Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 55

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 55
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 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 with their consideration and potential approval of the transaction with Morning Calm and Elliott. DLA Piper then provided a
presentation regarding the terms of the definitive Merger Agreement and related transaction documents. The representatives of Raymond James and JLL Securities then provided a review of the financial analysis of the proposed consideration payable to
holders of our Common Stock. Following the presentations, the Board asked questions to representatives of each of the Financial Advisors and held a discussion regarding the