EDGAR 10-K Filing

Company CIK: 803649
Filing Year: 2025
Filename: 803649_10-K_2025_0000803649-25-000068.json

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ITEM 1. BUSINESS
Item 1. Business.
EQC Organization. EQC was formed in 1986 under Maryland law, electing to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, (the “Code”). Prior to its dissolution on June 13, 2025, the Company was an internally managed and self-advised REIT operating as what is commonly referred to as an umbrella partnership real estate investment trust (“UPREIT”), conducting substantially all of its activities through EQC Operating Trust, a Maryland real estate investment trust (the “Operating Trust”), which was also dissolved on June 13, 2025.
Prior to its dissolution on June 13, 2025, the Company beneficially owned 99.86% of the outstanding shares of beneficial interest, designated as units (“OP Units”) in the Operating Trust and the Company was the sole trustee of the Operating Trust. As the sole trustee, the Company generally had the power under the declaration of trust of the Operating Trust to manage and conduct the business of the Operating Trust, subject to certain limited approval and voting rights of other holders of OP Units.
EQC Background. In 2014, EQC’s shareholders voted to replace EQC’s then-existing board of trustees. EQC’s new Board of Trustees (the “Board”) appointed a new team of executive officers and internalized management. The Board and management team then undertook a comprehensive review of the Company, its legal and capital structures and its portfolio of properties, which were primarily office buildings in the United States. EQC executed a strategy that focused on disposing of a significant portion of the Company’s assets to reshape the portfolio and generate liquidity to fund future investments in high-quality assets or businesses to create a foundation for long-term growth to maximize shareholder value.
From 2014 to the onset of the COVID-19 pandemic in early 2020, the Company completed over $7.6 billion of dispositions. At the same time, and through the middle of 2024, EQC evaluated over 100 potential investment opportunities to create long-term value for shareholders. These investment opportunities spanned a wide range of property sectors, including office, retail, single-family rental, lodging, life sciences, industrial, manufactured housing, multi-family rentals and self-storage and to a lesser extent healthcare, data centers, cell towers and infrastructure. Despite the Company’s efforts, it was unable to consummate a transaction in line with its strategy.
While evaluating potential investment opportunities in an effort to create long-term value for its shareholders, the Company concurrently took steps to facilitate the potential wind-down of its business. On July 30, 2024, after being unable to consummate a transaction in line with the Company’s strategy, the Company’s Board: (i) determined that it was advisable and in the best interests of the Company’s shareholders to proceed with the wind-down of its operations and the liquidation of its assets in order to maximize shareholder value, and (ii) directed the Company’s management team to prepare proxy materials seeking shareholder approval of a plan of sale and dissolution.
Plan of Sale. On October 2, 2024, the Company filed a definitive proxy statement (the “Definitive Proxy”) with the U.S. Securities and Exchange Commission (the “SEC”) related to a special meeting of shareholders for the following purposes: (i) to consider and vote upon the Plan of Sale and Dissolution of the Company (the “Plan of Sale”), including the wind-down and complete liquidation of the Company, and the dissolution and termination of the Company, including the establishment of a Liquidating Entity (as defined in the Definitive Proxy), and (ii) on an advisory, non-binding basis, to consider and vote upon the compensation payable by the Company to its named executive officers in connection with the Plan of Sale (the “Executive Compensation Proposal”). The Plan of Sale, which the Board determined was in the best interests of the Company and its shareholders, authorized the Company to sell its remaining properties, wind-down the Company’s affairs and distribute the net proceeds to shareholders. At the special shareholder meeting held on November 12, 2024, the Company’s shareholders approved both proposals with: (i) 85.5% of outstanding shares, and 99% of votes cast, in favor of the Plan of Sale proposal (two-thirds of outstanding shares required for approval), and (ii) 86.7% of votes cast in favor of the Executive Compensation Proposal (majority of votes cast required for approval).
EQC Liquidating Trust. On June 13, 2025 (the “Effective Date”), as part of the Plan of Sale, the Company transferred its remaining assets and liabilities to EQC LT, a newly-created Maryland common law trust, for the benefit of the common shareholders of the Company. In conjunction with the transfer, EQC LT distributed all of its units of beneficial interests to EQC’s common shareholders on a one-for-one basis, with each common shareholder receiving one unit in EQC LT (the “Units”) for each EQC common share then held of record. All outstanding EQC common shares were then cancelled, and the Company was dissolved and terminated.
EQC LT was formed to wind up the affairs of EQC, liquidate EQC’s remaining assets, pay any liabilities, costs and expenses of EQC which were assumed or incurred by EQC LT, and distribute any net proceeds to the holders of the Units.
The five trustees of EQC LT were EQC’s four named executive officers and the Lead Independent Trustee of the Board, and, in that capacity, they were vested with the authority to oversee EQC LT. Equity Commonwealth Management LLC, a wholly-owned subsidiary of EQC LT, managed the day-to-day affairs of EQC LT, subject to the supervision of the trustees of EQC LT.
On September 19, 2025, the trustees of EQC LT approved the termination of EQC LT following the payment of all its liabilities and the disposal of all its assets. After liquidating the assets of EQC and EQC LT, and paying all remaining liabilities, costs and expenses, the trustees of EQC LT determined the amount of remaining funds available did not warrant an additional cash distribution to EQC LT unitholders. The remaining funds totaling approximately $150,000 were donated to ten charities selected by the trustees of EQC LT.
As of September 30, 2025, after paying all of its remaining liabilities and disposing of all of its assets, the Liquidating Trust canceled all of its outstanding Units and dissolved. Under the terms of the Liquidating Trust Agreement, the taxable year of the Liquidating Trust ends on December 31 of each year, unless the Liquidating Trust is dissolved or liquidated prior to such date, in which case, the Liquidating Trust’s taxable year ends on the date of such liquidation or dissolution. Since the Liquidating Trust canceled all of its outstanding units and dissolved on September 30, 2025, the taxable year end is September 30, 2025. We have aligned the fiscal year with the taxable year.
Business Strategy. Our business strategy was to implement the Plan of Sale, distribute net proceeds to our unitholders, and wind-down and liquidate the Liquidating Trust.
Properties. As of September 30, 2025, we did not own any properties. Since 2014, the Company accomplished the following (i) disposed of 168 properties and three land parcels totaling 45.8 million square feet for an aggregate gross sales price of $7.2 billion, as well as $704.8 million of common shares of Select Income REIT, (ii) retired $3.4 billion of debt and preferred shares, (iii) repurchased $652.1 million of EQC common shares, and (iv) paid $4.0 billion in distributions to EQC common shareholders.
Human Capital Resources. As of September 30, 2025, we did not have any employees.
Our principal executive offices were located at Two North Riverside Plaza, Suite 2000, Chicago, Illinois 60606, our telephone number is (312) 646-2800 and our website is www.eqcre.com.
Taxation as a REIT. EQC elected to be taxed as a REIT under the Code. A REIT generally is not subject to U.S. federal income tax on the net income that it distributes to shareholders if it meets the applicable REIT distribution requirements and other requirements for REIT qualification under the Code. The Company believes it was organized and operated so as to qualify as a REIT until its dissolution, but there can be no assurance of such qualification. Qualification and taxation as a REIT, however, depends upon the ability to meet requirements relating to income, asset ownership, distribution levels and diversity of share ownership, and the various other REIT qualification requirements imposed under the Code. Given the complex nature of the REIT qualification requirements, we cannot provide any assurance that the Company’s actual operating results satisfied the requirements for taxation as a REIT under the Code for any particular taxable year.
RISK FACTORS

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ITEM 1A. RISK FACTORS
Item 1A. Risk Factors.
Not applicable. In light of our dissolution of EQC LT on September 30, 2025, we do not believe there are any applicable risk factors.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B. Unresolved Staff Comments.
None.

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ITEM 2. PROPERTIES
Item 2. Properties.
General. As of September 30, 2025, we did not own any properties.

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ITEM 3. LEGAL PROCEEDINGS
Item 3. Legal Proceedings.
We are not involved in any litigation nor, to our knowledge, is any litigation threatened against us where the outcome would, in our judgment based on information available to us, have a material adverse effect on us.

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures.
Not applicable.
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities.
Equity Commonwealth’s common shares were traded on the NYSE (symbol: EQC). In connection with the transfer of assets to, and the assumption of liabilities by, the Liquidating Trust, the last day of trading of Equity Commonwealth’s common shares was April 21, 2025.
The Units in the Liquidating Trust were not transferable or assignable, except by will, intestate succession or operation of law. The Units were not certificated and were not listed on any exchange or quoted on any quotation system or otherwise tradeable in any public or private transactions. As of September 30, 2025, EQC LT was dissolved and terminated and all outstanding Units of EQC LT were cancelled.
Distributions
Under EQC’s governing documents and Maryland law, distributions to EQC shareholders were to be authorized and declared by the EQC Board.
Common Share and Unit Distributions:
On April 1, 2025, the Company announced that its Board authorized the Company’s final cash liquidating distribution of $1.60 per common share to be paid on April 22, 2025 to shareholders of record as of April 11, 2025. On April 22, 2025, EQC paid this distribution to such shareholders in the aggregate amount of $172.4 million.
On November 15, 2024, the Company announced that its Board authorized an initial cash liquidating distribution of $19.00 per common share which was paid on December 6, 2024 to shareholders of record on November 25, 2024. On December 6, 2024, EQC paid this distribution to such shareholders in the aggregate amount of $2.0 billion.
In each of February 2025 and 2024, the number of earned awards for recipients of the Company’s restricted stock units and market-based LTIP Units granted in January 2022 and 2021, respectively, was determined. Pursuant to the terms of such awards, EQC paid one-time catch-up cash distributions to these recipients in the aggregate amounts of $12.5 million and $2.0 million, in February 2025 and 2024, respectively, for distributions to common shareholders and unitholders declared by our Board during such awards’ performance measurement period.
The Company’s Board determined that a change in control occurred on February 25, 2025 as a result of the sale of 1225 Seventeenth Street Plaza, which it determined constituted a sale of substantially all of its assets. Accordingly, pursuant to the terms of such awards, all unvested equity awards outstanding on February 25, 2025 vested on an accelerated basis and in March 2025, the number of earned awards for recipients of the Company’s restricted stock units granted in each of January 2023 and 2024 was determined in light of the occurrence of a change in control. Pursuant to the terms of such awards, EQC also paid one-time catch-up cash distributions to these recipients in the aggregate amount of $17.5 million, for distributions to common shareholders declared by the Company’s Board of Trustees during such awards’ performance measurement period.
Series D Preferred Shares:
On November 12, 2024, in connection with the Plan of Sale, the Company announced that its Board of Trustees authorized payment of the liquidation preference to the holders of shares of the Company’s 6.50% Series D Cumulative Convertible Preferred Shares of beneficial interest, par value $0.01 per share (the “Series D Preferred Shares”). A payment of $25.00 per Series D Preferred Share, plus accrued dividends of $0.08576 per Series D Preferred Share, for the period from November 15, 2024 through December 3, 2024 (the “Payment Date”), was paid on the Payment Date to shareholders as of the Payment Date. This payment of $123.3 million paid all amounts due and owing the holders of the Company’s Series D Preferred Shares in connection with the previously disclosed shareholder approval of the Plan of Sale and, in accordance with the terms thereof, the Series D Preferred Shares had no further right or claim to any of the remaining assets of the Company.
Issuer Repurchases
On June 18, 2024, the Company’s Board authorized the repurchase of up to $150.0 million of EQC outstanding common shares from July 1, 2024 through June 30, 2025.
The Company did not repurchase any common shares under its share repurchase program during the years ended December 31, 2024 or September 30, 2025. The $150.0 million of remaining availability under the Company’s share repurchase program expired on June 30, 2025.
Unregistered Sales of Securities
There were no unregistered sales of equity securities during 2025.

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ITEM 6. SELECTED FINANCIAL DATA
Item 6. [Reserved]
Not applicable.

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
OBJECTIVE
The objective of this section of this Annual Report on Form 10-K is to provide a discussion and analysis, from management’s perspective, of the material information necessary to assess our financial condition, results of operations, liquidity and cash flows for the year ended September 30, 2025. We have included an overview to identify what we believe are the more important items that affected our 2025 financial results, including both our business activities as well as events outside of our control. In addition to the overview, we encourage you to read the entire discussion in this section of our material financial data together with our consolidated financial statements and the accompanying notes that are included in Part IV, Item 15 of this Annual Report on Form 10-K. The full discussion analyzes in detail our financial condition, results of operations, liquidity and cash flows, including comparisons of our 2025 and 2024 financial results.
OVERVIEW
EQC was formed in 1986 under Maryland law. Prior to its dissolution on June 13, 2025, EQC was an internally managed and self-advised REIT operating as an UPREIT, conducting substantially all of its activities through the Operating Trust, which was also dissolved on June 13, 2025. Prior to its dissolution on June 13, 2025, the Company beneficially owned 99.86% of the outstanding OP Units.
In 2014, EQC’s shareholders voted to replace EQC’s then-existing board of trustees. EQC’s new Board appointed a new team of executive officers and internalized management. The Board and management team then undertook a comprehensive review of the Company, its legal and capital structures and its portfolio of properties. EQC executed a strategy that focused on disposing of a significant portion of the Company’s assets to reshape its portfolio and generate liquidity to fund future investments in high-quality assets or businesses to create a foundation for long-term growth to maximize shareholder value.
From 2014 to the onset of the COVID-19 pandemic in early 2020, the Company completed over $7.6 billion of dispositions. At the same time, and through the middle of 2024, EQC evaluated over 100 potential investment opportunities to create long-term value for shareholders. These investment opportunities spanned a wide range of property sectors, including office, retail, single-family rental, lodging, life sciences, industrial, manufactured housing, multi-family rentals and self-storage and to a lesser extent healthcare, data centers, cell towers and infrastructure. Despite the Company’s efforts, it was unable to consummate a transaction in line with its strategy.
While evaluating potential investment opportunities in an effort to create long-term value for its shareholders, the Company concurrently took steps to facilitate the potential wind-down of its business. On July 30, 2024, after being unable to consummate a transaction in line with the Company’s strategy, the Company’s Board: (i) determined that it was advisable and in the best interests of the Company’s shareholders to proceed with the wind-down of its operations and the liquidation of its assets in order to maximize shareholder value, and (ii) directed the Company’s management team to prepare proxy materials seeking shareholder approval of a plan of sale and dissolution.
On October 2, 2024, the Company filed the Definitive Proxy with the SEC related to a special meeting of shareholders for the following purposes: (i) to consider and vote upon the Plan of Sale, including the wind-down and complete liquidation of the Company, and the dissolution and termination of the Company, including the establishment of a Liquidating Entity and (ii) on an advisory, non-binding basis, to consider and vote upon the Executive Compensation Proposal. The Plan of Sale, which the Board determined was in the best interests of the Company and its shareholders, authorized the Company to sell its remaining properties, wind-down the Company’s affairs and distribute the net proceeds to shareholders. At the special shareholder meeting held on November 12, 2024, the Company’s shareholders approved both proposals with: (i) 85.5% of outstanding shares, and 99% of votes cast, in favor of the Plan of Sale proposal (two-thirds of outstanding shares required for approval), and (ii) 86.7% of votes cast in favor of the Executive Compensation Proposal (majority of votes cast required for approval). Following the shareholders’ approval of the Plan of Sale, the Company’s efforts were focused on, winding-down the Company’s affairs and distributing the net proceeds to shareholders.
On June 13, 2025 (the “Effective Date”), as part of the Plan of Sale, the Company transferred its remaining assets and liabilities to EQC LT, a newly-created Maryland common law trust, for the benefit of the common shareholders of the Company. In conjunction with the transfer, EQC LT distributed all of its units of beneficial interests to EQC’s common shareholders on a one-for-one basis, with each common shareholder receiving one unit in EQC LT (the “Units”) for each EQC common share then held of record. All outstanding EQC common shares were then cancelled, and the Company has been dissolved and terminated.
On September 19, 2025, the trustees of EQC LT approved the termination of EQC LT following the payment of all its liabilities and the disposal of all its assets. After liquidating the assets of EQC and EQC LT, and paying all remaining liabilities, costs and expenses, the trustees of EQC LT determined the amount of remaining funds available did not warrant an additional cash distribution to EQC LT unitholders. The remaining funds totaling approximately $150,000 were donated to ten charities selected by the trustees of EQC LT. As of September 30, 2025, after paying all of its remaining liabilities and disposing of all of its assets, the Liquidating Trust canceled all of its outstanding Units and dissolved.
Since 2014, the Company accomplished the following (i) disposed of 168 properties and three land parcels totaling 45.8 million square feet for an aggregate gross sales price of $7.2 billion, as well as $704.8 million of common shares of Select Income REIT, (ii) retired $3.4 billion of debt and preferred shares, (iii) repurchased $652.1 million of EQC common shares, and (iv) paid $4.0 billion in distributions to EQC common shareholders.
RESULTS OF OPERATIONS
In light of the adoption of liquidation basis accounting as of November 1, 2024, the results of operations for the current year are not comparable to the prior year. As of September 30, 2025, we had no remaining properties. During the year ended December 31, 2024, we sold 1250 H Street, NW in Washington, D.C., and 206 East 9th Street and Bridgepoint Square in Austin, Texas. On February 25, 2025, we sold 1225 Seventeenth Street in Denver, Colorado.
LIQUIDITY AND CAPITAL RESOURCES
Our Operating Liquidity and Resources
On November 12, 2024, the Company held a special meeting of shareholders (the “Special Meeting”). At the Special Meeting, the Company’s shareholders approved the Plan of Sale authorizing the Company to sell its remaining properties, wind-down the Company’s affairs and distribute the net proceeds to shareholders. As of September 30, 2025, we have no assets and no debt outstanding.
Net cash flows provided by (used in) operating, investing and financing activities were $99.1 million, $13.9 million and $(11.1) million, respectively, for the ten months ended October 31, 2024.
Our Investment and Financing Liquidity and Resources
On November 15, 2024, the Company announced that its Board authorized an initial cash liquidating distribution of $19.00 per common share which was paid on December 6, 2024 to shareholders of record as of November 25, 2024. On December 6, 2024, EQC paid this distribution to such shareholders in the aggregate amount of $2.0 billion. On April 1, 2025, the Company announced that its Board authorized the Company’s final cash liquidating distribution of $1.60 per common share to be paid on April 22, 2025 to shareholders of record as of April 11, 2025. On April 22, 2025, EQC paid this distribution to such shareholders in the aggregate amount of $172.4 million.
During the year ended December 31, 2024, EQC paid an aggregate of $8.0 million of quarterly distributions on its series D preferred shares and a $123.3 million liquidating distribution on December 3, 2024. After the payment of this liquidating distribution, the Series D Preferred Shares had no further right or claim to any of the remaining assets of the Company.
On June 18, 2024, EQC’s Board authorized the repurchase of up to $150.0 million of outstanding common shares under EQC’s share repurchase program from July 1, 2024 through June 30, 2025. EQC did not repurchase any common shares under its share repurchase program during the years ended December 31, 2024 and September 30, 2025. The $150.0 million of remaining availability under the Company’s share repurchase program expired on June 30, 2025.
During the year ended December 31, 2024, the Company sold 1250 H Street, NW in Washington, D.C., and 206 East 9th Street and Bridgepoint Square in Austin, Texas. On February 25, 2025, the Company sold 1225 Seventeenth Street in Denver, Colorado and has no remaining properties.
NON-GAAP MEASURES
Due to the adoption of the Plan of Sale, we are no longer reporting funds from operations, normalized funds from operations and net operating income, as we no longer consider these to be key performance measures.
CRITICAL ACCOUNTING POLICIES
Below is a discussion of the accounting policies that management believes are or will be critical during our liquidation. We consider these policies critical in that they involve significant management judgments and assumptions, require estimates about matters that are inherently uncertain and because they are important for understanding and evaluating our reported financial results. These judgments affect the reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. The accounting policies and practices related to real estate properties discussed below are applicable to any real estate properties owned for the then-applicable period.
Subsequent to the adoption of the liquidation basis of accounting, we are required to estimate all costs and income we expect to incur and earn through the end of liquidation, including the estimated amount of cash we expect to collect through the disposal of our assets and the estimated costs to dispose of our assets.
Pursuant to our shareholders’ approval of the Plan of Sale on November 12, 2024, we adopted the liquidation basis of accounting as of and for the periods subsequent to November 1, 2024 (as approval of the Plan of Sale by our shareholders became imminent in early November 2024 based on the results of our solicitation of proxies from our shareholders for their approval of the Plan of Sale). Accordingly, on November 1, 2024, assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash or other consideration that we expected to realize through the disposal of our assets. The liquidation values of our real estate properties are presented on a net realizable value basis. Liabilities are carried at their contractual amounts due or estimated settlement amounts.
We accrue costs and income that we expect to incur and earn through the completion of our liquidation, including the estimated amount of cash or other consideration that we expected to receive through the date of the disposal of our assets and the estimated costs to dispose of our assets, to the extent we have a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the consolidated statement of net assets. Actual costs and income may differ from amounts reflected in the financial statements because of the inherent uncertainty in estimating future events. These differences may be material. See Note 2, “Plan of Sale” and Note 4, “Liabilities for Estimated Costs in Excess of Estimated Receipts During Liquidation” in our consolidated financial statements for further discussion. Actual costs incurred but unpaid prior to our adoption of the liquidation basis of accounting on November 1, 2024, are included in accounts payable and accrued expenses and distributions payable on the consolidated statement of net assets.
Our critical accounting policies are those that will have the most impact on the reporting of our financial condition and results of operations and those requiring significant judgments and estimates. We believe that our judgments and estimates are consistently applied and produce financial information that fairly presents our results of operations. Our most critical accounting policies involve our investments in real property. These policies affect our assessment of the carrying values and impairments of long lived assets.
Real Estate Properties
Liquidation Basis of Accounting
As of November 1, 2024, the Company’s real estate was adjusted to its estimated net realizable value, or liquidation value, to reflect the change to the liquidation basis of accounting. The liquidation value represents the estimated amount of cash or other consideration that the Company expected to realize through the disposal of its assets as it carries out the Plan of Sale. The Company estimated the liquidation value of its real estate based on a contractual purchase price for the property. The liquidation value of the Company’s real estate is presented on an undiscounted basis and real estate is no longer depreciated. Subsequent to November 1, 2024, all changes in the estimated liquidation value of the real estate are reflected as a change to the Company’s net assets in liquidation.
RELATED PERSON TRANSACTIONS
For information about our related person transactions, see Note 14 of the Notes to Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K, which is incorporated herein by reference.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
We do not believe we currently have any significant exposure to risks associated with market changes in interest rates.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8. Financial Statements and Supplementary Data.
The information required by Item 8 is included in Item 15 of this Annual Report on Form 10-K.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.

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ITEM 9A. CONTROLS AND PROCEDURES
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of the persons who served as the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 under the Exchange Act. Based upon that evaluation, we concluded that our disclosure controls and procedures were effective as of September 30, 2025.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting during the quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Report on Assessment of Internal Control Over Financial Reporting
We are responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system is designed to provide reasonable assurance to our management and the EQC LT trustees regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
We assessed the effectiveness of our internal control over financial reporting as of September 30, 2025. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) in Internal Control-Integrated Framework. Based on our assessment, we believe that, as of September 30, 2025 our internal control over financial reporting is effective.

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ITEM 9B. OTHER INFORMATION
Item 9B. Other Information.
During the three months ended September 30, 2025, none of our trustees or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as such terms are defined under Item 408 of Regulation S-K).
Unaudited Pro Forma Condensed Consolidated Financial Statements
On February 4, 2025, the Company, by and through its operating subsidiary, EQC 17th Street Plaza LLC (the “Seller”), entered into a real estate sale agreement (the “Sale Agreement”) with a buyer (“Purchaser”), pursuant to which the Company agreed to sell to the Purchaser the building and land at 1225 Seventeenth Street in Denver, Colorado, for a gross sale price of $132.5 million (the “Transaction”). The Transaction closed on February 25, 2025. Proceeds after credits, primarily for contractual lease costs, were $124.4 million.
The accompanying Pro Forma Consolidated Statement of Net Assets as of December 31, 2024 presents the Company’s historical amounts, adjusted for the effects of the Transaction, as if 1225 Seventeenth Street had been disposed of on December 31, 2024. The accompanying Pro Forma Consolidated Statement of Net Assets is unaudited and is not necessarily indicative of what the Company’s actual financial position would have been had the Transaction actually occurred on December 31, 2024, nor does it purport to represent the Company’s future financial position.
The accompanying Pro Forma Consolidated Statement of Changes in Net Assets for the period from November 1, 2024 to December 31, 2024 presents the Company’s historical amounts, adjusted for the effects of the Transaction, as if 1225 Seventeenth Street had been disposed of on November 1, 2024. The accompanying Pro Forma Consolidated Statement of Changes in Net Assets is unaudited and is not necessarily indicative of what the Company’s actual results of operations would have been had the Transaction actually occurred on November 1, 2024, nor does it purport to represent the Company’s future results of operations.
These Unaudited Pro Forma Consolidated Financial Statements should be read in conjunction with the Company’s historical consolidated financial statements and notes thereto as of and for the year ended December 31, 2024, included in this Annual Report on Form 10-K.
Equity Commonwealth
Pro Forma Consolidated Statement of Net Assets
December 31, 2024
(Unaudited and in thousands)
Historical (1) Transaction (2) Pro Forma
ASSETS
Real estate $ 132,500 $ (132,500) $ -
Cash and cash equivalents 160,511 123,592 (2a) 284,103
Rents receivable and other assets 613 - 613
Total assets $ 293,624 $ (8,908) $ 284,716
LIABILITIES
Liabilities for estimated costs in excess of estimated receipts during liquidation $ 100,019 $ (6,028) $ 93,991
Accounts payable and accrued expenses 10,908 - 10,908
Distributions payable 3,842 - 3,842
Total liabilities $ 114,769 $ (6,028) $ 108,741
Net assets in liquidation attributable to Equity Commonwealth common shareholders 178,605 (2,876) 175,729
Net assets in liquidation attributable to noncontrolling interest 250 (4) (2b) 246
Net assets in liquidation $ 178,855 $ (2,880) $ 175,975
See accompanying notes.
Equity Commonwealth
Pro Forma Consolidated Statement of Changes in Net Assets
For The Period From November 1, 2024 to December 31, 2024
(Unaudited and in thousands)
Historical (3) Transaction (4) Pro Forma
Net assets in liquidation, beginning of period $ 2,245,273 $ (2,880) $ 2,242,393
Changes in net assets in liquidation:
Remeasurement of liabilities (23,764) - (23,764)
Net decrease in liquidation value (23,764) - (23,764)
Liquidating distributions (2,042,654) - (2,042,654)
Changes in net assets in liquidation (2,066,418) - (2,066,418)
Net assets in liquidation, end of period $ 178,855 $ (2,880) $ 175,975
See accompanying notes.
Equity Commonwealth
Notes to Pro Forma Consolidated Statement of Net Assets
December 31, 2024
(Unaudited)
(1) Historical Balances - Reflects the audited consolidated statement of net assets of the Company as contained in its historical audited consolidated financial statements included in this Annual Report on Form 10-K as of and for the year ended December 31, 2024.
(2) Transaction - Represents the de-recognition of carrying amounts at December 31, 2024 for the real estate and working capital assets and liabilities related to 1225 Seventeenth Street.
a.Represents the net purchase price from the sale after credits, primarily for contractual lease costs, and estimated transaction costs in connection with closing the disposition.
b.Reflects the reallocation of total equity and Noncontrolling interest based on the Noncontrolling interest ownership of EQC Operating Trust.
Equity Commonwealth
Notes to Pro Forma Consolidated Statement of Changes in Net Assets
For The Period From November 1, 2024 to December 31, 2024
(Unaudited)
(3) Historical Balances - Reflects the audited consolidated statement of changes in net assets of the Company as contained in its historical audited consolidated financial statements included in this Annual Report on Form 10-K as of and for the year ended December 31, 2024.
(4) Transaction - Represents the historical changes in net assets of 1225 Seventeenth Street for the period from November 1, 2024 to December 31, 2024 as if the disposition had occurred on November 1, 2024.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Item 10. Directors, Executive Officers and Corporate Governance.
Trustees and Executive Officers of Equity Commonwealth
The table below sets forth the names, positions held and ages of the Company’s trustees and named executive officers as of June 13, 2025.
Name Position With the Company Age as of
June 13, 2025
David A. Helfand Chair of the Board, President and Chief Executive Officer 60
Ellen-Blair Chube Trustee 44
Martin L. Edelman Trustee 84
Peter Linneman Lead Independent Trustee 74
Mary Jane Robertson Trustee 71
Gerald A. Spector Trustee 78
James A. Star Trustee 64
William H. (Bill) Griffiths Executive Vice President, Chief Financial Officer and Treasurer 52
David S. Weinberg Executive Vice President and Chief Operating Officer 56
Orrin S. Shifrin Executive Vice President, General Counsel and Secretary 58
Trustees of EQC Liquidating Trust
The table below sets forth the names and ages of EQC Liquidating Trust’s trustees as of September 30, 2025.
Name Position With the Company Age as of
September 30, 2025
David A. Helfand Trustee 61
Peter Linneman Trustee 74
William H. (Bill) Griffiths Trustee 52
David S. Weinberg Trustee 57
Orrin S. Shifrin Trustee 58
The five trustees of EQC LT are the Company’s four named executive officers (Messrs. Helfand, Griffiths, Weinberg and Shifrin) and the Company’s Lead Independent Trustee (Mr. Linneman), and, in that capacity, they are vested with the authority to oversee the EQC LT. Equity Commonwealth Management LLC, a wholly-owned subsidiary of EQC LT, manages the day-to-day affairs of EQC LT subject to the supervision of the trustees of EQC LT.
Set forth below is certain biographical information of our trustees.
David A. Helfand served as a trustee of EQC LT from its establishment on June 13, 2025 until its dissolution on September 30, 2025. Mr. Helfand served as the Company’s trustee, President and Chief Executive Officer from May 2014 until its dissolution on June 13, 2025 and as Chair of the Board from May 2023 until the Company’s dissolution on June 13, 2025. Mr. Helfand serves as an Advisor to EGI, a private investment firm, where he previously served as Co-President, overseeing EGI’s real estate activities. Mr. Helfand is also the Founder and President of Helix Funds LLC (“Helix Funds”), a private real estate investment management company. In February 2025, he joined the Board of Directors of GCM Grosvenor (NASDAQ: GCMG), a leading global alternatives asset manager, where he serves as Audit Committee Chair. Mr. Helfand also served as Chief Executive Officer for American Residential Communities LLC (“ARC”), a Helix Funds portfolio company. Before founding Helix Funds, Mr. Helfand served as Executive Vice President and Chief Investment Officer for Equity Office Properties Trust (“EOP”), the largest REIT in the U.S. at the time. Prior to working with EOP, Mr. Helfand served as a Managing Director and participated in the formation of Equity International, a private investment firm focused on real estate-related companies outside the U.S. He was also the President and Chief Executive Officer of Equity LifeStyle Properties (NYSE: ELS), an operator of manufactured home communities, and served as Chairman of the board’s audit committee. His earlier career included investment activity in a variety of asset classes, including retail, office, parking and multifamily. Mr. Helfand also serves as a Director of the Ann & Robert H. Lurie Children’s Hospital of Chicago, on the Board of Trustees for
Northwestern University, on the National Association of Real Estate Investment Trusts (“Nareit”) Advisory Board of Governors, on the Executive Committee of the Samuel Zell and Robert Lurie Real Estate Center at the Wharton School of the University of Pennsylvania, on the Executive Committee of the Kellogg Real Estate Center at Northwestern University, and on the Board of Visitors at the Weinberg College of Arts and Sciences at Northwestern University. Mr. Helfand holds an M.B.A. from the University of Chicago Graduate School of Business and a B.A. from Northwestern University.
Peter Linneman served as a trustee of EQC LT from its establishment on June 13, 2025 until its dissolution on September 30, 2025. Dr. Linneman served as a trustee of the Company from May 2014 until its dissolution on June 13, 2025. He has been the Founding Principal of Linneman Associates, a real estate advisory firm, since 1979. Dr. Linneman has served as the Chief Executive Officer of American Land Funds and KL Realty Fund, private real estate acquisition firms, since 2010. Dr. Linneman previously served as Senior Managing Director of Equity International, a private investment firm focused on real estate-related companies outside the U.S., from 1998 to 1999, and Vice Chairman of Amerimar Realty, a private real estate investment company, from 1996 to 1997. Dr. Linneman has experience as a financial consultant and has served on numerous audit committees. He has served as Chairman of the Board of Rockefeller Center Properties, Inc., a real estate investment trust, and on the Board of Directors of Atrium European Real Estate, a public European real estate company, Paramount Group Inc., a real estate investment trust, and AG Mortgage Investment Trust, Inc. (NYSE:MITT), a mortgage real estate investment trust. Dr. Linneman currently serves on the Board of Directors of Regency Centers Corporation (NASDAQ: REG), a public real estate investment trust. Dr. Linneman is also the Emeritus Albert Sussman Professor of Real Estate, Finance and Public Policy at the Wharton School of the University of Pennsylvania, where he was a professor of Real Estate, Finance and Public Policy from 1979 to 2011 and was the founding co-editor of The Wharton Real Estate Review. He also served as the Director of Wharton’s Samuel Zell and Robert Lurie Real Estate Center for 13 years. Dr. Linneman holds both Master’s and Doctoral degrees in economics from the University of Chicago and a B.A. from Ashland University.
William H. (Bill) Griffiths served as a trustee of EQC LT from its establishment on June 13, 2025 until its dissolution on September 30, 2025. Mr. Griffiths served as the Company’s Chief Financial Officer and Treasurer from April 1, 2021 until its dissolution on June 13, 2025. He served in that role as Executive Vice President beginning on February 14, 2022, when he was promoted from his position as Senior Vice President. Prior to that, Mr. Griffiths served as the Company’s Senior Vice President - Capital Markets beginning in June 2014. Prior to joining EQC, Mr. Griffiths served in a similar role as part of the asset management and investment teams at EQX Real Estate Partners, L.P. (“EQX”), a private investment firm, and EGI from January 2014. Prior to his tenure at EQX and EGI, Mr. Griffiths had similar responsibilities for Helix Funds, where he financed over $2.2 billion in real estate assets and participated in the acquisition, management and disposition of those assets. Prior to joining Helix Funds, Mr. Griffiths worked at EOP, where he served as Director of Business Development and was actively involved in more than $12 billion of investment activity that included EOP’s mergers with Cornerstone and Spieker. Earlier in his career, Mr. Griffiths was an Associate in the Real Estate Investment Banking group at J.P. Morgan in New York, where he was involved in a wide variety of M&A, equity and debt financing, and asset sale assignments. Mr. Griffiths holds an M.B.A. from Stanford University’s Graduate School of Business and B.A. in both Mathematical Methods in the Social Sciences and Economics from Northwestern University.
David S. Weinberg served as a trustee of EQC LT from its establishment on June 13, 2025 until its dissolution on September 30, 2025. Mr. Weinberg served as the Company’s Executive Vice President and Chief Operating Officer from May 2014 until its dissolution on June 13, 2025. Prior to joining EQC, Mr. Weinberg served as the Chief Investment Officer of EQX from January 2014 and worked on real estate and real estate-related investments for EGI from January 2012 to December 2013. Prior to joining EGI, from 2007 through 2011, Mr. Weinberg was responsible for investments in the multifamily and office sectors at Helix Funds and oversaw Helix Funds’ dispositions for ARC. Mr. Weinberg also served as Vice President of Investments and Asset Management at EOP where he worked from 2003 to 2007. In this role, he participated in over $6 billion of investment activity and oversaw EOP’s 16 million-square-foot office portfolio in Southern California. Earlier in his career, Mr. Weinberg was Vice President of Acquisitions at LaSalle Investment Management and an attorney at the law firm of Sidley Austin LLP. Mr. Weinberg received his J.D. from Northwestern University School of Law and graduated with highest honors with a B.S. from the University of Illinois.
Orrin S. Shifrin served as a trustee of EQC LT from its establishment on June 13, 2025 until its dissolution on September 30, 2025. Mr. Shifrin served as the Company’s Executive Vice President, General Counsel and Secretary from May 2014 until its dissolution on June 13, 2025. Prior to joining EQC, Mr. Shifrin served as General Counsel, Secretary and Chief Compliance Officer of EQX from January 2014 and handled legal matters for EGI’s real estate investment activity. Mr. Shifrin currently serves as the General Counsel and Secretary for Helix Funds where he participated in the acquisition, management and disposition of over $2.2 billion in real estate assets. Mr. Shifrin also previously served as the General Counsel for ARC. Prior to joining Helix Funds, Mr. Shifrin served as a Principal at Terrapin Properties, LLC, a privately-held real estate investment and development company, where he worked from October 2002 to April 2005 and where his role involved general counsel duties, business development and operations. While there, Mr. Shifrin was involved in over $200 million of residential and commercial real estate-related transactions. Prior to that, Mr. Shifrin was a Partner at the law firm of Katten Muchin
Rosenman, where he worked for over 10 years. Mr. Shifrin serves on the Executive Advisor Board for the Jewish Graduation Organization, a national organization for Jewish graduate students and alumni. Mr. Shifrin received his J.D. from Northwestern University School of Law and graduated with highest honors with a B.S. from the University of Illinois.
Audit Committee
Due to the limited operations and level of activity, which primarily includes the payment of outstanding obligations, EQC LT does not have an audit committee or other committee that performs similar functions and, consequently, have not designated an audit committee financial expert. However, we believe that Mr. Linneman, a former member of the audit committee of Equity Commonwealth, qualifies as an audit committee financial expert, as defined by the applicable SEC regulations and NYSE corporate governance listing standards.
Code of Business Conduct and Ethics
EQC LT determined that EQC’s Code of Business Conduct and Ethics applied to EQC Liquidating Trust, to the extent applicable.

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ITEM 11. EXECUTIVE COMPENSATION
Item 11. Executive Compensation.
We have opted to comply with the executive compensation rules applicable to “smaller reporting companies” for the Liquidating Trust, as such term is defined under the Securities Act of 1933, as amended. For 2025, those rules require compensation disclosure only for the Company’s principal executive officer and next two most highly compensated executive officers. In addition, we have elected to provide compensation disclosure for the Company’s principal financial officer for 2025. Accordingly, the tabular and narrative disclosures that follow describe the Company’s executive compensation program during the fiscal year ended September 30, 2025, with respect the following named executive officers of the Company and the trustees of the Liquidating Trust:
Name Company Title Liquidating Trust Position
David A. Helfand Chair of the Board, President and Chief Executive Officer Trustee
William H. (Bill) Griffiths Executive Vice President, Chief Financial Officer and Treasurer Trustee
David S. Weinberg Executive Vice President and Chief Operating Officer Trustee
Orrin S. Shifrin Executive Vice President, General Counsel and Secretary Trustee
Summary Compensation Table for 2025 Fiscal Year
The following Summary Compensation Table includes the fiscal year 2025 and 2024 compensation data for the named executive officers.
Name and Principal Position Year Salary
($)1
Bonus
($)2
Stock Awards ($)3
All Other Compensation ($)4
Total ($)
David A. Helfand
Chair of the Board, President and Chief Executive Officer
2025 1,017,640 5,838,049
-
13,299,371 20,155,060
2024 988,000 2,156,969 4,485,138
8,000 7,638,107
William H. (Bill) Griffiths
Executive Vice President, Chief Financial Officer and Treasurer
2025 642,720 1,740,198
-
5,532,298 7,915,216
2024 624,000 908,198 1,013,730
8,000 2,553,928
David S. Weinberg
Executive Vice President and Chief Operating Officer
2025 724,064 2,841,381
-
7,130,356 10,695,801
2024 702,975 1,023,142 2,215,396
8,000 3,949,513
Orrin S. Shifrin
Executive Vice President, General Counsel and Secretary
2025 637,177 2,009,670
-
5,778,246 8,425,093
2024 618,618 900,364 1,351,615 8,000 2,878,597
1 For each named executive officer, 2025 Salary represents the amount paid as salary for fiscal year 2025 for work through December 31, 2025, which includes work related to the wind-down process following the termination of the Liquidating Trust.
2 For each named executive officer, 2025 Bonus represents the sum of (i) the amount of the prorated annual cash bonus earned by the named executive officer under our short-term incentive plan (“STIP”) for work performed in 2025, and (ii) the amount of cash-based awards granted to the named executive officer in lieu of equity grants under our long-term incentive compensation program (“LTIC Program”) in January 2025 for work performed in 2024. See the section below entitled “Narrative Disclosure to Summary Compensation Table” and “Payments Upon Termination or Change of Control” for additional information about the STIP and LTIC Programs for 2025.
3 Represents the aggregate grant date fair value of the time-vested restricted shares (“LTIC Shares”) and performance-vested restricted stock units (“LTIC RSUs”) granted to the named executive officer on January 29, 2024, computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“FASB ASC Topic 718”), excluding the effect of estimated forfeitures for purposes of computing the value of the LTIC RSUs, and based on the assumptions described in Note 11 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The grant date fair value of the LTIC Shares ($1,168,028 for Mr. Helfand, $263,993 for Mr. Griffiths, $576,947 for Mr. Weinberg, and $351,984 for Mr. Shifrin) is equal to the closing price per EQC common share on the date of grant, $19.36, multiplied by the number of shares granted (60,332 for Mr. Helfand, 13,636 for Mr. Griffiths, 29,801 for Mr. Weinberg, and 18,181 for Mr. Shifrin). The grant date fair value of the LTIC RSUs ($3,317,110 for Mr. Helfand, $749,737 for Mr. Griffiths, $1,638,448 for Mr. Weinberg, and $999,631 for Mr. Shifrin) is based on a Monte Carlo simulation model, representing the number of LTIC RSUs that would be earned by the executive if the target level of performance is achieved (122,493 for Mr. Helfand, 27,686 for Mr. Griffiths, 60,504 for Mr. Weinberg, and 36,914 for Mr. Shifrin), as such level of achievement represents the probable outcome as of the grant date. The number of LTIC RSUs that would be earned by the executive if the maximum level of performance is achieved is 305,314 for Mr. Helfand, 69,007 for Mr. Griffiths, 150,806 for Mr. Weinberg, and 92,008 for Mr. Shifrin.
4 For each named executive officer, 2025 All Other Compensation represents the sum of (i) the employer matching contributions to the Company’s 401(k) plan ($8,000), (ii) the amount of severance paid to the named executive officer pursuant to his change in control agreement in connection with his termination of employment, and (iii) the prorated LTIC Program target amount for 2025 paid pursuant to a pro rata bonus payment policy previously approved by the Company. See the section below entitled “Payments Upon Termination or Change in Control” for additional information about the severance and pro rata payment paid to the named executive officers.
Narrative Disclosure to Summary Compensation Table
Base Salaries
Consistent with our historical practice, we paid our named executive officers base salaries to provide them with a predictable and stable source of cash income in order to compensate them for performing the requirements of their respective positions and to retain and motivate them.
On January 27, 2025, the Company’s Compensation Committee approved a 3% increase in annual base salary for each of our named executive officers in line with the standard increase for the Company’s non-executive employees for fiscal year 2025. Annual base salaries paid to the named executive officers for fiscal years 2024 and 2025, and the amount of salary actually paid in 2025 for work through December 31, 2025, which includes work related to the wind-down process following the termination of the Liquidating Trust, are set forth below:
Named Executive Officer
2024 Annual Base Salary 2025 Annual Base Salary 2025 Actual Base Salary Paid
David A. Helfand
$988,000 $1,017,640 $1,017,640
William H. (Bill) Griffiths
$624,000 $642,720 $642,720
David S. Weinberg
$702,975 $724,064 $724,064
Orrin S. Shifrin
$618,618 $637,177 $637,177
Annual Bonuses under the STIP
Historically, the Company’s named executive officers were eligible to receive annual cash bonuses under the STIP based on the achievement of certain performance criteria for the applicable fiscal year, as determined annually by the Company’s Compensation Committee based on the then-applicable business objectives. On January 27, 2025, the Company’s Compensation Committee determined that, in light of the Plan of Sale and the wind-down of the Company and the Liquidating Trust, the payment of a bonus under the STIP for fiscal year 2025 would be discretionary based on the achievement of subjective corporate and individual performance goals.
The threshold, target and maximum annual bonus amounts under the STIP for fiscal year 2025, as a percentage of their respective annual base salaries, remained the same as the corresponding amounts that were applicable for fiscal year 2024 for Messrs. Helfand, Griffiths, Weinberg and Shifrin, with such amounts as follows:
Named Executive Officer
Threshold Target Maximum
David A. Helfand
75% 150% 225%
William H. (Bill) Griffiths
50% 100% 150%
David S. Weinberg
50% 100% 150%
Orrin S. Shifrin
50% 100% 150%
Since each of the named executive officer’s employment was terminated by the Liquidating Trust as of September 2, 2025, no determination was made with respect to the completion of 2025 performance under the STIP. Rather, in light of the qualifying termination event, each named executive officer became entitled to a prorated STIP bonus for the year of termination (i.e., 2025). See a further discussion of the prorated bonus payments as described below in the section entitled “Payments Upon
Termination or Change in Control.” The following prorated annual cash bonus awards were paid under the STIP to the named executive officers in respect of 2025:
Named Executive Officer
Prorated Payout
David A. Helfand
$2,156,969
William H. (Bill) Griffiths
$908,198
David S. Weinberg
$1,023,142
Orrin S. Shifrin
$900,364
LTIC Program
Historically, we provided long-term incentive compensation to employees, trustees, officers, consultants and advisors of the Company and its subsidiaries pursuant to the Company’s 2015 Omnibus Incentive Plan (as amended from time to time, the “2015 Omnibus Plan”). The purpose of the 2015 Omnibus Plan was to provide eligible persons with an incentive to contribute to the success of the Company and to operate and manage the Company’s business in a manner that would provide for the Company’s long-term growth and profitability to benefit its shareholders and other important stakeholders, including its employees and customers, and provide a means of obtaining, rewarding and retaining key personnel. The 2015 Omnibus Plan was administered by the Company’s Compensation Committee, which had the authority to select persons to whom awards were granted and to determine the terms and conditions of such awards. The following types of awards were permitted to be granted under the 2015 Omnibus Plan, subject to the limitations set forth in the 2015 Omnibus Plan: stock options; stock appreciation rights; restricted stock; stock units; unrestricted stock; dividend equivalent rights; performance shares and other performance-based awards; limited partnership interests in the partnership entity through which the Company conducted its business; other equity-based awards; and cash-based awards.
While historically awards granted under the 2015 Omnibus Plan were equity awards, following the Company’s December 2024 termination of its various Form S-8 Registration Statements (“S-8 Termination”) as part of the Plan of Sale and wind-down of the Company, the named executive officers were granted cash-based awards under the 2015 Omnibus Plan (“Cash Awards”). The Cash Awards that were granted by the Company’s Compensation Committee to each named executive officers in January 2025 for work performed in 2024, were as follows:
Named Executive Officer
Cash Awards
David A. Helfand
$3,681,080
William H. (Bill) Griffiths
$832,000
David S. Weinberg
$1,818,239
Orrin S. Shifrin
$1,109,306
The Cash Awards granted in January 2025 included vesting conditions that were similar to the time-based equity awards previously granted under the LTIC Program, with 25% of each award vesting and being payable on each of the 2nd and 3rd anniversaries of the date of grant, and 50% of each award vesting and being payable on the 4th anniversary of the date of grant. The treatment of the Cash Awards granted in January 2025 upon a termination of the named executive officer’s employment or a change in control of the Company was also the same as the treatment of the time-based equity grants previously granted under the LTIC Program in such circumstances, as described below in the section entitled “Payments Upon Termination or Change in Control.”
Outstanding Equity Awards at 2025 Fiscal Year-End
All outstanding equity awards vested and were settled when the Company’s Board determined that a change in control of the Company occurred on February 25, 2025, as a result of the sale of 1225 Seventeenth Street Plaza, which it determined constituted a sale of substantially all of the Company’s assets. As a result, there were no outstanding equity awards at the 2025 fiscal year-end.
Payments Upon Termination or Change in Control
The LTIC Program awards granted to our named executive officers provided for accelerated vesting in the event of certain terminations of employment or a change in control of the Company. As described above in the section entitled “Outstanding Equity Awards at 2025 Fiscal Year-End,” the Company’s Board determined that a change in control of the Company occurred on February 25, 2025, as a result of the sale of 1225 Seventeenth Street Plaza, which it determined constituted a sale of substantially all of the Company’s assets. Treatment of awards outstanding under the LTIC Program is described below under “LTIC Program Awards.” As described in the section below entitled “Change in Control Agreements,” the named executive
officers were each party to a change in control agreement (“CIC Agreement”) that provided for certain severance benefits in the event of a qualifying termination of employment. Additionally, in June 2023, in recognition of the fact that the Company’s STIP bonus payments were paid and LTIC Program grants were made in arrears for each employee’s service and performance during the year preceding the year of payment or grant, the Company’s Board and its Compensation Committee each approved that employees of the Company, including the named executive officers, would be entitled to certain prorated bonus payments in the event of a qualifying termination of employment, as described below under “Prorated Bonus Payments.”
LTIC Program Awards
Time-Based Awards
Prior to the change in control of the Company that occurred in February 2025, the named executive officers each held outstanding unvested equity awards and Cash Awards subject to time-based vesting conditions (the “Time-Based Awards”). In light of the change in control and the fact that the awards were not assumed as part of the change in control transaction, all outstanding unvested Time-Based Awards held by each named executive officer became fully vested and were settled promptly following the date of the change in control.
Performance-Based Awards
In addition to the Time-Based Awards, prior to the change in control of the Company that occurred in February 2025, the named executive officers also held equity awards subject to vesting conditions related to the Company’s total shareholder return (“TSR”) over specified performance periods relative to the TSR achievement of the members of the Nareit Office Index over the same performance periods (the “Performance-Based Awards”). As a result of the change in control and the fact that these Performance-Based Awards were not assumed as part of the change in control transaction, all of the outstanding Performance-Based Awards held by each named executive officer were earned based on the actual level of achievement of the performance criteria measured as of the date of the change in control, as determined by the Company’s Compensation Committee based on the 40-day trailing average price per common share. The resulting earned Performance-Based Awards, as well as the previously earned but unvested Performance-Based Awards, became fully vested and were settled in shares or in cash promptly following the date of the change in control.
Change in Control Agreements
In 2019, the Company approved CIC Agreements for its named executive officers because it believed that the CIC Agreements would serve as an effective retentive measure to provide the named executive officers with certain assurances regarding the benefits that would be payable if a change in control of the Company occurred and they experienced a qualifying termination of employment. The change in control that occurred in February 2025 constituted a change in control for purposes of the CIC Agreements, and the termination of each named executive officer’s employment without cause in September 2025 was deemed, in each case, to be a qualifying termination giving rise to the named executive officer’s rights to his severance benefits under the terms of his CIC Agreement, as described below.
Under the CIC Agreements, upon a qualifying termination, the applicable named executive officer became entitled to: (i) a lump sum payment equal to three times the sum of (x) his annual base salary at the rate in effect as of the date of termination, and (y) the two-year average of his most recently earned STIP awards; (ii) a lump sum payment equal to his most recently earned STIP award multiplied by a fraction, the numerator of which is the number of days the named executive officer was employed during the year in which termination occurs and the denominator of which is 365 (the “Prorated Bonus”); and (iii) a lump sum payment equal to the amount that would have been payable for the cost of continued family coverage under the Company’s medical plan for a specified period following the date of termination (36 months for Mr. Helfand and 24 months for the other named executive officers). The severance benefits were subject to each named executive officer’s execution and delivery of an irrevocable release of claims, which was provided in each case. The named executive officers were also entitled to receive any accrued benefits (which were not subject to a release), as well as regular salary payment through the date that all work to wind down the affairs of the Liquidating Trust was completed. For the avoidance of doubt, the Prorated Bonus described in this section was satisfied by payment of the prorated bonus payment described below under the heading “Prorated Bonus Payments,” and is included above in the “Summary Compensation Table for 2025 Fiscal Year” in the “Bonus” column as the 2025 STIP bonus payment. The cash severance payment is included above in the “Summary Compensation Table for 2025 Fiscal Year” in the “All Other Compensation” column.
Pursuant to the CIC Agreements, a “best-net” cutback provision was applicable if any payment made to the named executive officers in connection with a change in control of the Company, including but not limited to any payment under the CIC Agreements, would result in an excise tax imposed by Section 4999 of the Internal Revenue Code, meaning that the applicable named executive officer would either: (i) receive all the payments and benefits to which he was entitled, subject to the excise tax or (ii) have such payments and benefits reduced by the minimum amount necessary so that the excise tax would
not apply, if such reduction would result in a greater net after-tax benefit to the named executive officer. The “best-net” cutback provision was not triggered as a result of the change in control of the Company or the amounts payable to the named executive officers under the CIC Agreements or otherwise.
Prorated Bonus Payments
Each named executive officer was entitled to and received a cash payout of certain bonuses in recognition of the partial year of service during the year in which their qualifying termination occurred (i.e., 2025), as provided for under the CIC Agreements as well as a policy previously approved by the Company’s Compensation Committee and Board relating to each employee, including the named executive officers. The prorated bonus payment equaled (i) the sum of the named executive officer’s STIP bonus actually paid for last completed calendar year prior to the year in which the qualifying termination occurred (i.e., 2024), and the named executive officer’s LTIC Program target for the calendar year in which the qualifying termination occurred (i.e., 2025), multiplied by (ii) a fraction, the numerator of which is the number of days in the year of the qualifying termination through the named executive officer’s employment termination date and the denominator of which is 365. This prorated bonus payment was made in recognition of the fact that our STIP bonus payments were paid and LTIC Program grants were made in arrears for each employee’s service and performance during the year preceding the year of payment or grant. The STIP Bonus is represented in the “Summary Compensation Table for 2025 Fiscal Year” in the “Bonus” column as the 2025 STIP bonus payment, and the LTIC Program portion is represented in the “Summary Compensation Table for 2025 Fiscal Year” in the “All Other Compensation” column (along with the cash severance amount received). The prorated bonus payment was subject to each named executive officer’s execution and delivery of an irrevocable release of claims against the Company, which were provided.
Trustee Compensation
Overview of the Trustee Compensation Program
The terms of the standard compensation program for trustees of the Company (excluding Mr. Helfand) and for Mr. Linneman as trustee of the Liquidating Trust (collectively, the “Independent Trustees”) were as follows:
Annual Retainer
Cash $ 70,000
Equity Awards $ 120,000
Total $ 190,000
Additional Annual Compensation
Lead Independent Trustee $ 45,000
Audit Committee Chair $ 25,000
Compensation Committee Chair $ 16,250
Nominating and Corporate Governance Committee Chair $ 15,000
Audit Committee Member $ 12,500
Compensation Committee Member $ 7,500
Nominating and Corporate Governance Committee Member $ 7,500
Ad Hoc Committee $ 10,000
We reimbursed Independent Trustees for travel and other expenses incurred in connection with their activities on our behalf.
Trustees of the Company and the Liquidating Trust who were also our employees did not receive any additional compensation for their services as trustees. Therefore, Mr. Helfand did not receive any additional compensation for his service as Chair of the Board, and Messrs. Helfand, Griffiths, Weinberg and Shifrin did not receive any additional compensation for their service as trustees of the Liquidating Trust beyond their compensation as executive officers, described earlier in this Annual Report on Form 10-K under the heading “Executive Compensation.”
Equity Awards Granted to Independent Trustees
While no equity awards were granted to Independent Trustees in 2025, prior to the change in control of the Company that occurred in February 2025, the Independent Trustees held outstanding unvested equity awards subject to time-based vesting conditions. In light of the change in control and the fact that awards were not assumed as part of the change in control
transaction, all outstanding unvested time-based equity awards held by each Independent Trustee became fully vested as of the date of the change in control.
Trustee Compensation Table for Fiscal Year 2025
The table below sets forth information regarding trustee compensation for fiscal year 2025.
Name Company Fees Earned or
Paid in Cash
($) Liquidating Trust Fees Earned or Paid in Cash
($) Equity Awards
($) All Other Compensation
($)
Total
($)
Ellen-Blair Chube 55,000 - - - 55,000
Martin Edelman 48,750 - - - 48,750
Peter Linneman 77,500 127,500 - - 205,000
Mary Jane Robertson 47,500 - - - 47,500
Gerald Spector 43,125 - - - 43,125
James Star 46,250 - - - 46,250
Compensation Committee Interlocks and Insider Participation
No member of the Company’s Compensation Committee was ever an officer or employee of the Company, and no member of the Compensation Committee had any relationships requiring disclosure by us under the SEC’s rules requiring disclosure of certain relationships and related party transactions. No executive officer served as a member of a board of directors or compensation committee, or other committee serving an equivalent function, of any other entity that had one or more of its executive officers serving as a member of the Company’s Board or Compensation Committee. Accordingly, during 2025, there were no interlocks with other companies within the meaning of the SEC’s rules.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters.
The Liquidating Trust does not have any equity compensation plans. The Liquidating Trust also does not have any securities providing the right to vote for the election of the trustees and, consequently, does not have any “voting securities” within the meaning of the Exchange Act and the regulations thereunder applicable to the disclosure of 5% holders of voting securities.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 13. Certain Relationships and Related Transactions, and Director Independence.
Review and Approval or Ratification of Transactions with Related Persons
EQC’s Code of Business Conduct and Ethics prohibited trustees and executive officers from engaging in transactions that may result in a conflict of interest with us. The Code of Business Conduct and Ethics allowed exceptions to this prohibition only if a majority of the disinterested trustees approved the transaction or the transaction was otherwise approved pursuant to EQC’s Related Party Transaction Policy. According to EQC’s Related Party Transaction Policy and its Audit Committee charter, its Audit Committee had responsibility to review any transaction involving a trustee, officer or 5% shareholder that could have created a conflict of interest. The Audit Committee could either approve or reject the transaction or refer the transaction to the full Board, excluding any interested trustees.
EQC LT adopted EQC’s Code of Business Conduct and Ethics and other policies (the “Policies”) to the extent they were applicable to EQC LT.
Related Person Transactions
Two North Riverside Plaza Joint Venture Limited Partnership
During 2025, we leased office space for our corporate headquarters at Two North Riverside Plaza in Chicago, Illinois (the “Two North Office Building”). From January 1, 2025 through May 22, 2025, the Two North Office Building was owned by Two North Riverside Plaza Joint Venture Limited Partnership (the “Two North Owner”), an entity associated with EGI, a private entrepreneurial investment firm founded by Sam Zell, our former Chairman who passed away on May 18, 2023. During that time, Messrs. Helfand and Weinberg were advisors to EGI and certain other members of our team were involved in EGI’s activities. On May 23, 2025, the Two North Owner transferred ownership of the Two North Office Building to a subsidiary of its lender via a deed-in-lieu of foreclosure, which subsequently sold the Two North Office Building to an unrelated third party.
Effective July 20, 2015, we entered into a lease with Two North Riverside Plaza Joint Venture Limited Partnership to occupy office space on the twentieth and twenty-first floors of Two North Riverside Plaza in Chicago, Illinois (the “Two North Office Lease”). The initial term of the lease was approximately five years, expiring on December 31, 2020.
In August 2023, we entered into an amendment to the Two North Office Lease extending the lease term for one year, through December 31, 2024, with no renewal options and contracting square feet to the space on the twentieth floor. The lease payment for the extended term was approximately $0.4 million.
In April 2024, we entered into an amendment to the Two North Office Lease extending the lease term for two additional years, through December 31, 2026, with no renewal options. The lease payment for the extended term was approximately $0.4 million per year. The Two North Office Lease allowed EQC to terminate the lease early for a termination fee equal to three-months’ base rent (the “Termination Fee”). On or about August 30, 2025, we provided notice and subsequently paid the Termination Fee to terminate the lease effective September 30, 2025.
Indemnification
The Maryland statute governing a REIT formed under the laws of Maryland, or the Maryland REIT law, permits a Maryland REIT to include in its charter a provision limiting the liability of its trustees and officers to the trust and its shareholders for money damages except for liability resulting from (i) actual receipt of an improper benefit or profit in money, property or services or (ii) active and deliberate dishonesty that is established in a judgment and is material to the cause of action. EQC’s Declaration of Trust included provisions limiting the liability of its trustees and officers for any debt, claim, demand, judgement decree, liability or obligation of any kind (in tort, contract or otherwise) of, against or with respect to the Company or arising out of any action take or omitted for or on behalf of the Company. EQC’s Declaration of Trust further provided that no trustee, officer, employee or agent of the Trust shall be liable to the Company, the shareholders or any other person for any act or omission except for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of duty.
The Maryland REIT Law permits a Maryland REIT to indemnify and advance expenses to its trustees, officers, employees and agents to the same extent as permitted by the Maryland General Corporation Law for directors, officers, employees and agents of Maryland corporations. The Maryland General Corporation Law (“MGCL”) permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they were, may be, or threatened to be, a party by reason of their service in those or other capacities unless it is established that:
• the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty;
• the director or officer actually received an improper personal benefit in money, property or services; or
• in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.
However, under the MGCL, a Maryland corporation may not indemnify a director or officer for an adverse judgment in a suit by or in the right of the corporation or if the director or officer was adjudged to be liable to the corporation on the basis that a personal benefit was improperly received, unless in either case a court orders indemnification, and then only for expenses.
In addition, the MGCL permits a corporation to advance reasonable expenses to a director or officer upon the corporation’s receipt of:
• a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation; and
• a written undertaking by the director or officer or on the director’s or officer’s behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the director or officer did not meet the standard of conduct.
EQC’s Declaration of Trust and bylaws obligated us, to the fullest extent permitted by Maryland law, to indemnify and to pay, reimburse or advance reasonable expenses to:
• any then-current or former trustee or officer who was made or threatened to be made a party to a proceeding by reason of his or her service in that capacity; or
• any individual who, while a trustee or officer of our company and at EQC’s request, served as a trustee, officer or partner of another corporation, REIT, limited liability company, partnership, joint venture, trust, employee benefit plan
or any other enterprise and who was made or threatened to be made a party to the proceeding by reason of his or her service in that capacity.
EQC’s Declaration of Trust and bylaws also permitted us, with the approval of its Board, to indemnify and advance expenses to any person who served a predecessor of EQC in any of the capacities described in the Declaration of Trust and bylaws and to any employee or agent of the Company or a predecessor of the Company. EQC’s bylaws specified that any indemnification or payment or reimbursement of the expenses as described above would be made in accordance with the procedures provided by the MGCL for directors of Maryland corporations.
The Liquidating Trust Agreement of EQC LT provides that no trustee of EQC LT shall be personally liable to any person in connection with EQC LT's assets or its affairs except for misconduct intentionally committed in bad faith and that no trustee shall be liable for any error of judgment made in good faith. The Liquidating Trust Agreement of EQC LT also provides and that each trustee and each of the employees and agents appointed or employed by the trustees pursuant to the Liquidating Trust Agreement, if any, shall be indemnified out of the liquidating trust assets against all liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and all costs and expenses, including, but not limited to, reasonable counsel fees and disbursements paid or incurred in investigating or defending against any such claim, demand, action, suit or proceeding in connection with the defense or disposition of any action, suit or other proceeding by EQC LT or any other person, whether civil or criminal, in which the foregoing indemnified person may be involved or with which such indemnified person may be threatened while in office or thereafter, by reason of its or his or her being or having been an EQC LT trustee, employee or agent; provided, however, that such indemnified person shall not be entitled to such indemnification to the extent that it or he or she shall have been finally adjudicated to have engaged in misconduct committed in bad faith or with reckless indifference to the purposes of EQC LT or the interests of its beneficiaries.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14. Principal Accountant Fees and Services.
Principal Accountant Fees and Services
Ernst & Young LLP acted as our independent registered public accounting firm for 2025 and 2024. The fees and expenses for services provided by Ernst & Young LLP to us for the last two fiscal years are listed in the table below:
2025 2024
Audit fees $ 301,500 $ 1,052,135
Audit related fees - -
Tax fees - -
Subtotal
$ 301,500 $ 1,052,135
All other fees* - 3,600
Total fees $ 301,500 $ 1,055,735
* “All other fees” related to subscription fees incurred for Ernst & Young LLP’s online accounting and reporting research tool.
Pre-Approval Policies and Procedures
EQC’s Audit Committee had established policies and procedures to review and approve the engagement of the Company’s independent auditor to provide any audit or non-audit services to the Company, either pursuant to the Audit Committee’s Policy Regarding Pre-Approval of Audit and Non-Audit Services (the “Pre-Approval Policy”) or through a separate pre-approval by the Audit Committee, which policies and procedures were intended to control the services provided by our independent registered public accounting firm and to monitor their continuing independence.
Under these policies and procedures, no services were permitted to be undertaken by the independent registered public accounting firm unless the engagement was specifically approved by the Audit Committee or the services were included within a category that had been pre-approved in the Pre-Approval Policy. The maximum charge for services were to be established by the Pre-Approval Policy or by the Audit Committee when the specific engagement or the category of services was approved.
All services for which EQC engaged our independent registered public accounting firm in 2025 and 2024 were approved by the Audit Committee. The total fees for the audit and non-audit services provided by Ernst & Young LLP in 2025 and 2024 are set forth above. The Audit Committee approved EQC’s engagement of Ernst & Young LLP to provide the non-audit services on behalf of EQC because it determined that Ernst & Young LLP providing these services would not compromise its independence and that its familiarity with EQC’s record keeping and accounting systems would permit it to provide these services with equal or higher quality, more quickly and at a lower cost than we could obtain these services from other providers.
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15. Exhibits and Financial Statement Schedules.
(a)The following documents are filed as part of this Annual Report on Form 10-K:
(i) and (ii) Financial Statements and Financial Statement Schedule.
The following consolidated financial statements and financial statement schedule of EQC Liquidating Trust are included on the pages indicated:
Page
Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)
Consolidated Statements of Net Assets (Liquidation Basis) as of September 30, 2025 and December 31, 2024
Consolidated Statements of Changes in Net Assets (Liquidation Basis) for the Year Ended September 30, 2025 and the Period from November 1, 2024 through December 31, 2024
Consolidated Statements of Operations (Going Concern Basis) for the Ten Months Ended October 31, 2024
Consolidated Statements of Equity (Going Concern Basis) for the Ten Months Ended October 31, 2024
Consolidated Statements of Cash Flows (Going Concern Basis) for the Ten Months Ended October 31, 2024
Notes to Consolidated Financial Statements
Schedule III-Real Estate and Accumulated Depreciation
S-1
All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions, or are inapplicable, and therefore have been omitted.
(iii) Exhibits.
The following documents are filed as exhibits to this Annual Report on Form 10-K:
Exhibit
Number
Description
3.1 Liquidating Trust Agreement, dated June 2, 2025. (Incorporated by reference to the Liquidating Trust’s Current Report on Form 8-K filed June 16, 2025.)
10.1 Change in Control Agreement, dated as of April 24, 2019, by and between the Company, Equity Commonwealth Management LLC and David Helfand. (+) (†) (Incorporated by reference to the Company’s Annual Report on Form 10-K filed February 13, 2024.)
21.1 Subsidiaries of the Liquidating Trust. (Filed herewith.)
31.1 Rule 13a-14(a) Certification. (Filed herewith.)
31.2 Rule 13a-14(a) Certification. (Filed herewith.)
32.1 Section 1350 Certification. (Furnished herewith.)
101.1 The following materials from the Company’s Annual Report on Form 10-K for the year ended September 30, 2025, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Net Assets, (iii) the Consolidated Statements of Changes in Net Assets, (iv) the Consolidated Statements of Operations, (v) the Consolidated Statements of Equity, (vi) the Consolidated Statements of Cash Flows and (vii) related notes to these financial statements, tagged as blocks of text and in detail. (Filed herewith.)
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
(+) Management contract or compensatory plan or arrangement.
† Pursuant to Instruction 2 of Item 601 of Regulation S-K, the Liquidating Trust has omitted certain change in control agreements (the “Omitted CIC Agreements”), which are substantially identical in all material respects except as to the parties thereto, the dates of execution, or other details. The below schedule identifies the Omitted CIC Agreements.
The only term in the Omitted CIC Agreements that differs from the change in control agreement for Mr. Helfand is the term of coverage under the Company’s group health plan, which is 24 months under Section 3(a)(iv) of the Omitted CIC Agreements. The Liquidating Trust hereby agrees to file the Omitted CIC Agreements upon request by the Commission.
Schedule
1.Change in Control Agreement, dated as of April 24, 2019, by and between the Company, Equity Commonwealth Management LLC and David Weinberg.
2.Change in Control Agreement, dated as of April 24, 2019, by and between the Company, Equity Commonwealth Management LLC and Orrin Shifrin.
3.Change in Control Agreement, dated as of August 1, 2022, by and between the Company, Equity Commonwealth Management LLC and William H. Griffiths.