Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 55

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 55
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 under the Merger Agreement, including the triggers and magnitude of the termination fee payable to Parent and reverse termination fee
payable to us (and the terms of the limited guarantee of certain payment obligations by Elliott), (h) the requisite closing conditions, including certain lender consents, and (i) the proposed timing for the closing of the Merger, among other
items.

The proposed Merger Agreement was ultimately entered into by Parent, Merger Sub, and the Company, and contemplates, subject to the satisfaction or
waiver of the requisite conditions precedent, a forward triangular merger.

On June 18, 2025, the Company entered into a Purchase and Sale Agreement with
SWVP for the sale of the Phoenix Assets, which included a total deposit of $20 million and unilateral termination rights for both parties. Such termination rights were subsequently waived by the parties, on July 23, 2025, pursuant to an Amendment to
the Purchase and Sale Agreement, making such Purchase and Sale Agreement a binding obligation of the parties thereto.

On June 27, 2025, the Company
agreed to amend the Exclusivity Agreement, such that the exclusivity period would conclude on July 11, 2025.

On July 7, 2025, the Board held a meeting,
which was attended by members of our senior management. Management provided an update on their recent discussions with Morning Calm and Elliott, including the status of due diligence and Morning Calm’s and Elliott’s negotiation of a
commitment letter for the debt financing, as well as a proposed limited guarantee from affiliates of Elliott backstopping the reverse termination fee and an Equity Commitment Letter from the same parties, and discussed next steps in the process.
Management then reviewed the material open points on the draft of the proposed merger agreement, including the requested scope of lender consents as a closing condition, the Company’s proposed
non-solicitation requirements, the size of the reverse termination fee and the proposed timing for the closing of the Merger.

On July 23, 2025, the Board held a meeting, which was attended by members of our senior management and representatives of Raymond James, JLL Securities
and DLA Piper. The Board discussed, with the assistance of the Company’s senior management and in consultation with our financial and legal advisors, the general status of negotiations and the open items in the draft Merger Agreement.
Representatives of DLA Piper reviewed with the directors their legal fiduciary duties and related obligations in connection