Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 54

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 54
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ger.

On June 10, 2025, DLA Piper, following input from our senior management team, provided Gibson Dunn with comments to the draft Merger Agreement. The
revised draft of the Merger Agreement, among other things, (a) introduced the concept of an “intervening event” as well as a termination fee equal to $20 million if we terminated the Merger Agreement to accept a superior
proposal, (b) contemplated a reverse termination fee equal to $60 million, (c) provided the Company flexibility to refinance certain indebtedness on commercially reasonable terms during the period between signing the Merger Agreement
and closing the Merger, and (d) removed the closing condition related to lender consent for property-level loan documents.

Between June 10,
2025 and July 23, 2025, DLA Piper and Gibson Dunn exchanged several drafts of the proposed Merger Agreement and the parties’ respective management teams and representatives of each of their respective legal and financial advisors engaged
in extensive negotiations regarding the terms of the proposed Merger Agreement and other related transaction documents, including regarding (a) the representations and warranties to be made by the parties, (b) our obligations with respect
to the operation of our business during the period between the signing of the Merger Agreement and the closing of the Merger, (c) the scope of the restrictions applicable to actions taken by us during the period between the signing of the
Merger Agreement and the closing of the Merger (including the provisions related to our ability to pay regular quarterly dividends to holders of our Common Stock during the period between the signing of the Merger Agreement and the closing of the
Merger), (d) elements surrounding the “no-shop” provisions related to our obligations to not solicit competing acquisition

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proposals after the signing of the Merger Agreement, (e) our obligations to cooperate with Parent’s debt financing and assumption efforts, (f) our obligations to cooperate with
Parent’s exploration of potential property dispositions, (g) the remedies available to each party 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