Board Justification

To ensure the engagement and retention of the Company’s top senior leaders and to motivate them to take actions that restore shareholder value, in January 2024, the Committee granted Messrs. Coleman, Lammas and Diramerian “upfront” equity awards that cover two years of grants (i.e., grants for 2024 and 2025). A similar structure has been used by other office REITS, and the Committee determined that increasing rigor and enhancing governance was appropriate as follows:

Board Justification

Amounts represent discretionary bonuses paid to our NEOs under our 2024 cash bonus program in respect of the Compensation Committee’s assessment of individual and corporate performance during the applicable fiscal year.

Board Justification

The amounts shown represent the non-discretionary bonuses earned in the applicable year under our cash bonus program.

Board Justification

Amounts shown are calculated by multiplying the fair market value of our common stock on the applicable vesting date by the number of LTIP Units that vested on such date.