Document:

Exchange Agreement

 Exhibit 10.51 
 EXCHANGE AGREEMENT 
 THIS EXCHANGE
AGREEMENT (this “Agreement”) is made and entered into as of the 3rd day of January, 2011, by and among the undersigned holders (the “Holders”) of promissory notes issued by Pacific Office Properties, L.P., a Delaware limited partnership (the
“Partnership”), the Recipients (as defined below) and the Partnership. 
 WITNESSETH: 

WHEREAS, each of the Holders is the holder of the subordinated promissory note issued by the Partnership described on Exhibit
A hereto (each, a “Note” and collectively, the “Notes”); 
 WHEREAS, Pacific Office
Properties Trust, Inc., a Maryland corporation and the sole general partner of the Partnership (the “Corporation”) proposes to undertake an underwritten, registered public offering of its common stock, par value $0.0001 per share
(the “Common Stock”), pursuant to a Registration Statement on Form S-11 (File No. 333-169729) filed with the Securities and Exchange Commission on October 4, 2010 (the “Offering”); 

WHEREAS, upon the consummation of the Offering (the “Offering Closing”), the maturity date of each of the Notes
will accelerate to the date of the Offering Closing; 
 WHEREAS, subject to the fulfillment of the terms and conditions
set forth below, each of the Holders desires to exchange the principal sum of its Note, together with accrued interest thereon, for common units of limited partner interest in the Partnership (“Common Units”) in a transaction exempt
from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(2) of the Securities Act and Rule 506 of Regulation D (“Regulation D”) promulgated
thereunder by the Securities and Exchange Commission; and 
 WHEREAS, each of Pan Am Partners, LLC, STIRR-Davies, LLC,
Waterfront Partners OP, LLC, STIRR-PBN, LLC, STIRR Black Canyon, LLC, STIRR 2155 Kalakaua, LLC and STIRR USB Tower, LLC (the “Distributing Holders”) desires that the Common Units to be issued upon the exchange of its Note be issued
to the persons or entities set forth on Exhibit A (each, a “Recipient”), which represent the equity owners (or assignees of such owners) of such Holder. 

NOW, THEREFORE, in consideration of the foregoing, and of the mutual covenants hereinafter contained, and of other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

EXCHANGE AND DISTRIBUTION 
 Section 1.1 Subject to and upon the terms and conditions of this Agreement, each of the Holders agrees to sell, transfer and exchange at the Closing (as defined below) the Note held by

 
such Holder as set forth on Exhibit A hereto for a number of Common Units equal to (a) the principal amount of such Note, plus (b) all accrued and unpaid interest on such
Note through the date of Closing (as set forth in the books and records of the Partnership), divided by (c) the public offering price per share of Common Stock in the Offering, without any further consideration to be exchanged by the parties
(the “Exchange”). Each of the Holders agrees to assign, transfer and deliver to the Partnership all of such Holder’s right, title and interest in and to the Note(s) held by such Holder and all documentation related thereto, and
whatever documents of assignment, conveyance and transfer may be necessary or desirable with respect thereto. Such Notes shall be cancelled, and the indebtedness represented thereby discharged, upon consummation of the Exchange. In return, the
Partnership agrees to issue and deliver to each of the Holders (or to the applicable Recipients as described in Section 1.2) the number of Common Units described in this paragraph. 

Section 1.2 Subject to and upon the terms and conditions of this Agreement, each of the Distributing Holders hereby agrees,
effective immediately prior to the Closing, to distribute and assign to the applicable Recipients in accordance with the Ownership Percentages set forth on Exhibit A, the right to receive a pro rata portion of the Common Units to be issued to
such Distributing Holder in the Exchange. With respect to each Distributing Holder, the Partnership agrees to issue and deliver directly to the applicable Recipients the Common Units that otherwise would be issued to the Distributing Holder in
connection with the Exchange. Each equity owner of a Holder that is described on Exhibit A as assigning its right to receive Common Units in the Exchange to a Recipient hereby authorizes and agrees to such assignment. 

Section 1.3 In the event that the Offering Closing is not consummated on or prior to February 28, 2011, then this
Agreement shall automatically terminate on February 28, 2011 and shall thereafter be of no further force or effect. 

ARTICLE II 

CONDITIONS; CLOSING 
 Section 2.1 Conditions to the Partnership’s Obligations. The obligations of the Partnership to effect the transactions contemplated hereby shall be subject to the following
conditions precedent: 
 (i) The representations and warranties of each Holder and Recipient contained in this Agreement shall
have been true and correct in all material respects on the date such representations and warranties were made, and on and as of the Closing Date (as defined below) as if made on and as of such date; 

(ii) The obligations of each Holder and Recipient contained in this Agreement shall have been duly performed on or before the Closing
Date and no such Holder or Recipient shall have breached any of its covenants contained herein in any material respect; 
 (iii)
No order, statute, rule, regulation, executive order, injunction, stay, decree or restraining order shall have been enacted, entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that prohibits the
consummation of the 

  
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transactions contemplated hereby, and no litigation or governmental proceeding seeking such an order shall be pending or threatened; 

(iv) The Offering Closing shall be occurring concurrently with the Closing (or the Closing shall occur prior to, but be conditioned upon
the immediate subsequent occurrence of, the Offering Closing); and 
 (v) Each Holder or Recipient shall have executed and
delivered to the Partnership a lock-up agreement in the form attached hereto as Exhibit B. 
 Any or all of the foregoing
conditions may be waived by the Partnership in its sole and absolute discretion. 
 Section 2.2 Conditions to the
Holders’ Obligations. The obligations of each Holder to effect the transactions contemplated hereby shall be subject to the following conditions precedent: 
 (i) The representations and warranties of the Partnership contained in this Agreement shall have been true and correct in all material respects on the date such representations and warranties were made,
and on and as of the Closing Date as if made on and as of such date; 
 (ii) The obligations of the Partnership contained in
this Agreement shall have been duly performed on or before the Closing Date and the Partnership shall not have breached any of its covenants contained herein in any material respect; 

(iii) No order, statute, rule, regulation, executive order, injunction, stay, decree or restraining order shall have been enacted,
entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that prohibits the consummation of the transactions contemplated hereby, and no litigation or governmental proceeding seeking such an order shall be
pending or threatened; 
 (iv) The Offering Closing shall be occurring concurrently with the Closing (or the Closing shall occur
prior to, but be conditioned upon the immediate subsequent occurrence of, the Offering Closing); and 
 (v) The Partnership
shall have delivered to each Recipient and each Holder that is to receive Common Units in connection with the Exchange a Supplemental Registration Rights Agreement, in the form attached hereto as Exhibit C, executed by the Corporation.

 Section 2.3 Closing. The date, time and place of the consummation of the transactions
contemplated hereby (the “Closing” or the “Closing Date”) shall occur concurrently with (or prior to, but conditioned upon the immediate subsequent occurrence of) the Offering Closing, in the office of Clifford
Chance US LLP, 31 West 52nd Street, New York, New York
10019. 
 Section 2.4 Closing Deliveries. At the Closing, the parties shall make, execute, acknowledge and
deliver, or cause to be made, executed, acknowledged and delivered through 

  
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such third party as may be applicable, the legal documents and other items (collectively the “Closing Documents”) necessary to carry out the intention of this Agreement and the
other transactions contemplated to take place in connection therewith. 
 Section 2.5 Admission as Limited
Partners. Notwithstanding the issuance of Common Units pursuant to this Agreement, the admission as a limited partner of the Partnership of a Holder or Recipient who receives Common Units shall be subject to the execution and delivery by
each of such Holder or Recipient, on one hand, and the Corporation, as the sole general partner of the Partnership, on the other hand, of a Joinder Agreement in the form attached to this Agreement as Exhibit D. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE HOLDERS AND RECIPIENTS 

Each Holder and Recipient, as applicable, severally, and not jointly or jointly and severally, represents and warrants to the Partnership
as set forth below in this Article III, which representations and warranties are true and correct as of the date hereof and will (except to the extent expressly relating to a specified date) be true and correct as of the Closing Date (provided, that
Mr. Taff and Mr. Reynolds each makes the below representations and warranties only to the extent applicable to an individual and not an entity): 
 Section 3.1 Organization; Authority; Enforceability. Such Holder or Recipient has been duly formed, and is validly existing and in good standing under the laws of the jurisdiction of
its formation. Such Holder or Recipient has full power and authority to enter into, execute, deliver and perform this Agreement and all other agreements and instruments to be executed by such Holder or Recipient in connection herewith. All of such
actions have been duly authorized and approved by all persons or entities authorized to take such required action. This Agreement constitutes the legal, valid and binding obligation of such Holder or Recipient enforceable against such Holder or
Recipient in accordance with its terms except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other laws and subject to general principles of equity. 

Section 3.2 Ownership of Notes. Such Holder is the sole legal owner of the Notes set forth opposite its name on
Exhibit A hereto. Such Notes are free and clear of any mortgage, lien, pledge, charge, security interest, encumbrance, title retention agreement, option, equity or similar adverse claim thereto. Except as set forth in this Agreement, such
Holder has not, in whole or in part, given any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to such Notes which has not been revoked or which is otherwise outstanding and effective
as of the Closing. No action is pending or, to such Holder’s knowledge, threatened, which would contest such Holder’s ownership of, or right to transfer, such Notes. 
 Section 3.3 Consents and Approvals. Except as shall have been satisfied prior to the Closing Date, no consent, waiver, approval or authorization of any third party or governmental
authority or agency is required to be obtained by such Holder or Recipient in connection with the 

  
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execution, delivery and performance of the Agreement and the transactions contemplated hereby, except for those consents, waivers, approvals or authorizations, the failure of which to obtain
would not have a material adverse effect on the business, financial condition or results of operations (a “Material Adverse Effect”) of such Holder or Recipient. 

Section 3.4 No Violation. None of the execution, delivery or performance of the Agreement, and the transactions
contemplated hereby does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination, acceleration, cancellation or
other right adverse to the Partnership of (A) the organizational documents, including the operating agreement or partnership agreement, if any, of such Holder or Recipient, (B) any agreement, document or instrument to which such Holder or
Recipient is a party or by which such Holder or Recipient is bound, or (C) any term or provision of any judgment, order, writ, injunction, or decree, or require any approval, consent or waiver of, or make any filing with, any person or
governmental or regulatory authority or foreign, federal, state, local or other law binding on such Holder or Recipient or by which such Holder or Recipient or its assets are bound or subject; provided in the case of (B) and (C) above,
unless any such violation, conflict, breach, default or right would not have a Material Adverse Effect. 
 Section 3.5
Investment Purposes. Such Holder or Recipient acknowledges its understanding that the offering and issuance of Common Units to be acquired by it pursuant to this Agreement are intended to be exempt from registration under the Securities
Act and that the Partnership’s reliance on such exemption is predicated in part on the accuracy and completeness of the representations and warranties of such Holder or Recipient contained herein. In furtherance thereof, such Holder or
Recipient, severally, and not jointly or jointly and severally, represents and warrants to the Partnership as follows: 
 Section 3.5.1 Investment. Such Holder or Recipient is acquiring Common Units hereunder solely for its own account and not with a view to, or for offer or sale in connection with, any
distribution thereof (except a distribution to such Holder’s or Recipient’s equity owners based on their ownership interests in such Holder or Recipient). Such Holder or Recipient agrees and acknowledges that it will not, directly or
indirectly, offer, transfer, sell, assign, pledge, hypothecate or otherwise dispose of (hereinafter, “Transfer”) any of the Common Units acquired hereunder (other than a distribution to such Holder’s or Recipient’s equity
owners based on their ownership interests in such Holder or Recipient), unless (i) the Transfer is pursuant to an effective registration statement under the Securities Act and qualification or other compliance under applicable blue sky or state
securities laws, or (ii) counsel for such Holder or Recipient (which counsel shall be reasonably acceptable to the Corporation, as sole general partner of the Partnership) shall have furnished the Corporation with an opinion, reasonably
satisfactory in form and substance to the Corporation, to the effect that no such registration is required because of the availability of an exemption from registration under the Securities Act. 

Section 3.5.2 Knowledge. Such Holder or Recipient is either (i) an “accredited investor”
(as such term is defined in Rule 501(a) of Regulation D); (ii) knowledgeable, sophisticated and experienced in business and financial matters, capable of evaluating the 

  
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merits and risks of the Exchange, and fully understands the limitations on transfer imposed by the federal securities laws and as described in this Agreement; or (iii) has retained a person
who is knowledgeable and experienced to represent it in the Exchange. In any case, such Holder or Recipient is able to bear the economic risk of holding the Common Units (or shares of Common Stock for which such Common Units may be redeemed or
exchanged) for an indefinite period and is able to afford the complete loss of its investment in the Common Units (or shares of Common Stock for which such Common Units may be redeemed or exchanged); such Holder or Recipient has received and
reviewed all information and documents about or pertaining to the Corporation and the Partnership, the business and prospects of the Corporation and the Partnership and the issuance of the Common Units, as applicable, as such Holder or Recipient
deems necessary or desirable, and has been given the opportunity to obtain any additional information or documents and to ask questions and receive answers about such information and documents, the Corporation, the Partnership, the business and
prospects of the Corporation and the Partnership and the Common Stock and/or Common Units, which such Holder or Recipient deems necessary or desirable to evaluate the merits and risks related to its investment in the Common Units (or shares of
Common Stock for which such Common Units may be redeemed or exchanged). Such Holder or Recipient has discussed with its professional, legal, tax and financial advisors (to the extent such Holder or Recipient deems necessary or advisable) the
suitability of the transactions contemplated by this Agreement with respect to such Holder’s or Recipient’s particular tax and financial situation, and such Holder or Recipient has not relied on the Corporation, the Partnership or any of
their respective officers, directors, affiliates or professional advisors for such advice as to such consequences. 
 Section 3.5.3 Partnership Agreement. Such Holder or Recipient acknowledges that the Common Units shall be subject to the terms and conditions of the Third Amended and Restated Agreement
of Limited Partnership of the Partnership to be executed at or concurrent with the completion of the Offering (the “Partnership Agreement”). Such Holder or Recipient acknowledges receipt of a copy of the Partnership Agreement, and
acknowledges that such Holder’s or Recipient’s rights and obligations as a limited partner of the Partnership (including, without limitation, the right to transfer, encumber, pledge and redeem Common Units) are subject to, and such Holder
or Recipient agrees to abide by, all of the express limitations, terms, provisions and restrictions set forth in the Partnership Agreement. 
 Section 3.5.4 Holding Period. Such Holder or Recipient acknowledges that it has been advised that (i) the Common Units issued pursuant to this Agreement (and shares of Common Stock
for which such Common Units may be redeemed or exchanged) are “restricted securities” (unless registered in accordance with applicable U.S. securities laws) under applicable federal securities laws and may be disposed of only pursuant to
an effective registration statement or an exemption therefrom; accordingly, such Holder or Recipient may have to bear indefinitely the economic risks of an investment in such Common Units (or shares of Common Stock for which such Common Units are
redeemed or exchanged), (ii) a restrictive legend in the form hereafter set forth shall be placed on certificates, if any, representing the Common Units (or shares of Common Stock for which

  
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such Common Units may be redeemed or exchanged), and (iii) a notation shall be made in the appropriate records of the Corporation (or the transfer agent for the Corporation’s Common
Stock) or the Partnership indicating that the Common Units (or shares of Common Stock for which such Common Units may be redeemed or exchanged) issued hereunder are subject to restrictions on transfer. 

Section 3.5.5 Legend. Each certificate, if any, representing the Common Units issued pursuant to this
Agreement (and shares of Common Stock for which such Common Units may be redeemed or exchanged), unless registered in accordance with applicable U.S. securities laws, shall bear the following legend (in addition to any other legend required by the
charter of the Corporation, the Partnership Agreement or any applicable state securities laws): 
 “THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON EXEMPTIONS AFFORDED UNDER APPLICABLE LAWS. THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, HYPOTHECATED, TRANSFERRED OR OTHERWISE ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN
APPLICABLE EXEMPTION (AS TO WHICH THE ISSUER SHALL BE REASONABLY SATISFIED, INCLUDING RECEIPT OF AN ACCEPTABLE LEGAL OPINION) FROM THE REGISTRATION REQUIREMENTS OF SUCH LAWS.” 

Section 3.5.6 Distributions in Kind. Such Holder or Recipient agrees that, in the event that the Holder
or Recipient distributes any Common Units to such Holder’s or Recipient’s equity owners (each, an “Owner”) based on their ownership interests in such Holder or Recipient, before effecting the distribution, such Holder or
Recipient shall obtain representations and warranties from each Owner in substance and form substantially similar to the representations and warranties set forth in Sections 3.5.1 through 3.5.5. 

Section 3.6 No Brokers. Neither such Holder or Recipient, as applicable, nor any of its officers, directors, managers
or employees, to the extent applicable, has employed or made any agreement with any broker, finder or similar agent or any person or firm which will result in the obligation of the Partnership or any of its affiliates to pay any finder’s fee,
brokerage fees or commissions or similar payment in connection with the transactions contemplated by this Agreement. 

Section 3.7 No Litigation. There are no suits, actions or proceedings against such Holder or Recipient pending or, to
the knowledge of such Holder or Recipient, threatened that (i) affect or challenge the legality, validity or enforceability of this Agreement and the other agreements contemplated by this Agreement to be executed by such Holder or Recipient, or
the transactions contemplated hereby or thereby, or (ii) could, if there were an unfavorable decision, reasonably be expected to have a Material Adverse Effect on such Holder or Recipient. 

  
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 Except as set forth in this Article III, no Holder or Recipient makes any representation or
warranty of any kind, express or implied, and the Partnership acknowledges that it has not relied upon any other such representation or warranty. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP

 The Partnership represents and warrants to the Holders and Recipients as set forth below in this Article IV, which
representations and warranties are true and correct as of the date hereof and will (except to the extent expressly relating to a specified date) be true and correct as of the date of Closing: 

Section 4.1 Organization; Authority; Enforceability. The Partnership has been duly formed, and is validly existing and
in good standing under the laws of the jurisdiction of its incorporation. The Partnership has full power and authority to enter into, execute, deliver and perform this Agreement and all other agreements and instruments to be executed by the
Partnership in connection herewith. The execution, delivery and performance of this Agreement by the Partnership have been duly and validly authorized by all necessary action of the Partnership. This Agreement constitutes the legal, valid and
binding obligation of the Partnership enforceable against the Partnership in accordance with its terms except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other laws and subject to general principles of equity.

 Section 4.2 Consents and Approvals. Assuming the accuracy of the representations and warranties of the
Holders and Recipients made hereunder and except in connection with the Offering, no consent, waiver, approval or authorization of any third party or governmental authority or agency is required to be obtained by the Partnership in connection with
the execution, delivery and performance of this Agreement and the transactions contemplated hereby, except any of the foregoing that shall have been satisfied prior to the Closing Date or the Offering Closing, as applicable, and except for those
consents, waivers and approvals or authorizations, the failure of which to obtain would not have a Material Adverse Effect. 

Section 4.3 Non-Contravention. Assuming the accuracy of the representations and warranties of the Holders and
Recipients made hereunder, none of the execution, delivery or performance of this Agreement by the Partnership and the consummation of the Exchange contemplated hereby will (A) result in a default (or an event that, with notice or lapse of time
or both would become a default) or give to any third party any right of termination, cancellation, amendment or acceleration under, or result in any loss of any material benefit, pursuant to any material agreement, document or instrument to which
the Partnership or any of its properties or assets may be bound or (B) violate or conflict with any judgment, order, decree, or law applicable to the Partnership or any of its properties or assets; provided in the case of (A) and (B),
unless any such default, violation or conflict would not have a Material Adverse Effect. 
 Section 4.4 Common Units;
Common Stock. The Common Units to be delivered at the Closing in accordance with the terms of this Agreement (and, when issued, the shares of Common Stock for which such Common Units may be redeemed or exchanged) will be duly authorized,
validly issued, fully paid and nonassessable, and not subject to preemptive or similar 

  
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rights created by statute or any agreement to which the Corporation or the Partnership is a party or by which the Corporation or the Partnership is bound. 

Section 4.5 No Broker. Neither the Partnership nor any of its representatives or employees, to the extent applicable,
has employed or made any agreement with any broker, finder or similar agent or any person or firm which will result in the obligation of any Holder or Recipient or any of its respective affiliates to pay any finder’s fee, brokerage fees or
commissions or similar payment in connection with transactions contemplated by the Agreement. 
 Except as set forth in this
Article IV, the Partnership does not make any representation or warranty of any kind, express or implied, and each Holder and Recipient acknowledges that it has not relied upon any other such representation or warranty. 

ARTICLE V 

MISCELLANEOUS 
 Section 5.1 Survival of Representations. All representations, warranties, and agreements made in this Agreement, or pursuant hereto, shall survive the Closing and any investigation at
any time made by or on behalf of the parties. 
 Section 5.2 Notices. All notices, requests, demands and
other communications which are required or permitted hereunder shall be in writing and shall be deemed to have been duly given: (a) when delivered personally; (b) on the following business day when sent by overnight courier; (c) on
dispatch when sent by telecopy, so long as a copy of such communication is immediately thereafter mailed as provided in this Section; and (d) when mailed by first class mail, postage prepaid, to the main office of the Partnership and to each
Holder or Recipient at its respective address as set forth in the books and records of the Corporation or the Partnership. 

Section 5.3 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of Illinois without reference to principles of conflicts of laws. The parties: (x) agree that any suit, action or legal proceeding relating to this Agreement shall be brought exclusively in any federal court located in Illinois, if
federal jurisdiction is available, and, otherwise, in any state court located in such state; (y) consent to the jurisdiction of each such court in any such suit, action or proceeding; and (z) waive any objection which they may have to the
laying of venue in any such suit, action or proceeding in either such court. Further, the parties hereby consent and submit to the personal jurisdiction of the Illinois courts, both state and federal, and hereby waive any and all objections now or
hereafter existing to personal jurisdiction of said courts over them. The parties waive, to the extent permitted under applicable law, any right they may have to assert the doctrine of forum non conveniens or to object to venue to the extent any
proceeding is brought in accordance with this section. 
 Section 5.4 Entire Agreement; Amendment. This
Agreement contains the entire agreement of the parties with respect to the subject matter hereof. This Agreement shall not be amended or modified in any respect unless agreed to in writing by all of the parties hereto. 

  
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 Section 5.5 Assignment. This Agreement may not be assigned by any party
hereto without the prior written consent of the other parties hereto; provided, however, that a Holder or Recipient may assign its right to receive Common Units to such Holder’s or Recipient’s equity owners based on their respective
ownership interests in such Holder or Recipient; provided, further, that any assignee agrees to make the representations and warranties of the Holder or Recipient included in Article III of this Agreement to the Partnership. 

Section 5.6 No Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power
or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or
privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it
is in writing and is signed by the party asserted to have granted such waiver. 
 Section 5.7 Headings. The
headings of various Sections in this Agreement are for convenience only, and are not to be utilized in construing the content or meaning of the substantive provisions hereof. 
 Section 5.8 Pronouns and Plurals. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the
singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
 Section 5.9 Further
Action. The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

Section 5.10 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their
heirs, executors, administrators, successors, legal representatives and permitted assigns. 
 Section 5.11
Counterparts. This Agreement may be executed in any number of identical counterparts, any of which may contain the signatures of less than all parties, and all of which together shall constitute a single agreement. 

Section 5.12 Partial Invalidity. The provisions hereof shall be deemed independent and severable, and the invalidity
or partial invalidity or enforceability of any one provision shall not affect the validity of enforceability of any other provision hereof. 
 Section 5.13 Fax Signatures. Any signature page hereto delivered by a fax machine or telecopy machine shall be binding to the same extent as an original signature page, with regard to
any agreement subject to the terms hereof or any amendment thereto. Any party who delivers such a signature page agrees to later deliver an original counterpart to any party that requests it. 

  
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 Section 5.14 Construction. The language used in this Agreement will be
deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. Any reference to any federal, state, local or foreign statute or law, statute, rule or regulation
will be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. The use of the word “including” and similar expressions means “including without limitation” and unless the
context otherwise requires, “neither,” “nor,” “any,” “either” and “or” shall not be exclusive. Unless otherwise noted, all references to sections, exhibits and schedules are to sections, exhibits and
schedules to this Agreement. All words used in this Agreement shall be construed to be of such gender or number as the circumstances require. The parties hereto intend that each representation, warranty and covenant contained herein shall have
independent significance. If any party has breached any representation, warranty or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of
the relative levels of specificity) which such party has not breached shall not detract from or mitigate the fact that such party is in breach of the first representation, warranty or covenant. All references to agreements hereunder include all
exhibits and schedules to such agreements and shall mean such agreements as they may be amended, restated, supplemented or otherwise modified from time to time. 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the date first above written. 
 PACIFIC OFFICE PROPERTIES, L.P. 

 

			
	By:	 	PACIFIC OFFICE PROPERTIES TRUST, INC., its sole general partner

  

					
		 	By:	 	 /s/ James R. Wolford

		 		 	James R. Wolford
		 		 	Chief Financial Officer

 PACIFIC OFFICE PROPERTIES
TRUST, INC., 
 as the sole general partner of the Partnership (solely for purposes of Section 2.5) 

 

			
	By:	 	 /s/ James R. Wolford

		 	James R. Wolford
		 	Chief Financial Officer

 PAN AM PARTNERS, LLC,

 a Delaware limited liability company 
  

			
	By:	 	 JCR Manager, LLC,

a Delaware limited liability company, its Manager

 

					
		 	By:	 	 /s/ Lawrence J. Taff

		 		 	Lawrence J. Taff
		 		 	Vice President

  
 S-1

 STIRR-DAVIES, LLC, 
 a Delaware limited liability company 
  

			
	By:	 	 JCR Manager, LLC,
 a
Delaware limited liability company, its Manager

  

					
		 	By:	 	 /s/ Lawrence J. Taff

		 		 	Lawrence J. Taff
		 		 	Vice President

 WATERFRONT PARTNERS OP, LLC,

 a Hawaii limited liability company 
  

			
	By:	 	 JCR Manager, LLC,
 a
Delaware limited liability company, its Manager

  

					
		 	By:	 	 /s/ Lawrence J. Taff

		 		 	Lawrence J. Taff
		 		 	Vice President

 250 QUEEN STREET INVESTMENT COMPANY,

 a Hawaii limited partnership 
  

			
	By:	 	 810 Richards Investment Corp.,
 a Hawaii corporation, its General Partner

  

					
		 	By:	 	 /s/ Jay H. Shidler

		 		 	Jay H. Shidler
		 		 	Vice President

  
 S-2

 STIRR-PBN, LLC, 
 a Hawaii limited liability company 
  

			
	By:	 	 JCR Manager, LLC,
 a
Delaware limited liability company, its Manager

  

					
		 	By:	 	 /s/ Lawrence J. Taff

		 		 	Lawrence J. Taff
		 		 	Vice President

 SHIDLER EQUITIES, L.P., 

a Hawaii limited partnership 
  

			
	By:	 	Shidler Equities Corp., a Hawaii corporation

  

					
		 	By:	 	 /s/ Jay H. Shidler

		 		 	Jay H. Shidler
		 		 	President

 JRI EQUITIES, LLC, 

a California limited liability company 
  

			
	By:	 	 /s/ James R. Ingebritsen

		 	James R. Ingebritsen
		 	Managing Member

 MJR EQUITIES, LLC, 

a California limited liability company 
  

			
	By:	 	 /s/ Matthew J. Root

		 	Matthew J. Root
		 	Managing Member

  
 S-3

	
	 /s/ Lawrence J. Taff

	Lawrence J. Taff

 CITY SQUARE EXECUTIVE
PARTNERS, LLC, 
 a Delaware limited liability company 
  

			
	By:	 	 JCR Manager, LLC,
 a
Delaware limited liability company, its Manager

  

					
		 	By:	 	 /s/ Lawrence J. Taff

		 		 	Lawrence J. Taff
		 		 	Vice President

 STIRR BLACK CANYON, LLC,

 a Delaware limited liability company 
  

			
	By:	 	 JCR Manager, LLC,
 a
Delaware limited liability company, its Manager

  

					
		 	By:	 	 /s/ Lawrence J. Taff

		 		 	Lawrence J. Taff
		 		 	Vice President

  
 S-4

 STIRR 2155 KALAKAUA, LLC, 
 a Hawaii limited liability company 
  

			
	By:	 	 SGIP Manager, LLC,
 a
Delaware limited liability company, its Manager

  

					
		 	By:	 	 /s/ Lawrence J. Taff

		 		 	Lawrence J. Taff
		 		 	Vice President

 STIRR USB TOWER, LLC, 

a Delaware limited liability company 
  

			
	By:	 	 JCR Manager, LLC,
 a
Delaware limited liability company, its Manager

  

					
		 	By:	 	 /s/ Lawrence J. Taff

		 		 	Lawrence J. Taff
		 		 	Vice President

 SHIDLER FAMILY PROPERTIES LLC,

 a Hawaii limited liability company 
  

			
	By:	 	 /s/ James C. Reynolds

		 	James C. Reynolds
		 	Manager

  
 S-5

 REYNOLDS PARTNERS, L.P., 
 a Hawaii limited partnership 
  

			
	By:	 	 JC Reynolds, LLC,
 a
Hawaii limited liability company, its general partner

  

					
		 	By:	 	 /s/ James C. Reynolds

		 		 	James C. Reynolds

 JAMES C. REYNOLDS REVOCABLE LIVING
TRUST 
  

			
	By:	 	 /s/ James C. Reynolds

		 	James C. Reynolds
		 	Trustee

 JAMES C. REYNOLDS, INC., 

a California corporation 
  

			
	By:	 	 /s/ James C. Reynolds

		 	James C. Reynolds
		 	Title:

  

	
	 /s/ James C. Reynolds

	James C. Reynolds

  
 S-6

 PBN EXECUTIVE PARTNERS, LLC, 
 a Hawaii limited liability company 
  

			
	By:	 	 JCR Manager, LLC,
 a
Delaware limited liability company, its Manager

  

					
		 	By:	 	 /s/ Lawrence J. Taff

		 		 	Lawrence J. Taff
		 		 	Vice President

 WATERFRONT EXECUTIVE PARTNERS, LLC,

 a Hawaii limited liability company 
  

			
	By:	 	 JCR Manager, LLC,
 a
Delaware limited liability company, its Manager

  

					
		 	By:	 	 /s/ Lawrence J. Taff

		 		 	Lawrence J. Taff
		 		 	Vice President

 USB EXECUTIVE PARTNERS, LLC,

 a Delaware limited liability company 
  

			
	By:	 	 JCR Manager, LLC,
 a
Delaware limited liability company, its Manager

  

					
		 	By:	 	 /s/ Lawrence J. Taff

		 		 	Lawrence J. Taff
		 		 	Vice President

  
 S-7

 Exhibit A 

 

													
	 Holder
	  	 Recipient
	  	Ownership
Percentage	 	 	Date of
Note	  	Principal
Amount of
Note	 
	 Pan Am Partners, LLC,
 a
Delaware limited liability company
	  		  				 	March 19,
2008	  	$	727,280.00	  
					
		  	 Shidler Equities, L.P. (as assignee of
 Shidler Family Properties, LLC)
	  	 	30.0	% 	 		  			
					
		  	 James C. Reynolds (as assignee of
 James C. Reynolds, Inc.)
	  	 	25.0	% 	 		  			
					
		  	JRI Equities, LLC	  	 	15.0	% 	 		  			
					
		  	MJR Equities, LLC	  	 	15.0	% 	 		  			
					
		  	Lawrence J. Taff	  	 	15.0	% 	 		  			
					
	 STIRR-Davies, LLC,
 a Delaware
limited liability company
	  		  				 	March 19,
2008	  	$	613,470.00	  
					
		  	Shidler Equities, L.P.	  	 	44.1136	% 	 		  			
					
		  	 James C. Reynolds (as assignee of
 James C. Reynolds Revocable Living Trust)
	  	 	25.0000	% 	 		  			
					
		  	JRI Equities, LLC	  	 	7.9432	% 	 		  			
					
		  	MJR Equities, LLC	  	 	7.9432	% 	 		  			
					
		  	Lawrence J. Taff	  	 	15.0000	% 	 		  			
					
	 Waterfront Partners OP, LLC,
 a
Hawaii limited liability company
	  		  				 	March 19,
2008	  	$	293,790.00	  
					
		  	Shidler Equities, L.P.	  	 	56.250	% 	 		  			
					
		  	James C. Reynolds	  	 	25.000	% 	 		  			
					
		  	JRI Equities, LLC	  	 	5.625	% 	 		  			
					
		  	MJR Equities, LLC	  	 	5.625	% 	 		  			
					
		  	Lawrence J. Taff	  	 	5.625	% 	 		  			
					
		  	Waterfront Executive Partners, LLC	  	 	1.875	% 	 		  			

													
	 Holder
	  	 Recipient
	  	Ownership
Percentage	 	 	Date of
Note	  	Principal
Amount
of
Note	 
	 250 Queen Street Investment

Company, a Hawaii limited

partnership
	  	N/A	  	 	N/A	  	 	March 19,
2008	  	$	801,660.00	  
					
	 STIRR-PBN, LLC,
 a Hawaii
limited liability company
	  		  				 	March 19,
2008	  	$	193,800.00	  
					
		  	Shidler Equities, L.P.	  	 	47.6182	% 	 		  			
					
		  	James C. Reynolds	  	 	33.3300	% 	 		  			
					
		  	JRI Equities, LLC	  	 	4.7630	% 	 		  			
					
		  	MJR Equities, LLC	  	 	4.7630	% 	 		  			
					
		  	Lawrence J. Taff	  	 	7.1444	% 	 		  			
					
		  	PBN Executive Partners, LLC	  	 	2.3815	% 	 		  			
					
	 Shidler Equities, L.P.,
 a
Hawaii limited partnership (1)
	  		  				 	March 19,
2008	  	$	3,348,000.00	  
					
	 Reynolds Partners, L.P.,
 a
Hawaii limited partnership (1)
	  		  				 	March 19,
2008	  	$	3,348,000.00	  
					
	 JRI Equities, LLC,
 a
California limited liability company (1)
	  		  				 	March 19,
2008	  	$	1,674,000.00	  
					
	 MJR Equities, LLC,
 a
California limited liability company (1)
	  		  				 	March 19,
2008	  	$	1,674,000.00	  
					
	Lawrence J. Taff (1)	  		  				 	March 19,
2008	  	$	1,116,000.00	  
					
	City Square Executive Partners, LLC, a Delaware limited liability company (1)	  		  				 	March 19,
2008	  	$	840,000.00	  
					
	 Shidler Equities, L.P.,
 a
Hawaii limited partnership (2)
	  		  				 	March 19,
2008	  	$	519,133.63	  
					
	 Reynolds Partners, L.P.,
 a
Hawaii limited partnership (2)
	  		  				 	March 19,
2008	  	$	519,133.63	  
					
	 JRI Equities, LLC,
 a
California limited liability company (2)
	  		  				 	March 19,
2008	  	$	259,566.81	  

													
	 Holder
	  	 Recipient
	  	Ownership
Percentage	 	 	Date of
Note	  	Principal
Amount
of
Note	 
	 MJR Equities, LLC,
 a
California limited liability company (2)
	  		  				 	March 19,
2008	  	$	259,566.81	  
					
	Lawrence J. Taff (2)	  		  				 	March 19,
2008	  	$	173,044.54	  
					
	 City Square Executive Partners, LLC,
 a Delaware limited liability company (2)
	  		  				 	March 19,
2008	  	$	130,248.58	  
					
	 STIRR Black Canyon, LLC,
 a
Delaware limited liability company
	  		  				 	April 30,
2008	  	$	1,030,000.00	  
					
		  	Shidler Equities, L.P.	  	 	40.65	% 	 		  			
					
		  	James C. Reynolds (as assignee of James C. Reynolds Revocable Living Trust)	  	 	27.65	% 	 		  			
					
		  	JRI Equities, LLC	  	 	10.70	% 	 		  			
					
		  	MJR Equities, LLC	  	 	10.70	% 	 		  			
					
		  	Lawrence J. Taff	  	 	10.30	% 	 		  			
					
	 STIRR 2155 Kalakaua, LLC,
 a
Hawaii limited liability company
	  		  				 	May 23,
2008	  	$	791,341.00	  
					
		  	Shidler Equities, L.P.	  	 	40.65	% 	 		  			
					
		  	James C. Reynolds (as assignee of James C. Reynolds Revocable Living Trust)	  	 	27.65	% 	 		  			
					
		  	JRI Equities, LLC	  	 	10.70	% 	 		  			
					
		  	MJR Equities, LLC	  	 	10.70	% 	 		  			
					
		  	Lawrence J. Taff	  	 	10.30	% 	 		  			
					
	 STIRR USB Tower, LLC,
 a
Delaware limited liability company
	  		  				 	May 23,
2008	  	$	1,220,000.00	  
		  	Shidler Equities, L.P.	  	 	28.50	% 	 		  			
					
		  	Reynolds Partners, L.P.	  	 	28.50	% 	 		  			
					
		  	JRI Equities, LLC	  	 	14.25	% 	 		  			

													
	 Holder
	  	 Recipient
	  	Ownership
Percentage	 	 	Date of
Note	  	Principal
Amount
of
Note	 
		  	MJR Equities, LLC	  	 	14.25	% 	 		  			
					
		  	Lawrence J. Taff	  	 	9.50	% 	 		  			
					
		  	USB Executive Partners, LLC	  	 	5.00	% 	 		  			
					
	 Shidler Equities, L.P.,
 a
Hawaii limited partnership
	  		  				 	September 25,
2009	  	$	627,230.52	  
					
	 Reynolds Partners, L.P.,
 a
Hawaii limited partnership
	  		  				 	September 25,
2009	  	$	502,191.15	  
					
	 JRI Equities, LLC,
 a
California limited liability company
	  		  				 	September 25,
2009	  	$	153,632.29	  
					
	 MJR Equities, LLC,
 a
California limited liability company
	  		  				 	September 25,
2009	  	$	153,632.29	  
					
	Lawrence J. Taff	  		  				 	September 25,
2009	  	$	135,287.02	  

  

	(1)	As assignee of Note originally issued to POP Venture, LLC on March 19, 2008 in the principal amount of $12,000,000.00, and distributed and assigned on that
date to N. Central, LLC. 

	(2)	As assignee of Note originally issued to N. Central, LLC on March 19, 2008 in the principal amount of $1,860,694.00. 

 EXHIBIT B 

Form of Lock-Up Agreement 
 [            ], 2011 
 Pacific Office
Properties Trust, Inc. 
 10188 Telesis Court, Suite 222 
 San Diego, California 92121 
 Credit Suisse Securities (USA) LLC 

Wells Fargo Securities, LLC 
 Citigroup Global
Markets Inc. 
  

	c/o	Credit Suisse Securities (USA) LLC 

 Eleven Madison Avenue, 
 New York, New York 10010 

 

	c/o	Wells Fargo Securities, LLC 

 301
S. College Street, 
 Charlotte, North Carolina 28288 

 

	c/o	Citigroup Global Markets Inc. 

388 Greenwich Street, 
 New York, New York 10013 
 Dear Sirs: 

As an inducement to the Underwriters to execute the Underwriting Agreement with Pacific Office Properties Trust, Inc., a Maryland
corporation (the “Company”) and Pacific Office Properties, L.P., a Delaware limited partnership and the operating partnership of the Company (the “Operating Partnership”), pursuant to which an offering will be made
that is intended to result in an orderly market for common stock, par value $0.0001 per share (the “Securities”) of the Company, and any successor (by merger or otherwise) thereto, the undersigned hereby agrees that during the
period specified in the following paragraph (the “Lock-Up Period”), the undersigned will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any Securities or securities convertible into or
exchangeable or exercisable for any Securities, including, without limitation, units of partnership interest in the Operating Partnership, enter into a transaction which would have the same effect, or enter into any swap, hedge or other arrangement
that transfers, in whole or in part, any of the economic consequences of ownership of the Securities or such other securities, whether any such aforementioned transaction is to be settled by delivery of the Securities or such other securities, in
cash or otherwise, or publicly disclose the intention to make any such offer, sale, pledge or disposition, or to enter into any such transaction, swap, hedge or other arrangement, without, in each case, the prior written consent of Credit Suisse
Securities (USA) LLC, Wells Fargo Securities, LLC and Citigroup Global Markets Inc. (the “Representatives”). In addition, the undersigned agrees that, without the prior written consent of the Representatives, it will not, during the
Lock-Up Period, make any demand for or exercise any right with respect to, the registration of any Securities or any security convertible into or exercisable or exchangeable for the Securities, including, without limitation, units of partnership
interest in the Operating Partnership. 
 The initial Lock-Up Period will commence on the date of this Lock-Up Agreement and
continue and include the date 180 days after the public offering date set forth on the final prospectus used to sell the Securities (the “Public Offering Date”) pursuant to the Underwriting Agreement, to which you are or expect to
become parties; provided, however, that if (1) during the last 17 days of the initial Lock-Up Period, the Company releases earnings results or material news or a material event relating to the Company occurs or (2) prior to the expiration
of the initial Lock-Up 

 
Period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the initial Lock-Up Period, then in each case the Lock-Up Period will be
extended until the expiration of the 18-day period beginning on the date of release of the earnings results or the occurrence of the material news or material event, as applicable, unless the Representatives waive, in writing, such extension.

 The undersigned agrees that, prior to engaging in any transaction or taking any other action that is
subject to the terms of this Lock-Up Agreement during the period from the date of this Lock-Up Agreement to and including the 34th day following the expiration of the initial Lock-Up Period, it will give notice thereof to the Company and will not
consummate such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period (as may have been extended pursuant to the previous paragraph) has expired. 

Any Securities received upon exercise of options granted to the undersigned will also be subject to this Agreement. Any Securities
acquired by the undersigned in the open market will not be subject to this Agreement. A transfer of Securities to a family member or trust may be made, provided the transferee agrees to be bound in writing by the terms of this Agreement prior to
such transfer, such transfer shall not involve a disposition for value and no filing by any party (donor, donee, transferor or transferee) under the Securities Exchange Act of 1934 shall be required or shall be voluntarily made in connection with
such transfer (other than a filing on a Form 5 made after the expiration of the Lock-Up Period). 
 In furtherance of the
foregoing, the Company and its transfer agent and registrar are hereby authorized to decline to make any transfer of shares of Securities if such transfer would constitute a violation or breach of this Agreement. 

This Agreement shall be binding on the undersigned and the successors, heirs, personal representatives and assigns of the
undersigned. This Agreement shall lapse and become null and void if the Public Offering Date shall not have occurred on or before February 28, 2011. This agreement shall be governed by, and construed in accordance with, the laws of the State
of New York. 
  

	
	Very truly yours,
	
	  

	[Name of stockholder]

 EXHIBIT C 

Form of Supplemental Registration Rights Agreement 
 THIS SUPPLEMENTAL REGISTRATION RIGHTS AGREEMENT (the “Supplement”) is supplemental to that certain Master Registration Rights Agreement (the “Agreement”), dated as
March 19, 2008, of PACIFIC OFFICE PROPERTIES TRUST, INC. (the “Company”), and is made as of                     , 2011,
by and among the Company and the other Persons executing this Supplement (the “New Holders”). Capitalized terms used herein without definition shall have the meanings set forth in the Agreement. 

1. Status as Holders. From and after the date hereof, the New Holders shall be deemed to be Holders under the Agreement
with respect to the Units identified on Schedule 1 hereto (the “New Units”). 
 2. Certain
Definitions. When used with respect to the New Units or the Holders of the New Units, the following terms used in the Agreement shall have the indicated meanings: 
 First Sale Date: The Required Filing Date. 
 Required Filing Date:
One hundred eighty (180) days after the date of this Supplement or, if later, the day after the date on which expires any “lock-up” or similar agreement made by the Company with any underwriter in connection with an underwritten
public offering of equity securities of the Company, which agreement is in effect on such first date. 
 3. Effect of
Other Supplements. Unless otherwise explicitly set forth therein, the New Holders shall not have any rights under any other supplemental registration rights agreement or similar agreement entered into by the Company pursuant to the
Agreement. 
 This Supplement together with the Agreement is intended by the parties to be a complete and exclusive statement of
the agreement and understanding of the parties in respect of the subject matter contained herein and therein. This Supplement together with the Agreement supersedes all prior agreements and understandings of the Company and the New Holders with
respect to such subject matter. 
 IN WITNESS WHEREOF, the parties hereto have executed this Supplement as of the date set forth
above. 
 PACIFIC OFFICE PROPERTIES TRUST, INC., 
 as the sole general partner of the Partnership 
  

			
	By:	 	  

		 	Name:
		 	Title:

 [Signature blocks for New Holders] 

 EXHIBIT D 

Form of Joinder Agreement 
 THIS JOINDER AGREEMENT (this “Joinder”) is made and entered into as of the [    ] day of
[            ], 2011, by and between [            ] (the “Joining Party”) and Pacific Office
Properties Trust, Inc., a Maryland corporation (the “Corporation”), as the sole general partner of Pacific Office Properties, L.P., a Delaware limited partnership (the “Partnership”). 

The Joining Party, desiring to become a limited partner of the Partnership, pursuant to Section 12.2.1 of that certain Third Amended
and Restated Agreement of Limited Partnership of the Partnership, dated as of [the date hereof] (the “Partnership Agreement”), agrees to assume all of the duties and obligations of a Limited Partner (as defined in the Partnership
Agreement) of the Company and to be bound by and subject to all of the terms of the Partnership Agreement. 
 The Corporation,
as the sole general partner of the Partnership, pursuant to Section 12.2.2 of the Partnership Agreement, hereby consents to the admission of the Joining Party as a Limited Partner of the Partnership effective upon the recordation of the name of
the Joining Party on the books and records of the Partnership. 
 This Joinder shall be governed by and construed in accordance
with the laws of the State of Delaware without reference to principles of conflicts of law. 
 IN WITNESS WHEREOF, the
parties hereto have caused this Joinder to be duly executed as of the date first above written. 
  

			
	[JOINING PARTY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	 PACIFIC OFFICE PROPERTIES TRUST, INC.,
 as the sole general partner of the Partnership

		
	By:	 	  

		 	Name:
		 	Title:Stock Purchase, Representation, Warranty and Indemnity Agreement

 Exhibit 10.52 
 STOCK PURCHASE, REPRESENTATION, 
 WARRANTY AND INDEMNITY
AGREEMENT 
 THIS STOCK PURCHASE, REPRESENTATION,
WARRANTY AND INDEMNITY AGREEMENT (this “Agreement”) is made this 3rd day of January, 2011, by and among Pacific Office Properties, L.P., a Delaware
limited partnership (the “Buyer”), Jay H. Shidler, an individual resident of the State of Hawaii; JRI Equities II, LLC, a California limited liability company; MJR Equities, LLC, a California limited liability company; Lawrence J.
Taff, an individual resident of the State of Hawaii; and James C. Reynolds, an individual resident of the State of California (each, a “Seller” collectively, the “Sellers”). Each of Buyer and Seller is sometimes
referred to individually as a “Party” and collectively as the “Parties.” 
 RECITALS

 A. The Sellers own all of the issued and outstanding shares of common stock, par value $1.00 per share (the
“Common Stock”), of Pacific Office Management, Inc., a Delaware corporation (“POMI”), the external advisor of Pacific Office Properties Trust, Inc., a Maryland corporation (“POPT”). 

B. POPT has elected to internalize its management and become self-managed. 

C. The Sellers wish to sell to the Buyer, and the Buyer wishes to purchase from the Sellers, all of the issued and outstanding
shares of the Common Stock currently owned by the Sellers (such shares, the “POMI Shares”), all on the terms and subject to the conditions set forth in this Agreement, in order to expediently obtain the infrastructure necessary for
internal management. 
 D. Buyer, POMI and POPT entered into that certain Amended and Restated Advisory Agreement, dated
as of March 3, 2009, as amended by that certain First Amendment to Amended and Restated Advisory Agreement, dated as of September 25, 2009, that certain Second Amendment to Amended and Restated Advisory Agreement, dated as of
November 1, 2010, and that certain Third Amendment to Amended and Restated Advisory Agreement, dated as of December 7, 2010 (as so amended, the “Advisory Agreement”). 

E. POPT and POMI have entered into a Stock Purchase Agreement pursuant to which POPT shall acquire from POMI the sole outstanding
share of Proportionate Voting Preferred Stock (the “PVPS Purchase”). 
 F. The Buyer, Seller and other
parties desire to consummate the PVPS Purchase and to terminate the Advisory Agreement and release the other parties from certain obligations under the Advisory Agreement, in each case immediately prior to the consummation of the transactions
contemplated by this Agreement. 
 G. Sellers have agreed to deposit (collectively, the “Indemnity
Deposit”) shares of common stock, par value $.0001 per share, of POPT (“POPT Shares”) or common units of Buyer (“OP Units”) with an aggregate value equal to $2,000,000 (the “Maximum Indemnity

 
Amount”), valued at a price per share or unit equal to the gross offering price (the “Public Offering Price”) of the public offering of the POPT Shares (the
“Public Offering”) commenced promptly following the execution of this Agreement into an “Indemnity Escrow” pursuant to the “Escrow Agreement”, in the form agreed among Buyer, Sellers and the
“Escrow Agent” (as defined therein) in order to provide an exclusive remedy for any breaches of the representations and warranties made by Sellers in this Agreement except as otherwise noted herein. 

AGREEMENTS 
 NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 1. Definitions. For purposes of this Agreement, the following terms shall have the following meanings.

 (a) “Affiliate” means, with respect to any Person, a Person that, directly or indirectly, through one
or more intermediaries, controls, is controlled by, or is under common control with the specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and
“under common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership
of voting securities, by agreement or otherwise. 
 (b) “Business Day” means any day that is not a
Saturday, Sunday or legal holiday in the State of Illinois. 
 (c) “Code” means the Internal Revenue
Code of 1986, as amended, together with the rules and regulations promulgated or issued thereunder. 
 (d)
“Environmental Laws” means all federal, state and local Laws governing pollution or the protection of human health or the environment. 
 (e) “GAAP” means generally accepted accounting principles, as in effect in the United States of America as of the date of determination. 

(f) “Governmental Authority” means any government or agency, bureau, board, commission, court, department,
official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign. 
 (g) “Knowledge” means the actual knowledge, without independent inquiry or investigation, of any or all of the Sellers. 

(h) “Laws” means law, statues, rules, regulations, codes, orders, ordinances, judgments, decrees and policies of
any Governmental Authority, including, without limitation, zoning, land use or other similar rules or ordinances. 

  
 2 

 (i) “Loss” means charges, complaints, claims, actions, causes of
action, losses, damages, Taxes, liabilities and expenses of any nature whatsoever, including without limitation, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, costs of investigative judicial or administrative
proceedings or appeals therefrom and costs of attachment or similar bonds, as well as all collection costs and enforcement expenses incurred in retaking, holding, preparing for sale, selling or otherwise disposing of or realizing on collateral or
otherwise exercising or enforcing any rights or remedies under pledge and security or other collateral documents, but does not include any diminution in value of Buyer except in the case of breaches of Section 5(l). 

(j) “Material Adverse Effect” means with respect to a Person or a Property, as applicable, any material adverse
change in any of the assets, business, condition (financial or otherwise), or results of operation solely with respect to the Person or the Property, as the case may be. 
 (k) “Person” means any individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization or other entity. 

(l) “Prospectus” means POPT’s final prospectus for the Public Offering as filed with the Securities and
Exchange Commission. 
 (m) “Tax” means all federal, state, local and foreign income, withholding, gross
receipts, license, property, sales, franchise, employment, payroll, goods and services, stamp, environmental, customs duties, capital stock, social security, transfer, alternative minimum, excise and other taxes, tariffs or governmental charges of
any nature whatsoever, including estimated taxes, together with penalties, interest or additions to Tax with respect thereto, whether or not disputed. 
 (n) “Tenant” means any third party that enters into a Lease with a Property Owner. 
 Other capitalized terms used herein and throughout this Agreement shall have the meanings set forth elsewhere in this Agreement. 
 2. Sale and Purchase of the POMI Shares. On the terms and subject to the conditions hereinafter set forth, the Sellers agree to sell, transfer and assign the POMI Shares, free and clear of
all security interests, liens, claims, encumbrances, pledges, options, charges and restrictions (on transferability or otherwise), except for any restrictions on transfer arising pursuant to the Securities Act of 1933, as amended (the
“Securities Act”), to the Buyer and the Buyer agrees to purchase the POMI Shares from the Sellers. The purchase price for the POMI Shares shall be $25.00 per share, for an aggregate purchase price of $25,000.00 (the
“Purchase Price”). 
 3. Closing. Subject to the terms of this Agreement, the consummation of the
purchase and sale of the POMI Shares (the “Closing”) shall occur upon the satisfaction of the conditions to closing set forth in this Agreement, or such other time as may be mutually agreed to

  
 3 

 
by Buyer and Seller (the “Closing Date”), at the offices of Barack Ferrazzano Kirschbaum & Nagelberg LLP, 200 West Madison Street, Suite 3900, Chicago, Illinois 60606,
or at such other location or by such other method (including exchange of signed documents) as may be mutually agreed to by Buyer and Sellers. 
 4. Conditions and Deliveries at Closing. 
 (a) Conditions to
Buyer’s Obligations. The obligation of Buyer to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment at or prior to the Closing of each of the following conditions, unless waived by such Party
at or prior to the Closing: 
 (i) the Sellers shall have delivered the certificates representing the POMI Shares,
together with duly executed instruments of assignment separate from certificate to the Buyer, together with such other documents as may be necessary for the transfer of record ownership of the POMI Shares to the Buyer on the stock records of POMI;

 (ii) The PVPS Purchase shall have been consummated; 

(iii) the Advisory Agreement shall have been terminated; 

(iv) Sellers shall have delivered to Buyer the resignations of all officers and directors of POMI that are requested by the
Buyer, effective as of the Closing Date; 
 (v) The Escrow Agreement shall have been executed by Sellers; 

(vi) Each of the representations and warranties made by the Sellers in this Agreement that is qualified by reference to
materiality or Material Adverse Effect shall be true and correct, and each of the other representations and warranties made by the Sellers in this Agreement shall be true and correct in all material respects, in each case as of the date of this
Agreement and at and as of the Closing Date as if made on that date (except in any case that representations and warranties that expressly speak as of a specified date or time need only be true and correct as of such specified date or time); and

 (vii) Since the date of this Agreement, no event, circumstance or change shall have occurred, that individually or in
the aggregate with one or more other events, circumstances or changes, have had or reasonably would be expected to have, a Material Adverse Effect with respect to POMI. 
 (b) Conditions to Sellers’ Obligations. The obligation of Sellers to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment at or prior to
the Closing of each of the following conditions, unless waived by such Party at or prior to the Closing: 
 (i) the
Advisory Agreement shall have been terminated; 
 (ii) the Escrow Agreement shall have been executed by Buyer; and

  
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 (iii) the Buyer shall have delivered the Purchase Price in immediately available
funds to the Seller by certified cashier’s check payable to each Seller, or by wire transfer to an account designated by the Seller to the Buyer in writing at least two (2) business days prior to the execution of this Agreement.

 5. Representations and Warranties of the Sellers. Sellers hereby represent and warrant to the Buyer, jointly
and severally, except as otherwise described in the Prospectus: 
 (a) Organization; Authority. POMI and each of
the Sellers that is an entity is (a) duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and (b) has all requisite power and authority to (i) in the case of the Sellers, enter into
this Agreement and any document included in, or contemplated by, this Agreement (collectively, with this Agreement, “Transaction Documents”), (ii) in the case of the Sellers, carry out the transactions contemplated hereby, and
(iii) to carry on its business as presently conducted. To the extent required under applicable Laws, POMI is qualified to do business and in good standing in each jurisdiction in which the nature of its business makes such qualification
necessary, except in any case where such failure would not have a Material Adverse Effect. 
 (b) Authorization and
Enforceability. The execution, delivery and performance by Sellers of the Transaction Documents have been duly and validly authorized by all necessary actions required of POMI. The Transaction Documents executed and delivered by, or on
behalf of, the Sellers constitute, or when executed and delivered will constitute, the legal, valid and binding obligation of each Seller, each enforceable against each Seller in accordance with its respective terms, subject to applicable
bankruptcy, insolvency, moratorium or other similar laws relating to creditors’ rights and general principles of equity. 

(c) Consents and Approvals. Except as shall have been obtained or satisfied on or prior to the Closing Date, no consent,
waiver, approval, authorization, order, license, permit, qualification, designation, declaration or filing with any Person or Governmental Authority or under any applicable Laws (collectively, “Authorizations”) is required to be
obtained by the Sellers as a condition precedent to the execution, delivery and performance of (a) the Transaction Documents and (b) the transactions contemplated thereby. 

(d) No Violation. None of the execution, delivery or performance by the Sellers of (a) the Transaction Documents to
which the Sellers are a party, and (b) the transactions contemplated thereby, does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under, or give to
others any right of termination, acceleration, cancellation or other right under, (i) the organizational documents of any Seller that is an entity, (ii) any agreement, document or instrument to which any Seller or any of its assets is
bound or (iii) any term or provision of any judgment, order, writ, injunction, or decree binding on any Seller, except for, in the case of either or both of clauses (ii) and (iii), any such breaches or defaults that would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect on such Seller’s ability to execute, deliver or perform its obligations under the Transaction Documents. 

  
 5 

 (e) Ownership of the Shares. Each Seller is the sole lawful and beneficial
owner of the POMI Shares recorded in the name of such Seller, and the POMI Shares are free and clear of any security interest, claim, lien, pledge, option, encumbrance, or restriction (on transferability or otherwise) whatsoever, except for any
restrictions on transfer arising pursuant to the Securities Act, and the delivery to the Buyer of the POMI Shares in the manner set forth in this Agreement will convey to the Buyer lawful, valid, and indefeasible title thereto, free and clear of any
security interest, claim, lien, pledge option, encumbrance, or restriction (on transferability or otherwise) whatsoever, except for any restrictions on transfer arising pursuant to the Securities Act. Sellers in the aggregate own 100% of the
outstanding POMI Shares, and there are no other equity, voting or economic interests in POMI other than the POMI Shares. All of the issued and outstanding of POMI Shares are validly issued and fully paid, and, to the Sellers’ Knowledge, are not
subject to preemptive rights and have not been previously transferred, pledged, hypothecated or conveyed, in each case, in accordance with the applicable organization documents of POMI, and are not subject to purchase rights in favor of parties that
are not currently holders of interests in POMI. 
 (f) Brokers and Finders. Neither any Seller nor any person
acting on behalf of the Seller has employed any broker, agent or finder or incurred any liability for any brokerage fees, agents’ commissions or finders’ fees in connection with the transactions contemplated herein. 

(g) Licenses and Permits. To Sellers’ Knowledge, all licenses, permits and authorizations required for the day-to-day
business operations of POMI (collectively, “Licenses”) have been obtained, are in full force and effect, are in good standing, and to the extent required in connection with the transactions contemplated by this Agreement, are
assignable to Buyer; except in each case for Licenses that, if not so obtained or assigned, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To Sellers’ Knowledge, POMI has not taken any
action that (or failed to take any action where the omission of which) would result in the revocation of any such License where such revocation or revocations would, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, nor has POMI received any written notice of alleged violation from any Governmental Authority, or written notice of the intention of any Governmental Authority to revoke any, of any such Licenses, that in each case has not been cured or
otherwise resolved to the satisfaction of such Governmental Authority except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(h) Litigation. Neither POMI nor its officers and directors has been served with any summons or complaint with respect to
any action, suit or proceeding nor, to Sellers’ Knowledge, is any action, suit or proceeding threatened against POMI or its officers and directors which, if adversely determined, would, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. Neither POMI nor its officers and directors has been served with any summons or complaint with respect to any pending action, suit or proceeding nor, to Sellers’ Knowledge, is any action, suit or proceeding
threatened against POMI or its officers and directors, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To Sellers’ Knowledge, there is no judgment, decree, injunction, or order of
Governmental Authority outstanding against POMI or any officer or director of POMI that would reasonably be expected to have a Material Adverse Effect. 

  
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 (i) Compliance With Laws. To Sellers’ Knowledge, POMI has conducted its
business in compliance with all applicable Laws, except for such failures that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. POMI has not received any written notice from any Governmental
Authority of (a) any alleged violation by POMI of any Laws or (b) that any investigation has been commenced and is continuing or is contemplated respecting any such possible violation of Laws by POMI, except in each case for violations
that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (j)
Insurance. To Sellers’ Knowledge, POMI has caused there to be in place, for the benefit of (a) those real properties that POMI manages (collectively, “Properties”) for all of (i) Buyer and its affiliates
(collectively, “PCE”) and (ii) the various joint ventures in which PCE is the managing member or partner (PCE and such joint ventures, the “Property Owners”) (b) the Property Owners, and (c) POMI,
public liability, casualty and other insurance coverage with respect to the Properties as POMI reasonably deems necessary and, in all cases, including such coverage as is required under the terms of any financing encumbering the Properties. To
Sellers’ Knowledge, each of the insurance policies with respect to each Property is in full force and effect, in all material respects, and all premiums due and payable thereunder have been paid when due. To Sellers’ Knowledge, no Property
Owner has received from any insurance company any written notices of cancellation or intent to cancel any insurance in place for the benefit of the Properties and the Property Owners. 

(k) Properties. 
 (i) Except for matters that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, to Sellers’ Knowledge, no event has occurred, or has been
threatened in writing, which with or without the passage of time or the giving of notice, or both, would, individually or together with all such other events, constitute a default under any agreement (i) to which any of the Property Owners is a
party and that affects, or relates to, the ownership and operation of the Properties or (ii) that encumbers any Property (collectively, “Property Agreements;” provided, however, that Property Agreements do not include leases,
licenses, tenancies, possession agreements and occupancy agreements with tenants of each Property), or would, individually or together with all such other events, reasonably be expected to cause the acceleration of any material obligation of any
party to any Property Agreement or the creation of a lien encumbering any Property. To Sellers’ Knowledge, all Property Agreements are valid and binding and in full force and effect, subject to applicable bankruptcy, insolvency, moratorium or
other similar Laws relating to creditors’ rights and general principles of equity. 
 (ii) To Sellers’
Knowledge, none of the operation of the buildings, fixtures and other improvements comprising a part of the Properties, as presently conducted, is in violation of any applicable building code, zoning ordinance or other “land use” Law,
except for such violations that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 (l) Environmental Matters. Except for matters that would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect, and to Sellers’ Knowledge: (a) each Property is in compliance with all Environmental Laws, (b) no Property Owner has received any written notice from any
Governmental Authority alleging that such Property Owner’s Property is not in compliance with applicable Environmental Laws, and (c) during any Property Owner’s ownership of its Property, there has not been a release of a hazardous
substance on such Property that would require investigation or remediation under applicable Environmental Laws. 
 (m)
Eminent Domain. To Sellers’ Knowledge, there is no existing, proposed or threatened condemnation, eminent domain or similar proceeding, or private purchase in lieu of such a proceeding which would affect any of the Properties, except
for such proceedings that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (n) Taxes. To Sellers’ Knowledge: 
 (i) POMI and each
Property Owner has (i) timely and properly filed all Tax returns and reports required to be filed by it (after giving effect to any filing extension properly granted by a Governmental Authority having authority to do so), and all such returns
and reports are accurate and complete in all material respects, and (ii) paid (or had paid on its behalf) all Taxes as required to be paid by it. 
 (ii) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, no deficiencies for any Taxes have been proposed, asserted or assessed against
any Property Owner, and no requests for waivers of the time to assess any such Taxes are pending. 
 (iii) There are no
pending or threatened audits, assessments or other actions for, or relating to, any liability in respect of income or material non-income Taxes of any Property Owner; and there are no matters under discussion with any Tax authority with respect to
income or material non-income Taxes that are likely to result in an additional liability for Taxes with respect to any Property Owner. 
 (iv) POMI has been a validly electing S corporation within the meaning of Sections 1361 and 1362 of the Code (as well as any similar provision of state and local law) at all times during its
existence, and POMI will continue to qualify an S corporation up to and including the day before the Closing Date. 
 (v)
While an S corporation, POMI has not acquired any asset from a C corporation the basis of which is wholly or partially determined by reference to the basis of such asset in the hands of the C corporation within the meaning of
Section 1374(d)(8) of the Code. 

  
 8 

 (o) Non-Foreign Status. None of the Property Owners is a foreign person (as
defined in the Code). 
 (p) Bankruptcy. To Sellers’ Knowledge, no bankruptcy or similar insolvency
proceeding has been filed, currently contemplated or threatened, with respect to POPT, POMI or any Property Owner. 
 (q)
Employees. To Sellers’ Knowledge, no Property Owner has or has ever had any employees. As of the date hereof, to Sellers’ Knowledge, POMI employs 72 full-time employees and no part-time employees. POMI has complied in all
material respects with all applicable state and federal equal employment opportunity laws and with other laws related to employment, including those related to wages, hours, worker classification, and collective bargaining other than such
noncompliance that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. POMI has withheld and paid to the appropriate governmental entity or is holding for payment not yet due to such governmental
entity all amounts required to be withheld from employees of POMI and is not liable for any arrears of wages, taxes, penalties, or other sums for failure to comply with any of the foregoing other than such noncompliance that would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (r) Contracts and Commitments.
To Sellers’ Knowledge, no Property Owner is a party to any agreements for (a) the sale of its assets or for the grant to any Person of any preferential right to purchase any such assets or (b) the acquisition of any operating
business, assets or capital stock of any other corporation, entity or business, other than in the ordinary course of business, entered into during the last twelve (12) months. 

(s) POMI Contracts. Schedule 5(s) lists, to the Sellers’ Knowledge, all of the following contracts or other
arrangements to which POMI is a party or by which any of its assets is bound, in each case as of the date hereof (the “POMI Contracts”): (i) all written contracts; (ii) all contracts with any Person containing any
provision or covenant prohibiting or materially limiting the ability of POMI or any of its employees or other Persons who primarily provide services for it or, following the Closing, any of its Affiliates to engage in any business activity or
compete with any Person; (iii) all material partnership, joint venture, stockholders’ or other similar contracts or arrangements with any Person; (iv) all contracts or other arrangements related to indebtedness of the Advisor in
excess of $50,000; (v) all contracts or other arrangements involving payments by or to POMI of more than $50,000; (vi) all contracts or other arrangements for the purchase of materials, supplies, equipment, software or technology providing
for payments in excess of $50,000; (vii) all contracts or other arrangements pursuant to which POMI is a lessee of any machinery, equipment, motor vehicle, office furniture, fixtures or other personal property providing for lease payments in
excess of $50,000 per year; and (viii) all contracts or other arrangements that are believed by Seller to be material to POMI and are not otherwise required to be included in such Schedule by clauses (i) through (vii). To Sellers’
Knowledge, there are no outstanding breaches or defaults by POMI under any of the written agreements or contracts into which POMI has entered with any or all of the Property Owners, POPT and any third party (the “POMI Contracts”),
no event has occurred, that with the giving of notice, the passage of time, of both, shall constitute an event of default or breach under the 

  
 9 

 
POMI Contracts and POMI has not taken any action or failed to take any action with respect to its obligations under any POMI Contracts that violate any applicable Laws, except in any case such as
would not have a Material Adverse Effect. 
 (t) No Fraud, Misappropriation or Embezzlement. To
Sellers’ Knowledge, POMI has not committed any act of fraud, misappropriation of funds or embezzlement against any of PCE or POPT. 
 (u) Leases. To Sellers’ Knowledge, POMI has not taken or failed to take any action that (a) has or will cause any Property Owner to default under or breach its obligations, as
landlord, under any of the Leases; (b) constitutes or results in the forgiveness of any Tenant’s obligation to pay any monies, of any nature, due under its respective Lease; (c) constitutes or results in the modification or amendment
of any Lease without the knowledge and consent of the Property Owner that is the landlord under such Lease; or (d) obligates any Property Owner to pay any leasing brokerage commission to any licensed real estate broker, with respect to the
execution and delivery of any Lease, or any modification or amendment of any Lease, without the knowledge and approval of the applicable Property Owner, in each case in any of (a) through (d) that would reasonably be expected to have a
Material Adverse Effect. 
 (v) Liens and Property Contracts. To Sellers’ Knowledge, POMI (a) has taken
no action, or failed to take any action, that has resulted, or shall result, in the encumbrance of any Property with a mechanics lien that would reasonably be expected to have a Material Adverse Effect; and (b) POMI has not entered into any
contracts, with third parties, for the performance of any work or services at any Property, except as permitted under any POMI Contracts or as approved by the Property Owner of the affected Property. 

(w) Property Liens. To Sellers’ Knowledge, and except as otherwise disclosed to Buyer or such as would not otherwise
have a Material Adverse Effect, POMI has not taken any action, nor failed to take any action, that has caused, or shall cause, a breach or default under any loan documents evidencing or securing any loan made to a Property Owner by a third party,
which loan is secured by a lien against a Property or the pledge direct or of indirect ownership interests in the Property Owner (collectively, “Property Liens”); and (b), the property and assets that POMI owns are free and clear of
all mortgages, deeds of trust, liens, loans and encumbrances. 
 (x) Property Encumbrances. To
Sellers’ Knowledge, and in addition to POMI’s representation and warranty with respect to Property Liens made in Section 5(w), except as otherwise disclosed to Buyer or such as would not otherwise have a Material Adverse Effect, POMI
has not taken any action, or failed to take any action, that has caused, or shall cause (a) a default to occur under any agreements or covenants that are recorded against any Property and are applicable to or obligate any Property Owner (e.g.
easements and declarations of covenants, conditions and restrictions); and (b) any Property to be encumbered by any liens (mortgage, deed of trust or otherwise), restrictions or grants to or for the benefit of, any third party, without the
approval of the applicable Property Owner. 

  
 10 

 (y) No Security Interests Granted. To Sellers’ Knowledge, POMI has not
taken any action or failed to take any action that has caused, or shall cause, the grant of any security interest, for the benefit of any third party, in the ownership interests or assets of any Property Owner, without the approval of the applicable
Property Owner. 
 (z) Books and Records. To Sellers’ Knowledge, (a) POMI has maintained all books and
records required under any POMI Contracts; and (b) all such books and records have been prepared and maintained, to the extent applicable, in compliance with all Laws and the POMI Contracts, and in accordance with GAAP. 

(aa) Joint Ventures. To Sellers’ Knowledge, POMI has not taken any action or failed to take any action that has caused
or shall cause a breach or default to occur under any operating agreement, limited partnership agreement of joint venture agreement to which POMI is a party except such as would not have a Material Adverse Effect. 

(bb) No Subsidiaries or Equity Investments. POMI has no subsidiaries and does not own any equity security in any other
Person. 
 (cc) Labor Relations. There is no unfair labor practice, charge or complaint or other proceeding
pending or, to the Sellers’ Knowledge, threatened against POMI. To the Sellers’ Knowledge, POMI complies, and at all material times in the past, has complied in each case in all material respects, with all laws respecting employment and
employment practices, terms and conditions of employment, and wages and hours, and has not engaged in any unfair labor practice in each case except as would not have a Material Adverse Effect. POMI is not a party to, nor does it have any liability
with respect to, any collective bargaining agreement or other labor union contract applicable to its employees. There is no labor strike, slowdown, work stoppage or lockout pending against or affecting POMI. 

(dd) Financial Statements. The financial statements and other related financial information of POMI included in the
Prospectus (the “Financial Statements”) have been prepared in all material respects in accordance with GAAP applied on a consistent basis during the periods involved, subject, in the case of unaudited statements, to normal year-end
audit adjustments. 
 (ee) No Disputed Accounts Payable. There are no unpaid invoices or bills representing
amounts alleged to be owed by POMI, or other alleged obligations of POMI, which, in either case, POMI has disputed or determined to dispute or refuse to pay except such as would not reasonably be expected to have a Material Adverse Effect.

 (ff) Absence of Undisclosed Liabilities. Except as and to the extent incurred in the ordinary course of
business after the date of the Financial Statements which would not reasonably be expected to have a Material Adverse Effect, POMI has no liabilities or obligations (whether absolute, accrued, contingent or otherwise and whether due or to become
due) in any case that would reasonably be expected to have a Material Adverse Effect. 

  
 11 

 (gg) No Implied Representations or Warranties. Other than the representations
and warranties expressly set forth in this Section 5, the Sellers shall not be deemed to have made any other representation or warranty in connection with this Agreement and the transactions contemplated hereby and thereby. 

6. Representations and Warranties of the Buyer. The Buyer hereby represents and warrants to the Sellers as follows:

 (a) Enforceability. This Agreement constitutes the legal, valid and binding obligation of the Buyer enforceable
against the Buyer in accordance with its terms. 
 (b) Authority. The Buyer has the full limited partnership power
and authority to enter into, deliver, and perform this Agreement and to consummate the transaction contemplated herein. 

(c) No Conflicts. The execution, delivery and performance of this Agreement, as well as the consummation of the
transactions contemplated hereby, will not (i) require the Buyer to obtain consent or approval of any person or public authority, except as provided in this Agreement, (ii) constitute or result in a breach or violation of, or give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement or instrument to which the Buyer is a party; or (iii) violate any law, regulation, judgment or order applicable to the Buyer. 

(d) Brokers and Finders. Neither the Buyer nor any person acting on behalf of the Buyer has employed any broker, agent or
finder or incurred any liability for any brokerage fees, agents’ commissions or finders’ fees in connection with the transactions contemplated herein. 
 (e) No Litigation. There is no litigation or proceeding, in law or in equity, and there are no proceedings or governmental investigations before any commission or other administrative
authority pending or threatened against the Buyer that challenge or may have the effect of preventing, delaying, making illegal or otherwise interfering with any of the transactions contemplated by this Agreement. 

7. Survival of Representations and Warranties. All representations and warranties contained in this
Agreement shall survive until the one hundred eightieth (180th) day after the Closing Date; provided that the representations and warranties contained in Section 5(n) (Taxes) shall survive until the first anniversary of the date of this Agreement and that
the representations and warranties contained in Section 5(e) (Ownership of the Shares) shall survive until the applicable statute of limitations (any such applicable date, the “Expiration Date”). If written notice of a claim in
accordance with Section 10 has been given prior to the Expiration Date, then the relevant representation or warranty shall survive, but only with respect to such specific claim, until such claim has been finally resolved. Any claim for
indemnification not so asserted in writing by the Expiration Date may not thereafter be asserted and shall forever be waived. 

  
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 8. Indemnity Deposit. On the Closing Date, Sellers shall deposit the
Indemnity Deposit into the Indemnity Escrow in the form of POPT Shares and/or OP Units, with each such security to be valued at the Public Offering Price. For income tax purposes, the parties hereto agree that the Sellers shall be treated as the
owners of the Indemnity Deposit, and that each Seller shall be treated as the owner of the portion of the Indemnity Deposit equal to the product of the Indemnity Deposit multiplied by such Seller’s percentage jointly identified by the Sellers
in writing at Closing (such Seller’s “Individual Percentage”), and shall report such Indemnity Deposit consistently with the foregoing. 
 9. Indemnification of Buyer. The Buyer and its directors, officers, employees, agents and representatives (each of which is an “Indemnified Party”), shall be indemnified and
held harmless by the Sellers, under the terms and conditions of this Agreement, from and against any and all Losses arising out of or relating to, asserted against, imposed upon or incurred by the Indemnified Parties in connection with or as a
result of any breach of a representation or warranty contained in Section 5 of this Agreement (subject to the survival limitations set forth in Section 7 hereof) (collectively, the “Indemnified Losses”); provided, the
Indemnified Parties shall only be entitled to indemnification for breaches of representations and warranties made pursuant to Section 5 of this Agreement to the extent that the Indemnified Losses with respect to such breaches exceed, in the
aggregate, $200,000 (the “Deductible”); and provided, further, that the directors, officers and employees of the Buyer shall be indemnified hereunder only in their capacities as such and not individually. No Indemnified Party (other
than the Buyer) may make a claim hereunder without the prior written consent of the Buyer. For the avoidance of doubt, the Sellers shall only be liable for Indemnified Losses (after giving effect to and only for amounts in excess of the Deductible)
up to the Maximum Indemnity Amount. 
 10. Claims. 

(a) At the time when any Indemnified Party learns of any potential claim under this Agreement (an “Indemnity
Claim”) against the Sellers, it will promptly give written notice (a “Claim Notice”) to the Sellers and the Escrow Agent; provided that the failure to so notify the Sellers or the Escrow Agent shall not prevent recovery
under this Agreement, except to the extent that the Sellers shall have been materially prejudiced by such failure. Each Claim Notice shall describe in reasonable detail the facts known to the Indemnified Party giving rise to such Indemnity Claim and
the amount or good faith estimate of the amount of Losses arising therefrom. The Indemnified Party shall deliver to the Sellers, promptly after the Indemnified Party’s receipt thereof, copies of all notices and documents (including court
papers) received by such Indemnified Party relating to a Third Party Claim (as defined below); provided that failure to do so shall not prevent recovery under this Agreement, except to the extent that the Sellers shall have been materially
prejudiced by such failure. Any Indemnified Party may at its option demand indemnity under this Agreement as soon as an Indemnity Claim has been threatened by a third party, regardless of whether an actual Loss has been suffered, so long as the
Indemnified Party shall in good faith determine that such claim is not frivolous and that the Indemnified Party may be liable for, or otherwise incur, a Loss as a result thereof. 

(b) Any payment made from the Indemnity Deposit in respect of an Indemnity Claim will be allocated among the Sellers pro rata in
accordance with the Individual Percentages. 

  
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 (c) The Sellers shall be entitled, at their own expense, to elect to assume and
control the defense of any Indemnity Claim based on claims asserted by third parties (“Third Party Claims”), through counsel chosen by the Sellers and reasonably acceptable to the Buyer, if they give written notice of their
intention to do so to the Buyer within thirty (30) days of the receipt of the applicable Claim Notice; provided, however, that the Indemnified Parties may at all times participate in such defense at their own expense. Without limiting the
foregoing, in the event that the Sellers exercise the right to undertake any such defense against a Third Party Claim, the Indemnified Party shall cooperate with the Sellers in such defense and make available to the Sellers, at the Sellers’s
expense, all witnesses, pertinent records, materials and information in the Indemnified Party’s possession or under such Indemnified Party’s control relating thereto as is reasonably required by the Sellers. No compromise or settlement of
such Third Party Claim may be effected by either the Indemnified Party, on the one hand, or the Sellers, on the other hand, without the other party’s consent (which shall not be unreasonably withheld or delayed) unless (i) there is no
finding or admission of any violation of Law and no effect on any other claims that may be made against such other party, (ii) each Indemnified Party that is party to such claim is released from all liability with respect to such claim, and
(iii) there is no equitable order, judgment or term that in any manner affects, restrains or interferes with the business of the Indemnified Party that is party to such claim or any of its Affiliates. Notwithstanding the foregoing, if the
compromise or settlement of such Third Party Claim could reasonably be expected to adversely affect the status of POPT as a real investment trust within the meaning of Section 856 of the Code, then POPT shall make such decision to compromise or
settle the Third Party Claim without the need to obtain the Sellers’ consent. 
 11. Delivery and Release of Maximum
Indemnity Amount With Respect to Claims. Upon resolution of any Indemnity Claim or portion of an Indemnity Claim as evidenced by a written instruction of the Buyer, in which an officer of the Buyer certifies that the instruction has been
approved by either (x) the Sellers or (y) a final arbitral award in accordance with this Agreement, the Escrow Agent shall release the amount and type of Indemnity Deposit specified therein, and shall charge such amount to the Escrow Fund
(as defined in the Escrow Agreement). To the extent a disbursement is made in POPT Shares or OP Units, such disbursement, and the charge to the Escrow Fund, shall be determined at a price per POPT Share or OP Unit equal to the Public Offering Price.
Upon any disbursement from the Indemnity Deposit pursuant to this Agreement, the Buyer will purchase (at a price per REIT Share or OP Unit, as applicable, equal to the Public Offering Price) such number of the securities as will permit the Escrow
Agent to distribute cash in lieu of any fractional shares. 
 12. Delivery and Release of Indemnity
Escrow after 180 Days. Within ten (10) days after the one hundred eightieth (180th) day after the Closing Date (the “Escrow Termination Date”), and at the end of each calendar quarter thereafter while any Indemnity Deposit remains, the Buyer shall deliver to the
Seller a notice which shall (i) set forth a list of outstanding Indemnity Claims, together with a good faith estimate of the maximum value (expressed in dollars) of Losses of each such Indemnity Claim and (ii) instruct the Escrow Agent to
release to the Sellers any consideration in the Escrow Fund in excess of the aggregate value allocated to the Escrow Fund in accordance with the immediately preceding clause (i). 

  
 14 

 13. Exclusive Remedy. The sole and exclusive remedy for Indemnified Parties
with respect to any and all claims relating to a breach of this Agreement (other than breaches arising out of or in connection with fraud or Indemnity Claims resulting from a breach of a representation or warranty set forth in Section 5(n) and
Section 5(e) first learned of by the Indemnified Party after the Escrow Termination Date) shall be recovery from the Indemnity Escrow in accordance with the terms of this Agreement and the Escrow Agreement. The Sellers shall not be liable or
obligated to make payments under this Agreement in excess of the Maximum Indemnity Amount (including recoveries from the Indemnity Escrow Fund). In furtherance of the foregoing, Buyer hereby waives, to the fullest extent permitted under applicable
Law, any and all rights, claims and causes of action (other than claims of, or causes of action arising from, fraud) it may have against the other parties hereto arising under or based upon any federal, state, local or foreign Law, other than the
right to seek indemnity pursuant to this Agreement. 
 14. Authorization. For purposes of this Agreement, a
decision, act, consent, election or instruction of the Sellers shall be deemed to be authorized if approved in writing by a majority of the Sellers, and the Buyer may rely upon such decision, act, consent or instruction as provided in this
Section 14 as being the decision, act, consent or instruction of the Sellers. The Escrow Agent and the Buyer, including their respective directors, officers, employees, agents and representatives, are hereby relieved from any liability to any
Person for any acts done by them in accordance with such decision, act, consent or instruction. The Sellers may from time to time by written notice to the Buyer appoint a representative or representatives to exercise such powers with respect to one
or more claims as may be delegated by the Sellers. 
 15. Termination. In the event that the Closing has not
occurred on or prior to February 28, 2011, then either Party may terminate this Agreement by delivering written notice of such termination to the other party. 
 16. Notices. All notices, requests, demands and other communications which are required or permitted hereunder shall be in writing and shall be deemed to have been duly given: (a) when
delivered personally; (b) on the following business day when sent by overnight courier; (c) on dispatch when sent by telecopy, so long as a copy of such communication is immediately thereafter mailed as provided in this Section; and
(d) when mailed by registered or certified mail, postage prepaid, return receipt requested, to the Buyer and the Seller at their respective addresses set forth on the signature page attached hereto. 

17. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Illinois, other than with respect to corporate matters, which shall be governed by the General Corporation Law of the State of Delaware; in all cases without regard to the choice of law principles thereof. Any dispute, claim or controversy arising
out of or relating to this Agreement or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined by arbitration in the San
Diego metropolitan area before a single arbitrator. The arbitration shall be administered by JAMS pursuant to its Streamlined Arbitration Rules and Procedures. Judgment on the Award may be entered in any court having jurisdiction. This clause shall
not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction. 

  
 15 

 18. Entire Agreement; Amendment. This Agreement and the Escrow Agreement
contain the entire agreement of the Parties with respect to the subject matter hereof. This Agreement shall not be amended or modified in any respect unless agreed to in writing by all of the Parties hereto. 

19. Assignment. This Agreement may not be assigned by any Party hereto without the prior written consent of the other
Parties hereto. 
 20. No Waiver. Neither the failure nor any delay on the part of a Party to exercise any right,
remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy,
power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective
unless it is in writing and is signed by the party asserted to have granted such waiver. 
 21. Headings. The
headings of various Sections in this Agreement are for convenience only, and are not to be utilized in construing the content or meaning of the substantive provisions hereof. 
 22. Pronouns and Plurals. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of
nouns, pronouns and verbs shall include the plural and vice versa. 
 23. Further Action. The Parties shall
execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 24. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their heirs, executors, administrators, successors, legal representatives and permitted
assigns. 
 25. Counterparts. This Agreement may be executed in any number of identical counterparts, any of which
may contain the signatures of less than all Parties, and all of which together shall constitute a single agreement. 
 26.
Partial Invalidity. The provisions hereof shall be deemed independent and severable, and the invalidity or partial invalidity or enforceability of any one provision shall not affect the validity of enforceability of any other provision
hereof. 
 27. Fax Signatures. Any signature page hereto delivered by a fax machine or telecopy machine shall be
binding to the same extent as an original signature page, with regard to any agreement subject to the terms hereof or any amendment thereto. Any Party who delivers such a signature page agrees to later deliver an original counterpart to any party
that requests it. 

  
 16 

 28. Construction. The language used in this Agreement will be deemed to be
the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. Any reference to any federal, state, local or foreign statute or law, statute, rule or regulation will be deemed
also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. The use of the word “including” and similar expressions means “including without limitation” and unless the context
otherwise requires, “neither,” “nor,” “any,” “either” and “or” shall not be exclusive. Unless otherwise noted, all references to sections, exhibits and schedules are to sections, exhibits and
schedules to this Agreement. All words used in this Agreement shall be construed to be of such gender or number as the circumstances require. The parties hereto intend that each representation, warranty and covenant contained herein shall have
independent significance. If any party has breached any representation, warranty or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of
the relative levels of specificity) which such party has not breached shall not detract from or mitigate the fact that such party is in breach of the first representation, warranty or covenant. All references to agreements hereunder include all
exhibits and schedules to such agreements and shall mean such agreements as they may be amended, restated, supplemented or otherwise modified from time to time. 
 [Remainder of this Page Intentionally Left Blank] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first
above written. 
  

											
	SELLERS:	 		 	BUYER:
				
		 		 		 	PACIFIC OFFICE PROPERTIES, L.P.
				
	 /s/ Jay H. Shidler
 Jay H. Shidler
	 		 	By:	 	PACIFIC OFFICE PROPERTIES TRUST, INC., its general partner
					
	JRI Equities II, LLC	 		 		 	  
 By:
	 	  
 /s/ Paul M.
Higbee

		 		 		 		 		 	Paul M. Higbee
		 		 		 		 		 	Director
	By:	 	 /s/ James R. Ingebritsen
	 		 		 		 	
		 	James R. Ingebritsen	 		 		 		 	
		 	Managing Member	 		 		 		 	
					
	MJR Equities, LLC	 		 		 		 	
						
	By:	 	 /s/ Matthew J. Root
	 		 		 		 	
		 	Matthew J. Root	 		 		 		 	
		 	Managing Member	 		 		 		 	
					
	 /s/ Lawrence J. Taff
	 		 		 		 	
	Lawrence J. Taff	 	
					
	 /s/ James C. Reynolds
	 		 		 		 	
	James C. Reynolds	 		 		 		 	

  
 S-1

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