Employment Agreement

Exhibit 10.43

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this Â“AgreementÂ”), dated as of ______, 2011, is entered into by and among American Assets Trust, Inc., a Maryland corporation (the Â“REITÂ”), American Assets Trust, L.P., a Maryland limited partnership (the Â“Operating PartnershipÂ”) and [INSERT NAME] (the Â“ExecutiveÂ”).

WHEREAS, the REIT and the Operating Partnership (collectively, the Â“CompanyÂ”) desire to employ the Executive and to enter into an agreement embodying the terms of such employment; and

WHEREAS, the Executive desires to accept employment with the Company, subject to the terms and conditions of this Agreement.

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

1. Employment Period. Subject to the provisions for earlier termination hereinafter provided, the ExecutiveÂ’s employment hereunder shall be for a term (as extended pursuant to this Section1, the Â“Employment PeriodÂ”) commencing on the Effective Date and ending on the third anniversary of the Effective Date (unless the ExecutiveÂ’s employment is terminated prior to such date pursuant to Section3 below) (the Â“Initial Termination DateÂ”); provided, however, that the Employment Period shall automatically be extended for one additional year on the Initial Termination Date and on each subsequent anniversary of the Initial Termination Date thereafter (each such extension, a Â“Renewal YearÂ”), unless either the Executive or the Company elects not to so extend the Employment Period by notifying the other party, in writing, of such election (a Â“Non-RenewalÂ”) not less than sixty (60)days prior to the last day of the Employment Period as then in effect. For purposes of this Agreement, Â“Effective DateÂ” shall mean the date of the closing of the initial public offering of shares of the REITÂ’s common stock.

2. Terms of Employment.

(a) Position and Duties.

(i) During the Employment Period, the Executive shall serve as [INSERT POSITION] of the REIT and the Operating Partnership, and shall perform such employment duties as are usual and customary for such positions. The Executive shall report directly to the [FOR THE CHIEF EXECUTIVE OFFICER: Board of Directors of

the REIT (the Â“BoardÂ”)][FOR OTHER EXECUTIVES: the Chief Executive Officer of the REIT]. [FOR THE CHIEF EXECUTIVE OFFICER: In addition, during the Employment Period, the Company shall cause the Executive to be nominated to stand for election to the Board at any meeting of stockholders of the REIT during which any such election is held and the ExecutiveÂ’s term as director will expire if he is not reelected; provided, however, that the Company shall not be obligated to cause such nomination if any of the events constituting Cause (as defined below) have occurred and not been cured. Provided that the Executive is so nominated and is elected to the Board, the Executive hereby agrees to serve as a member of the Board.] At the CompanyÂ’s request, the Executive shall serve the Company and/or its subsidiaries and affiliates in other capacities in addition to the foregoing consistent with the ExecutiveÂ’s position as [INSERT POSITION] of the REIT and the Operating Partnership. In the event that the Executive, during the Employment Period, serves in any one or more of such additional capacities, the ExecutiveÂ’s compensation shall not be increased beyond that specified in Section2(b) hereof. In addition, in the event the ExecutiveÂ’s service in one or more of such additional capacities is terminated, the ExecutiveÂ’s compensation, as specified in Section2(b) hereof, shall not be diminished or reduced in any manner as a result of such termination provided that the Executive otherwise remains employed under the terms of this Agreement.

(ii) During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive may be entitled, the Executive agrees to devote his full business time and attention to the business and affairs of the Company. Notwithstanding the foregoing, during the Employment Period, it shall not be a violation of this Agreement for the Executive to (A)serve on boards, committees or similar bodies of charitable or nonprofit organizations, [FOR THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER: including, without limitation, the ExecutiveÂ’s continued service on the board of directors of American Assets, Inc.], (B)fulfill limited teaching, speaking and writing engagements, and (C)manage his personal investments, in each case, so long as such activities do not materially interfere or conflict with the performance of the ExecutiveÂ’s duties and responsibilities under this Agreement.

(iii) During the Employment Period, the Executive shall perform the services required by this Agreement at the CompanyÂ’s principal offices located in San Diego, California (the Â“Principal LocationÂ”), except for travel to other locations as may be necessary to fulfill the ExecutiveÂ’s duties and responsibilities hereunder.

(b) Compensation, Benefits, Etc.

(i) Base Salary. During the Employment Period, the Executive shall receive a base salary (the Â“Base SalaryÂ”) of $[INSERT BASE SALARY] per annum. The Base Salary shall be reviewed annually by the Compensation Committee of the Board (the Â“Compensation CommitteeÂ”) and may be increased from time to time by the Compensation Committee in its sole discretion. The Base Salary shall be paid in accordance with the CompanyÂ’s normal payroll practices for executive salaries generally, but no less often than monthly. The Base Salary shall not be reduced after any increase in accordance herewith and the term Â“Base SalaryÂ” as utilized in this Agreement shall refer to Base Salary as so increased.

(ii) Annual Bonus. In addition to the Base Salary, the Executive shall be eligible to earn, for each fiscal year of the Company ending during the Employment Period, an annual cash performance bonus (an Â“Annual BonusÂ”) under the CompanyÂ’s bonus plan or program applicable to senior executives. The ExecutiveÂ’s target Annual Bonus shall be [INSERT PERCENTAGE]% of his Base Salary actually paid for such year. The amount of the Annual Bonus, if any, shall be determined by the Compensation Committee in its sole discretion based on such performance criteria as the Compensation Committee shall determine in its sole discretion. Except as otherwise provided in Section4(a) below, Executive must be employed on the date of payment of the Annual Bonus in order to be eligible to receive an Annual Bonus for such fiscal year. The Executive acknowledges and agrees that nothing contained herein confers on the Executive any right to an Annual Bonus in any year, and that whether the Company pays him an Annual Bonus and the amount of any such Annual Bonus shall be determined by the Compensation Committee in its sole discretion.

(iii) Restricted Stock Awards. Subject to adoption by the Board and approval by the REITÂ’s stockholders of the Incentive Plan, on or as soon as practicable following the date of the closing of the REITÂ’s initial public offering (the Â“Offering DateÂ”), the REIT shall issue to the Executive the following awards of Restricted Stock as defined in the CompanyÂ’s 2011 Equity Incentive Award Plan (the Â“Incentive PlanÂ”)):

(A) an award of Restricted Stock with respect to [INSERT NUMBER] shares of the REITÂ’s common stock (the Â“Time Vesting Restricted Stock AwardÂ”). Subject to the ExecutiveÂ’s continued employment with the Company through each such date, one-half of the Time Vesting Restricted Stock Award shall vest and become nonforfeitable on each of the third and fourth anniversaries of the Offering Date; and

(B) an award of Restricted Stock with respect to [INSERT NUMBER] shares of the REITÂ’s common stock (the Â“Performance Vesting Restricted

Stock AwardÂ” and together with the Time Vesting Restricted Stock Award, the Â“Restricted Stock AwardsÂ”). Subject to the ExecutiveÂ’s continued employment with the Company through each such date, the Performance Vesting Restricted Stock Award shall vest based on the satisfaction by the REIT of absolute and relative Â“total shareholder returnÂ” hurdles established by the Company and set forth in the applicable award agreement; and

The terms and conditions of the Restricted Stock Awards shall be set forth in separate award agreements in a form prescribed by the Company (the Â“Restricted Stock Award AgreementsÂ”), to be entered into by the Company and the Executive, which shall evidence the grant of the Restricted Stock Awards. Immediately prior to a Change in Control of the Company (as defined in the Incentive Plan), the Restricted Stock Awards shall, to the extent not previously vested, become fully vested and nonforfeitable.

(iv) Incentive, Savings and Retirement Plans. During the Employment Period, the Executive shall be eligible to participate in all other incentive plans, practices, policies and programs, and all savings and retirement plans, practices, policies and programs, in each case that are available generally to senior executives of the Company.

(v) Welfare Benefit Plans. During the Employment Period, the Executive and the ExecutiveÂ’s eligible family members shall be eligible for participation in the welfare benefit plans, practices, policies and programs (including, if applicable, medical, dental, disability, employee life, group life and accidental death insurance plans and programs) maintained by the Company for its senior executives.

(vi) Expenses. During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by the Executive in accordance with the policies, practices and procedures of the Company provided to senior executives of the Company.

(vii) Fringe Benefits. During the Employment Period, the Executive shall be entitled to such fringe benefits and perquisites as are provided by the Company to its senior executives from time to time, in accordance with the policies, practices and procedures of the Company, and shall receive such additional fringe benefits and perquisites as the Company may, in its discretion, from time-to-time provide.

(viii) Vacation. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the plans, policies, programs and practices of the Company applicable to its senior executives but in no event less than five (5)weeks per calendar year.

(ix) Indemnification Agreement. The parties hereby acknowledge that in connection with the execution of this Agreement, they are entering into an Indemnification Agreement (the Â“Indemnification AgreementÂ”), substantially in the form attached hereto as Exhibit A, which shall become effective as of the Effective Date.

3. Termination of Employment.

(a) Death or Disability. The ExecutiveÂ’s employment shall terminate automatically upon the ExecutiveÂ’s death during the Employment Period. Either the Company or the Executive may terminate the ExecutiveÂ’s employment in the event of the ExecutiveÂ’s Disability during the Employment Period. For purposes of this Agreement, Â“DisabilityÂ” shall mean the absence of the Executive from the ExecutiveÂ’s duties with the Company on a full-time basis for ninety (90)consecutive days or for a total of one hundred eighty (180)days in any twelve (12)-month period, in either case as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and reasonably acceptable to the Executive or the ExecutiveÂ’s legal representative.

(b) Cause. The Company may terminate the ExecutiveÂ’s employment during the Employment Period for Cause or without Cause. For purposes of this Agreement, Â“CauseÂ” shall mean the occurrence of any one or more of the following events unless, to the extent capable of correction, the Executive fully corrects the circumstances constituting Cause within fifteen (15)days after receipt of the Notice of Termination (as defined below):

(i) the ExecutiveÂ’s willful and continued failure to substantially perform his duties with the Company (other than any such failure resulting from the ExecutiveÂ’s incapacity due to physical or mental illness or any such actual or anticipated failure after his issuance of a Notice of Termination for Good Reason), after a written demand for substantial performance is delivered to the Executive by the Board, which demand specifically identifies the manner in which the Board believes that the Executive has not substantially performed his duties;

(ii) the ExecutiveÂ’s willful commission of an act of fraud or dishonesty resulting in reputational, economic or financial injury to the Company;

(iii) the ExecutiveÂ’s commission of, or entry by the Executive of a guilty or no contest plea to, a felony or a crime involving moral turpitude;

(iv) a willful breach by the Executive of his fiduciary duty to the Company which results in reputational, economic or other injury to the Company; or

(v) the ExecutiveÂ’s willful and material breach of the ExecutiveÂ’s obligations under a written agreement between the Company and the Executive, including without limitation, such a breach of this Agreement.

For purposes of this provision, no act or failure to act, on the part of the Executive, shall be considered Â“willfulÂ” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the ExecutiveÂ’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or based upon the advice of counsel for the Company shall be presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company.

(c) Good Reason. The ExecutiveÂ’s employment may be terminated by the Executive for Good Reason or by the Executive without Good Reason. For purposes of this Agreement, Â“Good ReasonÂ” shall mean the occurrence of any one or more of the following events without the ExecutiveÂ’s prior written consent, unless the Company fully corrects the circumstances constituting Good Reason (provided such circumstances are capable of correction) within thirty (30)days after the CompanyÂ’s receipt of the Notice of Termination (as defined below) delivered by the Executive:

(i) the assignment to the Executive of any duties materially inconsistent in any respect with the ExecutiveÂ’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section2(a) hereof, or any other action by the Company which results in a material diminution in such position, authority, duties or responsibilities, excluding for this purpose any isolated, insubstantial or inadvertent actions not taken in bad faith and which are remedied by the Company promptly after receipt of notice thereof given by the Executive;

(ii) the CompanyÂ’s material reduction of the ExecutiveÂ’s Base Salary as in effect on the date hereof or as the same may be increased from time to time;