Company: CIO
Filing Date: 2025-03-12
Form Type: DEF 14A
Source: 0001193125-25-052437
Chunk: 47

Company: City Office REIT, Inc.
Filing Date: 2025-03-12
Form: DEF 14A
Chunk 47
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 all, based upon the above TSR sliding scale. To the extent earned, the payouts of the Performance RSU Awards will be settled in the form of shares of our common stock, pursuant to the EIP, or if approved by the Compensation Committee, in cash of equivalent value. Performance RSU Awards do not entitle the recipient to the rights of a holder of our common stock until shares are issued in settlement of the vested Performance RSU Awards. The Compensation Committee retains the discretion to remove or make adjustments to vesting conditions under the Performance RSU Awards. Upon satisfaction of the vesting conditions, dividend equivalents in an amount equal to all regular and special dividends declared with respect to our common stock during each annual measurement period during the applicable Performance RSU 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 our common stock that are earned. For example, if at the time of vesting, the TSR of our common stock is at the 50 thpercentile of the 2024 RSU Peer Group, the payout of 100% of the Performance RSU Award would include dividend equivalents on all of the shares of our common stock paid out on a reinvested basis over the applicable Performance RSU Measurement Period. The following Performance RSU Awards were issued to our NEOs in 2024:

| Recipient       |     | Performance RSU Awards Granted 
 During Calendar 2024(1)        |         |     | Value of Performance RSU Awards Granted 
 During Calendar 2024(1)(2)              |         |
|:----------------|:----|:-------------------------------|--------:|:----|:----------------------------------------|--------:|
| James Farrar    |     |                                | 109,934 |     | $                                       | 599,140 |
| Gregory Tylee   |     |                                | 109,934 |     | $                                       | 599,140 |
| Anthony Maretic |     |                                |  45,806 |     | $                                       | 249,643 |

| (1) | We granted dividend equivalency rights on each of the Performance RSU Awards listed. These dividend equivalency rights are reflected as in-kind payments of additional Performance RSU Awards upon each regular common stock dividend payment. The terms of vesting for these in-kind dividend equivalency rights match those of the underlying Performance RSU Award grant. During the