Company: CIO
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000950170-25-023714
Chunk: 32

Company: City Office REIT, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 15
Chunk 32
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. Upon satisfaction of the vesting conditions, dividend equivalents in an amount equal to all regular and special dividends declared with respect to the Company’s common stock during each annual measurement period during the Measurement Period are determined and paid on a cumulative, reinvested basis over the term of the applicable Performance RSU Award, at the time such award vests and based on the number of shares of the Company’s common stock that are earned. Shares of the Company’s common stock issuable pursuant to the Performance RSU Awards and dividend equivalents granted 

 75

 pursuant to the Performance RSU Award Agreement, taken together with the shares issuable pursuant to any other grants under the Equity Incentive Plan, shall not exceed the annual limitation set forth in Section 6 of the Equity Incentive Plan. During the first quarter of 2024, the Performance RSU Awards granted in January 2021, with a January 1, 2021 through December 31, 2023 Measurement Period, were earned at 120% of the target number of shares granted based on achievement of a TSR that was at or above the 60th percentile of the 2021 Peer Group.During the first quarter of 2023, the Performance RSU Awards granted in January 2020, with a January 1, 2020 through December 31, 2022 Measurement Period, were earned at 150% of the target number of shares granted based on achievement of a TSR that was at or above the 75th percentile of the 2020 Peer Group.The following table summarizes the activity of the awards under the Equity Incentive Plan for the years ended December 31, 2024, December 31, 2023 and December 31, 2022: 

         Numberof RSUs

         Number ofPerformanceRSUs

         Outstanding at December 31, 2021

         342,159

         217,500

         Granted

         237,986

         90,000

         Issuance of dividend equivalents

         25,987

         —

         Vested

         (177,812
         )

         —

         Outstanding at December 31, 2022

         428,320

         307,500

         Granted

         198,022

         214,888

         Issuance of dividend equivalents

         43,721

         —

         Vested

         (216,520
         )

         (97