Document:

Exhibit 10.43

 

 

 

March 11, 2013

 

Mr. Krishna P. Mikkilineni

Honeywell Tech Solutions Lab

151/1, Doraisanipalya, Bannerghatta Road

Bangalore, India 560076

 

Dear Krishna,

 

I am pleased to confirm our offer to you
as Senior Vice President, Engineering, Operations and Information Technology (Band 7), located in Morristown, New Jersey reporting
to David Cote, Chairman and CEO of Honeywell. In this position, you will be an Executive Officer of Honeywell for purposes of SEC
Section16 reporting. The effective date of your promotion will be determined by Dave Cote (“Effective Date”), subject
to the terms and conditions of this letter agreement (“Agreement”).

 

In connection with your new role, you will
be entitled to the following compensation and benefits package, as previously approved by the Management Development and Compensation
Committee of the Company’s Board of Directors:

 

COMPENSATION

 

Base Salary: As of the Effective
Date, your annual base salary will be increased to $600,000. Base salary reviews occur annually (beginning in 2014) and adjustments
are based on your performance and other relevant factors.

 

Annual Incentive Compensation: As
of the Effective Date, your target incentive compensation opportunity will be increased to 75% of your annual cash base salary
earnings during the year. For 2013, your bonus will be determined by pro-rating your bonus based on your old target award percentage
of 65% and your new target percentage of 75%.

 

Long-Term Incentive Awards: You
will be eligible for an annual stock option award with the size determined by the MDCC based on your performance and future career
potential with Honeywell. Stock options generally vest ratably over four years. In addition, as a recognized member of Honeywell’s
leadership team, you will be eligible to receive Growth Plan Units under the Growth Plan.

 

In addition to your eligibility for annual
long-term incentive awards, you will receive a special, one-time award of 20,000 stock options as a component of this offer. This
award will be granted under the terms of the 2011 Stock Incentive Plan of Honeywell International Inc. and Its Affiliates

(the “Stock Incentive Plan”)
and the relevant award agreement. These stock options will vest ratably over four years.

    	1

    	

    

OTHER EXECUTIVE BENEFITS

 

You will also be entitled to the following Executive Benefits:

 

		·	Vacation: You will be eligible for five
(5) weeks of vacation.
		·	Excess Liability Insurance: Honeywell
will pay the annual premium for an Excess Liability Insurance policy that provides $10,000,000 of coverage per occurrence.
		·	Executive Severance: Honeywell’s
Senior Severance Plan currently provides for 36 months of base salary continuation and target bonus if your employment is involuntary
terminated for a reason other than Gross Cause (as defined in the severance plan document in effect when you terminate employment).
You will be required to execute a release of claims against Honeywell and its affiliates and related parties and you may be required
to agree to certain non-solicitation, non-disclosure and non-competition covenants as a condition of receiving executive severance
benefits. For additional information, please consult the actual plan document.

 

REPATRIATION AND DOMESTIC RELOCATION

 

A condition of the offer is that you agree
to relocate from Bangalore, India to the Unites States. As part of this move, you are eligible for repatriation and domestic relocation
benefits. You will be contacted by SIRVA (repatriation) & Brookfield (relocation) after you return your signed offer letter
to initiate the relocation process.

 

In addition to the regular policy benefits,
you will also be provided with additional relocation benefits, as follows:

 

	 	 	Value	 
	Additional Miscellaneous Relocation Allowance	 	$	30,000	 

 

You will also be permitted to apply up
to 30-days of the leaving country temporary housing benefits provided under the repatriation policy to extend the 60-day temporary
housing benefit up to 90-days.

 

All direct payments made to you under this
Repatriation and Domestic Relocation section of this Offer Letter shall be grossed up for tax purposes at the assumed tax rate
of 51%.

 

Should you voluntarily leave Honeywell
within 24 months of your relocation to the United States, you will be obligated to repay to Honeywell, in cash and within 30 days
of your termination date, 100% of the costs associated with your relocation, including any tax gross ups.

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STOCK OWNERSHIP GUIDELINES FOR HONEYWELL OFFICERS

 

As an Officer of the Corporation, you will
be required to hold four-times your annual base salary in Honeywell shares in accordance with the Corporation’s Stock Ownership
Guidelines. The following table provides an overview of the Stock Ownership Guidelines. A copy of the Stock Ownership Guidelines
policy documents will be separately provided to you.

 

	Honeywell
    Shares Counted for Ownership Purposes:	·     Unvested
                                                                                                                                                                                 restricted
                                                                                                                                                                                 stock
                                                                                                                                                                                 units
                                                                                                                                                                                 (RSUs)

·     Deferred restricted stock
units

·     Shares in tax qualified and
non-qualified savings plans

·     Private holdings

	 	 
	Ownership
    Threshold:	·     4X base salary
	 	 
	Retention
    Requirements:	·     Indefinite
                                                                                                                                   holding
                                                                                                                                   requirement
                                                                                                                                   until
                                                                                                                                   ownership
                                                                                                                                   threshold
                                                                                                                                   is
                                                                                                                                   met
                                                                                                                                   for
                                                                                                                                   net
                                                                                                                                   gain
                                                                                                                                   shares
                                                                                                                                   from
                                                                                                                                   RSU
                                                                                                                                   vesting,
                                                                                                                                   payment
                                                                                                                                   of
                                                                                                                                   deferred
                                                                                                                                   RSUs
                                                                                                                                   and
                                                                                                                                   all
                                                                                                                                   stock
                                                                                                                                   option
                                                                                                                                   exercises

·     One year for net
        gain shares from RSU vesting and all stock option exercises (Note: payment of deferred RSUs are exempt from the one year
        minimum hold requirement)

	 	 
	Time
    Limit:	·     No
                                                                                                                                   time
                                                                                                                                   requirement
                                                                                                                                   to
                                                                                                                                   meet
                                                                                                                                   ownership
                                                                                                                                   threshold

·     Must meet threshold
        in order to sell stock

         

 

Note that you currently satisfy the 4x multiple requirement
based on your outstanding restricted stock holdings.

 

ACCEPTANCE OF OFFER

 

As a condition of this employment offer,
you are required to execute, in the form attached hereto, Honeywell’s “Employee Agreement Relating to Trade Secrets,
Proprietary and Confidential Information” (“IP Agreement”). This IP Agreement replaces, in its entirety, any
previous intellectual property agreement that you may have executed while an employee of Honeywell.

 

In addition, your offer of employment with
Honeywell as described herein is contingent upon your signing and returning a copy of the “Honeywell International Inc. Noncompete
Agreement for Senior Executives” (“Noncompete Agreement”) before your start date. A copy of this Noncompete Agreement
is attached.

 

Honeywell has a long and distinguished
history. But, more importantly, we are a company with a terrific future and a great place to work. Our performance culture drives
growth for us and competitive advantage for our customers. We hire the best people; give them every possible opportunity to learn,
grow, and develop; and reward them for their contributions. We offer career paths that span product lines, job types, businesses,
and countries.

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Krishna, we are excited to be extending
this offer to you and look forward to working with you in your expanded role. Your experience and background is an asset to our
Company.

 

Finally, please print and sign this Agreement,
the IP Agreement and the Noncompete Agreement and return them to me as soon as possible.

 

If you have any questions or need any further
information about our offer, please contact me directly.

 

Congratulations,

 

Mark James

Senior Vice President, Human Resources and Communications

Honeywell International Inc.

 

	Read and Accepted:	 	 	 
		 	 	 
	/s/ Krishna P. Mikkilineni	 	4/4/13	 
	KRISHNA P. MIKKILINENI	 	DATE	 

 

All businesses experience changing conditions.
Accordingly, we reserve the right to change work assignments, reporting relationships and staffing levels to meet business needs,
and your employment with Honeywell will be on an “at will” basis. This means that there is no guarantee of employment
for any specific period, and either you or Honeywell may terminate your employment at any time. The descriptions of benefits and
perquisites described in this offer letter are for general information purposes only and are not intended to modify any plan document,
summary plan description (“SPD”) or prospectus. For a complete description of any benefit or perquisite, you may request
a copy of the applicable plan document, SPD or prospectus. The Company reserves the right to modify, amend or terminate any benefit
plan or perquisite in its sole and absolute discretion.

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HONEYWELL INTERNATIONAL INC.

Employee Agreement Relating to Trade Secrets,

Proprietary and Confidential Information

 

In consideration of my employment, continued employment, compensation,
and the equipment, materials, facilities and Honeywell “Trade Secrets, Proprietary and Confidential Information” (as
hereinafter defined) supplied to me, I understand and agree that:

 

	1.	Records of Inventions. I will
                                       keep complete and current written records of all Inventions I Make during the period of
                                       time I am employed by Honeywell and promptly disclose all such Inventions in writing to
                                       Honeywell for the purpose of adequately determining Honeywell’s rights in each such
                                       Invention. I will supplement any such disclosures to the extent Honeywell may request that
                                       I do so. If I have any doubt as to whether or not to disclose an Invention to Honeywell,
                                       I will disclose it.

 

	2.	Disclosure of Inventions after
                                       Termination. I will promptly and completely disclose in writing to Honeywell’s
                                       Law Department all Inventions which I Make during the one year immediately following the
                                       end of my employment by Honeywell which relate either to my work assignment at Honeywell
                                       or to Honeywell’s Trade Secrets, Proprietary and Confidential Information for the
                                       purpose of determining Honeywell’s rights in each such Invention before filing any
                                       application for patents on such Inventions. I will not file any patent application relating
                                       to any such Invention without the prior written consent of Honeywell’s Law Department.
                                       If I do not prove that I Made the Invention entirely after leaving Honeywell’s employment,
                                       the Invention is presumed to have been Made during the period of time I was employed by
                                       Honeywell. I acknowledge that the conditions of this paragraph are no greater than is necessary
                                       for protecting Honeywell’s interests in Honeywell’s Trade Secrets, Proprietary
                                       and Confidential Information and in Inventions to which it is rightfully entitled.

 

	3.	Ownership of Inventions. Each
                                       and every Invention I Make during the period of time I am employed by Honeywell (a) which
                                       relates directly to the business of Honeywell or to Honeywell’s actual or demonstrably
                                       anticipated research or development, or (b) which results from any work I perform for Honeywell
                                       is the sole and exclusive property of Honeywell, and I agree to assign and hereby assign
                                       my entire right, title and interest in each such Invention to Honeywell. Each Invention
                                       I Make during the period of time I am employed by Honeywell for which no equipment, supplies,
                                       facilities or Honeywell Trade Secrets, Proprietary or Confidential Information was used
                                       and which was developed entirely on my own time is my property, unless (a) the Invention
                                       relates directly to the business of Honeywell or to Honeywell’s actual or demonstrably
                                       anticipated research or development, or (b) the Invention results from any work performed
                                       by me for Honeywell. If I assert any property right in an Invention I Make during the period
                                       of time I am employed by Honeywell, I will promptly notify Honeywell’s Law Department
                                       in writing.

 

	4.	Cooperation with Honeywell. I will
                                assist and fully cooperate with Honeywell in obtaining, maintaining, and asserting the fullest
                                measure of legal protection, which Honeywell elects to obtain, maintain or assert for Inventions
                                in which it has a property right. I will also assist and fully cooperate with Honeywell in defending
                                Honeywell against claims of violation of the intellectual property rights of others. I will be
                                paid my reasonable expenses in assisting, and cooperating with, Honeywell. I will execute any
                                lawful document Honeywell requests me to execute relating to obtaining, maintaining, or asserting
                                legal protection for any said Invention or in defending against claims of the violation of the
                                intellectual property rights of others (including, but not limited to, executing applications,
                                assignments, oaths, declarations, and affidavits) and I will make myself available for interviews,
                                depositions and testimony. In the event that Honeywell is unable, after reasonable effort, to
                                secure my signature on any document or documents needed to apply for or prosecute any patent,
                                copyright, or other right or protection relating to an Invention, for any other reason whatsoever,
                                I hereby irrevocably designate and appoint Honeywell and its duly authorized officers and agents 

 

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	 	as my agent and attorney-in-fact, to act for and on my behalf to execute and file any such application
                                or applications, and to do all other lawfully-permitted acts to further the prosecution and issuance
                                of patents, copyrights, or similar protections thereon with the same legal force and effect as
                                if executed by me.

 

	5.	Pre-employment Inventions.
                                       On Schedule A, which is an integral part of this agreement, I have completely identified
                                       (without disclosing any trade secret, proprietary or other confidential information) every
                                       Invention I Made before my employment by Honeywell in which I have an ownership interest
                                       and which is not the subject matter of an issued patent or a printed publication at the
                                       time I sign this agreement. If I become aware of any projected or actual use of any such
                                       Invention by Honeywell, I will promptly notify Honeywell in writing of said use. Except
                                       as to the Inventions listed on Schedule A or those which are the subject matter of an issued
                                       patent or a printed publication at the time I sign this agreement, I will not assert any
                                       rights against Honeywell with respect to any Invention Made before my employment by Honeywell.

 

	6.	Honeywell’s Trade Secrets, Proprietary
                                and Confidential Information. I will never, directly or indirectly, during or after my employment
                                with Honeywell misappropriate, use or disclose Honeywell’s Trade Secrets, Proprietary and
                                Confidential Information except in furthering Honeywell’s business nor will I disclose or
                                disseminate at any time Honeywell’s Trade Secrets, Proprietary and Confidential Information
                                to anyone who is not an officer, director, employee, attorney or authorized agent of Honeywell
                                without the prior written consent of Honeywell’s Law Department unless the specific item
                                of Honeywell’s Trade Secrets, Proprietary and Confidential Information: (a) is now in, or
                                hereafter, (through no breach of this agreement) becomes general public knowledge, or (b) prior
                                to my disclosure, dissemination or use, was lawfully acquired by me without any obligation to
                                retain the information in confidence. In this connection, I will not publish any of Honeywell’s
                                Trade Secrets, Proprietary and Confidential Information for dissemination outside Honeywell or
                                file any patent application relating to any Invention I Make during the period of time I am employed
                                by Honeywell without the prior written approval of Honeywell’s Law Department. I will execute
                                any agreement relating to the protection of Honeywell’s Trade Secrets, Proprietary and Confidential
                                Information or such information of any third party whose intellectual property Honeywell is under
                                a legal obligation to protect if Honeywell requests that I do so. I will not engage without the
                                prior written consent of Honeywell’s Law Department, either during the period of time I
                                am employed by Honeywell or for a period of two years following my Termination of Employment for
                                any reason, in any activity or employment in the faithful performance of which it could be reasonably
                                anticipated that I would use or disclose Honeywell’s Trade Secrets, Proprietary and Confidential
                                Information. All documents and tangible things embodying or containing Honeywell’s Trade
                                Secrets, Proprietary and Confidential Information are Honeywell’s exclusive property. I
                                have access to them solely for performing the duties of my employment by Honeywell. I will protect
                                the confidentiality of their content and comply with all security policies and procedures, which
                                may, from time to time, be established by Honeywell. I will return all of them and all copies,
                                facsimiles and specimens of them and any other tangible forms of Honeywell’s Trade Secrets,
                                Proprietary and Confidential Information in my possession, custody or control to Honeywell before
                                leaving the employment of Honeywell.
	 	 
	 	I understand that I have the right to use or practice any skill or
expertise generally associated with my employment but not special or unique to Honeywell, but that I do not have the right to use,
practice or disclose Honeywell’s Trade Secrets, Proprietary and Confidential Information for my own benefit or for the benefit
of any third party.

 

	7.	Trade Secrets, Proprietary or
                                       Confidential Information from Previous Employment. I certify that I have not, and will
                                       not, disclose or use during my employment by Honeywell, any trade secrets, proprietary
                                       or confidential information which I acquired as a result of any previous employment or
                                       under a contractual obligation of confidentiality before my employment by Honeywell. I
                                       understand that Honeywell has no interest in and will not accept disclosure by me of any
                                       trade secrets, proprietary or confidential information, 

 

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	 	which belongs to a third party.
                                       If I am ever placed in a position where I will be required or am given an assignment that
                                       will require me to use, directly or indirectly, any trade secrets, proprietary or confidential
                                       information of any person, previous employer or any third party, I will promptly inform
                                       Honeywell’s Law Department and my supervisor before I undertake any activity that
                                       would involve the use or disclosure of such information or present the appearance to any
                                       such third party that I have used or disclosed such information. If I fail to do so, Honeywell
                                       may elect not to indemnify me in the event of litigation and may take such other actions,
                                       as it deems appropriate, up to and including termination of my employment.

 

	8.	Prior Restrictive Obligation.
                                       On Schedule B, which is an integral part of this agreement, I have completely identified
                                       all prior obligations (written and oral), which restrict my ability to perform the duties
                                       of my employment by Honeywell, including all confidentiality agreements and covenants restricting
                                       future employment.

 

	9.	Nonsolicitation of Honeywell
                                       Employees. I acknowledge that Honeywell has invested, and will continue to invest,
                                       significant time and money to recruit and retain its employees. Therefore, recognizing
                                       that in the course of my employment I have obtained valuable information about Honeywell
                                       employees, their respective talents and areas of expertise, I agree that, during my employment
                                       and for a period of two years following my Termination of Employment from Honeywell for
                                       any reason, I will not directly or indirectly, for my own account or for others, (i) solicit
                                       (or assist another in soliciting) for employment or for the performance of services, (ii)
                                       offer or cause to be offered employment or other service engagement, or (iii) participate
                                       in any manner in the employment or hiring for services of any current or former Honeywell
                                       employee with whom I had contact or of whom I became aware in my last two years of Honeywell
                                       employment, unless it has been more than 12 months since that individual left Honeywell.
                                       Nor will I, for my own account or for others, in any way induce or attempt to induce such
                                       individual to leave the employment of Honeywell.

 

	10.	Nonsolicitation of Honeywell
                                        Customers, Suppliers, Business Partners and Vendors. I acknowledge that Honeywell
                                        has invested and will continue to invest significant time and money to develop valuable,
                                        continuing relationships with existing and prospective clients and customers of Honeywell.
                                        Therefore, recognizing that in the course of my employment I have obtained valuable information
                                        about Honeywell customers, suppliers, business partners, and/or vendors, and their requirements,
                                        I agree that during my employment and for a period of two years following my Termination
                                        of Employment from Honeywell for any reason, I will not directly or indirectly, for my
                                        own account or for others, solicit or assist others in soliciting or attempt to solicit
                                        (or assist others in attempting to solicit), (i) any existing clients, customers, suppliers,
                                        business partners, and/or vendors of Honeywell with whom I had contact, or of whom I became
                                        aware while employed by Honeywell during the two-year period prior to my Termination of
                                        Employment, or (ii) any prospective clients, customers, suppliers, business partners,
                                        and/or vendors of Honeywell with whom I had contact and with whom Honeywell took significant
                                        steps to do business during the two-year period prior to my Termination of Employment,
                                        for the purpose of inducing such existing or prospective clients, customers, suppliers,
                                        business partners, and/or vendors to cease doing business or reduce their business with
                                        Honeywell or to purchase, lease or utilize products or services that are competitive with,
                                        similar to, or that may be used as substitutes for any products or services offered by
                                        Honeywell.

 

	11.	Notice to Future Employers.
                                        For the period of two years immediately following the end of my employment by Honeywell,
                                        I will inform each new employer, prior to accepting employment, of the existence of this
                                        agreement and provide that employer with a copy of it. Honeywell has the right to inform
                                        any future employer of the existence of this agreement and to provide any future employers
                                        with a copy of it.

 

	12.	Copyright. As to all works
                                        prepared by me which are: (i) within the scope of my employment, or (ii) based upon information
                                        I acquired from Honeywell which is not normally made available to the public, or (iii)
                                        commissioned by Honeywell, but not within my scope of employment, I hereby agree to:

 

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		(a)	Submit to Honeywell’s Law Department and to my supervisor for approval for publication or oral dissemination;

 

		(b)	Assign all right, title and interest in and to the copyright in all such works to Honeywell; and

 

		(c)	Waive any claim of moral rights, author’s rights, droit moral, or any equivalent rights
to the extent necessary or permitted by law.

 

	 	I hereby release and allow Honeywell to use, for any lawful purpose, any voice reproduction,
photograph, or other video likeness of me made in the course of my employment.
	 	 
	13.	Acknowledgement of Receipt.
                                        I acknowledge that I have received a copy of this agreement prior to accepting employment,
                                        continued employment or other consideration as recited herein and that execution of this
                                        agreement was an express condition of my employment, continued employment or receipt of
                                        other consideration recited herein.

 

	14.	Effectiveness of Agreement. I acknowledge
                                 that the provisions of this agreement are in addition to, and in no way intended to limit, restrict
                                 or narrow any prior or existing agreement with Honeywell. This agreement does not replace or
                                 supersede any prior or existing employment or other agreement with Honeywell, but rather, shall
                                 be read in conjunction with such prior or existing agreements and shall be interpreted in a manner
                                 to provide Honeywell the maximum protection and the most effective and complete assignment of
                                 inventions provided by all agreements I have with Honeywell. The terms of this agreement are
                                 to be read consistent with the terms of any other intellectual property, trade secret or confidentiality
                                 agreements that I have executed with Honeywell; provided, however, to the extent there is a conflict
                                 between/among such agreements, such agreements shall be read in concert and construed as providing
                                 the broadest possible protections to Honeywell, even if such construction would require provisions
                                 of more than one such agreement to be given effect. This agreement shall be deemed effective
                                 as of the first day of my employment by Honeywell and shall continue throughout the entire period
                                 of time I am employed by Honeywell and my obligations will continue after, and survive, the end
                                 of my employment by Honeywell.

 

	15.	Identity of Future Employer. Upon termination
                                        of my employment for any reason, if reasonably requested by Honeywell, I shall advise
                                        Honeywell of the name and address of my intended future employer.

 

	16.	Remedies. I acknowledge
                                        that a remedy at law for any breach or threatened breach of the provisions of this Agreement
                                        would be inadequate and therefore agree that Honeywell shall be entitled to injunctive
                                        relief in case of any such breach or threatened breach. In the event that a court determines
                                        that I have breached or threatened to breach this agreement, I agree to reimburse Honeywell
                                        for all attorneys’ fees and costs incurred in enforcing the terms of the agreement.
                                        However, nothing contained herein shall be construed as prohibiting Honeywell from pursuing
                                        any other remedies available for any such breach or threatened breach against me or my
                                        then-current employer which may also include but not be limited to contract damages, lost
                                        profits and punitive damages.

 

	17.	Successors; Binding Agreement.
                                        This agreement binds my heirs, executors, administrators, legal representatives and
                                        assigns and inures to the benefit of Honeywell and its successors and assigns. Only a
                                        written amendment executed by both Honeywell and me can modify this agreement.

 

	18.	Governing Law. This agreement shall be governed
                                        by and construed in accordance with the laws of the State of New Jersey without regard
                                        to its principles of conflicts of law.

 

	19.	Validity. It is the desire
                                        and intent of the parties hereto that the provisions of this agreement shall be enforced
                                        to the fullest extent legally-permissible. Accordingly, if any particular provision(s)
                                        of this agreement 

 

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	 	shall be adjudicated to be invalid or unenforceable, the court may modify
                                        or sever such provision(s), such modification or deletion to apply only with respect to
                                        the operation of such provision(s) in the particular jurisdiction in which such adjudication
                                        is made. In addition, if any one or more of the provisions contained in this agreement
                                        shall for any reason be held to be excessively broad as to duration, geographical scope,
                                        activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable
                                        to the extent compatible with the applicable law as it shall then appear. The remaining
                                        provisions of this agreement shall remain in full force and effect.
	 	 
	20.	Definitions

 

		(a)	“Honeywell” collectively identifies Honeywell International
Inc. (a Delaware corporation having a place of business at Columbia Road and Park Avenue, Morris Township, Morris County, New Jersey),
its predecessors, designees and successors and its past, present and future operating companies, divisions, subsidiaries, affiliates
and other business units, including businesses acquired by purchase of stock, merger or otherwise.

 

		(b)	“Trade Secrets, Proprietary and Confidential Information” means
information which is not generally known in the industry in which Honeywell is engaged, which may be disclosed to me or which I
may learn, observe, discover or otherwise acquire during, or as a result of, my employment by Honeywell and which includes, without
limitation, any information, whether patentable, patented or not, relating to any existing or contemplated products, inventions,
services, technology, ideas, concepts, designs, patterns, processes, compounds, formulae, programs, devices, tools, compilations
of information, methods, techniques, and including information relating to any research, development, manufacture, purchasing,
engineering, know-how, business plans, sales or market methods, methods of doing business, customer lists, customer usages or requirements,
or supplier information, which is owned or licensed by Honeywell or held by Honeywell in confidence.

 

		(c)	“Invention” includes not only inventions (whether or not patentable),
but also innovations, improvements, discoveries, ideas and all other forms of intellectual property (including, but not limited
to, copyright works and mask works) – whether or not any of the foregoing constitutes trade secret or other confidential
information.

 

		(d)	“Make” or “Made” when used in relation to Invention
includes any one or any combination of (i) conception, (ii) reduction to practice, or (iii) development of an Invention and is
without regard to whether I am a sole or joint inventor.

 

		(e)	“Termination of Employment” shall be defined as any separation
from employment with Honeywell regardless of the reason, including any and all voluntary and involuntary reasons for termination.
The termination date for purposes of this Agreement shall be the last day I actively perform services for Honeywell.

 

	21.	Headings Descriptive. The
                                        headings of the several paragraphs of this agreement are inserted for convenience only
                                        and shall not in any way affect the meaning or construction of this agreement.

 

	/s/ Krishna Mikkilineni	 	4/4/13	 
	KRISHNA MIKKILINENI	 	DATE	 

 

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SCHEDULE A

 

HAVE YOU MADE ANY INVENTIONS BEFORE THE TERM OF YOUR EMPLOYMENT
WITH HONEYWELL, IN WHICH YOU HAVE AN OWNERSHIP INTEREST AND WHICH ARE NOT THE SUBJECT MATTER OF ISSUED PATENTS OR PRINTED PUBLICATIONS?

 

(If there are none, please enter the word “NONE”)

 

NOTE: Please describe each such Invention without disclosing trade secrets,
proprietary or confidential information.

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

[Attach additional sheets if more space is needed.]

 

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SCHEDULE B

 

DO YOU HAVE ANY PRIOR OBLIGATIONS (WRITTEN OR ORAL) WHICH WOULD RESTRICT
YOUR ABILITY TO PERFORM THE DUTIES OF YOUR EMPLOYMENT WITH HONEYWELL?

 

(If there are none, please enter the word “NONE”)

 

NOTE: Please give date of, and parties to, obligations and the nature and substance of the restriction.

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

[Attach additional sheets if more space is needed.]

 

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HONEYWELL INTERNATIONAL

NONCOMPETE AGREEMENT FOR SENIOR

EXECUTIVES

 

In consideration of my transfer, promotion,
or hire into my role as a Senior Executive of the company, my employment, continued employment, compensation and the equipment,
materials, facilities and the Trade Secrets, Proprietary and Confidential Information supplied to me, I agree to the following:

 

1.Noncompetition. I acknowledge that in the
course of my employment with or provision of services to Honeywell, I have and will become familiar with Trade Secrets,
Proprietary and Confidential Information concerning Honeywell, its businesses and employees, including but not limited to,
Honeywell’s business methods, business systems, strategic plans, plans for acquisition or disposition of products,
expansion plans, financial status and plans, financial data, customer lists and data, and personnel information. I understand
and agree that as part of my continued employment with Honeywell, I will continue to have access to and receive Trade
Secrets, Proprietary and Confidential Information concerning Honeywell. I further acknowledge that Honeywell operates in a
very competitive business environment and my services are and will be of special, unique and extraordinary value to
Honeywell. I further acknowledge that I have been given and will continue to be given access to, and develop relationships
with, customers of Honeywell at the time and expense of Honeywell and have and will continue to receive training, experience
and expertise from Honeywell that make my services of special, unique and extraordinary value to Honeywell. I further
acknowledge and agree that I will not, directly or indirectly, at any time during or after my employment with Honeywell,
except in the course of performing my duties at Honeywell, disclose, disseminate, make available or use Honeywell’s
Trade Secrets, Proprietary and Confidential Information.

 

I agree that, during
my employment and for a period of two (2) years following my Termination of Employment with Honeywell for any reason, I will not
become employed by, perform services for, or otherwise become associated with (as an employee, officer, director, principal, agent,
manager, partner, co-partner or consultant or any other individual or representative role) a Competing Business (as defined below).
This restriction shall apply to any Competing Business that conducts business in the same or substantially similar geographic area
in which any Honeywell business, for which I was employed or performed services in a job covered by this Program during the Look
Back Period, conducts business or plans to conduct business as of my Termination of Employment. I acknowledge (i) that Honeywell’s
business is conducted throughout the United States and around the world, (ii) notwithstanding the state of incorporation or principal
office of Honeywell, it is expected that Honeywell will have business activities and have valuable business relationships within
its industry throughout the United States and around the world, and (iii) as part of my responsibilities, I may be conducting business
throughout the United States and around the world in furtherance of Honeywell’s business and its relationships.

 

A “Competing Business”
shall mean any business, person, entity or group of business entities, regardless of whether organized as a corporation, partnership
(general or limited), joint venture, association or other organization, that (i) conducts or is planning to conduct a business

 

	Noncompete Agreement – US	Page 1 of 6	Revised 02-01-2012

    	 

    	

    

similar to and/or in competition with any
business conducted or planned by any Honeywell business for which I (A) was employed or performed services in a job covered by
this Program, or (B) had knowledge of operations over the Look Back Period, or (ii) designs, develops, produces, offers for sale
or sells a product or service that can be used as a substitute for, or is generally intended to satisfy the same customer needs
for, any one or more products or services designed, developed, manufactured, produced or offered for sale or sold by any Honeywell
business for which I (X) was employed or performed services in a job covered by this Program, or (Y) had knowledge of operations
during the Look Back Period. I acknowledge that I will be deemed to have knowledge of a business if I received, was in possession
of or otherwise had access to Trade Secrets, Proprietary and Confidential Information regarding such business. For purposes of
illustration only, I acknowledge and understand that each of the corporations or entities (and any related entities, subsidiaries,
affiliates or successors) set forth on the Addendum attached hereto is a Competing Business as of the date hereof. I further acknowledge
and agree that the Addendum attached hereto is not an exhaustive list and is not intended to include all of Honeywell’s current
or future competitors, which I acknowledge may include other persons or entities in the future. I further acknowledge and understand
that if I have any questions about whether any prior Honeywell position which I have held over the last two years is subject to
this Program and shall be used to identify Competing Businesses, I should contact my Human Resource representative.

 

Honeywell recognizes
that some businesses, persons, entities, or group of businesses that are Competing Businesses as defined above may also have lines
of business or parts of their business that do not compete with Honeywell as defined above, and the restrictions contained herein
are not intended to include such lines of business or parts of their businesses. I understand and agree that if I intend to become
employed by, perform services for, or otherwise become associated with (as an employee, officer, director, principal, agent, manager,
partner, co-partner or consultant or any other individual or representative role) a Competing Business as defined above, it is
presumed that the restriction contained herein applies. I further understand and agree that if I do not believe the restriction
contained herein should apply, I must demonstrate to Honeywell that I will only be employed by, perform services for, or otherwise
become associated with (as an employee, officer, director, principal, agent, manager, partner, co-partner or consultant or any
other individual or representative role) a line of business in, or part of, a Competing Business that does not compete with Honeywell
as defined above.

 

2.Reasonableness of Restrictions and Validity.
I agree that the terms of this Agreement are reasonable and do not impose a greater restraint than necessary to protect
Honeywell’s legitimate protectable business interests, including the protection of its Trade Secrets, Proprietary and
Confidential Information. It is the desire and intent of the parties hereto that the provisions of this Agreement shall be
enforced to the fullest extent legally-permissible. Accordingly, if any particular provision(s) of this Agreement shall be
adjudicated to be overbroad, invalid or unenforceable, the court may modify or sever such provision(s), such modification or
deletion to apply only with respect to the operation of such provision(s) in the particular jurisdiction in which such
adjudication is made. In addition, if any one or more of the provisions contained in this Agreement shall for any reason be
held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and
reducing it so as to be enforceable to the extent compatible with the applicable law as it shall then appear. The remaining
provisions of this Agreement shall remain in full force and effect. I also agree that the parties shall request that a court
of competent jurisdiction not invalidate or ignore the terms of this Agreement, but instead honor this provision by
reforming

 

	Noncompete Agreement – US	Page 2 of 6	Revised 02-01-2012

    	 

    	

    

or modifying any overbroad or otherwise invalid terms to the
extent necessary to render the terms valid and enforceable and then enforcing the Agreement as so reformed or modified.

 

3. Remedies. I acknowledge
that a remedy at law for any breach or threatened breach of the provisions of this Agreement would be inadequate and
therefore agree that Honeywell shall be entitled to injunctive relief in case of any such breach or threatened breach. I
acknowledge and agree Honeywell may apply to any court of law or equity of competent jurisdiction for specific performance
and/or injunctive relief (without posting a bond or other security) in order to enforce or prevent any violation of the
provisions of this Agreement, and that money damages would not be an adequate remedy for any breach of the provisions of this
Agreement. I acknowledge and agree that a violation of this Agreement would cause irreparable harm to Honeywell, and I
covenant that I will not assert in any proceeding that a violation or further violation of this Agreement: (i) will not
result in irreparable harm to Honeywell; or (ii) could be remedied adequately at law. Honeywell’s right to
injunctive relief shall be cumulative and in addition to any other remedies available at law or equity. In the event that a
court determines that I have breached or threatened to breach this Agreement, I agree to reimburse Honeywell for all
attorneys’ fees and costs incurred in enforcing the terms of this Agreement. However, nothing contained herein shall be
construed as prohibiting Honeywell from pursuing any other remedies available for any such breach or threatened breach
against me or my new employer, which may also include, but not be limited to, contract damages, lost profits and punitive
damages.

 

4. Harm and Injunctive Relief. I
agree and acknowledge that the restrictions contained in this Agreement do not preclude me from earning a livelihood, nor do
they unreasonably impose limitations on my ability to earn a living. I further agree and acknowledge that the potential harm
to Honeywell of the non-enforcement of this Agreement outweighs any potential harm to me from its enforcement by injunction
or otherwise. I acknowledge that I have carefully read this Agreement and have given careful consideration to the restraints
imposed upon me by this Agreement, and am in full accord as to their necessity for the reasonable and proper protection of
Honeywell’s legitimate protectable business interests, including the protection of its Trade Secrets, Proprietary and
Confidential Information. I agree and acknowledge that I have been provided adequate and reasonable consideration in exchange
for the obligations under this Agreement, including employment or continued employment by Honeywell, goodwill, access or
continued access to Honeywell’s Trade Secrets, Proprietary and Confidential Information, access or continued access to
customers, and additional good and valuable consideration. I expressly acknowledge and agree that each and every restraint
imposed by this Agreement is reasonable with respect to subject matter, duration and geographical scope.

 

5. Binding Agreement, Amendment,
Successors. I acknowledge that the provisions of this Agreement are in addition to, and in no way intended to limit,
restrict or narrow any prior or existing employment or other agreement with Honeywell. This Agreement does not replace or
supersede any prior or existing employment or other agreement with Honeywell, but rather, shall be read in conjunction with
such prior or existing agreements and shall be interpreted in a manner to provide Honeywell the maximum protection provided
by all agreements I have with Honeywell. The terms of the restriction in Paragraph 1 and the other terms in this Agreement
are to be read consistent with the terms of any other noncompete or other agreements that I have executed with Honeywell;
provided, however, to the extent there is a conflict between/among such agreements, such agreements shall be construed as
providing the broadest possible protections to Honeywell, even if such construction would require provisions of more than one
such agreement to be given effect. No waiver of this Agreement will be effective unless it is in writing and signed by
Honeywell

 

	Noncompete Agreement – US	Page 3 of 6	Revised 02-01-2012

    	 

    	

    

International’s Senior Vice President for Human Resources and
Communications or his/her designee. This Agreement may not be superseded or amended by any other agreement between myself and Honeywell
unless such agreement specifically and expressly states that it is intended to supersede this Agreement and is executed by Honeywell
International’s Senior Vice President for Human Resources and Communications or his/her designee. This Agreement binds my
heirs, executors, administrators, legal representatives and assigns and inures to the benefit of Honeywell and its successors and
assigns.

 

6. Acknowledgement of Receipt. I acknowledge that I received a copy of this Agreement prior to accepting my transfer,
promotion, or hire into my new role and that execution of this Agreement was an express condition of such transfer,
promotion, or hire.

 

7. Effectiveness of Agreement. This Agreement becomes effective when I sign it, the obligations under it continue throughout
the entire period of time I am employed by Honeywell, without regard to the business within Honeywell with which I am
associated and these obligations will continue after, and survive, the end of my employment with Honeywell.

 

8. Notice to
Future Employers. For the period of two (2) years immediately following the end of my employment with Honeywell, I will inform
each new employer, prior to accepting employment, of the existence of this Agreement and provide that employer with a copy of it.
Honeywell has the right to inform any future employer of the existence of this Agreement and to provide any future employers with
a copy of it.

 

9. Governing Law
and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey
without regard to its principles of conflicts of law. I hereby consent to the exclusive jurisdiction and venue in the federal
and state courts of the State of New Jersey, Morris County, for the resolution of all disputes arising under, or relating to,
this Agreement.

 

10. Additional Definitions.

 

“Honeywell”
collectively identifies Honeywell International Inc. (a Delaware corporation having a place of business at Columbia Road and Park
Avenue, Morris Township, Morris County, New Jersey), its predecessors, designees and successors and its past, present and future
operating companies, divisions, subsidiaries, affiliates and other business units, including businesses acquired by purchase of
assets, stock, merger or otherwise.

 

“Look Back Period” means the
two (2) year period ending on the date of my Termination of Employment.

 

“Program”
refers to the noncompete initiative implemented by Honeywell requiring that employees occupying certain jobs in Salary Bands 5
– 7 (Senior Executives) execute this noncompete Agreement.

 

“Trade Secrets,
Proprietary and Confidential Information” means information which is not generally known in the industry in which Honeywell
International is engaged, which may be disclosed to me or which I may learn, observe, discover or otherwise acquire during, or
as a result

 

	Noncompete Agreement – US	Page 4 of 6	Revised 02-01-2012

    	 

    	

    

of, my employment by Honeywell and which
includes, without limitation, any information, whether patentable, patented or not, relating to any existing or contemplated products,
inventions, services, technology, ideas, concepts, designs, patterns, processes, compounds, formulae, programs, devices, tools,
compilations of information, methods, techniques, and including information relating to any research, development, manufacture,
purchasing, engineering, know-how, business plans, sales or market methods, methods of doing business, business systems, strategic
plans, plans for acquisition or disposition of products, expansion plans, financial status and plans, financial data, personnel
information, customer lists or data, customer usages or requirements, or supplier information, which is owned or licensed by Honeywell
International or held by Honeywell International in confidence.

 

“Termination of
Employment” means any separation from employment with Honeywell regardless of the reason, including any and all voluntary
and involuntary reasons for termination. The termination date for purposes of this Agreement shall be the last day I actively perform
services for Honeywell.

 

11.Headings. The headings of the paragraphs of
this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of this
Agreement.

 

I have carefully read this Agreement. I
understand and accept its terms. I understand and agree that I will continue to be bound by the provisions of this Agreement after
my employment with Honeywell has ended.

 

	 	KRISHNA MIKKILINENI
	Signature:  /s/ Krishna Mikkilineni	Honeywell Executive Name

 

Date: 4/4/13

 

	IP Agreement – US-NC	Page 5 of 6	Revised 09-15-2012

    	 

    	

    

ADDENDUM TO

HONEYWELL INTERNATIONAL INC.

NONCOMPETE AGREEMENT FOR SENIOR EXECUTIVES

 

Krishna Mikkilineni

EMPLOYED AS Senior Vice President, Engineering,

Operations and Information Technology

 

Pursuant to Paragraph
1 of your Honeywell International Inc. Noncompete Agreement for Senior Executives (“Noncompete Agreement”), this Addendum
contains a list, for illustration purposes only, of specific competitors that are considered a “Competing Business,”
as that term is used in your Noncompete Agreement, and are therefore covered by the restrictions contained in Paragraph 1 of your
Noncompete Agreement. This list is not an exhaustive list and is not intended to include all of Honeywell’s, or your specific
business’ or unit’s, current or future competitors, which you acknowledge in Paragraph 1 of your Noncompete Agreement
may include other persons or entities now or in the future.

 

Based on your current role and responsibilities
with Honeywell as Senior Vice President, Engineering, Operations and Information Technology, the following companies are
considered key competitors for your job, and therefore, fall within the definition of a Competing Business as that term is used
in your Noncompete Agreement:

 

General Electric, United Technologies,
Rockwell Collins, Lockheed Martin, Northrop Grumman, Garmin, Thales, Williams, Emerson, Invensys, Johnson Controls, Schneider Electric,
Siemens, Yamatake, Ingersoll Rand, Rockwell Automation, Bosch, Mine Safety Appliances, 3M, Tyco, ABB, Yokogawa, Philips, Intermec
Technologies, Motorola Solutions (Symbol), Arkema, Axens, BASF, DSM, Dupont, Shell/Criterion, Albermarle, Sinopec, Chevron Lummus
Global, Solvay Fluor, Celanese, Borg-Warner, Holset, IHI, MHI, Bosch-Mahle JV, SchaefflerContinental, Voight, APB, Cummins, Behr,
Modine, Valeo, Advics, Akebono, Continental, Federal-Mogul, ITT Corp., JBI, Nisshinbo, TMD Friction, TRW, Saxid, Affina, Centric

 

As previously noted, this is not an exhaustive
list and there may be other current and future persons or entities that would meet the definition of a Competing Business, as set
forth in your Noncompete Agreement. In addition, pursuant to Paragraph 1 of your Noncompete Agreement, please note that the term
Competing Business, as defined in your Noncompete Agreement, will include competitors of any Honeywell business in which you have
worked in a job subject to the Program (as defined in your Noncompete Agreement) during the Look Back Period (as defined in your
Noncompete Agreement). Accordingly, if you worked in multiple Honeywell businesses in covered positions during your tenure, it
is very likely that the list of Competing Businesses subject to restriction under the terms of your Noncompete Agreement will be
broader than the above illustrative list. If you have questions about whether any prior Honeywell position which you have held
during the Look Back Period subjects you to similar restrictions, and will be used to identify Competing Business(es), you should
contact your Human Resource representative.

 

	IP Agreement – US-NC	Page 6 of 6	Revised 09-15-2012Exhibit

HUDSON PACIFIC PROPERTIES, INC. AND HUDSON PACIFIC PROPERTIES, L.P. 
2010 INCENTIVE AWARD PLAN 
 
2017 OUTPERFORMANCE AWARD AGREEMENT

In consideration of the mutual agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Hudson Pacific Properties, Inc., a Maryland corporation (the “Company”), hereby grants to [_____] (the “Participant”), as of [_______], 2017, this Outperformance Incentive Award (the “Award”) under the Company’s 2010 Incentive Award Plan (as amended from time to time, the “Plan”). This Award, together with all other Awards granted pursuant to this 2017 Outperformance Award Agreement, shall constitute the Company’s 2017 Outperformance Program (the “2017 OPP”) under the Plan.
ARTICLE I. 
DEFINITIONS
The capitalized terms below shall have the following meanings for purposes of this Agreement.  Capitalized terms that are used but not defined herein shall have the meanings provided in the Plan.
		
	1.1
	“2017 OPP” shall have the meaning set forth in the preamble. 

		
	1.2
	“Absolute TSR Component” means, as of any given date, an amount equal to the product of (i) three percent (3%), times (ii) the difference obtained by subtracting (A) the Aggregate Market Capitalization as of such date, minus (B) the Aggregate Absolute TSR Threshold as of such date, provided, however, that in no event shall the Absolute TSR Component exceed twenty million dollars ($20,000,000) under any circumstances.  If the calculation of the Absolute TSR Component results in a negative number for any given date, then the Absolute TSR Component as of such date shall equal zero for purposes of such calculation.

		
	1.3
	“Aggregate Absolute TSR Threshold” means, as of any given date, the sum of the Per Share Absolute TSR Threshold determined for all Shares that are or were outstanding during the Performance Period through such date. 

		
	1.4
	“Aggregate Baseline Capitalization Value” means, as of any given date, the sum of the Per Share Baseline Capitalization Value determined for all Shares that are or were outstanding during the Performance Period through such date.

		
	1.5
	“Aggregate Market Capitalization” means, as of any given date, an amount equal to the sum of (i) the aggregate Per Share Market Capitalization determined for all Shares that are or were outstanding during the Performance Period through such date, plus (ii) the sum of all dividends (including special dividends) declared by the Company with respect to the Common Stock during the period beginning on (and including) the Grant Start Date and ending on (and including) such date.  

		
	1.6
	“Agreement” means this 2017 Outperformance Award Agreement.

		
	1.7
	“Award” shall have the meaning set forth in the preamble. 

		
	1.8
	“Award Value” shall have the meaning set forth in Section 2.1(a) hereof.

		
	1.9
	“Bonus Pool” means a dollar-denominated bonus pool determined in accordance with this Agreement.

		
	1.10
	“Bonus Pool Interest” means the Bonus Pool Interest granted hereunder in accordance with Section 2.1(a) hereof.

US-DOCS\73677387.1

		
	1.11
	“Cause” shall have the meaning provided in an applicable employment or other service agreement between the Company (or an Affiliate) and the Participant or, if no such agreement exists or such agreement does not contain a “cause” definition, then Cause shall mean the occurrence of any one or more of the following events:

		
	(a)
	The Participant’s willful and continued failure to substantially perform the Participant’s duties with the Company (other than any such failure resulting from Disability);

		
	(b)
	The Participant’s commission of an act of fraud or dishonesty resulting in reputational, economic or financial injury to the Company or an Affiliate;

		
	(c)
	The Participant’s commission of, or entry by the Participant of a guilty or no contest plea to, a felony or a crime involving moral turpitude;  

		
	(d)
	A breach by the Participant of the Participant’s fiduciary duty to the Company or any Affiliate which results in reputational, economic or other injury to the Company or any Affiliate; or the Participant’s willful and material breach of the Participant’s obligations under a written agreement between the Company (or an Affiliate) and the Participant.

		
	1.12
	“Change in Control” means the occurrence of any of the following events:

(a)    A transaction or series of transactions (other than an offering of shares of Common Stock to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, the Services Company, the Partnership or any Subsidiary, an employee benefit plan maintained by any of the foregoing entities or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than fifty percent (50%) of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or
(b)    During any period of two (2) consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in Section 1.12(a) or Section 1.12(c) hereof) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the two (2)-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof (the transactions contemplated by this Section 1.12(b), a “Non-Transactional Change in Control”); or
(c)    The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets or (z) the acquisition of assets or stock of another entity, in each case, other than a transaction:

2

US-DOCS\73677387.1

		
	(i)
	Which results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 

		
	(ii)
	After which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section 1.12(c)(ii) as beneficially owning 50% or more of combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction.

Notwithstanding the foregoing, to the extent required to avoid the imposition of additional taxes under Section 409A, no transaction shall constitute a Change in Control unless such transaction also constitutes a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5). 
		
	1.13
	“Company” shall have the meaning set forth in the preamble.

		
	1.14
	“Determination Date” means the date on which the Performance Period ends (whether on December 31, 2019 or earlier upon a Change in Control) and by reference to which the Final Bonus Pool is determined.

		
	1.15
	“Determination Date Per Share Value” means the Common Stock’s highest ten (10) trading-day average market closing price over the one hundred twenty (120)-day period ending on (and including) the Determination Date.

		
	1.16
	“Disability” means that the Participant has become “disabled” within the meaning of Section 409A.

		
	1.17
	“Final Bonus Pool” means, as of any given date, a Bonus Pool equal to the sum of (i) the Absolute TSR Component as of such date, plus (ii) the Relative TSR Component as of such date (the latter of which, for the avoidance of doubt, may be a negative number), provided, however, that in no event shall the Final Bonus Pool (i) be greater than twenty million dollars ($20,000,000) or (ii) be less than zero.  If, as of the Determination Date, the Company attains TSR (x) that is equal to the Target Aggregate Absolute TSR and (y) that yields a Relative TSR Percentage equal to the Index Return Percentage, the target Final Bonus Pool will equal $4,521,790.

		
	1.18
	“Good Reason” shall have the meaning provided in an applicable employment or other service agreement between the Company (or an Affiliate) and the Participant or, if no such agreement exists or such agreement does not contain a “good reason” definition, then Good Reason shall mean the occurrence of any one or more of the following events without the Participant’s prior written consent, subject to the cure provisions described below:

		
	(a)
	The assignment to the Participant of any duties that constitute a material diminution in the Participant’s authority, duties or responsibilities, excluding for this purpose any isolated, insubstantial or inadvertent actions not taken in bad faith and which 

3

US-DOCS\73677387.1

are remedied by the Company promptly after receipt of notice thereof given by the Participant;
		
	(b)
	A material reduction of the Participant’s base salary as in effect on the date hereof or as the same may be increased from time to time;

		
	(c)
	A material change in the geographic location of the Participant’s principal work location which shall, in any event, include only a relocation of the Participant’s principal work location by more than thirty (30) miles from its existing location.

Notwithstanding the foregoing, the Participant will not be deemed to have resigned for Good Reason unless (1) the Participant provides the Company with written notice setting forth in reasonable detail the facts and circumstances claimed by the Participant to constitute Good Reason within sixty (60) days after the date of the occurrence of any event that the Participant knows or should reasonably have known to constitute Good Reason, (2) the Company fails to cure such acts or omissions within thirty (30) days following its receipt of such notice, and (3) the effective date of the Participant’s termination for Good Reason occurs no later than thirty (30) days after the expiration of the cure period.
		
	1.19
	“Grant Start Date” shall mean January 1, 2017. 

		
	1.20
	“Index Return Percentage” means, as of any given date, the total shareholder return for the SNL US Equity REIT Index (or any successor or replacement index thereto or therefor or, in the event there is no successor or replacement index, the MSCI US REIT Index) from the Grant Start Date through such given date, expressed as a percentage and calculated in a manner consistent with TSR calculations under this Agreement.  

		
	1.21
	“Initial Per Share Value” means the Common Stock’s five (5) trading-day trailing average market closing price over the period ending on (and including) December 31, 2016. 

		
	1.22
	“Non-Transactional Change in Control” shall have the meaning set forth in Section 1.12(b) hereof.

		
	1.23
	“Participant” shall have the meaning set forth in the preamble. 

		
	1.24
	“Per Share Absolute TSR Threshold” means, as of any given date, with respect to each Share that is or was outstanding during the Performance Period, an amount equal to the product obtained by multiplying (i) the Per Share Baseline Capitalization Value for such Share, times (ii) a percentage equal to the sum of (A) 100 plus (B) the product of 27 times (X / 1,095), where “X” equals the number of days in the Performance Period (including the date of measurement) during which such Share has been (or was, as applicable), outstanding.

		
	1.25
	“Per Share Baseline Capitalization Value” means, (i) with respect to each Share that is issued and outstanding as of the Grant Start Date, the Initial Per Share Value, or (ii) with respect to each Share that is first issued or sold and becomes outstanding during the Performance Period (if any), the Fair Market Value of the Common Stock on the date on which such Share is issued or sold and becomes outstanding.  

		
	1.26
	“Per Share Market Capitalization” means, as of any given date: (i) with respect to each Share outstanding on such date, the Common Stock’s highest ten (10) trading-day average market closing price over the one hundred twenty (120)-day period ending on (and including) such date, or (ii) with respect to each Share that was repurchased or redeemed by the Company and which ceased to be outstanding during the Performance Period (and prior to such date), the price per 

4

US-DOCS\73677387.1

Share at which such Share was repurchased or redeemed by the Company, provided, however, that notwithstanding the foregoing, for purposes of determining Per Share Market Capitalization when calculating the Final Bonus Pool (and all components thereof) in connection with a Change in Control (other than a Non-Transactional Change in Control), the Transaction Price shall be used for the Shares described in clause (i) above which are outstanding on such date in lieu of the Common Stock’s highest ten (10) trading-day average market closing price over the one hundred twenty (120)-day period ending on (and including) the date of the consummation of such Change in Control.
		
	1.27
	“Performance Period” means the period beginning on January 1, 2017 and ending on December 31, 2019, unless terminated earlier in connection with a Change in Control, as provided herein.

		
	1.28
	“Performance Period Dividend Equivalent” shall have the meaning set forth in Section 2.4 hereof.

		
	1.29
	“Plan” shall have the meaning set forth in the preamble. 

		
	1.30
	“Pro Rata Vesting Ratio” means a fraction, (i) the numerator of which equals the number of days elapsed in the Performance Period through the date of a Participant’s termination of Employee status by the Company without Cause or by the Participant for Good Reason, and (ii) the denominator of which equals the total number of days in the Performance Period through the Determination Date.

		
	1.31
	“Qualifying Termination” means a termination of the Participant’s Employee status by the Company without Cause, by the Participant for Good Reason or due to the Participant’s death or Disability.

		
	1.32
	 “Relative TSR Component” means, as of any given date, a dollar amount equal to the product obtained by multiplying (i) a percentage equal to the difference obtained by subtracting (A) the Relative TSR Percentage as of such date minus (B) the Index Return Percentage as of such date, times (ii) the Aggregate Market Capitalization as of such date, times (iii) three percent (3%), provided, however, that in no event shall the Relative TSR Component exceed twenty million dollars ($20,000,000) under any circumstances; and provided, further, that if, as of such date, the difference obtained by subtracting the Index Return Percentage minus the Relative TSR Percentage equals an amount, expressed as a percentage, that is greater than the product obtained by multiplying (a) nine percent (9%) times (b) (X / 1,095) where “X” equals the number of days elapsed in the Performance Period as of such date, the Relative TSR Component shall instead equal the Relative TSR Underperformance Component as of such date.  In addition, notwithstanding the foregoing, if, on the date with respect to which the Relative TSR Component is being measured, the Relative TSR Component does not equal the Relative TSR Underperformance Component, but the Aggregate Market Capitalization as of such date exceeds the Aggregate Baseline Capitalization Value on such date by less than the percentage obtained by multiplying (A) twenty-one percent (21%) times (B) (X / 1,095) where “X” equals the number of days elapsed in the Performance Period as of such date, then the Relative TSR Component determined in accordance with the immediately preceding sentence shall be reduced for purposes of such measurement by multiplying the Relative TSR Component determined in accordance with the preceding sentence by a fraction, (I) the numerator of which equals the product of 100 times the difference obtained by subtracting (A) the ratio of the Aggregate Market Capitalization as of such date to the Aggregate Baseline Capitalization Value on such date, minus (B) one (1), and (II) the denominator of which equals the product of (A) twenty-one (21) times (B) (X / 1,095) where “X” equals the number of days elapsed in the Performance Period as of such date, provided, however, that if the Aggregate Market Capitalization is equal to or less than the Aggregate Baseline 

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Capitalization Value on the given date, then the Relative TSR Component for such date shall equal the lesser of the Relative TSR Underperformance Component as of such date or zero.  
		
	1.33
	“Relative TSR Percentage” means, as of any given date, the result, expressed as a percentage, determined by subtracting (i) the quotient obtained by dividing (A) the Aggregate Market Capitalization as of such date, by (B) the Aggregate Baseline Capitalization Value as of such date, minus (ii) one (1), provided, however, that if the Aggregate Baseline Capitalization Value equals or exceeds the Aggregate Market Capitalization on such date, the Relative TSR Percentage as of such date shall equal the lesser of the Relative TSR Underperformance Component as of such date or zero.

		
	1.34
	“Relative TSR Underperformance Component” means, as of any given date, a negative dollar amount equal to the product obtained by multiplying (A) three percent (3%), times (B) the amount, expressed as a percentage, by which (I) (a) the Index Return Percentage as of such date, minus (b) the Relative TSR Percentage as of such date, exceeds (II) the product obtained by multiplying (a) nine percent (9%) times (b) (X / 1,095) where “X” equals the number of days elapsed in the Performance Period as of such date, times (C) the Aggregate Market Capitalization as of such date.

		
	1.35
	“Section 409A” means Code Section 409A and the Treasury Regulations and other official guidance promulgated thereunder.

		
	1.36
	“Share” means any share of Common Stock or Partnership common unit.

		
	1.37
	“Successor Entity” shall have the meaning set forth in Section 1.12(c)(i) hereof.

		
	1.38
	“Target Aggregate Absolute TSR” means, as of the Determination Date, the Aggregate Market Capitalization as of such date exceeds the Aggregate Baseline Capitalization Value on such date by at least the percentage obtained by multiplying (i) thirty percent (30%) times (ii) (X / 1,095), where “X” equals the number of days elapsed in the Performance Period as of such date. 

		
	1.39
	“Transaction Price” means the final, publicly announced, price per share of Common Stock paid by an acquirer in connection with a Change in Control (other than a Non-Transactional Change in Control), provided, however, that the Administrator may, in its sole discretion, discount the value of any earn-out, escrow or other deferred or contingent consideration (in each case, to zero) as it deems appropriate. 

		
	1.40
	“TSR” means the Company’s total shareholder return, as determined in accordance with the Absolute TSR Component and Relative TSR Component metrics described herein.

ARTICLE II.     
TERMS OF AWARD
This Award represents the rights to: (i) participate in, and receive payment of a portion of, a Bonus Pool determined by reference to the Company’s absolute TSR performance and relative TSR performance over the Performance Period, and (ii) receive a cash payment equal to the dividends declared by the Company during the Performance Period with respect to a number of shares of Common Stock determined by reference to the Award Value, in each case, subject to the performance, vesting, payment, forfeiture and other terms and conditions set forth in this Agreement.  
2.1    Bonus Pool Interest.  

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(a)    Grant of Bonus Pool Interest. The Company hereby grants to the Participant a [__] percent ([__]%) interest in the Final Bonus Pool (the “Bonus Pool Interest”), subject to the terms and conditions of this Agreement.  To the extent that a Final Bonus Pool is created based on the Company’s TSR performance during the Performance Period and the Award vests and/or becomes payable, in each case, in accordance herewith, the amount of the Award will be determined by multiplying the Participant’s Bonus Pool Interest (as may be reduced in accordance with Section 2.1(b) hereof) by the dollar value of the Final Bonus Pool (the “Award Value”).  
(b)    Excess Grants of Bonus Pool Interests. To the extent (if any) that the sum of all Bonus Pool Interests granted under the 2017 OPP exceeds one hundred percent (100%) on the Determination Date, then all Bonus Pool Interests that vest and are outstanding under the 2017 OPP on the Determination Date (including any such Bonus Pool Interests granted in excess of one hundred percent (100%)) shall be reduced pro rata on the Determination Date such that the sum of all vested Bonus Pool Interests outstanding under 2017 OPP Awards on the Determination Date shall equal one hundred percent (100%) (and any Bonus Pool Interests that are forfeited on or prior to the Determination Date will be disregarded for purposes of this allocation).  If the sum of all Bonus Pool Interests is less than one hundred percent (100%) on the Determination Date, no Bonus Pool Interest (including the Participant’s Bonus Pool Interest) shall be increased as a result thereof.  
2.2    Timing of Final Bonus Pool Determination. The Administrator shall determine the Final Bonus Pool, calculated as of the last day of the Performance Period: (i) if the Performance Period ends on December 31, 2019 or upon a Non-Transactional Change in Control occurring prior to December 31, 2019, within thirty (30) days following the Determination Date, or (ii) if the Performance Period ends upon a Change in Control occurring prior to December 31, 2019 (other than a Non-Transactional Change in Control), on or prior to the Change in Control.
2.3    Vesting and Payment of Award.  Notwithstanding any accelerated vesting provisions contained in any other agreement between the Company and the Participant [(other than that certain 2016 Outperformance Award Agreement dated [_____] between the Company and the Participant, that certain 2015 Outperformance Award Agreement dated [_____] between the Company and the Participant and/or any Restricted Stock Unit Award Agreement(s) evidencing Restricted Stock Units granted pursuant to any Company Outperformance Program)], including without limitation that certain Employment Agreement dated [_____] between the Company and the Participant, which accelerated vesting provisions are hereby expressly superseded and replaced with respect to this Award, the following provisions, as applicable, shall govern the vesting and payment of the Award.
(a)    Three-Year Performance Period, No Qualifying Termination. Except as otherwise provided in Sections 2.3(b) through 2.3(c) hereof, if the Determination Date occurs on December 31, 2019 (and no Change in Control is consummated prior to such date), subject to the Participant’s continued service as an Employee through such Determination Date, then 100% of the Award Value will vest on the Determination Date and be paid, as soon as practicable after January 1, 2020, but in no event later than March 15, 2020, in a number of fully vested shares of Common Stock determined by dividing the dollar amount of such vested portion of the Award Value by the Determination Date Per Share Value.
(b)    Qualifying Termination.  Subject to Section 2.1(b) hereof, if the Participant’s service as an Employee is terminated during the Performance Period: 
(i)    By the Company without Cause or by the Participant for Good Reason, then a portion of the Participant’s Bonus Pool Interest determined by multiplying such Bonus Pool Interest by the Pro Rata Vesting Ratio will time-vest immediately prior to such termination and remain eligible for 

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payment of the Award Value following the Determination Date, and any portion of the Bonus Pool Interest which does not vest in accordance with this Section 2.3(b)(i) will be forfeited upon such termination and will not be eligible for any payout; or 
(ii)    Due to the Participant’s death or Disability, then the Participant’s entire Bonus Pool Interest will time-vest immediately prior to such termination and remain eligible for payment of the Award Value following the Determination Date (determined with respect to the Participant’s entire Bonus Pool Interest).  
Any Award Value that becomes payable in respect of Bonus Pool Interests that vest under this Section 2.3(b) will be paid in a number of fully vested shares of Common Stock (rounded down to the nearest whole share) determined by dividing the dollar amount of the applicable Award Value (if any) by the Determination Date Per Share Value, with any such shares of Common Stock paid to the Participant on or about the date that vested shares of Common Stock are delivered to Participants in the 2017 OPP generally in respect of Award Value vesting on the Determination Date but in any event, no later than fifteenth (15th) day of the third (3rd) month following the Determination Date, provided, however, that if the Determination Date occurs upon the consummation of a Change in Control (other than a Non-Transactional Change in Control), then the Transaction Price shall be used in lieu of the Determination Date Per Share Value for purposes of calculating the number of vested shares of Common Stock paid pursuant to this paragraph.  
(c)    Change in Control That Ends Performance Period.  If the Performance Period ends prior to December 31, 2019 upon a Change in Control, then (i) if the Participant remains in service as an Employee through such Change in Control, the Participant shall vest in full in the Participant’s Bonus Pool Interest and shall be paid the applicable Award Value, and (ii) if the Participant experienced a Qualifying Termination prior to such Change in Control, the Participant shall receive a payment of the Participant’s pro rata Award Value determined in accordance with Section 2.3(b) hereof.  Payments under this Section 2.3(c) will be made immediately prior to the consummation of the Change in Control in a number of fully vested shares of Common Stock determined by dividing the dollar amount of the applicable Award Value (if any) by the Transaction Price, provided, however, that if the Change in Control is a Non-Transactional Change in Control, then (A) the Determination Date Per Share Value shall be used in lieu of a Transaction Price for purposes of calculating the number of vested shares of Common Stock paid pursuant to this Section 2.3(c), and (B) the payments will be made as soon as practicable after the Determination Date, but in no event later than the fifteenth (15th) day of the third (3rd) month following the month in which the Determination Date occurs.  Any shares of Common Stock issued pursuant to this Section 2.3(c) shall be subject to the terms and conditions of the definitive Change in Control documents applicable to the Common Stock generally, if any, including without limitation any such terms and conditions of an applicable purchase agreement, and the Participant hereby consents and agrees to be bound by any and all such terms and conditions with respect to any shares of Common Stock paid hereunder. 
2.4    Performance Period Dividend Equivalent Payment.  In addition to any shares of Common Stock that become payable in accordance with Section 2.3 hereof, the Participant shall be entitled to a cash payment, payable as soon as practicable after the Determination Date, but in no event later than the fifteenth (15th) day of the third (3rd) month following the Determination Date, in an amount equal to the aggregate dividends declared by the Company during the Performance Period (including both ordinary and extraordinary dividends) in respect of a number of shares of Common Stock determined by dividing the dollar amount of the Participant’s actual Award Value by the Determination Date Per Share Value (the “Performance Period Dividend Equivalent”), provided, however, that if the Determination Date occurs upon the consummation of a Change in Control (other than a Non-Transactional Change in Control), then the Transaction Price shall be used in lieu of the Determination Date Per Share Value for purposes of 

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calculating the number of shares of Common Stock pursuant to this paragraph.  The Performance Period Dividend Equivalent, if any, shall be paid without regard to whether the Participant remains in service as an Employee through the Determination Date.  If the Participant’s Award Value is zero on the Determination Date, then the Participant shall not be entitled to any payment under this Section 2.4.  
2.5    Forfeiture. Upon the earliest to occur of (i) the Participant’s termination of service as an Employee prior to the Determination Date for any reason other than a Qualifying Termination, or (ii) the Administrator’s determination that the Final Bonus Pool equals zero, the Participant shall forfeit all rights and interests under this Agreement and the 2017 OPP without further action on the part of the Company or the Participant and without payment of consideration therefor, which forfeiture shall include, without limitation, any rights or interest in any Award Value and/or any Performance Period Dividend Equivalent.  
ARTICLE III.     
MISCELLANEOUS
3.1    Tax Withholding.  The Company and its Affiliates shall be entitled to require a cash payment (or other form of payment determined in accordance with Section 11.2 of the Plan) by or on behalf of the Participant and/or to deduct from other compensation payable to the Participant any sums required by federal, state or local tax law to be withheld with respect to the grant, vesting and/or payment of the Award. In satisfaction of the foregoing requirement with respect to the vesting or payment of the Award, unless otherwise determined by the Administrator, the Company or its Affiliates shall withhold Shares otherwise issuable under the Award having a fair market value equal to the sums required to be withheld by federal, state and/or local tax law.  The number of Shares which shall be so withheld shall be limited to the number of Shares which have a fair market value on the date of withholding no greater than the aggregate amount of such liabilities based on the maximum statutory withholding rates in the applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income.  The Company shall have no obligation to make any payment in any form under this Agreement unless and until such tax obligations have been satisfied.  To the extent that any Federal Insurance Contributions Act tax withholding obligations arise in connection with the Award prior to the Determination Date, the Administrator shall accelerate the payment of a portion of the Award Value sufficient to satisfy (but not in excess of) such tax withholding obligations and any tax withholding obligations associated with any such accelerated payment, and the Administrator shall withhold such amounts in satisfaction of such withholding obligations.   Any amounts accelerated and withheld in accordance with the preceding sentence shall reduce the Participant’s Award Value on the Determination Date on a dollar-for-dollar basis.  
3.2    Conditions to Delivery of Shares.  Any shares of Common Stock deliverable under this Award may be either previously authorized but unissued shares of Common Stock or issued shares of Common Stock which have then been reacquired by the Company.  Such shares of Common Stock shall be fully paid and nonassessable.  The Company shall not be required to issue or deliver any shares of Common Stock under this Agreement prior to fulfillment of all of the following conditions:
(i)    The admission of such shares of Common Stock to listing on all stock exchanges on which the Common Stock is then listed; 
(ii)    The completion of any registration or other qualification of such shares of Common Stock under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; 

9

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(iii)    The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; 
(iv)    The lapse of such reasonable period of time as the Administrator may from time to time establish for reasons of administrative convenience.
Notwithstanding the foregoing, the issuance of such shares of Common Stock shall not be delayed to the extent that such delay would result in a violation of Section 409A.  In the event that the Company delays the issuance of any shares of Common Stock because it reasonably determines that the issuance of such shares of Common Stock will violate federal securities laws or other applicable law, such issuance shall be made at the earliest date at which the Administrator reasonably determines that issuing such shares of Common Stock will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii).  
3.3    Section 409A. 
(a)    General. To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A.  Notwithstanding any provision of this Agreement to the contrary, if the Company determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, the Company may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, provided, however, that this Section 3.3 shall not create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor shall the Company have any liability for failing to do so.
(b)    Potential Six-Month Delay.  Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement during the six (6)-month period following the Participant’s “separation from service” to the extent that the Administrator determines that the Participant is a “specified employee” (each within the meaning of Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Code Section 409A(a)(2)(b)(i).  If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Section 409A without being subject to such additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable to the Participant during such six (6)-month period under this Agreement.
3.4    Award Not Transferable.  
(a)    Neither this Award nor any interest or right herein or part hereof shall be liable for the debts, contracts or engagements of the Participant or the Participant’s successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition hereof shall be null and void and of no effect; provided, however, that this Section 3.4 notwithstanding, with the written consent of the Administrator, the Award may be transferred to certain persons or entities related to the Participant, including but not limited to members of the Participant’s family, charitable institutions or trusts or other entities whose beneficiaries or beneficial owners are members of the 

10

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Participant’s family or to such other persons or entities as may be expressly approved by the Administrator, pursuant to any such conditions and procedures the Administrator may require.
(b)    Notwithstanding anything to the contrary contained herein, the Participant shall not, without the consent of the Administrator (which shall not be unreasonably withheld), sell, pledge, assign, hypothecate, transfer, or otherwise dispose of (collectively, “Transfer”) any Shares issuable hereunder prior to the second anniversary of the Determination Date (the “Transfer Restrictions”); provided, however, that the Transfer Restrictions shall not apply to (i) any Transfer of Shares to the Company, (ii) any Transfer in satisfaction of any withholding obligations with respect to the Award, (iii) any Transfer following the Participant’s Termination of Service, including without limitation by will or pursuant to the laws of descent and distribution, (iv) any Transfer to certain persons or entitles related to the Participant as set forth in the proviso in Section 3.4(a) above or (v) any Transfer upon the occurrence of, and in connection with, a Change in Control.
3.5    No Rights as Stockholder.  Except as otherwise expressly provided herein, unless and until shares of Common Stock are issued in payment of this Award, this Award shall not confer any stockholder rights upon the Participant. 
3.6    Not a Contract of Employment.  Nothing in this Agreement, the 2017 OPP or the Plan shall confer upon the Participant any right to continue to serve as an Employee or other service provider of the Company or any of its Affiliates or shall interfere with or restrict in any way the rights of the Company and its Affiliates, which rights are hereby expressly reserved, to discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided to the contrary in a written agreement between the Company or an Affiliate, on the one hand, and the Participant on the other.
3.7    Governing Law.  The laws of the State of Maryland shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.
3.8    Incorporation of Terms of Plan; Authority of Administrator.  The 2017 OPP and this Agreement are subject to the terms and conditions of the Plan, which are incorporated herein by reference, including without limitation Section 13.2 of the Plan.  In the event of any inconsistency between the Plan and this Agreement and/or the 2017 OPP generally, the terms of the Plan shall control.  In accordance with the Plan (and not in limitation of any other provision), the Administrator shall make all determinations under this Agreement in its sole and absolute discretion and all interested parties shall be bound by such determinations. 
3.9    Decimals.  Except as expressly provided herein with respect to rounding, to the extent that any calculations hereunder result in decimals, all such decimals shall be carried out and rounded to the nearest one hundred thousandth (.00001).
3.10    Consideration to the Company.  In consideration of the grant of the Award by the Company, the Participant agrees to render faithful and efficient services to the Company or any Affiliate.  
3.11    Conformity to Securities Laws.  The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, as well as all applicable state securities laws and regulations.  Notwithstanding anything herein to the contrary, the Plan and the 2017 OPP shall be administered, and the Award is granted, only in such a 

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manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, the Plan, the 2017 OPP, this Award and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.
3.12    Amendment, Suspension and Termination.  To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Award in any material way without the prior written consent of the Participant.
3.13    Other Performance Award; Performance-Based Compensation. This Award shall constitute an Other Performance Award for purposes of the Plan.  In addition, this Award is intended to constitute Performance-Based Compensation within the meaning of the Plan. 
3.14    Notices.  Notices required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail, with postage and fees prepaid, addressed to the Participant to his address shown in the Company records, and to the Company at its principal executive office.
3.15    Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns.
3.16    Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the Plan or this Agreement, if the Participant is subject to Section 16 of the Exchange Act, then the Plan, the Award and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.  To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.
3.17    Entire Agreement.  The Plan and this Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof. Without limiting the generality of the foregoing, the parties acknowledge and agree that this Agreement embodies their final intent and understanding with respect to the implementation of the 2017 OPP and the grant of the Award, and supersedes all previous descriptions, discussions, agreements or other materials relating to the 2017 OPP.
3.18    Limitation on the Participant’s Rights.  Participation in the Plan confers no rights or interests other than as herein provided.  This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust.  The Plan, in and of itself, has no assets.  The Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the shares of Common Stock issuable hereunder.
3.19    Clawback.  This Award shall be subject to any clawback or recoupment policy currently in effect or as may be adopted by the Company or the Partnership, in each case, as may be amended from time to time.

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By his or her signature and the Company’s signature below, the Participant agrees to be bound by the terms and conditions of the Plan, the 2017 OPP and this Agreement.  The Participant has reviewed this Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement and the Plan.  The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator of the Plan upon any questions arising under the Plan and/or this Agreement.  In addition, by signing below, the Participant acknowledges that the Administrator, in its sole discretion, may satisfy any withholding obligations arising under this Agreement by (i) withholding shares of Common Stock otherwise issuable to the Participant under this Agreement, (ii) instructing a broker on the Participant’s behalf to sell shares of Common Stock otherwise issuable to the Participant and to submit the proceeds of such sale to the Company, and/or (iii) any other method permitted under the Plan.  If the Participant is married, his or her spouse has signed the Consent of Spouse attached to hereto as Exhibit A.

	
				
	HUDSON PACIFIC PROPERTIES: 
	PARTICIPANT:

	By:
	            
	By:
	            

	Print Name:
	            
	Print Name:
	            

	Title:
	            
	 
	 

	Address:
	            
	Address:
	            

	 
	            
	 
	            

EXHIBIT A 
TO OUTPERFORMANCE AWARD AGREEMENT 
 
CONSENT OF SPOUSE
I, ____________________, spouse of _______________, have read and approve the foregoing Agreement.  In consideration of issuing to my spouse the shares of the common stock of Hudson Pacific Properties, Inc. set forth in the Agreement, I hereby appoint my spouse as my attorney-in-fact in respect to the exercise of any rights under the Agreement and agree to be bound by the provisions of the Agreement insofar as I may have any rights in said Agreement or any shares of the common stock of Hudson Pacific Properties, Inc. issued pursuant thereto under the community property laws or similar laws relating to marital property in effect in the state of our residence as of the date of the signing of the foregoing Agreement.
		
	Dated: _______________, _____
	     
Signature of Spouse

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