criticize or defame Executive, either publicly or privately. Nothing in this Section 6(a) shall have application to any evidence or testimony required by any court, arbitrator or
government agency. 
 (b) Transition. Each of the Company and Executive shall use their respective
reasonable efforts to cooperate with each other in good faith to facilitate a smooth transition of Executive’s duties to other executive(s) of the Company. 
 (c) Transfer of Company Property. On or before the Termination Date, Executive shall turn over to the Company all files, memoranda, records, and other documents, and any other physical or personal
property which are the property of the Company and which he had in his possession, custody or control at the time he signed this Agreement. 
 7. Executive Representations. Executive warrants and represents that (a) he has not filed or authorized the filing of any complaints, charges or lawsuits against the Company or any affiliate of the
Company with any governmental agency or court, and that if, unbeknownst to Executive, such a complaint, charge or lawsuit has been filed on his behalf, he will immediately 

  
 5 

 
cause it to be withdrawn and dismissed, (b) he has reported all hours worked as of the date of this Agreement and has been paid all compensation, wages, bonuses, commissions, and/or benefits to
which he may be entitled and no other compensation, wages, bonuses, commissions and/or benefits are due to him, except as provided in this Agreement, (c) he has no known workplace injuries or occupational diseases and has been provided and/or has
not been denied any leave requested under the Family and Medical Leave Act or any similar state law, (d) the execution, delivery and performance of this Agreement by Executive does not and will not conflict with, breach, violate or cause a default
under any agreement, contract or instrument to which Executive is a party or any judgment, order or decree to which Executive is subject, and (e) upon the execution and delivery of this Agreement by the Company and Executive, this Agreement will be
a valid and binding obligation of Executive, enforceable in accordance with its terms. 
 8. No Assignment by
Executive. Executive warrants and represents that no portion of any of the matters released herein, and no portion of any recovery or settlement to which Executive might be entitled, has been assigned or transferred to any other person, firm or
corporation not a party to this Agreement, in any manner, including by way of subrogation or operation of law or otherwise. If any claim, action, demand or suit should be made or instituted against the Company or any other Releasee because of any
actual assignment, subrogation or transfer by Executive, Executive agrees to indemnify and hold harmless the Company and all other Releasees against such claim, action, suit or demand, including necessary expenses of investigation, attorneys’
fees and costs. In the event of Executive’s death, this Agreement shall inure to the benefit of Executive and Executive’s executors, administrators, heirs, distributees, devisees, and legatees. None of Executive’s rights or
obligations may be assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which may be transferred only upon Executive’s death by will or operation of law. 

9. Non-Solicitation. Executive hereby agrees that for one (1) year following the Termination Date, Executive shall
not, directly or indirectly, influence or attempt to influence customers or suppliers of the Company or any of its subsidiaries or affiliates, to divert their business to any competitor of the Company. Executive recognizes that he possesses
confidential information about other employees of the Company relating to their education, experience, skills, abilities, compensation and benefits, and interpersonal relationships with customers of the Company. Executive recognizes that the
information he possesses about these other employees is not generally known, is of substantial value to the Company in developing its business and in securing and retaining customers, and has been acquired by him because of his business position
with the Company. Executive agrees that, for one (1) year after the Termination Date, he will not, directly or indirectly, solicit or recruit any employee of the Company for the purpose of being employed by him or by any competitor of the Company on
whose behalf he is acting as an agent, representative or employee and that he will not convey any such confidential information or trade secrets about other employees of the Company to any other person. 

10. Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the laws of the State of California or, where applicable, United States federal law, in each case, without regard to any conflicts of laws provisions or those of any state other than California. 

11. Miscellaneous. This Agreement, collectively with the Confidentiality Agreement and the Stock Option Agreements
comprise the entire agreement between the parties with regard to the subject matter hereof and supersedes, in their entirety, any other agreements between Executive and the Company with regard to the subject matter hereof. The Company and Executive
acknowledge that the termination of the Executive’s employment with the Company is 

  
 6 

 
intended to constitute an involuntary separation from service for the purposes of Section 409A of the Code, and the related Department of Treasury regulations. Executive acknowledges that there
are no other agreements, written, oral or implied, and that he may not rely on any prior negotiations, discussions, representations or agreements. This Agreement may be modified only in writing, and such writing must be signed by both parties and
recited that it is intended to modify this Agreement. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 

12. Company Assignment and Successors. The Company shall assign its rights and obligations under this Agreement to
any successor to all or substantially all of the business or the assets of the Company (by merger or otherwise). This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns, personnel and legal
representatives. 
 13. Maintaining Confidential Information. Executive reaffirms his obligations
under the Confidentiality Agreement. Executive acknowledges and agrees that the payments provided in Section 3 above shall be subject to Executive’s continued compliance with Executive’s obligations under the Confidentiality Agreement.

 14. Executive’s Cooperation. After the Termination Date, Executive shall cooperate with the
Company and its affiliates, upon the Company’s reasonable request, with respect to any internal investigation or administrative, regulatory or judicial proceeding involving matters within the scope of Executive’s duties and
responsibilities to the Company or its affiliates during his employment with the Company (including, without limitation, Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the
Company’s reasonable request to give testimony without requiring service of a subpoena or other legal process, and turning over to the Company all relevant Company documents which are or may have come into Executive’s possession during his
employment); provided, however, that any such request by the Company shall not be unduly burdensome or interfere with Executive’s personal schedule or ability to engage in gainful employment.

(Signature page(s) follow) 

  
 7 

 IN WITNESS WHEREOF, the undersigned have caused this Separation Agreement to be duly
executed and delivered as of the date indicated next to their respective signatures below. 
  

					
	DATED: August 26, 2013	 	
		 	 /s/ Theodore L. Tewksbury, III

		 	Theodore L. Tewksbury, III
		
		 	INTEGRATED DEVICE TECHNOLOGY, INC.
	DATED: August 26, 2013	 		 	
		 	By:	 	 /s/ Matthew Brandalise

		 	Matthew Brandalise
		 	Vice President, General Counsel and Secretary

  
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