Document:

exhibit10_1.htm

Exhibit 10.1

 

EXCHANGE AGREEMENT

THIS EXCHANGE AGREEMENT (this “Agreement”) dated as of September 23, 2009, is made by and among the undersigned holders of promissory notes issued by Pacific Office
Properties, L.P., a Delaware limited partnership (the “Partnership”), and the Partnership.

RECITALS

A.           Each of the undersigned (collectively, the “Transferors”) is or will be, as of the Closing (as defined
below), the holder of the promissory notes, issued by the Partnership, described opposite their respective names on Exhibit A hereto (the “Notes”).

B.           Subject to fulfillment of the terms and conditions set forth below, each of the Transferors desires to transfer to the Partnership the Notes held by such Transferor
in exchange for the number of shares of common stock, par value $0.0001 per share (“Company Common Stock”), of Pacific Office Properties Trust, Inc., a Maryland corporation (the “Company”), that is the sole general partner of the Partnership, set forth opposite their respective names on Exhibit A hereto (the
“Shares”), which Shares have been contributed by the Company to the Partnership in connection with the transactions contemplated by this Agreement.

AGREEMENTS

 

In consideration of the mutual covenants contained herein, the parties hereto agree as follows:

 

Section 1.                      Exchange.  Subject
to and upon the terms and conditions of this Agreement, each of the Transferors agrees to sell, transfer and exchange at the Closing (as defined below) the Notes held by such Transferor and set forth opposite such Transferor’s name on Exhibit A hereto for the number of Shares set forth opposite such Transferor’s
name on Exhibit A hereto, without any further consideration to be exchanged by the parties (the “Exchange”).  Such number of Shares has been calculated by dividing the indebtedness represented by each Note (including principal and accrued interest through the Closing Date) by $3.82, which represents the volume-weighted
average closing market price per share of the Company Common Stock on the NYSE Amex Equities exchange (the “NYSE Amex”) for the thirty trading days preceding the date of this Agreement.  Each of the Transferors agrees to deliver to the Partnership all of such Transferor’s right, title and interest in and to the Notes held by such Transferor and all documentation related thereto, and whatever documents of assignment, conveyance
and transfer may be necessary or desirable with respect thereto.  Such Notes shall be cancelled, and the indebtedness represented thereby discharged, upon consummation of the Exchange.  In return, the Partnership agrees to deliver to each of the Transferors the number of Shares set forth opposite his name on Exhibit A hereto.

 

 

 

 

Section 2.                      Closing.  The
closing of the Exchange (the “Closing”) shall be effective as of the close of business on September 25, 2009, or such other date as may be agreed between the Partnership and the Transferors (the “Closing Date”).

Section 3.                      Conditions to Closing.

(a)           Conditions
to Closing of the Partnership.  The Partnership’s obligations at the Closing are subject to the fulfillment, on or prior to the Closing Date, of all of the following conditions, any of which may be waived in whole or part by all of the Transferors:

(i)           The representations and warranties made by each of the Transferors in Section 4 of this Agreement shall be true and correct on the Closing Date;

(ii)           All required approvals of the Exchange by the NYSE Amex shall have been received;

(iii)           The Company shall have received an opinion from Duff & Phelps as to the valuation of its outstanding share of proportionate voting preferred stock; and

(iv)           The Mutual Release and Cancellation of Note, to be entered into as of the Closing Date between the Partnership and the Holder (as defined therein), shall have been executed and delivered by each of the parties thereto.

(b)           Conditions to Closing of the Transferors.  Each
Transferor’s obligations at the Closing are subject to the fulfillment, on or prior to the Closing Date, of all of the following conditions, any of which may be waived in whole or part by the Partnership:

(i)            All required approvals of the Exchange by the NYSE Amex shall have been received; and

(ii)           The Mutual Release and Cancellation of Note, to be entered into as of the Closing Date between the Partnership and the Holder, shall have been fully executed and delivered by each of the parties thereto.

Section 4.                      Representations
of Transferors.  Each of the Transferors hereby individually represents and warrants that:

(a)            Authority;
Enforceability.  The Transferor has full power and authority to enter into, execute, deliver and perform this Agreement and all other agreements and instruments to be executed by the Transferor in connection herewith.  All of such actions have been duly authorized and approved by all persons or entities authorized to take such required action.  This Agreement constitutes the legal, valid and binding obligation of the
Transferor enforceable against the Transferor in accordance with its terms except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other laws and subject to general principles of equity.

 

 

 

 

(b)            Ownership
of Notes.  As of the Closing, the Transferor is or will be the sole legal owner of the Notes set forth opposite his name on Exhibit A hereto.  Such Notes are free and clear of any mortgage, lien, pledge, charge, security interest, encumbrance, title retention agreement, option, equity or similar adverse claim thereto.  The Transferor has not, in whole or
in part, given any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to such Notes which has not been revoked or which is otherwise outstanding and effective as of the Closing.  No action is pending or, to the Transferor’s knowledge, threatened, which would contest the Transferor’s ownership of, or right to transfer, such Notes.

 

(c)            No
Conflicts.  The execution and delivery of this Agreement, the consummation of the Exchange and all of the other transactions contemplated hereby will not result:

(i)            in a breach of any of the terms and provisions of or constitute a default under any indenture, mortgage, deed or trust, or other agreement or instrument to which the Transferor is a party; or

(ii)            in a violation of or default under any state or federal statute or any of the rules or regulations applicable to the Transferor of any court or of any federal and state regulatory body or administrative agency.

(d)            Sophistication and Affluence of Transferors.  Each
Transferor is either (i) an accredited investor as defined in the Securities Act of 1933, as amended; (ii) a knowledgeable and experienced investor capable of evaluating the merits and risks of the Exchange; or (iii) has retained a person who is knowledgeable and experienced to represent him in this Exchange.  In any case, the Transferor can afford the financial risk of an investment in shares of Company Common Stock.

Section 5.                      Transferability of Shares.

(a)           No Registration.  The
Shares to be issued to the Transferors as a result of the Exchange will not be registered under the Securities Act of 1933, as amended, nor is it currently contemplated that the Shares will be registered at any time in the future.  By the execution of this Agreement and by acceptance of certificates for the Shares pursuant to the terms of this Agreement, the Transferors represent and warrant that each of them is acquiring the Shares for investment only and not with a view to the further distribution
or resale of such Shares.

(b)           Legend.  Each
certificate, if any, representing the Shares will bear the following legend, which legend will further restrict the sale or transfer of such Shares:

“The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended, or any applicable state law, and such shares may not be sold or offered for sale in the absence of an effective registration statement as to securities under the Securities Act of 1933, as amended, or an opinion from
counsel satisfactory to the company that such registration is not required.”

 

 

 

 

Section 6.                      Termination.  This
Agreement may be terminated at any time before the Closing at the election of the Partnership by giving written notice to the Transferors.  Upon termination by written notice as provided in this Section, this Agreement shall be void and of no further effect, and there shall be no liability by reason of this Agreement or the termination thereof on the part of either the Partnership, the Company or the directors, officers, employees, agents, partners or stockholders of any of them.

Section 7.                      Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.

Section 8.                      Notices.  All
notices, requests, demands and other communications which are required or permitted hereunder shall be in writing and shall be deemed to have been duly given:  (a) when delivered personally; (b) on the following business day when sent by overnight courier; (c) on dispatch when sent by telecopy, so long as a copy of such communication is immediately thereafter mailed as provided in this Section; and (d) when mailed by first class mail, postage prepaid, to the main office of the Partnership and to each
Transferor at his respective address set forth on Exhibit A hereto.

 

Section 9.                      Applicable Law.  This
Agreement shall be governed by the laws of the State of Delaware.

Section 10.                      No Implied Rights
or Remedies.  Except as otherwise expressly provided herein, nothing herein expressed or implied is intended or shall be construed to confer upon or to give any person, other than the Partnership and the Transferors, any rights or remedies under or by reason of this Agreement.

Section 11.                      No Waiver.  No
failure on the part of any of the parties to this Agreement to exercise, no delay in exercising and no course of dealing with respect to, any right or remedy under this Agreement will operate as a waiver thereof.  No single or partial exercise of any right or remedy under this Agreement will preclude any other further exercise thereof or the exercise of any other right or remedy.

Section 12.                      Headings.  The
headings in this Agreement are inserted for convenience of reference only and shall not be a part of or control or affect the meaning of this Agreement.

Section 13.                      Successors and
Assigns.  This Agreement may not be assigned without the written consent of all of its parties.  This Agreement and all of its provisions shall be binding upon and inure to the benefit of the parties and their respective successors, permitted assigns, heirs and legal representatives.

 

 

 

Section 14.                      Severability.  If
any provision of this Agreement shall be invalid or unenforceable, the other provisions of this Agreement shall continue in full force, and the validity and enforceability of such other provisions shall not be adversely affected.

[Remainder of page intentionally blank]

 

  

  

  

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

	 	PACIFIC OFFICE PROPERTIES, L.P.	 
	 	 	 	 
	 By:	 PACIFIC OFFICE PROPERTIES TRUST, INC., its sole general partner	 
	 	 	 	 
	
 
	
By: 
	/s/ Lawrence J. Taff	 
	 	 	Lawrence J. Taff	 
	 	 	Chief Financial Officer	 
	 	 	 	 

 

TRANSFERORS:

	 	SHIDLER EQUITIES, L.P., a Hawaii limited partnership	 
	 	 	 	 
	 By:	 Shidler Equities Corp., a Hawaii corporation	 
	 	 	 	 
	
 
	
By: 
	/s/ Jay H. Shidler	 
	 	 	Name: Jay H. Shidler	 
	 	 	Title: Its President	 
	 

  

	 	REYNOLDS PARTNERS, L.P., a Hawaii limited partnership	 
	 	 	 	 
	 By:	 JC Reynolds, LLC, a Hawaii limited liability company, its general partner	 
	 	 	 	 
	
 
	
By: 
	/s/ James C. Reynolds	 
	 	 	Name: James C. Reynolds	 
	 	 	 	 
	 

	 	JRI EQUITIES, LLC, a California limited liability company	 
	 	 	 	 
	
 
	
By: 
	/s/ James R. Ingebritsen	 
	 	 	Name:  James R. Ingebritsen	 
	 	 	Title:  Its Managing Member	 
	 

 

 

 

 

 

 

	 	MJR EQUITIES, LLC, a California limited liability company	 
	 	 	 	 
	
 
	
By: 
	/s/ Matthew J. Root	 
	 	 	Name:  Matthew J. Root	 
	 	 	Title:  Its Managing Member	 
	 

	 	 	 
	
 
	/s/ Lawrence J. Taff	 
	 	Lawrence J. Taff	 
	 	 	 

  

  

  

Exhibit A

	
 

 

Name & Address
	 	
 

Principal Amount of Notes to be Exchanged(1)
	 	 	
Number of Shares

of Company Common

Stock to be Received
	 
	  	 	 	 	 	 	 
	  	 	 	 	 	 	 
	
Shidler Equities, L.P.
	 	$	1,237,107.00	 	 	 	323,850	 
	
841 Bishop Street, Suite 1700

Honolulu, HI  96813
	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 
	
Reynolds Partners, L.P.
	 	$	765,925.28	 	 	 	200,504	 
	
10188 Telesis Court, Suite 222

San Diego, CA  92121
	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 
	
JRI Equities, LLC
	 	$	337,103.54	 	 	 	88,247	 
	
10188 Telesis Court, Suite 222

San Diego, CA  92121
	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 
	
MJR Equities, LLC
	 	$	337,103.54	 	 	 	88,247	 
	
10188 Telesis Court, Suite 222

San Diego, CA  92121
	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 
	
Lawrence J. Taff
	 	$	337,103.54	 	 	 	88,247	 
	
841 Bishop Street, Suite 1700

Honolulu, HI  96813
	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 
	
TOTAL
	 	$	3,014,342.90	 	 	 	789,095	 

___________

(1)  Notes issued by the Partnership representing such Transferor’s interest in the subordinated promissory note of the Partnership, dated as of August 14, 2008, held by STIRR SoCal Portfolio II, LLC, a Delaware limited liability company, to be distributed to the Transferors pursuant to the Mutual Release and Cancellation of
Notes to be entered into as of the Closing Date.exhibit10_2.htm

Exhibit 10.2

 

THIRD AMENDMENT TO

AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP OF

PACIFIC OFFICE PROPERTIES, L.P.

As of September 25, 2009, the undersigned, being the sole general partner of Pacific Office Properties, L.P. (the “Partnership”), a limited partnership
formed under the Delaware Revised Uniform Limited Partnership Act, and pursuant to the terms of that certain Amended and Restated Agreement of Limited Partnership, dated March 19, 2008, as amended (the “Partnership Agreement”), does hereby amend the Partnership Agreement as follows:

 

Capitalized terms used but not defined in this Third Amendment shall have the same meanings that are ascribed to them in the Partnership Agreement.

 

1. Amendment to Section 1 of the Partnership Agreement.  The definitions of “LP Direction Votes”, “Proportionate
Voting Preferred Stock” and “Voting Direction Provision” included in Section 1 of the Partnership Agreement are hereby deleted.

 

2. Amendment to Section 7.1.1(f) of the Partnership Agreement.  Section 7.1.1(f) of the Partnership Agreement is hereby deleted
and replaced in its entirety with the following:

 

	
  
	
“(f)
	
the negotiation, execution and performance of any contracts, leases, conveyances or other instruments that the General Partner considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this Agreement, including contracting with contractors, developers, consultants, accountants, legal counsel, the Advisor’s other professional
advisors and other agents and the payment of their expenses and compensation out of the Partnership’s assets;”

 

3. Amendment to Section 8.5.1 of the Partnership Agreement.  Section 8.5.1 of the Partnership Agreement is hereby deleted
and replaced in its entirety with the following:

 

“8.5.1 On the fifth anniversary of the issuance of the Class A Convertible Preferred Units (but not prior to nor following such date (provided that a Notice of Redemption may be delivered prior to such fifth anniversary)), if a Qualified Public Offering has been consummated
on or at any time prior to such fifth anniversary, subject to Section 11.6.3, a Qualifying Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to redeem (a “Redemption”) all or a portion of the Class A Convertible Preferred Units held by such Qualifying Party (such Class A Convertible
Preferred Units being hereafter referred to as “Tendered Units”) in exchange for any of the following, selected by the Independent Directors in their sole discretion, payable on the Specified Redemption Date: (A) the Redemption Cash Amount; (B) the Redemption Common Unit Amount; or (C) the Redemption Preferred Unit Amount. For purposes of this Section 8.5.1, “Redemption
Cash Amount” means an amount equal to the product of (x) the sum of (i) the Class A Convertible Preferred Unit Liquidation Preference Amount, plus (ii) all accumulated and all declared but unpaid distributions relating to a Class A Convertible Preferred Unit, multiplied by (y) the number of Tendered Units, payable in cash or pursuant to a promissory note maturing five (5) years from the date of issuance, at the sole and exclusive option of the Independent Directors,
and having an interest rate at prevailing market terms (as determined in the sole discretion of the Independent Directors) and otherwise in a form acceptable to the Independent Directors. “Redemption Common Unit Amount” means the number of Common Units equal to the quotient of the Redemption Cash Amount divided by the Value of a Common Unit on the Specified Redemption Date. “Redemption Preferred
Unit Amount” means the number of perpetual preferred units, each with a market distribution rate and with a liquidation preference equal to the Class A Convertible Preferred Unit Liquidation Preference Amount, equal to the sum of (A) the number of Tendered Units plus (B) a number equal to the quotient, rounded to the nearest whole number, of the aggregate amount of accrued and unpaid distributions on the Tendered Units, divided by the Class A Convertible Preferred Unit Liquidation
Preference Amount.  All determinations of the Independent Directors pursuant to this Section 8.5.1 shall be made by a majority vote of such Independent Directors.”

 

 

 

 

4. Amendment to Section 8.5.5 of the Partnership Agreement.  Section 8.5.5 of the Partnership Agreement is hereby deleted
and replaced in its entirety with the following:

 

“8.5.5 Notwithstanding anything to the contrary contained herein, with respect to any proposed Redemption under Section 8.5.2 above (but, for the avoidance of doubt, not with respect to any proposed Redemption under Section 8.5.1 above),
on or before the close of business on the Cut-Off Date, the General Partner may, by majority vote of the Independent Directors in their sole and absolute discretion but subject to the Ownership Limit and the transfer restrictions and other limitations of the Articles of Incorporation, elect to acquire, up to 100% of the Tendered Units from the Tendering Party (the percentage elected to be acquired by the General Partner being referred to as the “Applicable Percentage”) in exchange for the REIT Consideration.
It shall be a condition to the General Partner’s ability to deliver the REIT Consideration that any such consideration shall consist of Common Shares which shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable. In making such election, the General Partner shall act in a fair, equitable and reasonable manner that neither prefers one group or class of Qualifying Parties over another nor discriminates against a group or class of Qualifying Parties. If the General Partner, by
majority vote of the Independent Directors, so elects, on the Specified Redemption Date the Tendering Party shall sell the Applicable Percentage of the Tendered Units to the General Partner in exchange for the REIT Consideration. The Tendering Party shall submit (i) such information, certification or affidavit as the General Partner may reasonably require in connection with the application of the Ownership Limit and any other restrictions and limitations imposed by the Articles of Incorporation on such acquisition
and (ii) such written representations, investment letters, legal opinions or other instruments necessary in the view of the General Partner to effect compliance with the Securities Act and the application of the Code. In the event of a purchase of any Tendered Units by the General Partner pursuant to this Section 8.5.5, the Tendering Party shall no longer have the right to cause the Partnership to effect a Redemption of such Tendered Units, and, upon notice to the Tendering Party by the General Partner
given on or before the close of business on the Cut-Off Date, that the General Partner has elected to acquire some or all of the Tendered Units pursuant to this Section 8.5.5, the Partnership shall have no obligation to effect a Redemption of the Tendered Units as to which the notice by the General Partner relates. The REIT Consideration shall be delivered by the General Partner as duly authorized, validly issued, fully paid and non-assessable Common Shares and, if applicable, Rights, free of any pledge,
lien, encumbrance or restriction, other than the Ownership Limit and other restrictions provided in the Articles of Incorporation, the Bylaws of the General Partner, the Securities Act and relevant state securities or “blue sky” laws. Neither any Tendering Party whose Tendered Units are acquired by the General Partner pursuant to this Section 8.5.5, any Partner nor any other interested Person shall have any right to require or cause the General Partner to register, qualify or list any Common
Shares owned or held by such Person, whether or not such Common Shares are issued pursuant to this Section 8.5.5, with the SEC, with any state securities commissioner, department or agency, under the Securities Act or the Exchange Act or with any stock exchange; provided, however, that
this limitation shall not be in derogation of any registration or similar rights granted pursuant to any other written agreement between the General Partner and any such Person. Notwithstanding any delay in such delivery, the Tendering Party shall be deemed the owner of such Common Shares and Rights for all purposes, including rights to vote or consent, receive dividends, and exercise rights, as of the Specified Redemption Date. Common Shares issued upon an acquisition of the Tendered Units by the General Partner
pursuant to this Section 8.5.5 may contain such legends regarding restrictions under the Securities Act and applicable state securities laws as the General Partner determines to be necessary or advisable in order to ensure compliance with such laws.”

 

 

 

 

5. Amendment to Section 8.5.8 of the Partnership Agreement.  Section 8.5.8 of the Partnership Agreement is hereby deleted
and replaced in its entirety with the following:

 

“8.5.8 Notwithstanding anything to the contrary contained herein, in no event shall the General Partner be obligated to deliver cash in respect of any Redemption pursuant to Section 8.5.1 or Section 8.5.2 unless
the General Partner so elects by a majority vote of the Independent Directors in their sole discretion.”

 

6. Amendment to Section 8.5.9(c) of the Partnership Agreement.  Section 8.5.9(c) of the Partnership Agreement is hereby deleted
and replaced in its entirety with the following:

 

	
  
	
“(c)
	
Each Tendering Party (a) may effect a Redemption only once in each fiscal quarter of a twelve-month period, unless otherwise permitted by a majority vote of the Independent Directors, in their sole and absolute discretion and (b) may not effect a Redemption during the period after the Partnership Record Date with respect to a distribution and before the record date established by the General Partner for a distribution
to its shareholders of some or all of its portion of such Partnership distribution.”

 

 

 

 

7. Amendment to Section 14.2.3(g) of the Partnership Agreement.  To correct the cross-reference included therein, Section
14.2.3(g) of the Partnership Agreement is hereby deleted and replaced in its entirety with the following:

 

	
  
	
“(g)
	
to issue additional Partnership Interests in accordance with Section 4.4.”

 

8. Issuance of Additional Partnership Interests.

 

(a) Pursuant to Section 4.4 of the Partnership Agreement, the General Partner has been issued, and the General Partner Interest has accordingly been increased by, (i) 30,300 Common Units, issued in connection with the issuance of a like number of Common Shares upon the vesting of
awards to certain directors of the General Partner pursuant to the General Partner’s 2008 Directors’ Stock Plan (the “Plan”), and (ii) 789,095 Common Units, issued in connection with the issuance of a like number of Common Shares in exchange for certain outstanding Debt of the Partnership.

 

(b) Pursuant to Section 4.4 and Section 4.6.2 of the Partnership Agreement, in connection with the grant of an aggregate of 52,630 restricted stock units (“RSUs”)
by the General Partner to certain directors of the General Partner (the “Grantees”) pursuant to the Plan, the General Partner has been issued 52,630 Restricted Common Units.  Such Restricted Common Units may not be sold, assigned, transferred, pledged, hypothecated, mortgaged, encumbered or disposed of by the General Partner, and the General Partner shall have no voting rights or other rights or obligations of a holder of Partnership
Interests with respect to such Restricted Common Units.  The General Partner shall be entitled to receive distributions on such Restricted Common Units in an amount equal to, and subject to the same restrictions as, any cash dividends and the value of any property distributions paid or payable by the General Partner with respect to the RSUs.  Upon the vesting or forfeiture of any Grantee’s RSUs in accordance with the terms of such Grantee’s award, such number of Restricted Common
Units equal to the number of RSUs granted to such Grantee pursuant to such award shall convert into, and the General Partner Interest will be accordingly increased by, such number of Common Units equal to the number of Common Shares, if any, issued to such Grantee upon such vesting or forfeiture.

 

9. Schedule of Partners.  Exhibit A to the Partnership Agreement
is hereby deleted in its entirety and replaced by Exhibit A hereto which identifies the Partners following consummation of the transactions referred to in Section 8 hereof.  The General Partner shall amend Exhibit A from time to time to the extent necessary to reflect accurately the issuance, redemption or any other event having an effect on the ownership of Partnership Units.

 

10. Partial Invalidity.  The provisions hereof shall be deemed independent and severable, and the invalidity or partial invalidity
or enforceability of any one provision shall not affect the validity of enforceability of any other provision hereof.

 

11. Ratification. Except as expressly modified by this Third Amendment, all of the provisions of the Partnership Agreement are affirmed
and ratified and remain in full force and effect.

 

*****

 

 

 

 

IN WITNESS WHEREOF, the undersigned has executed this Third Amendment as of the date first written above.

 

	 	PACIFIC OFFICE PROPERTIES TRUST, INC., as sole general partner of the Partnership	 
	 	 	 	 
	
 
	
By: 
	/s/ Lawrence J. Taff	 
	 	 	Lawrence J. Taff	 
	 	 	Chief Financial Officer	 
	 	 	 	 

 

 

  

  

  

 

Exhibit A

 

	  	 	
Common Units
	 	 	
Preferred Units
	 	 	
Restricted

Common Units
	 
	
Name and Address
	 	
(Percentage)
	 	 	
(Percentage)
	 	 	
(Percentage)
	 
	
GENERAL PARTNER:
	 	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 	 
	
Pacific Office Properties Trust, Inc.
	 	 	3,850,520	 	 	 	0	 	 	 	52,630	 
	
233 Wilshire Blvd., Suite 830
	 	 	 	 	 	 	 	 	 	 	 	 
	
Santa Monica, CA 90401
	 	 	21.22	%	 	 	0	%	 	 	100	%
	  	 	 	 	 	 	 	 	 	 	 	 	 
	
LIMITED PARTNERS:
	 	 	 	 	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 	 	 	 	 
	
POP Venture, LLC
	 	 	13,576,165	 	 	 	4,545,300	 	 	 	0	 
	
841 Bishop Street
	 	 	 	 	 	 	 	 	 	 	 	 
	
Honolulu, HI 96813
	 	 	74.80	%	 	 	100	%	 	 	0	%
	  	 	 	 	 	 	 	 	 	 	 	 	 
	
Robert M. Irish
	 	 	58,697	 	 	 	0	 	 	 	0	 
	
116 Spinnaker Court
	 	 	 	 	 	 	 	 	 	 	 	 
	
Del Mar, CA 92014
	 	 	0.32	%	 	 	0	%	 	 	0	%
	  	 	 	 	 	 	 	 	 	 	 	 	 
	
James M. Saivar
	 	 	51,674	 	 	 	0	 	 	 	0	 
	
11260 El Camino Real #200
	 	 	 	 	 	 	 	 	 	 	 	 
	
San Diego, CA 92130
	 	 	0.28	%	 	 	0	%	 	 	0	%
	  	 	 	 	 	 	 	 	 	 	 	 	 
	
Robert F. Buie and Pamela I. Buie Family
	 	 	414,468	 	 	 	0	 	 	 	0	 
	
Trust
	 	 	 	 	 	 	 	 	 	 	 	 
	
P.O. Box 8365
	 	 	2.28	%	 	 	0	%	 	 	0	%
	
Rancho Santa Fe, CA 92067
	 	 	 	 	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 	 	 	 	 
	
John B. Campbell and Elvina Campbell,
	 	 	198,263	 	 	 	0	 	 	 	0	 
	
Husband and Wife
	 	 	 	 	 	 	 	 	 	 	 	 
	
P.O. Box 9064
	 	 	1.09	%	 	 	0	%	 	 	0	%
	
Rancho Santa Fe, CA 92067

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