Document:

Amendment, Assignment and Assumption Agreement

 Exhibit 10.49 
 AMENDMENT, ASSIGNMENT AND ASSUMPTION AGREEMENT 

THIS AMENDMENT, ASSIGNMENT AND ASSUMPTION
AGREEMENT (this “Agreement”), dated as of January 3, 2011, by and among Pacific Office Properties Trust, Inc., a Maryland corporation (“POPT”), Pacific Office Properties, L.P.,
a Delaware limited partnership (the “Operating Partnership” and, together with POPT, the “Company”), and James R. Wolford (the “Executive”). 

RECITALS 

A. Pacific Office Management, Inc., a Delaware corporation (“POMI”), POPT and the Executive previously entered
into that certain Employment Agreement dated as of April, 2010 (the “Employment Agreement”). 
 B. POPT
proposes to undertake an underwritten, registered public offering of its common stock, par value $0.0001 per share, pursuant to a Registration Statement on Form S-11 (File No. 333-169729) filed with the Securities and Exchange Commission on
October 4, 2010 (the “Offering”). 
 C. A majority of the independent directors of POPT have
previously determined that, upon the consummation of the Offering, it shall become an internally-advised real estate investment trust and directly hire employees to manage the day-to-day operations of POPT and the Operating Partnership. 

D. On the date hereof, POPT, the Operating Partnership and POMI have entered into that certain Amended and Restated Advisory
Agreement Termination Agreement, which provides for the termination upon the consummation of the Offering of the Amended and Restated Advisory Agreement, dated as of March 3, 2009, as amended on September 25, 2009, November 1,
2010 and December 7, 2010 (as so amended, the “Advisory Agreement”). 
 E. The date of the
consummation of the Offering shall accordingly constitute the Internal Management Date (as such term is defined in the Employment Agreement). 
 F. In accordance with the terms of the Employment Agreement, on the Internal Management Date, the term “Company,” as used in the Employment Agreement, shall mean POPT, and all references
in the Employment Agreement to the “Company” shall be references to POPT. 
 G. Pursuant to Section 11(a)
of the Employment Agreement, the “Company” (as such term is defined in the Employment Agreement) may assign any of its rights and obligations under the Employment Agreement to an Affiliate of the “Company.” 

H. In connection with such internalization, POPT desires to assign to the Operating Partnership, and the Operating Partnership
desires to assume from POPT, in each case as of the Internal Management Date, all of POPT’s rights and obligations under the Employment Agreement. 

 AGREEMENTS 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby agreed and acknowledged, the parties hereto agree as
follows: 
 1. Assignment. Effective as set forth in Section 3, POPT hereby conveys, assigns, transfers and
sets over to the Operating Partnership, all of POPT’s rights and obligations under the Employment Agreement. 
 2.
Assumption. Effective as set forth in Section 3, the Operating Partnership hereby assumes, and agrees to perform and to indemnify, defend and hold harmless POPT from and against, all of POPT’s obligations under the Employment
Agreement. 
 3. Effective Time. The assignment and assumption described above shall, in each case, become
effective as of the Internal Management Date (such time of effectiveness, the “Effective Time”) 
 4.
Employment. Following the Effective Time, the Executive shall be employed as the Chief Financial Officer of the Operating Partnership, reporting to the Operating Partnership’s Chief Executive Officer, and is appointed as Chief
Financial Officer of POPT, reporting to POPT’s Chief Executive Officer and the Board of Directors of POPT, including its Audit Committee. 
 5. Employment Agreement References. Each of the Executive and the Operating Partnership hereby acknowledges and agrees that, from and after the Effective Time, except as the context
otherwise requires, (i) the term “Company,” as used in the Employment Agreement, shall mean the Operating Partnership, and all references in the Employment Agreement to the “Company” shall be references to the Operating
Partnership and (ii) the term “subsidiaries,” as used in the Employment Agreement, shall mean POPT, any subsidiaries of POPT (other than the Operating Partnership) and all references in the Employment Agreement to the
“subsidiaries of the Company” shall be references to POPT and any subsidiaries of POPT (other than the Operating Partnership). 
 6. Entire Agreement; Amendment. This Agreement and the Employment Agreement contain the entire agreement of the parties hereto with respect to the subject matter hereof. This Agreement shall
not be amended or modified in any respect unless agreed to in writing by each of the parties hereto. 
 7. Incorporation
of Employment Agreement Provisions. Any provisions of the Employment Agreement necessary or convenient to interpret or enforce this Agreement, including without limitation the provisions relating to mandatory arbitration are hereby
incorporated as if originally a part hereof. 
 8. Specific Amendments to Employment Agreement. The Employment
Agreement is hereby amended in the following particulars: 
 a. All references to “Change of Control”
shall be to “Change in Control.” 

  
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 b. Section 1(h) shall be deleted in its entirety and replaced with the
following: 
 “(h) The term “Pro Rata Bonus” means a payment equal to the most recently paid Annual
Performance Cash Bonus pro rated on a per diem basis (the number of days employed during the applicable calendar year divided by 365).” 
 c. The last paragraph of Section 7(a) shall be deleted in its entirety and replaced with the following: 
 “Except as may be provided by Section 21(b), if applicable, the Severance Payment and Pro Rata Bonus provided herein, shall be paid in a single lump sum on the sixtieth (60th) day
following the Date of Termination provided that the Executive executes, and does not revoke, a release and waiver, in the form attached hereto as Exhibit A (the “Release”) prior to such sixtieth (60th) day. If the
Release has not become irrevocable on or before such sixtieth (60th) day, the Executive shall forfeit any right to the Severance Payment and the benefits set forth in subparagraphs (ii) and (iii) above. If the Executive should die
after amounts become payable under this Section 7(a), such amounts shall thereafter be paid to the Executive’s estate.” 
 d. Section 7(c) shall be deleted in its entirety and replaced with the following: 
 “(c) Voluntary Termination. The Executive may terminate his employment voluntarily at any time by a notice pursuant to Section 9 of this Agreement. In the event that the
Executive voluntarily terminates his employment other than pursuant to a Resignation for Good Reason or Change in Control Event (“Voluntary Termination”), the Company shall only be obligated to the Executive for the amount of any
unpaid Accrued Compensation, awarded, but unpaid, Performance Cash Bonuses for previously completed Performance Periods, and the Company shall have no further obligation to the Executive under this Agreement.” 

e. The second sentence of Section 9 shall be deleted in its entirety. 

f. The fourth sentence of Section 16 shall deleted in its entirety and replaced with the following: 

“Neither the Executive nor the Company nor the arbitrator shall disclose the existence, content, or results of any arbitration
hereunder without the prior written consent of all parties, except by the Company to the extent such disclosures are required pursuant to the securities laws, if applicable, or as otherwise required by law.” 

g. The following sentence shall be added at the end of Section 16: 

“Nothing in this Agreement shall be construed as precluding Executive from filing a claim for workers’ compensation or
unemployment compensation benefits.” 
 h. In Section 22, the phrase “POP Entities” shall be
replaced with the phrase “POPT and/or any of its subsidiaries or affiliates.” 

  
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 9. Termination. In the event that the Internal Management Date does not occur
on or prior to February 28, 2011, then this Agreement shall automatically terminate on February 28, 2011 and shall thereafter be of no further force or effect. 
 10. Governing Law. All questions concerning the construction, validity and interpretation of this Agreement and the performance of the obligations imposed by this Agreement shall be governed
by the internal laws of the State of Illinois applicable to agreements made and wholly to be performed in such state without regard to conflicts of laws. 
 [Remainder of this Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have entered into this Assignment and Assumption
Agreement on the date first written above. 
  

					
	PACIFIC OFFICE PROPERTIES TRUST, INC.
		
	By:	 	 /s/ James R. Ingebritsen

		 	Name: James R. Ingebritsen
		 	Title: President and Chief Executive Officer
	
	PACIFIC OFFICE PROPERTIES, L.P.
		
	By:	 	PACIFIC OFFICE PROPERTIES TRUST, INC., its general partner
			
		 	By:	 	 /s/ Matthew J. Root

		 		 	Name: Matthew J. Root
		 		 	Title: Chief Investment Officer
	
	 /s/ James R. Wolford

	James R. Wolford

  
 S-1Subscription Agreement

 Exhibit 10.50 
 SUBSCRIPTION AGREEMENT 
 THIS SUBSCRIPTION
AGREEMENT (this “Agreement”) is made and entered into as of the 3rd day of January, 2011, by and among Pacific Office Properties Trust, Inc., a Maryland corporation (the “Corporation”), and the subscribers set forth on the signature pages hereto
(collectively, the “Subscribers”). 
 WITNESSETH: 

WHEREAS, the Corporation proposes to undertake an underwritten, registered public offering of its common stock, par value $0.0001
per share (the “Common Stock”), pursuant to a Registration Statement on Form S-11 (File No. 333-169729) filed with the Securities and Exchange Commission on October 4, 2010 (the “Offering”); and

 WHEREAS, the Subscribers desire to purchase Common Stock in a private placement transaction exempt from the
registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(2) of the Securities Act and Rule 506 of Regulation D (“Regulation D”) promulgated thereunder by
the Securities and Exchange Commission. 
 NOW, THEREFORE, in consideration of the foregoing, and of the mutual covenants
hereinafter contained, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 SUBSCRIPTION FOR SHARES 

Section 1.1 Each Subscriber hereby subscribes for and agrees to purchase at the Closing (as defined below) the number of
shares (the “Shares”) of Common Stock indicated in this Agreement on the terms provided for herein. Each Subscriber agrees to and understands the terms and conditions upon which the Common Stock is being offered. The price per Share
paid by the Subscriber shall be the public offering price for the Common Stock in the Offering. The aggregate purchase price for the Shares purchased by each Subscriber will be the dollar amount set forth opposite the name of such Subscriber on
Schedule A (the “Committed Purchase Amount”), and the number of Shares purchased by each Subscriber will be the number obtained by dividing the Committed Purchase Amount for such Subscriber by the public offering price per
Share for the Common Stock in the Offering. The date, time and place of the consummation of the Offering shall be referred to herein as the “Offering Closing.” 

Section 1.2 Termination. In the event that the Offering Closing is not consummated on or prior to February 28,
2011, then this Agreement shall automatically terminate on February 28, 2011 and shall thereafter be of no further force or effect. 

 ARTICLE II 
 CONDITIONS; CLOSING 
 Section 2.1 Conditions to the
Corporation’s Obligations. The obligations of the Corporation to effect the transactions contemplated hereby shall be subject to the following conditions precedent: 

(i) The representations and warranties of each Subscriber contained in this Agreement shall have been true and correct in all material
respects on the date such representations and warranties were made, and on and as of the Closing Date (as defined below) as if made on and as of such date; 
 (ii) The obligations of each Subscriber contained in this Agreement shall have been duly performed on or before the Closing Date and no such Subscriber shall have breached any of its covenants contained
herein in any material respect; 
 (iii) No order, statute, rule, regulation, executive order, injunction, stay, decree or
restraining order shall have been enacted, entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that prohibits the consummation of the transactions contemplated hereby, and no litigation or governmental
proceeding seeking such an order shall be pending or threatened; 
 (iv) The Offering Closing shall be occurring concurrently
with the Closing (as defined below) (or the Closing shall occur prior to, but be conditioned upon the immediate subsequent occurrence of, the Offering Closing); and 
 (v) Each Subscriber shall have executed and delivered to the Corporation a lock-up agreement in the form attached hereto as Exhibit A. 

Any or all of the foregoing conditions may be waived by the Corporation in its sole and absolute discretion. 

Section 2.2 Conditions to the Subscribers’ Obligations. The obligations of each Subscriber to effect the
transactions contemplated hereby shall be subject to the following conditions precedent: 
 (i) The representations and
warranties of the Corporation contained in this Agreement shall have been true and correct in all material respects on the date such representations and warranties were made, and on and as of the Closing Date as if made on and as of such date;

 (ii) The obligations of the Corporation contained in this Agreement shall have been duly performed on or before the Closing
Date and the Corporation shall not have breached any of its covenants contained herein in any material respect; 
 (iii) No
order, statute, rule, regulation, executive order, injunction, stay, decree or restraining order shall have been enacted, entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that prohibits the consummation
of the 

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

(iv) The Offering Closing shall be occurring concurrently with the Closing (or the Closing shall occur prior to, but be conditioned upon
the immediate subsequent occurrence of, the Offering Closing). 
 Section 2.3
Closing. The date, time and place of the consummation of the transactions contemplated hereby (the “Closing” or the “Closing Date”) shall occur concurrently with (or prior to, but conditioned upon
the immediate subsequent occurrence of) the Offering Closing, in the office of Clifford Chance US LLP, 31 West
52nd Street, New York, New York 10019. 

Section 2.4 Closing Deliveries. At the Closing, each Subscriber will pay its Committed Purchase Amount in cash by wire
transfer of immediately available funds to an account designated upon reasonable advance notice by the Corporation. At the Closing, the parties shall make, execute, acknowledge and deliver, or cause to be made, executed, acknowledged and delivered
through such third party as may be applicable, the legal documents and other items (collectively the “Closing Documents”) necessary to carry out the intention of this Agreement and the other transactions contemplated to take place
in connection therewith, which Closing Documents and other items shall include, without limitation, evidence of delivery of uncertificated Shares by book-entry and/or other evidence of the transfer of Shares to the applicable Subscribers.

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF THE SUBSCRIBERS 
 Each Subscriber,
severally, and not jointly or jointly and severally, represents and warrants to the Corporation as set forth below in this Article 3, which representations and warranties are true and correct as of the date hereof and will (except to the extent
expressly relating to a specified date) be true and correct as of the Closing Date (provided, that any Subscriber that is a natural person makes the below representations and warranties only to the extent applicable to an individual and not an
entity): 
 Section 3.1 Organization; Authority; Enforceability. Such Subscriber has been duly formed, and is
validly existing and in good standing under the laws of the jurisdiction of its formation. Such Subscriber 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 Subscriber 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 Subscriber enforceable against the Subscriber in accordance with its terms except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other laws and subject to general principles of equity. 

Section 3.2 Consents and Approvals. Except as shall have been satisfied prior to the Closing Date, no consent, waiver,
approval or authorization of any third party or governmental authority or agency is required to be obtained by such Subscriber in connection with the execution, 

  
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delivery and performance of the Agreement and the transactions contemplated hereby, except for those consents, waivers, approvals or authorizations, the failure of which to obtain would not have
a material adverse effect on the business, financial condition or results of operations (a “Material Adverse Effect”) of such Subscriber. 
 Section 3.3 No Violation. None of the execution, delivery or performance of the Agreement, and the transactions contemplated hereby does or will, with or without the giving of notice,
lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination, acceleration, cancellation or other right adverse to the Corporation of (A) the organizational
documents, including the operating agreement, if any, of such Subscriber, (B) any agreement, document or instrument to which such Subscriber is a party or by which such Subscriber is bound, or (C) any term or provision of any judgment,
order, writ, injunction, or decree, or require any approval, consent or waiver of, or make any filing with, any person or governmental or regulatory authority or foreign, federal, state, local or other law binding on such Subscriber or by which such
Subscriber or its assets are bound or subject; provided in the case of (B) and (C) above, unless any such violation, conflict, breach, default or right would not have a Material Adverse Effect. 

Section 3.4 Investment Purposes. Such Subscriber acknowledges its understanding that the offering and issuance of
Common Stock to be acquired by it pursuant to this Agreement are intended to be exempt from registration under the Securities Act and that the Corporation’s reliance on such exemption is predicated in part on the accuracy and completeness of
the representations and warranties of such Subscriber contained herein. In furtherance thereof, such Subscriber, severally, and not jointly or jointly and severally, represents and warrants to the Corporation as follows: 

Section 3.4.1 Investment. Such Subscriber is acquiring Common Stock hereunder solely for its own
account and not with a view to, or for offer or sale in connection with, any distribution thereof. Such Subscriber agrees and acknowledges that it will not, directly or indirectly, offer, transfer, sell, assign, pledge, hypothecate or otherwise
dispose of (hereinafter, “Transfer”) any of the Common Stock acquired hereunder, unless (i) the Transfer is pursuant to an effective registration statement under the Securities Act and qualification or other compliance under
applicable blue sky or state securities laws, or (ii) counsel for such Subscriber (which counsel shall be reasonably acceptable to the Corporation) shall have furnished the Corporation with an opinion, reasonably satisfactory in form and
substance to the Corporation, to the effect that no such registration is required because of the availability of an exemption from registration under the Securities Act. 

Section 3.4.2 Knowledge. Such Subscriber is an “accredited investor” (as such term is defined
in Rule 501(a) of Regulation D). Such Subscriber is knowledgeable, sophisticated and experienced in business and financial matters and fully understands the limitations on transfer imposed by the Federal securities laws and as described in the
Agreement. Such Subscriber is able to bear the economic risk of holding the Common Stock for an indefinite period and is able to afford the complete loss of its investment in the Common Stock; such Subscriber has received and reviewed all
information and documents about or pertaining to the Corporation, the business and prospects of the Corporation and the issuance of the Common Stock, as such Subscriber deems necessary or desirable, and has been given the opportunity to obtain any
additional information or documents and to ask 

  
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questions and receive answers about such information and documents, the Corporation, the business and prospects of the Corporation and the Common Stock, which such Subscriber deems necessary or
desirable to evaluate the merits and risks related to its investment in the Common Stock. Such Subscriber has discussed with its professional, legal, tax and financial advisors (to the extent such Subscriber deems necessary or advisable) the
suitability of the transactions contemplated by this Agreement with respect to such Subscriber’s particular tax and financial situation, and such Subscriber has not relied on the Corporation or any of its officers, directors, affiliates or
professional advisors for such advice as to such consequences. 
 Section 3.4.3 Holding
Period. Such Subscriber acknowledges that it has been advised that (i) the Shares issued pursuant to this Agreement are “restricted securities” (unless registered in accordance with applicable U.S. securities laws) under
applicable federal securities laws and may be disposed of only pursuant to an effective registration statement or an exemption therefrom and such Subscriber understands that the Corporation has no obligation to register such Subscriber’s
Shares; accordingly, such Subscriber may have to bear indefinitely the economic risks of an investment in such Common Stock, (ii) a restrictive legend in the form hereafter set forth shall be placed on certificates, if any, representing the
Shares, and (iii) a notation shall be made in the appropriate records of the Corporation indicating that the Shares issued hereunder are subject to restrictions on transfer. 

Section 3.4.4 Legend. Each certificate, if any, representing the Shares issued pursuant to this
Agreement, unless registered in accordance with applicable U.S. securities laws, shall bear the following legend (in addition to any other legend required by the charter of the Corporation or any applicable state securities laws): 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR THE SECURITIES LAWS OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON EXEMPTIONS AFFORDED UNDER APPLICABLE LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, HYPOTHECATED, TRANSFERRED OR OTHERWISE
ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN APPLICABLE EXEMPTION (AS TO WHICH THE ISSUER SHALL BE REASONABLY SATISFIED, INCLUDING RECEIPT OF AN
ACCEPTABLE LEGAL OPINION) FROM THE REGISTRATION REQUIREMENTS OF SUCH LAWS.” 
 Section 3.5 No Brokers.
Neither such Subscriber nor any of its officers, directors or employees, to the extent applicable, has employed or made any agreement with any broker, finder or similar agent or any person or firm which will result in the obligation of the
Corporation or any of its affiliates to pay any finder’s fee, brokerage fees or commissions or similar payment in connection with the transactions contemplated by this Agreement. 

  
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 Section 3.6 No Litigation. There are no suits, actions or proceedings
against such Subscriber pending or, to the knowledge of such Subscriber, threatened that (i) affect or challenge the legality, validity or enforceability of this Agreement and the other agreements contemplated by this Agreement to be executed
by such Subscriber, or the transactions contemplated hereby or thereby, or (ii) could, if there were an unfavorable decision, reasonably be expected to have a Material Adverse Effect on such Subscriber. 

Except as set forth in this Article III, no Subscriber makes any representation or warranty of any kind, express or implied, and the
Corporation acknowledges that it has not relied upon any other such representation or warranty. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE CORPORATION 
 The Corporation represents and warrants to the Subscribers as set forth below in this Article 4, which representations and warranties are true and correct as of the date hereof and will (except to the
extent expressly relating to a specified date) be true and correct as of the date of Closing: 
 Section 4.1
Organization; Authority; Enforceability. The Corporation has been duly incorporated, and is validly existing and in good standing under the laws of the jurisdiction of its incorporation. The Corporation 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 Corporation in connection herewith. The execution, delivery and performance of this Agreement by the Corporation have been duly
and validly authorized by all necessary action of the Corporation. This Agreement constitutes the legal, valid and binding obligation of the Corporation enforceable against the Corporation in accordance with its terms except as such enforcement may
be limited by bankruptcy, insolvency, reorganization or other laws and subject to general principles of equity. 

Section 4.2 Consents and Approvals. Assuming the accuracy of the representations and warranties of the Subscribers
made hereunder and except in connection with the Offering, no consent, waiver, approval or authorization of any third party or governmental authority or agency is required to be obtained by the Corporation in connection with the execution, delivery
and performance of this Agreement and the transactions contemplated hereby, except any of the foregoing that shall have been satisfied prior to the Closing Date or the Offering Closing, as applicable, and except for those consents, waivers and
approvals or authorizations, the failure of which to obtain would not have a Material Adverse Effect. 
 Section 4.3
Non-Contravention. Assuming the accuracy of the representations and warranties of the Subscribers made hereunder, none of the execution, delivery or performance of this Agreement by the Corporation and the consummation of the subscription
transactions contemplated hereby will (A) result in a default (or an event that, with notice or lapse of time or both would become a default) or give to any third party any right of termination, cancellation, amendment or acceleration under, or
result in any loss of any material benefit, pursuant to any material agreement, document or instrument to which the Corporation or any of its properties or 

  
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assets may be bound or (B) violate or conflict with any judgment, order, decree, or law applicable to the Corporation or any of its properties or assets; provided in the case of (A) and
(B), unless any such default, violation or conflict would not have a Material Adverse Effect. 
 Section 4.4 Common
Stock. The Shares issuable at the Closing in accordance with the terms of this Agreement will be duly authorized, validly issued, fully paid and nonassessable, and not subject to preemptive or similar rights created by statute or any
agreement to which the Corporation is a party or by which it is bound. 
 Section 4.5 No Broker. Neither the
Corporation nor any of its officers, directors or employees, to the extent applicable, has employed or made any agreement with any broker, finder or similar agent or any person or firm which will result in the obligation of any Subscriber or any of
its respective affiliates to pay any finder’s fee, brokerage fees or commissions or similar payment in connection with transactions contemplated by the Agreement. 
 Except as set forth in this Article 4, the Corporation does not make any representation or warranty of any kind, express or implied, and each Subscriber acknowledges that it has not relied upon any other
such representation or warranty. 
 ARTICLE V 
 MISCELLANEOUS 
 Section 5.1 Survival of Representations.
All representations, warranties, and agreements made in this Agreement, or pursuant hereto, shall survive the Closing and any investigation at any time made by or on behalf of the parties. 

Section 5.2 Notices. All notices, requests, demands and other communications which are required or permitted hereunder
shall be in writing and shall be deemed to have been duly given: (a) when delivered personally; (b) on the following business day when sent by overnight courier; (c) on dispatch when sent by telecopy, so long as a copy of such
communication is immediately thereafter mailed as provided in this Section; and (d) when mailed by first class mail, postage prepaid, to the main office of the Corporation and to each Subscriber at its respective address set forth on
Schedule A hereto. 
 Section 5.3 Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Illinois without reference to principles of conflicts of laws. The parties: (x) agree that any suit, action or legal proceeding relating to this Agreement shall be brought exclusively in any federal
court located in Illinois, if federal jurisdiction is available, and, otherwise, in any state court located in such state; (y) consent to the jurisdiction of each such court in any such suit, action or proceeding; and (z) waive any
objection which they may have to the laying of venue in any such suit, action or proceeding in either such court. Further, the parties hereby consent and submit to the personal jurisdiction of the Illinois courts, both state and federal, and hereby
waive any and all objections now or hereafter existing to personal jurisdiction of said courts over them. The parties waive, to the extent permitted under applicable law, any right they may have to assert the doctrine of forum non conveniens or to
object to venue to the extent any proceeding is brought in accordance with this section. 

  
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 Section 5.4 Entire Agreement; Amendment. This Agreement contains the
entire agreement of the parties with respect to the subject matter hereof. This Agreement shall not be amended or modified in any respect unless agreed to in writing by all of the parties hereto. 

Section 5.5 Assignment. This Agreement may not be assigned by any party hereto without the prior written consent of
the other parties hereto. 
 Section 5.6 No Waiver. Neither the failure nor any delay on the part of a party
to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any
other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver
shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

Section 5.7 Headings. The headings of various Sections in this Agreement are for convenience only, and are not to be
utilized in construing the content or meaning of the substantive provisions hereof. 
 Section 5.8 Pronouns and
Plurals. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

 Section 5.9 Further Action. The parties shall execute and deliver all documents, provide all information
and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

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

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

Section 5.14 Construction. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rule of strict construction will be applied against any party. Any reference to any federal, state, local or 

  
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foreign statute or law, statute, rule or regulation will be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. The use of the word
“including” and similar expressions means “including without limitation” and unless the context otherwise requires, “neither,” “nor,” “any,” “either” and “or” shall not be
exclusive. Unless otherwise noted, all references to sections, exhibits and schedules are to sections, exhibits and schedules to this Agreement. All words used in this Agreement shall be construed to be of such gender or number as the circumstances
require. The parties hereto intend that each representation, warranty and covenant contained herein shall have independent significance. If any party has breached any representation, warranty or covenant contained herein in any respect, the fact
that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party has not breached shall not detract from or mitigate the fact that such party is in
breach of the first representation, warranty or covenant. All references to agreements hereunder include all exhibits and schedules to such agreements and shall mean such agreements as they may be amended, restated, supplemented or otherwise
modified from time to time. 
 [Signature page follows] 

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

					
	PACIFIC OFFICE PROPERTIES TRUST, INC.
		
	By:	 	 /s/ James R. Ingebritsen

	Name: 	 	James R. Ingebritsen
	Title:	 	President and Chief Executive Officer

  
 S-1

  

					
	SUBSCRIBERS:
	
	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
	
	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
	
	 /s/ James C. Reynolds

	James C. Reynolds

  
 S-2

 SCHEDULE A 
 TO SUBSCRIPTION AGREEMENT 
  

							
	  	 	 Subscriber
	  	Committed Purchase Amount	 
		
	 Shidler Equities, L.P.

841 Bishop Street, Suite 1700

Honolulu, HI 96813
	  	$	10,700,000	  
		
	 JRI Equities, LLC

10188 Telesis Court, Suite 222

San Diego, CA 92121
	  	$	100,000	  
		
	 MJR Equities, LLC

10188 Telesis Court, Suite 222

San Diego, CA 92121
	  	$	100,000	  
		
	 Lawrence J. Taff

841 Bishop Street, Suite 1700

Honolulu, HI 96813
	  	$	100,000	  
		
	 James C. Reynolds

10188 Telesis Court, Suite 222

San Diego, CA 92121
	  	$	1,000,000	  
		 		  	 	 	 
		
	 Total:
	  	$	12,000,000	  
		 		  	 	 	 

 EXHIBIT A 

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

Wells Fargo Securities, LLC 
 Citigroup Global
Markets Inc. 
  

	c/o	Credit Suisse Securities (USA) LLC 

 Eleven Madison Avenue, 
 New York, New York 10010 

 

	c/o	Wells Fargo Securities, LLC 

 301
S. College Street, 
 Charlotte, North Carolina 28288 

 

	c/o	Citigroup Global Markets Inc. 

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

As an inducement to the Underwriters to execute the Underwriting Agreement with Pacific Office Properties Trust, Inc., a Maryland
corporation (the “Company”) and Pacific Office Properties, L.P., a Delaware limited partnership and the operating partnership of the Company (the “Operating Partnership”), pursuant to which an offering will be made
that is intended to result in an orderly market for common stock, par value $0.0001 per share (the “Securities”) of the Company, and any successor (by merger or otherwise) thereto, the undersigned hereby agrees that during the
period specified in the following paragraph (the “Lock-Up Period”), the undersigned will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any Securities or securities convertible into or
exchangeable or exercisable for any Securities, including, without limitation, units of partnership interest in the Operating Partnership, enter into a transaction which would have the same effect, or enter into any swap, hedge or other arrangement
that transfers, in whole or in part, any of the economic consequences of ownership of the Securities or such other securities, whether any such aforementioned transaction is to be settled by delivery of the Securities or such other securities, in
cash or otherwise, or publicly disclose the intention to make any such offer, sale, pledge or disposition, or to enter into any such transaction, swap, hedge or other arrangement, without, in each case, the prior written consent of Credit Suisse
Securities (USA) LLC, Wells Fargo Securities, LLC and Citigroup Global Markets Inc. (the “Representatives”). In addition, the undersigned agrees that, without the prior written consent of the Representatives, it will not, during the
Lock-Up Period, make any demand for or exercise any right with respect to, the registration of any Securities or any security convertible into or exercisable or exchangeable for the Securities, including, without limitation, units of partnership
interest in the Operating Partnership. 
 The initial Lock-Up Period will commence on the date of this Lock-Up Agreement and
continue and include the date 180 days after the public offering date set forth on the final prospectus used to sell the Securities (the “Public Offering Date”) pursuant to the Underwriting Agreement, to which you are or expect to
become parties; provided, however, that if (1) during the last 17 days of the initial Lock-Up Period, the Company releases earnings results or material news or a material event relating to the Company occurs or (2) prior to the expiration
of the initial Lock-Up Period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the initial Lock-Up Period, then in each case the Lock-Up Period will be extended until the expiration
of the 18-day period beginning on the date of release of the earnings results or the occurrence of the material news or material event, as applicable, unless the Representatives waive, in writing, such extension. 

The undersigned agrees that, prior to engaging in any transaction or taking any other action that is subject to the
terms of this Lock-Up Agreement during the period from the date of this Lock-Up Agreement to and including the
34th day following the expiration of the initial Lock-Up
Period, it will give notice thereof to the Company and will not consummate such transaction or take 

 
any such action unless it has received written confirmation from the Company that the Lock-Up Period (as may have been extended pursuant to the previous paragraph) has expired. 

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

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

	
	Very truly yours,
	
	  

	[Name of stockholder]

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