Document:

EX-10.5

 Exhibit 10.5 

AMENDMENT NO. 1 
 TO

 EXECUTIVE EMPLOYMENT AGREEMENT 

OF 
 CITY OFFICE REIT,
INC. 
 This Amendment No. 1 (the “Amendment”), dated as of July 31, 2019, to the Executive Employment
Agreement (the “Agreement”) between City Office Management Ltd. (the “Company”), a wholly-subsidiary of City Office REIT, Inc. (the “REIT”), and Mr. Anthony Maretic, as Chief Financial Officer,
Secretary and Treasurer of the REIT, dated as of February 1, 2018, is entered into by the Company pursuant to Section 17 of the Agreement. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the
Agreement. Unless otherwise indicated, all section references in this Amendment refer to sections of the Agreement. 
 WHEREAS, the Board of
Directors (the “Board”) of the REIT appointed a Special Committee of Independent Directors (the “Committee”) on May 2, 2018 to consider the terms and provisions of an administrative services agreement between
the REIT and the general partner of a new fund sponsored by certain of the Company’s executive officers; 
 WHEREAS, on August 1,
2018, after considering and discussing fully the REIT’s obligations under a proposed administrative services agreement between the REIT and the general partner of a new fund (the “ASA”) and the arrangements with respect to the
new fund, including conflicts of interest with respect thereto, the Committee approved the form, terms and provisions of the ASA; 

WHEREAS, on July 30, 2019, the Committee approved the form, terms and provisions of a revised draft of the ASA and authorized John
McLernon, Chairman of the Board, or John Sweet, an independent member of the Board, to execute the ASA on behalf of the REIT at such time as he deems advisable; 

WHEREAS, in connection with the execution of ASA, the Committee determined that it is advisable and in the best interest of the REIT that the
Agreement between the Company and Mr. Maretic, as Chief Financial Officer, Secretary and Treasurer, be amended as set forth below in order to clarify certain provisions of the Agreement; 

NOW, THEREFORE, for good and adequate consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and
Mr. Maretic hereby agree as follows: 
 1.01 Amendment of Agreement. The Agreement is hereby amended as follows: 

 

	 	(a)	 Section 15(b) is hereby amended and restated in its entirety as follows: 

The covenant against competition herein described shall apply until the termination of the Executive’s employment as provided herein and
until the earlier of (i) six months after such termination or (ii) a Change in Corporate Control (the “Restriction Period”). During the Restriction Period the Executive shall not, directly or indirectly, own, manage, control or
participate in the ownership, management, or control of, or be employed or 

 
engaged by or otherwise affiliated or associated with, in an executive, senior management, strategic or professional capacity, whether as an employee, employer, consultant, agent, principal,
partner, stockholder, corporate officer, director or in any other individual or representative capacity, that is similar to an engagement in an executive, senior management, strategic or professional capacity although otherwise named in any business
or venture engaged in the Business; provided, however, that, notwithstanding the foregoing, (i) the Executive may own or participate in the ownership of any entity which the Executive owned or managed or participated in the
ownership or management of prior to the Effective Date, which ownership, management or participation has been disclosed to the Board; (ii) the Executive may invest in securities of any entity, solely for investment purposes and without
participating in the business thereof, if (A) such securities are traded on any national securities exchange or the National Association of Securities Dealers, Inc. Automated Quotation System or equivalent
non-U.S. securities exchange, (B) the Executive is not a controlling person of, or a member of a group which controls, such entity and (C) the Executive does not, directly or indirectly, own two
percent (2%) or more of any class of securities of such entity; (iii) the Executive may own or participate in the ownership of Second City Capital Partners II, Limited Partnership, Second City Real Estate II, Limited Partnership, SC Principals
Limited Partnership, Clarity Real Estate III, Limited Partnership and Clarity Real Estate Ventures, Limited Partnership, as well as their respective general partners, related companies and future affiliated fund vehicles, which ownership, management
or participation has been disclosed to the Board; and (iv) the Executive may, directly or indirectly, invest in commercial real estate or other assets so long as they are not Suitable Properties (as defined in Section 15(a)), and the
Executive may own or participate in the ownership of Suitable Properties if such opportunity has been first provided to the Company and the Company has declined to acquire it in writing, providing that such ownership, management or participation has
been disclosed to the Board. Further, the covenant against competition described herein shall not apply to the Executive with respect to any business or venture that competes with a New Business to the extent that the Executive’s actions or
participation occurred before the Company became engaged in the New Business. 
 2.01 Services Agreement. The ASA shall be
deemed a “Services Agreement” for all purposes under Section 4 of the Agreement. 
 3.01 Counterparts. This Amendment
may be executed in counterparts, all of which together shall constitute an agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. 

4.01 Ratification. Except as expressly amended by this Amendment, the Agreement is in all respects ratified and confirmed and all of the
terms and conditions and provisions of the Agreement shall remain in full force and effect. 

  
 2 

 5.01 Applicable Law. This Amendment shall be construed in accordance with and
governed by the laws of the province of British Columbia, without regard to the principles of conflicts of law. 
 [Signature Pages
Follow.] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto execute this Amendment, to be effective as of the
date first set forth above. 
  

			
	CITY OFFICE MANAGEMENT LTD.
		
	By:	 	City Office REIT, Inc.
		
	By:	 	 /s/ John McLernon

	Name:	 	John McLernon
	Title:	 	Chairman of the Board of Directors
	
	 /s/ Anthony Maretic

	ANTHONY MARETIC

 [Signature Page to Amendment No. 1 to the Executive Employment Agreement of City
Office REIT, Inc.]Exhibit 10.1

 

THIS AMENDED AND RESTATED PROMISSORY NOTE (THIS “NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES
ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

AMENDED AND RESTATED PROMISSORY NOTE

 

	Principal Amount: Up to $400,000	Dated
as of January 24, 2022

 

FOR VALUE RECEIVED and subject to the terms and conditions
set forth herein, Lakeview Acquisition Corporation, a Delaware corporation (“Maker”), promises to pay to Lakeview Founder
Sponsor LLC, a Delaware limited liability company, or its registered assigns or successors in interest (collectively, “Payee”),
or order, the principal sum of Four Hundred Thousand Dollars ($400,000) or such lesser amount as shall have been advanced by Payee to
Maker and shall remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States of America,
on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available
funds or as otherwise determined by Maker to such account as Payee may from time to time designate by written notice in accordance with
the provisions of this Note.

 

1.            Principal.
The entire unpaid principal balance of this Note shall be due and payable in full on the earlier of: (i) March 31, 2022, and
(ii) the date on which Maker consummates an initial public offering of its securities (such earlier date of (i) and (ii), the
 “Maturity Date”), unless accelerated upon the occurrence of an Event of Default (as defined below). The principal balance
may be prepaid at any time by Maker, at its election and without penalty. Under no circumstances shall any individual, including but not
limited to any officer, director, employee or shareholder of Maker, be obligated personally for any obligations or liabilities of Maker
hereunder.

 

2.            Drawdown
Requests. Maker and Payee agree that Maker may request, from time to time, up to Four Hundred Thousand Dollars ($400,000) in draw
downs under this Note to be used for costs and expenses related to Maker’s proposed initial public offering of its securities (the
 “IPO”), including its formation. The principal of this Note may be drawn down from time to time prior to the Maturity
Date upon request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to
be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee shall fund
each Drawdown Request no later than three (3) business days after receipt of a Drawdown Request; provided, however,
that the maximum amount of drawdowns outstanding under this Note at any time may not exceed Four Hundred Thousand Dollars ($400,000).
No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

 

3.            Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

4.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this
Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to
the reduction of the unpaid principal balance of this Note.

 

    

     

    

 

5.            Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)            Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note on the Maturity Date.

 

(b)            Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for
the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.

 

(c)            Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an
involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days.

 

6.            Remedies.

 

(a)            Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this
Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)            Upon
the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on
the part of Payee.

 

7.            Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or
personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that
may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such
writ in whole or in part in any order desired by Payee.

 

8.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall
not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee,
and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment
or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without
notice to Maker or affecting Maker’s liability hereunder.

 

    2

     

    

 

9.            Notices.
All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service to the address designated in writing, (ii) by
facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such
party or (iii) by electronic mail (including .pdf), to the electronic mail address most recently provided to such party or such other
electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed
to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if
sent by facsimile or electronic mail, one (1) business day after delivery to an overnight courier service or five (5) days after
mailing if sent by mail.

 

10.            Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK.

 

11.            Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

12.            Trust
Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any and all right, title, interest or claim of any kind
(“Claim”) in or to any distribution of or from the trust account to be established in which proceeds of the IPO (including
the deferred underwriting discounts and commissions) and proceeds of the sale of the warrants issued in a private placement to occur in
connection with the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with
the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the trust account for any reason whatsoever.

 

13.            Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of Maker and Payee.

 

14.            Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law
or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall
be void.

 

[Signature Page Follows]

 

    3

     

    

 

IN WITNESS WHEREOF, Maker, intending to be
legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

  

	 	LAKEVIEW ACQUISITION CORPORATION
	 	 
	 	 	 
	 	By:	/s/ Jeffrey Hayman
		 	Name:	Jeffrey Hayman
		 	Title:	Chief Executive Officer

 

Agreed and Acknowledged:

 

LAKEVIEW FOUNDER SPONSOR LLC

 

	 	By:	/s/ Jeffrey Hayman	 
	 	 	Name: 	Jeffrey Hayman	 
	 	 	Title:	 Chief Executive Officer	 

 

[Signature Page to Promissory
Note]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]