Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 52

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 52
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 to confirm on the 30 day of such exclusivity period that it was
working in good faith to pursue a transaction with the Company on substantially the same terms as set forth in the April 22 Letter, otherwise the Company was permitted to terminate the Exclusivity Agreement. The Exclusivity Agreement also
provided that (a) the Phoenix Assets and (b) other potential dispositions by the Company up to an aggregate amount of $15 million would not be subject to the terms of the Exclusivity Agreement. The Exclusivity Agreement was
subsequently amended on May 20, 2025 to allow for up to an aggregate amount of $80 million in other potential dispositions as a result of potential development interest at one of the Company’s assets in Denver, CO.

On May 1, 2025, the Board held a meeting, which was attended by the Company’s senior management. Management provided the Board with an update on
the progress made with Morning Calm and SWVP. After such update, the Board engaged in discussion regarding the same. The Board then reconfirmed its instruction to management to continue working with Morning Calm and SWVP in parallel.

On May 26, 2025, the investment committee of the Board held a meeting to discuss the transaction with SWVP. At such meeting, members of the committee
engaged in discussions regarding the benefits and considerations of selling the Phoenix Assets. At the conclusion of the meeting, the investment committee unanimously recommended to the Board to approve the sale of the Phoenix Assets to SWVP on the
previously agreed upon terms, subject to the negotiation of mutually acceptable definitive documentation.

Later in the day on May 26, 2025, the
Board held a meeting to receive the investment committee’s recommendation with respect to the sale of the Phoenix Assets to SWVP. After the investment committee provided its recommendation and the Board’s discussion related thereto, the
Board unanimously approved moving forward with the sale of the Phoenix Assets to SWVP on the previously agreed upon terms, subject to the negotiation of mutually acceptable definitive documentation. The Board went on to discuss the April 22
Letter, and while the Board recognized that the letter represented a credible offer from a well-capitalized counterparty, the Board further indicated that it would need to reevaluate other Strategic Alternatives in order to maximize stockholder
value if the process did not progress in an efficient manner. Following this discussion, the Board

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determined to amend the engagements with Raymond James and JLL Securities to