Document:

REGISTRATION RIGHTS AGREEMENT

 Exhibit 10.6 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT is entered into as of April 21 by and among City Office REIT, Inc., a Maryland corporation (the
“Company”), and the holders listed on Schedule I hereto (each an “Initial Holder” and, collectively, the “Initial Holders”). 

RECITALS 
 WHEREAS, in
connection with the initial public offering (the “IPO”) of shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), the Company and City Office REIT Operating Partnership, L.P., a
Maryland limited partnership (the “Operating Partnership”), have concurrently engaged in certain formation transactions (the “Formation Transactions”), pursuant to which the Initial Holders have concurrently
received, in exchange for their respective interests in the entities participating in the Formation Transactions, shares of Common Stock or common units of limited partnership interest in the Operating Partnership (“Common OP
Units”), which may be redeemable for cash or, at the Company’s option, exchangeable for shares of Common Stock pursuant to the Operating Partnership Agreement; 

WHEREAS, in connection with the Formation Transactions, the Company has agreed to grant to the Initial Holders and their permitted assignees
and transferees the registration rights set forth in Article II hereof. 
 NOW, THEREFORE, in consideration of the premises and the
mutual agreements herein contained, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.1 Definitions. In addition to the definitions set forth above, the following terms, as used herein, have the
following meanings: 
 “Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by
or under common control with such Person. For the purposes of this definition, “control” when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” means this Registration Rights Agreement, as it may be amended, supplemented or restated from time to time. 

“Beneficially Own.” A Person shall be deemed to “Beneficially Own” securities if such Person is deemed to be
a “beneficial owner” within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the date of this Agreement. 

“Board” means the board of directors of the Company. 

  
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 “Business Day” means any day except a Saturday, Sunday or other day on which
commercial banks in New York, New York are authorized by law to close. 
 “Charter” means the Articles of Amendment and
Restatement of the Company as filed with the Secretary of State of the State of Maryland on April 10, 2014, as the same may be amended, modified or restated from time to time. 

“Commission” means the Securities and Exchange Commission. 

“Common OP Units” has the meaning set forth in the Recitals. 

“Common Stock” has the meaning set forth in the Recitals. 

“Company” has the meaning set forth in the Preamble. 

“Demand” has the meaning set forth in Section 2.1(a). 

“Demand Registration” has the meaning set forth in Section 2.1(a). 

“Demand Registration Statement” has the meaning set forth in Section 2.1(a). 

“Disadvantageous Condition” has the meaning set forth in Section 2.1(b). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Holder” means (i) any Initial Holder who is the record or beneficial owner of any Registrable Security or
(ii) any assignee or transferee of such Initial Holder (including assignments or transfers of Registrable Securities to such assignees or transferees as a result of the foreclosure on any loans secured by such Registrable Securities)
(x) to the extent permitted under the Operating Partnership Agreement or the Charter, as applicable, and (y) provided such assignee or transferee agrees in writing to be bound by all the provisions hereof. 

“Indemnified Party” has the meaning set forth in Section 2.11. 

“Indemnifying Party” has the meaning set forth in Section 2.11. 

“Initial Holder” has the meaning set forth in the Preamble. 

“Inspectors” has the meaning set forth in Section 2.7(a)(viii). 

“IPO” has the meaning set forth in the Recitals. 

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities
Act. 
 “FINRA” has the meaning set forth in Section 2.7(a)(xviii). 

  
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 “Formation Transactions” has the meaning set forth in the Recitals. 

“Losses” has the meaning set forth in Section 2.9. 

“Minimum Registration Amount” means not less than the number of shares of Registrable Securities that represent 5% of the
Common Stock outstanding on the date thereof. 
 “Notice and Questionnaire” means a written notice, substantially in the
form attached as Exhibit A , delivered by a Holder to the Company (i) notifying the Company of such Holder’s desire to include Registrable Securities held by it in a Shelf Registration Statement, (ii) containing all
information about such Holder required to be included in such registration statement in accordance with applicable law, including Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time, or any similar
successor rule thereto, and (iii) pursuant to which such Holder agrees to bound by the terms and conditions hereof. 
 “NYSE”
means the New York Stock Exchange, or any successor exchange thereto. 
 “Operating Partnership” has the meaning set forth
in the Recitals. 
 “Operating Partnership Agreement” means the Amended & Restated Agreement of Limited
Partnership of the Operating Partnership, dated as of April 21, 2014, as the same may be amended, modified or restated from time to time. 

“Person” means an individual or a corporation, partnership, limited liability company, association, trust, or any other
entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Piggy-Back
Registration” has the meaning set forth in Section 2.2(a). 
 “Records” has the meaning set forth in
Section 2.7(a)(viii). 
 “Registrable Securities” means with respect to any Holder, shares of Common Stock owned,
either of record or beneficially, by such Holder that were issued in the Formation Transactions or issued or issuable upon exchange of Common OP Units issued in the Formation Transactions and any additional shares of Common Stock issued as a
dividend or distribution on, in exchange for, or otherwise in respect of, such shares (including as a result of combinations, recapitalizations, mergers, consolidations, reorganizations or otherwise). 

As to any particular Registrable Securities, they shall cease to be Registrable Securities at the earliest time as one of the following shall
have occurred: (i) a registration statement (including a Shelf Registration Statement) covering such shares has been declared effective by the Commission and all such shares have been disposed of pursuant to such effective registration
statement or unless such shares (other than Restricted Shares) were issued pursuant to an effective registration statement, (ii) such shares have been publicly sold under Rule 144, (iii) all such shares may be sold in one transaction
pursuant to Rule 144 or (iv) such shares have been otherwise transferred in a transaction that constitutes a sale thereof under the Securities Act, the Company has delivered to the Holder’s transferee a new certificate or other
evidence of 

  
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ownership for such shares not bearing the Securities Act restricted stock legend and such shares subsequently may be resold or otherwise transferred by such transferee without registration under
the Securities Act. 
 “Registration Expenses” has the meaning set forth in Section 2.8. 

“Restricted Shares” means shares of Common Stock issued under a Shelf Registration Statement which if sold by the holder
thereof would constitute “restricted securities” as defined under Rule 144. 
 “Rule 144” means
Rule 144 promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto that may be promulgated by the Commission. 

“Rule 415” means Rule 415 promulgated under the Securities Act, as amended from time to time, or any similar successor rule
that may be promulgated by the Commission. 
 “Securities Act” means the Securities Act of 1933, as amended (together with
the rules and regulations promulgated thereunder). 
 “Selling Holder” means a Holder who is selling Registrable Securities
pursuant to a registration statement under the Securities Act pursuant to the terms hereof. 
 “Shelf Registration” has the
meaning set forth in Section 2.4(a). 
 “Shelf Registration Statement” has the meaning set forth in
Section 2.4(a). 
 “Suspension Notice” means any written notice delivered by the Company pursuant to Section 2.15
with respect to the suspension of rights under a Shelf Registration Statement or any prospectus contained therein. 

“Underwriter” means a securities dealer who purchases any Registrable Securities as principal and not as part of such
dealer’s market-making activities. 
 ARTICLE II 

REGISTRATION RIGHTS 

SECTION 2.1 Underwritten Demand Registration. 

(a) Commencing on or after the date that is 365 days after the consummation date of the IPO, any Holder or Holders may make a written
request to the Company (a “Demand”) for registration of an underwritten offering under the Securities Act of all or part of its or their Common Stock constituting Registrable Securities that in the aggregate equals or is greater
than the Minimum Registration Amount (a “Demand Registration”). The Company shall prepare and file a registration statement on an appropriate form with respect to any Demand Registration (the “Demand Registration
Statement”). Any request for a Demand Registration will specify (i) the aggregate number of Registrable Securities requested to be registered in such Demand Registration, (ii) the intended method of disposition in connection with
such Demand 

  
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Registration, to the extent then known, and (iii) the identity of the Holder (or Holders). Within five days after receipt of a Demand, the Company shall give written notice of such Demand to
any other Person that, on the date such Demand is delivered to the Company, is a Holder. Subject to Section 2.3, the Company shall include in the Demand Registration covered by such Demand all Registrable Securities with respect to which the
Company has received a written request for inclusion therein within five days after such notice by the Company has been given. Such written request shall comply with the requirements of a Demand as set forth in this Section 2.1(a). The Company
will, subject to the terms of this Agreement, use its commercially reasonable efforts to effect the registration under the Securities Act of: (i) the Registrable Securities that the Company has been so requested to register by the Holder or
Holders for disposition in accordance with the intended method of disposition stated in such Demand; (ii) all other Registrable Securities that the Company has been requested to register by any Holders pursuant to this Section 2.1(a); and
(iii) all other shares of Common Stock that the Company may elect to register in connection with any offering of Registrable Securities pursuant to this Section 2.1, but subject to Section 2.3. Unless the Holders participating in such
Demand Registration that hold a majority of the Registrable Securities included in such Demand Registration shall consent in writing, no party, other than the Company, shall be permitted to offer securities in connection with any such Demand
Registration. The Company shall not be obligated to effect more than one Demand Registration. 
 (b) The Company shall not be obligated to
effect any Demand Registration (A) within three months of a “firm commitment” underwritten offering in which all of the Holders were given the opportunity to exercise “piggyback” rights pursuant to Section 2.2(a)
(provided that at least 50% of the number of Registrable Securities requested by such Holders to be included in such Demand Registration were included), (B) within three months of any other underwritten offering pursuant to Sections 2.2(a) or
(C) so long as a Shelf Registration Statement is on file and effective. In addition, the Company shall be entitled to postpone (upon written notice to all Holders) for a reasonable period of time not to exceed 30 days in succession the filing
or the effectiveness of a registration statement for any Demand Registration (but no more than twice, or for more than 60 days in the aggregate, in any twelve-month period) if the Board determines in good
faith and in its reasonable judgment that the filing or effectiveness of the registration statement relating to such Demand Registration could cause the disclosure of (i) material, non-public information
that the Company has a bona fide business purpose for preserving as confidential, (ii) a significant business opportunity (including a potential acquisition or disposition of assets (other than in the ordinary course of business) or any merger,
consolidation, share exchange, tender offer or other similar transaction) available to the Company that the Board reasonably determines to be significantly disadvantageous for the Company to disclose or (iii) any other event or condition of
similar significance to the Company that the Board reasonably determines to be significantly disadvantageous for the Company to disclose and that the Company is not otherwise required to disclose at such time (each of the conditions in (i),
(ii) and (iii), a “Disadvantageous Condition”), and the Company shall furnish to the Holders a notice stating that the Company is deferring such registration pursuant to this Section 2.1(b) and an approximation of the
anticipated duration of the delay. In the event of a postponement by the Company of the filing or effectiveness of a registration statement for a Demand Registration due to a Disadvantageous Condition, the Holder(s) shall have the right to withdraw
such Demand in accordance with Section 2.6. 

  
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 (c) A registration requested by the Holder(s) under Section 2.1(a) will not count as a
Demand Registration unless and until the registration statement related to such request has been declared effective by the Commission. 

(d) The Company shall select the book-running managing Underwriter in connection with any Demand Registration. The Company may select any
additional investment banks and managers to be used in connection with the offering. 
 SECTION 2.2 Piggy-Back Registration.

 (a) Subject to the terms and conditions hereof, if the Company proposes to register any Common Stock for its own account or for the
account of others at any time following the first anniversary of the IPO (other than (i) on a registration statement on Form S-4 or S-8 (or any substitute form
that may be adopted by the Commission) or (ii) in connection with an exchange offer or offering of securities solely to the Company’s existing securityholders), then the Company shall give written notice of such proposed filing to the
Holders as soon as practicable; such notice shall specify, at a minimum, the number of equity securities proposed to be registered, the proposed date of filing of such registration statement with the Commission, the proposed means of distribution
and the proposed managing underwriter or underwriters (if any and if known) and offer such Holders the opportunity to register such number of shares of Registrable Securities as each such Holder may request (a “Piggy-Back
Registration”); provided, that if and so long as a Shelf Registration Statement is on file and effective, then the Company shall have no obligation to effect a Piggy-Back Registration. The Company, subject to the terms and conditions
of this Agreement, shall use its commercially reasonable efforts to cause the managing Underwriter(s) of a proposed underwritten offering to permit the Registrable Securities equal to or greater than the Minimum Registration Amount held by the
Holders requested to be included in a Piggy-Back Registration to be included on the same terms and conditions as any equity securities of the Company included therein. Participation in a Piggy-Back Registration as provided in this Section 2.2
shall not count as a Demand Registration for purposes of Section 2.1. 
 (b) In connection with any Piggy-Back Registration under this
Section 2.2 for the Company’s account, the Company shall not be required to include a Holder’s Registrable Securities in the Piggy-Back Registration unless such Holder accepts the terms of the underwriting as agreed upon between the
Company and the underwriters selected by the Company. 
 (c) If, at any time after giving written notice of its intention to register any of
its equity securities as set forth in this Section 2.2 and prior to the time the registration statement filed in connection with such Piggy-Back Registration is declared effective, the Company shall determine for any reason not to register such
equity securities, the Company may, at its election, give written notice of such determination to each Holder and thereupon shall be relieved of its obligation to register any Registrable Securities in connection with such particular withdrawn or
abandoned Piggy-Back Registration (but not from its obligation to pay the Registration Expenses (as defined below) in connection therewith as provided herein); provided that the Holder may continue the registration as a Demand Registration
pursuant to the terms of Section 2.1. 

  
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 SECTION 2.3 Reduction of Offering. Notwithstanding anything contained in Sections 2.1
and 2.2, if the managing Underwriter(s) of an offering described in Section 2.1 or 2.2 advise in writing the Company and the Selling Holders that the size of the intended offering is such that the success of the offering or price per share of
the securities to be sold would be adversely affected by inclusion of the Registrable Securities requested to be included by the Selling Holders and the Company, then: (x) in the case of a Demand Registration, the amount of the Common Stock to
be offered for the account of the Company shall be reduced to the extent necessary to reduce the total amount of securities to be included in such offering to the amount recommended by such managing Underwriter(s), provided that the amount of
securities to be offered by the Company shall not be reduced to less than fifty (50) percent of the total number of securities to be included in such offering; and (y) in the case of a Piggy-Back Registration, the amount of securities to
be offered for the accounts of Selling Holders shall be reduced to the extent necessary to reduce the total amount of securities to be included in such offering to the amount recommended by such managing Underwriter(s), provided that the
amount of securities to be offered by the Selling Holders shall not be reduced to less than thirty (30) percent of the total number of securities to be included in such offering. 

SECTION 2.4 Shelf Registration. 

(a) Subject to Section 2.15, and further subject to the availability to the Company of a Registration Statement on Form S-3 or a
successor form, the Company shall prepare and file, not later than 365 days after the consummation date of the IPO, a “shelf” registration statement with respect to the resale of the Registrable Securities (“Shelf
Registration”) by the Holders thereof on an appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (“Shelf Registration Statement”) and permitting
registration of such Registrable Securities for resale by such Holders in accordance with the methods of distribution elected by the Holders and set forth in the Shelf Registration Statement. The Company shall use its reasonable efforts to cause the
Shelf Registration Statement to be declared effective by the Commission as promptly as reasonably practicable after the filing thereof, and, subject to Sections 2.4(c) and 2.15, to keep such Shelf Registration Statement continuously effective for a
period ending when the Holders, together, Beneficially Own less than a Minimum Registration Amount. 
 At the time the Shelf Registration
Statement is declared effective, each Holder that has delivered a duly completed and executed Notice and Questionnaire to the Company on or prior to the date ten (10) Business Days prior to such time of effectiveness shall be named as a selling
securityholder in the Shelf Registration Statement and the related prospectus in such a manner as to permit such Holder to deliver such prospectus to purchasers of Registrable Securities in accordance with applicable law. 

(b) Any offering under a Shelf Registration Statement shall be underwritten at the written request of Holders of Registrable Securities under
such registration statement that hold in the aggregate at least 10% of the Registrable Securities originally issued in the Formation Transactions (provided that the number of Registrable Securities requested to be registered in such
underwritten offering equals or is greater than the Minimum Registration Amount; provided further that the Company shall not be obligated to effect more than one underwritten offering under this Section 2.4(b) and
Section 2.1(a), taken together; and provided further that the 

  
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Company shall not be obligated to effect, or take any action to effect, an underwritten offering (i) within 120 days following the last date on which an underwritten offering was effected
pursuant to this Section 2.4(b) or Section 2.1(a) or during any lock-up period required by the underwriters in any prior underwritten offering conducted by the Company on its own behalf or on behalf of selling stockholders, or
(ii) during the period commencing with the date thirty (30) days prior to the Company’s good faith estimate of the date of filing of, and ending on a date ninety (90) days after the effective date of, a registration statement
with respect to an offering by the Company (provided that the Company is actively engaged in good faith commercially reasonable efforts to file such registration statement). Any request for an underwritten offering hereunder shall be made to
the Company in accordance with the notice provisions of this Agreement. 
 (c) The Company shall prepare and file such additional
registration statements as necessary every three (3) years and use its reasonable efforts to cause such registration statements to be declared effective by the Commission so that a Shelf Registration Statement remains continuously effective,
subject to Section 2.15, with respect to resales of Registrable Securities as and for the periods required under Section 2.4(a) (such subsequent registration statements to constitute a Shelf Registration Statement hereunder). 

(d) Each Holder acknowledges that by participating in its registration rights pursuant to this Agreement, such Holder will be deemed a party
to this Agreement and will be bound by its terms, notwithstanding such Holder’s failure to deliver a Notice and Questionnaire; provided that any Holder that has not delivered a duly completed and executed Notice and Questionnaire shall
not be entitled to be named as a Selling Holder in, or have the Registrable Securities held by it covered by, a Shelf Registration Statement. 

SECTION 2.5 Reduction of Offering Under a Shelf Registration. Notwithstanding anything contained herein, if the managing
Underwriter(s) of an offering described in Section 2.4(b) advise in writing the Company and the Holder(s) of the Registrable Securities included in such offering that the size of the intended offering is such that the success of the offering or
price per share of the securities to be sold would be adversely affected by inclusion of all the Registrable Securities requested to be included, then the amount of securities to be offered for the accounts of Holders shall be reduced pro
rata (according to the Registrable Securities requested for inclusion) to the extent necessary to reduce the total amount of securities to be included in such offering to the amount recommended by such managing Underwriter(s) but in priority to
any securities proposed to be sold by any other holders of securities of the Company with registration rights to participate therein. The Company shall have the opportunity to include such number of securities as it may elect in an offering
described in Section 2.4(b); provided that if the managing Underwriter(s) of such offering advise in writing the Company and the Holder(s) of the Registrable Securities requested to be included that the success of the offering would be
adversely affected by inclusion of all the securities requested to be included by the Company, then the amount of securities to be offered for the account of the Company shall be reduced to the extent necessary to reduce the total amount of
securities to be included in such offering to the amount recommended by such managing Underwriter(s); provided further that the amount of securities to be offered by the Company shall not be reduced to less than fifty (50) percent of the
total number of securities to be included in such offering. 

  
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 SECTION 2.6 Withdrawal Rights. Any Holder, after notifying or directing the Company
to include any or all of its Registrable Securities in a registration statement under the Securities Act, shall have the right to withdraw any such notice or direction with respect to any or all of the Registrable Securities designated by it for
registration by giving written notice to such effect to the Company prior to the effective date of such registration statement. In the event of any such withdrawal, the Company shall not include such Registrable Securities in the applicable
registration and such Registrable Securities shall continue to be Registrable Securities for all purposes of this Agreement. No such withdrawal shall affect the obligations of the Company with respect to the Registrable Securities not so withdrawn;
provided, however, that in the case of a Demand Registration, if such withdrawal shall reduce the number of Registrable Securities sought to be included in such registration below the Minimum Registration Amount, then the Company shall
as promptly as practicable give each Holder of Registrable Securities sought to be registered notice to such effect and, within ten days following the mailing of such notice, such Holder, if still seeking registration, shall by written notice to the
Company elect to register additional Registrable Securities to satisfy the Minimum Registration Amount or elect that such registration statement not be filed or, if previously filed, be withdrawn. During such 10 day period, the Company shall not
file such registration statement if not previously filed or, if such registration statement has been previously filed, the Company shall not seek, and shall use commercially reasonable efforts to prevent, the effectiveness of such registration
statement. 
 SECTION 2.7 Registration Procedures. If and whenever the Company is required to use commercially reasonable
efforts to effect the registration of any Registrable Securities under the Securities Act as provided in Section 2.1, 2.2 or 2.4, the Company shall as promptly as practicable (in each case, to the extent applicable): 

(i) prepare and file with the Commission a registration statement to effect such registration, cause such registration
statement to become effective at the earliest possible date permitted under the rules and regulations of the Commission, and thereafter use commercially reasonable efforts to cause such registration statement to remain effective pursuant to the
terms of this Agreement; provided, however, that the Company may discontinue any registration of its securities that are not Registrable Securities at any time prior to the effective date of the registration statement relating to such
securities; provided further that before filing such registration statement or any amendments thereto, the Company will furnish to the counsel selected by the Selling Holders copies of all such documents proposed to be filed, which
documents will be subject to the review of and comment by such counsel (it being understood that counsel to the Selling Holders will conduct its review and provide any comments promptly); 

(ii) prepare and file with the Commission such amendments (including post-effective
amendments) and supplements to such registration statement and the prospectus used in connection therewith and any Exchange Act reports incorporated by reference therein as may be necessary to keep such registration statement effective and to comply
with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement until the earlier of such time as all of such securities have been disposed of in accordance with the intended methods
of 

  
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disposition by the Selling Holder(s) set forth in such registration statement or (i) in the case of a Demand Registration pursuant to Section 2.1, the expiration of 60 days after
such registration statement becomes effective or (ii) in the case of a Piggy-Back Registration pursuant to Section 2.2, the expiration of 60 days after such registration statement becomes effective; 

(iii) furnish to each Selling Holder and each underwriter, if any, of the securities being sold by such Selling Holder such
number of conformed copies of such registration statement and of each amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus contained in such registration statement (including each
preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such number of copies of any Issuer Free Writing
Prospectus and such other documents as such Selling Holder and underwriter, if any, may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such Selling Holder; provided,
however, that no reports or documents need to be furnished to the extent they have been filed with the Commission and are publicly available on the Commission’s Electronic Data Gathering, Analysis and Retrieval system or any successor
system. 
 (iv) use commercially reasonable efforts to register or qualify such Registrable Securities covered by such
registration statement under such other securities laws or blue sky laws of such jurisdictions as any Selling Holder and any underwriter of the securities being sold by such Selling Holder shall reasonably request, and take any other action which
may be reasonably necessary or advisable to enable such Selling Holder and underwriter to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Selling Holder, except that the Company shall not for any such
purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this clause (iv) be obligated to be so qualified, to subject itself to taxation in any such
jurisdiction or to file a general consent to service of process in any such jurisdiction; 
 (v) use best efforts to cause
such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed and, if no such securities are so listed, use commercially reasonable efforts to cause such Registrable Securities
to be listed on the NYSE or the Nasdaq Stock Market; 
 (vi) use commercially reasonable efforts to cause such Registrable
Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the Selling Holder(s) thereof to consummate the disposition of such Registrable
Securities; 

  
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 (vii) in connection with an underwritten offering, obtain for each underwriter:

 (1) an opinion of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten
offerings and such other matters as may be reasonably requested by such underwriters, and 
 (2) a “comfort”
letter signed by the independent registered public accountants who have certified the Company’s financial statements included in such registration statement (and, if necessary, any other independent registered public accountant of any
subsidiary of the Company or any business acquired by the Company from which financial statements and financial data are, or are required to be, included in the registration statement); 

(viii) promptly make available for inspection by any Selling Holder, any underwriter participating in any disposition pursuant
to any registration statement, and any attorney, accountant or other agent or representative retained by any Selling Holder or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate
documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable such Selling Holder or underwriter to exercise their due diligence responsibility, and cause the Company’s
officers, directors and employees to supply all information requested by any such Inspector in connection with such registration statement promptly; provided, however, that, unless the disclosure of such Records is necessary to avoid
or correct a misstatement or omission in the registration statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Company shall not be required to provide any information
under this clause (viii) if (i) the Company believes, after consultation with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was
applicable to such information or (ii) if either (A) the Company has requested and been granted from the Commission confidential treatment of such information contained in any filing with the Commission or documents provided supplementally
or otherwise or (B) the Company reasonably determines in good faith that such Records are confidential and so notifies the Inspectors in writing unless prior to furnishing any such information with respect to (i) or (ii) such Selling
Holder agrees, and causes each of the Inspectors to agree, to enter into a confidentiality agreement on terms reasonably acceptable to the Company; and provided further that each of the Selling Holders agree that it will, upon learning that
disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential; 

(ix) promptly notify in writing each Selling Holder and the underwriters, if any, of the following events: 

(1) the filing of the registration statement, the prospectus or any prospectus supplement related thereto, any Issuer Free
Writing Prospectus or post-effective amendment to the registration statement, and, with respect to the registration statement or any post-effective amendment thereto,
when the same has become effective; 

  
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 (2) any request by the Commission for amendments or supplements to the
registration statement or the prospectus or for additional information; 
 (3) the issuance by the Commission of any stop
order suspending the effectiveness of the registration statement or the initiation of any proceedings by any Person for that purpose; 

(4) when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in the
registration statement; and 
 (5) the receipt by the Company of any notification with respect to the suspension of the
qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for such purpose; 

(x) notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities
Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and, at the request of any Selling Holder, promptly prepare and furnish to such Selling Holder a
reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

(xi) use every reasonable best effort to obtain the withdrawal of any order suspending the effectiveness of such registration
statement; 
 (xii) use commercially reasonable efforts to comply with all applicable rules and regulations of the
Commission, and make available to the Selling Holders, as promptly as practicable, an earnings statement covering the period of at least 12 months, but not more than 18 months, beginning with the first day of the Company’s first full
quarter after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder (or any successor rule or
regulation hereafter adopted by the Commission); 
 (xiii) cooperate with the Selling Holders and any underwriter to
facilitate the timely preparation and delivery of certificates (which shall not bear any restrictive legends unless required under applicable law), if necessary or appropriate, representing securities sold under any registration statement, and
enable such securities to be in such 

  
 12 

 
denominations and registered in such names as the managing underwriter or such Selling Holder may request and keep available and make available to the Company’s transfer agent prior to the
effectiveness of such registration statement a supply of such certificates as necessary or appropriate; 
 (xiv) have
appropriate officers of the Company prepare and participate in customary “road shows” as requested by the managing underwriter(s); 

(xv) have appropriate officers of the Company, and cause representatives of the Company’s independent registered public
accountants to, participate in any due diligence discussions reasonably requested by any Selling Holder or any underwriter; 

(xvi) if requested by any underwriter, agree, and cause the Company, any directors or officers of the Company to agree, to be
bound by customary “lock-up” agreements restricting the ability to dispose of Company securities; 

(xvii) if requested by any Selling Holders or any underwriter, promptly incorporate in the registration statement or any
prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such Selling Holders may reasonably request to have included therein, including, without limitation,
information relating to the “Plan of Distribution” of the Registrable Securities; 
 (xviii) cooperate and assist
in any filings required to be made with the Financial Industry Regulatory Authority (“FINRA”) and in the performance of any due diligence investigation by any underwriter that is required to be undertaken in accordance with the
rules and regulations of FINRA; 
 (xix) otherwise use commercially reasonable efforts to cooperate as reasonably requested
by the Selling Holders and the underwriters in the offering, marketing or selling of the Registrable Securities; 
 (xx)
otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission and all reporting requirements under the rules and regulations of the Exchange Act; and 

(xxi) use commercially reasonable efforts to take any action requested by the Selling Holders, including any action described
in clauses (i) through (xx) above to prepare for and facilitate any “over-night deal” or other proposed sale of Registrable Securities over a limited time frame. 

The Company may require each Selling Holder and each underwriter, if any, to furnish the Company in writing such information regarding each Selling Holder or
underwriter and the distribution of such Registrable Securities as the Company may from time to time reasonably request to complete or amend the information required by such registration statement. 

(b) Without limiting any of the foregoing, in the event that the offering of Registrable Securities is to be made by or through an
underwriter, the Company shall enter into 

  
 13 

 
an underwriting agreement with a managing underwriter or underwriters containing representations, warranties, indemnities and agreements customarily included (but not inconsistent with the
covenants and agreements of the Company contained herein) by an issuer of common stock in underwriting agreements with respect to offerings of common stock for the account of, or on behalf of, such issuers. In connection with any offering of
Registrable Securities registered pursuant to this Agreement, the Company shall furnish to the underwriter, if any (or, if no underwriter, the Selling Holder), unlegended certificates representing ownership of the Registrable Securities being sold
(unless, in the Company’s sole discretion, such Registrable Securities are to be issued in uncertificated form pursuant to the customary arrangements for issuing shares in such form), in such denominations as requested, and instruct any
transfer agent and registrar of the Registrable Securities to release any stop transfer order with respect thereto. 
 Each Selling Holder agrees that upon
receipt of any notice from the Company of the happening of any event of the kind described in Section 2.7(a)(x), such Selling Holder shall forthwith discontinue such Selling Holder’s disposition of Registrable Securities pursuant to the
applicable registration statement and prospectus relating thereto until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.7(a)(ix) and, if so directed by the Company, deliver to
the Company, at the Company’s expense, all copies, other than permanent file copies, then in such Selling Holder’s possession of the prospectus current at the time of receipt of such notice relating to such Registrable Securities. In the
event the Company shall give such notice, any applicable 60 day period during which such registration statement must remain effective pursuant to this Agreement shall be extended by the number of days during the period from the date of giving
of a notice regarding the happening of an event of the kind described in Section 2.7(a)(ix) to the date when all such Selling Holders shall receive such a supplemented or amended prospectus and such prospectus shall have been filed with the
Commission. 
 SECTION 2.8 Registration Expenses. In connection with any registration statement required to be filed hereunder,
the Company shall pay the following registration expenses incurred in connection with the registration hereunder (the “Registration Expenses”), regardless of whether such registration statement is declared effective by the
Commission: (i) all registration and filing fees, (ii) fees and expenses of compliance with securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the
Registrable Securities), (iii) all fees and expenses associated with filings required to be made with FINRA (including, if applicable, the fees and expenses of any “qualified independent underwriter” as such term is defined in FINRA
Rule 5121), (iv) printing expenses, (v) internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), (vi) the fees and expenses incurred in
connection with the listing of the Registrable Securities, (vii) reasonable fees and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company, (viii) all
fees and disbursements of the Company’s auditors, including in connection with the preparation of comfort letters, and any transfer agent and registrar fees, (ix) the reasonable fees and expenses of any special experts retained by the
Company in connection with such registration and (x) any expenses described in clauses (i) through (ix) above incurred in connection with the marketing and sale of Registrable Securities. The Company shall have no obligation to pay
any fees, discounts or commissions attributable to the sale of Registrable Securities, or any out-of-pocket expenses of the Holders (or the agents who manage their accounts) or any transfer taxes relating to the registration or sale of the
Registrable Securities. 

  
 14 

 SECTION 2.9 Indemnification by the Company. The Company agrees to indemnify and hold
harmless each Selling Holder of Registrable Securities, its officers, directors, agents, partners, members, employees, managers, advisors, sub-advisors, attorneys, representatives and affiliates, and each Person, if any, who controls such Selling
Holder or such other indemnified Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against, as incurred, any and all losses, claims, damages, liabilities and expenses, or actions in
respect thereof (collectively, the “Losses”), that arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the registration statement, or any amendment thereto, or the omission
or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or upon any untrue statement or alleged untrue statement of a material fact contained in any Issuer Free
Writing Prospectus, any preliminary prospectus or any prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, except insofar as Losses arise out of or are based upon any information furnished in writing to the Company by such Selling Holder or on such Selling Holder’s behalf expressly for
inclusion therein. 
 SECTION 2.10 Indemnification by Holders of Registrable Securities. In connection with any registration
statement, each Selling Holder agrees, severally but not jointly, to indemnify and hold harmless the Company, its officers, directors, agents, employees, attorneys, representatives and affiliates and each Person, if any, who controls the Company or
such other indemnified Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against all Losses caused by, resulting from or relating to (i) any untrue statement or alleged untrue statement of
a material fact contained in the registration statement, or any amendment thereto, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or
(ii) upon any untrue statement or alleged untrue statement of a material fact contained in any Issuer Free Writing Prospectus, any preliminary prospectus or any prospectus (or any amendment or supplement thereto) or the omission or alleged
omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, but, in each case, only to the extent that such untrue statement or omission is
caused by and contained in such information so furnished in writing by such Selling Holder expressly for use therein. Notwithstanding the foregoing, no Selling Holder shall be liable to the Company for amounts in excess of the net amount received by
such Selling Holder in the offering giving rise to such liability. 
 SECTION 2.11 Conduct of Indemnification Proceedings. In
case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section 2.9 or 2.10, such person (an “Indemnified Party”) shall
promptly notify the person against whom such indemnity may be sought (an “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to
such Indemnified Party, and shall assume the payment of all fees and expenses; provided, however, that the failure of any 

  
 15 

 
Indemnified Party to give such notice will not relieve such Indemnifying Party of any obligations under Section 2.9, 2.10, 2.11 or 2.12, except to the extent such Indemnifying Party is
materially prejudiced by such failure. After notice from the Indemnifying Party to such Indemnified Party of its election so to assume the defense thereof, the Indemnifying Party will not (so long as it shall continue to have the right to defend,
contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such Indemnified Party hereunder for any legal or other expense subsequently incurred by such Indemnified Party in connection with the defense
thereof other than reasonable costs of investigation, supervision and monitoring (unless (i) such Indemnified Party reasonably objects to such assumption on the grounds that there may be defenses available to it which are different from or in
addition to the defenses available to such Indemnifying Party or (ii) the Indemnifying Party shall have failed within a reasonable period of time to assume such defense and the Indemnified Party is or is reasonably likely to be prejudiced by
such delay; in either event the Indemnified Party shall be promptly reimbursed by the Indemnifying Party for the expenses incurred in connection with retaining one separate legal counsel). In any such proceeding, any Indemnified Party shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel
or (ii) representation of the Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due to actual or potential differing interests between the Indemnified Party and the Indemnifying Party. It is understood
that the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel)
at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by (i) in
the case of Persons indemnified pursuant to Section 2.9 hereof, the Selling Holders which owned a majority of the Registrable Securities sold under the applicable registration statement and (ii) in the case of Persons indemnified pursuant
to Section 2.10, the Company. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent, or if there
be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any Losses (to the extent stated above) by reason of such settlement or judgment. No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, which consent shall not be unreasonably withheld, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and
indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability arising out of such proceeding without any admission of liability by such
Indemnified Party. 
 SECTION 2.12 Contribution. If the indemnification provided for in Section 2.9 or 2.10 hereof is held
by a court of competent jurisdiction to be unavailable to an Indemnified Party or insufficient in respect of any Losses that otherwise would have been covered by Section 2.9 or 2.10 hereof, then each such Indemnifying Party, in lieu of
indemnifying such Indemnified Party, shall contribute to the aggregate amount paid or payable by such Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the Company, on the one hand,
and of each Selling Holder, on the other hand, in connection with such statements or omissions which resulted in such Losses, as well as any other relevant 

  
 16 

 
equitable considerations. The relative fault of the Company, on the one hand, and of each Selling Holder, on the other, shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party and by such parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. 
 The Company and the Selling Holders agree that it would not be just and equitable if
contribution pursuant to this Section 2.12 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the Losses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations
set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.12, no Selling Holder shall be
required to contribute any amount which in the aggregate exceeds the amount by which the net proceeds actually received by such Selling Holder from the sale of its securities to the public exceeds the amount of any damages which such Selling Holder
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Selling Holder’s obligations to contribute pursuant to this Section 2.12, if any, are several in proportion to the proceeds of the
offering actually received by such Selling Holder to the total proceeds of the offering received by all the Selling Holders and not joint. 

SECTION 2.13 Rule 144. The Company covenants that it will (a) make and keep public information regarding the Company
available as those terms are defined in Rule 144, (b) file in a timely manner any reports and documents required to be filed by it under the Securities Act and the Exchange Act, (c) furnish to any Holder forthwith upon request
(i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time more than 90 days after the effective date of the registration statement for the Company’s initial public offering),
the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), and (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the
Company, and (d) take such further action as any Holder may reasonably request, all to the extent required from time to time to enable Holders to sell Registrable Securities without registration under the Securities Act within the limitation of
the exemptions provided by Rule 144. 
 SECTION 2.14 Participation in Underwritten Offerings. No Person may participate in
any underwritten offerings hereunder unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and
(b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the registration rights provided for in this
Article II. 

  
 17 

 SECTION 2.15 Suspension of Use of Registration Statement. Notwithstanding anything to
the contrary contained in this Agreement, the Company shall be entitled, from time to time, by providing notice to the Holders who elected to participate in the Shelf Registration Statement, to require such Holders to suspend the use of the
prospectus for sales of Registrable Securities under the Shelf Registration Statement for a reasonable period of time not to exceed 60 days in succession or 90 days in the aggregate in any twelve month period (a “Suspension Period”)
if the Board determines in good faith and in its reasonable judgment that it is required to disclose in the Shelf Registration a Disadvantageous Condition. Immediately upon receipt of such notice, the Holders covered by the Shelf Registration
Statement shall suspend the use of the prospectus until the requisite changes to the prospectus have been made as required below. Any Suspension Period shall terminate at such time as the public disclosure of such information is made. After the
expiration of any Suspension Period and without any further request from a Holder, the Company shall as promptly as practicable prepare a post-effective amendment or supplement to the Shelf Registration Statement or the prospectus, or any document
incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the prospectus will not include an untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

SECTION 2.17 Additional Shares. The Company, at its option, may register under a Shelf Registration Statement and any filings with
any state securities commissions filed pursuant to this Agreement, any number of unissued shares of Common Stock or any shares of Common Stock owned by any other stockholder or stockholders of the Company; provided that in no event shall the
inclusion of such shares on a registration statement reduce the amount offered for the account of the Holders in any underwritten offering at the request of the Holders pursuant to Section 2.4(b). 

ARTICLE III 

MISCELLANEOUS 

SECTION 3.1 Remedies. In addition to being entitled to exercise all rights provided herein and granted by law, including recovery
of damages, the Holders shall be entitled to specific performance of their rights under this Agreement. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions
of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

SECTION 3.2 Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, in each case without the written consent of the Company and the Holders against whom enforcement is sought. No failure or delay by
any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon any breach thereof shall constitute waiver of any such breach or any other covenant,
duty, agreement or condition. 

  
 18 

 SECTION 3.3 Notices. All notices and other communications in connection with this
Agreement shall be made in writing by hand delivery, registered first-class mail, telecopier, or air courier guaranteeing overnight delivery: 

(i) if to any Holder, initially to the address indicated in such Holder’s Notice and Questionnaire or, if no Notice and
Questionnaire has been delivered, c/o City Office REIT, Inc., 1075 West Georgia Street, Suite 2600, Vancouver, British Columbia, V6E 3C9, Attention: Chief Executive Officer, or to such other address and to such other Persons as any Holder may
hereafter specify in writing; and 
 (ii) if to the Company, initially at 1075 West Georgia Street, Suite 2600, Vancouver,
British Columbia, V6E 3C9, Attention: Chief Executive Officer, or to such other address as the Company may hereafter specify in writing. 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; when
received if deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 

SECTION 3.4 Successors and Assigns; Assignment of Registration Rights. This Agreement shall inure to the benefit of and be binding
upon the successors, assigns and transferees of each of the parties. Any Holder may assign its rights under this Agreement without the consent of the Company in connection with a transfer of such Holder’s Registrable Securities; provided
that the Holder notifies the Company of such proposed transfer and assignment and the transferee or assignee of such rights assumes in writing the obligations of such Holder under this Agreement. 

SECTION 3.5 Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Each party shall become bound by this Agreement immediately upon affixing its signature
hereto. 
 SECTION 3.6 Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of
the State of New York, including, without limitation, Section 5-1401 of the New York General Obligations Law. 

SECTION 3.7 Submission to Jurisdiction. Any legal suit, action or proceeding arising out of or based upon this Agreement or the
transactions contemplated hereby shall be instituted in (i) the federal courts of the United States of America located in the City and County of New York, Borough of Manhattan or (ii) the courts of the State of New York located in the
City and County of New York, Borough of Manhattan (collectively, the “Specified Courts”), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any
such court, as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process, 

  
 19 

 
summons, notice or document by mail to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The
parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any
such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum.  
 SECTION 3.8
Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject
matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Registrable Securities.
This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

SECTION 3.9 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof. 
 SECTION 3.10 Termination. The obligations of the parties hereunder shall terminate, and be of no further
force and effect, with respect to each Holder, at such earlier time as such Holder ceases to Beneficially Own a Minimum Registration Amount, except, in each case, for any obligations under Sections 2.4(c), 2.8, 2.9, 2.10, 2.11, 2.12 and this
Article III. 
 SECTION 3.11 Waiver of Jury Trial. The parties hereto (including any Initial Holder and any subsequent
Holder) irrevocably waive any right to trial by jury. 
 [SIGNATURE PAGE FOLLOWS] 

  
 20 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written
above. 
  

					
	CITY OFFICE REIT, INC.
		
	By:	 	 /s/ James Farrar

		 	Name:	 	James Farrar
		 	Title:	 	Chief Executive Officer
	
	CIO OP LIMITED PARTNERSHIP
		
	By:	 	 /s/ James Farrar

		 	Name:	 	James Farrar
		 	Title:	 	
	
	CIO REIT STOCK LIMITED PARTNERSHIP
		
	By:	 	 /s/ James Farrar

		 	Name:	 	James Farrar
		 	Title:	 	
	
	GCC AMBERGLEN INVESTMENTS LP
		
	By:	 	 /s/ Ryan Chan

		 	Name:	 	Ryan Chan
		 	Title:	 	Chief Financial Officer
	
	GIBRALT US, INC.
		
	By:	 	 /s/ Ryan Chan

		 	Name:	 	Ryan Chan
		 	Title:	 	Chief Financial Officer
	
	DANIEL RAPAPORT
	
	 /s/ Daniel Rapaport

	Daniel Rapaport

 Schedule I 

Initial Holders 
  

	1.	CIO OP Limited Partnership 

  

	2.	CIO REIT Stock Limited Partnership 

  

	3.	GCC Amberglen Investments LP 

  

	4.	Gibralt US, Inc. 

  

	5.	Daniel Rapaport 

 Exhibit A 

CITY OFFICE REIT, INC. 

FORM OF NOTICE AND QUESTIONNAIRE 

The undersigned beneficial holder of shares of common stock, par value $.01 per share (“Common Stock”), of City Office REIT,
Inc. (the “Company”) and/or units of limited partnership interests (“OP Units” and, together with the Common Stock, the “Registrable Securities”) of City Office REIT Operating Partnership, L.P. (the
“Operating Partnership”) understands that the Company has filed or intends to file with the Securities and Exchange Commission (the “SEC”) one or more registration statements (collectively, the “Shelf
Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities in accordance with the terms of the Registration
Rights Agreement (the “Registration Rights Agreement”), dated April 21, 2014, among the Company and the holders listed on Schedule I thereto. A copy of the Registration Rights Agreement is available from the Company upon
request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement. 

Each beneficial owner of Registrable Securities is entitled to the benefits of the Registration Rights Agreement. In order to sell or
otherwise dispose of any Registrable Securities pursuant to the Shelf Registration Statement, a beneficial owner of Registrable Securities generally will be required to be named as a selling security holder in the related prospectus, deliver a
prospectus to purchasers of Registrable Securities and be bound by those provisions of the Registration Rights Agreement applicable to such beneficial owner (including certain indemnification provisions as described below). To be included in the
Shelf Registration Statement, this Notice and Questionnaire must be completed, executed and delivered to the Company at the address set forth herein on or prior to the tenth business day before the effectiveness of the Shelf Registration
Statement. We will give notice of the filing and effectiveness of the initial Shelf Registration Statement by issuing a press release and by mailing a notice to the holders at their addresses set forth in the register of the registrar. 

Beneficial owners that do not complete this Notice and Questionnaire and deliver it to the Company as provided below will not be named as
selling security holders in the prospectus and therefore will not be permitted to sell any Registrable Securities pursuant to the Shelf Registration Statement. Beneficial owners are encouraged to complete and deliver this Notice and Questionnaire
prior to the effectiveness of the initial Shelf Registration Statement so that such beneficial owners may be named as selling security holders in the related prospectus at the time of effectiveness. Upon receipt of a completed Notice and
Questionnaire from a beneficial owner following the effectiveness of the initial Shelf Registration Statement, in accordance with the Registration Rights Agreement, the Company will file such amendments to the initial Shelf Registration Statement or
additional shelf registration statements or supplements to the related prospectus as are necessary to permit such holder to deliver such prospectus to purchasers of Registrable Securities. 

Certain legal consequences arise from being named as selling security holders in the Shelf Registration Statement and the related prospectus.
Accordingly, holders and beneficial 

 
owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling security holder in the Shelf
Registration Statement and the related prospectus. 
 NOTICE 

The undersigned beneficial owner (the “Selling Security Holder”) of Registrable Securities hereby elects to include in the
prospectus forming a part of the Shelf Registration Statement the Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under Item 3). The undersigned, by signing and returning this Notice
and Questionnaire, understands that it will be bound by the terms and conditions of this Notice and Questionnaire and the Registration Rights Agreement. 

Pursuant to the Registration Rights Agreement, the undersigned has agreed to indemnify and hold harmless the Company and its directors,
officers and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against certain losses arising in connection with statements concerning
the undersigned made in the Shelf Registration Statement or the related prospectus in reliance upon the information provided in this Notice and Questionnaire. 

The undersigned hereby provides the following information to the Company and represents and warrants to the Company that such information is
accurate and complete: 
 QUESTIONNAIRE 
  

					
	1.	 	(a)	  	Full Legal Name of Selling Security Holder:
		 		  	  

			
		 	(b)	  	Full Legal Name of registered holder (if not the same as (a) above) through which Registrable Securities listed in Item 3 below are held:
		 		  	  

			
		 	(c)	  	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable Securities listed in Item 3 below are held:
		 		  	  

			
		 	(c)	  	List below the individual or individuals who exercise voting and/or dispositive powers with respect to the Registrable Securities listed in Item 3 below:
		 		  	  

		
	2.	 	Address for Notices to Selling Security Holder:
		 	  

		 	  

					
			
		 	Telephone:	  	  

					
			
		 	Fax:	  	  

					
			
		 	E-mail address:	  	  

			
		 	Contact Person:	  	  

					
		
	3.	 	Beneficial Ownership of Registrable Securities:
		
		 	Type of Registrable Securities beneficially owned, and number of shares of Common Stock and/or OP Units, as the case may be, beneficially owned:
		 	  

		
	4.	 	Beneficial Ownership of Securities of the Company Owned by the Selling Security Holder:
		
		 	Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company, other than the Registrable Securities listed above in
Item 3.
		
		 	Type and amount of other securities beneficially owned by the Selling Security Holder:
		 	  

		
	5.	 	Relationship with the Company
		
		 	Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any position or office or has had any other material relationship with
the Company (or its predecessors or affiliates) during the past three years.
		
		 	State any exceptions here:
		 	  

		 	  

		
	6.	 	Plan of Distribution
		
		 	Except as set forth below, the undersigned (including its donees or pledgees) intends to distribute the Registrable Securities listed above in Item 3 pursuant to the Shelf Registration Statement only as follows
and will not be offering any of such Registrable Securities pursuant to an agreement, arrangement or understanding entered into with a broker or dealer prior to the effective date of the Shelf Registration Statement. Such Registrable
Securities may be sold from time to time directly by the undersigned or, alternatively, through underwriters or broker-dealers or agents. If the Registrable Securities are sold through underwriters or broker-dealers, the Selling Security Holder will
be responsible for underwriting discounts or commissions or agent’s commissions. Such Registrable Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined
at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions)
		
		 	(i) on any national securities exchange or quotation service on which the Registrable Securities may be listed or quoted at the time of sale;

					
		
		 	(ii) in the over-the-counter market;
		
		 	(iii) in transactions otherwise than on such exchanges or services or in the over-the-counter market; or
		
		 	(iv) through the writing of options
		
		 	In connection with sales of the Registrable Securities or otherwise, the undersigned may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the Registrable Securities and
deliver Registrable Securities to close out such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell such securities.
		
		 	State any exceptions here:
		 	  

		 	  

		
	Note:	 	In no event may such method(s) of distribution take the form of an underwritten offering of the Registrable Securities without the prior written agreement of the Company.

 ACKNOWLEDGEMENTS 

The undersigned acknowledges that it understands its obligation to comply with the provisions of the Securities Exchange Act of 1934, as
amended, and the rules thereunder relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of Registrable Securities pursuant to the Registration Rights Agreement.
The undersigned agrees that neither it nor any person acting on its behalf will engage in any transaction in violation of such provisions. 

The Selling Security Holder hereby acknowledges its obligations under the Registration Rights Agreement to indemnify and hold harmless certain
persons set forth therein. Pursuant to the Registration Rights Agreement, the Company has agreed under certain circumstances to indemnify the Selling Security Holders against certain liabilities. 

In accordance with the undersigned’s obligation under the Registration Rights Agreement to provide such information as may be required by
law for inclusion in the Shelf Registration Statement, the undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the Shelf
Registration Statement remains effective. All notices hereunder and pursuant to the Registration Rights Agreement shall be made in writing at the address set forth below. 

In the event that the undersigned transfers all or any portion of the Registrable Securities listed in Item 3 above after the date on
which such information is provided to the Company, the undersigned agrees to notify the transferee(s) at the time of transfer of its rights and obligations under this Notice and Questionnaire and the Registration Rights Agreement. 

By signing this Notice and Questionnaire, the undersigned consents to the disclosure of the information contained herein in its answers to
Items 1 through 6 above and the inclusion of such information in the Shelf Registration Statement and the related prospectus. The undersigned understands that such information will be relied upon by the Company in connection with the
preparation or amendment of the Shelf Registration Statement and the related prospectus. 
 Once this Notice and Questionnaire is executed
by the Selling Security Holder and received by the Company, the terms of this Notice and Questionnaire and the representations and warranties contained herein shall be binding on, shall inure to the benefit of and shall be enforceable by the
respective successors, heirs, personal representatives and assigns of the Company and the Selling Security Holder with respect to the Registrable Securities beneficially owned by such Selling Security Holder and listed in Item 3 above. 

This Notice and Questionnaire shall be governed by, and construed in accordance with, the laws of the State of New York. 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and
Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

					
	Beneficial Owner
		
	By	 	  

		 	Name:	 	
		 	Title:	 	

 Dated: 

 Please return the completed and executed Notice and Questionnaire to: 

1075 West Georgia Street 
 Suite
2600 
 Vancouver, British Columbia, V6E 3C9 

Tel: (604) 806-3366 

Attention: Chief Executive OfficerEQUITY INCENTIVE PLAN

 Exhibit 10.7 

CITY OFFICE REIT, INC. 

EQUITY INCENTIVE PLAN 
 1.
Purpose. This Plan is intended (a) to provide incentives to key personnel, employees, officers, directors, advisors, consultants and other individuals expected to provide significant services to the Company and its subsidiaries,
including the personnel, employees, officers and directors of the Participating Companies, and (b) to encourage a proprietary interest in the Company thereby aligning the interests of Company service providers with the interests of the
Company’s stockholders. 
 The Plan permits awards of equity-based incentives to key personnel, employees, officers and directors of,
and certain other providers of services to, the Company, either directly or through a Participating Company. 
 2. Definitions. As
used in this Plan, the following definitions apply: 
 (a) “Act” shall mean the Securities Act of 1933, as amended. 

(b) “Advisor” shall mean City Office Real Estate Management, Inc. the Company’s advisor. 

(c) “Agreement” shall mean a written agreement entered into between the Company and a Grantee pursuant to the Plan. 

(d) “Board” shall mean the Board of Directors of the Company. 

(e) “Cause” shall mean, unless otherwise provided in the Grantee’s Agreement, (i) engaging in (A) willful or
gross misconduct or (B) willful or gross neglect, (ii) repeatedly failing to adhere to the directions of superiors or the Board or the written policies and practices of the Company, the Subsidiaries, the Advisor or any of their respective
affiliates, (iii) the Grantee’s conviction of, or plea of nolo contendere to, a felony or a crime of moral turpitude, or any crime involving the Company, the Subsidiaries, the Advisor or any of their respective affiliates, (iv) fraud,
misappropriation, embezzlement or material or repeated insubordination, (v) a material breach of the Grantee’s employment agreement (if any) with the Company, the Subsidiaries, the Advisor or any of their respective affiliates (other than
a termination of employment by the Grantee), or (vi) any illegal act detrimental to the Company, the Subsidiaries, the Advisor or any of their respective affiliates, all as determined by the Committee. 

(f) “Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. 

(g) “Committee” shall mean the Compensation Committee of the Company as appointed by the Board in accordance with
Section 4 of the Plan; provided, however, that the Committee shall at all times consist solely of persons who, at the time of their appointment, are qualified as a “Non-Employee Director” under Rule 16b-3(b)(3)(i)
promulgated under the Exchange Act and, to the extent that relief from the limitation of Section 162(m) of the Code is sought, as an “Outside Director” under Section 1.162-27(e)(3)(i) of the Treasury Regulations. 

  
 1 

 (h) “Common Stock” shall mean the Company’s common stock, par value $0.01
per share, either currently existing or authorized hereafter. 
 (i) “Company” shall mean City Office REIT, Inc., a
Maryland corporation. 
 (j) “DER” shall mean a right awarded under Section 12 of the Plan to receive (or have
credited) the equivalent value (in cash or Shares) of dividends paid on Common Stock. 
 (k) “Disability” shall mean,
unless otherwise provided by the Committee in the Grantee’s Agreement, the occurrence of an event which would entitle the Grantee to the payment of disability income under one of the Company’s approved long-term disability income plan or a
long-term disability as determined by the Committee in its absolute discretion pursuant to any other standard as may be adopted by the Committee. Notwithstanding the foregoing, no circumstances or condition shall constitute a Disability to the
extent that, if it were, an excise tax would be imposed under Section 409A of the Code. 
 (l) “Eligible Persons”
shall mean officers, directors, advisors, personnel and employees of the Participating Companies, but only to the extent Shares to be issued hereunder to any such potential Eligible Person is eligible for registration under a United States
Securities and Exchange Commission Form S-8. 
 (m) “Employee” shall mean an individual, including an officer of a
Participating Company, who is employed by the Participating Company. 
 (n) “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended. 
 (o) “Exercise Price” shall mean the price per Share of Common Stock, determined by the
Board or the Committee, at which an Option may be exercised. 
 (p) “Fair Market Value” shall mean the value of one share
of Common Stock, determined as follows: 
 (i) If the Shares are then listed on a national stock exchange, the closing sales price per
Share on the exchange for the last preceding date on which there was a sale of Shares on such exchange, as determined by the Committee. 

(ii) If the Shares are not then listed on a national stock exchange but are then traded on an over-the-counter market, the average of the
closing bid and asked prices for the Shares in such over-the-counter market for the last preceding date on which there was a sale of such Shares in such market, as determined by the Committee. 

(iii) If neither (i) nor (ii) applies, such value as the Committee in its discretion may in good faith determine. Notwithstanding
the foregoing, where the Shares are listed or traded, the Committee may make discretionary determinations in good faith where the Shares have not been traded for 10 trading days. 

  
 2 

 Notwithstanding the foregoing, with respect to any “stock right” within the meaning of
Section 409A of the Code, Fair Market Value shall not be less than the “fair market value” of the Shares determined in accordance with Treasury Regulation 1.409A-1(b)(5)(iv). 

(q) “Grant” shall mean the issuance of an Incentive Stock Option, Nonqualified Stock Option, Restricted Stock, Restricted
Stock Units, Phantom Share, DER, or other equity-based grant as contemplated herein or any combination thereof as applicable to an Eligible Person. 

(r) “Grantee” shall mean an Eligible Person to whom Options, Restricted Stock, Restricted Stock Units, Phantom Shares, DERs
or other equity-based awards are granted hereunder. 
 (s) “Incentive Stock Option” shall mean an Option of the type
described in Section 422(b) of the Code issued to an Employee of (i) the Company, or (ii) a “subsidiary corporation” or a “parent corporation” as defined in Section 424(f) of the Code. 

(t) “LTIP Unit” means an LTIP Unit as set forth in the Amended and Restated Agreement of Limited Partnership of City Office
REIT Operating Partnership, L.P. 
 (u) “Nonqualified Stock Option” shall mean an Option not described in
Section 422(b) of the Code. 
 (v) “Option” shall mean any option, whether an Incentive Stock Option or a Nonqualified
Stock Option, to purchase, at a price and for the term fixed by the Committee in accordance with the Plan, and subject to such other limitations and restrictions in the Plan and the applicable Agreement, a number of Shares determined by the
Committee. 
 (w) “Optionee” shall mean any Eligible Person to whom an Option is granted, or the Successors of the
Optionee, as the context so requires. 
 (x) “Participating Companies” shall mean the Company, the Subsidiaries, the
Advisor and any of their respective affiliates, which, with the consent of the Board participates in the Plan. 
 (y) “Phantom
Share” shall mean a right, pursuant to the Plan, of the Grantee to payment of the Phantom Share Value. 
 (z) “Phantom
Share Value,” per Phantom Share, shall mean the Fair Market Value of a Share or, if so provided by the Committee, such Fair Market Value to the extent in excess of a base value established by the Committee at the time of grant. 

(aa) “Plan” shall mean this Equity Incentive Plan, as the same may from time to time be amended. 

(bb) “Purchase Price” shall mean the Exercise Price times the number of Shares with respect to which an Option is exercised.

  
 3 

 (cc) “Restricted Stock” shall mean an award of Shares that are subject to
restrictions hereunder. 
 (dd) “Restricted Stock Unit” shall mean a bookkeeping entry representing an amount equal to the
Fair Market Value of one Share, granted pursuant to Section 10. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company. 

(ee) “Shares” shall mean shares of Common Stock, as adjusted in accordance with Section 16 of the Plan (if applicable).

 (ff) “Subsidiary” shall mean any corporation, partnership, limited liability company or other entity at least 50% of the
economic interest in the equity of which is owned, directly or indirectly, by the Company or by another subsidiary. 
 (gg)
“Successors of the Optionee” shall mean the legal representative of the estate of a deceased Optionee or the person or persons who shall acquire the right to exercise an Option by bequest or inheritance upon the death of the
Optionee. 
 (hh) “Termination of Service” shall mean the time when the employee-employer relationship or directorship, or
other service relationship, between the Grantee and the Participating Companies is terminated for any reason, with or without Cause, including, but not limited to, any termination by resignation, discharge, death or Disability; provided,
however, Termination of Service shall not include a termination where there is a simultaneous continuation of service by the Grantee for a different Participating Company. For this purpose, the service relationship shall be treated as
continuing intact while the Grantee is on military leave, sick leave or other bona fide leave of absence (to be determined in the discretion of the Committee). Notwithstanding the foregoing, with respect to any Grant that is subject to
Section 409A of the Code, Termination of Service shall be interpreted to mean a “separation from service” within the meaning of Section 409A of the Code and Treasury Regulation 1.409A-1(h). 

3. Effective Date. The effective date of the Plan is April 14, 2014. 

4. Administration. 
 (a)
Membership on Committee. The Plan shall be administered by the Committee appointed by the Board. If no Committee is designated by the Board to act for those purposes, the full Board shall have the rights and responsibilities of the Committee
hereunder and under the Agreements. 
 (b) Grant of Awards. 

(i) The Committee shall from time to time at its discretion select the Eligible Persons who are to be issued Grants and determine the number
and type of Grants to be issued under any Agreement to an Eligible Person. In particular, the Committee shall (A) determine the terms and conditions, not inconsistent with the terms of the Plan, of any Grants awarded hereunder (including, but
not limited to, the performance goals and periods applicable to the award of Grants and whether Grants cover Common Stock or LTIP Units); (B) determine the time or times when and the manner and condition in which each Option shall be
exercisable 

  
 4 

 
and the duration of the exercise period; and (C) determine or impose other conditions to the Grant or exercise of Options under the Plan as it may deem appropriate. The Committee may
establish such rules, regulations and procedures for the administration of the Plan as it deems appropriate (including, without limitation, establishing rules, regulations and procedures or creation of a sub-plan for the purpose of satisfying
applicable foreign laws, for qualifying for favorable tax treatment under applicable foreign laws or facilitating compliances with foreign laws), determine the extent, if any, to which Options, Phantom Shares, Shares (whether or not Shares of
Restricted Stock), Restricted Stock Units, DERs or other equity-based awards shall be forfeited (whether or not such forfeiture is expressly contemplated hereunder), and take any other actions and make any other determinations or decisions that it
deems necessary or appropriate in connection with the Plan or the administration or interpretation thereof. The Committee shall also cause each Option to be designated as an Incentive Stock Option or a Nonqualified Stock Option, except that no
Incentive Stock Options may be granted to an Eligible Person who is not an Employee of the Company or a “subsidiary corporation” or a “parent corporation” as defined in Section 424(f) of the Code. The Grantee shall take
whatever additional actions and execute whatever additional documents the Committee may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Grantee
pursuant to the express provisions of the Plan and the Agreement. DERs will be exercisable separately or together with Options, and paid in cash or other consideration at such times and in accordance with such rules, as the Committee shall determine
in its discretion. Unless expressly provided hereunder, the Committee, with respect to any Grant, may exercise its discretion hereunder at the time of the award or thereafter. The Committee shall have the right and responsibility to interpret the
Plan, and make all decisions necessary under the Plan, and the interpretation and construction by the Committee of any provision of the Plan or of any Grant thereunder, or any decision made by the Committee with respect to the Plan or Grants,
including, without limitation, in the event of a dispute, shall be final and binding on all Grantees and other persons to the maximum extent permitted by law. Without limiting the generality of Section 24, no member of the Committee shall be
liable for any action or determination made in good faith with respect to the Plan or any Grant hereunder. 
 (ii) Notwithstanding clause
(i) of this Section 4(c), any award under the Plan to an Eligible Person who is a member of the Committee shall be made by the full Board, but for these purposes the directors of the Corporation who are on the Committee shall be required
to be recused in respect of such awards and shall not be permitted to vote. 
 (c) Awards. 

(i) Agreements. Grants to Eligible Persons shall be evidenced by written Agreements in such form as the Committee shall from time to
time determine. Such Agreements shall comply with and be subject to the terms and conditions set forth below. 
 (ii) Number of
Shares. Each Grant issued to an Eligible Person shall state the number of Shares to which it pertains or which otherwise underlie the Grant and shall provide for the adjustment thereof in accordance with the provisions of Section 16 hereof.

  
 5 

 5. Participation. 

(a) Eligibility. Only Eligible Persons shall be eligible to receive Grants under the Plan. 

(b) Limitation of Ownership. No Grants shall be issued under the Plan to any person who after such Grant (including settlement or
exercise thereof) would beneficially own more than 9.8% by value or number of shares, whichever is more restrictive, of the outstanding shares of Common Stock of the Company, or 9.8% by value or number of shares, whichever is more restrictive, of
the outstanding capital stock of the Company, unless the foregoing restriction is expressly and specifically waived by action of the independent directors of the Board. 

(c) Stock Ownership. For purposes of Section 5(b) above, in determining stock ownership a Grantee shall be considered as owning
the stock owned, directly or indirectly, by or for his brothers, sisters, spouses, ancestors and lineal descendants. Stock owned, directly or indirectly, by or for a corporation, partnership, estate or trust shall be considered as being owned
proportionately by or for its stockholders, partners or beneficiaries. Stock with respect to which any person holds an Option shall be considered to be owned by such person. Ownership of LTIP Units shall be treated as ownership of shares of Common
Stock on a 1-for-1 basis. 
 6. Stock. Subject to adjustments pursuant to Section 16, Grants with respect to an aggregate of no
more than 1,263,580 Shares may be granted under the Plan (all of which may be issued as Options). Subject to adjustments pursuant to Section 16, in the case of Grants intended to qualify for relief from the limitations of Section 162(m) of
the Code, (i) the maximum number of Shares with respect to which any Options may be granted in any one year to any Grantee shall not exceed 150,000, and (ii) the maximum number of Shares that may underlie Grants, other than Grants of
Options, in any one year to any Grantee shall not exceed 150,000. Notwithstanding the first sentence of this Section 6, (i) Shares that have been granted as Restricted Stock or that have been reserved for distribution in payment for
Options, Restricted Stock Units or Phantom Shares but are later forfeited or for any other reason are not payable under the Plan; and (ii) Shares as to which an Option is granted under the Plan that remains unexercised at the expiration,
forfeiture or other termination of such Option, may be the subject of the issue of further Grants. Shares of Common Stock issued hereunder may consist, in whole or in part, of authorized and unissued shares, or treasury shares. The certificates for
Shares issued hereunder may include any legend which the Committee deems appropriate to reflect any restrictions on transfer hereunder or under the Agreement, or as the Committee may otherwise deem appropriate. For the avoidance of doubt, Shares
subject to DERs shall be subject to the limitation of this Section 6. Notwithstanding the limitations above in this Section 6, except in the case of Grants intended to qualify for relief from the limitations of Section 162(m) of the
Code, there shall be no limit on the number of Phantom Shares or DERs to the extent they are paid out in cash that may be granted under the Plan. If any Phantom Shares or DERs are paid out in cash, the underlying Shares may again be made the subject
of Grants under the Plan, notwithstanding the first sentence of this Section 6. A Grant of LTIP Units under Section 13 hereof shall be treated for purposes of the limits in this Section 6 as a Grant covering Shares on a 1 Share for 1
LTIP Unit basis. 

  
 6 

 7. Terms and Conditions of Options. 

(a) Exercise Price. Each Agreement with an Eligible Person shall state the Exercise Price. The Exercise Price for any Option shall not
be less than the Fair Market Value on the date of Grant. 
 (b) Medium and Time of Payment. Except as may otherwise be provided
below, the Purchase Price for each Option granted to an Eligible Person shall be payable in full in United States dollars upon the exercise of the Option. In the event the Company determines that it is required to withhold taxes as a result of the
exercise of an Option, as a condition to the exercise thereof, an Employee may be required to make arrangements satisfactory to the Company to enable it to satisfy such withholding requirements in accordance with Section 21. If the applicable
Agreement so provides, or the Committee otherwise so permits, the Purchase Price may be paid in one or a combination of the following: 

(i) by a certified or bank cashier’s check; 

(ii) by the surrender of Shares in good form for transfer, owned by the person exercising the Option and having a Fair Market Value on the
date of exercise equal to the Purchase Price, or in any combination of cash and Shares, as long as the sum of the cash so paid and the Fair Market Value of the Shares so surrendered equals the Purchase Price and provided that accepting such Shares
will not result in any adverse accounting consequences to the Company as determined by the Committee in its sole discretion; 
 (iii) by
cancellation of indebtedness owed by the Company to the Grantee; 
 (iv) subject to Section 18(e), by a loan or extension of credit
from the Company evidenced by a full recourse promissory note executed by the Grantee. The interest rate and other terms and conditions of such note shall be determined by the Committee (in which case the Committee may require that the Grantee
pledge his or her Shares to the Company for the purpose of securing the payment of such note, and in no event shall the certificate(s) representing such Shares be released to the Grantee until such note shall have been paid in full); or 

(v) by any combination of such methods of payment or any other method acceptable to the Committee in its discretion. 

Except in the case of Options exercised by certified or bank cashier’s check, the Committee may impose such limitations and prohibitions on the exercise
of Options as it deems appropriate, including, without limitation, any limitation or prohibition designed to avoid accounting consequences which may result from the use of Common Stock as payment upon exercise of an Option. Any fractional shares of
Common Stock resulting from a Grantee’s election that are accepted by the Company shall in the discretion of the Committee be paid in cash. 

  
 7 

 (c) Term and Nontransferability of Grants and Options. 

(i) Each Agreement reflecting the Grant of an Option shall state the time or times which all or part of the Option becomes exercisable,
subject to the restrictions set forth in this subsection (c). 
 (ii) No Option shall be exercisable except by the Grantee or a transferee
permitted hereunder. 
 (iii) No Option shall be assignable or transferable, except by will or the laws of descent and distribution of the
state wherein the Grantee is domiciled at the time of his death; provided, however, that the Committee may (but need not) permit other transfers, where the Committee concludes that such transferability is otherwise appropriate and
desirable. 
 (iv) No Option shall be exercisable until such time as set forth in the applicable Agreement (but in no event after the
expiration of such Grant). 
 (v) No Option may be exercised more than 10 years after the date the Option was granted. 

(vi) No modification of an Option shall, without the consent of the Optionee, alter or impair any rights or obligations under any Option
previously granted. 
 (d) Termination of Service, Other Than by Death or Disability. Unless otherwise provided in the applicable
Agreement, upon any Termination of Service for any reason other than his or her death or Disability, an Optionee shall have the right, subject to the restrictions of Section 4(c) above, to exercise his or her Option at any time within three
months after Termination of Service, but only to the extent that, at the date of Termination of Service, the Optionee’s right to exercise such Option had vested pursuant to the terms of the applicable Agreement and had not previously been
exercised; provided, however, that, unless otherwise provided in the applicable Agreement, if there occurs a Termination of Service by a Participating Company for Cause, any Option not exercised in full prior to such termination shall
be canceled. 
 (e) Death of Optionee. Unless otherwise provided in the applicable Agreement, if an Optionee dies while an Eligible
Person and has not fully exercised the Option, then the Option may be exercised in full, subject to the restrictions of Section 4(c) above, at any time within 12 months after the Optionee’s death, by the Successor of the Optionee, but only
to the extent that, at the date of death, the Optionee’s right to exercise such Option had vested and had not been forfeited pursuant to the terms of the Agreement and had not previously been exercised. 

(f) Disability of Optionee. Unless otherwise provided in the Agreement, upon any Termination of Service for reason of his or her
Disability, an Optionee shall have the right, subject to the restrictions of Section 4(c) above, to exercise the Option at any time within 12 months after Termination of Service, but only to the extent that, at the date of Termination of
Service, the Optionee’s right to exercise such Option had accrued pursuant to the terms of the applicable Agreement and had not previously been exercised. 

  
 8 

 (g) Rights as an Owner. An Optionee, a Successor of the Optionee, or the holder of a DER
shall have no rights as the owner of the Shares covered thereby (including rights as a stockholder, if applicable) until, in the case of an Optionee, the date of the issuance of a certificate for such Shares. No adjustment shall be made for
dividends (ordinary or extraordinary, whether in cash, securities or other property), distributions or other rights for which the record date is prior to the date such certificate is issued, except as provided in Section 16. 

(h) Stock Appreciation Rights. The Committee, in its discretion, may (taking into account, without limitation, the application of
Section 409A of the Code, as the Committee may deem appropriate) also permit the Optionee to elect to exercise an Option by receiving Shares, cash or a combination thereof, in the discretion of the Committee, with an aggregate Fair Market Value
(or, to the extent of payment in cash, in an amount) equal to the excess of the Fair Market Value of the Shares with respect to which the Option is being exercised over the aggregate Purchase Price, as determined as of the day the Option is
exercised. 
 (i) Deferral. The Committee may establish a program (taking into account, without limitation, the application of
Section 409A of the Code, as the Committee may deem appropriate) under which Optionees will have Phantom Shares subject to Section 10 credited upon their exercise of Options, rather than receiving Shares at that time. 

(j) Other Provisions. The Agreement authorized under the Plan may contain such other provisions not inconsistent with the terms of the
Plan (including, without limitation, restrictions upon the exercise of the Option) as the Committee shall deem advisable. Notwithstanding any provision herein to the contrary, in no event may the Company provide any payment, cash or otherwise, to
cancel or replace an Option with an Exercise Price greater than then Fair Market Value without first obtaining stockholder approval. 
 8.
Special Rules for Incentive Stock Options. 
 (a) Each Option will be designated in the Award Agreement as either an Incentive Stock
Option or a Nonqualified Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant
during any calendar year (under all plans of the Company and any parent corporation or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonqualified Stock Options. For purposes of this Section 8(a),
Incentive Stock Options will be taken into account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted. 

(b) In the case of an individual described in Section 422(b)(6) of the Code (relating to certain 10% owners), the Exercise Price with
respect to an Incentive Stock Option shall not be less than 110% of the Fair Market Value of a Share on the day the Option is granted and the term of an Incentive Stock Option shall be no more than five years from the date of grant. 

  
 9 

 (c) If Shares acquired upon exercise of an Incentive Stock Option are disposed of in a
disqualifying disposition within the meaning of Section 422 of the Code, such Optionee shall notify the Company in writing as soon as practicable thereafter of the date and terms of such disposition and, if the Company thereupon has a
tax-withholding obligation, shall pay to the Company an amount equal to any withholding tax the Company is required to pay as a result of the disqualifying disposition. 

9. Provisions applicable to Restricted Stock. 

(a) Vesting Periods. In connection with the grant of Restricted Stock, whether or not Performance Goals apply thereto, the Committee
shall establish one or more vesting periods with respect to the shares of Restricted Stock granted, the length of which shall be determined in the discretion of the Committee. Subject to the provisions of this Section 9, the applicable
Agreement and the other provisions of the Plan, restrictions on Restricted Stock shall lapse if the Grantee satisfies all applicable employment or other service requirements through the end of the applicable vesting period. 

(b) Grant of Restricted Stock. Subject to the other terms of the Plan, the Committee may, in its discretion as reflected by the terms
of the applicable Agreement: (i) authorize the granting of Restricted Stock to Eligible Persons; (ii) provide a specified purchase price for the Restricted Stock (whether or not the payment of a purchase price is required by any state law
applicable to the Company); (iii) determine the restrictions applicable to Restricted Stock and (iv) determine or impose other conditions to the grant of Restricted Stock under the Plan as it may deem appropriate. As a condition to the
Grant of Restricted Stock, the Grantee must agree to not file, with respect to such Grant, an election to recognize income under Section 83(b) of the Code without the permission of the Company. 

(c) Certificates. 
 (i)
Each Grantee of Restricted Stock shall be issued a certificate in respect of Shares of Restricted Stock awarded under the Plan. Such certificate shall be registered in the name of the Grantee. Without limiting the generality of Section 6, in
addition to any legend that might otherwise be required by the Board or the Company’s charter, bylaws or other applicable documents, the certificates for Shares of Restricted Stock issued hereunder may include any legend which the Committee
deems appropriate to reflect any restrictions on transfer hereunder or under the applicable Agreement, or as the Committee may otherwise deem appropriate, and, without limiting the generality of the foregoing, shall bear a legend referring to the
terms, conditions, and restrictions applicable to such Grant, substantially in the following form: 
 THE TRANSFERABILITY OF THIS CERTIFICATE
AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE CITY OFFICE REIT, INC. EQUITY INCENTIVE PLAN, AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND CITY OFFICE REIT, INC. COPIES OF
SUCH PLAN AND AWARD AGREEMENT ARE ON FILE IN THE OFFICES OF CITY OFFICE REIT, INC. AT 1075 WEST GEORGIA STREET, SUITE 2600, VANCOUVER, BRITISH COLUMBIA, V6E 3C9. 

  
 10 

 (ii) The Committee shall require that the certificates evidencing such Shares be held in custody
by the Company until the restrictions hereunder shall have lapsed and that, as a condition of any grant of Restricted Stock, the Grantee shall have delivered a stock power, endorsed in blank, relating to the stock covered by such Grant. If and when
such restrictions so lapse, the certificates shall be delivered by the Company to the Grantee or his or her designee as provided in Section 9(d). 

(d) Restrictions and Conditions. Unless otherwise provided by the Committee in an Agreement, the Shares of Restricted Stock awarded
pursuant to the Plan shall be subject to the following restrictions and conditions: 
 (i) Subject to the provisions of the Plan and the
applicable Agreement, during a period commencing with the date of such Grant and ending on the date the period of forfeiture with respect to such Shares lapses, the Grantee shall not be permitted voluntarily or involuntarily to sell, transfer,
pledge, anticipate, alienate, encumber or assign Shares of Restricted Stock awarded under the Plan (or have such Shares attached or garnished). Subject to the provisions of the applicable Agreement and clauses (iii) and (iv) below, the
period of forfeiture with respect to Shares granted hereunder shall lapse as provided in the applicable Agreement. 
 Notwithstanding the
foregoing, unless otherwise expressly provided by the Committee, the period of forfeiture with respect to such Shares shall only lapse as to whole Shares. 

(ii) Except as provided in the foregoing clause (i) or in Section 16, the Grantee shall have, in respect of the Shares of
Restricted Stock, all of the rights as an owner of such Shares, including the right to vote the Shares if applicable and, as provided in the applicable Agreement, to receive dividends; provided, however, that if the Shares of
Restricted Stock will not vest solely on account of continued employment or service, cash dividends on such Shares shall be held by the Company (unsegregated as a part of its general assets) until the period of forfeiture lapses (and forfeited if
the underlying Shares are forfeited), and paid over to the Grantee as soon as practicable after such period lapses (if not forfeited) to the extent that the underlying Shares vest. Certificates for Shares (not subject to restrictions hereunder)
shall be delivered to the Grantee or his or her designee (or where permitted, transferee) promptly after, and only after, the period of forfeiture shall lapse without forfeiture in respect of such Shares of Restricted Stock. 

(iii) Termination of Service. Unless otherwise provided in the applicable Agreement, and subject to clause (iv) below, if the Grantee
has a Termination of Service, during the applicable period of forfeiture, then (A) all Restricted Stock still subject to restriction shall thereupon, and with no further action, be forfeited by the Grantee, along with any dividends or other
amounts paid with respect to those Shares of Restricted Stock and (B) the Company shall pay to the Grantee as soon as practicable (and in no event more than 30 days) after such termination an amount equal to the lesser of (x) the amount
paid by the Grantee for such forfeited Restricted Stock as contemplated by Section 9(b), and (y) the Fair Market Value on the date of termination of the forfeited Restricted Stock. 

  
 11 

 10. Provisions applicable to Restricted Stock Units. 

(a) Vesting. 
 (i) In
connection with the grant of Restricted Stock Units, whether or not Performance Goals apply thereto, the Committee shall establish one or more vesting periods with respect to the Restricted Stock Units, the length of which shall be determined in the
discretion of the Committee. 
 (ii) Subject to the provisions of this Section 10, the applicable Agreement and the other provisions
of the Plan, Restricted Stock Units shall vest as provided in the applicable Agreement. 
 (b) Termination of Service. Unless
otherwise provided by the Committee in the applicable Agreement, if the Grantee has a Termination of Service, all of the Grantee’s unvested Restricted Stock Units, and any dividends or other amounts paid with respect to those unvested
Restricted Stock Units, shall thereupon, and with no further action, be forfeited by the Grantee and cease to be outstanding, and no payments shall be made with respect to such forfeited Restricted Stock Units. 

(c) Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Grantee will be entitled to receive a payout as
determined by the Committee. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Committee, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout. 

(d) Form and Timing of Payment. Payment of earned Restricted Stock Units will be made upon the date(s) determined by the Committee and
set forth in the applicable Agreement. The Committee, in its sole discretion, may only settled earned Restricted Stock Units in cash, Shares or a combination of both. 

(e) Cancellation. On the date set forth in the applicable Agreement, all unearned Restricted Stock Units will be forfeited to the
Company. 
 (f) Other Restricted Stock Unit Provisions. 

(i) The Committee may establish a program (taking into account, without limitation, the possible application of Section 409A of the
Code, as the Committee may deem appropriate) under which settlement of Restricted Stock Units may be deferred for periods in addition to those otherwise contemplated by the foregoing provisions of this Section 10. 

(ii) Rights to payments with respect to Restricted Stock Units granted under the Plan shall not be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment, levy, execution, or other legal or equitable process, either voluntary or involuntary; and any attempt to anticipate, alienate, sell, transfer, assign, pledge,
encumber, attach or garnish, or levy or execute on any right to payments or other benefits payable hereunder, shall be void. 

  
 12 

 11. Provisions applicable to Phantom Shares. 

(a) Term. The Committee may provide in an Agreement that any particular Phantom Share shall expire at the end of a specified term. 

(b) Vesting. Subject to Section 11(c), Phantom Shares shall vest as provided in the applicable Agreement. 

(c) Termination of Service. Unless otherwise provided in the applicable Agreement, if the Grantee has a Termination of Service, all of
the Grantee’s unvested Phantom Shares, and any dividends, or other amounts paid with respect to more unvested Phantom Shares, shall thereupon, and with no further action, be forfeited by the Grantee and cease to be outstanding, and no payments
shall be made with respect to such forfeited Phantom Shares. 
 (d) Settlement of Phantom Shares. 

(i) Each vested and outstanding Phantom Share shall be settled by the transfer to the Grantee of one Share; provided, however,
that, the Committee at the time of grant (or, in the appropriate case, as determined by the Committee, thereafter) may provide that a Phantom Share may be settled (A) in cash at the applicable Phantom Share Value, (B) in cash or by
transfer of Shares as elected by the Grantee in accordance with procedures established by the Committee or (C) in cash or by transfer of Shares as elected by the Company. 

(ii) Each Phantom Share shall be settled with a single-sum payment by the Company; provided, however, that, with respect to
Phantom Shares of a Grantee which have a common Settlement Date (as defined below), the Committee may permit the Grantee to elect in accordance with procedures established by the Committee (taking into account, without limitation, Section 409A
of the Code, as the Committee may deem appropriate) to receive installment payments over a period not to exceed 10 years. If the Grantee’s Phantom Shares are paid out in installment payments, such installment payments shall be treated as a
series of separate payments for purposes of Section 409A of the Code. 
 (iii) Unless determined otherwise by the Committee in the
applicable Agreement, the settlement date with respect to a Grantee is the first day of the month to follow the Grantee’s Termination of Service (“Settlement Date”); provided, however, that a Grantee may elect, in
accordance with procedures to be adopted by the Committee, that such Settlement Date will be deferred as elected by the Grantee to a time permitted by the Committee under procedures to be established by the Committee. Notwithstanding the prior
sentence, all initial elections to defer the Settlement Date shall be made in accordance with the requirements of `Section 409A of the Code. 

(e) Other Phantom Share Provisions. 

(i) Rights to payments with respect to Phantom Shares granted under the Plan shall not be subject in any manner to anticipation, alienation,
sale, transfer, assignment, 

  
 13 

 
pledge, encumbrance, attachment, garnishment, levy, execution, or other legal or equitable process, either voluntary or involuntary; and any attempt to anticipate, alienate, sell, transfer,
assign, pledge, encumber, attach or garnish, or levy or execute on any right to payments or other benefits payable hereunder, shall be void. 

(ii) A Grantee may designate in writing, on forms to be prescribed by the Committee, a beneficiary or beneficiaries to receive any payments
payable after his or her death and may amend or revoke such designation at any time. If no beneficiary designation is in effect at the time of a Grantee’s death, payments hereunder shall be made to the Grantee’s estate. If a Grantee with a
vested Phantom Share dies, such Phantom Share shall be settled and the Phantom Share Value in respect of such Phantom Shares paid, and any payments deferred with respect thereto shall be accelerated and paid, as soon as practicable (but no later
than 60 days) after the date of death to such Grantee’s beneficiary or estate, as applicable. 
 (iii) Notwithstanding any other
provision of this Section 10, any fractional Phantom Share will be paid out in cash at the Phantom Share Value as of the Settlement Date. 

(iv) No Phantom Share shall give any Grantee any rights with respect to Shares or any ownership interest in the Company. Except as may be
provided in accordance with Section 12, no provision of the Plan shall be interpreted to confer upon any Grantee of a Phantom Share any voting, dividend or derivative or other similar rights with respect to any Phantom Share. 

(v) Notwithstanding any provision herein to the contrary, in no event may the Company provide any payment, cash or otherwise, to cancel or
replace a Grant of Phantom Shares with a base value per Phantom Share greater than then Fair Market Value without first obtaining stockholder approval. 

(f) Claims Procedures. 

(i) The Grantee, or his beneficiary hereunder or authorized representative, may file a claim for payments with respect to Phantom Shares
under the Plan by written communication to the Committee or its designee. A claim is not considered filed until such communication is actually received. Within 90 days (or, if special circumstances require an extension of time for processing, 180
days, in which case notice of such special circumstances should be provided within the initial 90-day period) after the filing of the claim, the Committee will either: 

(1) approve the claim and take appropriate steps for satisfaction of the claim; or 

(2) if the claim is wholly or partially denied, advise the claimant of such denial by furnishing to him or her a written notice of such
denial setting forth (A) the specific reason or reasons for the denial; (B) specific reference to pertinent provisions of the Plan on which the denial is based and, if the denial is based in whole or in part on any rule of construction or
interpretation adopted by the Committee, a reference to such rule, a copy of which shall be provided to the claimant; (C) a description of any additional material or 

  
 14 

 
information necessary for the claimant to perfect the claim and an explanation of the reasons why such material or information is necessary; and (D) a reference to this Section 11(f) as
the provision setting forth the claims procedure under the Plan. 
 (ii) The claimant may request a review of any denial of his or her
claim by written application to the Committee within 60 days after receipt of the notice of denial of such claim. Within 60 days (or, if special circumstances require an extension of time for processing, 120 days, in which case notice of such
special circumstances should be provided within the initial 60-day period) after receipt of written application for review, the Committee will provide the claimant with its decision in writing, including, if the claimant’s claim is not
approved, specific reasons for the decision and specific references to the Plan provisions on which the decision is based. 
 12.
Provisions applicable to Dividend Equivalent Rights. 
 (a) Grant of DERs. Subject to the other terms of the Plan, the
Committee shall, in its discretion as reflected by the terms of the Agreements, authorize the granting of DERs to Eligible Persons based on the dividends declared on Common Stock, to be credited as of the dividend payment dates, during the period
between the date a Grant is issued, and the date such Grant is exercised, vests or expires, as determined by the Committee. Such DERs shall be converted to cash or additional Shares by such formula and at such time and subject to such limitation as
may be determined by the Committee. With respect to DERs granted with respect to Options intended to be qualified performance-based compensation for purposes of Section 162(m) of the Code, such DERs shall be payable regardless of whether such
Option is exercised. If a DER is granted in respect of another Grant hereunder, then, unless otherwise stated in the Agreement, or, in the appropriate case, as determined by the Committee, in no event shall the DER be in effect for a period beyond
the time during which the applicable related portion of the underlying Grant has been exercised or otherwise settled, or has expired, been forfeited or otherwise lapsed, as applicable. With respect to DERs granted with respect to Grants that vest
upon satisfaction of criteria other than solely continued service, payment in settlement of the DERs shall not be made to the Grantee prior to the date on which, and only to the extent that, the related Grant vests and the DERs shall be forfeited in
the event, and to the extent, the related Grant is forfeited. 
 (b) Certain Terms. 

(i) The term of a DER shall be set by the Committee in its discretion. 

(ii) Payment of the amount determined in accordance with Section 12(a) shall be in cash, in Shares or a combination of the both, as
determined by the Committee at the time of grant. 
 (c) Other Types of DERs. The Committee may establish a program under which DERs
of a type whether or not described in the foregoing provisions of this Section 12 may be granted to Eligible Persons. For example, without limitation, the Committee may grant a DER in respect of each Share subject to an Option or with respect
to a Phantom Share, which right would consist of the right (subject to Section 12(d)) to receive a cash payment in an amount equal to the dividend distributions paid on a Share from time to time. 

  
 15 

 (d) Deferral. The Committee may establish a program under which distributions with respect
to DERs may be deferred. Such program may include, without limitation, provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under which Grantees may select from among hypothetical
investment alternatives for such deferred amounts in accordance with procedures established by the Committee. 
 13. Other Equity-Based
Awards. The Board shall have the right to issue other Grants based upon the Shares or upon or covering LTIP Units having such terms and conditions as the Board may determine, including, without limitation, the grant of Shares or LTIP Units based
upon specified conditions and the grant of securities convertible into Common Stock. 
 14. Performance Goals. The Committee, in its
discretion, shall in the case of Grants (including, in particular, Grants other than Options) intended to qualify for an exception from the limitation imposed by Section 162(m) of the Code (“Performance-Based Grants”)
(i) establish one or more performance goals (“Performance Goals”) as a precondition to the issue of Grants, and (ii) provide, in connection with the establishment of the Performance Goals, for predetermined Grants to those
Grantees (who continue to meet all applicable eligibility requirements) with respect to whom the applicable Performance Goals are satisfied. The Performance Goals shall be based upon the criteria set forth in Exhibit A hereto which is hereby
incorporated herein by reference as though set forth in full. The Performance Goals shall be established in a timely fashion such that they are considered preestablished for purposes of the rules governing performance-based compensation under
Section 162(m) of the Code. Performance Goals which do not satisfy the foregoing provisions of this Section 14 may be established by the Committee with respect to Grants not intended to qualify for an exception from the limitations imposed
by Section 162(m) of the Code. 
 15. Term of Plan. Grants may be granted pursuant to the Plan until the expiration of 10 years
from the effective date of the Plan. 
 16. Recapitalization and Changes of Control. 

(a) Subject to any required action by stockholders and to the specific provisions of Section 17, if (i) the Company shall at any
time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets or stock of the Company or a transaction similar thereto, (ii) any stock dividend, stock
split, reverse stock split, stock combination, reclassification, recapitalization or other similar change in the capital structure of the Company, or any distribution to holders of Common Stock other than ordinary cash dividends, shall occur or
(iii) any other event shall occur which in the judgment of the Committee necessitates action by way of adjusting the terms of the outstanding Grants, then: 

(i) the maximum aggregate number of Shares which may be made subject to Options and DERs under the Plan, the maximum aggregate number and
kind of Shares 

  
 16 

 
of Restricted Stock and Restricted Stock Units that may be granted under the Plan, the maximum aggregate number of Phantom Shares and other Grants which may be granted under the Plan may be
appropriately adjusted by the Committee in its discretion; and 
 (ii) the Committee shall take any such action as in its discretion shall
be necessary to maintain each Grantees’ rights hereunder (including under their applicable Agreements) so that they are, in their respective Grants, substantially proportionate to the rights existing in such Grants prior to such event,
including, without limitation, adjustments in (A) the number and kind of shares or other property to be distributed in respect of the Grant, (B) the Exercise Price, Purchase Price and Phantom Share Value, and (C) performance-based
criteria established in connection with Grants (to the extent consistent with Section 162(m) of the Code, as applicable); provided that, in the discretion of the Committee, the foregoing clause (C) may also be applied in the case of
any event relating to a Subsidiary if the event would have been covered under this Section 16(a) had the event related to the Company. In addition, the Committee may provide a cash bonus in lieu of adjustment if it determines such a bonus is
appropriate. 
 To the extent that such action shall include an increase or decrease in the number of Shares (or units of other property then available)
subject to all outstanding Grants, the number of Shares (or units) available under Section 6 above shall be increased or decreased, as the case may be, proportionately. 

(b) Any Shares or other securities distributed to a Grantee with respect to Restricted Stock or otherwise issued in substitution of Restricted
Stock pursuant to this Section 16 shall be subject to the restrictions and requirements imposed by Section 9, including depositing the certificates therefor with the Company together with a stock power and bearing a legend as provided in
Section 9(c)(i). 
 (c) If the Company shall be consolidated or merged with another corporation or other entity, each Grantee who has
received Restricted Stock that is then subject to restrictions imposed by Section 9(d) may be required to deposit with the successor corporation the certificates for the stock or securities or the other property that the Grantee is entitled to
receive by reason of ownership of Restricted Stock in a manner consistent with Section 9(c)(ii), and such stock, securities or other property shall become subject to the restrictions and requirements imposed by Section 9(d), and the
certificates therefor or other evidence thereof shall bear a legend similar in form and substance to the legend set forth in Section 9(c)(i). 

(d) The judgment of the Committee with respect to any matter referred to in this Section 16 shall be conclusive and binding upon each
Grantee without the need for any amendment to the Plan. 
 (e) Subject to any required action by stockholders, if the Company is the
surviving corporation in any merger or consolidation, the rights under any outstanding Grant shall pertain and apply to the securities to which a holder of the number of Shares subject to the Grant would have been entitled. 

  
 17 

 (f) To the extent that the foregoing adjustment related to securities of the Company, such
adjustments shall be made by the Committee, whose determination shall be conclusive and binding on all persons. 
 (g) Except as expressly
provided in this Section 16 , a Grantee shall have no rights by reason of subdivision or consolidation of shares of stock of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any
class or by reason of any dissolution, liquidation, merger or consolidation or spin-off of assets or stock of another corporation, and any issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any
class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to a Grant or the Exercise Price of Shares subject to an Option. 

(h) Grants made pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business assets. 

(i) Unless otherwise provided in the Agreement, upon the occurrence of a Change of Control: 

(i) The Committee as constituted immediately before the Change of Control may make such adjustments to Grants as it, in its discretion,
determines are necessary or appropriate in light of the Change of Control (including, without limitation, the substitution of stock other than stock of the Company as the Shares optioned hereunder), provided that the Committee determines that
such adjustments do not have a substantial adverse economic impact on the Grantee as determined at the time of the adjustments. 
 (ii)
Notwithstanding the provisions of Section 10 (taking into account, without limitation, the application of Section 409A of the Code, as the Committee may deem appropriate), the Settlement Date for Phantom Shares shall be the date of such
Change of Control and all amounts due with respect to Phantom Shares to a Grantee hereunder shall be paid as soon as practicable (but in no event more than 30 days) after such Change of Control, unless such Grantee elects otherwise in accordance
with procedures established by the Committee. 
 (iii) Vesting of all Grants shall accelerate in full, with Options being exercisable as to
all of the covered Shares and all vesting criteria applicable to other Grants treated as having been fully satisfied, immediately prior to, put contingent on, the Change of Control. 

(j) “Change of Control” shall mean the occurrence of any one of the following events: 

(i) any “person,” including a “group,” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but
excluding the Company or the Advisor, any entity controlling, controlled by or under common control with the Company or the Advisor, any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the
Company or the Advisor or any such entity, and, with respect to any particular 

  
 18 

 
Eligible Employee, the Eligible Employee and any “group,” (as such term is used in Section 13(d)(3) of the Exchange Act) of which the Eligible Employee is a member), is or becomes
the “beneficial owner,” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of either (A) the combined voting power of the Company’s then
outstanding securities or (B) the then outstanding Shares; or 
 (ii) members of the Board at the beginning of any consecutive
12-calendar-month period (the “Incumbent Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board; provided that any Director whose election, or nomination for election by the
Company’s stockholders, was approved or ratified by a vote of at least a majority of the members of the Board then still in office who were members of the Board at the beginning of such 12-calendar-month period, shall be deemed to be an
Incumbent Director; or 
 (iii) there shall occur (A) any consolidation or merger of the Company or any Subsidiary where the
stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares
representing in the aggregate 50% or more of the voting securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), (B) any sale, lease, exchange or other transfer (in
one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company or (C) the liquidation or dissolution of the Company. 

Notwithstanding the foregoing, no event or condition described in clauses (i) through (iii) above shall constitute a Change of
Control if it results from a transaction between the Company and the Advisor, or an affiliate of the Advisor. 
 Notwithstanding the
foregoing, a “Change of Control” shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the Company which, by reducing the number of Shares or other voting
securities outstanding, increases (x) the proportionate number of Shares beneficially owned by any person to 50% or more of the Shares then outstanding or (y) the proportionate voting power represented by the voting securities beneficially
owned by any person to 50% or more of the combined voting power of all then outstanding voting securities; provided, however, that, if any person referred to in clause (x) or (y) of this sentence shall thereafter become the
beneficial owner of any additional Shares or other voting securities (other than pursuant to a stock split, stock dividend, or similar transaction), then a “Change of Control” shall be deemed to have occurred for purposes of this
subsection (j). 
 Notwithstanding the foregoing, no event or condition shall constitute a Change of Control to the extent that, if it were,
an excise tax would be imposed upon or with respect to any Grant under Section 409A of the Code; provided that, in such a case, the event or condition shall continue to constitute a Change of Control to the maximum extent possible (e.g., if
applicable, in respect of vesting without an acceleration of distribution) without causing the imposition of such excise tax. 

  
 19 

 17. Effect of Certain Transactions. In the case of (i) the dissolution or liquidation
of the Company, (ii) a merger, consolidation, reorganization or other business combination in which the Company is acquired by another entity or in which the Company is not the surviving entity, or (iii) any sale, lease, exchange or other
transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company, the Plan and the Grants issued hereunder shall terminate upon the
effectiveness of any such transaction or event, unless provision is made in connection with such transaction for the assumption of Grants theretofore granted, or the substitution for such Grants of new Grants, by the successor entity or parent
thereof, with appropriate adjustment as to the number and kind of shares and the per share exercise prices, as provided in Section 16. 

18. Securities Law Requirements. 

(a) Legality of Issuance. The issuance of any Shares pursuant to Grants under the Plan and the issuance of any Grant shall be
contingent upon the following: 
 (i) the obligation of the Company to sell Shares with respect to Grants issued under the Plan shall be
subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee; 

(ii) the Committee may make such changes to the Plan as may be necessary or appropriate to comply with the rules and regulations of any
government authority or to obtain tax benefits applicable to stock options; and 
 (iii) each grant of Options, Restricted Stock,
Restricted Stock Units, Phantom Shares (or issuance of Shares in respect thereof) or DERs (or issuance of Shares in respect thereof), or other Grant under Section 13 (or issuance of Shares in respect thereof), is subject to the requirement
that, if at any time the Committee determines, in its discretion, that the listing, registration or qualification of Shares issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or
approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of Options, Shares of Restricted Stock, Restricted Stock Units, Phantom Shares, DERs, other Grants or other Shares, no
payment shall be made, or Phantom Shares or Shares issued or grant of Restricted Stock or other Grant made, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions in
a manner acceptable to the Committee. 
 (b) Restrictions on Transfer. Regardless of whether the offering and sale of Shares under
the Plan has been registered under the Act or has been registered or qualified under the securities laws of any state, the Company may impose restrictions on the sale, pledge or other transfer of such Shares (including the placement of appropriate
legends on stock certificates) if, in the judgment of the Company and its counsel, such restrictions are necessary or desirable in order to achieve compliance with the provisions of the Act, the securities laws of any state or any other law. In the
event that the sale of Shares under the Plan is not registered under the Act but an exemption is available which requires an investment representation or other representation, each Grantee shall be required to represent that such Shares are being
acquired for investment, 

  
 20 

 
and not with a view to the sale or distribution thereof, and to make such other representations as are deemed necessary or appropriate by the Company and its counsel. Any determination by the
Company and its counsel in connection with any of the matters set forth in this Section 18 shall be conclusive and binding on all persons. Without limiting the generality of Section 6, certificates evidencing Shares acquired under the Plan
pursuant to an unregistered transaction shall bear a restrictive legend, substantially in the following form, and such other restrictive legends as are required or deemed advisable under the provisions of any applicable law: 

“THE SALE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”). ANY
TRANSFER OF SUCH SECURITIES WILL BE INVALID UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR IN THE OPINION OF COUNSEL FOR THE ISSUER SUCH REGISTRATION IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE
ACT.” 
 (c) Registration or Qualification of Securities. The Company may, but shall not be obligated to, register or qualify
the issuance of Grants and/or the sale of Shares under the Act or any other applicable law. The Company shall not be obligated to take any affirmative action in order to cause the issuance of Grants or the sale of Shares under the Plan to comply
with any law. 
 (d) Exchange of Certificates. If, in the opinion of the Company and its counsel, any legend placed on a certificate
representing Shares sold under the Plan is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of Shares but lacking such legend. 

(e) Certain Loans. Notwithstanding any other provision of the Plan, the Company shall not be required to take or permit any action
under the Plan or any Agreement which, in the good-faith determination of the Company, would result in a risk of a violation by the Company of Section 13(k) of the Exchange Act. 

19. Amendment of the Plan/Awards. The Board may from time to time, with respect to any Shares at the time not subject to Grants,
suspend or discontinue the Plan or revise or amend it, or any outstanding Grants, in any respect, subject to the limitations of the Plan. The Board may amend the Plan as it shall deem advisable, except that no amendment may adversely affect a
Grantee with respect to Grants previously granted; provided, however, that the Plan may not be amended without stockholder approval (a) to increase the total number of Shares that may be subject to Awards set forth in
Section 6 (other than through an adjustment as provided otherwise in the Plan), (b) to change the class of Eligible Persons, (c) to reprice any awards under the Plan, or (d) in any other manner that in the absence of stockholder
approval would cause the Plan to fail to comply with any applicable legal requirement or applicable exchange or similar state law requirements. 

20. Application of Funds. The proceeds received by the Company from the sale of Shares pursuant to the exercise of an Option, the sale
of Restricted Stock or in connection with other Grants under the Plan will be used for general corporate purposes. 

  
 21 

 21. Tax Withholding. Each Grantee shall, no later than the date as of which the value of
any Grant first becomes includable in the gross income of the Grantee for federal income tax purposes, pay to the Company, or make arrangements satisfactory to the Company regarding payment of any federal, state or local taxes of any kind that are
required by law to be withheld with respect to such income. A Grantee may elect to have such tax withholding satisfied, in whole or in part, by (i) authorizing the Company to withhold a number of Shares to be issued pursuant to a Grant equal to
the Fair Market Value as of the date withholding is effected that would satisfy the withholding amount due, (ii) transferring to the Company Shares owned by the Grantee with a Fair Market Value equal to the amount of the required withholding
tax, or (iii) in the case of a Grantee who is an Employee of the Company at the time such withholding is effected, by withholding from the Grantee’s cash compensation. Notwithstanding anything contained in the Plan to the contrary, the
Grantee’s satisfaction of any tax-withholding requirements imposed by the Committee shall be a condition precedent to the Company’s obligation as may otherwise by provided hereunder to provide Shares to the Grantee, and the failure of the
Grantee to satisfy such requirements with respect to a Grant shall cause such Grant to be forfeited. 
 22. Notices. All notices
under the Plan shall be in writing, and if to the Company, shall be delivered to the Board or mailed to its principal office, addressed to the attention of the Board; and if to the Grantee, shall be delivered personally or mailed to the Grantee at
the address appearing in the records of the Participating Company. Such addresses may be changed at any time by written notice to the other party given in accordance with this Section 22. 

23. Rights to Employment or Other Service. Nothing in the Plan or in any Grant issued pursuant to the Plan shall confer on any
individual any right to continue in the employ or other service of the Participating Company (if applicable) or interfere in any way with the right of the Participating Company and its stockholders to terminate the individual’s employment or
other service at any time. 
 24. Exculpation and Indemnification. To the maximum extent permitted by law, the Company shall
indemnify and hold harmless the members of the Board and the members of the Committee from and against any and all liabilities, costs and expenses incurred by such persons as a result of any act or omission to act in connection with the performance
of such person’s duties, responsibilities and obligations under the Plan, other than such liabilities, costs and expenses as may result from the gross negligence, bad faith, willful misconduct or criminal acts of such persons. 

25. Compliance with Section 409A of the Code. 

(a) Any Agreement issued under the Plan that is subject to Section 409A of the Code shall include such additional terms and conditions as
may be required to satisfy the requirements of Section 409A of the Code. 
 (b) With respect to any Grant issued under the Plan that is
subject to Section 409A of the Code, and with respect to which a payment or distribution is to be made upon a Termination of Service, if the Grantee is determined by the Company to be a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) of the Code and any of the 

  
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Company’s stock is publicly traded on an established securities market or otherwise, such payment or distribution may not be made before the date which is six months after the date of
Termination of Service (to the extent required under Section 409A of the Code). Any payments or distributions delayed in accordance with the prior sentence shall be paid to the Grantee on the first day of the seventh month following the
Grantee’s Termination of Service. 
 (c) Notwithstanding any other provision of the Plan, the Board and the Committee shall administer
the Plan, and exercise authority and discretion under the Plan, to satisfy the requirements of Section 409A of the Code or any exemption thereto. 

26. No Fund Created. Any and all payments hereunder to any Grantee under the Plan shall be made from the general funds of the Company
(or, if applicable, a Participating Company). The obligations of the Company (or, if applicable, a Participating Company) under the Plan are unsecured and constitute a mere promise by the Company (or, if applicable, a Participating Company) to make
benefit payments in the future and, to the extent that any person acquires a right to receive payments under the Plan from the Company (or, if applicable, a Participating Company), such right shall be no greater than the right of a general unsecured
creditor of the Company (or, if applicable, a Participating Company). Without limiting the foregoing, Phantom Shares and any other similar devices issued hereunder to account for Plan obligations are solely a device for the measurement and
determination of the amounts to be paid to a Grantee under the Plan, and each Grantee’s right in the Phantom Shares and any such other devices is limited to the right to receive payment, if any, as may herein be provided. 

27. No Fiduciary Relationship. Nothing contained in the Plan, and no action taken pursuant to the provisions of the Plan, shall create
or shall be construed to create a trust of any kind, or a fiduciary relationship between the Company, the Participating Companies, or their officers or the Committee, on the one hand, and the Grantee, the Company, the Participating Companies or any
other person or entity, on the other. 
 28. Captions. The use of captions in the Plan is for convenience. The captions are not
intended to provide substantive rights. 
 29. Governing Law. THE PLAN SHALL BE GOVERNED BY THE LAWS OF MARYLAND, WITHOUT REFERENCE
TO PRINCIPLES OF CONFLICT OF LAWS. 
 [SIGNATURE PAGE FOLLOWS] 
  

  
 23 

 
			
	CITY OFFICE REIT, INC.
	
		
	By:	 	/s/ Anthony Maretic
		 	Anthony Maretic
		 	
	Consented and Agreed to:
	
	 /s/ James Farrar

	James Farrar

  

  
 24 

 EXHIBIT A 

PERFORMANCE CRITERIA 

Performance-Based Grants intended to qualify as “performance based” compensation under Section 162(m) of the Code, may be
payable upon the attainment of objective performance goals that are established by the Committee and relate to one or more Performance Criteria, in each case on specified date or over any period, up to 10 years, as determined by the Committee.
Performance Criteria may be based on the achievement of the specified levels of performance under one or more of the measures set out below relative to the performance of one or more other corporations or indices. 

“Performance Criteria” means the following business criteria (or any combination thereof) with respect to one or more of the
Company, any Participating Company or any division or operating unit thereof: 
  

	 	i)	pre-tax income, 

  

	 	ii)	after-tax income, 

  

	 	iii)	net income (meaning net income as reflected in the Company’s financial reports for the applicable period, on an aggregate, diluted and/or per share basis), 

 

	 	iv)	operating income, 

  

	 	v)	cash flow, 

  

	 	vi)	earnings per share, 

  

	 	vii)	return on equity, 

  

	 	viii)	return on invested capital or assets, 

  

	 	ix)	cash and/or funds available for distribution, 

  

	 	x)	appreciation in the fair market value of the Common Stock, 

  

	 	xi)	return on investment, 

  

	 	xii)	total return to stockholders (meaning the aggregate Common Stock price appreciation and dividends paid (assuming full reinvestment of dividends) during the applicable period), 

 

	 	xiii)	net earnings growth, 

  

	 	xiv)	stock appreciation (meaning an increase in the price or value of the Common Stock after the date of grant of an award and during the applicable period), 

 

	 	xv)	related return ratios, 

  

	 	xvi)	increase in revenues, 

  

	 	xvii)	the Company’s published ranking against its peer group of real estate investment trusts based on total stockholder return, 

  

	 	xviii)	net earnings, 

  

	 	xix)	changes (or the absence of changes) in the per share or aggregate market price of the Company’s Common Stock, 

  

	 	xx)	number of securities sold, 

  

	 	xxi)	earnings before any one or more of the following items: interest, taxes, depreciation or amortization for the applicable period, as reflected in the Company’s financial reports for the applicable period, and

  

	 	xxii)	total revenue growth (meaning the increase in total revenues after the date of grant of an award and during the applicable period, as reflected in the Company’s financial reports for the applicable period).

  
 1 

 Except as otherwise expressly provided, all financial terms are used as defined under Generally
Accepted Accounting Principles (“GAAP”) and all determinations shall be made in accordance with GAAP, as applied by the Company in the preparation of its periodic reports to stockholders. 

To the extent permitted by Section 162(m) of the Code, unless the Committee provides otherwise at the time of establishing the
performance goals, for each fiscal year of the Company, the Committee may provide for objectively determinable adjustments, as determined in accordance with GAAP, to any of the Performance Criteria described above for one or more of the items of
gain, loss, profit or expense: (A) determined to be extraordinary or unusual in nature or infrequent in occurrence, (B) related to the disposal of a segment of a business, (C) related to a change in accounting principle under GAAP,
(D) related to discontinued operations that do not qualify as a segment of a business under GAAP, and (E) attributable to the business operations of any entity acquired by the Company during the fiscal year. 

  
 2

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