Document:

EX-4.3

 Exhibit 4.3 

REGISTERED 
 No. 

PHILIP MORRIS INTERNATIONAL INC. 
  

							
		 	1.450% NOTE DUE 2039	  	PRINCIPAL AMOUNT
		 		 		  	€
		 		 		  	CUSIP NO. 718172 CM9
		 		 		  	COMMON CODE 203547455
		 		 		  	ISIN NO. XS2035474555

 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY EUROCLEAR BANK S.A./N.V. OR BY CLEARSTREAM BANKING,
SOCIÉTÉ ANONYME (EACH, A “DEPOSITARY”) TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF HSBC ISSUER SERVICES COMMON DEPOSITARY NOMINEE (UK) LIMITED OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO HSBC BANK USA, NATIONAL ASSOCIATION OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, HSBC ISSUER SERVICES COMMON DEPOSITARY NOMINEE (UK) LIMITED, HAS AN INTEREST HEREIN. 

PHILIP MORRIS INTERNATIONAL INC., a Virginia corporation (hereinafter called the “Company”, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to HSBC Issuer Services Common Depositary Nominee (UK) Limited or registered assigns, the principal sum of
€             on August 1, 2039, and to pay interest thereon from August 1, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, annually in arrears on August 1 of each year, commencing August 1, 2020, at the rate of 1.450% per annum until the principal hereof is paid or made available for payment. 

 The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be July 17 (whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may be paid to the
Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee for the Notes, notice whereof shall be given
to Holders of Notes not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said Indenture. 
 Interest on this Note will be calculated on the
basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Note (or August 1, 2019 if no interest has been paid on
this Note), to but excluding the next scheduled Interest Payment Date. 
 Payment of the principal of (and premium, if any) and interest on
this Note will be made at the office or agency of the Company maintained for that purpose in the City of London or the Borough of Manhattan, The City of New York, in such coin or currency of the member states of the European Monetary Union that have
adopted or that adopt the single currency in accordance with the treaty establishing the European Community, as amended by the Treaty on European Union as at the time of payment shall be legal tender for the payment of public and private debts;
provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear on the Securities Register or by wire transfer at such
place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the person entitled thereto. All payments of principal, premium, if any, and
interest in respect of this Note will be made by the Company in immediately available funds. 
 Additional provisions of this Note are
contained on the reverse hereof, and such provisions shall have the same effect as though fully set forth in this place. 
 Unless the
certificate of authentication hereon has been executed by or on behalf of the Trustee for the Notes by manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, PHILIP MORRIS INTERNATIONAL INC. has caused this instrument to be duly
executed. 
  

			
	Dated: August 1, 2019
	
	PHILIP MORRIS INTERNATIONAL INC.
		
	By:	 	  

	Name:	 	Frank de Rooij
	Title:	 	Vice President Treasury and Corporate
		 	Finance
	
	Attest:
		
	By:	 	  

	Name:	 	Jerry Whitson
	Title:	 	Deputy General Counsel and Corporate
		 	Secretary

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

 

			
	HSBC BANK USA, NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

		 	Authorized Officer

 Global Note due 2039 

 (Reverse of Note) 

PHILIP MORRIS INTERNATIONAL INC. 

This Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness (hereinafter called the
“Securities”) of the Company of the series hereinafter specified, which series is issued in an initial aggregate principal amount of €750,000,000, all such Securities issued and to be issued under an Indenture dated as of
April 25, 2008 between the Company and HSBC Bank USA, National Association, as Trustee (herein called the “Indenture”), to which Indenture and all other indentures supplemental thereto reference is hereby made for a statement of the
rights and limitations of rights thereunder of the Holders of the Securities and of the rights, obligations, duties and immunities of the Trustee for each series of Securities and of the Company, and the terms upon which the Securities are and are
to be authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if
any, at different rates, may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in
the Indenture provided or permitted. This Note is one of a series of the Securities designated therein as 1.450% Notes due 2039 (the “Notes”). 

Principal and interest payments in respect of the Notes are payable by the Company in Euro. If, however, the Euro is unavailable to the
Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the Euro is no longer being used by the then member states of the European Monetary Union that have adopted the Euro as their currency
or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in Dollars until the Euro is again available to the Company or so used. The
equivalent Dollar amount of the amount payable on any date in Euro will be calculated by the Currency Determination Agent designated by the Company at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second
Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent Euro/Dollar exchange rate available on or prior to the second Business Day prior
to the relevant payment date, as determined by the Company in the Company’s sole discretion. 
 So long as the Notes of this series are
in the form of Global Securities only, all Notes of this series will collectively be evidenced by the Global Security of this series registered in the name of HSBC Issuer Services Common Depositary Nominee (UK) Limited (the “Global Note”).

 Section 1010 of the Indenture shall be applicable to the Notes, except that (i) the term “Holder,” when used in
Section 1010 of the Indenture, shall mean the beneficial owner of a Note or any person holding on behalf or for the account of the beneficial owner of a Note; (ii) the following language shall replace subsection (k) to
Section 1010 of the Indenture “any tax, assessment or other governmental charge imposed pursuant to the provisions of Sections 1471 through 1474 of the Code” and (iii) the following language shall be included as subsection
(l) to 

 
Section 1010 of the Indenture “any combination of items (a), (b), (c), (d), (e), (f), (g), (h), (i), (j) and (k).” 

Prior to May 1, 2039 (the date that is three months prior to the scheduled maturity date for the Notes), the Company may, at its option,
redeem the Notes, in whole at any time or in part from time to time (in €1,000 increments, provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), at a redemption price equal to the
greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments (as defined below) of the Notes to be redeemed that would be due if such Notes were due on
May 1, 2039 (exclusive of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (Actual/Actual (ICMA)), at a rate equal to the applicable Comparable Government Bond Rate (as defined below) plus 25
basis points plus, in either case, accrued and unpaid interest, if any, thereon to, but excluding, the redemption date. 
 On or after
May 1, 2039 (the date that is three months prior to the scheduled maturity date for the Notes), the Company may, at its option, redeem the Notes, in whole at any time or in part from time to time (in €1,000 increments, provided that any
remaining principal amount thereof shall be at least the minimum authorized denomination thereof) at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, thereon to, but
excluding, the redemption date. 
 “Comparable Government Bond Rate” means, with respect to any redemption date, the price,
expressed as a percentage (rounded to three decimal places, 0.0005 being rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on the third business day prior to the date fixed
for redemption, would be equal to the gross redemption yield on such business day of the Reference Bond on the basis of the middle market price of the Reference Bond prevailing at 11:00 a.m. (London time) on such dealing day as determined by the
Independent Investment Bank. 
 “Independent Investment Bank” means one of the Reference Bond Dealers that the Company appoints as
the Independent Investment Bank from time to time. 
 “Reference Bond” means, in relation to any Comparable Government Bond Rate
calculation, a German government bond whose maturity is closest to the maturity of the Notes, or if the Company or the Independent Investment Bank considers that such similar bond is not in issue, such other German government bond as the Company or
the Independent Investment Bank, with the advice of three brokers of, and/or market makers in, German government bonds selected by the Company or the Independent Investment Bank, determine to be appropriate for determining the Comparable Government
Bond Rate. 
 “Reference Bond Dealer” means (A) each of Barclays Bank PLC, Deutsche Bank AG, London Branch, J.P. Morgan
Securities plc and Société Générale or their respective affiliates that are Primary Bond Dealers), and their respective successors and (B) any other broker of, and/or market maker in, German government bonds (a
“Primary Bond Dealer”) selected by the Company. 

 “Remaining Scheduled Payments” means, with respect to the Notes to be redeemed,
the remaining scheduled payments of principal of and interest on the relevant Note that would be due after the related redemption date but for the redemption. If that redemption date is not an Interest Payment Date with respect to a Note, the amount
of the next succeeding scheduled interest payment on the relevant Note will be reduced by the amount of interest accrued on the applicable Note to, but excluding, the redemption date. 

If money sufficient to pay the redemption price on the Notes (or portions thereof) to be redeemed on the applicable redemption date is
deposited with the Trustee or Paying Agent on or before the applicable redemption date and certain other conditions are satisfied, then on and after such redemption date, interest will cease to accrue on such Notes (or such portion thereof) called
for redemption. 
 The Company will, or will cause the Trustee or Paying Agent on its behalf to, mail notice of a redemption to Holders of
the Notes to be redeemed by first-class mail (or otherwise transmit in accordance with applicable procedures of the Depositary) at least 15 and not more than 45 days prior to the date fixed for redemption. Unless the Company defaults in payment of
the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or any portions thereof called for redemption. On or before the applicable redemption date, the Company will deposit with the Trustee or Paying Agent
or set aside, segregate and hold in trust (if the Company is acting as Paying Agent), funds sufficient to pay the redemption price of, and accrued and unpaid interest on, such Notes to be redeemed on that redemption date. If fewer than all of the
Notes are to be redeemed, the Trustee or Paying Agent will select, not more than 60 days prior to the redemption date, the particular Notes or any portions thereof for redemption from the outstanding Notes not previously called by such method as the
Trustee or Paying Agent deems fair and appropriate and in accordance with the applicable procedures of the Depositary; provided, however, that no Notes of a principal amount of €100,000 or less shall be redeemed in part. 

The Company may redeem the Notes prior to maturity in whole, but not in part, on not more than 60 days’ notice and not less than 30
days’ notice at a redemption price equal to the principal amount of such Notes plus any accrued interest and additional amounts to the date fixed for redemption if: 
  

	 	•	 	 as a result of a change in or amendment to the tax laws, regulations or rulings of the United States or any
political subdivision or taxing authority of or in the United States or any change in official position regarding the application or interpretation of such laws, regulations or rulings (including a holding by a court of competent jurisdiction in the
United States) that is announced or becomes effective on or after August 1, 2019, the Company has or will become obligated to pay additional amounts with respect to the Notes as described in Section 1010 of the Indenture, or

  

	 	•	 	 on or after August 1, 2019, any action is taken by a taxing authority of, or any decision is rendered by a
court of competent jurisdiction in, the United States or any political subdivision or taxing authority of or in the United States, including any of those actions specified in the bullet point above, whether or not such action

	 	 
is taken or decision is rendered with respect to the Company, or any change, amendment, application or interpretation is officially proposed, which, in any such case, in the written opinion of
independent legal counsel of recognized standing, will result in a material probability that the Company will become obligated to pay additional amounts with respect to the Notes, 

and the Company in its business judgment determines that such obligations cannot be avoided by the use of reasonable measures available to the Company. 

If the Company exercises its option to redeem the Notes for tax reasons, the Company will deliver to the Trustee a certificate signed by an
authorized officer stating that it is entitled to redeem the Notes and the written opinion of independent legal counsel if required. 
 The
Indenture contains provisions for defeasance at any time of the entire principal of all the Securities of any series upon compliance by the Company with certain conditions set forth therein. 

If an Event of Default (other than an Event of Default described in Section 501(4) or 501(5) of the Indenture) with respect to the Notes
shall occur and be continuing, then either the Trustee or the Holders of at least 25% in aggregate principal amount of the Securities of all series then Outstanding (or, if such default is not applicable to all series of the Securities, the Holders
of at least 25% in principal amount of the then Outstanding Securities of all series to which it is applicable) (in each case voting as a single class) may declare the entire principal amount of the Securities of all series so affected due and
payable in the manner and with effect provided in the Indenture. If an Event of Default specified in Section 501(4) or 501(5) occurs with respect to the Company, all of the unpaid principal amount and accrued interest then Outstanding shall
ipso facto become and be immediately due and payable in the manner with the effect provided in the Indenture without any declaration or other act by the Trustee or any Holder. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of all series of
Securities affected thereby (voting as a single class). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of all series affected thereby at the time Outstanding
(voting as a single class) to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences to the affected series. Any such consent or waiver by the Holder of this Note
shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the transfer hereof or in exchange or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

 As provided in the Indenture and subject to certain limitations therein set forth, this Note
is transferable on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company to be maintained for that purpose in the Borough of Manhattan, The City of New York, or at any
other office or agency of the Company maintained for that purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or his or her
attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes are issuable only in registered form in denominations of €100,000 and any integral multiple of €1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of a like tenor and of a different authorized denomination, as requested by the Holder
surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 The Company, the Trustee for
the Notes and any agent of the Company or such Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note be
overdue, and neither the Company, such Trustee nor any such agent shall be affected by notice to the contrary. 
 Certain of the
Company’s obligations under the Indenture with respect to Notes may be terminated if the Company irrevocably deposits with the Trustee money or Government Obligations sufficient to pay and discharge the entire indebtedness on all Notes, as
provided in the Indenture. 
 This Note shall for all purposes be governed by, and construed in accordance with, the laws of the State of
New York. 
 For purposes of the Notes, the term “Business Day” means any day other than (1) a Saturday or Sunday or a
day on which commercial banks in the City of New York or the City of London are authorized or required by law, regulation or executive order to close and (2) a day on which the Trans-European Automated Real-time Gross Settlement Express
Transfer (TARGET or TARGET2) system is not open. 
 Certain terms used in this Note which are defined in the Indenture have the meanings set
forth therein. 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT SOCIAL SECURITY NUMBER OR 
 OTHER IDENTIFYING
NUMBER OF ASSIGNEE 
  
  

(Name and address of Assignee, including zip code, must be printed or typewritten) 
  

 
  

 
 the within Note, and all rights thereunder, hereby
irrevocably, constituting and appointing 
  
  

 
  

Attorney to transfer the said Note on the books of Philip Morris International Inc. with full power of substitution in the premises. 

Dated:                  

 

			
		  	  

			
		  	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration or enlargement or any change whatsoever.EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
 ADMINISTRATIVE SERVICES
AGREEMENT 
 dated as of July 31, 2019 

among 
 CIO ADMINISTRATIVE
SERVICES, LLC 
 and 
 CLARITY
REAL ESTATE III GP, LIMITED PARTNERSHIP 
 and 

CLARITY REAL ESTATE VENTURES GP, LIMITED PARTNERSHIP 
  

 

 TABLE OF CONTENTS 

Page 
  

							
	 ARTICLE I
	  	DEFINITIONS	  	 	1	 
			
	 Section 1.01
	  	Certain Defined Terms	  	 	1	 
			
	 ARTICLE II
	  	SERVICES AND DURATION	  	 	3	 
			
	 Section 2.01
	  	Services	  	 	3	 
			
	 Section 2.02
	  	Personnel	  	 	5	 
			
	 ARTICLE III
	  	OTHER ARRANGEMENTS AND ADDITIONAL AGREEMENTS	  	 	5	 
			
	 Section 3.01
	  	Cooperation	  	 	5	 
			
	 Section 3.02
	  	Service Following Term	  	 	5	 
			
	 Section 3.03
	  	REIT Investors	  	 	5	 
			
	 Section 3.04
	  	Acquisition Protocols	  	 	6	 
			
	 Section 3.05
	  	Marketing Materials	  	 	7	 
			
	 Section 3.06
	  	Disclaimer	  	 	7	 
			
	 Section 3.07
	  	Notification of Disposition of Fund Properties	  	 	7	 
			
	 Section 3.08
	  	Mandatory Notification	  	 	8	 
			
	 Section 3.09
	  	Non-Solicitation of Employees	  	 	8	 
			
	 ARTICLE IV
	  	FEES, TAXES	  	 	8	 
			
	 Section 4.01
	  	Fees	  	 	8	 
			
	 Section 4.02
	  	Clarity Fund GP Fees	  	 	8	 
			
	 Section 4.03
	  	Clarity Ventures GP Fees	  	 	9	 
			
	 Section 4.04
	  	Taxes	  	 	9	 
			
	 Section 4.05
	  	No Right to Set-Off	  	 	9	 
			
	 Section 4.06
	  	Minimum Annual Fees	  	 	9	 
			
	 ARTICLE V
	  	STANDARD FOR SERVICE	  	 	9	 
			
	 Section 5.01
	  	Standard for Service	  	 	9	 
			
	 Section 5.02
	  	Compliance with Laws and Regulations	  	 	10	 
			
	 ARTICLE VI
	  	LIMITATION OF LIABILITY AND INDEMNIFICATION	  	 	10	 
			
	 ARTICLE VII
	  	TERM AND TERMINATION	  	 	10	 
			
	 Section 7.01
	  	Term and Termination	  	 	10	 
			
	 Section 7.02
	  	Payments Upon Termination	  	 	11	 
			
	 ARTICLE VIII
	  	OTHER ACTIVITIES	  	 	12	 

  
 i 

							
	 ARTICLE IX
	  	GENERAL PROVISIONS	  	 	12	 
			
	 Section 9.01
	  	Subcontractors	  	 	12	 
			
	 Section 9.02
	  	Treatment of Confidential Information	  	 	13	 
			
	 Section 9.03
	  	Insurance	  	 	13	 
			
	 Section 9.04
	  	Further Assurances	  	 	14	 
			
	 Section 9.05
	  	Notices	  	 	14	 
			
	 Section 9.06
	  	Severability	  	 	15	 
			
	 Section 9.07
	  	Entire Agreement	  	 	15	 
			
	 Section 9.08
	  	No Third-Party Beneficiaries	  	 	15	 
			
	 Section 9.09
	  	Governing Law	  	 	15	 
			
	 Section 9.10
	  	Amendment	  	 	15	 
			
	 Section 9.11
	  	Rules of Construction	  	 	15	 
			
	 Section 9.12
	  	Counterparts	  	 	16	 
			
	 Section 9.13
	  	Assignability	  	 	16	 
			
	 Section 9.14
	  	Waiver of Jury Trial	  	 	16	 
			
	 Section 9.15
	  	Successors and Assigns	  	 	16	 
			
	 Section 9.16
	  	Expense Reimbursement	  	 	16	 

  

  
 ii 

 ADMINISTRATIVE SERVICES AGREEMENT 

This Administrative Services Agreement (this “Agreement”), dated as of July 31, 2019 is made by and among CIO
Administrative Services, LLC (“CIO”), Clarity Real Estate III GP, Limited Partnership (“Clarity Fund GP”) and Clarity Real Estate Ventures GP, Limited Partnership (“Clarity Ventures GP”). Clarity
Fund GP and Clarity Ventures GP are collectively referred to herein as “Clarity”. Clarity and CIO are collectively referred to herein as the “Parties.” 

RECITALS 
 WHEREAS,
CIO is a special purpose subsidiary of City Office REIT, Inc. (“REIT”), formed to provide real estate asset management and advisory services to Clarity; and 

WHEREAS, Clarity Fund GP serves as the sole general partner of Clarity Real Estate III, Limited Partnership, a Delaware limited partnership
(the “Fund”), a committed private equity fund; and 
 WHEREAS, Clarity Ventures GP serves as the sole general partner of
Clarity Real Estate Ventures, Limited Partnership, a Delaware limited partnership (the “Ventures”), a vehicle which will pursue programmatic joint venture investments; and 

WHEREAS, Clarity has requested that CIO provide certain administrative services to Clarity Fund GP and to Clarity Ventures GP on the terms and
conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained in this
Agreement, the Parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01 Certain Defined Terms. The following capitalized terms used in this Agreement shall have the meanings set forth
below: 
 “Affiliate” means (i) any Person directly, or indirectly controlling, controlled by, or under common control
with such other Person, (ii) any executive officer or general partner of such other Person, (iii) any member of the board of directors or board of managers (or bodies performing similar functions) of such Person, and (iv) any legal
entity for which such Person acts as an executive officer or general partner. 
 “Board of Directors” means the Board of
Directors of the REIT. 
 “Business Day” means any day, except a Saturday, a Sunday or a day on which banking institutions
in New York, New York are not required to be open. 
 “Change of Control” means, with respect to an entity, the direct or
indirect acquisition by any Person, or group of Persons, acting jointly or in concert, of voting control or direction over more than 50% of the votes attaching, collectively, to the outstanding voting interests of the entity. 

  
 1 

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Commencement Date” means the date of the initial closing for either the Fund or Ventures. 

“Committee” means the investment committee established by the Board of Directors consisting solely of Independent Directors.

 “Default” means (a) an Event of Default or (b) any event or condition which with notice or lapse of time or
both would, unless cured or waived, become an Event of Default. 
 “Governing Instruments” means, with regard to any
entity, the articles or certificate of incorporation and bylaws in the case of a corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles or
certificate of formation and the operating agreement in the case of a limited liability company, the trust instrument in the case of a trust, or similar governing documents, in each case as amended, restated or supplemented from time to time. 

“IC Chairman” means the Chairman of the Committee. 

“Independent Directors” means the independent members of the Board of Directors who are not officers or employees of the REIT
or any of its Affiliates, and who are otherwise determined by the Independent Directors to be “independent” in accordance with the REIT’s Governing Instruments and policies and, if applicable, the rules of any national securities
exchange any securities of the REIT are listed, from time to time. 
 “Management Fee” shall mean the sum of the following:
(i) the cash management fee payable by the Fund to Clarity Fund GP, as the general partner of the Fund, as calculated by the Fund’s Governing Instruments or other agreement (whether using a percentage charged to committed capital, net
invested capital or alternative measure), but it shall not include (a) any sums paid to Clarity Fund GP by the Fund which are intended to reimburse Clarity Fund GP or any officer or partner of Clarity Fund GP, for third party costs and expenses
incurred by Clarity Fund GP or such officers or partners of Clarity Fund GP, and (b) any carried interest payments or similar back-end promoted performance incentives received by Clarity Fund GP or any
officer or partner of Clarity Fund GP from the Fund, and (ii) the cash asset management fee payable by the Ventures to Clarity Ventures GP, as the general partner of the Ventures, as calculated by Venture’s Governing Instruments or other
agreement (whether using a percentage charged to committed capital, net invested capital or alternative measure to calculate such asset management fee), but it shall not include (a) any sums paid to Clarity Ventures GP by the Ventures which are
intended to reimburse Clarity Ventures GP or any officer or partner of Clarity Ventures GP, for third party costs and expenses incurred by Clarity Ventures GP or such officers or partners of Clarity Ventures GP, and (b) any performance
incentives received by Clarity Ventures GP or any officer or partner of Clarity Ventures GP from the Ventures. All Management Fees shall be payable in U.S. Dollars. 

“OP” means City Office REIT Operating Partnership, L.P. 

“Person” means any individual, corporation, partnership, joint venture, limited liability company, estate, trust,
unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

  
 2 

 “Suitable Property” shall mean properties which consist of
(x) developed commercial real estate properties (i) where at least eight-five (85%) percent of the net rentable area is allocated for office use, (ii) that have leases in place for at least eighty-five (85%) percent of the net
rentable area of the building, and (iii) with leases that have, in the aggregate, a weighted average (based on square footage) of at least three (3) years remaining at the time of acquisition, or (y) any underdeveloped or unimproved
real property that is contiguous to a property owned by the REIT. 
 “Top-Up Fees”
means any additional cash fees elected to be paid by Clarity to CIO in excess of any Fees contemplated by Section 4.01 of this Agreement so as to satisfy the Minimum Annual Fee requirements of
Section 4.04. 
 ARTICLE II 

SERVICES AND DURATION 

Section 2.01 Services. Subject to the terms and conditions of this Agreement, beginning on the Commencement Date and continuing
during the Term (as defined in Article VII), CIO shall provide (or cause to be provided) to Clarity, as requested from time to time by Clarity, the services listed below (the “Services”): 

 

	 	(i)	 administrative record-keeping services and administrative assistance with the preparation of accounting
statements for Clarity the Fund, and Ventures; 

  

	 	(ii)	 administrative assistance with potential acquisitions, dispositions, capital raising and financings by either
the Fund and Ventures and their Affiliates, the terms of which shall be the sole responsibility of Clarity; 

  

	 	(iii)	 administering the day-to-day
operations of the Fund and Ventures, Clarity and the properties of the Fund and Ventures, including, but not limited to, the collection of revenues and payment of debts and obligations on behalf of Clarity, the Fund and Ventures and the third party
expenses, all of which debts and expenses shall be at Clarity’s or the Fund and Ventures’ sole cost and expense; 

  

	 	(iv)	 obtaining, upon Clarity’s request and at Clarity’s, the Fund’s or Ventures’ expense,
reports and statistical and economic research for the Fund and Ventures, its properties and prospective properties; 

  

	 	(v)	 administrative assistance, upon Clarity’s request and at Clarity’s, the Fund’s or Ventures’
expense, in qualifying the Fund and Ventures, Clarity and its Affiliates to do business in jurisdictions determined by Clarity; 

  
 3 

	 	(vi)	 administrative assistance with respect to regulatory compliance, risk management policies and any litigation
matters provided that responsibility for compliance with any such matters shall be the sole responsibility of Clarity Fund GP or Clarity Ventures GP, as the case may be; 

 

	 	(vii)	 administrative assistance to Clarity and the third party property managers of the properties owned by the Fund
and Ventures with regards to operating expenses, lease negotiation terms and capital expenditures; 

  

	 	(viii)	 subject to the provisions below, assist in the preparation of financial statements, the management of external
audit and review engagements, Fund and Ventures investor communications, and the preparation and filing of tax returns and distributions of applicable tax documents to Fund and Ventures investors and associated documentation, provided that Clarity
shall be solely responsible for all matters described in this paragraph (viii); and 

  

	 	(ix)	 administrative assistance with third-party communications; provided that no communications with third parties
shall be on REIT or CIO letterhead or include the REIT or CIO name or logo. 

 CIO’s provision of the Services at all
times shall be directed by and subject to the supervision of Clarity Fund GP or Clarity Ventures GP, as the case may be. CIO shall only perform such functions and with such authority as Clarity may specifically delegate to it, including the
functions and authority identified herein and delegated to CIO hereby. Notwithstanding anything in this Agreement or otherwise, Clarity, and not CIO or any personnel of the REIT or CIO (other than James Farrar and Gregory Tylee, in their personal
capacities as principals of Clarity and not in their capacities as directors, officers, employees or agents of the REIT or CIO), will make and be responsible for all certifications to investors in the Fund or Ventures, auditors, lenders, taxing
authorities or other third parties, all of which certifications shall be made solely by officers, employees or partners of Clarity or the Fund or Ventures solely in their capacity as such. Clarity Fund GP or Clarity Ventures GP, as the case may be,
will formally approve any and all budgets, schedules, acquisitions or dispositions, distributions to investors, financing or similar activities, financial statements, tax returns and associated documentation for which CIO may provide administrative
assistance or services as part of the Services hereunder. In addition, the Parties agree and acknowledge that although Messrs. Farrar and Tylee are employees and executive officers of the REIT, or a subsidiary of the REIT they also are officers,
employees and principals of Clarity, and that any and all decisions, consents, approvals or other activities or actions by such persons with respect to budgets, financial statements, acquisition or disposition activities, capital raising, investor
relations or any other activities with respect to Clarity Fund GP or Clarity Ventures GP, as the case may be, the Fund, the Ventures or their Affiliates, shall be in their capacity as an officer, principal or employee of Clarity Fund GP or Clarity
Ventures GP, as the case may be, and not in their capacity as an officer, director, employee or agent of CIO, the REIT or any of their Affiliates. CIO and its Affiliates shall have no liability or obligation to Clarity or the Fund or Ventures, their
partners or lenders or to any third party with respect thereto. 

  
 4 

 Section 2.02 Personnel. CIO will make available such appropriately qualified
personnel as it deems appropriate to provide the Services. In addition, CIO will permit, for the duration of the Fund and Ventures, Messrs. Farrar and Tylee to perform their duties as officers of Clarity Fund GP or Clarity Ventures GP. CIO, in its
sole reasonable discretion, may (i) designate the personnel to perform the Services, so long as such personnel will at all times be under the direct supervision of either Messrs. Farrar or Tylee, and (ii) remove and replace such personnel
at any time with personnel of similar qualifications and experience levels, if such action would not reasonably be expected to cause a material decrease in the level of Services. 

ARTICLE III 
 OTHER
ARRANGEMENTS AND ADDITIONAL AGREEMENTS 
 Section 3.01 Cooperation. The Parties will cooperate, acting in good faith and
using commercially reasonable efforts, to effect a smooth and orderly implementation of this Agreement; provided, however, that this Section 3.01 shall not require CIO to incur any out-of-pocket costs or expenses unless and except as expressly provided in this Agreement or otherwise agreed to in advance by a majority of the Independent Directors. 

Section 3.02 Service Following Term. In addition to the activities permitted by Article VIII, following expiration of the Term and
for the duration of the existence of the Fund and Ventures, CIO agrees that, consistent with the terms of their employment agreements with City Office Management Ltd., Messrs. Farrar and Tylee may continue to provide reasonable assistance to Clarity
Fund GP or Clarity Ventures GP and the Fund and Ventures, but only to the extent that such assistance does not interfere with their ability to perform and satisfy their respective employment obligations to the REIT or a subsidiary thereof, as
determined by the Independent Directors in their reasonable discretion consistently applied, but in all cases in compliance with the standards of care imposed by applicable Maryland law on directors of a Maryland corporation. Any such assistance
shall be for the sole benefit of Clarity and the Fund and Ventures and shall be performed only as requested by Clarity and the Fund and Ventures from time to time. Any such activities will be undertaken by Messrs. Farrar and Tylee in their
individual capacities as officers, principals, or employees of Clarity and the Fund and Ventures and not as an officer, director, employee or agent of CIO, the REIT or their Affiliates and CIO, the REIT, and their Affiliates shall have no liability
or obligation to Clarity or any third party for any such activities. 
 Section 3.03 REIT Investors. Without the prior consent
of a majority of Independent Directors, Clarity shall not solicit, entice or otherwise initiate communication with those holders of equity securities of the REIT which are known to hold in excess of one (1%) percent of all issued and outstanding
shares of the REIT (“REIT Investors”) for the purpose of seeking investments in the Fund. Notwithstanding the foregoing, it is understood that the use of general solicitations not directly targeted at REIT Investors shall not be
deemed a violation of this Section 3.03, nor shall this Section 3.03 prevent Clarity, the Fund and Ventures from communicating with any REIT Investor that is known as an active investor in private
funds or that proactively contacts Clarity on his, her or its own initiative without any direct solicitation by Clarity, the Fund or Ventures. 

  
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 Section 3.04 Acquisition Protocols. 

(a) Clarity, the Fund and Ventures each acknowledge and agree that they shall not acquire a Suitable Property, except in compliance with and as
may be permitted by the terms and conditions of this Section 3.04. In the event Clarity, the Fund or Ventures identifies for acquisition or investment a property that is a Suitable Property, Clarity shall notify the IC
Chairman of the REIT in writing (a “Notice”) regarding such acquisition opportunity, which Notice shall include a detailed description of the Suitable Property and the material terms and conditions of the proposed acquisition,
including purchase price. Upon request by the IC Chairman, Clarity will provide any and all additional information with respect to the acquisition in Clarity’s possession to the IC Chairman. The Committee, or the Independent Directors, acting
on behalf of the Board of Directors shall have a ten (10) Business Day period following receipt of the Notice and such information to review the information and consider whether to cause REIT or a subsidiary thereof to pursue the acquisition of
the Suitable Property. If the Committee or the Independent Directors elect to cause REIT or a subsidiary thereof to pursue the acquisition of the Suitable Property and notifies Clarity to that effect within the ten Business Day period, Clarity and
the Fund or Ventures shall deliver to REIT all reports, analyses and other information regarding the Suitable Property in their possession or control, shall discontinue all efforts to acquire the Suitable Property and will cooperate with REIT in the
pursuit and acquisition of the Suitable Property. 
 (b) If, within the ten Business Day period described in paragraph (a) above, the
Committee or the Independent Directors do not notify Clarity that they elect for the REIT or a subsidiary thereof to pursue the acquisition of the Suitable Property or otherwise expressly notify Clarity that the REIT will not pursue the acquisition
of the Suitable Property, or the Committee elects not to pursue the acquisition of a Suitable Property presented to it from any other source (each such Suitable Property which is rejected being a “Rejected Suitable Property”), then,
in that event, the Fund or Ventures and Clarity shall have the right to pursue the acquisition of such Rejected Suitable Property and thereafter consummate the purchase of the Rejected Suitable Property, subject in all events, to the conditions in
this Section 3.04(b). Clarity shall have the right to cause the Fund or Ventures to acquire the Rejected Suitable Property for a purchase price not less than 95% of the price set forth in the Notice or otherwise presented
to the Committee and on substantially the same terms and conditions set forth in the Notice or otherwise presented to the Committee. In the event that the purchase price for a Rejected Suitable Property presented to the Independent Directors in the
Notice or otherwise rejected by the Committee is subsequently reduced to an amount less than 95% of the purchase price set forth in the Notice or presented to the Committee, and/or other material terms of the acquisition are changed in favor of the
buyer, then Clarity shall so notify the IC Chairman in writing and the Committee shall have a period of five (5) Business Days from receipt of such notice from Clarity (or such lesser period as may be available, under the circumstances, from
the seller of the Rejected Suitable Property, as specified in such notice) to elect to cause REIT or a subsidiary thereof to acquire the Rejected Suitable Property at the reduced purchase price and/or on the adjusted terms and conditions. It is
agreed that the extension of time periods under any such agreement or the modification of the Seller’s non-material contractual obligations thereunder shall not constitute a material modification or
trigger Clarity’s obligation to present to the Committee the amended acquisition agreement for the Rejected Suitable Property. 

  
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 Section 3.05 Marketing Materials. Except as provided herein, neither Clarity nor
the Fund nor Ventures shall be permitted to utilize the name, logo or other information regarding CIO, the REIT or any Affiliate of the REIT in any materials used to solicit any investment in the Fund or Ventures for any purpose whatsoever other
than specifically describing the terms of this Agreement to potential investors in the Fund or Ventures or lenders that may be approached to provide financing to Clarity, the Fund, the Ventures or their Affiliates which description must be approved
within ten (10) Business Days by the Independent Directors or the Committee. In addition, the Independent Directors shall have the right to review and comment upon and approve within ten (10) Business Days any and all offering circulars,
private placement memoranda, marketing materials or comparable documentation relating to Clarity or the Fund or the Ventures prior to their use or dissemination. If, within ten (10) Business Day Period, the Independent Directors or the
Committee have not provided any comments to Clarity on any submission presented to the Independent Directors or the Committee pursuant to this Section 3.05, then, in that event, the materials so submitted by Clarity shall
be deemed approved for all purposes under this Section 3.05. The subscription documents for the Fund and Ventures shall clearly disclose to investors in the Fund and Ventures the waiver by the Fund and Ventures and Clarity
of any potential claims against CIO, the REIT and their Affiliates as contained herein relative to the Services. 
 Section 3.06
Disclaimer. Clarity shall include a disclaimer substantially similar to the following in any offering circular, private placement memorandum, marketing material or comparable document relating to the offer and sale of interests in the Fund:

 “INTERESTS IN THE [FUND OR THE VENTURES] ARE NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY CITY OFFICE REIT, INC. (“CITY
OFFICE”). THIS OFFERING IS CONDUCTED SOLELY BY [CLARITY/THE FUND/THE VENTURES] AND CITY OFFICE HAS NOT APPROVED ANY MATERIALS WITH RESPECT THERETO AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR MISSTATEMENTS HEREIN AND MAKES NO
WARRANTY, EXPRESS OR IMPLIED, AS TO ANY INFORMATION CONTAINED HEREIN OR OTHERWISE RELATING TO [CLARITY/THE FUND/THE VENTURES] OR OTHER DATA OR INFORMATION INCLUDED HEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL CITY OFFICE OR ANY
OF ITS AFFILIATES HAVE ANY LIABILITY WHATSOEVER, INCLUDING FOR ANY LOSS OF INVESTMENTS, LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.” 

Section 3.07 Notification of Disposition of Fund Properties. In further consideration of the Services to be provided by CIO,
during the term hereof, Clarity agrees to provide written notice to the Independent Directors or the Committee in the event the Fund or Ventures elect to market for sale a property owned by the Fund, and/or the Ventures. The terms of this
Section 3.07 only obligate Clarity to provide written notice to the IC Chairman in accordance with the terms of this Section 3.07 and, except as expressly provided in this Section, do not vest in CIO any right to approve or right to
purchase the property so identified. The notification from Clarity shall include a detailed description of the property and other information which would typically be made available to potential buyers. The Fund and Ventures agree to reasonably
consider in good faith any expressions of interest which may be made by the REIT or CIO in connection with the REIT’s potential purchase of such properties. 

  
 7 

 Section 3.08 Mandatory Notification. Clarity agrees that it shall provide
written notice to the IC Chairman in the event the Fund or Ventures, or any of their affiliated entities, proposes to acquire any property. Such notice shall include a description of the property and a summary of material financial information with
respect to the property promptly following the Fund or Ventures being awarded the transaction and/or the execution of a definitive agreement, but in no event later than ten (10) days following the Fund or Venture’s purchase of the
property. It is agreed that the terms of this Section 3.08 only obligate the Fund or Ventures to provide written notice to the IC Chairman in accordance with the terms hereof and do not vest in CIO or the REIT any right to
approve or participate in such purchase that are not otherwise expressly provided to CIO or the REIT in other provisions of this Agreement. 

Section 3.09 Non-Solicitation of Employees. Clarity agrees that during the term of this
Agreement and for a period of twelve (12) months following the termination of this Agreement, neither Clarity nor the Fund nor Ventures shall directly or indirectly solicit the employment of, or hire any individual who is an employee of CIO,
the REIT, or any of their Affiliates. The foregoing restriction, however, shall not apply to employees of CIO who have provided accounting services to Clarity and/or the Fund or Ventures pursuant to this Agreement, or to employees of CIO, the REIT
or their Affiliates and who would otherwise be terminated by CIO, the REIT or their Affiliates as a result of the termination of this Agreement or a Change of Control of CIO and/or the REIT. 

ARTICLE IV 
 FEES, TAXES

 Section 4.01 Fees. The cash fees payable by Clarity to CIO for the Services under this Agreement
(“Fees”) shall commence on the Commencement Date and continue during the term. Payments of fees shall be made in arrears on the first day of the first calendar quarter following the Commencement Date and the first business day of
each calendar quarter thereafter and shall be based on the Management Fees paid to the Clarity Fund GP (as calculated in Section 4.02 below) plus the Management Fees paid to Clarity Ventures GP (as calculated in Section 4.03 below) during
the calendar quarter then ended. 
 Section 4.02 Clarity Fund GP Fees. The Fees payable by Clarity Fund GP shall be as follows:

  

	 	(i)	 100% of the Management Fee paid to Clarity Fund GP by the Fund under the Governance Documents of the Fund up to
the first $500,000.00 of such Management Fee, then 

  

	 	(ii)	 25% of the Management Fee paid to Clarity Fund GP by the Fund under the Governance Documents of the Fund until
each of Clarity and CIO have received equal amounts of the aggregate Management Fees paid by the Fund, then 

  
 8 

	 	(iii)	 50% of the Management Fee paid to Clarity Fund GP by the Fund under the Governance Documents of the Fund.

 Section 4.03 Clarity Ventures GP Fees. The Fees payable by Clarity Ventures GP shall be as follows: 

 

	 	(i)	 50% of the Management Fee paid to Clarity Ventures GP by the Ventures under the Governance Documents of the
Ventures during the calendar quarter then ended. 

 Section 4.04 Taxes. Without limiting any provisions of
this Agreement, Clarity Fund GP and Clarity Venture GP shall each pay any sales, use and other similar taxes imposed on, or payable with respect to, any Services provided to it under this Agreement; provided, however, that Clarity
shall not pay, or be responsible for, any applicable income, franchise or gross receipts taxes imposed on, or payable with respect to, the income derived by CIO from providing the Services to Clarity. 

Section 4.05 No Right to Set-Off. Each of Clarity Fund GP and Clarity Ventures GP shall
pay the full Fee amount owed by them to CIO pursuant to the terms of this Agreement and shall not set-off, counterclaim or otherwise withhold any Fee owed to CIO under this Agreement on account of any
obligation claimed or owed by CIO to Clarity that has not been finally adjudicated, settled or otherwise agreed upon by the Parties in writing. 

Section 4.06 Minimum Annual Fees. Notwithstanding anything contained herein to the contrary, commencing with the first full
calendar year following the first closing of the Fund and for each calendar year thereafter during the Term hereof, the minimum annual fees payable by Clarity to CIO for the Services shall be $250,000 per calendar year (“Minimum Annual
Fee”), failing which CIO shall have the right to terminate this Agreement pursuant to and in accordance with Section 7.01(b)(v). Any election to terminate this Agreement by CIO due to the failure to satisfy the
Minimum Annual Fee requirements in any calendar year must be made by CIO within thirty (30) days of the end of such calendar year and otherwise be in accordance with Section 7.01(b)(v) provided however, Clarity shall
have the right, at their discretion, to pay to CIO a Top-Up Fee so as to satisfy the Minimum Annual Fee requirements of this Section 4.04 for the calendar year then ending. The Top-Up Fee shall be in an amount equal to the positive difference between the amount of Fees paid during such calendar year and $250,000. The payment of the Top-Up Fee shall
be made, if at all, within thirty (30) days of Clarity’s receipt of written notice from CIO that the Fees paid in any such calendar year were less than $250,000. If such Top-Up Fee is paid timely,
Clarity shall have satisfied for such calendar year the Minimum Annual Fee requirement and upon such payment any right or election of CIO to terminate this Agreement pursuant to Section 7.01(b)(v) shall be null and void.

 ARTICLE V 

STANDARD FOR SERVICE 

Section 5.01 Standard for Service. CIO agrees (i) to perform the Services in a commercially reasonable manner; (ii) upon
receipt of written notice from Clarity identifying any outage, interruption or other failure of any Service, to respond to such outage, interruption or other failure of any Services in a commercially reasonable and prompt manner (the Parties
acknowledge that an outage, interruption or other failure of any Service shall not be deemed to be a breach of the provisions of this Section 5.01 so long as CIO complies with this clause (ii)). 

  
 9 

 Section 5.02 Compliance with Laws and Regulations. Each Party shall be
responsible for its own compliance with any and all laws applicable to it and its business. 
 ARTICLE VI 

LIMITATION OF LIABILITY AND INDEMNIFICATION 

CIO, the REIT and their Affiliates assume no responsibility under this Agreement or otherwise other than to render the Services specifically
set forth in this Agreement and shall not be responsible for any action or inaction of Clarity, the Fund, the Ventures or their Affiliates with respect to the business operations, assets and properties of Clarity, the Fund, the Ventures or their
Affiliates. None of CIO, the REIT, the OP, or any of their respective officers, directors, members, employees, managers and personnel, any Person controlling or controlled by CIO or any such Person’s directors, officers, stockholders, members,
advisors, personnel and directors, or any Person providing sub-advisory services to CIO will be liable hereunder to Clarity, the Fund, the Ventures or any subsidiary or Affiliate thereof, to the board of
directors of Clarity, the Fund, the Ventures or their Affiliates or any stockholders, investors, members, employees, partners, lenders or regulators of Clarity, the Fund, the Ventures or their Affiliates for any acts or omissions by any such Person,
pursuant to or in accordance with this Agreement or otherwise. Clarity Fund GP and the Fund and Clarity Ventures GP and Ventures , as the case may be, shall reimburse, indemnify and hold harmless CIO, the REIT, the OP and any of their respective
officers, stockholders, directors, members, employees and personnel, any Person controlling or controlled by CIO, the REIT or the OP (each, a “CIO Indemnified Party”), harmless of and from any and all expenses, losses, damages,
liabilities, demands, charges and claims of any nature whatsoever (including, upon request, reasonable attorneys’ fees) in respect of or arising from any acts or omissions of such CIO Indemnified Party performed in good faith hereunder and in
all events in connection with any claims by investors arising from the offering of interests in Clarity or the Fund or Ventures and any and all other direct claims by investors in the Fund or Ventures. The provisions of this Article VI shall survive
the expiration or earlier termination of this Agreement. 
 ARTICLE VII 

TERM AND TERMINATION 

Section 7.01 Term and Termination. 

(a) This Agreement shall become effective on the Commencement Date and shall remain in effect until terminated pursuant to this Article VII
(the “Term”). 
 (b) CIO shall have the right to terminate this Agreement by providing thirty (30) days written notice
to Clarity upon the occurrence of any of the following events: 
  

	 	(i)	 Clarity fails to pay or perform its obligations hereunder and such failure continues for more than thirty
(30) days following Clarity’s receipt of written notice of such default; 

  
 10 

	 	(ii)	 James Farrar and Greg Tylee both cease to be an executive officer of the REIT; 

 

	 	(iii)	 a Change of Control of the REIT has occurred; 

 

	 	(iv)	 (A) a Change of Control of both Clarity Fund GP and Clarity Ventures GP has occurred such that neither is
controlled by James Farrar or Gregory Tylee or (B) James Farrar and Gregory Tylee both cease to be affiliated with Clarity the Fund and Ventures; or 

  

	 	(v)	 subject to Section 4.04, the annual Fees payable to CIO hereunder in any calendar
year, inclusive of any Top-Up Fees, are less than the Minimum Annual Fee. 

 (c)
Clarity shall have the right to terminate this Agreement by providing ninety (90) days advance written notice to CIO upon the occurrence of any of the following events: 
  

	 	(i)	 a Change of Control of the REIT has occurred or the REIT has entered into a binding agreement which
contemplates a Change in Control; 

  

	 	(ii)	 James Farrar and Greg Tylee both cease to be executive officers of the REIT for any reason other than Cause (as
defined in their respective employment agreements); or 

  

	 	(iii)	 CIO is not providing the Services required hereunder in a commercially reasonable manner and such failure
continues for more than thirty (30) days following written notice. 

 (d) Notwithstanding the foregoing, the REIT may
terminate this Agreement at any time, if in the sole judgment of the Independent Directors, doing so is reasonably necessary or desirable to preserve the REIT’s qualification as a real estate investment trust (as defined in the Code). 

Section 7.02 Payments Upon Termination. 

(a) Upon termination, any unpaid Fees applicable to the period prior to termination shall be paid by Clarity to CIO and any prepaid Fees, if
any, applicable to the period after the Termination Date shall be refunded by CIO to Clarity, in each case based on the number of days expired or remaining in the applicable period. 

(b) Upon termination by CIO pursuant to Section 7.01(b)(i) or (ii), Clarity shall reimburse CIO for all directly
related costs incurred by CIO as a result of the termination of this Agreement (but not related to any other business), including, without limitation, employee severance costs incurred as a direct result of the reduction in the personnel
requirements of CIO directly attributed to termination of this Agreement (by way of example and without limitation, severance costs related to personnel hired by CIO to perform the Services), contract termination costs and related costs hereunder
(collectively, “Special Termination Reimbursements”). 

  
 11 

 (c) Upon termination by CIO pursuant to Section 7.01(b)(iv) as a
result of a sale of Clarity Fund GP (or the Fund) or sale of Clarity Ventures GP (or Ventures), the entity sold shall pay to CIO an additional sum equal to the lesser of (i) the Fees payable to CIO by Clarity Fund GP and Clarity Ventures GP ,
as the case may be, during the twelve calendar months preceding the date of termination, and (ii) twenty percent (20%) of the net sales price of such sale. 

(d) Upon termination by Clarity pursuant to Section 7.01(c)(ii), Clarity Fund GP and Clarity Fund GP shall each pay
to CIO (i) an additional sum equal to the Fees payable to CIO by Clarity Fund GP and Clarity Fund GP during the six calendar months preceding the date of termination, and (ii) a proportionate share of the Special Termination
Reimbursements.  
 (e) Any demand for payment of Special Termination Reimbursements contemplated by
Section 7.02(b) or Section 7.02(d) shall be delivered to Clarity by CIO in writing within thirty (30) days after the effective date of such Termination (time being of the essence), such notice
to contain a detailed description of all such Special Termination Reimbursements. 
 ARTICLE VIII 

OTHER ACTIVITIES 
 During
the Term and subject to the terms of their respective employment contracts and this Agreement, in the event James Farrar and Gregory Tylee propose to participate in the formation of new real estate investment funds sponsored by Clarity, the Fund,
the Ventures and their affiliates, the approval of the Independent Directors will be required prior to any such participation, with such approval not to be unreasonably withheld. With respect to any such new real estate investment funds sponsored by
Clarity, the Fund, the Ventures and their affiliates, Messrs. Farrar and Tylee will act only in their individual capacities as officers, employees and principals of Clarity, or such newly formed entities, and not as officers, directors, employees or
agents of CIO, the REIT or their Affiliates. CIO, the REIT and their Affiliates shall not have any liability to any Person in connection with such activities. Clarity agrees to indemnify CIO, the REIT and their Affiliates in accordance with Article
VI of this Agreement in connection with any such activities (other than disclosing their respective titles at CIO and the terms of this Agreement). 

ARTICLE IX 
 GENERAL
PROVISIONS 
 Section 9.01 Subcontractors. Subject to the approval of Clarity, which approval shall not be unreasonably
withheld, CIO may hire or engage one or more subcontractors to perform any or all of the Services; provided, that (i) CIO shall use the same degree of care in selecting any such subcontractor as it would if such contractor were being
retained to provide similar services to CIO, (ii) CIO shall in all cases remain primarily responsible for all of its obligations under this Agreement with respect to the scope of the Services, the standard for Services as set forth in
Article V and the Services provided to Clarity, and (iii) any such subcontractor will be supervised by either Mr. Farrar or Mr. Tylee. Notwithstanding the foregoing, (x) Clarity and its Affiliates shall have the right to
hire or engage any subcontractor directly and (y) if CIO does hire or engage any subcontractor to provide any Services hereunder, then, notwithstanding any provision of this Agreement to the contrary, the Fees payable by Clarity for the
provision of such Service performed by such subcontractor shall be only the amount actually paid to such subcontractor for providing such Service, without any additional charge or mark up. Clarity shall be responsible for paying directly any
accountants, lawyers, or other service providers performing services for Clarity or the Fund or Ventures whether engaged by Clarity or CIO. 

  
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 Section 9.02 Treatment of Confidential Information. 

(a) Subject to the terms of this Agreement, the Parties shall not, and shall cause their respective Affiliates and all other Persons providing
Services or having access to information of the other Party that is known to such Party as confidential or proprietary (“Confidential Information”) not to, disclose to any other Person or use, except for purposes of this Agreement,
any Confidential Information of the other Party; provided, however, that each Party may disclose Confidential Information of the other Party and to the extent permitted by applicable law: (i) to its Affiliates on a need-to-know basis in connection with the performance of such Party’s obligations under this Agreement; (ii) in any report, statement, testimony or other submission
required to be made to any Governmental Authority having jurisdiction over the disclosing Party; or (iii) in order to comply with applicable law or regulation, or in response to any summons, subpoena or other legal process or formal or informal
investigative demand issued to the disclosing Party in the course of any litigation, investigation or administrative proceeding. In the event that a Party becomes legally compelled (based on advice of counsel) by deposition, interrogatory, request
for documents, subpoena, civil investigative demand or similar judicial or administrative process to disclose any Confidential Information of the other Party, such disclosing Party shall provide the other Party with prompt prior written notice of
such requirement, and, to the extent reasonably practicable and legally permissible, cooperate with the other Party (at such other Party’s expense) to obtain a protective order or similar remedy to cause such Confidential Information not to be
disclosed, including interposing all available objections thereto, such as objections based on settlement privilege. In the event that such protective order or other similar remedy is not obtained, the disclosing Party shall furnish only that
portion of the Confidential Information that has been legally compelled, and shall exercise its commercially reasonable efforts (at such other Party’s expense) to obtain assurance that confidential treatment will be accorded such Confidential
Information. 
 (b) Each Party shall, and shall cause its Affiliates to protect the Confidential Information of the other Party by using the
same degree of care to prevent the unauthorized disclosure of such as the Party uses to protect its own confidential information of a like nature but in any event not less than reasonable means. 

(c) Each Party shall cause its Affiliates to agree to be bound by the same restrictions on use and disclosure of Confidential Information as
are binding upon such Party in advance of the disclosure of any such Confidential Information to them. 
 (d) Each Party shall comply with
all applicable state, federal and foreign privacy and data protection laws that are or that may in the future be applicable to the provision of Services under this Agreement. 

Section 9.03 Insurance. Clarity or the Fund or the Ventures shall at all times during the Term maintain (or reimburse CIO for
maintaining) an Asset Management Liability Policy (“AMLP”) which includes blended D&O and Errors and Omissions insurance covering CIO’s Services hereunder in an initial amount not less than $2,000,000.00 which policy shall
be endorsed to name REIT as an additional insured. CIO shall have the right to review annually the coverage thresholds in the AMLP and to require such coverages be increased as may be reasonably required by the REIT. 

  
 13 

 Section 9.04 Further Assurances. Each Party covenants and agrees that, without
any additional consideration, it shall execute and deliver any further legal instruments and perform any acts that are or may become necessary to effectuate this Agreement. 

Section 9.05 Notices. All notices, requests, claims, demands and other communications under this Agreement shall be in writing and
shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile or electronic transmission with receipt confirmed (followed by delivery of an original via
overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in
accordance with this Section 9.05): 
  

	 	(i)	 if to Clarity: 

James Farrar 
 5361 Brookside
Ave 
 West Vancouver, British Columbia V7W 1N2 

Canada 
 with a copy to: 

Gregory Tylee 
 3160 Canterbury
Drive 
 Surrey, British Columbia V3S 0X5 

Canada 
 with a copy to: 

Joseph M. Fazio, Esq. 
 Miller
Canfield Paddock and Stone, PLC 
 101 North Main St., Suite 700 

Ann Arbor, Michigan 40104 

Facsimile: 734-747-7147 

 

	 	(ii)	 if to CIO, REIT, the Independent Directors or the Committee: 

City Office REIT, Inc. 
 666
Burrard Street, Suite 3210 
 Vancouver, British Columbia V6C 2X8 

Canada 
 Attention: Chairman of
the Board 

  
 14 

 with a copy to: 

Hunton Andrews Kurth LLP 
 951
E. Byrd Street 
 Richmond, Virginia 23219 

Attention: David C. Wright, Esq. 

Facsimile: 804-343-4580 

Section 9.06 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
under any law or as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is
not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the greatest extent possible. 

Section 9.07 Entire Agreement. Except as otherwise expressly provided in this Agreement, this Agreement constitutes the entire
agreement of the Parties with respect to the subject matter of this Agreement and supersede all prior agreements and undertakings, both written and oral, between or on behalf of the Parties with respect to the subject matter of this Agreement,
including any prior term sheets or letters of intent. 
 Section 9.08 No Third-Party Beneficiaries. Except as provided in
Article VI with respect to CIO Indemnified Parties, this Agreement is for the sole benefit of the Parties and their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any
other Person, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 9.09 Governing Law. This Agreement (and any claims or disputes arising out of or related to this Agreement or to the
transactions contemplated by this Agreement or to the inducement of any Party to enter into this Agreement or the transactions contemplated by this Agreement, whether for breach of contract, tortious conduct or otherwise and whether predicated on
common law, statute or otherwise) shall in all respects be governed by, and construed in accordance with, the laws of the State of New York, including all matters of construction, validity and performance, in each case without reference to any
conflict of law rules that might lead to the application of the laws of any other jurisdiction. 
 Section 9.10 Amendment. No
provision of this Agreement may be amended, supplemented or modified except by a written instrument making specific reference to this Agreement signed by all the Parties. 

Section 9.11 Rules of Construction. Interpretation of this Agreement shall be governed by the following rules of construction:
(a) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires; (b) references to the terms Article, Section and paragraph are
references to the Articles, Sections and paragraphs of this Agreement unless otherwise specified; (c) references to “$” shall mean U.S. dollars; (d) the word “including” and words of similar import when used in

  
 15 

 
this Agreement shall mean “including without limitation,” unless otherwise specified; (e) the word “or” shall not be exclusive; (f) references to “written”
or “in writing” include in electronic form; (g) provisions shall apply, when appropriate, to successive events and transactions; (h) the headings contained in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement; (i) Clarity and CIO have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be
construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or burdening either Party by virtue of the authorship of any of the provisions in this Agreement or any interim drafts of this Agreement;
(j) a reference to any Person includes such Person’s successors and permitted assigns; (k) any reference to “days” means calendar days unless Business Days are expressly specified; and (l) when calculating the period of
time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded, and if the last day of such period is not a Business
Day, the period shall end on the next succeeding Business Day. 
 Section 9.12 Counterparts. This Agreement may be executed in
one or more counterparts, and by each Party in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile or portable document format (.pdf) shall be as effective as delivery of a manually executed counterpart of this Agreement. 

Section 9.13 Assignability. (a) This Agreement shall not be assigned by operation of law or otherwise without the prior
written consent of each of the Parties, except that CIO may assign all of its rights and obligations under this Agreement to an Affiliate; provided, that no such assignment shall release CIO from any liability or obligation under this
Agreement. 
 Section 9.14 Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT WAIVES TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTY TO THIS AGREEMENT HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE OTHER TRANSACTION AGREEMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.14. 

Section 9.15 Successors and Assigns. This Agreement will inure to the benefit of and be binding upon the Parties and their
respective successors and permitted assigns. 
 Section 9.16 Expense Reimbursement. All legal fees incurred by the REIT in
connection with the negotiation and preparation of this Agreement shall be reimbursed by James Farrar, Greg Tylee or Clarity within thirty (30) days of presentation of an invoice for same. 

[The remainder of this page is intentionally left blank.] 

  
 16 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the date first
written above by their respective duly authorized officers. 
  

					
	        	 	CIO:	 	
		 	CIO	 	Administrative Services, LLC, a Delaware limited liability company
			
		 	By:	 	City Office REIT Operating Partnership, L.P., a Maryland limited partnership, its sole member
			
		 	By:	 	City Office REIT, Inc., a Maryland corporation, its sole general partner
			
		 	By:	 	 /s/ John McLernon

		 	Name:	 	John McLernon
		 	Title:	 	Chairman of the Board of Directors
		
		 	CLARITY FUND GP:
		 	CLARITY REAL ESTATE III GP, LIMITED PARTNERSHIP, a Delaware limited partnership.
			
		 	By:	 	CLARITY GP III, INC., a Delaware corporation, its sole general partner.
			
		 	By:	 	 /s/ Greg Tylee

		 	Name:	 	Greg Tylee
		 	Title:	 	President
		
		 	CLARITY VENTURES GP:
		 	CLARITY REAL ESTATE VENTURES GP, LIMITED PARTNERSHIP, a Delaware limited partnership.
			
		 	By:	 	CLARITY REAL ESTATE GP CORP., a Delaware corporation, its sole general partner.
			
		 	By:	 	 /s/ Greg Tylee

		 	Name:	 	Greg Tylee
		 	Title:	 	President

  
 17 

 FUND: 

The undersigned has executed below to evidence its agreement and obligations pursuant to Article VI of this Agreement 

 

					
	        	 	CLARITY REAL ESTATE III, LIMITED PARTNERSHIP, a Delaware limited partnership.
			
		 	By:	 	CLARITY REAL ESTATE III GP, LIMITED PARTNERSHIP, a Delaware limited partnership, its sole general partner.
			
		 	By:	 	CLARITY GP III, INC., a Delaware corporation, its sole general partner.
			
		 	By:	 	 /s/ Greg Tylee

		 	Name:	 	Greg Tylee
		 	Title:	 	President

 VENTURES: 

The undersigned has executed below to evidence its agreement and obligations pursuant to Article VI of this Agreement 

 

					
	        	 	CLARITY REAL ESTATE VENTURES, LIMITED PARTNERSHIP, a Delaware limited partnership.
			
		 	By:	 	CLARITY REAL ESTATE VENTURES GP, LIMITED PARTNERSHIP, a Delaware limited partnership, its sole general partner.
			
		 	By:	 	CLARITY REAL ESTATE GP CORP., a Delaware corporation, its sole general partner.
			
		 	By:	 	 /s/ Greg Tylee

		 	Name:	 	Greg Tylee
		 	Title:	 	President

 Signature Page to Administrative Services Agreement 

  
 18

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