SEC Contract Filing

Filing Date: 2023-12-14

Document Content:
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<TYPE>EX-10.2
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<FILENAME>d844696dex102.htm
<DESCRIPTION>EX-10.2
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<TITLE>EX-10.2</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TRANSITION AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;13, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John B. Kilroy, Jr. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear John: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kilroy Realty Corporation (the
&#147;<U>Company</U>&#148;) and Kilroy Realty, L.P. (the &#147;<U>Operating Partnership</U>&#148;) acknowledge your impending retirement. The Company and the Operating Partnership desire your continued support for a transition period, and you have
agreed to provide that support, on the terms and conditions set forth in this letter agreement (this &#147;<U>Transition Agreement</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.</B>
<B><U>Retirement Date</U></B>. You have agreed to delay your retirement, and that your retirement as an employee of the Operating Partnership and as Chief Executive Officer of the Company will be effective on a date in January 2024 (such date, the
&#147;<U>Retirement Date</U>&#148;, and the period of time in January 2024 that you continue to be so employed, the &#147;<U>Employment Period</U>&#148;). The Retirement Date will be January&nbsp;28, 2024 or any earlier date in January 2024 that the
Lead Independent Director (the &#147;<U>Lead Independent Director</U>&#148;) of the Company&#146;s Board of Directors (the &#147;<U>Board</U>&#148;) may determine, and the Lead Independent Director shall provide you with at least five
(5)&nbsp;business days&#146; notice of such Retirement Date (such notice to be given by email and need not comply with the notice provisions of Section&nbsp;12). You hereby irrevocably resign, effective as of the Retirement Date, as an officer,
employee and director of (and in any and all other capacities with) the Company, the Operating Partnership, and each of their respective affiliates (other than as a member of the Board). You agree that you will promptly execute and provide to the
Company any further documentation, as reasonably requested by the Company, to confirm such resignation and remove yourself as a signatory on any accounts maintained by the Company, the Operating Partnership, or any of the respective affiliates. So
long as you are not in breach in any material respect of any of your obligations hereunder or under your <FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> and <FONT STYLE="white-space:nowrap">Non-Disclosure</FONT> Agreement with the Company
and the Operating Partnership dated as of December&nbsp;27, 2018 (your &#147;<U><FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> Agreement</U>&#148;) (provided that, if a cure is reasonably possible in the circumstances, the Company shall
provide you with written notice of any such breach and thirty (30)&nbsp;days to cure such breach), and provided that you timely execute and do not revoke the First Release (as defined below) and the Second Release (as defined below) and continue to
serve on the Board, you will continue to serve as <FONT STYLE="white-space:nowrap">non-executive</FONT> Chair of the Board until the Company&#146;s annual meeting of stockholders in 2024 (the &#147;<U>2024 Annual Meeting</U>&#148;). While you serve
as Chair of the Board, you will be entitled to continued use of your current office on the 7<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> floor of 3200 Paseo Village Way, Building 3, San Diego, CA 92130 (commonly known as &#147;The
Yard&#148;) (so long as such office is a property owned or leased by the Company or one of its affiliates), at the Company&#146;s expense. Subsequently, during the remainder of the Consulting Period (as defined below), the Company shall permit you
to continue to use such office (so long as such office is a property owned or leased by the Company or one of its affiliates) at your expense, at market rental rates and terms. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You are also a party to an Indemnification Agreement, dated January&nbsp;27, 2010, with the Company, as it
may be subsequently amended (the &#147;<U>Indemnification Agreement</U>&#148;). Your <FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> Agreement, as well as the Indemnification Agreement and coverage under applicable directors&#146; and
officers&#146; liability insurance policies, each continues in effect in accordance with its terms (except as expressly modified by this Transition Agreement). Notwithstanding anything set forth in such agreement, the applicable time period for
Section&nbsp;2 under the <FONT STYLE="white-space:nowrap">Non-Solicitation</FONT> Agreement shall commence upon December&nbsp;31, 2023. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.</B>
<B><U>Consulting Period</U></B>. You agree to provide services to the Company and its affiliates as a consultant, on the terms set forth herein, for the period of time beginning on the day following the Retirement Date and continuing until the first
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