Company: CIO
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0001193125-25-052437
Chunk: 76

Company: City Office REIT, Inc.
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 76
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 adopted in 2014 in connection with our initial public offering. On March 7, 2019, the Board of Directors adopted the First Amendment to the EIP, effective as of January 1, 2019 (the “First Amendment”), and the First Amendment was approved by our shareholders on May 2, 2019. On February 24, 2022, the Board of Directors amended the EIP, subject to the approval of stockholders (the “Second Amendment”). The EIP permits the grants of stock options, restricted common stock, restricted stock units, phantom shares, dividend equivalent rights (“DERs”) and other equity-based awards (including LTIP Units). A total of 1,263,580 shares of common stock were originally authorized for issuance under the Plan, which authorization was increased to 2,263,580 shares of common stock by the First Amendment and subsequently increased to 3,763,580 shares of common stock by the Second Amendment. As of December 31, 2024, approximately 638,701 shares (and approximately 143,059 shares as of February 20, 2025) of our common stock remain available for issuance for equity-based awards under the Plan.

The Board of Directors believes that the Plan has benefited the Company by assisting in recruiting and retaining the services of individuals with ability and initiative and enabling such individuals to participate in the future services of the Company and by aligning the interests of such individuals with the interests of the Company and its stockholders.

On February 19, 2025, the Board of Directors amended the EIP, subject to the approval of stockholders (the “Third Amendment”). The Third Amendment is described below and includes the removal of certain calendar-year individual award limits and an increase in the total number of shares of common stock that may be issued pursuant to awards granted under the EIP from 3,763,580 shares to 5,763,580 shares.

The increase in the EIP’s share authorization will continue the Company’s ability to provide incentive and equity compensation opportunities pursuant to the EIP. The Board of Directors believes that the Company’s ability to provide competitive levels and types of compensation, including equity and incentive compensation opportunities, is important to recruiting and retaining talented executives and other key employees. Absent stockholder approval of the Third Amendment, the share authorization under the EIP would be exhausted, and the Company would be unable to provide equity and incentive compensation pursuant to awards granted under the EIP. The Company thus would be required