Document:

Form of Contribution Agreement

 Exhibit 10.5 

CONTRIBUTION AGREEMENT 

DATED AS OF [            ], 2014 

BY AND AMONG 
 CITY
OFFICE REIT OPERATING PARTNERSHIP, L.P., 
 a Maryland limited partnership, 

CITY OFFICE REIT, INC. 

a Maryland corporation, 

CIO OP LIMITED PARTNERSHIP, 

a Delaware limited partnership, 

CIO REIT STOCK LIMITED PARTNERSHIP, 

a Delaware limited partnership, 

SECOND CITY CAPITAL PARTNERS II, LIMITED PARTNERSHIP, 

a Delaware limited partnership 

AND 
 SECOND CITY
GENERAL PARTNER II, L.P., 
 a Delaware limited partnership 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	CONTRIBUTION	  
			
	 Section 1.01.
	 	 CONTRIBUTION TRANSACTION
	  	 	8	  
	 Section 1.02.
	 	 CONSIDERATION
	  	 	8	  
	 Section 1.03.
	 	 FURTHER ACTION
	  	 	11	  
	 Section 1.04.
	 	 TREATMENT AS CONTRIBUTION
	  	 	12	  
	 Section 1.05.
	 	 CENTRAL FAIRWINDS EARN-OUT
	  	 	12	  
	 Section 1.06.
	 	 OP LEASE RESPONSIBILITY
	  	 	16	  
	
	ARTICLE II	  
	CLOSING	  
			
	 Section 2.01.
	 	 CONDITIONS PRECEDENT
	  	 	16	  
	 Section 2.02.
	 	 TIME AND PLACE
	  	 	19	  
	 Section 2.03.
	 	 CLOSING DELIVERABLES
	  	 	19	  
	 Section 2.04.
	 	 CLOSING COSTS
	  	 	20	  
	 Section 2.05.
	 	 TERM OF THE AGREEMENT
	  	 	20	  
	 Section 2.06.
	 	 EFFECT OF TERMINATION
	  	 	20	  
	 Section 2.07.
	 	 TAX WITHHOLDING
	  	 	20	  
	
	ARTICLE III	  
	REPRESENTATIONS AND WARRANTIES OF THE OPERATING PARTNERSHIP	  
			
	 Section 3.01.
	 	 ORGANIZATION; AUTHORITY
	  	 	20	  
	 Section 3.02.
	 	 DUE AUTHORIZATION
	  	 	21	  
	 Section 3.03.
	 	 CONSENTS AND APPROVALS
	  	 	21	  
	 Section 3.04.
	 	 NO VIOLATION
	  	 	21	  
	 Section 3.05.
	 	 VALIDITY OF OP UNITS
	  	 	21	  
	 Section 3.06.
	 	 VALIDITY OF REIT COMMON STOCK
	  	 	21	  
	 Section 3.07.
	 	 LITIGATION
	  	 	21	  
	 Section 3.08.
	 	 OP AGREEMENT
	  	 	21	  
	 Section 3.09.
	 	 LIMITED ACTIVITIES
	  	 	21	  
	 Section 3.10.
	 	 NO BROKER
	  	 	22	  
	 Section 3.11.
	 	 NO OTHER REPRESENTATIONS OR WARRANTIES
	  	 	22	  
	
	ARTICLE IV	  
	REPRESENTATIONS AND WARRANTIES OF THE CONTRIBUTORS	  
			
	 Section 4.01.
	 	 ORGANIZATION; AUTHORITY
	  	 	22	  
	 Section 4.02.
	 	 DUE AUTHORIZATION
	  	 	22	  
	 Section 4.03.
	 	 OWNERSHIP OF OWNERSHIP INTERESTS
	  	 	23	  
	 Section 4.04.
	 	 OWNERSHIP OF THE PROPERTIES
	  	 	23	  
	 Section 4.05.
	 	 CONSENTS AND APPROVALS
	  	 	25	  
	 Section 4.06.
	 	 NO VIOLATION
	  	 	25	  

  
 2 

							
	 Section 4.07.
	 	 NON-FOREIGN PERSON
	  	 	25	  
	 Section 4.08.
	 	 TAXES
	  	 	25	  
	 Section 4.09.
	 	 SOLVENCY
	  	 	25	  
	 Section 4.10.
	 	 LITIGATION
	  	 	25	  
	 Section 4.11.
	 	 COMPLIANCE WITH LAWS
	  	 	26	  
	 Section 4.12.
	 	 EMINENT DOMAIN
	  	 	26	  
	 Section 4.13.
	 	 LICENSES AND PERMITS
	  	 	26	  
	 Section 4.14.
	 	 ENVIRONMENTAL COMPLIANCE
	  	 	26	  
	 Section 4.15.
	 	 TANGIBLE PERSONAL PROPERTY
	  	 	27	  
	 Section 4.16.
	 	 ZONING
	  	 	27	  
	 Section 4.17.
	 	 INVESTMENT INTENT
	  	 	27	  
	 Section 4.18.
	 	 EXISTING LOANS
	  	 	28	  
	 Section 4.19.
	 	 FINANCIAL STATEMENTS
	  	 	28	  
	 Section 4.20.
	 	 INSURANCE
	  	 	28	  
	 Section 4.21.
	 	 EMPLOYEES
	  	 	28	  
	 Section 4.22.
	 	 NO BROKER
	  	 	28	  
	 Section 4.23.
	 	 NO OTHER REPRESENTATIONS OR WARRANTIES
	  	 	29	  
	
	ARTICLE V	  
	INDEMNIFICATION	  
			
	 Section 5.01.
	 	 INDEMNIFICATION
	  	 	29	  
	 Section 5.02.
	 	 EXCLUSIVE REMEDY
	  	 	32	  
	 Section 5.03.
	 	 TAX TREATMENT
	  	 	32	  
	
	ARTICLE VI	  
	COVENANTS AND OTHER AGREEMENTS	  
			
	 Section 6.01.
	 	 COVENANTS OF THE CONTRIBUTOR
	  	 	32	  
	 Section 6.02.
	 	 COMMERCIALLY REASONABLE EFFORTS BY THE OPERATING PARTNERSHIP AND EACH CONTRIBUTOR
	  	 	33	  
	 Section 6.03.
	 	 TAX AGREEMENT
	  	 	34	  
	
	ARTICLE VII	  
	WAIVERS AND CONSENTS	  
	
	ARTICLE VIII	  
	GENERAL PROVISIONS	  
			
	 Section 8.01.
	 	 NOTICES
	  	 	34	  
	 Section 8.02.
	 	 DEFINITIONS
	  	 	35	  
	 Section 8.03.
	 	 COUNTERPARTS
	  	 	38	  
	 Section 8.04.
	 	 ENTIRE AGREEMENT; THIRD-PARTY BENEFICIARIES
	  	 	38	  
	 Section 8.05.
	 	 GOVERNING LAW
	  	 	38	  
	 Section 8.06.
	 	 ASSIGNMENT
	  	 	38	  
	 Section 8.07.
	 	 JURISDICTION
	  	 	38	  
	 Section 8.08.
	 	 SEVERABILITY
	  	 	39	  

  
 3 

							
	 Section 8.09.
	 	 RULES OF CONSTRUCTION
	  	 	39	  
	 Section 8.10.
	 	 EQUITABLE REMEDIES
	  	 	39	  
	 Section 8.11.
	 	 DESCRIPTIVE HEADINGS
	  	 	40	  
	 Section 8.12.
	 	 NO PERSONAL LIABILITY CONFERRED
	  	 	40	  
	 Section 8.13.
	 	 AMENDMENT; WAIVER
	  	 	40	  
	 Section 8.14.
	 	 SUPPLEMENT TO SCHEDULES
	  	 	40	  

  
 4 

 Defined Terms 
  

			
	 TERM
	  	 SECTION

	A&R OP Agreement	  	Section 1.02
	Advisory Agreement	  	Section 1.05
	Affiliate	  	Section 8.02
	Agreement	  	Introduction
	Assignment and Assumption Agreement	  	Section 2.03
	Base NOI Threshold	  	Section 1.05
	Business Day	  	Section 8.02
	CERCLA	  	Section 8.02
	Claw-back Amount	  	Section 1.05
	Closing	  	Section 2.02
	Closing Date	  	Section 2.02
	Closing Date Net Working Capital	  	Section 1.02
	Code	  	Section 8.02
	Contribution Transactions	  	Exhibit C
	Contributor	  	 Introduction

	Contributor Indemnified Party	  	Section 5.01
	Determination Materials	  	Section 1.02
	Earn-Out Payment	  	Section 1.05
	Earn-Out Payment Date	  	Section 1.05
	Earn-Out Term	  	Section 1.05
	Earn-Out Threshold	  	Section 1.05
	Earn-Out NOI	  	Section 1.05
	Eligible New Lease	  	Section 1.05
	Environmental Laws	  	Section 8.02
	Environmental Permits	  	Section 8.02
	Existing Leases	  	Section 1.05
	Existing Loan Document	  	Section 4.18
	Existing Loans	  	Section 4.18
	Final Earn-Out Payment	  	Section 1.05
	Final Resolution Date	  	Section 1.02
	Financial Statements	  	Section 4.19
	Formation Transactions	  	Recitals
	Formation Transaction Documents	  	Section 8.02
	Fund Material Adverse Effect	  	Section 2.01
	GAAP	  	Section 8.02
	Gibralt	  	Section 2.01
	Governmental Authority	  	Section 8.02
	Guggenheim Financing	  	Section 8.02
	Hazardous Materials	  	Section 8.02
	Income Test	  	Section 1.05
	Indemnified Party	  	Article V
	Indemnifying Party	  	Article V
	Independent Accounting Firm	  	Section 1.02
	Initial Property Assets	  	Section 4.08
	Initial Property Owner	  	Recitals
	Initial Public Offering	  	Recitals
	Law	  	Section 8.02
	Leases	  	Section 4.04

  
 5 

			
	Liens	  	Section 8.02
	Losses	  	Article V
	Minority Interest Consideration	  	Section 1.02
	Minority Partners	  	Section 2.01
	Minority Partner Interests	  	Recitals
	net operating income	  	Section 1.05
	Natixis	  	Section 8.02
	Natixis Guaranty	  	Section 8.02
	Natixis Loan Agreement	  	Section 8.02
	Net Working Capital	  	Section 1.02
	Objection Notice	  	Section 1.02
	Occupancy	  	Section 1.05
	Offering Price	  	Recitals
	OP Indemnified Party	  	Section 5.01
	OP Material Adverse Effect	  	Section 8.02
	OP Units	  	Recitals
	Operating Partnership	  	Introduction
	Operating Partnership Agreement	  	Section 1.05
	Order	  	Section 8.02
	Outside Date	  	Section 2.06
	Ownership Interests	  	Recitals
	Party	  	Introduction
	Permitted Lien	  	Section 8.02
	Person	  	Section 8.02
	Post-Closing Period	  	Section 1.02
	Properties	  	Recitals
	Reimbursable Leases	  	Section 1.02
	REIT	  	Introduction
	REIT Common Stock	  	Section 8.02
	Release	  	Section 8.02
	SCGP	  	Introduction
	SCGP Consideration	  	Section 1.02
	Schedule Supplement	  	Section 8.14
	SCLP	  	Introduction
	SCLP Consideration	  	Section 1.02
	Securities Act	  	Section 8.02
	Solvent	  	Section 4.09
	Sub 1	  	Introduction
	Sub 1 Consideration	  	Section 1.02
	Sub 1 Ownership Interests	  	Section 1.02
	Sub 2	  	Introduction
	Sub 2 Consideration	  	Section 1.02
	Sub 2 Ownership Interests	  	Section 1.02
	Subsidiary	  	Section 8.02
	Tax	  	Section 8.02
	Tax Return	  	Section 8.02
	Third Party Claims	  	Article V
	Total Consideration	  	Section 1.02
	Qualifying Change of Control	  	Section 1.05
	Year 1	  	Section 1.05
	Year 1 Threshold	  	Section 1.05
	Year 2	  	Section 1.05
	Year 2 Threshold	  	Section 1.05
	Year 3	  	Section 1.05
	Year 3 Threshold	  	Section 1.05
	Year 4	  	Section 1.05
	Year 4 Threshold	  	Section 1.05
	Year 5	  	Section 1.05

  
 6 

 CONTRIBUTION AGREEMENT 

THIS CONTRIBUTION AGREEMENT is made and entered into as of [            ], 2014
(this “Agreement”), by and among City Office REIT Operating Partnership, L.P., a Maryland limited partnership (the “Operating Partnership”), City Office REIT, Inc., a Maryland corporation (the
“REIT”), CIO REIT Stock Limited Partnership, a Delaware limited partnership (“Sub 1”), CIO OP Limited Partnership, a Delaware limited partnership (“Sub 2”), Second City Capital Partners II, Limited
Partnership, a Delaware limited partnership (“SCLP”) and Second City General Partner II, Limited Partnership, a Delaware limited partnership (“SCGP”) (each of Sub 1, Sub 2, SCLP and SCGP, a
“Contributor,” and collectively, the “Contributors”). Each of the Contributors, the REIT and the Operating Partnership is sometimes referred to herein individually as a “Party” and collectively as
the “Parties.” 
 RECITALS 

WHEREAS, the REIT, as sole general partner of the Operating Partnership, desires to consolidate the ownership of a portfolio of properties
identified on Exhibit A (each a “Property” and, collectively, the “Properties”) through a series of transactions whereby the Operating Partnership will, through a series of contributions, acquire all of the
interests held by the Contributors in each entity identified as an initial property owner on such exhibit (each, an “Initial Property Owner,” and collectively, the “Initial Property Owners”), which owns or holds,
directly or indirectly, fee simple or leasehold interests in the Properties; 
 WHEREAS, SCLP owns the Minority Partner Interests (as
hereinafter defined) in each Initial Property Owner, as set forth on Exhibit B; 
 WHEREAS, SCGP owns 100% of the issued and
outstanding equity securities in each entity set forth on Exhibit B (collectively, the “GP Holder Stock”) as the holder of a general partner interest in an Initial Property Owner (each a “GP Interest Holder” and
collectively, the “GP Interest Holders”) 
 WHEREAS, the transactions contemplated by this Agreement and certain other
restructuring transactions to be completed prior to or on the Closing Date as set forth on Exhibit C (collectively, the “Formation Transactions”) are related to the proposed initial public offering (the “Initial
Public Offering”) of common stock (the “REIT Common Stock”) of the REIT; 
 WHEREAS, SCLP desires to, and the
Operating Partnership desires SCLP to, contribute to the Operating Partnership, all of SCLP’s right, title and interest in and to the Minority Partner Interests, free and clear of all Liens (except for Permitted Liens) including, without
limitation, all of its voting rights and interests in the capital, profits and losses of each Initial Property Owner in which it holds a Minority Partner Interest or any property distributable therefrom, constituting all of its interests in and to
each Initial Property Owner (such rights, title and interests in and to each Initial Property Owner are collectively referred to as the “Minority Partner Interests”) on the terms and subject to the conditions set forth herein; 

WHEREAS, SCLP will transfer the Minority Partner Interests to the Operating Partnership in exchange for cash; 

WHEREAS, in order to facilitate the contribution of the balance of the Ownership Interests (as defined below) to the Operating Partnership,
(i) SCGP and SCLP have formed Sub 1 as a Delaware limited partnership, the sole general partner of which is SCGP with a 0.01% partnership interest as general partner, and the sole limited partner of which is SCLP with a 99.99% partnership interest
as limited partner and (ii) SCGP and SCLP have formed Sub 2 as a Delaware limited partnership, the sole general partner of which is SCGP with a 0.01% partnership interest as general partner and the sole limited partner of which is SCLP with a 99.99%
partnership interest as limited partner. 
 WHEREAS, SCLP shall contribute [    %] of the limited partner interest in
each Initial Property Owner (the “Initial Property Ownership Interests”) to Sub 1 (collectively, the “Sub 1 Ownership Interests”), and SCLP shall contribute [    %] of the Initial Property
Ownership Interests to Sub 2 (collectively, the “Sub 2 Ownership Interests”; the Sub 2 Ownership Interests, the Sub 1 Ownership Interests, the Minority Partner Interests and the GP Holder Stock being collectively referred to as the
“Ownership Interests”). 
 WHEREAS, Sub 1 desires to, and the REIT desires Sub 1 to, contribute the Sub 1 Ownership
Interests to the REIT, free and clear of all Liens (except for Permitted Liens) on the terms and subject to the conditions set forth herein; 

WHEREAS, Sub 1 will transfer the Sub 1 Ownership Interests to the REIT in exchange for REIT Common Stock; 

WHEREAS, Sub 2 desires to, and the Operating Partnership desires Sub 2 to, contribute the Sub 2 Ownership Interests to the Operating
Partnership, free and clear of all Liens (except for Permitted Liens) on the terms and subject to the conditions set forth herein; 

WHEREAS, Sub 2 will transfer the Sub 2 Ownership Interests to the Operating Partnership in exchange for units of limited partnership interest
(“OP Units”) in the Operating Partnership, with each OP Unit being equal to the Offering Price; 
 WHEREAS, SCGP desires
to, and the Operating Partnership desires SCGP to, contribute to the Operating Partnership, all of SCGP’s GP Holder Stock, free and clear of all Liens (except for Permitted Liens) on the terms and subject to the conditions set forth herein;

 WHEREAS, SCGP will transfer the GP Holder Stock to the Operating Partnership in exchange for OP Units; 

WHEREAS, pursuant to the Operating Partnership Agreement, the Operating Partnership has accepted the Sub 1 interests from the REIT in exchange
for OP Units; 
 WHEREAS, the parties have agreed to document the transfers of the Ownership Interests described above by directed transfers
from SCLP and SCGP to the Operating Partnership; and 
 WHEREAS, all necessary approvals have been obtained by the parties to this Agreement
to consummate the transactions contemplated herein and the other Formation Transactions. 
 NOW, THEREFORE, in consideration of the
foregoing and the representations, warranties, covenants and other terms contained in this Agreement, the parties hereto, intending to be legally bound hereby, agree as follows: 

  
 7 

 ARTICLE I 

CONTRIBUTION 
  

Section 1.01. CONTRIBUTION TRANSACTION. At the Closing and subject to the terms and conditions contained in this Agreement: 

(a) SCLP shall and does, effective as of the Closing, hereby assign, set over and transfer to the Operating Partnership,
absolutely and unconditionally and free and clear of all Liens, except for Permitted Liens, the Minority Partner Interests, in exchange for the consideration set forth in Section 1.02. 

(b) SCLP shall and does, effective as of the Closing, hereby assign, set over and transfer the Sub 1 Ownership Interests to Sub
1, and the Sub 2 Ownership Interests to Sub 2. 
 (c) Sub 1 shall and does, effective as of the Closing, hereby assign, set
over and transfer to the REIT, absolutely and unconditionally and free and clear of all Liens, except for Permitted Liens, the Sub 1 Ownership Interests, in exchange for the consideration set forth in Section 1.02. 

(d) Sub 2 shall and does, effective as of the Closing, hereby assign, set over and transfer to the Operating Partnership,
absolutely and unconditionally and free and clear of all Liens, except for Permitted Liens, the Sub 2 Ownership Interests, in exchange for the consideration set forth in Section 1.02. 

(e) SCGP shall and does, effective as of the Closing, hereby assign, set over and transfer to the Operating Partnership,
absolutely and unconditionally and free and clear of all Liens, except for Permitted Liens, all of SCGP’s right title and interest in and to the GP Holder Stock, in exchange for the consideration set forth in Section 1.02. 

(f) Pursuant to the Operating Partnership Agreement, the Operating Partnership has accepted the Sub 1 Ownership Interests from
the REIT in exchange for OP Units; 
 Section 1.02. CONSIDERATION. 

(a) Closing Date Consideration. At the Closing and subject to the terms and conditions contained in this
Agreement, the Operating Partnership or the REIT, as the case may be, shall: 
 (i) in exchange for the Minority
Partner Interests, the Operating Partnership shall issue to SCLP $[—], which amount is subject to adjustment as set forth in this Section 1.02 (the “Minority Interest
Consideration”); 
 (ii) in exchange for the Sub 1 Ownership Interests, the REIT shall issue to Sub 1
[    ] shares of REIT Common Stock (the “Sub 1 Consideration”); 
 (iii) in exchange for
the Sub 1 Ownership Interests, the Operating Partnership shall issue to the REIT [    ] OP Units (the “REIT Consideration”); 

(iv) in exchange for the Sub 2 Ownership Interests, the Operating Partnership shall issue to Sub 2 [    ]
OP Units (the “Sub 2 Consideration”); and 
 (v) in exchange for the GP Holder Stock, the Operating
Partnership shall issue to SCGP [    ] OP Units (the “SCGP Consideration” and together with the Minority Interest Consideration, the Sub 1 Consideration, the REIT Consideration and the Sub 2 Consideration,
collectively, the “Total Consideration”). 
 The transfer of OP Units to the Contributors and any subsequent transfers required of the
Contributors by the Formation Transactions shall be evidenced by an amendment and restatement of the Operating Partnership Agreement in the form attached as Exhibit D (the “A&R OP Agreement”). The Parties intend and
agree that, in determining the cash consideration due to SCLP, there shall be deducted therefrom an amount equal to the sum of (x) any rental payments attributable to the period from and after the Closing Date to the eighteen (18) month
anniversary of the Closing Date (the “Post-Closing Period”) which by the current terms of any applicable Lease at any of the Properties in effect as of January 15, 2014 (the “Reimbursable Leases”) are agreed to be abated and
treated as “free rent”, (y) any amounts required by the current terms of any such Reimbursable Lease to be paid by the landlord thereunder during the Post-Closing Period as a “tenant work allowance” or to undertake tenant
improvements and (z) any amounts necessary to satisfy redemption or buy-out obligations due as a result of the Formation Transactions or Initial Public Offering to the extent not paid by the applicable Initial Properties Owners on or before the
Closing. The Reimbursable Leases are set forth on Schedule 1.02(a) attached hereto. For the avoidance of doubt and by way of example and not of limitation, the approximately $1,000,000 tenant improvement allowance relating to a tenant at the Cherry
Creek Property listed on Exhibit A coming due in 2019 shall not be counted in determining such cash consideration. Each of Sub 1 and Sub 2 shall be deemed to bear a percentage of such adjustment to the Minority Interest Consideration in accordance
with their respective percentages of the Total Consideration. 
 (b) Post-Closing Adjustments. The Total Consideration
shall be adjusted after the Closing Date as follows: 
 (i) Within ninety (90) days following the Closing Date, the
Operating Partnership shall prepare and deliver to the Contributors a statement setting forth a calculation of the aggregate Net Working Capital of the Initial Property Owners and the Gibralt Initial Property Owner (as defined in the Gibralt
Contribution Agreement) as of 12:01 A.M., New York City time, on the Closing Date (the “Closing Date Net Working Capital”), which calculation shall be prepared in a manner consistent and using the same methodology with the most
recent available balance sheet attached hereto as, and any other adjustments shown on, Schedule 1.02(b), and, to the extent not inconsistent with said Schedule, in accordance with GAAP. For purposes of this Agreement “Net Working
Capital” as of any particular date shall be calculated by subtracting (x) the aggregate balances in the current liabilities accounts identified on Schedule 1.02(b)(i) as of such date from (y) the aggregate balances of
the current asset accounts listed on Schedule 1.02(b)(i) as of such date, in each case, determined in accordance with GAAP, subject to the modifications described on Schedule 1.02(b)(i). 

  
 8 

 (ii) The Operating Partnership shall comply with the Contributors’
reasonable requests for supporting documentation used in the preparation of the Closing Date Net Working Capital and to access the Initial Property Owners books and records pertaining thereto. Except as set forth below, the Closing Date Net Working
Capital shall be deemed to be and shall be final, binding and conclusive on the parties upon the earlier of (the “Final Resolution Date”): (a) the Contributors’ delivery of a written notice to the Operating Partnership of
its approval of the Closing Date Net Working Capital; (b) the failure of the Contributors to notify the Operating Partnership in writing in accordance with Section 1.02(b)(iii) of a dispute with the Closing Date Net Working Capital
(an “Objection Notice”); and (c) the resolution of all disputes, pursuant either to Section 1.02(b)(iv) or to Section 1.02(c), by the Independent Accounting Firm. 

(iii) If the Contributors disagree with the Closing Date Net Working Capital, the Contributors may, within thirty
(30) days of the delivery by the Operating Partnership of the Closing Date Net Working Capital and such supporting documentation as requested pursuant to Section 1.02(b)(ii), deliver an Objection Notice setting forth Contributor’s
calculation of the Closing Date Net Working Capital. Any such Objection Notice shall specify those individual line items in the Closing Date Calculations with which the Contributors disagree and the items, facts, amounts, calculations, or valuations
used to determine such line items. The Contributors shall be deemed to have agreed with all line items or amounts contained in the Closing Date Net Working Capital and all calculations, items, facts, amounts or valuations used in determining any
line item of the Closing Date Net Working Capital unless, and only to the extent, such items, facts, amounts, calculations or valuations are specifically and timely objected to in an Objection Notice. If the Contributors do not timely deliver an
Objection Notice, the Closing Date Net Working Capital determined by the Operating Partnership shall be binding and conclusive on the parties hereto. 

(iv) If the Contributors timely deliver an Objection Notice to the Operating Partnership in accordance with
Section 1.02(a)(iii), the Operating Partnership and the Contributors shall attempt in good faith to reconcile the parties’ differences, and any resolution by them as to any disputed amounts shall be final, binding and conclusive on
the parties. If the Operating Partnership and the Contributors are unable to reach a resolution within thirty (30) days after the delivery of the Objection Notice, the Operating Partnership and the Contributors shall submit their respective
determinations and calculations and the items remaining in dispute for resolution to BDO USA, LLP (the “Independent Accounting Firm”). The lead partner of the Independent Accounting Firm shall be named by the managing partner of the
accounting firm or by such other practice ordinarily employed by the Independent Accounting Firm. While each party represents that it is not aware of any conflicts as of the date hereof that could negatively impact the Independent Accounting
Firm’s ability to serve in such capacity or to allow for the possibility of such a conflict of interest or a refusal by the designated firm to serve as the Independent Accounting Firm, if the designated accounting firm is not eligible or will
not serve as the Independent Accounting Firm, the Contributors and the Operating Partnership shall mutually agree to another independent accounting firm of international reputation and the selected firm shall be the Independent Accounting Firm. 

  
 9 

 (v) The Independent Accounting Firm shall establish such procedures giving due
regard to the intention of the Parties to resolve disputes as promptly, efficiently, and inexpensively as possible, which procedures may, but need not, be those proposed by either the Operating Partnership or the Contributors. 

(vi) If issues are submitted to the Independent Accounting Firm pursuant to this Section 1.02(b): 

(A) The Operating Partnership and the Contributors shall execute any agreement required by the Independent Accounting Firm to accept their
engagement pursuant to this Section 1.02(b); 
 (B) The Operating Partnership and the Contributors shall each bear one-half of the fees
and costs of the Independent Accounting Firm; provided, however, that the engagement agreement referred to above may require the Parties to be bound jointly and severally to the Independent Accounting Firm for those fees and costs, and in the
event Operating Partnership or the Contributors pay to the Independent Accounting Firm any amount in excess of one-half of the fees and costs of its engagement, the other Party(ies) agree(s) to reimburse Operating Partnership and the Contributors,
as applicable, upon demand, to the extent required to equalize the payments made by Operating Partnership and the Contributors with respect to the fees and costs of the Independent Accounting Firm. 

(c) The Contributors and the Operating Partnership shall use commercially reasonable efforts to cause the Independent
Accounting Firm to resolve all disagreements as soon as practicable, but in any event within sixty (60) days after the dispute is first submitted to the Independent Accounting Firm. The Contributors and the Operating Partnership shall each
submit within twenty (20) days of the engagement of the Independent Accounting Firm its calculation of the unresolved disputed items in the Objection Notice together with such work papers, calculations and other materials that such party has
determined supports such party’s calculation (the “Determination Materials”). The Independent Accounting Firm shall base its determination of the disputed amounts solely on the Determination Materials. The Independent
Accounting Firm shall only consider those line items and amounts in the Closing Date Calculations to which the Contributors have timely objected pursuant to Section 1.02(b)(iii) and which the Operating Partnership and the Contributors
have been unable to resolve. The Independent Accounting Firm shall not assign a value to any disputed item greater than the greatest value or less than the smallest value for such item assigned to it by the Operating Partnership or the Contributors,
as the case may be. The resolution of the dispute by the Independent Accounting Firm shall be final, binding and non-appealable on and by the parties hereto. 

(d) Within three (3) Business Days after the final determination of the Closing Date Net Working Capital pursuant to
Section 1.02(b)(ii) or Section 1.02(c), as the case may be, (i) if the Closing Date Net Working Capital is less than $0, the Total Consideration shall be decreased, dollar for dollar, by the amount by which the Closing
Date Net Working Capital is less than $0, and the Contributors shall pay to the Operating Partnership such negative amount as provided in Section 1.02(e) and (ii) if the Closing Date Net Working Capital is greater than $0, the Total
Consideration shall be increased, dollar for dollar, by the amount by which the Closing Date Net Working Capital is greater than $0, and the Operating Partnership shall pay to the Contributors such positive amount as provided in
Section 1.02(e), to be allocated among the Contributors, pro rata in accordance with their respective percentages of the Total Consideration. 

(e) Payments pursuant to this Section 1.02(c) shall be deemed adjustments to the Total Consideration. The payments
to be made pursuant to this Section 1.02 shall be made in cash in immediately available funds to an account designated in writing by the Operating Partnership or to one or more accounts designated by the Contributors, as applicable.
Until paid, such amounts shall bear interest determined by computing simple interest on the amount from the Closing Date to the date of payment(s) at that rate of interest identified as the “Prime Rate” of interest on the Business Day
immediately preceding the date of payment(s) as published in the Money Rates section of The Wall Street Journal (United States edition) (or the rate of interest announced publicly by Citibank, N.A. from time to time as its “reference
rate” (on the basis of a 365-day year) if The Wall Street Journal no longer publishes the Prime Rate). 

  
 10 

 Section 1.03. FURTHER ACTION. 

(a) If, at any time after the Closing, the Operating Partnership shall determine or be advised that any deeds, bills of sale,
assignments (including any intellectual property assignments), certificates, affidavits, consents, assurances or other actions or things are necessary or desirable to vest, perfect or confirm of record or otherwise in the Operating Partnership the
right, title or interest in or to the Ownership Interests contributed by the Contributors or the interests in the Properties owned by the Initial Property Owners, the Contributors shall execute and deliver, or take such commercially reasonable
actions as are within their respective control to cause to be executed and delivered, all such deeds, bills of sale, assignments (including any intellectual property assignments), certificates, affidavits, consents, assurances and do or take such
commercially reasonable actions as are within their respective control to cause to be done, all such other actions and things as may be necessary or desirable to vest, perfect or confirm any and all right, title and interest in or to the Ownership
Interests or otherwise to carry out this Agreement; provided, that the Contributors shall not be obligated to take any action or execute any document if the additional actions or documents impose additional liabilities, obligations,
covenants, responsibilities, representations or warranties on the Contributors that are not contemplated by this Agreement. Without limiting the foregoing, the Parties shall within thirty (30) days after the Closing, and from time to time
thereafter as any Party shall request, reconcile cash amounts received by any Party after Closing and to make such monetary adjustments between them as shall be required to allocate to the Operating Partnership or the applicable Subsidiary all rents
and other monies received for periods on or after the Closing and to the Contributors all rents and other monies received for periods prior to the Closing. Rental payments received after the Closing shall be allocated first to the rental payments
due for the month in which the Closing occurs (prorated on a per diem basis), then any rentals due for the period after the Closing and any excess shall be applied to any rental amounts owing to the Contributors for any period prior to the Closing.

 (b) The Operating Partnership agrees to apply, promptly after the Closing, to Natixis to assume the obligations under the
Natixis Guaranty and to execute and/or deliver to Natixis and the Contributors such information (including without limitation financial information), agreements, documents and instruments as required by Natixis or otherwise reasonably requested by
SCGP or reasonably necessary or advisable to evidence the release of SCLP from its obligations under or pursuant to the Natixis Guaranty and the substitution of the Operating Partnership as the guarantor with respect to the applicable obligations
under the Natixis Loan Agreement originally covered by the Natixis Guaranty. 

  
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 Section 1.04. TREATMENT AS CONTRIBUTION. 

(a) Each transfer, assignment and exchange by Sub 2, SCGP or the REIT effectuated pursuant to this Agreement shall constitute a
“Capital Contribution” by such entity to the Operating Partnership as defined in Article I of the A&R OP Agreement. The transfer, assignment and exchange by SCLP effectuated pursuant to this Agreement shall not constitute a
Capital Contribution pursuant to the A&R OP Agreement but shall be treated as a sale. Each transfer, assignment and exchange by Sub 2 and SCGP is intended to be governed by Section 721(a) of the Code. Each transfer, assignment and
exchange by SCLP and Sub 1 is intended to be governed by Section 1001 of the Code. 
 (b) The Contributors, the
Operating Partnership and the REIT agree to the tax treatment described in Section 1.04(a), and each Contributor, the Operating Partnership and the REIT shall file their respective Tax Returns consistent with such treatment, unless otherwise
required by applicable Law. 
 Section 1.05. CENTRAL FAIRWINDS EARN-OUT. 

(a) For purposes of this Section 1.05: 

(i) “Base NOI Threshold” means, with respect to the applicable determination date below, as follows: 

 

			
	 Determination Date
	  	 Base NOI Threshold

		
	For any Earn-Out Payment made as of any date up to and including the first anniversary of the Closing Date	  	$1,250,000 plus the Earn-Out NOI, if any, used in calculating Earn-Out Payments made prior to the first anniversary of the Closing Date (the “Year 1 Threshold”)
		
	For any Earn-Out Payment made as of any date following the first anniversary of the Closing Date up to and including the second anniversary of the Closing Date (“Year 2”)	  	The product of (x) 1.02 and (y) the Year 1 Threshold plus (z) the Earn-Out NOI, if any, used in calculating the Earn-Out Payments made during Year 2 (the “Year 2 Threshold”).
		
	For any Earn-Out Payment made as of any date following the second anniversary of the Closing Date up to and including the third anniversary of the Closing Date (“Year 3”)	  	The product of (x) 1.02 and (y) the Year 2 Threshold plus (z) the Earn-Out NOI, if any, used in calculating the Earn-Out Payments made during Year 3 (the “Year 3 Threshold”).
		
	For any Earn-Out Payment made as of any date following the third anniversary of the Closing Date up to and including the fourth anniversary of the Closing Date (“Year 4”)	  	The product of (x) 1.02 and (y) the Year 3 Threshold plus (z) the Earn-Out NOI, if any, used in calculating the Earn-Out Payments made during Year 4 (the “Year 4 Threshold”).
		
	For any Earn-Out Payment made as of any date following the fourth anniversary of the Closing Date up to and including the fifth anniversary of the Closing Date (“Year 5”)	  	The product of (x) 1.02 and (y) the Year 4 Threshold plus (z) the Earn-Out NOI, if any, used in calculating the Earn-Out Payments made during Year 5.

 (ii) “Eligible New Lease” means a real property lease or an amendment thereof,
excluding Existing Leases (but including amendments to Existing Leases or new leases of space currently shown as unleased on Schedule 1.05 (“Unleased Space”) for the expansion of tenants under Existing Leases entered
into during the Earn-Out Term at the Central Fairwinds property (as described on Exhibit A), which lease or amendment has 

  
 12 

 
the following characteristics (the “Leasing Criteria”): (i) the initial lease term shall be at least four (4) years; (ii) the aggregate scheduled rental payments
during the initial term shall exceed the direct leasing costs associated with the lease; and (iii) the lease shall have been approved by three quarters of the independent directors of the REIT prior to execution of such lease or amendment if
such lease (A) requires $200,000 or more in leasing costs or (B) relates to 10,000 or more square feet of net rentable space. The Leasing Criteria shall cease to apply for, and shall not be a condition to the treatment of any lease or
amendment to lease qualifying as, an Eligible New Lease if such lease or amendment is entered into following a Qualifying Change in Control of the REIT. For the avoidance of doubt, an expansion of a tenant into Unleased Space shall be treated as an
Eligible New Lease whether or not provided for in an Existing Lease and whether or not memorialized in a separate writing. 

(iii) “Earn-Out NOI” means the dollar amount of the direct increase in net operating income to the owner of
the Central Fairwinds property for the current year resulting from or relating to Eligible New Leases (including any parking rental income associated with an Eligible New Lease with a rental term for parking in excess of four (4) years) using
the first year’s rental rate under the applicable lease(s) and the direct incremental operating costs for the current year of the leased space resulting from such Eligible New Leases. In determining net operating income for the application of
these tests, the Operating Partnership shall (i) include in its calculation of net operating income the contractual rent payable under any Eligible New Lease without reduction for any rent abatement or free rent, and (ii) otherwise
consistent with cash accounting and the methodology used by the Contributors in developing the current budget for the Central Fairwinds property. The Central Fairwinds property shall not be burdened by the application of any internal REIT management
fees, general REIT overhead allocation or other non-direct property expenses. 
 (iv) “Earn-Out Term” means
the period from the Closing Date until the fifth (5th) anniversary of the Closing Date, as the period may be extended pursuant to Section 1.05(c) below. 

(v) “Earn-Out Threshold” means the attainment of property wide Occupancy at the Central Fairwinds property
equaling or exceeding 70%, and, if applicable, thereafter the attainment of Occupancy equaling or exceeding 80%, and, if applicable, thereafter the attainment of Occupancy equaling or exceeding, 90%. 

(vi) “Existing Leases” means those leases in-place as of January 15, 2014 and identified on
Schedule 1.05. 
 (vii) “net operating income” as of any particular period, shall be calculated
for the Central Fairwinds property consistent with cash accounting and the methodology used by the Contributors in developing the current budget for the Central Fairwinds property as shown on Schedule 1.05(vii). The Central Fairwinds property
shall not be burdened by the application of any internal REIT management fees, general REIT overhead allocation or other non-direct property expenses. 

(viii) “Occupancy” means as of any particular date, (x) the total net rentable square feet of the Central
Fairwinds property that is leased to tenants pursuant to leases for which rent obligations have commenced, which shall for all purposes be the net rentable square footage as set forth on Schedule 1.05 divided by (y) the total net
rentable area of the property as measured in square feet as set forth on Schedule 1.05. 
 (ix) “Qualifying
Change of Control” means the direct or indirect acquisition by any Person, or group of Persons, acting jointly or in concert (other than SCLP, Gibralt or any of their respective Affiliates), of voting control or direction over more than 50%
of the votes attaching, collectively, to the outstanding voting shares of the REIT. 

  
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 (b) The Operating Partnership agrees and confirms that it shall make one or more
additional payments (each, an “Earn-Out Payment”) to Sub 1, Sub 2 or SCGP or their respective Affiliates during the Earn-Out Term if and when the owner of the Central Fairwinds property enters into one or more Eligible New Leases
that results in the achievement of the applicable Earn-Out Threshold. Additionally, within thirty (30) days following the fifth (5th) anniversary of the Closing Date, the Operating
Partnership shall conduct the calculation set forth in Section 1.05(c) for the Eligible New Leases entered into since the date that the last Earn-Out Threshold was met, if any, which are in addition to the Eligible New Leases used
in calculating the most recent prior Earn-Out Payment (such calculated amount, if any, the “Final Earn-Out Payment”). For purposes of determining the Occupancy with respect to the Final Earn-Out Payment, the Occupancy shall be
calculated as the lower of the Occupancy on the fifth (5th) anniversary of the Closing Date or on the 30th day following the fifth (5th) anniversary of the Closing Date. For illustrative purposes, if Occupancy is 88% on the fifth (5th) anniversary of the Closing Date and
87% on the thirtieth day following the fifth anniversary of the Closing Date, and the most recent prior Earn-Out Threshold achieved was 82%, the Final Earn-Out Payment would be calculated utilizing the Eligible New Leases that resulted in Occupancy
increasing from 82% to 87%. 
 (c) Each Earn-Out Payment shall be calculated by (i) dividing (A) Earn-Out NOI by
(B) 7.75%, and (ii) subtracting from the quotient determined pursuant to (i) above any direct out-of-pocket third-party costs incurred in connection with such additional lease up, including, but not limited to, third-party leasing
commissions, tenant inducements and free rent. Further, in calculating each Earn-Out Payment, if the tenant under any New Eligible Lease that was included in the calculation of any Earn-Out Payment, defaults in the payment of rent for a period of
sixty (60) consecutive days or more, an amount equal to the Earn-Out Payment received by SCLP on that affected Eligible New Lease (the “Claw-back Amount”) shall be deducted from future Earn-Out Payments; provided,
however, that if the non-paying tenant is replaced prior to the later of the next applicable Earn-Out Payment determination date or the first (1st) anniversary of termination of the
lease of such non-paying tenant, whether before or after the end of the Earn-Out Term, then the deducted amount (net of any incremental costs relating to the new lease) shall be included in the next Earn-Out Payment and the same shall no longer
constitute a Claw-back Amount. If upon the expiration of the Earn-Out Term, the Operating Partnership has not been able to offset any Claw-back Amount against Earn-Out Payments, the Contributors shall each make a payment to the Operating Partnership
equal to its pro rata portion of any Claw-back Amount then unpaid in cash, OP Units or REIT Common Stock, at the option of such Contributor, which payment shall be due within thirty (30) days of the expiration of the Earn-Out Term. Any OP Units
or REIT Common Stock delivered in accordance with the preceding sentence shall be valued in the manner described in Section 1.05(d). Notwithstanding anything to the contrary herein, payment of any Earn-Out Payment otherwise earned
hereunder shall be deferred if the trailing twelve month net operating income to the owner of the Central Fairwinds property for the most recent quarter ended prior to the applicable determination date is less than the applicable Base NOI Threshold
(the “Income Test”). The deferral shall continue until such time as the trailing twelve month net operating income to the owner of the Central Fairwinds property at any fiscal quarter end exceeds the applicable Base NOI Threshold,
whether the same occurs before or within one year after the end of the Earn-Out Term, at which time the deferred Earn-Out Payment shall become immediately payable. 

  
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 (d) The Operating Partnership shall have the right to pay up to 100% of any
Earn-Out Payment in the form of REIT Common Stock in the case of payments due to Sub 1 and unrestricted and convertible OP Units in the case of payments due to Sub 2, with the remainder of the Earn-Out Payments (if any) to be paid in cash. If any
portion of an Earn-Out Payment is made in the form of OP Units, the OP Units shall be valued at a value per unit equal to the 20-day volume-weighted average trading price of the REIT Common Stock on the New York Stock Exchange or such other
principal stock exchange on which the REIT Common Stock is then traded for the twenty (20) day period immediately preceding the date of issuance of the common units. 

(e) The calculation of the amount of each Earn-Out Payment and supporting data and documentation shall be made by the Operating
Partnership, approved by the Audit Committee of the REIT and delivered to the Contributors together with all back-up information within thirty (30) days of achieving the applicable Earn-Out Threshold or with respect to the Final Earn-Out
Payment, thirty (30) days following the fifth (5th) anniversary date of the Closing Date, or such later date on which the Income Test is achieved. The Contributors shall notify the
Operating Partnership of any objections to the calculation of the Earn-Out Payment within thirty (30) days after receipt of the calculation. If the Contributors do not object within such thirty (30) day period, the Operating
Partnership’s calculation of the Earn-Out Payment shall be final and binding on the parties and the applicable Earn-Out Payment shall be due within three (3) Business Days following the expiration of such thirty (30) day period. If a
Contributor shall so notify the Operating Partnership of its objection within such thirty (30) day period, the Operating Partnership shall pay to such Contributor or its designee the undisputed portion of the Earn-Out Payment within three
(3) Business Days of the expiration of such thirty (30) day period, and either party may elect to resolve the calculation of the disputed portion of the Earn-Out Payment through the process pursuant to Section 1.05(h) below. 

(f) The Operating Partnership agrees to provide to each Contributor information regarding the leasing activities at the Central
Fairwinds property on a quarterly basis during the Earn-Out Term. 
 (g) If the Operating Partnership shall directly or
indirectly sell, transfer or otherwise dispose of the Central Fairwinds property during the Earn-Out Term, the Operating Partnership shall, at its option, (i) require the purchaser thereof to assume the obligation to make any Earn-Out
Payment(s) thereafter payable as and when due in accordance with the provisions of this Agreement absent the transfer; provided that the Operating Partnership shall not be relieved of its obligations hereunder in the event the purchaser fails to
timely pay any such Earn-out Payments, or (ii) pay the Contributors the Earn-Out Payment(s), payable at the time of the sale of the Central Fairwinds property, based on an assumed occupancy level of 90% at such sale date and market rent rates,
tenant inducements, free rent and leasing commissions as reasonably agreed to with the Audit Committee of the REIT and otherwise complying with the calculations in Section 1.05(c) above. Any failure to resolve shall be resolved through the
process pursuant to Section 1.05(h). 
 (h) Any dispute with respect to the amount of, or the means of calculating any
Earn-Out Payment shall be resolved in accordance with the procedures outlined in Section 1.02(b) hereof. The determination of the Independent Accounting Firm shall be final and binding on the Contributors and the Operating Partnership and
any Earn-Out Payment determined by the Independent Accounting Firm to be due, shall be paid within three (3) Business Days of such final determination. 

  
 15 

 Section 1.06. OP LEASE RESPONSIBILITY. With respect to any lease entered into by the Initial
Property Owners or the Contributors at any of the Properties from and after January 15, 2014, the Operating Partnership confirms and agrees that it shall be responsible for and shall pay, or shall reimburse the Contributors for any amounts paid
by them in respect of, (i) any amounts required by the terms of any such lease to be paid by the landlord thereunder as a “tenant work allowance” or to undertake tenant improvements or (ii) any leasing commissions, legal fees or
other out-of-pocket costs paid or payable by the landlord under any such lease. 
 ARTICLE II 

CLOSING 

Section 2.01. CONDITIONS PRECEDENT. 

(a) Condition to Each Party’s Obligations. The respective obligation of each Party to effect the contributions
contemplated by this Agreement and to consummate the other transactions contemplated hereby to occur on the Closing Date is subject to the satisfaction or waiver (subject to the last sentence of Section 2.01(a)(i) below) of the following
conditions: 
 (i) Registration Statement. The registration statement relating to the Initial Public Offering shall
have been declared effective under the Securities Act and will not be the subject of any stop order or proceedings by the Securities and Exchange Commission seeking a stop order. This condition may not be waived by any Party. 

(ii) No Injunction. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any statute,
rule, regulation, executive order, decree, judgment, injunction or other order (whether temporary, preliminary or permanent), in any case which is in effect and which prevents or prohibits consummation of any of the transactions contemplated in this
Agreement or any of the other Formation Transactions nor shall any litigation with or before a Governmental Authority of competent jurisdiction that seeks the foregoing then be pending. 

(iii) Guggenheim Financing. The Guggenheim Financing shall have been closed and the transactions contemplated thereby
consummated. 
 (iv) Natixis Notice. Any and all required notices and informational deliveries required under the
Natixis Loan Agreement shall have been made and accepted by Natixis. 
 (v) Formation Transactions. The Formation
Transactions set forth on Exhibit C shall have been consummated not later than concurrently with the Closing. 

(b) Conditions to Obligations of the Operating Partnership. The obligations of the Operating Partnership to effect the
contributions contemplated by this Agreement and to consummate the other transactions contemplated hereby to occur on the Closing Date are further subject to satisfaction of the following conditions (any of which may be waived by the Operating
Partnership in whole or in part): 
 (i) Representations and Warranties. The representations and warranties of each
Contributor contained in this Agreement shall be true and correct in all material 

  
 16 

 
respects at and as of the Closing (except to the extent that any such representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of such earlier
date). 
 (ii) Performance by each Contributor. Each Contributor shall have performed and complied with in all
material respects all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date. 

(iii) Consents, Licenses, Etc. All necessary consents and approvals, including of any Governmental Authorities or third
parties, for each Contributor to consummate the transactions contemplated hereby and the other Formation Transactions shall have been obtained. The Operating Partnership shall have received all licenses, permits, certificates, approvals and other
authorizations from the appropriate Governmental Authorities that are necessary in connection with the transfer of the Ownership Interests, the operation of the Properties and the transactions contemplated by this Agreement. 

(iv) No Material Adverse Change. There shall not have occurred between the date hereof and the Closing Date any material
adverse change in the business, condition (financial or otherwise), results of operations or prospects of the Contributors, the Initial Property Owners and the Properties, taken as a whole (a “Fund Material Adverse Effect”);
provided, however, that none of the following shall be deemed, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or will be, a Fund Material Adverse
Effect: (1) any material adverse change to the extent attributable to the announcement or pendency of the transactions contemplated by this Agreement; (2) any material adverse change attributable to conditions affecting (x) the
industries in which the Contributors or the Initial Property Owners participate (including fluctuating conditions resulting from cyclicality, seasonality or weather patterns affecting the business of the Contributors or the Initial Property Owner,
including their respective tenants and suppliers) or (y) the United States economy as a whole; provided that such changes do not affect the Properties in a disproportionate manner; (3) any material adverse change resulting from or
relating to compliance with the terms of, or the taking of any action required by, this Agreement; (4) any material adverse change arising from or relating to any change in accounting requirements or principles or any change in Laws or the
interpretation or enforcement thereof; or (5) any Permitted Lien. 
 (v) Initial Public Offering Closing. The
closing of the Initial Public Offering shall occur substantially concurrently with the Closing. 
 (vi) Bankruptcy and
Similar Events. There shall not have been filed, by or against any Contributor or any Initial Property Owner a petition in bankruptcy or a petition or answer seeking an assignment for the benefit of creditors, or the appointment of a receiver or
trustee, or seeking liquidation or dissolution or similar relief under Title 11 of the United States Code, as amended from time to time, or similar insolvency law, which has not been dismissed before the Closing Date. 

(vii) Formation Transactions. The Formation Transactions shall have been or shall be scheduled to be consummated
substantially concurrently in accordance with the timing set forth in the respective Formation Transaction Documents. 

  
 17 

 (viii) Approval of Formation Transactions. The transactions contemplated
hereby and the other Formation Transactions shall have been approved or consented to in writing by the general partner and, to the extent required, the holders of the requisite limited partner interests of each Contributor. 

(ix) Working Capital. The Initial Property Owners, in the aggregate, shall have Net Working Capital of not less than
zero, as of the Closing Date. 
 (x) Tenant Reserves. The Initial Property Owners, in the aggregate, shall have
sufficient available funds from cash reserves, loan reserves or other financing agreements as of the Closing Date to satisfy all contractual obligations for tenant improvements as of the Closing Date. 

(c) Conditions to Obligations of the Contributors. The obligations of each Contributor are further subject to
satisfaction of the following conditions (any of which may be waived by such Contributor in whole or in part): 
 (i)
Representations and Warranties. The representations and warranties of the Operating Partnership contained in this Agreement shall be true and correct at and as of the Closing (except to the extent that any such representation or warranty
speaks as of an earlier date, in which case it must be true and correct only as of such earlier date). 
 (ii) Performance
by the Operating Partnership and the REIT. The Operating Partnership and the REIT shall have performed in all material respects all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the
Closing Date. 
 (iii) Consents, Licenses, Etc. All necessary consents and approvals, including of any Governmental
Authorities or third parties, for each Contributor to consummate the transactions contemplated hereby and the other Formation Transactions shall have been obtained. The REIT and the Operating Partnership shall have received all licenses, permits,
certificates, approvals and other authorizations from the appropriate Governmental Authorities that are necessary in connection with the transfer of the Ownership Interests, the operation of the Properties and the transactions contemplated by this
Agreement. 
 (iv) Advisory Agreement. The Advisory Agreement by and among the Operating Partnership, the REIT and
City Office Real Estate Management, Inc. shall have been executed. 
 (v) Excepted Holder Agreement. The Excepted
Holder Agreements by and among the REIT, Sub 1, Sub 2, SCGP and Gibralt US Inc. (“Gibralt”) shall have been executed. 

(vi) Tax Protection Agreements. The Tax Protection Agreements by and among the Operating Partnership, Sub 2, SCGP
and Gibralt shall have been executed. 
 (vii) Gibralt Contribution Agreement. The Contribution Agreement (the
“Gibralt Contribution Agreement”) by and among the Operating Partnership, Gibralt and GCC Amberglen Investments LP, and all documents and instruments contemplated thereby, shall have been executed. 

(viii) Post-Closing Limited REIT Indemnity. The REIT and the Operating Partnership shall have executed and delivered to
Central Fairwinds 135, LLC, a Florida 

  
 18 

 
limited liability company and CC Tower Feldman Partners LLC, a Florida limited liability company (collectively, the “Minority Partners”) an indemnity agreement substantially in
form of Exhibit E attached hereto. 
 Section 2.02. TIME AND PLACE. Unless this Agreement shall have been terminated pursuant to
Section 2.05, and subject to satisfaction or waiver of the conditions in Section 2.01, the closing of the transfers contemplated by Sections 1.01 and 1.02 and the other transactions contemplated hereby (the “Closing”)
shall occur substantially concurrently with closing of, and the receipt by the REIT of the proceeds from, the Initial Public Offering (the “Closing Date”). The Closing shall take place at the offices of Shearman & Sterling
LLP, 599 Lexington Avenue, New York, New York 10022 or such other place as mutually determined by the parties hereto. The transfers described in Sections 1.01 and 1.02 and all closing deliveries shall be deemed to have occurred concurrently on
the Closing Date at the Closing for all purposes. 
 Section 2.03. CLOSING DELIVERABLES. 

(a) At or prior to the Closing, each Contributor shall deliver, or cause to be delivered, to the Operating Partnership all
documents necessary or appropriate to consummate the Closing, including the following, all in form and substance reasonably acceptable to the Operating Partnership: 

(i) an Assignment and Assumption Agreement in substantially the form set forth in Exhibit F attached hereto
transferring all of such Contributor’s right, title and interest in and to each Initial Property Owner to the Operating Partnership or the REIT, as applicable (“Assignment and Assumption Agreement”); 

(ii) A certificate from such Contributor certifying to the Operating Partnership (i) the accuracy of such
Contributor’s representations and warranties made by Contributor hereunder, and (ii) the accuracy and current enforceability of the organizational documents for the applicable Initial Property Owner and (iii) the absence of any Fund
Material Adverse Effect; 
 (iii) all documents and instruments, if any, necessary to reflect the change in the general
partner and limited partners of each Initial Property Owner in its state of formation and each state in which an Initial Property Owner is qualified; 

(iv) an affidavit certifying that such Contributor is not a “foreign person,” as that term is defined by
Section 1445 of the Code; 
 (v) all documents required by a lender in connection with the assumption or prepayment of
any existing loan at or prior to Closing, duly executed by each applicable party; 
 (vi) a duly executed copy of the A&R
OP Agreement; and 
 (vii) any other documents reasonably requested by the Operating Partnership or reasonably necessary or
desirable to assign, transfer, convey, contribute and deliver the Ownership Interests, free and clear of all Liens (other than Permitted Liens) and to effectuate the transactions contemplated hereby. 

  
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 (b) At or prior to the Closing, the Operating Partnership or the REIT, as
applicable shall deliver, or cause to be delivered, to each Contributor all documents necessary or appropriate to consummate the Closing, including the following, all in form and substance reasonably acceptable to each Contributor: 

(i) an Assignment and Assumption Agreement; 

(ii) the Minority Interest Consideration due to SCLP pursuant to Section 1.02 hereof; 

(iii) the Sub 1 Consideration due to Sub 1 pursuant to Section 1.02 hereof; 

(iv) the Sub 2 Consideration due to Sub 2 pursuant to Section 1.02 hereof; 

(v) the SCGP Consideration due to SCGP pursuant to Section 1.02 hereof; 

(vi) a duly executed copy of the A&R OP Agreement; and 

(vii) any other documents reasonably requested by any Contributor as may be reasonably necessary or proper to effectuate the
transactions contemplated hereby. 
 Section 2.04. CLOSING COSTS. If the Closing occurs, the REIT and the Operating Partnership shall
reimburse each Contributor for all reasonable and documented out of pocket expenses incurred by it in connection with the Formation Transactions and the Initial Public Offering in an amount up to
$[—]. 
 Section 2.05. TERM OF THE AGREEMENT. This Agreement shall terminate
automatically if the contributions contemplated by this Agreement shall not have been consummated on or prior to the December 31, 2014 (such date is hereinafter referred to as the “Outside Date”), unless extended in writing by
the parties to this Agreement. 
 Section 2.06. EFFECT OF TERMINATION. In the event of termination of this Agreement for any reason,
all obligations on the part of the Operating Partnership and each Contributor under this Agreement shall terminate, except as otherwise provided herein. 

Section 2.07. TAX WITHHOLDING. The Operating Partnership shall be entitled to deduct and withhold, from the consideration payable
pursuant to this Agreement to each Contributor, such amounts as the Operating Partnership is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax Law. To the extent
that amounts are so withheld by the Operating Partnership, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to such Contributor in respect of which such deduction and withholding was made by the Operating
Partnership. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE OPERATING PARTNERSHIP AND THE REIT 

Each of the REIT and the Operating Partnership hereby represents and warrants to and covenants with each Contributor as follows: 

Section 3.01. ORGANIZATION; AUTHORITY. The Operating Partnership is a limited partnership duly organized, validly existing and in good
standing under the Law of the State of Maryland. The REIT is a corporation duly organized, validly existing and in good standing under the Law of the State of Maryland. The Operating Partnership has all requisite power and authority to (a) enter
into this Agreement and each other agreement, document and instrument contemplated hereby, (b) carry out the transactions contemplated hereby and thereby, (c) own, lease or operate its property, to enter into and consummate the Guggenheim Financing,
(d) guarantee the obligations under the Natixis Loan Agreement covered as of the date hereof by the Natixis Guaranty, and (e) carry on its business as presently conducted. The REIT has all requisite power and authority to (a) enter into this
Agreement and each other agreement, document and instrument contemplated hereby and (b) carry out the transactions contemplated hereby and thereby. To the extent required under applicable Law, each of the Operating Partnership and the REIT is
qualified to do business and are in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary, other than in such jurisdictions where the failure to be so qualified
would not have an OP Material Adverse Effect. 

  
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 Section 3.02. DUE AUTHORIZATION. The execution, delivery and performance of this Agreement
and each other agreement, document and instrument contemplated hereby by the Operating Partnership or the REIT has been duly and validly authorized by all necessary action of the Operating Partnership or the REIT, respectively. This Agreement and
each agreement, document and instrument executed and delivered by or on behalf of the Operating Partnership pursuant to this Agreement constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of the
Operating Partnership, each enforceable against the Operating Partnership in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium or other similar Law relating to creditors’ rights and remedies generally
and (ii) as to enforceability, to general principles of equity and the remedy of specific performance and injunctive and other forms of equitable relief (regardless of whether enforcement is sought in a proceeding at law or in equity) and to
the discretion of the commission, tribunal or adjudicative body before which any proceeding therefor may be brought. This Agreement and each agreement, document and instrument executed and delivered by or on behalf of the REIT pursuant to this
Agreement constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of the REIT, each enforceable against the REIT in accordance with its terms, subject to (i) applicable bankruptcy, insolvency,
moratorium or other similar Law relating to creditors’ rights and remedies generally and (ii) as to enforceability, to general principles of equity and the remedy of specific performance and injunctive and other forms of equitable relief
(regardless of whether enforcement is sought in a proceeding at law or in equity) and to the discretion of the court before which any proceeding therefor may be brought. 

Section 3.03. CONSENTS AND APPROVALS. Except as set forth on Schedule 3.03, no material consent, waiver, approval or
authorization of, or filing with, any Person or Governmental Authority or under any applicable Law is required to be obtained by the REIT or the Operating Partnership in connection with the execution, delivery and performance of this Agreement, the
transactions contemplated hereby or the other Formation Transactions. 
 Section 3.04. NO VIOLATION. None of the execution, delivery or
performance of this Agreement, or any agreement contemplated hereby between the parties to this Agreement or the consummation of the transactions contemplated hereby or thereby (including the other Formation Transactions) does or will, with or
without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under (a) the organizational documents of the Operating Partnership or the REIT, (b) any term or provision of any
judgment, order, writ, injunction, or decree binding on the Operating Partnership or the REIT or (c) any other agreement to which the Operating Partnership or the REIT is a party. 

Section 3.05. VALIDITY OF OP UNITS. The OP Units to be issued to Sub 2, SCGP and the REIT pursuant to this Agreement have been duly
authorized by the Operating Partnership and, when issued against the consideration therefor, will be validly issued by the Operating Partnership, free and clear of all Liens (other than Liens created by the A&R OP Agreement). 

Section 3.06. VALIDITY OF REIT COMMON STOCK. The REIT Common Stock to be issued to Sub 1 pursuant to this Agreement has been
duly authorized by the REIT and, when issued against the consideration therefor, will be validly issued by the REIT, free and clear of all Liens (except Permitted Liens). 

Section 3.07. LITIGATION. There is no action, suit or proceeding pending or, to the Operating Partnership’s knowledge, threatened
against the Operating Partnership which, if adversely determined, would be reasonably expected to have an OP Material Adverse Effect or which would reasonably be expected to impair the ability of the Operating Partnership to execute or deliver, or
perform its obligations under, this Agreement and each other agreement, document and instrument executed by it pursuant to this Agreement or to consummate the transactions contemplated hereby or thereby. There is no action, suit or proceeding
pending or, to the REIT’s knowledge, threatened against the REIT which, if adversely determined, would be reasonably expected to have an OP Material Adverse Effect or which would reasonably be expected to impair the ability of the REIT to
execute or deliver, or perform its obligations under, this Agreement and each other agreement, document and instrument executed by it pursuant to this Agreement or to consummate the transactions contemplated hereby or thereby. 

Section 3.08. OP AGREEMENT. Attached as Exhibit D hereto is a true and complete copy of the A&R OP Agreement of Limited
Partnership of the Operating Partnership to be entered into between SCGP, Sub 2 and the REIT on the Closing. 
 Section 3.09. LIMITED
ACTIVITIES. Except for activities directly connected to the Formation Transactions, neither the REIT nor the Operating Partnership has not engaged in any business or incurred any obligations. 

  
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 Section 3.10. NO BROKER. Neither the REIT nor the Operating Partnership has entered into,
and each of the REIT and the Operating Partnership hereby covenants that it will not enter into, any agreement, arrangement or understanding with any Person which would reasonably be expected to result in the obligation of a Contributor or any
Affiliates thereof to pay any finder’s fee, brokerage commission or similar payment in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the REIT or the Operating Partnership. 

Section 3.11. NO OTHER REPRESENTATIONS OR WARRANTIES. Other than the representations and warranties expressly set forth in this
Article III, none of the Operating Partnership, the REIT or any other Person has made or makes any express or implied representation or warranty, either written or oral, on behalf of the REIT or the Operating Partnership or any representation
or warranty arising from statute or otherwise in Law and the REIT and the Operating Partnership hereby disclaims any other representations or warranties, whether made or purported to be by the REIT or the Operating Partnership, or any of its
officers, directors, employees, agents or representatives, with respect to the execution and delivery of this Agreement or any agreement, document or instrument contemplated to be delivered by the Operating Partnership, by the REIT, by this
Agreement or the Formation Transactions, or the transactions contemplated hereby or thereby. The Contributors acknowledge and agree that they have not relied and are not relying upon any representations or warranties other than those contained in
this Article III. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE CONTRIBUTORS 

Each Contributor hereby represents and warrants to the Operating Partnership and agrees with the Operating Partnership as follows: 

Section 4.01. ORGANIZATION; AUTHORITY. 

(a) Each Contributor is a limited partnership duly organized, validly existing and in good standing under the Law of the State
of Delaware. Each Contributor has all requisite power and authority to enter this Agreement and each other agreement, document and instrument contemplated hereby and to carry out the transactions contemplated hereby and thereby, and to own, lease or
operate its property and to carry on its business as presently conducted and, to the extent required under applicable Law, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character
of its property make such qualification necessary, other than in such jurisdictions where the failure to be so qualified could not result in a Fund Material Adverse Effect. 

(b) Each Initial Property Owner (i) is a limited partnership duly organized, validly existing and in good standing under
the Law of the State indicated on Exhibit A, (ii) has all limited partnership power and authority to own, lease or operate its property and to carry on its business as presently conducted and, to the extent required under applicable
Law, and (iii) is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary, except where the failure to be so qualified would
not have a material adverse effect on the business, financial condition, properties or results of operations of such Initial Property Owner. 

Section 4.02. DUE AUTHORIZATION. The execution, delivery and performance by the Contributor of this Agreement and the other Formation
Transaction Documents (including any agreement, document and instrument executed and delivered by or on behalf of the Contributor pursuant to this Agreement or the other Formation Transaction Documents) to which it is a party have been duly and

  
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validly authorized by all necessary actions required of the Contributor. This Agreement, the other Formation Transaction Documents to which such Contributor is a party and each agreement,
document and instrument executed and delivered by or on behalf of the Contributor or any Initial Property Owner pursuant to this Agreement or the other Formation Transaction Documents constitutes, or when executed and delivered will constitute, the
legal, valid and binding obligation of such Contributor or such Initial Property Owner, each enforceable against the Contributor or such Initial Property Owner in accordance with its terms, subject to (i) applicable bankruptcy, insolvency,
moratorium or other similar Law relating to creditors’ rights and remedies generally and (ii) as to enforceability, to general principles of equity and the remedy of specific performance and injunctive and other forms of equitable relief
(regardless of whether enforcement is sought in a proceeding at law or in equity) and to the discretion of the court before which any proceeding therefor may be brought. 

Section 4.03. OWNERSHIP OF OWNERSHIP INTERESTS. Each Contributor is the sole record and beneficial owner of the Ownership Interests set
forth on Exhibit B and has the exclusive power and authority to transfer, sell, assign and convey to the Operating Partnership such Ownership Interests free and clear of any Liens, except for Permitted Liens, and, upon delivery of the
consideration for such Ownership Interests as provided herein, the Operating Partnership will acquire good and valid title thereto, free and clear of any Liens, except for Permitted Liens and Liens created by the A&R OP Agreement. Except as
provided for or contemplated by this Agreement or any other agreement, document or instrument contemplated hereby, there are no rights, subscriptions, warrants, options, conversion rights, preemptive rights, agreements, instruments or understandings
of any kind outstanding (a) relating to the Ownership Interests or (b) to purchase, transfer or to otherwise acquire, or to in any way encumber, any of the interests which comprise such Ownership Interests or any securities or obligations
of any kind convertible into any of the interests which comprise such Ownership Interests or other equity interests or profit participation of any kind in the Initial Property Owners. All of the issued and outstanding Ownership Interests have been
duly authorized and are validly issued. 
 Section 4.04. OWNERSHIP OF THE PROPERTIES. 

(a) Except as set forth on Schedule 4.04(a)(i), each Initial Property Owner that owns any of the Property that is
designated as owned real property in Exhibit A hereto has good and marketable title in fee simple to such Property free and clear of all Liens, except Permitted Liens. No Person has any right or option to acquire all or any portion of
any Property, other than the Operating Partnership pursuant to this Agreement, except as set forth on Schedule 4.04(a)(ii). 

(b) Except as would not reasonably be expected to have a Fund Material Adverse Effect, each Initial Property Owner that leases
any of the Property that is designated as leased real property in Exhibit A hereto has a valid leasehold interest in, and enjoys peaceful and undisturbed possession (consistent with historical use) of such Property, pursuant to the terms
of said Lease, in each case free and clear of all Liens, except Permitted Liens. No Initial Property Owner has received any written notice of any default under any of the real property leases pursuant to which it leases such Properties, and to the
Contributors’ knowledge there is no material uncured default by any landlord thereunder. 
 (c) Each Initial Property
Owner has in place an owner’s or leasehold owner’s policy of title insurance that is currently effective for the Property it is listed as owning on Exhibit A, insuring title in the name of such Initial Property Owner, as listed
on Schedule 4.04(c) hereto. 
 (d) Except for matters set forth on Schedule 4.04(d) hereto
and except as would not reasonably be expected to have a Fund Material Adverse Effect, (1) no Contributor, nor any of the Initial Property Owners nor any of the Properties nor, to the knowledge of any Contributor,

  
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any other party to any material agreement affecting any Property (other than a Lease (as such term is hereinafter defined) for space within such Property), is in default under such agreement,
(2) to the knowledge of the Contributor, no event has occurred or has been threatened in writing, which with or without the passage of time or the giving of notice, or both, would constitute a default under any such agreement, or would,
individually or together with all such other events, reasonably be expected to cause the acceleration of any obligation of any party thereto or the creation of a Lien upon any asset of the Contributor being contributed to the Operating Partnership,
Initial Property Owners or the Properties and (3) to the Contributor’s knowledge, all agreements affecting any Property required for the continued ownership, use, occupancy, management, leasing and operation of such Property (exclusive of
space Leases) are valid and binding and in full force and effect, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’ rights and general principles of equity. 

(e) Schedule 4.04(e) sets forth information with respect to the Leases of each Property which is true and
accurate in all material respects, including the tenant, lease term expiration date and current rent terms. No renewal options exist that are not otherwise specified in the Leases. Subject to the terms of any ground lease identified on
Schedule 4.04(e), no party has any rights of possession or occupancy to any of the Properties, except for such rights as arise pursuant to the Leases reflected in the Title Policies. Except for matters that would not, individually
or in the aggregate, reasonably be expected to have a Fund Material Adverse Effect or that are otherwise disclosed on Schedule 4.04(e), (1) no Contributor, nor any of the Initial Property Owners nor any of the Properties nor, to the
knowledge of any Contributor, any other party to any Lease, is in monetary default or material non-monetary default under such Lease, (2) no Contributor has received any written threat nor, to the Contributor’s knowledge, has any event
occurred, which with or without the passage of time or the giving of notice, or both, would constitute a default under any Lease or would permit termination, modification or acceleration under such Lease and (3) no Contributor has a reason to
believe or has received written notice that the leases (and all amendments thereto or modifications thereof) to which the Initial Property Owners are a party or by which the Initial Property Owners are bound or subject (collectively, the
“Leases”) are not valid and binding and in full force and effect, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’ rights and general principles of equity. There exists no
unfulfilled obligation on the part of any Contributor, Initial Property Owner or any Property to dedicate or grant an easement or easements over any portion or portions of any of the Property to any Governmental Authority. 

(f) To each Contributor’s knowledge, all the buildings, fixtures and leasehold improvements used by any Initial Property
Owner (or its agents) or any Property in connection with the use and operation of the improvements located on the Properties are located on such Property. Each of the Properties abuts on at least one side a public street or road so as to provide and
permit adequate vehicular and pedestrian ingress, egress and access to such parcel, or has adequate easements across intervening property to permit adequate vehicular and pedestrian ingress, egress and access to such parcel from a public street or
road. 
 (g) Except as shown on Schedule 4.04(g), there are no material defects in the Properties known to any
Contributor or any Initial Property Owner, including all systems therein, all structural components of the buildings located thereon (including, without limitation, the roof and the exterior walls and all operating systems, including, without
limitation, the air conditioning system, the heating system, the plumbing system, the electrical system, the fire alarm system, if any, and the sprinkling system, if any). To each Contributor’s knowledge, all water, sewer, electric, natural
gas, telephone, drainage facilities and all other utilities required for the current use of each Property are installed to the boundary of such Property, are connected 

  
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with valid permits, comply with all applicable governmental requirements and are adequate to service the Property for its current use, and no utility deposits are on deposit with respect to any
such facilities. 
 Section 4.05. CONSENTS AND APPROVALS. Except as shall have been obtained or satisfied on or prior to the Closing
Date, no consent, waiver, approval, authorization, order, license, permit or registration of, qualification, designation, declaration or filing with, any Person or any Governmental Authority or under any applicable Laws is required to be obtained by
a Contributor or any Initial Property Owner in connection with the execution, delivery and performance of this Agreement, the other Formation Transaction Documents to which a Contributor or any Initial Property Owner is a party and the transactions
contemplated hereby and thereby. 
 Section 4.06. NO VIOLATION. None of the execution, delivery or performance of this Agreement or any
agreement contemplated hereby between the parties to this Agreement, including the Formation Transaction Documents, or the consummation of the transactions contemplated hereby or thereby (including the other Formation Transactions) does or will,
with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination, acceleration, cancelation or other right under, (a) the
organizational documents of any Contributor (b) any agreement, document or instrument to which any Contributor is a party or by which any Contributor or its assets or properties is bound or (c) any term or provision of any judgment, order,
writ, injunction or decree binding on any Contributor (or its assets or properties), except, in the case of (b) and (c), any such breaches or defaults that would not reasonably be expected to have a Fund Material Adverse Effect. 

Section 4.07. NON-FOREIGN PERSON. Each Contributor is a United States person (as defined in Section 7701(a)(30) of the Code). 

Section 4.08. TAXES. Except as would not have a Fund Material Adverse Effect, (a) all Tax Returns and reports required to be filed
with respect to the Properties and all other assets owned by the Initial Property Owners immediately prior to the transactions contemplated by this agreement (collectively, the “Initial Property Assets”) have been timely filed
(after giving effect to any applicable filing extension periods) and all such returns and reports are accurate and complete in all material respects, (b) all Taxes required to be paid prior to the date hereof with respect to the Initial
Property Assets have been paid and (c) no deficiencies for any Taxes have been proposed, asserted or assessed with respect to the Initial Property Assets, and no requests for waivers of the time to assess any such Taxes are pending. 

Section 4.09. SOLVENCY. Each Contributor has been and will be Solvent at all times prior to and for the 90-day period following the
transfer of the Ownership Interests to the Operating Partnership. For purposes hereof, “Solvent” means, with respect to any Person as of any date of determination, that, as of such date, (a) the value of the assets of such Person
(both at fair value and present fair saleable value) is greater than the total amount of liabilities (including, without duplication, contingent and unliquidated liabilities) of such Person, (b) such Person is able to pay all liabilities of
such Person as such liabilities mature and (c) such Person does not have unreasonably small capital. In computing the amount of contingent or unliquidated liabilities at any time, such contingent or unliquidated liabilities shall be computed at
the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

Section 4.10. LITIGATION. There is no action, suit or proceeding pending or, to such Contributor’s knowledge, threatened against
such Contributor which, if adversely determined, (i) would reasonably be expected to impair the ability of such Contributor to execute or deliver, or perform its 

  
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obligations under, this Agreement and each other agreement, document and instrument executed by it pursuant to this Agreement, the Formation Transaction Documents or to consummate the
transactions contemplated hereby or thereby or the other Formation Transactions or (ii) would reasonably be expected to result in a Fund Material Adverse Effect. 

Section 4.11. COMPLIANCE WITH LAWS. Except as set forth on Schedule 4.11, to the knowledge of the Contributors, the
Properties have been maintained in compliance in all material respects with all applicable laws, ordinances, rules, regulations, codes, orders and statutes (including, without limitation, those currently relating to fire safety, conservation,
parking, Americans with Disabilities Act of 1990, as amended, zoning and building laws) whether federal, state or local, except where the failure to so comply would not reasonably be expected to have a Fund Material Adverse Effect. No Contributor or
Initial Property Owner has received written notice that any such Property is not in compliance as set forth in the preceding sentence. Compliance with Environmental Laws is not addressed by this Section 4.11, but rather solely by
Section 4.14. 
 Section 4.12. EMINENT DOMAIN. There is no pending or, to any Contributor’s knowledge, proposed or threatened
condemnation, eminent domain or similar proceeding, or private purchase in lieu of such a proceeding, in respect of all or any material portion of the Properties. 

Section 4.13. LICENSES AND PERMITS. All notices, licenses, permits, certificates and authorizations required for the continued ownership
use, occupancy, management, leasing and operation of the Properties have been obtained or can be obtained without material cost, are in full force and effect, are in good standing and will not be terminated as a result of the change in ownership
contemplated under the Formation Transactions or the transactions contemplated by this Agreement, except in each case for items that, if not so obtained, obtainable or transferred, would not, individually or in the aggregate, reasonably be expected
to have a Fund Material Adverse Effect. None of the Contributors or the Initial Property Owners, or, to the knowledge of the Contributors, any third party has taken any action that (or failed to take any action the omission of which) would result in
the revocation of any such notice, license, permit, certificate or authorization where such revocation or revocations would, individually or in the aggregate, reasonably be expected to have a Fund Material Adverse Effect, nor has any Contributor
received any written notice of violation from any Governmental Authority or written notice of the intention of any entity or Person to revoke any such notice, license, permit, certificate or authorization, that in each case has not been cured or
otherwise resolved to the satisfaction of such Governmental Authority or other entity and except as would not, individually or in the aggregate, reasonably be expected to have a Fund Material Adverse Effect. 

Section 4.14. ENVIRONMENTAL COMPLIANCE. Except as set forth on Schedule 4.14, to the knowledge of the Contributors, the
Initial Property Owners and their Subsidiaries are currently in compliance with all Environmental Laws and Environmental Permits, except where the failure to so comply would not have a Fund Material Adverse Effect. No Contributor has received any
written notice from the United States Environmental Protection Agency or any other federal, state, county or municipal entity or agency that regulates Hazardous Materials or public health risks or other environmental matters or any other private
party or Person claiming any current violation of, or requiring current compliance with, any Environmental Laws or Environmental Permits or demanding payment or contribution for any Release or other environmental damage in, on, under, or upon any of
the Properties. No litigation in which a Contributor or any Initial Property Owner is a named party is pending with respect to Hazardous Materials located in, on, under or upon any of the Properties, and, to any such Contributor’s knowledge, no
investigation in such respect is pending and no such litigation or investigation has been threatened in writing in the last twelve months by any Governmental Entity or any third party. To the knowledge of the Contributors, except as set forth
on Schedule 4.14, there are no environmental conditions existing at, on, under, upon or affecting the Properties or any portion thereof that would reasonably be likely to result in any claim, liability or obligation under any
Environmental Laws or Environmental Permit or any claim by any third party that would have a Fund Material Adverse Effect. 

  
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 Section 4.15. TANGIBLE PERSONAL PROPERTY. To each Contributor’s knowledge, except as
set forth on Schedule 4.15, or as would not reasonably be expected to have a Fund Material Adverse Effect, each Initial Property Owner and its Subsidiaries’ interests in any fixtures or personal property that are reflected on the
financial statements of such entity as owned by such entity, are owned free and clear of all Liens other than Permitted Liens or pursuant to the Existing Loans and are in good working condition, normal wear and tear excepted. 

Section 4.16. ZONING. Except as set forth on Schedule 4.16 the zoning of each parcel comprising the Properties permits the
presently existing improvements and the continuation of the business presently being conducted on such parcel; no Contributor has received (i) any written notice (which remains uncured) from any Governmental Authority stating that any of the
Properties is currently violating any zoning, land use or other similar rules or ordinances in any material respect, or (ii) any written notice of any pending or threatened proceedings for the rezoning (i.e., as opposed to the current zoning)
of any of the Properties or any portion thereof except, in each case as would not have a Fund Material Adverse Effect. 
 Section 4.17.
INVESTMENT INTENT. Each Contributor acknowledges that the offering and issuance of the REIT Common Stock or the OP Units, as applicable, to be acquired pursuant to this Agreement are intended to be exempt from registration under the Securities Act
and that the Operating Partnership’s reliance on such exemptions is predicated in part on the accuracy and completeness of the representations and warranties of such Contributor contained herein. In furtherance thereof, each Contributor
represents and warrants to the Operating Partnership as follows: 
 (a) Such Contributor is an “accredited
investor” (as such term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act). 

(b) Such Contributor is acquiring the OP Units solely for its own account for the purpose of investment and not as a nominee or
agent for any other Person and not with a view to, or for offer or sale in connection with, any distribution of any thereof in violation of the federal securities Law. 

(c) Such Contributor is knowledgeable, sophisticated and experienced in business and financial matters; such Contributor has
previously invested in securities similar to the OP Units or REIT Common Stock and fully understands the limitations on transfer imposed by the federal securities Law. Such Contributor is able to bear the economic risk of holding the OP Units or
REIT Common Stock for an indefinite period and is able to afford the complete loss of its investment in the OP Units or REIT Common Stock; such Contributor has received and reviewed all information and documents about or pertaining to the Operating
Partnership and the business and prospects of the Operating Partnership and the issuance of the OP Units or REIT Common Stock as such Contributor deems necessary or desirable, and has been given the opportunity to obtain any additional information
or documents and to ask questions and receive answers about such information and documents, the REIT and the Operating Partnership and the business and prospects of the REIT and the Operating Partnership which such Contributor deems necessary or
desirable to evaluate the merits and risks related to its investment in the OP Units or REIT Common Stock; and such Contributor understands and has taken cognizance of all risk factors related to the purchase of the OP Units or REIT Common Stock.
Such Contributor is relying upon its own independent analysis and assessment (including with respect to taxes), and the advice of such Contributor’s advisors (including tax advisors), and not upon that of the REIT or the Operating Partnership
or any of the REIT’s or Operating Partnership’s Affiliates, for purposes of evaluating, entering into, and consummating the transactions contemplated hereby. 

(d) Such Contributor acknowledges that the OP Units or REIT Common Stock have not been registered under the Securities Act and,
therefore, may not be sold unless registered under the Securities Act or an exemption from registration is available. 

  
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 Section 4.18. EXISTING LOANS. Schedule 4.18 lists, as of the date hereof, all
secured loans presently encumbering the Properties or any direct or indirect interest in any Initial Property Owners and any unsecured loans relating thereto to be assumed by the REIT or any Subsidiary of the REIT or otherwise to subsist at and
after the Closing (collectively, the “Existing Loans”). Except for matters that would not, individually or in the aggregate, reasonably be expected to have a Fund Material Adverse Effect or that are otherwise disclosed on
Schedule 4.18, no monetary default (beyond applicable notice and cure periods) by any party exists under any of the Existing Loans and the documents entered into in connection therewith (collectively, the “Existing Loan
Documents”) and no material non-monetary default (beyond applicable notice and cure periods) by any party exists under any of such Existing Loan Documents. 

Section 4.19. FINANCIAL STATEMENTS. The consolidated financial statements of each Contributor, the Initial Property Owners or the
Properties delivered to the Operating Partnership (collectively the “Financial Statements”) have been prepared in all material respects in accordance with GAAP during the periods involved (except as may be indicated in the notes
thereto), subject, in the case of unaudited statements, to normal year-end audit adjustments, and fairly present in all material respects the financial condition and results of operations of the Contributor, the Initial Property Owners or the
Properties as of the dates indicated therein and for the periods ended as indicated therein. No Initial Property Owner has any liability or obligation (whether absolute, accrued, contingent or otherwise) of the type required by GAAP to be reflected
in the Financial Statements, except (i) as set forth on the [            ], 2014 balance sheet of the applicable Initial Property Owner; or (ii) incurred since
[            ], 2014 in the ordinary course of business in accordance with past practice and in an amount that is not, individually or in the aggregate, material to such Initial Property
Owner. The accounts receivable presently owed to each Initial Property Owner are current and, to the knowledge of the Contributors, collectible in the ordinary course, without resort to third party collections, net of any reserves applicable
thereto, and, subject to such reserves, shall be collected in full in the ordinary course consistent with the past practice of the Initial Property Owner. There is no contest, claim, or right of set off, other than rebates in the ordinary course of
business consistent with past practice, under any contract with any obligor of an account receivable relating to the amount or validity of such account receivable. 

Section 4.20. INSURANCE. Each Contributor or the respective Initial Property Owner has in place the public liability, casualty and other
insurance coverage with respect to each of the Properties owned by it as the Contributor or Initial Property Owner reasonably deems necessary and in all cases including such coverage as is required under the terms of any continuing loan or Lease.
Each of the insurance policies with respect to each Property is in full force and effect in all material respects and all premiums due and payable thereunder have been fully paid when due. To the knowledge of the Contributors, neither a Contributor
nor an Initial Property Owner has received from any insurance company any notices of cancellation or intent to cancel any insurance. 

Section 4.21. EMPLOYEES. None of the Initial Property Owners has or has ever had any employees. 

Section 4.22. NO BROKER. Except those fees, commissions or similar payments payable in connection with the Initial Public Offering and
the new financing transaction set forth in the registration statement related thereto, the Contributors have not entered into, and they covenant that they will not enter into, any agreement, arrangement or understanding with any Person which will
result in the obligation of the REIT, the Operating Partnership or any Affiliate to pay any finder’s fee, brokerage commission or similar payment in connection with the transaction contemplated by this Agreement or based upon arrangements made
by or on behalf of such Contributor. 

  
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 Section 4.23. NO OTHER REPRESENTATIONS OR WARRANTIES. Other than the representations and
warranties expressly set forth in this Article IV and any other agreement entered into by the Contributors in connection with the Formation Transactions, including the Formation Transaction Documents and the Underwriting Agreement of the REIT,
no Contributor nor any other Person has made or makes any express or implied representation or warranty, either written or oral, on behalf of a Contributor including any representation as to the future revenue, profitability or success of the
Initial Property Owners, or any representation or warranty arising from statute or otherwise in Law and the Contributors hereby disclaim any other representations or warranties, whether made or purported to be by the Contributors (or any of them),
or any of their respective officers, directors, employees, agents or representatives, with respect to the execution and delivery of this Agreement or any agreement, document or instrument contemplated to be delivered by the Contributors, or any of
them, by this Agreement or the Formation Transactions, or the transactions contemplated hereby or thereby. The Operating Partnership acknowledges and agrees that it has not relied and is not relying upon any representations or warranties other than
those contained in this Article IV. 
 ARTICLE V 

INDEMNIFICATION 

Section 5.01. INDEMNIFICATION. 

(a) The Contributors shall indemnify, hold harmless and defend the Operating Partnership and the REIT, and their respective
officers, directors, employees, stockholders, partners, agents and affiliates (each an “OP Indemnified Party” and collectively the “OP Indemnified Parties”), from and against any and all charges, complaints, claims,
actions, causes of action, losses, damages, liabilities and expenses, including, without limitation, interest, penalties, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, judicial or administrative proceedings or
appeals therefrom and costs of attachment or similar bonds (collectively, “Losses”) asserted against, imposed upon or incurred by the OP Indemnified Party, to the extent resulting from any breach of a representation, warranty or
covenant of the Contributors contained in this Agreement. In each case, the Contributors shall only bear the fees, costs or expenses in connection with the employment of one counsel (regardless of the number of OP Indemnified Parties). SCLP
covenants to indemnify, hold harmless and defend the OP Indemnified Parties from and against all Losses incurred in excess of $250,000 in connection with the minority interest redemption or buy-out provision contained in Section 5.9 of the Amended
and Restated Limited Partnership Agreement of SCCP Central Valley Limited Partnership pertaining to the Property known as Corporate Parkway (the “Buyout Indemnity”). In addition, SCLP covenants to indemnify, hold harmless and defend
the OP Indemnified Parties from and against all transaction expenses incurred in connection with the proposed refinancing of the property known as AmberGlen in excess of $475,000 (the “Refinancing Indemnity”). The Operating Partnership
shall have the right to set-off any amounts due to the Operating Partnership pursuant to the Refinancing Indemnity against any payments due, if any, to the contributors pursuant to Section 1.02(d). 

(b) The Contributors shall also indemnify and hold harmless the OP Indemnified Parties from and against any and all Losses
asserted against, imposed upon or incurred by the OP Indemnified Parties to the extent resulting from any third-party claim relating to the Ownership Interests such Contributor contributed which arise from matters that occurred prior to Closing.

 (c) The Operating Partnership shall indemnify, hold harmless and defend the Contributors and their respective officers,
directors, employees, stockholders, partners, agents and affiliates (each a “Contributor Indemnified Party” and collectively the “Contributor Indemnified Parties”; the OP Indemnified Parties and the Contributor
Indemnified Parties each an “Indemnified Party” and collectively the “Indemnified Parties”), from and against Losses asserted against, imposed upon or incurred by the Contributor Indemnified Party, to the extent
resulting from any third party claims arising under the Natixis Guaranty from and after the Closing Date until the Operating Partnership has replaced SCLP as guarantor thereunder. In each case, Operating Partnership shall only bear the fees, costs
or expenses in connection with the employment of one counsel (regardless of the number of Contributor Indemnified Parties). 

  
 29 

 (d) With respect to any claim of an Indemnified Party pursuant to this
Section 5.01, to the extent available, such Indemnified Party agrees to use diligent good faith efforts to pursue and collect any and all available proceeds and benefits of any right to defense under any insurance policy that covers the matter
which is the subject of the indemnification prior to seeking indemnification from the other party (such party, the “Indemnifying Party”) until all proceeds and benefits, if any, to which the Indemnified Party is entitled pursuant to
such insurance policy having been exhausted; provided, however, that the Indemnified Party may make a claim under this Section 5.01 even if an insurance coverage dispute is pending, in which case, if the Indemnified Party later
receives insurance proceeds with respect to any Losses paid by the Indemnifying Party for the benefit of any Indemnified Party, then the Indemnified Party shall promptly reimburse the Indemnifying Party in an amount equivalent to such proceeds in
excess of any deductible amount up to the amount actually paid (or deemed paid) by the Indemnifying Party to the Indemnified Party in connection with such indemnification (it being understood that all costs and expenses incurred by the Indemnifying
Party with respect to insurance coverage disputes shall constitute Losses paid by the Indemnifying Party for purposes of Section 5.01(a) hereof). 

(e) As soon as reasonably practicable after receipt by the Indemnified Party of notice of any liability or claim incurred by or
asserted against the Indemnified Party that is subject to indemnification under this Section 5.01, the Indemnified Party shall give written notice thereof to the Indemnifying Party, including liabilities or claims to be applied against the
indemnification deductible established pursuant to Section 5.01(f) hereof; provided that failure to give notice to the Indemnifying Party will not relieve the Indemnifying Party from any liability that it may have to any Indemnified
Party, unless, and only to the extent that, such failure (a) shall have caused prejudice to the defense of such claim or (b) shall have materially increased the costs or potential liability of the Indemnifying Party by reason of the
inability or failure of the Indemnifying Party (due to such lack of prompt notice) to be involved in any investigations or negotiations regarding any such claim. Such notice shall describe in reasonable detail the facts known to such Indemnified
Party giving rise to such claim, and the amount or good faith estimate of the amount of Losses arising therefrom, and shall identify specifically the basis under which indemnification is sought pursuant to Section 5.01(a), (b) or
(c) above, as applicable. Unless prohibited by law, such Indemnified Party shall deliver to the Indemnifying Party, promptly after such Indemnified Party’s receipt thereof, copies of all notices and documents received by such Indemnified
Party relating to such claim. The Indemnified Party shall permit the Indemnifying Party, at the Indemnifying Party’s option and expense, to assume the defense of any such claim by counsel selected by the Indemnifying Party and reasonably
satisfactory to the Indemnified Party, and to settle or otherwise dispose of the same; provided, however, that the Indemnified Party may at all times participate in such defense at its sole expense; and provided further,
however, that the Indemnifying Party shall not, in defense of any such claim, except with the prior written consent of the Indemnified Party in its sole and absolute discretion, consent to the entry of any judgment or enter into any
settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff in question to all Indemnified Parties a full and complete release of all liabilities in respect of such claims, or that does not result only
in the payment of money damages which are paid (or deemed paid) in full by the Indemnifying Party. If the Indemnifying Party shall not have undertaken such defense within 20 days after such notice, or within such shorter time as may be
reasonable under the circumstances to the extent required by applicable law, then the Indemnified Party shall have the right to undertake the defense, compromise or settlement of such liability or claim on behalf of and for the account of such
party’s and at such party’s sole cost and expense (subject to the limitations in Section 5.01(f) and (g) hereof). 

  
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 (f) Limitations on Indemnification. 

(i) The Contributors shall not be liable for any indemnification hereunder unless and until the total amount recoverable by the
Indemnified Parties under this Section 5.01 exceeds one percent (1%) of the value of the aggregate Total Consideration (valuing OP Units at a value per OP Unit equal to the Offering Price) (the “Basket”) and then only to the
extent of such excess, provided that in no event shall the Contributors be liable for indemnification hereunder for an aggregate amount exceeding ten percent (10%) of the Total Consideration (valuing OP Units at a value per OP Unit equal to the
Offering Price) (the “Cap”). Notwithstanding the foregoing, the Buyout Indemnity or the Refinancing Indemnity shall not be subject to the Basket or the Cap. For the avoidance of doubt the parties acknowledge that any Earn-Out Payments
earned and received by the Contributors shall be included in calculation of the Total Consideration. 
 (ii) Notwithstanding
anything contained herein to the contrary, before taking recourse against any assets of the Contributors, or any of them, and subject to the other limitations contained in this Section 5.01, the Indemnified Parties shall look, first to
available insurance proceeds (including without limitation any title insurance proceeds, if applicable) pursuant to Section 5.01(d) above, and then to indemnification under this Section 5.01. 

(g) Limitation Period. 

(i) Any claim for indemnification under this Section 5.01 (other than with respect to the Buyout Indemnity or a breach of
a covenant, which claims for indemnification may be asserted at any time) must be asserted in writing by the Indemnified Party, stating the nature of the Losses and the basis for indemnification therefor on or prior to the first (1st ) anniversary of the Closing. 
 (ii) If an applicable claim is asserted
in writing on or prior to the first (1st ) anniversary of the date of Closing (or, in the case of claims under Section 5.01(c)(ii), such date as specified in Section 5.01(g)(iii)) such
claim shall survive until resolved by mutual agreement between the Contributor and the Indemnified Party or by arbitration or court proceeding. 

(iii) Notwithstanding anything to the contrary contained in this Agreement, including specifically but not by way of limitation
Section 5.01(g)(i) above, any claims for indemnification relating to Section 5.01(c) (other than with respect to the Buyout Indemnity or a breach of a covenant, which claims for indemnification may be asserted at any time) may be
asserted in writing by the Contributor Indemnified Parties at any time until the earlier to occur of (x) the date on which SCLP is replaced, and released from any obligations, as the guarantor under the Natixis Guaranty and (y) the date on
which all obligations under the Natixis Loan Agreement have been repaid in full. 
 (iv) Any claim for indemnification with
respect to any of such matters which is not asserted by notice given as herein provided relating thereto within such specified period of survival may not be pursued and is hereby irrevocably waived as of and after such time. 

(h) Delivery of Indemnification Amounts. Indemnification payments may be made by the Contributors in the form of cash or
OP Units. To the extent indemnification is made through delivery by the Contributor of OP Units, such OP Units shall be valued at an amount per 

  
 31 

 
OP Unit equal to the Offering Price. The Contributors hereby authorize the REIT, as general partner of the Operating Partnership, to take all such action as may be necessary to amend the
Partnership Agreement, and any exhibits or schedules thereto, to reflect the delivery of any OP Units by the Contributors to the Operating Partnership as an indemnification payment hereunder and to reflect that the Contributor has no further right,
title or interest with respect to any such OP Units. Each of the Parties further agrees to treat any return of OP Units in satisfaction of indemnification obligations hereunder as an adjustment to the consideration delivered to the Contributors
hereunder 
 Section 5.02. EXCLUSIVE REMEDY. In furtherance of the foregoing, the Indemnified Parties, and each of them,
(i) hereby acknowledge and agree that their sole and exclusive remedy with respect to any and all claims (other than claims arising from fraud on the part of a Contributor hereto) including without limitation, any matter based on the
inaccuracy, untruth, incompleteness or breach of any representation or warranty of any Contributor hereto contained herein or based on the failure of any covenant, agreement or undertaking herein or otherwise relating to the subject matter of this
Agreement, shall be pursuant to the indemnification provisions set forth in Section 5.01 and (ii) hereby waives, as of the Closing, to the fullest extent permitted under applicable Law, any and all rights, claims and causes of action
(other than claims of, or causes of action arising from, fraud on the part of a Contributor) it may have against the Contributors, or any of them, arising under or based upon any federal, state, local or foreign Law, other than the right to seek
indemnity pursuant to this Section 5. The foregoing sentence shall not limit the Indemnified Party’s right to specific performance or injunctive relief in connection with the breach by the Contributors of the provisions of this Agreement.

 Section 5.03. TAX TREATMENT. All indemnity payments made hereunder shall be treated as adjustments to the consideration paid
hereunder for United States federal income tax purposes. 
 ARTICLE VI 

COVENANTS AND OTHER AGREEMENTS 

Section 6.01. COVENANTS OF THE CONTRIBUTORS. During the period from the date hereof to the Closing Date (except as otherwise provided for
or contemplated by this Agreement or in connection with the Formation Transactions), the Contributors shall use commercially reasonable efforts to (and shall use commercially reasonable efforts to cause each of the Initial Property Owners to)
conduct its businesses and operate and maintain the Properties in the ordinary course of business consistent with past practice, pay debt obligations as they become due and payable (except as may be being contested), and use commercially reasonable
efforts to preserve intact current business organizations and preserve relationships with lenders, tenants, suppliers and others having business dealings with it, in each case consistent with past practice. From the date hereof through the Closing,
except as otherwise provided for or as contemplated by this Agreement, the Formation Transactions or the other agreements, documents and instruments contemplated hereby or thereby (including for purposes hereof the Gibralt Contribution Agreement),
no Contributor shall: 
 (a) sell, transfer or otherwise dispose of all or any portion of its Ownership Interests; 

(b) (i) issue or authorize the issuance of any other securities in respect of, in lieu of or in substitution for any
Ownership Interests or make any other changes to the equity capital structure of such Contributor or the Initial Property Owners, or (ii) purchase, redeem or otherwise acquire any Ownership Interests; 

  
 32 

 (c) issue, deliver, sell, transfer, dispose, mortgage, pledge, assign or
otherwise encumber, or cause the issuance, delivery, sale, transfer, disposition, mortgage, pledge, assignment or other encumbrance of, any limited liability company or partnership interests or other equity interests of such Contributor or of the
Initial Property Owners, the Properties or other assets of such Contributor or the Initial Property Owners; 
 (d) amend,
modify or terminate any lease, contract or other instruments relating to a Property, except in the ordinary course of business consistent with past practice; 

(e) take or omit to take any action to cause any Lien to attach to any Property, except for Permitted Liens; 

(f) mortgage, pledge, hypothecate, encumber (or permit to become encumbered) all or any portion of its Ownership Interests;

 (g) amend the operating or partnership agreement of any Initial Property Owner or any intervening entities, except in
connection with the Formation Transactions; 
 (h) materially alter the manner of keeping such Contributor’s or the
Initial Property Owners’ books, accounts or records or the accounting practices therein reflected, except in connection with the Formation Transactions; 

(i) adopt a plan of liquidation, dissolution, merger, consolidation, restructuring, recapitalization or reorganization with
respect to the Initial Property Owners or any intervening entities, except in connection with the Formation Transactions; 

(j) file an entity classification election pursuant to Treasury Regulation Section 301.7701-3(c) on Internal
Revenue Service Form 8832 (Entity Classification Election) to treat such Contributor or any Initial Property Owner as an association taxable as a corporation for United States federal income tax purposes; make or change any other Tax elections;
settle or compromise any claim, notice, audit report or assessment in respect of Taxes; change any annual Tax accounting period; adopt or change any method of Tax accounting; file any amended Tax Return; enter into any tax allocation agreement, tax
sharing agreement, tax indemnity agreement or closing agreement relating to any Tax; surrender any right to claim a Tax refund; or consent to any extension or waiver of the statute of limitations period applicable to any Tax claim or assessment;

 (k) terminate or amend any existing insurance policies affecting any Property that results in a material reduction in
insurance coverage for such Property; 
 (l) violate or knowingly cause or permit any Initial Property Owner to violate in
any material respect, or fail to use commercially reasonable efforts to cure any material violation of, any applicable Laws; or 

(m) approve or permit the Initial Property Owners to distribute cash to their limited partners or general partners in an
aggregate amount exceeding $1,900,000 plus the amount of any capital contributions received by the Initial Property Owners after the date hereof; 

(n) approve or permit the Initial Property Owners to distribute any non-cash property to their limited partners or general
partners; or 
 (o) authorize, commit or agree to take any of the foregoing actions. 

Section 6.02. COMMERCIALLY REASONABLE EFFORTS BY THE OPERATING PARTNERSHIP, THE REIT AND EACH CONTRIBUTOR. The Operating Partnership, the
REIT and each Contributor shall use commercially reasonable efforts and cooperate with each other in (a) promptly determining whether any filings are required to be made or consents, approvals, waivers, permits or authorizations are required to
be obtained (under any applicable Law or regulation or from any Governmental Authority or third 

  
 33 

 
party) in connection with the transactions contemplated by this Agreement and the other Formation Transactions and (b) promptly making any such filings, in furnishing information required in
connection therewith and in timely seeking to obtain any such consents, approvals, waivers, permits or authorizations. 
 Section 6.03.
TAX AGREEMENT. The Operating Partnership shall account for any variation between the tax basis of any Contributed Asset and its fair market value at the time of its contribution to the Operating Partnership under the traditional method under
Section 704(c) of the Code and the applicable regulations. 
 ARTICLE VII 

WAIVERS AND CONSENTS 

Effective upon the Closing of the contribution of Ownership Interests and the exchange of OP Units pursuant to Article I herein, each
Contributor waives and relinquishes all rights and benefits otherwise afforded to such Contributor under any agreement applicable to or governing the rights and privileges of a holder of such Ownership Interests, including any rights of appraisal or
rights of first offer or first refusal, and any and all notice provisions related thereto. 
 ARTICLE VIII 

GENERAL PROVISIONS 

Section 8.01. NOTICES. All notices and other communications under this Agreement shall be in writing and shall be deemed given
(a) when delivered personally (with written confirmation of receipt), (b) five (5) Business Days after being mailed by certified mail, return receipt requested and postage prepaid, (c) one Business Day after being sent by a
nationally recognized overnight courier or (d) when transmitted by facsimile or electronic mail (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal
business hours of the recipient, in each case if confirmed within 24 hours thereafter by a signed original sent in the manner provided in clause (a), (b) or (c), in each case to the parties at the following addresses (or at such other
address for a Party as shall be specified by notice from such Party to the other Parties from time to time): 
 if to the Operating
Partnership to: 
 c/o City Office REIT Operating Partnership, L.P. 

1075 West Georgia Street, Suite 2600 

Vancouver, British Columbia V6E 3C9 

Canada 
 Facsimile: 604-661-4873

 Email: tmaretic@secondcitycapital.com 

Attention: Anthony Maretic 

  
 34 

 with a copy to: 

Shearman & Sterling LLP 

599 Lexington Avenue 
 New York,
New York 10022 
 Facsimile: 646-848-7697 

Email: sgiove@shearman.com 

Attention: Stephen T. Giove 
 if
to the REIT to: 
 c/o Second City Capital Partners II, Limited Partnership 

1075 West Georgia Street, Suite 2600 

Vancouver, British Columbia V6E 3C9 

Canada 
 Facsimile: 604-661-4873

 Email: tmaretic@secondcitycapital.com 

Attention: Anthony Maretic 
 if
to SCLP to: 
 c/o Second City Capital Partners II, Limited Partnership 

1075 West Georgia Street, Suite 2600 

Vancouver, British Columbia V6E 3C9 

Canada 
 Facsimile: 604-661-4873

 Email: tmaretic@secondcitycapital.com 

Attention: Anthony Maretic 
 if
to Sub 1 to: 
 c/o Second City Capital Partners II, Limited Partnership 

1075 West Georgia Street, Suite 2600 

Vancouver, British Columbia V6E 3C9 

Canada 
 Facsimile: 604-661-4873

 Email: tmaretic@secondcitycapital.com 

Attention: Anthony Maretic 
 if
to Sub 2 to: 
 c/o Second City Capital Partners II, Limited Partnership 

1075 West Georgia Street, Suite 2600 

Vancouver, British Columbia V6E 3C9 

Canada 
 Facsimile: 604-661-4873

 Email: tmaretic@secondcitycapital.com 

Attention: Anthony Maretic 
 if
to SCGP to: 
 c/o Second City General Partner II, Limited Partnership 

1075 West Georgia Street, Suite 2600 

Vancouver, British Columbia V6E 3C9 

Canada 
 Facsimile: 604-661-4873

 Email: tmaretic@secondcitycapital.com 

Attention: Anthony Maretic 

Section 8.02. DEFINITIONS. For purposes of this Agreement, the following terms shall have the following meanings. 

(a) “Affiliate” means, with respect to any Person, a Person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with the specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under
common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise. 
 (b) “Business Day” means any day that is not a Saturday, Sunday or
banking holiday in the State of New York. 
 (c) “Code” means the Internal Revenue Code of 1986, as amended,
together with the rules and regulations promulgated or issued thereunder. 
 (d) “Environmental Law” means
Laws or Orders of any Governmental Authority relating to pollution or protection of the environment or natural resources (including the generation, use, storage, management, treatment, transportation, disposal, presence, Release or threatened
Release of any Hazardous Material) or occupational health and safety, such as the Clean Air Act, 42 U.S.C. Section 7401 et seq.; the Clean Water Act, 33 U.S.C. Section 1251 et 

  
 35 

 
seq. and the Water Quality Act of 1987; the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. Section 136 et seq.; the Marine Protection, Research and
Sanctuaries Act, 33 U.S.C. Section 1401 et seq.; the National Environmental Policy Act, 42 U.S.C. Section 4321 et seq.; the Noise Control Act, 42 U.S.C. Section 4901 et seq.; the Occupational Safety
and Health Act, 29 U.S.C. Section 651 et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., as amended by the Hazardous and Solid Waste Amendments of 1984; the Safe Drinking Water Act,
42 U.S.C. Section 300f et seq.; the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), 42 U.S.C. Section 9601 et seq., as amended by the Superfund Amendments and
Reauthorization Act, the Emergency Planning and Community Right-to-Know Act, and Radon Gas and Indoor Air Quality Research Act; the Toxic Substances Control Act,
15 U.S.C. Section 2601 et seq.; the Atomic Energy Act, 42 U.S.C. Section 2011 et seq., and the Nuclear Waste Policy Act of 1982, 42 U.S.C. Section 10101 et seq. 

(e) “Environmental Permits” means any and all licenses, certificates, permits, directives, requirements,
registrations, government approvals, agreements, authorizations, and consents that are required under or are issued pursuant to any Environmental Laws. 

(f) “Formation Transaction Documents” means the documents and agreements required or reasonably necessary to
complete the Formation Transactions. 
 (g) “GAAP” means generally accepted accounting principles in the
United States, consistently applied. 
 (h) “Governmental Authority” means any government or agency, bureau,
board, commission, court, department, official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign. 

(i) “Guggenheim Financing” means those financing arrangements contemplated to be entered into by and between
the Operating Partnership and Commercial Real Estate Finance LLC or its successors or assigns as contemplated by the “commitment letter” dated November 25, 2013. 

(j) “Hazardous Material” means any material, substance or waste defined or regulated in relevant form,
quantity or concentration as hazardous or toxic or as a pollutant or contaminant (or words of similar import) pursuant to any Environmental Law, including any petroleum, waste oil or petroleum constituents or by-products. 

(k) “Law” means laws, statutes, rules, regulations, codes, orders, ordinances, judgments, injunctions, decrees
and policies of any Governmental Authority. 
 (l) “Liens” means all pledges, claims, liens, charges,
restrictions, controls, easements, rights of way, exceptions, reservations, leases, licenses, grants, covenants and conditions, encumbrances and security interests of any kind or nature whatsoever. 

(m) “Natixis” means Natixis Real Estate Capital LLC or such other entity or entities as shall from time to
time be the “Lender” under the Natixis Loan Agreement. 
 (n) “Natixis Guaranty” means the
Guaranty of Recourse Obligations dated as of June 7, 2013 by SCLP, as “Guarantor,” and in favor of Natixis Real Estate Capital LLC, as Lender under the Natixis Loan Agreement. 

  
 36 

 (o) “Natixis Loan Agreement” means the Loan Agreement dated as
of June 7, 2013 between SCLP and Natixis, as amended. 
 (p) “Offering Price” means the initial
offering price of a share of REIT Common Stock in the Initial Public Offering. 
 (q) “Operating Partnership
Agreement” means the Agreement of Limited Partnership of the Operating Partnership dated as of December 16, 2013. 

(r) “Order” means any order, writ, judgment, injunction, decree, ruling, assessment, stipulation,
determination or award entered by or with any court or other Governmental Authority or arbitrator. 
 (s) “Permitted
Lien” means: 
 (i) Liens securing Taxes, the payment of which is not delinquent or the payment of which is actively
being contested in good faith by appropriate proceedings diligently pursued and for which adequate reserves have been made in accordance with GAAP; 

(ii) zoning laws and ordinances applicable to the Properties that are not violated by the existing structures or present uses
thereof or the transfer of the Properties; 
 (iii) Liens imposed by laws, such as carriers’, warehousemen’s and
mechanics’ liens, and other similar liens arising in the ordinary course of business that secure payment of obligations arising in the ordinary course of business that are not yet due and payable or which are being contested in good faith by
appropriate proceedings and for which adequate reserves have been made in accordance with GAAP; 
 (iv) non-exclusive
easements for public utilities and other operational purposes the full exercise of which do not materially interfere with the current use or operation of the Properties; 

(v) Liens securing the Existing Loans set forth on Schedule 4.18 hereto; 

(vi) the encumbrances on title to the Properties created by the Leases in effect as of the Closing Date; and 

(vii) any exceptions contained the title policies listed on Schedule 4.04(c) hereto (except those relating to liens for
debt being paid off as of the Closing Date). 
 (t) “OP Material Adverse Effect” means any material adverse
change in any of the assets, business, condition (financial or otherwise), or results of operations of the Operating Partnership and its Subsidiaries, taken as a whole. 

(u) “Person” means an individual, corporation, partnership, limited liability company, joint venture,
association, trust, unincorporated organization or other entity. 
 (v) “REIT Common Stock” means the common
stock, par value $0.01 per share, of the REIT. 

  
 37 

 (w) “Release” means any release, spill, emission, leaking,
dumping, injection, pouring, pumping, placing, discarding, abandoning, deposit, disposal, discharge, dispersal, leaching or migration into or through the environment (including ambient air, surface water, groundwater, land surface or subsurface
strata). 
 (x) “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 
 (y) “Subsidiary” of any Person means any corporation, partnership, limited
liability company, joint venture, trust or other legal entity of which such Person owns (either directly or through or together with another Subsidiary of such Person) either (i) a general partner, managing member or other similar interest or
(ii) (A) 10% or more of the voting power of the voting capital stock or other equity interests or (B) 10% or more of the outstanding voting capital stock or other voting equity interests of such corporation, partnership, limited
liability company, joint venture, trust or other legal entity. 
 (z) “Tax” means all federal, state, local
and foreign income, property, withholding, sales, franchise, employment, excise and other taxes, tariffs or governmental charges of any nature whatsoever, including estimated taxes, together with penalties, interest or additions to Tax with respect
thereto. 
 (aa) “Tax Return” means any return, declaration, report, claim for refund, or information return
or statement related to Taxes, including any schedule or attachment thereto, and including any amendment thereof. 
 Section 8.03.
COUNTERPARTS. This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each Party and delivered to each other Party. 

Section 8.04. ENTIRE AGREEMENT; THIRD-PARTY BENEFICIARIES. This Agreement, including the exhibits and schedules hereto constitute the
entire agreement and supersede each prior agreement and understanding, whether written or oral, among the parties regarding the subject matter of this Agreement. This Agreement is not intended to confer any rights or remedies on any Person other
than the parties hereto and the Indemnified Parties. 
 Section 8.05. GOVERNING LAW. This Agreement shall be governed by, and construed
in accordance with, the Law of the State of New York. 
 Section 8.06. ASSIGNMENT. This Agreement shall be binding upon, and shall be
enforceable by and inure to the benefit of, the Parties hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation of Law) by any
Party without the prior written consent of each other Party, and any attempted assignment without such consent shall be null and void and of no force and effect, except that the Operating Partnership and each Contributor may assign its rights and
obligations hereunder to an Affiliate. 
 Section 8.07. JURISDICTION. Each of the parties hereto irrevocably and unconditionally
submits to the exclusive jurisdiction of (a) any New York State court sitting in the County of New York and (b) the United States District Court for the Southern District of New York, for the purposes of any action, suit or proceeding
arising out of this Agreement or any transaction contemplated hereby (and each agrees that no such action, suit or proceeding relating to this Agreement shall be brought by it or any of 

  
 38 

 
its Affiliates except in such courts). Each of the Parties hereto further agrees that, to the fullest extent permitted by applicable Law, service of any process, summons, notice or document by
U.S. registered mail to such person’s respective address set forth in Section 8.01 shall be effective service of process for any action, suit or proceeding in New York with respect to any matters to which it has submitted to jurisdiction
as set forth above in the immediately preceding sentence. Nothing in this Agreement will affect the right of any Party to this Agreement to serve process in any other manner permitted by applicable Law. Each of the Parties hereto irrevocably and
unconditionally waives (and agrees not to plead or claim) any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in (i) any New York State court sitting in
the County of New York or (ii) the United States District Court for the Southern District of New York, or that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 8.08. SEVERABILITY. Each provision of this Agreement will be interpreted so as to be effective and valid under applicable Law,
but if any provision is held invalid, illegal or unenforceable under applicable Law in any jurisdiction, then such invalidity, illegality or unenforceability will not affect any other provision, and this Agreement will be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been included herein. 
 Section 8.09.
RULES OF CONSTRUCTION. 
 (a) The Parties hereto agree that they have been represented by counsel during the negotiation,
preparation and execution of this Agreement and, therefore, waive the application of any Law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the Party drafting such
agreement or document. 
 (b) The words “hereof,” “herein” and “herewith” and words of similar
import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections,
paragraphs, exhibits and schedules of this Agreement unless otherwise specified. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation.” All terms defined in this Agreement shall have the defined meanings contained herein when used in any agreement, document or instrument made or delivered pursuant hereto unless otherwise defined therein. The
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Unless explicitly stated otherwise herein, any
agreement, document, instrument or statute defined or referred to herein or in any agreement, document or instrument that is referred to herein means such agreement, document, instrument or statute as from time to time, amended, qualified or
supplemented, including (in the case of agreements, documents and instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and all attachments thereto and instruments incorporated therein.
References to a Person are also to its permitted successors and assigns. 
 Section 8.10. EQUITABLE REMEDIES. The Parties agree that
irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each Party shall be entitled to an
injunction or injunctions to prevent breaches of this Agreement by the other parties hereto and to enforce specifically the terms and provisions hereof in any federal or state court located in New York, this being in addition to any other remedy to
which the parties are entitled under this Agreement or otherwise at law or in equity. 

  
 39 

 Section 8.11. DESCRIPTIVE HEADINGS. The descriptive headings herein are inserted for
convenience only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. 
 Section 8.12. NO
PERSONAL LIABILITY CONFERRED. This Agreement shall not create or permit any personal liability or obligation on the part of any officer, director, limited partner, employee or shareholder of the Operating Partnership or the Contributors. 

Section 8.13. AMENDMENT; WAIVER. Any amendment hereto shall be in writing and signed by all parties hereto. No waiver of any of the
provisions of this Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought. 

Section 8.14. SUPPLEMENT TO SCHEDULES. From time to time prior to the Closing, the Contributors shall have the right (but not the
obligation) to supplement or amend the Schedules hereto with respect to any matter hereafter arising or of which Contributors become aware after the date hereof including specifically, but not by way of limitation, information contained in any title
insurance or property reports with respect to the Properties (each a “Schedule Supplement”), and each such Schedule Supplement shall be deemed to be incorporated into and to supplement and amend the Schedules as
of the date hereof and the Closing Date; provided, however, that no such Schedule Supplement shall have any effect for purposes of determining the satisfaction of the conditions to Closing set forth herein. 

[Signature Page Follows] 

  
 40 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their
respective duly authorized officers or representatives, all as of the date first written above. 
  

			
	OPERATING PARTNERSHIP:
	
	CITY OFFICE REIT OPERATING PARTNERSHIP, L.P.
		
	By:	 	City Office REIT, Inc.
		 	its Sole General Partner
		
	By:	 	  

		 	Name:
		 	Title:
	
	REIT:
	
	CITY OFFICE REIT, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	CONTRIBUTORS:
	
	SECOND CITY CAPITAL PARTNERS II, LIMITED PARTNERSHIP
		
	By:	 	Second City General Partner II, Limited Partnership,
		 	its Sole General Partner
		
	By:	 	Second City General Partner II, Inc.,
		 	its Sole General Partner
		
	By:	 	  

		 	Name:
		 	Title:
	
	SECOND CITY GENERAL PARTNER II, LIMITED PARTNERSHIP
		
	By:	 	Second City General Partner II, Inc.,
		 	its Sole General Partner
		
	By:	 	  

		 	Name:
		 	Title:

 [signatures continued on the next page] 

  
 41 

 
			
	
	CIO REIT STOCK LIMITED PARTNERSHIP
		
	By:	 	Second City General Partner II, Limited Partnership,
		 	its Sole General Partner
		
	By:	 	Second City General Partner II, Inc.,
		 	its Sole General Partner
		
	By:	 	  

		 	Name:
		 	Title:
	
	CIO OP LIMITED PARTNERSHIP
		
	By:	 	Second City General Partner II, Limited Partnership,
		 	its Sole General Partner
		
	By:	 	Second City General Partner II, Inc.,
		 	its Sole General Partner
		
	By:	 	  

		 	Name:
		 	Title:

  
 42 

 Exhibit A 

Properties 

  
 43 

 Exhibit B 

Contributing Ownership Interests 

  
 44 

 Exhibit C 

Formation Transactions 

  
 45 

 Exhibit D 

Amended and Restated Partnership Agreement of the Operating Partnership 

  
 46 

 Exhibit E 

Form of Limited REIT Indemnity 

  
 47 

 Exhibit F 

Form of Assignment and Assumption Agreement 

  
 48 

 Schedule 1.02(a) 

Reimbursable Leases 

  
 49 

 Schedule 1.02(b) 

Balance Sheet 

  
 50 

 Schedule 1.02(b)(i) 

Net Working Capital 

  
 51 

 Schedule 1.05 

Central Fairwinds Property 

  
 52 

 Schedule 1.05(b)(vii) 

Net Operating Income 

  
 53 

 Schedule 3.03 

Consents and Approvals 

  
 54 

 Schedule 4.04(a)(i) 

Owned Real Property 

  
 55 

 Schedule 4.04(a)(ii) 

Rights to Acquire Property 

  
 56 

 Schedule 4.04(c) 

Title Policies 

  
 57 

 Schedule 4.04(d) 

Material Agreements 

  
 58 

 Schedule 4.04(e) 

Leases 

  
 59 

 Schedule 4.11 

Compliance with Laws 

  
 60 

 Schedule 4.14 

Environmental Compliance 

None. 

  
 61 

 Schedule 4.15 

Tangible Personal Property 

  
 62 

 Schedule 4.16 

Zoning 

  
 63 

 Schedule 4.18 

Existing Loans 

  
 64Form of Registration Rights Agreement

 Exhibit 10.6 

REGISTRATION RIGHTS AGREEMENT 

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

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

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

ARTICLE I 
 DEFINITIONS

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

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

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

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

  
 1 

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

“Commission” means the Securities and Exchange Commission. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  
 2 

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

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

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

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

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

  
 3 

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

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

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

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

REGISTRATION RIGHTS 

SECTION 2.1 Underwritten Demand Registration. 

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

  
 4 

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

  
 5 

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

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

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

  
 6 

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

SECTION 2.4 Shelf Registration. 

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

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

  
 7 

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

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

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

  
 8 

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

(a) If and whenever the Company is required to use commercially reasonable efforts to effect the registration of any Registrable Securities
under the Securities Act as provided in Section 2.1, 2.2 or 2.4, the Company shall as promptly as practicable (in each case, to the extent applicable): 

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

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

  
 9 

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

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

  
 10 

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

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

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

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

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

  
 11 

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

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

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

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

  
 12 

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

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

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

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

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

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

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

  
 13 

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

  
 14 

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

  
 15 

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

  
 16 

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

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

  
 17 

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

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

ARTICLE III 

MISCELLANEOUS 

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

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

  
 18 

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

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

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

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

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

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

  
 19 

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

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

  
 20 

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

					
	CITY OFFICE REIT, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	CIO OP LIMITED PARTNERSHIP
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	CIO REIT STOCK LIMITED PARTNERSHIP
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	GCC AMBERGLEN INVESTMENTS LP
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	GIBRALT US, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Schedule I 

Initial Holders 
  

	1.	CIO OP Limited Partnership 

  

	2.	CIO REIT Stock Limited Partnership 

  

	3.	GCC Amberglen Investments LP 

  

	4.	Gibralt US, Inc. 

 Exhibit A 

CITY OFFICE REIT, INC. 

FORM OF NOTICE AND QUESTIONNAIRE 

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

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

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

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

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

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

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

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

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

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

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

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

		
	2.	 	Address for Notices to Selling Security Holder:
		 	  

		 	  

					
			
		 	Telephone:	  	  

					
			
		 	Fax:	  	  

					
			
		 	E-mail address:	  	  

			
		 	Contact Person:	  	  

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

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

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

		 	  

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

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

		 	  

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

 ACKNOWLEDGEMENTS 

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

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

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

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

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

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

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

					
	Beneficial Owner
		
	By	 	  

		 	Name:	 	
		 	Title:	 	

 Dated: 

 Please return the completed and executed Notice and Questionnaire to: 

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

Tel: (604) 806-3366 

Attention: Chief Executive Officer

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