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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
(Amendment No. 1)
(Mark One)
☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                               
Commission File Number: 001-41686
Peakstone Realty Trust
(Exact name of Registrant as specified in its charter)
Maryland
46-4654479
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)

1520 E. Grand Ave
El Segundo, California 90245
(Address of principal executive offices)
(310) 606-3200
(Registrant’s telephone number)


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares, $0.0001 par value per sharePKSTNew York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ý    No  ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.     Yes  ¨    No  ý
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.   Yes ý No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ý No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐    No  ☒
If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐
Aggregate market value of the common shares held by non-affiliates of the Company was approximately $1.0 billion based on the closing sale price on the New York Stock Exchange for such shares on June 30, 2023.
As of March 26, 2024 there were 36,342,065 common shares outstanding.
Documents Incorporated by Reference: None
Auditor Name: Ernst & Young LLP Auditor Location: Los Angeles, California Auditor Firm ID: 42
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EXPLANATORY NOTE

Peakstone Realty Trust (the “Company”), is filing this Amendment No. 1 on Form 10-K/A (the “Amendment”) to our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Form 10-K”), which was filed on February 22, 2024, to provide separate audited combined financial statements for Galaxy REIT LLC, an unconsolidated joint venture in which the Company holds a 49% interest (“Office Joint Venture”), in accordance with Rule 3-09 of Regulation S-X. The combined financial statements of the Office Joint Venture as of and for the year ended December 31, 2023 were not available at the time that the Company filed its Form 10-K on February 22, 2024. The Office Joint Venture’s audited Combined Financial Statements as of December 31, 2023 and 2022, for the year ended December 31, 2023 and for the period from August 26, 2022 (Commencement of Operations) to December 31, 2022, and Report of Independent Auditors, are filed as Exhibit 99.1 and are included as financial statement schedules in Item 15 of this Amendment.

This Amendment also updates, amends and supplements Part IV, Item 15 of the Form 10-K to include the filing of Exhibit 23.2, the consent of Ernst & Young LLP, and the filing of new Exhibits 31.3 and 31.4 and the furnishing of new Exhibits 32.3 and 32.4, certifications of our Chief Executive Officer and Chief Financial Officer, pursuant to Rule 13a-14(a) and (b) of the Securities and Exchange Act of 1934.

Except as described above, this Amendment is not intended to update or modify any other information presented in the Form 10-K for the fiscal year ended December 31, 2023, as originally filed. This Amendment does not update or modify in any way the financial position, results of operations, cash flows or related disclosures in the Form 10-K and does not reflect events occurring after the Form 10-K’s original filing date of February 22, 2024. Accordingly, this Amendment should be read in conjunction with the Form 10-K for the year ended December 31, 2023 and any subsequent filings with the Securities and Exchange Commission.
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PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
(a) List of Documents Filed.
1. The financial statements previously filed and listed on page F-1 of the previously filed Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 22, 2024. The financial statements listed on the Exhibit Index below are included in this Amendment No. 1 to Annual Report on Form 10-K/A pursuant to Rule 3-09 of Regulation S-X.
2. Schedule III — Real Estate and Accumulated Depreciation previously filed and set forth beginning on page S-1 of the previously filed Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 22, 2024. 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 not applicable and therefore have been omitted.
3. The Exhibits filed in response to Item 601 of Regulation S-K are listed on the Exhibit Index below.
(b) See (a) 3 above.
(c) See (a) 2 above.
EXHIBIT INDEX
The following exhibits are included in this Annual Report on Form 10-K for the year ended December 31, 2023 (and are numbered in accordance with Item 601 of Regulation S-K).
Exhibit No.Description
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Table of Contents
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Table of Contents


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Table of Contents
101*The following Peakstone Realty Trust financial information for the period ended December 31, 2023 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive (Loss) Income, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements.
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
*
Previously filed, or furnished, as applicable, with the Form 10-K on February 22, 2024.
†Filed herewith.
††
Furnished herewith.
+
Management contract, compensatory plan or arrangement filed in response to Item 15(a)(3) of Form 10-K.

SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PEAKSTONE REALTY TRUST
(Registrant)
Date:March 28, 2024By:/s/ Javier F. Bitar
Javier F. Bitar
Chief Financial Officer and Treasurer (Principal Financial Officer)
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EXHIBIT 4.1

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
The following summary of the shares of beneficial interest of Peakstone Realty Trust (“PKST”) does not purport to be complete and is qualified in its entirety by reference to, the applicable provisions of our declaration of trust and our bylaws, each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K (the “Form 10-K”) of which this Exhibit is a part, and the applicable provisions of the Maryland General Corporation Law (“MGCL”). Our classes of common shares, as described below, are our only securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Unless the context requires otherwise, all references to the “Company,” “we,” “our,” and “us” in this Exhibit refer solely to PKST and its consolidated subsidiaries. Capitalized terms used but not defined in this Exhibit shall have the meanings set forth in the Form 10-K.
Description of Shares
As of December 31, 2023, Peakstone Realty Trust, a Maryland real estate investment trust (“our,” “we,” “us,” and the “Company”), had its common shares, par value $0.001 per share, registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our common shares are listed on the New York Stock Exchange under the ticker symbols “PKST”.    
Our declaration of trust authorizes us to issue up to 1,000,000,000 shares of beneficial interest, of which 800,000,000 shares are designated as common shares at $0.001 par value per share (“common shares”) and 200,000,000 shares are designated as preferred shares at $0.001 par value per share (“preferred shares”). Our Board of Trustees (the “Board”), with the approval of a majority of the trustees and without any action by our shareholders, may amend our declaration of trust to increase or decrease the aggregate number of our authorized shares or the number of shares of any class or series that we have authority to issue.
Our declaration of trust also contains a provision permitting our Board, with the approval of a majority of the trustees and without any action by our shareholders, to classify or reclassify any unissued common share or preferred share into one or more classes or series by setting or changing the preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions or other distributions, qualifications, or terms or conditions of redemption of any new class or series of shares, subject to certain restrictions, including the express terms of any class or series of shares outstanding at the time. We believe that the power to classify or reclassify unissued shares and thereafter issue the classified or reclassified shares provides us with increased flexibility in structuring possible future financings and acquisitions and in meeting other needs that might arise.
Our declaration of trust and our bylaws contain certain provisions that could make it more difficult to acquire control of our Company by means of a tender offer, a proxy contest or otherwise. These provisions are expected to discourage certain types of coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of our Company to first negotiate with our Board.
Common Shares
Subject to any preferential rights of any other class or series of shares and to the provisions of our declaration of trust regarding the restriction on the transfer of common shares, the holders of common shares are entitled to such distributions as may be authorized from time to time by our Board out of legally available funds and declared by us and will be entitled to share ratably in assets legally available for distribution to our shareholders in the event of our


liquidation, dissolution or winding up after payment of or adequate provision for all of its known debts and liabilities.
Upon issuance for full payment, all common shares issued will be fully paid and non-assessable. Holders of common shares will not have preemptive rights, which means that they will not have an automatic option to purchase any new shares that we issue. Each common share is entitled to one vote on each matter submitted to a vote at a meeting of our shareholders.
Our declaration of trust does not provide for cumulative voting in the election of our trustees and our trustees will be elected by a plurality of all votes cast at a meeting of shareholders.
Preferred Shares
Our declaration of trust authorizes our Board to designate and issue one or more classes or series of preferred shares without shareholder approval and to set the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of each such class or series. Because our Board has the power to establish the preferences and rights of each class or series of preferred shares, it may afford the holders of any series or class of preferred shares preferences, powers, and rights senior to the rights of holders of common shares. Payment of any distribution preferences of outstanding preferred shares would reduce the amount of funds available for the payment of distributions on the common shares. Further, holders of preferred shares are normally entitled to receive a preference payment in the event we liquidate, dissolve, or wind up before any payment is made to the common shareholders, likely reducing the amount common shareholders would otherwise receive upon such an occurrence.
Restrictions on Ownership and Transfer
In order for us to continue to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (“Code”), we must meet the following criteria regarding our shareholders’ ownership of our shares:
•    five or fewer individuals (as defined in the Code to include certain tax exempt organizations and trusts) may not own, directly or indirectly, more than 50% in value of our outstanding shares during the last half of a taxable year; and
•    100 or more persons must beneficially own our shares during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year.
We may prohibit certain acquisitions and transfers of shares so as to ensure our continued qualification as a REIT. However, we cannot assure our shareholders that this prohibition will be effective. Because we believe it is essential for us to continue to qualify as a REIT, our declaration of trust provides (subject to certain exceptions) that no shareholder may own, or be deemed to own by virtue of the attribution provisions of the Code, more than 9.8% (in value or in number, whichever is more restrictive, as determined by our Board) of our common shares or more than 9.8% of the value (as determined by our Board) of the aggregate of our outstanding shares.
Our Board, in its sole and absolute discretion, may exempt, prospectively or retroactively, a particular shareholder from either or both of the ownership limits or establish a different limit on ownership (the “excepted holder limit”) if our Board determines that:
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•    no person’s beneficial or constructive ownership of our shares will result in our being “closely held” under Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise failing to qualify to be taxed as a REIT; and
•    such shareholder does not and represents that it will not own, actually or constructively, an interest in a tenant of ours (or a tenant of any entity owned or controlled by us) that would cause us to own, actually or constructively, more than a 9.9% interest (as set forth in Section 856(d)(2)(B) of the Code) in such tenant (or our Board determines that revenue derived from such tenant will not affect our ability to qualify to be taxed as a REIT).
Any violation or attempted violation of the representations or undertakings discussed above will result in such shareholder’s shares being automatically transferred to a charitable trust. As a condition of granting the waiver or establishing the excepted holder limit, our Board may require an opinion of counsel or a ruling from the Internal Revenue Service, in either case in form and substance satisfactory to our Board, in its sole and discretion, in order to determine or ensure our qualification as a REIT and such representations and undertakings from the person requesting the exception as the Board may require in its sole discretion to make the determinations above. Our Board may impose such conditions or restrictions as it deems appropriate in connection with granting such a waiver or establishing an excepted holder limit.
At any time, our Board may from time to time increase or decrease the ownership limits for all other persons, unless, after giving effect to such increase, five or fewer individuals could beneficially own, in the aggregate, more than 49.9% in value of our outstanding shares or we would otherwise fail to qualify as a REIT. A reduced ownership limit will not apply to any person whose percentage ownership of common shares or all shares, as applicable, of ours is, at the effective time of such reduction, in excess of such decreased ownership limit until such time as such person’s percentage ownership, equals or falls below the decreased ownership limit, but any further acquisition of shares will violate the decreased ownership limit.
Additionally, our declaration of trust further prohibits the transfer or issuance of our shares if such transfer or issuance:
•    with respect to transfers only, results in our common shares being owned by fewer than 100 persons;
•    resulting in our being “closely held” within the meaning of Section 856(h) of the Code; or
•    otherwise results in our disqualification as a REIT.
Any attempted transfer of our shares which, if effective, would result in our shares being owned by fewer than 100 persons will be null and void. In the event of any attempted transfer of our shares which, if effective, would result in (1) violation of the ownership limits discussed above, (2) in our being “closely held” under Section 856(h) of the Code, or (3) our otherwise failing to qualify as a REIT, then the number of shares causing the violation (rounded to the nearest whole share) will be automatically transferred to a trust for the exclusive benefit of one or more charitable beneficiaries, and the proposed transferee will not acquire any rights in the shares. Such shares held in trust will remain issued and outstanding shares and will be entitled to the same rights and privileges as all other shares of the same class or series. The trustee of the beneficial trust, as holder of the shares, will be entitled to receive all distributions authorized by our Board on such securities for the benefit of the charitable beneficiary. Our declaration of trust further entitles the trustee of the beneficial trust to vote all shares held in trust.
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Within 20 days of receiving notice from us of the transfer of shares to the trust, the trustee of the beneficial trust may select a transferee to whom the shares may be sold as long as such sale does not violate the 9.8% ownership limits or the other restrictions on transfer. Upon sale of the shares held in trust, the intended transferee (the transferee of the shares held in trust whose ownership would violate the 9.8% ownership limits or the other restrictions on transfer) will receive from the trustee of the beneficial trust the lesser of such sale proceeds or the price per share the intended transferee paid for the shares (or, in the case of a gift or devise to the intended transferee, the price per share equal to the market value per share on the date of the transfer to the intended transferee). The trustee of the beneficial trust will distribute to the charitable beneficiary any amount the trustee receives in excess of the amount to be paid to the intended transferee.
In addition, we have the right to purchase any shares held in trust at the lesser of (1) the price per share paid in the transfer that created the shares held in trust (or, in the case of a devise or gift, the market price at the time of the devise or gift), or (2) the market price at the time our Company accepts such offer, until the shares held in trust are sold by the trustee of the beneficial trust. An intended transferee must pay, upon demand, to the trustee of the beneficial trust (for the benefit of the beneficial trust) the amount of any distribution we pay to an intended transferee on shares held in trust prior to our discovery that such shares have been transferred in violation of the provisions of our declaration of trust. If any legal decision, statute, rule, or regulation deems or declares the transfer restrictions included in our declaration of trust to be void or invalid, then we may, at our option, deem the intended transferee of any shares held in trust to have acted as an agent on our behalf in acquiring such shares and to hold such shares on our behalf.
Any person who acquires or attempts or intends to acquire shares in violation of the foregoing ownership restriction or who would have owned shares that resulted in a transfer to a charitable trust is required to immediately give us written notice of such event or, in the case of such a proposed or attempted transaction, give us at least 15 days’ written notice prior to such transaction. Such persons must provide to us such other information as we may request in order to determine the effect, if any, of such transfer on our qualification as a REIT. The foregoing restrictions will continue to apply until our Board determines it is no longer in our best interest to continue to qualify as a REIT.
The ownership restriction does not apply to the underwriter in a public offering of shares or to a person or persons so exempted from the ownership limit by our Board based upon appropriate assurances that our qualification as a REIT is not jeopardized. Any person who owns 5% or more of the outstanding shares during any taxable year will be asked to deliver, within 30 days after the end of each taxable year, a statement or affidavit setting forth the number of shares beneficially owned, directly or indirectly, and a description of the manner in which such shares are held.
Distribution Policy
Any distributions to holders of common shares are paid in a specific amount and for holders as of a specified record date. Distributions may be funded with operating cash flow from our properties, offering proceeds raised in any future offerings, from debt proceeds or a combination thereof. Because substantially all of our operations will be performed indirectly through our operating partnership, our ability to pay distributions depends in large part on our operating partnership’s ability to pay distributions to its partners, including to us. In the event we do not have enough cash from operations to fund the distributions, we may borrow, issue additional securities or sell assets in order to fund the distributions. We are not prohibited from undertaking such activities by our declaration of trust, our bylaws or investment policies. To the
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extent that we do not have taxable income, distributions paid will be considered a return of capital to shareholders.
Subject to the preferential rights, if any, of holders of any other class or series of our shares outstanding, distributions will be authorized at the discretion of our Board and declared by us, which will be directed, in substantial part, by its obligation to cause us to comply with the REIT requirements of the Code. Our Board may increase, decrease or eliminate the distribution rate that is being paid at any time.
To continue to qualify as a REIT, we generally must distribute to our shareholders at least 90% of our taxable income each year, determined without regard to the deduction for dividends paid and excluding capital gains. Our trustees may authorize distributions in excess of this percentage as they deem appropriate.
Registration Rights Agreement
In connection with our merger with Griffin Capital Essential Asset REIT, Inc. (“EA-1”), we assumed, as the successor of EA-1 and its operating partnership, a registration rights agreement (the “Original Registration Rights Agreement”) dated December 14, 2018, among EA-1, its operating partnership and Griffin Capital, LLC (“GC LLC”). On August 2, 2023, Peakstone Realty Trust, PKST OP, L.P. and GC LLC entered into an amended and restated registration rights agreement (the “Amended and Restated Registration Rights Agreement”), which amended certain terms of the Original Registration Rights Agreement. Pursuant to the Amended and Restated Registration Rights Agreement, GC LLC (or certain affiliated successor holders) has the right to request that we register for resale, under the Securities Act of 1933, as amended (the “Securities Act”), our common shares issued or issuable to such holder and GC LLC has the right to request that we register for resale, under the Securities Act, our common shares issued or issuable to certain successor holders. The Amended and Restated Registration Rights Agreement also grants GC LLC (or certain affiliated successor holders) certain “piggyback” registration rights related to certain registered offerings of our common shares.
Our Board
Our declaration of trust provides that the initial number of trustees shall be eight, which number may be increased or decreased from time to time in accordance with our bylaws. Our bylaws provide that the number of our trustees may not be fewer than the minimum number required under the Maryland REIT Law or more than 15. Because our Board has the power to amend our bylaws, it could modify the bylaws to change that range. Subject to the terms of any class or series of preferred shares, vacancies on our Board may be filled only by a majority of the remaining trustees, even if the remaining trustees do not constitute a quorum. Any trustee elected to fill a vacancy will hold office for the remainder of the full term of the trusteeship in which the vacancy occurred and until his or her successor is duly elected and qualifies.
Except as may be provided with respect to any class or series of our shares, at each annual meeting of our shareholders, each of our trustees will be elected by our common shareholders to serve until the next annual meeting of our shareholders and until his or her successor is duly elected and qualifies. A plurality of the votes cast in the election of trustees is sufficient to elect a trustee, and holders of common shares will have no right to cumulative voting in the election of trustees.
Removal of Trustees
Our declaration of trust provides that, subject to the rights of holders of any class or series of preferred shares, a trustee may be removed, but only for cause and then only by the
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affirmative vote of a majority of the votes entitled to be cast generally in the election of trustees. “Cause” is defined as a conviction of a felony or a final judgment of a court of competent jurisdiction holding that such trustee caused demonstrable, material harm to us through bad faith or active and deliberate dishonesty.
Meetings of Shareholders
Pursuant to our declaration of trust and bylaws, a meeting of our shareholders for the purpose of the election of trustees and the transaction of any business will be held annually on a date and at the time and place set by our Board. In addition, our chairman, chief executive officer, president or a majority of our Board may call a special meeting of our shareholders. Subject to the provisions of our declaration of trust and bylaws, a special meeting of our shareholders will also be called by our secretary upon the written request of the shareholders entitled to cast a majority of all the votes entitled to be cast at the meeting accompanied by the information required by our bylaws. Our secretary will inform the requesting shareholders of the reasonably estimated cost of preparing and delivering the notice of meeting (including our proxy materials), and the requesting shareholders must pay such estimated cost before our secretary is required to prepare and deliver the notice of the special meeting. Only the matters set forth in the notice of any special meeting may be considered and acted upon at such meeting.
Shareholder Liability
Maryland law provides that shareholders generally are not personally liable for our debts or obligations solely as a result of their status as shareholders.
Business Combinations
Under certain provisions of the Maryland General Corporation Law (“MGCL”) that are applicable to Maryland real estate investment trusts, certain business combinations between a Maryland real estate investment trust and an interested shareholder or an affiliate of an interested shareholder are prohibited for five years after the most recent date on which the interested shareholder becomes an interested shareholder. These business combinations include a merger, consolidation, share exchange, or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested shareholder is defined as:
•    any person who beneficially owns 10% or more of the voting power of the real estate investment trust’s outstanding voting shares; or
•    an affiliate or associate of the real estate investment trust who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding voting shares of the real estate investment trust.
A person is not an interested shareholder under the statute if our Board approved in advance the transaction by which such person otherwise would have become an interested shareholder. However, in approving a transaction, our Board may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by our Board.
After the five-year prohibition, any business combination between the Maryland real estate investment trust and an interested shareholder generally must be recommended by the board of trustees of the real estate investment trust and approved by the affirmative vote of at least:
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•    80% of the votes entitled to be cast by holders of outstanding shares of voting shares of the real estate investment trust; and
•    two-thirds of the votes entitled to be cast by holders of voting shares of the real estate investment trust other than shares held by the interested shareholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested shareholder.
These super-majority voting requirements do not apply if the real estate investment trust’s common shareholders receive a minimum price, as defined in the MGCL, for their shares in the form of cash or other consideration in the same form as previously paid by the interested shareholder for its shares.
The statute permits various exemptions from its provisions, including business combinations that are exempted by the board of trustees before the time that the interested shareholder becomes an interested shareholder. As permitted by the statute, we have elected by resolution of our Board to opt out of the business combination act. However, we cannot assure you that our Board will not opt to be subject to such provisions in the future.
Control Share Acquisitions
The MGCL provides with regards to Maryland real estate investment trusts that the holder of control shares of a Maryland real estate investment trust acquired in a control share acquisition has no voting rights except to the extent approved by a vote of shareholders entitled to cast two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquiring person, or by officers or by trustees who are our employees, are excluded from shares entitled to vote on the matter.
“Control shares” are voting shares which, if aggregated with all other voting shares owned by an acquiring person or shares for which the acquiring person is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiring person to exercise voting power in electing trustees within one of the following ranges of voting power:
•    one-tenth or more but less than one-third;
•    one-third or more but less than a majority; or
•    a majority or more of all voting power.
Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained shareholder approval. A control share acquisition occurs when, subject to some exceptions, a person directly or indirectly acquires ownership or the power to direct the exercise of voting power (except solely by virtue of a revocable proxy) of issued and outstanding control shares. A person who has made or proposes to make a control share acquisition, upon satisfaction of certain conditions, including an undertaking to pay expenses, may compel our Board to call a special meeting of our shareholders to be held within 50 days of a demand to consider the voting rights of the control shares. If no request for a meeting is made, we may present the question at any shareholders’ meeting.
If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then, subject to certain conditions and limitations, we may redeem any or all of the control shares (except those for which voting rights have been previously approved) for fair value determined, without regard to the absence of
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voting rights for the control shares, as of the date of the last control share acquisition by the acquiror or, if a meeting of shareholders is held at which the voting rights of such shares are considered and not approved, as of the date of the meeting. If voting rights for control shares are approved at a shareholders meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other shareholders may exercise appraisal rights. The fair value of the shares as determined for purposes of such appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition.
The control share acquisition statute does not apply to (1) shares acquired directly from the Company, (2) shares acquired in a merger, consolidation, or share exchange if we are a party to the transaction or (3) to acquisitions approved or exempted by our declaration of trust or our bylaws.
Our bylaws contain a provision exempting from the control share acquisition statute any and all acquisitions by any person of our common shares. There can be no assurance that this provision will not be amended or eliminated at any time in the future.
Subtitle 8
Subtitle 8 of Title 3 of the MGCL permits a Maryland real estate investment trust with a class of equity securities registered under the Exchange Act and at least three independent trustees to elect to be subject, by provision in its declaration of trust or bylaws or a resolution of its board of trustees and notwithstanding any contrary provision in the declaration of trust or bylaws, to any or all of the following five provisions:
•     a classified board;
•     a two-thirds vote requirement for removing a trustee;
•     a requirement that the number of trustees be fixed only by vote of the trustees;
•     a requirement that a vacancy on our Board be filled only by the remaining trustees and for the remainder of the full term of the class of trustees in which the vacancy occurred; and
•     a majority requirement for the calling of a special meeting of shareholders.
We have elected by a provision in our declaration of trust to be subject to the provisions of Subtitle 8 relating to the filling of vacancies on our Board. Through provisions in the declaration of trust and bylaws unrelated to Subtitle 8, we (i) vest in our Board the exclusive power to fix the number of trusteeships and (ii) require, unless called by our chairman, chief executive officer, president or a majority of our Board, the written request of shareholders entitled to cast a majority of all of the votes entitled to be cast at such a meeting to call a special meeting.
Advance Notice of Trustees Nominations and New Business
Our bylaws provide that nominations of individuals for election as trustees and proposals of business to be considered by shareholders at any annual meeting may be made only (1) pursuant to notice of the meeting, (2) by or at the direction of our Board or (3) by any shareholder who was a shareholder of record at the time of giving the notice required by our bylaws and at the time of the meeting, who is entitled to vote at the meeting in the election of each of the individuals so nominated or on such other proposed business and who has complied with the advance notice procedures of our bylaws. Shareholders generally must provide notice to
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our secretary not earlier than the 150th day or later than the close of business on the 120th day before the first anniversary of the date of our proxy statement for the preceding year’s annual meeting.
Only the business specified in the notice of the meeting may be brought before a special meeting of our shareholders. Nominations of individuals for election as trustees at a special meeting of shareholders may be made only (1) by or at the direction of our Board or (2) if the special meeting has been called in accordance with our bylaws for the purpose of electing trustees, by a shareholder who is a shareholder of record both at the time of giving the notice required by our bylaws and at the time of the special meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the advance notice procedures of our bylaws. Shareholders generally must provide notice to our secretary not earlier than the 120th day before such special meeting or later than the later of the close of business on the 90th day before the special meeting or the tenth day after the first public announcement of the date of the special meeting and the nominees of our Board to be elected at the meeting.
A shareholder’s notice must contain certain information specified by our bylaws about the shareholder, its affiliates and any proposed business or nominee for election as a trustee, including information about the economic interest of the shareholder, its affiliates and any proposed nominee.
Approval of Extraordinary REIT Action; Amendment of Declaration of Trust and Bylaws
Under Maryland law, a Maryland real estate investment trust generally cannot dissolve, amend its declaration of trust or merge with or convert into another entity, unless the action is advised by its board of trustees and approved by the affirmative vote of shareholders holding at least two-thirds of the shares entitled to vote on the matter. However, a Maryland real estate investment trust may provide in its declaration of trust for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Except for certain amendments described in our declaration of trust that require only approval by our Board, our declaration of trust provides for approval of any of these matters by the affirmative vote of not less than a majority of all of the votes entitled to be cast on such matters. Under the declaration of trust, subject to the provisions of any class or series of shares of beneficial interest then outstanding and any mandatory provisions of applicable law, shareholders are only entitled to vote on (1) the election or removal of trustees, (2) certain amendments to the declaration of trust, (3) a merger or consolidation of the Company into another entity and (4) such other matters as the Board directs be submitted to shareholders for approval or ratification. Accordingly, shareholders are not entitled to vote on the liquidation or dissolution of the Company, unless the Board determines otherwise.
Our Board has the power to adopt, alter or repeal any provision of our bylaws and to make new bylaws. In addition, shareholders may alter, amend or repeal any provision of our bylaws and adopt new bylaws with the approval by a majority of the votes entitled to be cast on the matter.
Limitation of Liability and Indemnification of Trustees and Officers
Maryland law permits a Maryland real estate investment trust to include in its declaration of trust a provision eliminating the liability of its trustees and officers to the real estate investment trust and its shareholders for money damages except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active and deliberate dishonesty that was established by a final judgment and was material to the cause of action. Our
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declaration of trust limits the liability of our trustees and officers for monetary damages to the maximum extent permitted under Maryland law.
Maryland law permits a Maryland real estate investment trust to indemnify and advance expenses to its trustees and officers to the same extent as permitted for directors and officers of Maryland corporations. The MGCL requires a Maryland corporation (unless its charter provides otherwise, which our declaration of trust does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity. The MGCL permits a Maryland 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 may be made or threatened to be made 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.
Under the MGCL, a Maryland corporation may not indemnify a director or officer in a suit by or on behalf of the corporation in which the director or officer was adjudged liable to the corporation or in a suit in which the director or officer was adjudged liable on the basis that personal benefit was improperly received. Nevertheless, a court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received. However, indemnification for an adverse judgment in a suit by or on behalf of the corporation, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses.
In addition, the MGCL permits a Maryland corporation to advance reasonable expenses to a director or officer upon its 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.
Our declaration of trust requires us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to:
•    any present or former trustee or officer; or
•    any individual who, while a trustee and at our request, serves or has served as a director, trustee, officer, member, manager, partner or trustee of another
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corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or any other enterprise from and against any claim or liability to which such person may become subject or which such person may incur by reason of his or her service in any of these capacities.
Our declaration of trust also permits us to indemnify and advance expenses to any employee or agent of ours or a predecessor of ours. The former directors and officers of EA-1 also have indemnification agreements that we previously assumed for claims relating to such person’s status as a former director or officer of EA-1.
Exclusive Forum
Our bylaws provide that, to the fullest extent permitted by law, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (1) any Internal Corporate Claim, as such term is defined in the MGCL, (2) any derivative action or proceeding brought in our right or on our behalf, (3) any action asserting a claim of breach by any trustee, officer, other employee or agent of ours of any duty owed to us or our shareholders, (4) any action asserting a claim against us or any trustee, officer, other employee or agent of ours arising pursuant to any provision of the Maryland REIT Law or our declaration of trust or bylaws or (5) any action asserting a claim governed by the internal affairs doctrine shall be the Circuit Court for Baltimore City, Maryland, or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division. Our bylaws also provide that, to the fullest extent permitted by law, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933.
REIT Qualification
Our declaration of trust provides that our Board may revoke or otherwise terminate our REIT election, without approval of our shareholders, if it determines that it is no longer in our best interest to attempt to, or continue to, qualify as a REIT. Our declaration of trust also provides that our Board may determine that compliance with any restriction or limitation on ownership and transfer of our shares contained in our declaration of trust is no longer required for us to qualify as a REIT.

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EXHIBIT 10.1
PEAKSTONE REALTY TRUST
SECOND AMENDED AND RESTATED
EMPLOYEE AND TRUSTEE LONG-TERM INCENTIVE PLAN





TABLE OF CONTENTS
Page








1.    PURPOSES OF THE PLAN; PRIOR PLAN; AND DEFINITIONS
1.1    Purposes. The purposes of the Peakstone Realty Trust (the “Company”) Second Amended and Restated Employee and Trustee Long-Term Incentive Plan are to:
(a)    provide incentives to individuals chosen to receive share-based awards because of their ability to improve operations and increase profits;
(b)    encourage selected persons to accept or continue employment or other service relationship with the Company or any Affiliate of the Company; and
(c)    increase the interest of Trustees in the Company’s welfare through their participation in the growth in value of the Company’s Shares.
To accomplish these purposes, this Second Amended and Restated Employee and Long-Term Incentive Plan provides a means whereby Employees of the Company or any Affiliate that the Committee deems important to the Company’s long-term success, Trustees and other enumerated persons may receive Awards.
1.2    Prior Plan. The Employee and Trustee Long-Term Incentive Plan was adopted by the Board on April 22, 2014 and was subsequently approved by the shareholders of the Company (“Shareholders”) on July 31, 2014 (the “Original Plan”). The First Amended and Restated Employee and Trustee Long-Term Incentive Plan was adopted by the Board on March 30, 2020 and was subsequently approved by the Shareholders on June 15, 2020 (the “First AR Plan”) (the Original Plan, as amended and restated by the First AR Plan, the “Prior Plan”). As of April 5, 2023 (the “Effective Date”), the Board has adopted this Second Amended and Restated Employee and Trustee Long-Term Incentive Plan (the “Second AR Plan”) which is a continuation of the Prior Plan, but is intended to amend, restate and fully supersede the terms of such Prior Plan (the Prior Plan as amended and restated by the Second AR Plan is hereinafter, the “Plan”). For the avoidance of doubt, any Awards that have been granted prior to the Effective Date shall be governed by the terms of the Original Plan or First AR Plan, as applicable.
1.3    Definitions. For purposes of this Plan, the following terms have the following meanings:
“Affiliate” means any Person, whose employees (as such term is defined in the instructions to Form S-8 registration statement under the Securities Act) are eligible to receive Awards under the Plan. The determination of whether a Person is an Affiliate shall be made by the Committee acting in its sole and absolute discretion.
“Applicable Laws” means the requirements relating to the administration of Awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of Shares are listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.
“Award” means any award under this Plan, including any grant of Options, Restricted Stock, Share Appreciation Rights, Distribution Equivalent Rights, Restricted Stock Units, or Other Equity-Based Awards (including OP Units or LTIP Units).
“Award Agreement” means, with respect to each Award, the written agreement executed by the Company and the Participant or other written document approved by the Committee setting forth the terms and conditions of the Award.
“Board” means the Board of Trustees of the Company.
“Cause,” unless otherwise defined in an Employee’s employment agreement, means matters which, in the judgment of the Committee, constitute any one or more of the following: (i) default


or breach of any of the provisions of any agreement that the Participant may have with the Company or any Affiliate or Subsidiary; (ii) actions constituting fraud, abuse, dishonesty, embezzlement, destruction or theft of Company property, or breach of the duty of loyalty owed by the Participant to the Company; (iii) conviction of a felony; (iv) furnishing materially false, inaccurate, misleading or incomplete information to the Company; (v) actions constituting a material breach of the Company’s Code of Ethics and Business Conduct, the Company’s employee handbook or any other Company policy; (vi) willful failure to follow reasonable and lawful directives of the Participant’s supervisor, or any of the Company’s senior executive officers, which are consistent with the Participant’s job responsibilities and performance; or (vii) failure to satisfy the requirements of the Participant’s job, regardless whether or not such failure is willful, including the failure to satisfy the objectives of any action plan or performance improvement plan that the Participant may be under. Any determination of Cause for purposes of the Plan or any Award shall be made by the Committee in its sole discretion. Any such determination shall be final and binding on a Participant. If “Cause” is otherwise defined in an Employee’s employment agreement, the definition in the employment agreement shall be effective for purposes of the Plan with respect to the Employee in question.
“Change in Control” means the happening of any of the following:
(i)    one Person (or more than one Person acting as a group) acquires ownership of Shares of the Company that, together with the Shares held by such Person or group, constitutes more than 50% of the total fair market value or total voting power of the Shares of the Company; provided, that, a Change in Control shall not occur if any Person (or more than one Person acting as a group) owns more than 50% of the total fair market value or total voting power of the Company’s Shares and acquires additional Shares; or
(ii)    one Person (or more than one Person acting as a group) acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) ownership of the Company’s Shares possessing 30% or more of the total voting power of the Shares of the Company; or
(iii)    a majority of the members of the Board are replaced during any twelve-month period by trustees whose appointment or election is not endorsed by a majority of the Board before the date of appointment or election; or
(iv)    one Person (or more than one Person acting as a group), acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately before such acquisition(s).
“Change in Control Price” means the closing price (or, if the shares are not traded on an exchange, the last sale price or closing “asked” price) per share paid for the purchase of Common Shares in a national securities market on the date the Change in Control occurs.
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute.
“Committee” has the meaning given it in Section 4.1.
“Common Shares” or “Shares” means common shares of beneficial interest of the Company, $0.001 par value per share.
“Company” has the meaning given it in Section 1.1.
“Declaration of Trust” means the Declaration of Trust of the Company as the same may be amended from time to time.


“Disability” has the same meaning as provided in the long-term disability plan or policy maintained by the Company or if applicable, most recently maintained, by the Company or if applicable, a Subsidiary or Affiliate, for the Participant, whether or not that Participant actually receives disability benefits under the plan or policy. If no long-term disability plan or policy was ever maintained on behalf of Participant or if the determination of Disability relates to an Incentive Share Option, Disability means Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In a dispute, the determination whether a Participant has suffered a Disability will be made by the Committee and may be supported by the advice of a physician competent in the area to which that Disability relates.
“Distribution Equivalent Right” means an Award of rights pursuant to Section 9.
“Effective Date” has the meaning given it in Section 1.2.
“Employee” has the meaning ascribed to it for purposes of Section 3401(c) of the Code and the Treasury Regulations adopted under that Section. An Employee includes an officer or a Trustee who is an Employee of the Company.
“Employment” means, except as otherwise required by Section 409A of the Code, employment with the Company or any Affiliate or Subsidiary, and shall include the provision of services as a Non-Employee Trustee or consultant for the Company or any Affiliate or Subsidiary. A Participant’s Employment shall terminate on the date the Participant is no longer Employed by an entity that is at least one of (i) the Company, (ii) an Affiliate or (iii) a Subsidiary as of such date. “Employed” shall have a correlative meaning.
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.
“Exercise Notice” has the meaning given it in Section 6.1(e).
“Fair Market Value” means with respect to Shares:
(i)    if the Shares is listed on any established national securities exchange, the Fair Market Value of shares of Shares shall be the closing sales price for the Shares, or the mean between the high bid and low asked prices if no sales were reported, as quoted on such exchange (or, if the Shares is listed on more than one exchange, then on the largest such exchange) for the date the value is to be determined (or if there are no sales or bids for such date, then for the last preceding business day on which there were sales or bids), as reported in The Wall Street Journal or similar publication; or
(ii)    if the Shares is regularly quoted by a recognized securities dealer but selling prices are not reported, or if there is no market for the Shares, the Fair Market Value of the shares of Shares shall be determined in good faith by the Committee by the reasonable application of a reasonable valuation method, with reference to all information material to the value of the Company, including by way of example, the Company’s net worth, prospective earning power, distribution-paying capacity and other relevant factors, including the goodwill of the Company, the economic outlook in the Company’s industry, the Company’s position in the industry and its management, and the values of stock of other enterprises in the same or similar lines of business;
provided, however, that for purposes of granted Nonqualified Share Options or Share Appreciation Rights, Fair Market Value of Shares shall be determined in accordance with the requirements of Code Section 409A, and for purposes of granting Incentive Share Options, Fair Market Value of Shares shall be determined in accordance with the requirements of Code Section 422.
“Grant Date” has the meaning given it in Section 6.1(b).
“Incentive Share Option” or “ISO” means any Option intended to be and designated as an “incentive stock option” within the meaning of Section 422 of the Code, and any successor provision.


“LTIP Units” means units of partnership interest designated as LTIP Units, including one or more classes of profit interests, in PKST OP, L.P. Awards of LTIP Units are intended to qualify as “profits interests” within the meaning of IRS Revenue Procedure 93-27, as clarified by IRS Revenue Procedure 2001-43, with respect to a Participant in the Plan who is rendering services to or for the benefit of the Company, including its Subsidiaries.
“Non-Employee Trustee” means a person who is a non-employee trustee as defined in Rule 16b-3.
“Non-Qualified Share Option” or “NQO” means any Option that is not an Incentive Share Option.
“Option” means an option granted under Section 5.
“OP Units” means units of limited partnership of PKST OP, L.P., subject to the rights, preferences and other privileges as designated in the Partnership Agreement.
“Other Equity-Based Award” means any award other than an Option, Restricted Stock, Share Appreciation Right, Distribution Equivalent Right Award or Restricted Stock Unit, which, subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to receive shares of Common Shares or rights or units valued in whole or in part by reference to, or otherwise based on, shares of Common Shares or distributions on shares of Common Shares, including, without limitation, OP Units and LTIP Units.
“Participant” means an eligible person who is granted an Award.
“Partnership Agreement” means the Seventh Amended and Restated Limited Partnership Agreement of PKST OP, L.P., as such agreement may be further amended from time to time.
“Performance-Based Award” means any Award that is made subject to Performance Goals.
“Performance Goals” means any one or more of the following performance goals, either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit or Affiliate, either individually, alternatively or in combination, and measured either quarterly, annually or cumulatively over a period of quarters or years, on an absolute basis or relative to a pre-established target, to previous quarter’s or years’ results or to a designated comparison group, any of which may be measured on an aggregate or per share bas is, in each case as specified by the Committee in the Award Agreement:
(i)    earnings before any one or more of the following: interest, taxes, depreciation or amortization,
(ii)    net income (loss) (either before or after interest, taxes, depreciation and/or amortization),
(iii)    changes in the market price of the Shares (on a per share or aggregate basis),
(iv)    economic value added,
(v)    funds from operations or similar measure,
(vi)    sales or revenue,
(vii)    acquisitions or strategic transactions,


(viii)    operating income (loss),
(ix)    cash flow (including, but not limited to, operating cash flow and free cash flow),
(x)    return on capital, assets, equity, or investment,
(xi)    shareholder returns (including total returns calculated to include aggregate Shares appreciation and total dividends paid, assuming full reinvestment of dividends, during the applicable period),
(xii)    cash available,
(xiii)    return on sales,
(xiv)    gross or net profit levels,
(xv)    productivity,
(xvi)    expense levels or management,
(xvii)    margins,
(xviii)    operating efficiency,
(xix)    customer/tenant satisfaction,
(xx)    working capital,
(xxi)    earnings (loss) per share of Shares,
(xxii)    revenue or earnings growth,
(xxiii)    number of securities sold,
(xxiv)    the Company’s ranking against selected peer groups,
(xxv)    “same-store” performance from period to period,
(xxvi)    leasing or occupancy rates,
(xxvii)    number of properties under management,
(xxviii)    objectively determinable capital deployment,
(xxix)    objectively determined expense management,
(xxx)    performance against budget,
(xxxi)    reduction of debt or borrowing costs,
(xxxii)    early extinguishment of debt,
(xxxiii)    disposition of properties or other assets or entities,
(xxxiv)    sales or market shares,


(xxxv)    number of customers,
(xxxvi)    productivity of employees as measured by revenues, cost, or earnings per employee,
(xxxvii)    establishment of a trading market for the Company’s Shares,
(xxxviii)    geographic footprint,
(xxxix)    various “non-GAAP” financial and operational measures customarily used in evaluating the performance of REITs,
(xl)    other performance goals established by the Committee from time to time, and
(xli)    any combination of the foregoing.
The Committee may appropriately adjust any evaluation of performance under a Performance Goal to remove the effect of equity compensation expense under FAS 123R; amortization of acquired technology and intangibles; asset write-downs; litigation or claim judgments or settlements; the effect of changes in or provisions under tax law, accounting principles or other such laws or provisions affecting reported results; accruals for reorganization and restructuring programs; discontinued operations; and any items that are extraordinary, unusual in nature, nonrecurring or infrequent in occurrence.
“Performance Period” means, with respect to an Award, a period of time within which the Performance Goals relating to such Award are to be measured. The Performance Period will be established by the Committee at the time the Award is granted.
“Person” means a corporation, partnership, trust, association or any other entity.
“Plan” has the meaning given it in Section 1.2.
“Qualifying Termination” means, with respect to a Participant, a termination of such Participant’s Employment by the Company (and all then-Affiliates or Subsidiaries) without Cause following a Change in Control of the Company. It is understood that a Participant shall not have a Qualifying Termination by virtue of ceasing to be Employed by an entity or its subsidiaries undergoing a Change in Control where, following such Change in Control, the Participant remains Employed by an entity that is at least one of (i) the Company or (ii) any entity that was an Affiliate or Subsidiary undergoing a Change in Control immediately prior to such Change in Control Notwithstanding the foregoing, payments on account of a Participant’s Qualifying Termination that constitute “deferred compensation” within the meaning of Section 409A of the Code shall not commence unless and until the Participant has also incurred a “separation from service” within the meaning of Code Section 409A.
“Related Corporation” means a parent or Subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code.
“Restricted Stock” means an Award granted under Section 7.
“Restricted Stock Unit” means a bookkeeping entry used by the Company to record and account for the grant of an Award of restricted Common Shares under Section 10 of the Plan until the Award is paid, canceled, forfeited or terminated, as the case may be.
“Rule 16b-3” means Rule 16b-3 adopted under Section 16(b) of the Exchange Act or any successor rule, as it may be amended from time to time, and references to paragraphs or clauses of Rule 16b-3 refer to the corresponding paragraphs or clauses of Rule 16b-3 as it exists at the Effective Date or the comparable paragraph or clause of Rule 16b-3 or successor rule, as that paragraph or clause may thereafter be amended.


“Share Appreciation Right” means an Award granted under Section 8.
“Section 16(b)” means Section 16(b) under the Exchange Act.
“Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute.
“Subsidiary” means a corporation or other business entity in which the Company directly or indirectly has an ownership interest of 50% or more.
“Ten Percent Shareholder” means any person who, at the time this definition is being applied, owns, directly or indirectly (or is treated as owning by reason of attribution rules currently set forth in Code Section 424 or any successor statute), shares of the Company constituting more than 10% of the total combined voting power of all classes of outstanding capital stock of the Company or any Related Corporation.
“Trustee” means a person elected or appointed and serving as trustee of the Company in accordance with the Declaration of Trust and the Maryland REIT Law or the other applicable provisions of the Corporations and Associations Article of the Annotated Code of Maryland.
2.    ELIGIBLE PERSONS
Every person who, at or as of the Grant Date, is (a) a full-time Employee of the Company, (b) a Trustee of the Company, (c) an executive officer or full-time employee of an Affiliate, or (d) someone whom the Committee designates as eligible for an Award (other than for Incentive Share Options) because the person (i) performs bona fide consulting or advisory services for the Company or any Affiliate of the Company pursuant to a written agreement (other than services in connection with the offer or sale of securities in a capital-raising transaction), and (ii) has a direct and significant effect on the financial development of the Company or any Affiliate of the Company, shall be eligible to receive Awards hereunder; provided, however, that Incentive Share Options may only be granted to an Employee of the Company or a Related Corporation.
3.    SHARES OF STOCK SUBJECT TO THIS PLAN
3.1    Share Limits. The total number of shares of Shares that may be issued under Awards is a number of shares equal to 777,778 shares. The maximum number of shares of Shares subject to Awards granted during a single fiscal year to any Non-Employee Trustee, together with any cash fees paid to such Non-Employee Trustee during the fiscal year, shall not exceed a total value of $400,000 (calculating the value of any Awards based on the grant date fair value for financial reporting purposes). The maximum number of shares of Shares with respect to which ISOs may be granted under the Plan is the lesser of the total number of shares of Shares that may be issued under Awards or 777,778 shares. Such shares of Shares may consist, in whole or in part, of authorized and unissued Shares or shares of Shares reacquired in private transactions or open market purchases, but all shares of Shares issued under the Plan, regardless of their source, shall be counted against the Shares limitation. Other Equity-Based Awards which are denominated in OP Units or LTIP Units shall count against the number of shares of Shares available for issuance under the Plan only to the extent that such OP Units or LTIP Units are convertible into shares of Shares and on the same basis as the conversion ratio applicable to the OP Units or LTIP Units. Any shares of Shares that are retained by the Company upon exercise or settlement of an Award in order to satisfy the exercise price in whole or in part, or to pay withholding taxes due with respect to such exercise or settlement, shall be treated as issued to the Participant and will thereafter not be available under the Plan. Any shares of Shares subject to unexercised portions of Options granted under the Plan which shall have been terminated, cancelled or that have expired may again be subject to Awards hereunder. Awards settled in cash will not reduce the maximum aggregate number of shares of Common Shares that may be issued under the Plan. If, after grant, subject to compliance with Section 17(c) of this Plan, the exercise price of an Option is reduced or the base amount on which a Share Appreciation Right is calculated is reduced, the transaction shall be treated as the cancellation of the Option or the Share Appreciation Right, as applicable, and the grant of a new Option or Share Appreciation Right, as applicable, and any shares of


Shares subject to such cancelled Option or Share Appreciation Right may again be subject to Awards hereunder.
4.    ADMINISTRATION
4.1    Committee.
(a)    In General. This Plan shall be administered by the compensation committee (the “Committee”) appointed by the Board. The number of persons who shall constitute the Committee shall be determined from time to time by a majority of all the members of the Board; provided, however, that the Committee shall not consist of fewer than two persons.
(b)    Rule 16b-3. To the extent desirable to qualify transactions under this Plan as exempt under Rule 16b-3, a Committee consisting solely of two or more “non-employee trustees” as defined in Rule 16b-3, must approve such transactions.
4.2    Duration, Removal, Etc. The members of the Committee shall serve at the pleasure of the Board, which shall have the power, at any time and from time to time, to remove members from or add members to the Committee. Removal from the Committee may be with or without cause. Any individual serving as a member of the Committee shall have the right to resign from the Committee by giving at least three days’ prior written notice to the Board. The Board, and not the remaining members of the Committee, shall have the power and authority to fill vacancies on the Committee, however caused. The Board shall promptly fill any vacancy that causes the number of members of the Committee to be fewer than two or any other minimum number required to comply with Rule 16b-3 (unless the Board expressly determines not to have Awards under the Plan comply with Rule 16b-3).
4.3    Meetings and Actions of Committee. The Board shall designate which of the Committee members shall be the chairperson of the Committee. If the Board fails to designate a chairperson for the Committee, the members of the Committee shall elect one of the Committee members as chairperson, who shall act as chairperson until he or she ceases to be a member of the Committee or until the Board (or the Committee) elects a new chairperson. The Committee may make any rules and regulations for the conduct of its business that are not inconsistent with this Plan, the Declaration of Trust, the Bylaws of the Company or Applicable Laws.
4.4    Committee’s Powers. Subject to the express provisions of this Plan, the Committee shall have the authority, in its sole discretion:
(a)    to grant Awards upon such terms and conditions (not inconsistent with the provisions of this Plan unless the provisions of this Plan state otherwise), as the Committee may consider appropriate;
(b)    to adopt, amend and rescind administrative and interpretive rules and regulations relating to the Plan;
(c)    to determine the eligible persons to whom, and the time or times at which, Awards shall be granted;
(d)    to determine the number of shares of Shares that shall be the subject of each Award;
(e)    to determine the terms and provisions of each Award Agreement (which need not be identical) and any amendments thereto, including provisions defining or otherwise relating to:
(i)    the period or periods and extent of exercisability of any Option or Share Appreciation Right;


(ii)    the methods by which the exercise price of an Option may be paid, the form of payment, including, without limitation, cash, Shares, or other property (including “cashless exercise” arrangements), and the methods by which Shares shall be delivered or deemed to be delivered to Participants; provided, however, that if Shares is used to pay the exercise price of an Option, such Shares must have been held by the Participant for at least six months;
(iii)    the extent to which the transferability of shares of Shares issued or transferred pursuant to any Award is restricted;
(iv)    the effect of termination of Employment on an Award; and
(v)    the effect of approved leaves of absence;
(f)    to accelerate the vesting, exercise or payment of an Award or the Performance Period of an Award in the event of a Participant’s termination of employment, including related to a retirement of a Participant, or when that action or actions would be in the best interests of the Company, but only to the extent that such action would not violate the provisions of Section 409A of the Code;
(g)    to construe the respective Award Agreements and the Plan;
(h)    to make determinations of the Fair Market Value of shares of Shares;
(i)    to waive any provision, condition or limitation set forth in an Award Agreement;
(j)    to delegate its duties under the Plan to such agents as it may appoint from time to time; provided, however, that the Committee may not delegate its duties with respect to making or exercising discretion with respect to Awards to eligible persons if such delegation would cause Awards not to qualify for the exemption provided by Rule 16b-3 (unless the Board expressly determines not to have Awards under the Plan comply with Rule 16b-3); and
(k)    to make all other determinations, perform all other acts and exercise all other powers and authority necessary or advisable for administering the Plan.
The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan, in any Award or in any Award Agreement in the manner and to the extent it deems necessary or desirable to implement the Plan, and the Committee shall be the sole and final judge of that necessity or desirability. The determinations of the Committee on the matters referred to in this Section 4.4 shall be final and conclusive.
4.5    Prohibition Against Repricing. Except to the extent (i) approved in advance by holders of a majority of the shares of Common Shares of the Company entitled to vote generally in the election of trustees, or (ii) as a result of any Change in Control or any adjustment as provided in Section 6.1(a), the Committee shall not have the power or authority (A) to reduce, whether through amendment or otherwise, the exercise price of any outstanding Option or Share Appreciation Right, or (B) to grant any new Award or make any payment of cash in substitution for or upon the cancellation of Options and/or Share Appreciation Rights previously granted when the exercise price of such Option or Share Appreciation Right exceeds the Fair Market Value of the underlying shares of Common Shares.
5.    GRANT OF OPTIONS
5.1    Written Agreement. Each Option shall be evidenced by an Award Agreement. The Award Agreement shall specify whether each Option it evidences is an NQO or an ISO.
5.2    Annual $100,000 Limitation on ISOs. To the extent that the aggregate Fair Market Value of shares of Shares with respect to which ISOs first become exercisable by a Participant in any calendar year exceeds $100,000, taking into account ISOs granted under this Plan and any other plan of the


Company or any Related Corporation, the Options covering such additional shares of Shares becoming exercisable in that year shall cease to be ISOs and thereafter be NQOs. For this purpose, the Fair Market Value of shares of Shares subject to Options shall be determined as of the date the Options were granted. In reducing the number of Options treated as ISOs to meet this $100,000 limit, the most recently granted Options shall be reduced first.
6.    CERTAIN TERMS AND CONDITIONS OF OPTIONS AND OTHER AWARDS
Each Option shall be designated as an ISO or an NQO and shall be subject to the terms and conditions set forth in Section 6.1. The Committee may provide for different terms and conditions in any Award Agreement or amendment thereto as provided in Section 4.4 to the extent not inconsistent with the terms of the Plan unless the terms of this Plan provide otherwise.
6.1    All Awards. All Options and other Awards shall be subject to the following terms and conditions:
(a)    Capital Adjustments. The number and price of shares of Common Shares covered by each Award and the total number of shares of Common Shares that may be awarded under the Plan shall be proportionately adjusted to reflect any stock dividend, stock split or share combination of the Common Shares or any recapitalization of the Company. In the event of any merger, consolidation, reorganization, liquidation or dissolution of the Company, or any exchange of shares involving the Common Shares, any Award granted under the Plan shall automatically be deemed to pertain to the securities and other property to which a holder of the number of shares of Common Shares covered by the Award would have been entitled to receive in connection with any such event. The Committee shall have the sole discretion to make all interpretations and determinations required under this section to the extent it deems equitable and appropriate. It is the intent of any such adjustment that the value of the Awards held by the Participants immediately following the change is the same as that value immediately prior to the change.
(b)    Grant Date. Each Award Agreement shall specify the date as of which it shall be effective (the “Grant Date”), which shall not be earlier than the date on which the Committee has approved the terms and conditions of the Award and has determined the recipient of the Award and the number of shares, if any, covered by the Award, and has taken all such other actions necessary to complete the grant of the Award.
(c)    Time of Exercise; Vesting. Awards may, in the sole discretion of the Committee, be exercisable or may vest, and restrictions may lapse, including without limitation, upon the achievement of any Performance Goals, if any, that may be established by the Committee as a condition to vesting or settlement of the Award, as the case may be, at such times and in such amounts as may be specified by the Committee in the grant of the Award. If any Performance Goals are established as a condition to vesting or settlement of an Award and such Performance Goal is not based solely on the increase in the Fair Market Value of the Shares, the Committee shall certify in writing that the applicable Performance Goals were in fact satisfied before such Award is vested or settled, as applicable.
(d)    Nonassignability of Rights. Awards shall not be transferable other than with the consent of the Committee (which consent will not be granted in the case of ISOs unless the conditions for transfer of ISOs specified in the Code have been satisfied) or by will or the laws of the descent and distribution. Awards requiring exercise shall be exercisable during the Participant’s lifetime, only by the Participant; or in the event the Participant is Disabled, by the legal representative of the Participant; or in the event of death of the Participant, by the legal representative of the Participant’s estate or if no legal representative has been appointed within ninety (90) days of the Participant’s death, by the person(s) taking under the laws of descent and distribution governing the state in which the Participant was domiciled at the time of the Participant’s death; except to the extent that the Committee may provide otherwise as to any Awards other than Incentive Share Options.
(e)    Notice and Payment. To the extent it is exercisable, an Award shall be exercisable only by written or recorded electronic notice of exercise, in the manner specified by the Committee from time to time, delivered to the Company or its designated agent during the term of the


Award (the “Exercise Notice”). The Exercise Notice shall: (i) state the number of shares of Shares with respect to which the Award is being exercised; (ii) be signed by the holder of the Award or by the person authorized to exercise the Award pursuant to Section 6.1(d); and (iii) include such other information, instruments and documents as may be required to satisfy any other condition to exercise set forth in the Award Agreement. Except as provided below, payment in full, in cash or check, shall be made for all shares of Shares purchased at the time notice of exercise of an Award is given to the Company. The proceeds of any payment shall constitute general funds of the Company. At the time an Award is granted or before it is exercised, the Committee, in the exercise of its sole discretion, may authorize any one or more of the following additional methods of payment:
(i)    for all Participants other than officers of the Company and Trustees, acceptance of each such Participant’s full recourse promissory note for some or all (to the extent permitted by law) of the exercise price of the Shares being acquired, payable on such terms and rate of interest as determined by the Committee, and secured in such manner, if at all, as the Committee shall approve, including, without limitation, by a security interest in the Shares which are the subject of the Award or other securities;
(ii)    for all Participants, delivery by each such Participant of Shares already owned by such Participant for all or part of the exercise price of the Award being exercised, provided that the Fair Market Value of such Shares is equal on the date of exercise to the exercise price of the Award being exercised, or such portion thereof as the Participant is authorized to pay and elects to pay by delivery of such shares of Shares;
(iii)    for all Participants, surrender by each such Participant, or withholding by the Company from the Shares is suable upon exercise of the Award, of a number of shares of Shares subject to the Award being exercised with a Fair Market Value equal to some or all of the exercise price of the Shares being acquired, together with such documentation as the Committee and the broker, if applicable, shall require; or
(iv)    for all Participants, payment may be made pursuant to a cashless exercise arrangement approved by the Committee.
(f)    Termination of Employment from the Company or any Affiliate of the Company; Removal of a Trustee for Cause. The Committee shall establish, in respect of each Award when granted, the effect of a termination of Employment on the rights and benefits thereunder and in so doing may, but need not, make distinctions based upon the cause of termination (such as retirement, death, Disability or other factors) or which party effected the termination (the employer or the Employee). All Awards granted to a Trustee whether or not an Employee will lapse on the date the Trustee ceases to be a Trustee of the Company as a result of his removal for Cause. Notwithstanding any other provision in this Plan or the Award Agreement, the Committee may decide in its discretion at the time of any termination of Employment (or within a reasonable time thereafter) to extend the exercise period of an Award (but not beyond the period specified in Section 6.2(b) or 6.3(b), as applicable) and not decrease the number of shares of Shares covered by the Award with respect to which the Award is exercisable or vested. A transfer of a Participant from the Company to an Affiliate or vice versa, or from one Affiliate to another, or a leave of absence duly authorized by the Company, shall not be deemed a termination of Employment or a break in continuous Employment unless the Committee has provided otherwise.
(g)    Other Provisions. Each Award Agreement may contain such other terms, provisions and conditions not inconsistent with this Plan (except as otherwise provided in this Plan), as may be determined by the Committee, and each ISO granted under this Plan shall include such provisions and conditions as are necessary to qualify such Option as an “incentive stock option” within the meaning of Section 422 of the Code.
(h)    Withholding and Employment Taxes. At the time of exercise of an Award, the lapse of restrictions on an Award, the Participant shall remit to the Company in cash all applicable federal and state withholding and employment taxes. If and to the extent authorized and approved by the Committee in its sole discretion, a Participant may elect, by means of a form of election to be prescribed by the Committee, to have shares of Shares which are acquired upon exercise or vesting of an Award


withheld by the Company or tender other shares of Shares owned by the Participant to the Company at the time that the amount of such taxes is determined, in order to pay the amount of such tax obligations, subject to any limitations as the Committee determines are necessary or appropriate. Any shares of Shares so withheld or tendered shall be valued by the Company as of the date they are withheld or tendered.
(i)    Employee Status. If the terms of any Award provides that it may be earned or exercised only during Employment or continued service or within a specified period of time after termination of Employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service.
(j)    Shareholder Rights. Except as otherwise provided in any Award Agreement, a Participant, as a result of receiving an Award, shall not have any rights as a Shareholder until, and then only to the extent that, the Award is earned and settled in shares of Common Shares.
6.2    Terms and Conditions to Which Only NQOs Are Subject. Options granted under this Plan which are designated as NQOs shall be subject to the following terms and conditions:
(a)    Exercise Price. The exercise price of an NQO shall be determined by the Committee; provided, however, that the exercise price of an NQO shall not be less than the Fair Market Value of the Shares subject to the Option on the Grant Date.
(b)    Option Term. Unless the Committee specifies an earlier expiration date at the Grant Date, each NQO shall expire 10 years after the Grant Date.
6.3    Terms and Conditions to Which Only ISOs Are Subject. Options granted under this Plan which are designated as ISOs shall be subject to the following terms and conditions:
(a)    Exercise Price. The exercise price of an ISO shall be determined in accordance with the applicable provisions of the Code and shall in no event be less than the Fair Market Value of the Shares covered by the ISO at the Grant Date; provided, however, that the exercise price of an ISO granted to a Ten Percent Shareholder shall not be less than 110% of such fair market value.
(b)    Option Term. Unless an earlier expiration date is specified by the Committee at the Grant Date, each ISO shall expire 10 years after the Grant Date; provided, however, that an ISO granted to a Ten Percent Shareholder shall expire no later than five years after the Grant Date.
(c)    Disqualifying Dispositions. If shares of Shares acquired by exercise of an ISO are disposed of within two years after the Grant Date or within one year after the transfer of the Shares to the optionee, the holder of the Shares immediately before the disposition shall promptly notify the Company in writing of the date and terms of the disposition, shall provide such other information regarding the disposition as the Company may reasonably require.
(d)    Termination of Employment. All vested ISOs must be exercised within three months of the termination of Employment of the optionee, or at any time specified in the Award Agreement that is otherwise permissible in the case of a Participant who dies while Employed or within three months of the termination of Employment, unless such termination of Employment is due to the employee’s being Disabled, in which case the ISO shall be exercised within one year of the termination of Employment; provided, however, that such time limits may be exceeded by the Committee under the terms of the Award, in which case, the ISO will be a NQO if it is exercised after the time limits that would otherwise apply.
6.4    Surrender of Options. The Committee, acting in its sole discretion, may include a provision in an Award Agreement allowing the optionee to surrender the Option covered by the agreement, in whole or in part in lieu of exercise in whole or in part, on any date that the Fair Market Value of the Shares subject to the Option exceeds the exercise price and the Option is exercisable (to the extent being surrendered). The surrender shall be effected by the delivery of the Award Agreement, together with a signed statement which specifies the number of shares of Shares as to which the optionee


is surrendering the Option, together with a request for such type of payment. Upon such surrender, the optionee shall receive (subject to any limitations imposed by Rule 16b-3), at the election of the Committee, payment in cash or shares of Shares, or a combination of the two, equal to (or equal in Fair Market Value to) the excess of the Fair Market Value of the shares of Shares covered by the portion of the Option being surrendered on the date of surrender over the exercise price for such shares of Shares The Committee, acting in its sole discretion, shall determine the form of payment, taking into account such factors as it deems appropriate. To the extent necessary to satisfy Applicable Laws, the Committee may terminate an optionee’s rights to receive payments in cash for fractional shares of Shares. Any Award Agreement providing for such surrender privilege shall also incorporate such additional restrictions on the exercise or surrender of Options as may be necessary to satisfy Applicable Law.
7.    RESTRICTED STOCK
Restricted Stock shall be subject to the following terms and conditions:
7.1    Grant. The Committee may grant one or more Awards of Restricted Stock to any Participant. Each Award of Restricted Stock shall specify the number of shares of Shares to be issued to the Participant, the date of issuance and the restrictions imposed on the shares of Shares including the conditions of release or lapse of such restrictions. Pending the lapse of restrictions, certificates evidencing Restricted Stock (if any) shall bear a legend referring to the restrictions and shall be held by the Company. Upon the issuance of Restricted Stock, the Participant may be required to furnish such additional documentation or other assurances as the Committee may require in order to enforce the restrictions applicable thereto.
7.2    Restrictions. Except as specifically provided elsewhere in this Plan or the Award Agreement regarding Restricted Stock, Restricted Stock may not be sold, assigned, transferred, pledged or otherwise disposed of or encumbered, either voluntarily or involuntarily, until the restrictions have lapsed and the rights to the shares of Restricted Stock have vested. The Committee may in its sole discretion provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions, in whole or in part, based on service, performance or such other factors or criteria as the Committee may determine.
7.3    Distributions.    Unless otherwise determined by the Committee, cash distributions with respect to Restricted Stock shall be paid to the recipient of the Award of Restricted Stock on the normal distribution payment dates, and distributions payable in shares of Shares shall be paid in the form of Restricted Stock having the same terms as the Restricted Stock upon which such distribution is paid. Each Award Agreement for Awards of Restricted Stock shall specify whether and, if so, the extent to which the Participant shall be obligated to return to the Company any cash distributions paid with respect to any shares of Restricted Stock which are subsequently forfeited.
8.    STOCK APPRECIATION RIGHTS
The Committee may grant Share Appreciation Rights to eligible persons. A Share Appreciation Right shall entitle its holder to receive from the Company, at the time of exercise of the right, an amount in cash equal to (or, at the Committee’s discretion, shares of Shares equal in Fair Market Value to) the excess of the Fair Market Value (at the date of exercise) of a share of Shares over a specified price fixed by the Committee in the governing Award Agreement multiplied by the number of shares of Shares as to which the holder is exercising the Share Appreciation Right. The specified price fixed by the Committee shall not be less than the Fair Market Value of the shares of Shares on the Grant Date of the Share Appreciation Right. Share Appreciation Rights may be granted in tandem with any previously or contemporaneously granted Option or independent of any Option. The specified price of a tandem Share Appreciation Right shall be the exercise price of the related Option. Any Share Appreciation Rights granted in connection with an ISO shall contain such terms as may be required to comply with Section 422 of the Code.


9.    DISTRIBUTION EQUIVALENT RIGHTS
9.1    General. The Committee shall have the authority to grant Distribution Equivalent Rights to Participants upon such terms and conditions as it shall establish, subject in all events to the following limitations and provisions of general application set forth in this Plan. Each Distribution Equivalent Right shall entitle a holder to receive, for a period of time to be determined by the Committee, a payment equal to the periodic distributions declared and paid by the Company on one share of Shares. If the Distribution Equivalent Right relates to a specific Option, the period shall not extend beyond the earliest of the date the Option is exercised, the date any Share Appreciation Right related to the Option is exercised, or the expiration date set forth in the Option. To the extent the Committee deems advisable, it shall structure the Distribution Equivalent Rights such that they are either exempt from or compliant with Code Section 409A.
9.2    Awards. Each Distribution Equivalent Right may relate to a specific Award granted under this Plan and may be granted to the Participant either concurrently with the grant of such Award or at such later time as determined by the Committee, or each Distribution Equivalent Right may be granted independent of any Award.
9.3    Payments. The Committee shall determine at the time of grant whether payment pursuant to a Distribution Equivalent Right shall be immediate or deferred and if immediate, the Company shall make payments pursuant to each Distribution Equivalent Right concurrently with the payment of the periodic distributions to holders of Common Shares. If deferred, the payments shall not be made until a date or the occurrence of an event specified by the Committee and then shall be made within 30 days after the occurrence of the specified date or event, unless the Distribution Equivalent Right is forfeited under the terms of the Plan or applicable Award Agreement; provided, however, that the Committee may not make payment of a Distribution Equivalent Right contingent upon the exercise of the related Option or Share Appreciation Right, to the extent the Committee desires to preserve such Option’s or Share Appreciation Right’s exemption from Section 409A of the Code. The Committee shall also determine in its sole discretion whether any portion of any payment shall be made in shares of Shares.
10.    RESTRICTED STOCK UNITS
10.1    Grant. Awards may be granted in the form of Restricted Stock Units. Restricted Stock Units shall be awarded in such numbers and at such times during the term of the Plan as the Committee shall determine.
10.2    Award Restrictions. Restricted Stock Units shall be subject to terms, conditions, restrictions, and limitations, if any, as the Committee deems appropriate including, without limitation, restrictions on transferability and continued Employment of the Participant. The Committee also shall determine the Performance Goals or other conditions, if any, that must be satisfied before all or part of the applicable restrictions lapse. Subject to Section 12, the Committee may, at its discretion, waive all or any part of the restrictions applicable to any or all outstanding Restricted Stock Unit Awards.
10.3    Payment of Restricted Stock Units. Each Restricted Stock Unit shall have a value equal to the Fair Market Value of a share of Common Shares. Restricted Stock Units shall be paid in cash, shares of Shares, other securities or other property, as determined in the sole discretion of the Committee, upon the lapse of the restrictions applicable thereto, or otherwise in accordance with the applicable Award Agreement. Other than pursuant to Section 6.1(d) (but no transfers for consideration shall be permitted), Restricted Stock Units may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of, and all Restricted Stock Units and all rights of the grantee to such Restricted Stock Units shall terminate, without further obligation on the part of the Company, unless the Participant remains in continuous Employment of the Company for the entire restricted period in relation to which such Restricted Stock Units were granted and unless any other restrictive conditions relating to the Restricted Stock Unit Award are met.
11.    OTHER EQUITY-BASED AWARDS


11.1    Grant. The Committee may grant one or more Other Equity-Based Awards to any Participant. Each Award will specify the number of shares of Common Shares, number of OP Units, LTIP Units or other equity interests covered by such awards.
11.2    Terms and Conditions. The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and conditions which govern the award. The terms and conditions of an Other Equity-Based Award may prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable, nontransferable or otherwise restricted for a period of time or subject to such other conditions as may be determined by the Committee, in its discretion and set forth in the Agreement. Other Equity-Based Awards may be granted to Participants, either alone or in addition to other awards granted under the Plan, and Other Equity-Based Awards may be granted in the settlement of other Awards granted under the Plan. To the extent the Committee deems advisable, it shall structure such Other Equity-Based Awards such that they are either exempt from or compliant with Code Section 409A.
11.3    Payment or Settlement. Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based on, shares of Common Shares, shall be payable or settled in shares of Common Shares, cash or a combination of Common Shares and cash, as determined by the Committee in its discretion. Other Equity-Based Awards denominated as equity interests other than shares of Common Shares may be paid or settled in shares or units of such equity interests or cash or a combination of both as determined by the Committee in its discretion.
12.    PERFORMANCE-BASED AWARDS
12.1    Performance Goal Conditions. Each Performance-Based Award (other than an Option or Share Appreciation Right) shall be earned, vested and payable (as applicable) only upon the achievement of one or more of the Performance Goals established by the Committee, together with the satisfaction of any other conditions, such as continued Employment, the Committee may determine to be appropriate; however, (i) the Committee may provide, either in connection with the grant of an Award or by later amendment, that achievement of the Performance Goals will be waived upon the death or Disability of the Participant, and (ii) the provisions of Section 13 shall apply notwithstanding this sentence.
12.2    Certification of Goal Achievement. Any payment of a Performance-Based Award granted with Performance Goals shall be conditioned on the written certification of the Committee in each case that the Performance Goals and any other material conditions were satisfied. Except as specifically provided in Section 12.1, no Performance-Based Award may be amended, nor may the Committee exercise any discretionary authority it may otherwise have under the Plan with respect to a Performance-Based Award, in any manner to waive the achievement of the applicable performance goal based on Performance Measures or to increase the amount payable under, or the value of, the Award.
13.    CHANGE IN CONTROL
Subject to the limitations set forth in this Section 13, and except as otherwise provided in an Employee’s employment agreement, in the event (i) a Participant has a Qualifying Termination within one year following a Change in Control of the Company, or (ii) a Change in Control occurs in which outstanding Awards are not assumed or honored by the successor entity or corporation or replaced with an Alternative Award (as defined below), the following provisions shall apply to any Award which has not previously terminated or expired:
(a)    any Share Appreciation Right and any Option awarded under this Plan that is not previously vested and exercisable shall become fully vested and exercisable;
(b)    the restrictions applicable to any Award which are not already vested under the Plan shall lapse, and those existing shares and awards shall be deemed fully vested;
(c)    unless otherwise determined by the Board or by the Committee in its sole discretion prior to any Change in Control, the value of all vested outstanding Options, Share Appreciation Rights and other Awards, shall be cashed out on the basis of the Change in Control Price as of the date the


Change in Control is determined to have occurred (or other date determined by the Board or Committee prior to the Change in Control); and
(d)    the Board or the Committee may impose additional conditions on the acceleration or valuation of any Award in any applicable Award Agreement.
To qualify as an “Alternative Award,” the Committee must determine that the existing Awards are to be assumed, honored or new rights substituted by the successor corporation or entity and further must:
a.    be based on shares of common stock that are traded on an established U.S. securities market or another public market;
b.    provide the Participant (or each Participant in a class of Participants) with rights and entitlements substantially equivalent to or better than the rights, terms and conditions applicable under such Award, including, but not limited to, an identical or better exercise or vesting schedule, identical or better timing and methods of payment and identical or better performance criteria for those awards that are performance based;
c.    have substantially equivalent economic value to such Award;
d.    contain terms and conditions which provide that in the event that the Participant’s employment is terminated for death or Disability or is terminated without Cause within one year following a Change in Control, any conditions on the Participant’s rights under, or any restrictions on transfer, vesting or exercisability applicable to, each such Award shall lapse; and
e.    be on terms and conditions that do not result in adverse tax consequences to the Participant under Section 409A of the Code.
14.    COMPLIANCE WITH LAWS
This Plan, the granting and vesting of Awards under this Plan, the issuance and delivery of Shares, and the payment of money or other consideration allowable under this Plan or under Awards awarded hereunder are subject to compliance with all applicable federal and state laws, rules and regulations (including, but not limited to, state and federal securities laws and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Committee, the Board or the Company, be necessary or advisable in connection therewith. Without limiting the generality of the foregoing, the Committee may, in its sole discretion, rescind, limit, amend, suspend, or alter any Award or limit a Participant’s ability to exercise, or refuse to settle, any Award hereunder to the extent that the granting, issuance, or exercise of such Award (or any settlement thereof) or any term of such Award would jeopardize the status of the Company as a “real estate investment trust” under the Code or other applicable state or federal laws. Any securities delivered under this Plan shall be subject to such restrictions, and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Committee, the Board or the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by Applicable Law, the Plan shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. Nothing in this Plan or in any Award or Award Agreement shall require the Company to issue any Shares with respect to any Award if, in the opinion of counsel for the Company, that issuance could constitute a violation of any Applicable Laws. As a condition to the grant or exercise of any Award, the Company may require the Participant (or, in the event of the Participant’s death, the Participant’s legal representatives, heirs, legatees or distributees) to provide written representations concerning the Participant’s (or such other person’s) intentions with regard to the retention or disposition of the Shares covered by the Award and written covenants as to the manner of disposal of such Shares as may be necessary or useful to ensure that the grant, exercise or disposition thereof will not violate the Securities Act, any other law or any rule of any applicable securities exchange or securities association then in effect. The Company shall not be


required to register any Shares under the Securities Act or register or qualify any Shares under any state or other securities laws.
15.    EMPLOYMENT OR OTHER RELATIONSHIP
Nothing in this Plan or any Award shall in any way interfere with or limit the right of the Company or any Affiliate of the Company to terminate any Participant’s Employment or status as a consultant or Trustee at any time, nor confer upon any Participant any right to continue in the employ of, or as a Trustee or consultant of, the Company or any Affiliate of the Company.
16.    AMENDMENT, SUSPENSION AND TERMINATION OF THIS PLAN
Subject to the limitations set forth in Section 4.5, the Board or the Committee may, at any time and from time to time, suspend, amend, modify, or terminate the Plan without Shareholder approval; however, if an amendment to the Plan would, in the reasonable opinion of the Board or the Committee, either (i) result in repricing Options or Share Appreciation Rights or otherwise increase the benefits accruing to Participants, (ii) increase the number of shares of Common Shares is suable under the Plan, or (iii) modify the requirements for eligibility, then that amendment shall be subject to Shareholder approval; and, the Board or Committee may condition any amendment or modification on the approval of Shareholders if that approval is necessary or deemed advisable to (i) permit Awards to be exempt from liability under Section 16(b), (ii) to comply with the listing or other requirements of an automated quotation system or stock exchange, or (iii) to satisfy any other tax, securities or other applicable laws, policies or regulations.
17.    AWARD AMENDMENT
The Committee may amend, modify or terminate any outstanding Award without approval of the Participant; however:
(a)    subject to the terms of the applicable Award Agreement, an amendment, modification or termination shall not, without the Participant’s consent, reduce or diminish the value of the Award determined as if the Award had been exercised, vested, cashed in (at the spread value in the case of Options or Share Appreciation Rights) or otherwise settled on the date of that amendment or termination;
(b)    the original term of any Option or Share Appreciation Right may not be extended without the prior approval of the Shareholders;
(c)    except as otherwise provided in Section 6.1(a) of the Plan, the exercise price of any outstanding Option or Share Appreciation Right may not be reduced, directly or indirectly, and outstanding Options or Share Appreciation Rights may not be cancelled in exchange for cash or replaced by other awards or Options or Share Appreciation Rights with an exercise price that is less than the exercise price of the cancelled Options or Share Appreciation Right, without the prior approval of the Shareholders; and
(d)    no termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the Plan, without the written consent of the affected Participant.
18.    LIABILITY AND INDEMNIFICATION OF THE COMMITTEE    
No person constituting, or member of the group constituting, the Committee shall be liable for any act or omission on such person’s part, including but not limited to the exercise of any power or discretion given to such member under this Plan, except for those acts or omissions resulting from such member’s gross negligence or willful misconduct. The Company shall indemnify each present and future person constituting, or member of the group constituting, the Committee against, and each person or member of the group constituting the Committee shall be entitled without further act on his or her part to indemnity from the Company for, all expenses (including the amount of judgments and the amount of


approved settlements made with a view to the curtailment of costs of litigation) reasonably incurred by such person in connection with or arising out of any action, suit or proceeding to which such person may be a party because of any action taken or failure to act under or in connection with the Plan or any Award granted under it, to the fullest extent permitted by law and by the Declaration of Trust and Bylaws of the Company.
19.    SECURITIES LAW LEGENDS
Certificates of shares of Shares and Restricted Stock, if issued, may have the following legend and statements of other applicable restrictions endorsed thereon:
THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE LAWS. THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF UNTIL THE HOLDER HEREOF PROVIDES EVIDENCE SATISFACTORY TO THE ISSUER (WHICH, IN THE SOLE DISCRETION OF THE ISSUER, MAY INCLUDE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER) THAT SUCH OFFER, SALE, PLEDGE, TRANSFER OR OTHER DISPOSITION WILL NOT VIOLATE ANY APPLICABLE FEDERAL OR STATE SECURITIES LAWS.
This legend shall not be required for any shares of Shares issued pursuant to an effective registration statement under the Securities Act.
20.    SEVERABILITY
If any provision of this Plan is held to be illegal or invalid for any reason, that illegality or invalidity shall not affect the remaining portions of the Plan, but such provision shall be fully severable, and the Plan shall be construed and enforced as if the illegal or invalid provision had never been included in this Plan. Such an illegal or invalid provision shall be replaced by a revised provision that most nearly comports to the substance of the illegal or invalid provision. If any of the terms or provisions of this Plan or any Award Agreement conflict with the requirements of Applicable Laws, those conflicting terms or provisions shall be deemed inoperative to the extent they conflict with Applicable Law.
21.    GOVERNING LAW
This Plan shall be governed by and construed in accordance with the laws of the State of Maryland, except as superseded by applicable federal law.
22.    MISCELLANEOUS
22.1    Forfeiture Provisions. Pursuant to its general authority to determine the terms and conditions applicable to Awards granted under the Plan, the Committee shall have the right (to the extent consistent with the applicable exemptive conditions of Rule 16b-3) to provide, in the terms of an Award Agreement, or by separate written instrument, that (i) any proceeds, gains or other economic benefit actually or constructively received by a Participant upon the receipt or exercise of the Award, or upon the receipt or resale of any Shares underlying such Award, must be paid to the Company, and (ii) the Award shall terminate and any unexercised portion of such Award (whether or not vested) shall be forfeited, if (a) a termination of Employment occurs prior to a specified date, or within a specified time period following receipt or exercise of the Award, or (b) the Participant, at any time, or during a specified time period, engages in any activity in competition with his employer or the Company, or which is inimical, contrary or harmful to the interests of his employer or the Company, as may be further defined from time to time by the Committee.
22.2    Compensation Recovery. All Awards (including any proceeds, gains or other economic benefit actually or constructively received by a holder upon any receipt or exercise of any Award or upon the receipt or resale of any shares of Common Shares underlying the Award) shall be subject to the provisions of any compensation recovery policy implemented by the Company, including, without limitation, any compensation recovery policy adopted to comply with the requirements of the Dodd-Frank


Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, to the extent set forth in such compensation recovery policy (whether or not such compensation recovery policy was in place at the time of grant of an Award) and/or in the applicable Award Agreement.
22.3    Limitations Applicable to Section 16. Notwithstanding any other provision of this Plan, this Plan, and any Award granted to any individual who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, the Plan shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.
22.4    Effect of Plan Upon Other Incentive and Compensation Plans. The adoption of this Plan shall not affect any other options or compensation or incentive plans in effect for the Company. Nothing in this Plan shall be construed to limit the right of the Company (i) to establish any other forms of incentives or compensation for employees of the Company or its Affiliates, or (ii) to grant or assume options or other rights or awards otherwise than under this Plan in connection with any proper corporate purpose including, but not by way of limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise of the business, stock or assets of any corporation, partnership, limited liability company, firm or association.
22.5    Section 83(b) Election Prohibited. No Participant may make an election under Section 83(b) of the Code with respect to any Award granted under this Plan without the Company’s consent. Each Award for which an election under Section 83(b) of the Code could be made without regard to this Section 23.5 shall, to the extent the Committee deems advisable, contain an acknowledgment by the Participant that such election may not be made without the Company’s consent.

[End of Plan]
EXHIBIT 10.21
AMENDMENT NO. 1 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Amendment No. 1”), is made and entered into this 14th day of November, 2023, by and between Peakstone Realty Trust, a Maryland real estate investment trust (the “Company”) and Michael J. Escalante, an individual (the “Executive”).
WHEREAS, the Company and Executive are currently parties to that certain Amended and Restated Employment Agreement, entered into March 23, 2023 (the “Existing Agreement”); and
WHEREAS, the Company and Executive now wish to amend the Existing Agreement as provided herein.
NOW THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Section 6.1 is hereby amended by adding a new Subsection (d) at the end thereof to read as follows:
“Nothing in this Agreement, including the Confidential Information restrictions above, shall be construed to prohibit the Executive from, in good faith, communicating with, providing information to, filing a charge with, or participating in any investigation or proceeding conducted by any federal, state or local government agency or commission responsible for enforcement of law(s) applicable to the Company, including but not limited to, the Securities and Exchange Commission, Equal Employment Opportunity Commission, National Labor Relations Board, or the Department of Labor (“Government Agencies”). The Executive does not need to give notice to or obtain approval from the Company to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information. This Agreement does not limit the Executive’s right to receive an award for information provided to any Government Agency.”
2.The General Release attached as Exhibit A to the Existing Agreement is hereby deleted and replaced by Exhibit A attached to this Amendment No. 1.
3.Except as expressly amended hereby, the Existing Agreement will remain in full force and effect in accordance with its terms.
4.    This Amendment No. 1 may be executed by .pdf or electronic signatures in any number of counterparts, each of which will be deemed an original, but all such counterparts will together constitute one and the same instrument.
[Signature Page Follows]
61572533


IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 on the date and year first above written.
“COMPANY”
    PEAKSTONE REALTY TRUST
By:                
Name:     Javier F. Bitar
Title:     Chief Financial Officer and Treasurer
For purposes of Section 19 only
    PKST OP, L.P.
    By:    PEAKSTONE REALTY TRUST, its general partner
By:                
Name:     Javier F. Bitar
Title:     Chief Financial Officer and Treasurer

    PKST MANAGEMENT COMPANY, LLC
By:                
Name:     Javier F. Bitar
Title:     Chief Financial Officer and Treasurer
“EXECUTIVE”
                    
MICHAEL J. ESCALANTE




Exhibit A
Form of Release
GENERAL RELEASE
Since you are over 40 years old, you are covered by the Age Discrimination in Employment Act of 1967. As such, you have been given at least [twenty-one (21)/forty-five (45) days] to consider this Release before executing it. You are hereby advised to consider the terms of this Release and consult with an attorney of your choice prior to executing this Release. By signing below, you acknowledge that you have carefully read and fully understand all of the provisions of this Release; voluntarily agree to all terms in this Release, which include full release of the Company and its affiliates from any and all claims you may have against it as set forth herein; and knowingly intend to be bound by this Release. You have a full seven (7) days after executing this Release to revoke it. This Release shall not become effective or enforceable until the revocation period has expired. Revocation shall be effective only upon written notice delivered to                             , within that seven (7)-day period. Rights or claims under
the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621, et. seq.) that may arise after the date this Release is executed are not waived.
In consideration for the undertakings and promises set forth in that certain Amended and Restated Employment Agreement dated as of March 23, 2023, as amended (the “Agreement”), between
Michael J. Escalante (the “Executive”) and Peakstone Realty Trust, a Maryland real estate investment trust, (together with its affiliates the “Company”), the terms of which are incorporated herein by reference, Executive (on behalf of himself and her heirs, assigns and successors in interest) unconditionally releases, discharges, and holds harmless the Company and its affiliates, and each of their respective current and former officers, directors, employees, agents, insurers, assigns and successors in interest (collectively, “Releasees”) from each and every claim, cause of action, right, liability or demand of any kind and nature, and from any claims which may be derived therefrom, other than any such claims Executive has or might have under this Release or as otherwise set forth herein, that Executive had, has, or might claim to have against Releasees based upon facts occurring up to the time Executive executes this Release, whether presently known or unknown to Executive, and (i) arising from or in connection with Executive’s employment, pay, bonuses or any other employee benefits, and other terms and conditions of employment or employment practices of the Company, or (ii) arising out of or relating to the termination of Executive’s employment with Employer or the surrounding circumstances thereof, including, without limitation, any and all claims listed below (collectively, “Released Claims”):
(a)    based on discrimination and/or harassment on the basis of race, color, religion, sex, national origin, handicap, disability, genetic information, age or any other category protected by law under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, Executive Order 11246, 42 USC § 1981, the Equal Pay Act, the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefits Protection Act, the Americans With Disabilities Act, the Rehabilitation Act of 1973, COBRA (as any of these laws may have been amended), the Genetic Information Nondiscrimination Act, the Family and Medical Leave Act, or any other similar labor, employment or anti-discrimination law under state, federal or local law;
(b)    based on any contract, tort, personal injury, wrongful discharge theory or other common law theory; or



(c)    arising out of any written or oral agreements between Executive and the Company (other than the Agreement).
Notwithstanding anything herein to the contrary, nothing in this Release shall prohibit claims (i) covered by worker’s compensation, (ii) for vested benefits under any employee benefit plan, (iii) under the Agreement, (iv) for qualified retirement and nonqualified retirement and deferred compensation benefits, (v) as an equityholder or in respect of vested equity compensation awards that remain unpaid or unsettled, (vi) under the Company’s bylaws, certificate of incorporation or other similar governing document of the Company, (vii) under any director and officer insurance policy maintained by the Company or (viii) for indemnification and/or advancement of expenses as an officer, director, or employee of the Company or any current or former affiliate, whether arising under any indemnification agreement between the Company and Executive or otherwise; and nothing in this Release shall waive any rights or claims that may arise based on facts or events occurring after the date of Executive’s execution of this Release, nor does it serve to waive any rights or claims that are precluded from being waived by applicable law.
Executive expressly acknowledges that this Release is intended to include in its effect, without limitation, all Claims which Executive does not know or suspect to exist in her favor at the time she signs this Release, and that this Release contemplates the extinguishment of any such Claim or Claims.
Except as otherwise set forth herein, Executive covenants not to sue or initiate any claims in any forum against any of the Releasees on account of or in relation to any Released Claim, or to knowingly and voluntarily incite or encourage other persons or entities to bring claims of any nature whatsoever against the Releasees. Executive further covenants not to accept, recover or receive any monetary damages or any other form of relief which may arise out of or in connection with any administrative proceedings which may be filed with or pursued independently by any governmental agency or agencies, whether federal, state or local (except as set forth herein). This provision does not prohibit Executive from filing a lawsuit challenging the validity of Executive’s waiver of claims under the ADEA.
Protected Rights. Executive understands that nothing contained in this Release limits Executive’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”). Executive further understands that this Release does not limit Executive’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Employer. This Release does not limit Executive’s right to receive an award for information provided to any Government Agencies and any claim to such an award is specifically excluded from Released Claims.
In addition, Executive agrees not to file a lawsuit asserting any claims that are waived in this Release. If Executive files such a lawsuit, Executive shall pay all costs incurred by Releasees (or any of them), including reasonable attorney’s fees, in defending against Executive’s claim. The preceding two sentences of this paragraph do not apply if Executive files a charge or lawsuit under the ADEA challenging the validity of this Release. However, in the event any such ADEA lawsuit is unsuccessful, a court may order Executive to pay attorney’s fees and/or costs incurred by Releasees (or any of them) where authorized by law. In the event any such ADEA lawsuit is successful, the severance benefits or payments Executive received for signing this Release shall serve as restitution, recoupment, or setoff to any monetary award received by Executive.
By signing this Release, Executive certifies that:



(a)    Executive acknowledges and agrees that her waiver of rights under this Release is knowing and voluntary and complies in full with all criteria set forth in the regulations promulgated under the Older Workers Benefit Protection Act for release or waiver of claims under the ADEA and further complies in full with the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964, and any and all other applicable federal, state and local laws, regulations, and orders;
(b)    Executive has carefully read and fully understands the provisions of this Release;
(c)    The payment referred to in this Release and the Agreement exceeds that to which Executive would otherwise have been entitled, and that the actual payment is in exchange for his release of the claims referenced in this Release;
(d)    Executive is advised via this Release to consult with an attorney before signing this Release. Executive acknowledges and agrees that she has in fact consulted with her attorneys prior to executing this Release;
(e)    Executive understands that any discussions she may have had with counsel for the Company regarding her employment or this Release does not constitute legal advice to him and that she has had the opportunity to retain his own independent counsel to render such advice;
(f)    Executive understands that this Release and the Agreement FOREVER RELEASE the Releasees to the extent set forth above, except that Executive is not releasing or waiving any claim under the Age Discrimination in Employment Act that may arise after Executive’s execution of this Release and the Agreement;
(g)    The following applies if the Executive resides in, primarily works in, or receives pay in California.
Executive expressly waives the protection of Section 1542 of the Civil Code of the State of California, which states as follows:
“A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”
Executive’s Initials:         
(h)    In signing this Release and the Agreement, Executive DOES NOT RELY ON AND HAS
NOT RELIED ON ANY REPRESENTATION OR STATEMENT (WRITTEN OR ORAL) NOT SPECIFICALLY SET FORTH IN THIS RELEASE OR IN THE AGREEMENT, or by any of their agents, representatives, or attorneys with regard to the subject matter, basis, or effect of this Release or otherwise, and Executive agrees that this Release will be interpreted and enforced in accordance with [    ] law;
(i)    Executive acknowledges and agrees that Employer has allowed Executive at least [twenty-one (21)/forty-five (45)] days from the date Executive received the Employer’s offer to consider this Release and the Agreement, and she has had sufficient time to consider her decision to enter into this Release and the Agreement;
(j)    Executive agrees to the terms of this Release knowingly, voluntarily and without intimidation, coercion or pressure;



(k)    Executive may revoke this Release within seven (7) calendar days after signing it, as described at the beginning of this Release.
This Release may be executed in any number of counterparts and by the parties hereto in separate counterparts, with the same effect as if the parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together, and shall constitute one and the same instrument, with original signature, photocopy signature, fax signature, or electronic signature permitted and accepted.
(Signature page follows)




IN WITNESS WHEREOF, the undersigned have executed this Release as of the date set forth below.
“COMPANY”
    PEAKSTONE REALTY TRUST
By:                
Name:                 
Title:                 
Date: _______________________________
“EXECUTIVE”
                    
MICHAEL J. ESCALANTE
Date: ________________________
AMENDMENT NO. 1 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Amendment No. 1”), is made and entered into this 14th day of November, 2023, by and between Peakstone Realty Trust, a Maryland real estate investment trust (the “Company”) and Javier F. Bitar, an individual (the “Executive”).
WHEREAS, the Company and Executive are currently parties to that certain Amended and Restated Employment Agreement, entered into March 23, 2023 (the “Existing Agreement”); and
WHEREAS, the Company and Executive now wish to amend the Existing Agreement as provided herein.
NOW THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Section 6.1 is hereby amended by adding a new Subsection (d) at the end thereof to read as follows:
“Nothing in this Agreement, including the Confidential Information restrictions above, shall be construed to prohibit the Executive from, in good faith, communicating with, providing information to, filing a charge with, or participating in any investigation or proceeding conducted by any federal, state or local government agency or commission responsible for enforcement of law(s) applicable to the Company, including but not limited to, the Securities and Exchange Commission, Equal Employment Opportunity Commission, National Labor Relations Board, or the Department of Labor (“Government Agencies”). The Executive does not need to give notice to or obtain approval from the Company to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information. This Agreement does not limit the Executive’s right to receive an award for information provided to any Government Agency.”
2.The General Release attached as Exhibit A to the Existing Agreement is hereby deleted and replaced by Exhibit A attached to this Amendment No. 1.
3.Except as expressly amended hereby, the Existing Agreement will remain in full force and effect in accordance with its terms.
4.    This Amendment No. 1 may be executed by .pdf or electronic signatures in any number of counterparts, each of which will be deemed an original, but all such counterparts will together constitute one and the same instrument.
[Signature Page Follows]
61573534
EXHIBIT 10.22

IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 on the date and year first above written.
“COMPANY”
    PEAKSTONE REALTY TRUST
By:                
Name:     Michael J. Escalante
Title:     Chief Executive Officer and President
For purposes of Section 19 only
    PKST OP, L.P.
    By:    PEAKSTONE REALTY TRUST, its general partner
By:                
Name:     Michael J. Escalante
Title:     Chief Executive Officer and President

    PKST MANAGEMENT COMPANY, LLC
By:                
Name:     Michael J. Escalante
Title:     Chief Executive Officer and President
“EXECUTIVE”
                    
JAVIER F. BITAR



EXHIBIT 10.22
Exhibit A
Form of Release
GENERAL RELEASE
Since you are over 40 years old, you are covered by the Age Discrimination in Employment Act of 1967. As such, you have been given at least [twenty-one (21)/forty-five (45) days] to consider this Release before executing it. You are hereby advised to consider the terms of this Release and consult with an attorney of your choice prior to executing this Release. By signing below, you acknowledge that you have carefully read and fully understand all of the provisions of this Release; voluntarily agree to all terms in this Release, which include full release of the Company and its affiliates from any and all claims you may have against it as set forth herein; and knowingly intend to be bound by this Release. You have a full seven (7) days after executing this Release to revoke it. This Release shall not become effective or enforceable until the revocation period has expired. Revocation shall be effective only upon written notice delivered to                             , within that seven (7)-day period. Rights or claims under
the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621, et. seq.) that may arise after the date this Release is executed are not waived.
In consideration for the undertakings and promises set forth in that certain Amended and Restated Employment Agreement dated as of March 23, 2023, as amended (the “Agreement”), between
Javier F. Bitar (the “Executive”) and Peakstone Realty Trust, a Maryland real estate investment trust, (together with its affiliates the “Company”), the terms of which are incorporated herein by reference, Executive (on behalf of himself and her heirs, assigns and successors in interest) unconditionally releases, discharges, and holds harmless the Company and its affiliates, and each of their respective current and former officers, directors, employees, agents, insurers, assigns and successors in interest (collectively, “Releasees”) from each and every claim, cause of action, right, liability or demand of any kind and nature, and from any claims which may be derived therefrom, other than any such claims Executive has or might have under this Release or as otherwise set forth herein, that Executive had, has, or might claim to have against Releasees based upon facts occurring up to the time Executive executes this Release, whether presently known or unknown to Executive, and (i) arising from or in connection with Executive’s employment, pay, bonuses or any other employee benefits, and other terms and conditions of employment or employment practices of the Company, or (ii) arising out of or relating to the termination of Executive’s employment with Employer or the surrounding circumstances thereof, including, without limitation, any and all claims listed below (collectively, “Released Claims”):
(a)    based on discrimination and/or harassment on the basis of race, color, religion, sex, national origin, handicap, disability, genetic information, age or any other category protected by law under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, Executive Order 11246, 42 USC § 1981, the Equal Pay Act, the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefits Protection Act, the Americans With Disabilities Act, the Rehabilitation Act of 1973, COBRA (as any of these laws may have been amended), the Genetic Information Nondiscrimination Act, the Family and Medical Leave Act, or any other similar labor, employment or anti-discrimination law under state, federal or local law;
(b)    based on any contract, tort, personal injury, wrongful discharge theory or other common law theory; or
(c)    arising out of any written or oral agreements between Executive and the Company (other than the Agreement).


EXHIBIT 10.22
Notwithstanding anything herein to the contrary, nothing in this Release shall prohibit claims (i) covered by worker’s compensation, (ii) for vested benefits under any employee benefit plan, (iii) under the Agreement, (iv) for qualified retirement and nonqualified retirement and deferred compensation benefits, (v) as an equityholder or in respect of vested equity compensation awards that remain unpaid or unsettled, (vi) under the Company’s bylaws, certificate of incorporation or other similar governing document of the Company, (vii) under any director and officer insurance policy maintained by the Company or (viii) for indemnification and/or advancement of expenses as an officer, director, or employee of the Company or any current or former affiliate, whether arising under any indemnification agreement between the Company and Executive or otherwise; and nothing in this Release shall waive any rights or claims that may arise based on facts or events occurring after the date of Executive’s execution of this Release, nor does it serve to waive any rights or claims that are precluded from being waived by applicable law.
Executive expressly acknowledges that this Release is intended to include in its effect, without limitation, all Claims which Executive does not know or suspect to exist in her favor at the time she signs this Release, and that this Release contemplates the extinguishment of any such Claim or Claims.
Except as otherwise set forth herein, Executive covenants not to sue or initiate any claims in any forum against any of the Releasees on account of or in relation to any Released Claim, or to knowingly and voluntarily incite or encourage other persons or entities to bring claims of any nature whatsoever against the Releasees. Executive further covenants not to accept, recover or receive any monetary damages or any other form of relief which may arise out of or in connection with any administrative proceedings which may be filed with or pursued independently by any governmental agency or agencies, whether federal, state or local (except as set forth herein). This provision does not prohibit Executive from filing a lawsuit challenging the validity of Executive’s waiver of claims under the ADEA.
Protected Rights. Executive understands that nothing contained in this Release limits Executive’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”). Executive further understands that this Release does not limit Executive’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Employer. This Release does not limit Executive’s right to receive an award for information provided to any Government Agencies and any claim to such an award is specifically excluded from Released Claims.
In addition, Executive agrees not to file a lawsuit asserting any claims that are waived in this Release. If Executive files such a lawsuit, Executive shall pay all costs incurred by Releasees (or any of them), including reasonable attorney’s fees, in defending against Executive’s claim. The preceding two sentences of this paragraph do not apply if Executive files a charge or lawsuit under the ADEA challenging the validity of this Release. However, in the event any such ADEA lawsuit is unsuccessful, a court may order Executive to pay attorney’s fees and/or costs incurred by Releasees (or any of them) where authorized by law. In the event any such ADEA lawsuit is successful, the severance benefits or payments Executive received for signing this Release shall serve as restitution, recoupment, or setoff to any monetary award received by Executive.
By signing this Release, Executive certifies that:
(a)    Executive acknowledges and agrees that her waiver of rights under this Release is knowing and voluntary and complies in full with all criteria set forth in the regulations promulgated under the Older Workers Benefit Protection Act for release or waiver of claims


EXHIBIT 10.22
under the ADEA and further complies in full with the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964, and any and all other applicable federal, state and local laws, regulations, and orders;
(b)    Executive has carefully read and fully understands the provisions of this Release;
(c)    The payment referred to in this Release and the Agreement exceeds that to which Executive would otherwise have been entitled, and that the actual payment is in exchange for his release of the claims referenced in this Release;
(d)    Executive is advised via this Release to consult with an attorney before signing this Release. Executive acknowledges and agrees that she has in fact consulted with her attorneys prior to executing this Release;
(e)    Executive understands that any discussions she may have had with counsel for the Company regarding her employment or this Release does not constitute legal advice to him and that she has had the opportunity to retain his own independent counsel to render such advice;
(f)    Executive understands that this Release and the Agreement FOREVER RELEASE the Releasees to the extent set forth above, except that Executive is not releasing or waiving any claim under the Age Discrimination in Employment Act that may arise after Executive’s execution of this Release and the Agreement;
(g)    The following applies if the Executive resides in, primarily works in, or receives pay in California.
Executive expressly waives the protection of Section 1542 of the Civil Code of the State of California, which states as follows:
“A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”
Executive’s Initials:         
(h)    In signing this Release and the Agreement, Executive DOES NOT RELY ON AND HAS
NOT RELIED ON ANY REPRESENTATION OR STATEMENT (WRITTEN OR ORAL) NOT SPECIFICALLY SET FORTH IN THIS RELEASE OR IN THE AGREEMENT, or by any of their agents, representatives, or attorneys with regard to the subject matter, basis, or effect of this Release or otherwise, and Executive agrees that this Release will be interpreted and enforced in accordance with [    ] law;
(i)    Executive acknowledges and agrees that Employer has allowed Executive at least [twenty-one (21)/forty-five (45)] days from the date Executive received the Employer’s offer to consider this Release and the Agreement, and she has had sufficient time to consider her decision to enter into this Release and the Agreement;
(j)    Executive agrees to the terms of this Release knowingly, voluntarily and without intimidation, coercion or pressure;
(k)    Executive may revoke this Release within seven (7) calendar days after signing it, as described at the beginning of this Release.


EXHIBIT 10.22
This Release may be executed in any number of counterparts and by the parties hereto in separate counterparts, with the same effect as if the parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together, and shall constitute one and the same instrument, with original signature, photocopy signature, fax signature, or electronic signature permitted and accepted.
(Signature page follows)



EXHIBIT 10.22
IN WITNESS WHEREOF, the undersigned have executed this Release as of the date set forth below.
“COMPANY”
    PEAKSTONE REALTY TRUST
By:                
Name:                 
Title:                 
Date: _______________________________
“EXECUTIVE”
                    
JAVIER F. BITAR
Date: ________________________
EXHIBIT 10.23
AMENDMENT NO. 1 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Amendment No. 1”), is made and entered into this 14th day of November, 2023, by and between Peakstone Realty Trust, a Maryland real estate investment trust (the “Company”) and Nina Momtazee Sitzer, an individual (the “Executive”).
WHEREAS, the Company and Executive are currently parties to that certain Amended and Restated Employment Agreement, entered into March 23, 2023 (the “Existing Agreement”); and
WHEREAS, the Company and Executive now wish to amend the Existing Agreement as provided herein.
NOW THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Section 6.1 is hereby amended by adding a new Subsection (d) at the end thereof to read as follows:
“Nothing in this Agreement, including the Confidential Information restrictions above, shall be construed to prohibit the Executive from, in good faith, communicating with, providing information to, filing a charge with, or participating in any investigation or proceeding conducted by any federal, state or local government agency or commission responsible for enforcement of law(s) applicable to the Company, including but not limited to, the Securities and Exchange Commission, Equal Employment Opportunity Commission, National Labor Relations Board, or the Department of Labor (“Government Agencies”). The Executive does not need to give notice to or obtain approval from the Company to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information. This Agreement does not limit the Executive’s right to receive an award for information provided to any Government Agency.”
2.The General Release attached as Exhibit A to the Existing Agreement is hereby deleted and replaced by Exhibit A attached to this Amendment No. 1.
3.Except as expressly amended hereby, the Existing Agreement will remain in full force and effect in accordance with its terms.
4.    This Amendment No. 1 may be executed by .pdf or electronic signatures in any number of counterparts, each of which will be deemed an original, but all such counterparts will together constitute one and the same instrument.
[Signature Page Follows]

61514787


IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 on the date and year first above written.
“COMPANY”
    PEAKSTONE REALTY TRUST
By:                
Name:     Michael J. Escalante
Title:     Chief Executive Officer and President
For purposes of Section 19 only
    PKST OP, L.P.
By:    PEAKSTONE REALTY TRUST, its general partner
By:                
Name:     Michael J. Escalante
Title:     Chief Executive Officer and President

    PKST MANAGEMENT COMPANY, LLC
By:                
Name:     Michael J. Escalante
Title:     Chief Executive Officer and President
“EXECUTIVE”
                    
NINA MOMTAZEE SITZER



Exhibit A
Form of Release
GENERAL RELEASE
Since you are over 40 years old, you are covered by the Age Discrimination in Employment Act of 1967. As such, you have been given at least [twenty-one (21)/forty-five (45) days] to consider this Release before executing it. You are hereby advised to consider the terms of this Release and consult with an attorney of your choice prior to executing this Release. By signing below, you acknowledge that you have carefully read and fully understand all of the provisions of this Release; voluntarily agree to all terms in this Release, which include full release of the Company and its affiliates from any and all claims you may have against it as set forth herein; and knowingly intend to be bound by this Release. You have a full seven (7) days after executing this Release to revoke it. This Release shall not become effective or enforceable until the revocation period has expired. Revocation shall be effective only upon written notice delivered to                             , within that seven (7)-day period. Rights or claims under
the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621, et. seq.) that may arise after the date this Release is executed are not waived.
In consideration for the undertakings and promises set forth in that certain Amended and Restated Employment Agreement dated as of March 23, 2023, as amended (the “Agreement”), between
Nina Momtazee Sitzer (the “Executive”) and Peakstone Realty Trust, a Maryland real estate investment trust, (together with its affiliates the “Company”), the terms of which are incorporated herein by reference, Executive (on behalf of himself and her heirs, assigns and successors in interest) unconditionally releases, discharges, and holds harmless the Company and its affiliates, and each of their respective current and former officers, directors, employees, agents, insurers, assigns and successors in interest (collectively, “Releasees”) from each and every claim, cause of action, right, liability or demand of any kind and nature, and from any claims which may be derived therefrom, other than any such claims Executive has or might have under this Release or as otherwise set forth herein, that Executive had, has, or might claim to have against Releasees based upon facts occurring up to the time Executive executes this Release, whether presently known or unknown to Executive, and (i) arising from or in connection with Executive’s employment, pay, bonuses or any other employee benefits, and other terms and conditions of employment or employment practices of the Company, or (ii) arising out of or relating to the termination of Executive’s employment with Employer or the surrounding circumstances thereof, including, without limitation, any and all claims listed below (collectively, “Released Claims”):
(a)    based on discrimination and/or harassment on the basis of race, color, religion, sex, national origin, handicap, disability, genetic information, age or any other category protected by law under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, Executive Order 11246, 42 USC § 1981, the Equal Pay Act, the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefits Protection Act, the Americans With Disabilities Act, the Rehabilitation Act of 1973, COBRA (as any of these laws may have been amended), the Genetic Information Nondiscrimination Act, the Family and Medical Leave Act, or any other similar labor, employment or anti-discrimination law under state, federal or local law;
(b)    based on any contract, tort, personal injury, wrongful discharge theory or other common law theory; or


(c)    arising out of any written or oral agreements between Executive and the Company (other than the Agreement).
Notwithstanding anything herein to the contrary, nothing in this Release shall prohibit claims (i) covered by worker’s compensation, (ii) for vested benefits under any employee benefit plan, (iii) under the Agreement, (iv) for qualified retirement and nonqualified retirement and deferred compensation benefits, (v) as an equityholder or in respect of vested equity compensation awards that remain unpaid or unsettled, (vi) under the Company’s bylaws, certificate of incorporation or other similar governing document of the Company, (vii) under any director and officer insurance policy maintained by the Company or (viii) for indemnification and/or advancement of expenses as an officer, director, or employee of the Company or any current or former affiliate, whether arising under any indemnification agreement between the Company and Executive or otherwise; and nothing in this Release shall waive any rights or claims that may arise based on facts or events occurring after the date of Executive’s execution of this Release, nor does it serve to waive any rights or claims that are precluded from being waived by applicable law.
Executive expressly acknowledges that this Release is intended to include in its effect, without limitation, all Claims which Executive does not know or suspect to exist in her favor at the time she signs this Release, and that this Release contemplates the extinguishment of any such Claim or Claims.
Except as otherwise set forth herein, Executive covenants not to sue or initiate any claims in any forum against any of the Releasees on account of or in relation to any Released Claim, or to knowingly and voluntarily incite or encourage other persons or entities to bring claims of any nature whatsoever against the Releasees. Executive further covenants not to accept, recover or receive any monetary damages or any other form of relief which may arise out of or in connection with any administrative proceedings which may be filed with or pursued independently by any governmental agency or agencies, whether federal, state or local (except as set forth herein). This provision does not prohibit Executive from filing a lawsuit challenging the validity of Executive’s waiver of claims under the ADEA.
Protected Rights. Executive understands that nothing contained in this Release limits Executive’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”). Executive further understands that this Release does not limit Executive’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Employer. This Release does not limit Executive’s right to receive an award for information provided to any Government Agencies and any claim to such an award is specifically excluded from Released Claims.
In addition, Executive agrees not to file a lawsuit asserting any claims that are waived in this Release. If Executive files such a lawsuit, Executive shall pay all costs incurred by Releasees (or any of them), including reasonable attorney’s fees, in defending against Executive’s claim. The preceding two sentences of this paragraph do not apply if Executive files a charge or lawsuit under the ADEA challenging the validity of this Release. However, in the event any such ADEA lawsuit is unsuccessful, a court may order Executive to pay attorney’s fees and/or costs incurred by Releasees (or any of them) where authorized by law. In the event any such ADEA lawsuit is successful, the severance benefits or payments Executive received for signing this Release shall serve as restitution, recoupment, or setoff to any monetary award received by Executive.
By signing this Release, Executive certifies that:


(a)    Executive acknowledges and agrees that her waiver of rights under this Release is knowing and voluntary and complies in full with all criteria set forth in the regulations promulgated under the Older Workers Benefit Protection Act for release or waiver of claims under the ADEA and further complies in full with the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964, and any and all other applicable federal, state and local laws, regulations, and orders;
(b)    Executive has carefully read and fully understands the provisions of this Release;
(c)    The payment referred to in this Release and the Agreement exceeds that to which Executive would otherwise have been entitled, and that the actual payment is in exchange for his release of the claims referenced in this Release;
(d)    Executive is advised via this Release to consult with an attorney before signing this Release. Executive acknowledges and agrees that she has in fact consulted with her attorneys prior to executing this Release;
(e)    Executive understands that any discussions she may have had with counsel for the Company regarding her employment or this Release does not constitute legal advice to him and that she has had the opportunity to retain his own independent counsel to render such advice;
(f)    Executive understands that this Release and the Agreement FOREVER RELEASE the Releasees to the extent set forth above, except that Executive is not releasing or waiving any claim under the Age Discrimination in Employment Act that may arise after Executive’s execution of this Release and the Agreement;
(g)    The following applies if the Executive resides in, primarily works in, or receives pay in California.
Executive expressly waives the protection of Section 1542 of the Civil Code of the State of California, which states as follows:
“A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”
Executive’s Initials:         
(h)    In signing this Release and the Agreement, Executive DOES NOT RELY ON AND HAS
NOT RELIED ON ANY REPRESENTATION OR STATEMENT (WRITTEN OR ORAL) NOT SPECIFICALLY SET FORTH IN THIS RELEASE OR IN THE AGREEMENT, or by any of their agents, representatives, or attorneys with regard to the subject matter, basis, or effect of this Release or otherwise, and Executive agrees that this Release will be interpreted and enforced in accordance with [    ] law;
(i)    Executive acknowledges and agrees that Employer has allowed Executive at least [twenty-one (21)/forty-five (45)] days from the date Executive received the Employer’s offer to consider this Release and the Agreement, and she has had sufficient time to consider her decision to enter into this Release and the Agreement;
(j)    Executive agrees to the terms of this Release knowingly, voluntarily and without intimidation, coercion or pressure;


(k)    Executive may revoke this Release within seven (7) calendar days after signing it, as described at the beginning of this Release.
This Release may be executed in any number of counterparts and by the parties hereto in separate counterparts, with the same effect as if the parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together, and shall constitute one and the same instrument, with original signature, photocopy signature, fax signature, or electronic signature permitted and accepted.
(Signature page follows)



IN WITNESS WHEREOF, the undersigned have executed this Release as of the date set forth below.
“COMPANY”
    PEAKSTONE REALTY TRUST
By:                
Name:                 
Title:                 
Date: _______________________________
“EXECUTIVE”
                    
NINA MOMTAZEE SITZER
Date: ________________________
EXHIBIT 10.28

GRIFFIN REALTY TRUST, INC.
TIME-BASED RESTRICTED STOCK UNIT AGREEMENT

This Restricted Stock Unit Agreement (this “Agreement”) is made by and between Griffin Realty Trust, Inc., a Maryland corporation (the “Company”), and _______________ (the “Participant”).

WHEREAS, the Company maintains a long-term incentive plan named Griffin Realty Trust, Inc. Amended and Restated Employee and Director Long-Term Incentive Plan (the “Plan”);

WHEREAS, the Plan allows the grant of Awards to full-time employees of the Company;

WHEREAS, the compensation committee (the “Committee”) of the board of directors of the Company (the “Board”) has designated employees of Griffin Capital Real Estate Company, LLC (“GRECO”), a Delaware limited liability company and wholly-owned subsidiary of GRT OP, L.P., the operating partnership of the Company and owner of 100% of the equity interests of GRECO (the “Operating Partnership”), as employees of the Company for purposes of the Plan and has otherwise determined that such employees of GRECO are eligible persons under the Plan;

WHEREAS, the Committee has determined that GRECO is an Affiliate under the Plan;

WHEREAS, the Participant is a full-time employee of GRECO;

WHEREAS, Section 10 of the Plan provides for the issuance of restricted stock units (“RSUs”) to eligible persons; and

WHEREAS, the Committee has determined that it would be to the advantage and in the best interest of the Company and its Affiliates to cause RSUs to be issued to the Participant under the Plan, subject to the terms and conditions set forth herein (the “Award”).

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

1.    Issuance of RSUs. The Participant shall be granted, by the Company, a total of _____ RSUs, granted as of August 5, 2022 (the “Grant Date”), subject to the terms and conditions, rights, voting powers, restrictions and limitations set forth herein and in the Plan.

2.    Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan.

(a)“Cause” means “Cause” as defined in the Employment Agreement.

(b)     “Change in Control” means a “change in control event” with respect to either GRECO or the Company, or both of them, within the meaning of Section 409A of the Code.

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

(d)    “Disability” means “Disability” as defined in the Employment Agreement.

(e)    “Employment Agreement” means that certain employment agreement between the Company, GRECO, the Operating Partnership, and the Participant dated __________ [ ], 20__, as in effect on the date hereof.

(f)     “Good Reason” means “Good Reason” as defined in the Employment Agreement.

(g)    “Person” means “Person” as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as modified and used in Sections 13(d) and 14(d) thereof,


except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.
    
(h)     “Qualifying Termination” means a termination of the Participant’s employment and service with GRECO and its Subsidiaries (or any successors thereto) by reason of (i) the Participant’s death, (ii) a termination due to the Participant’s Disability, (iii) an involuntary termination by the Company, GRECO or any of their Subsidiaries other than for Cause, or (iv) a voluntary termination by the Participant for Good Reason.

(i)    “RSUs” means an Award issued under the Plan which entitles the holder, upon satisfaction of the vesting and other conditions set forth in the applicable award agreement and Plan, to be issued Shares.

(j)    “Share” means one share of common stock of the Company.

(k)    “Subsidiary” means with respect to any Person, any entity in which it owns, directly or indirectly, the majority of the equity.
3.    Plan Governs; Stockholder Rights; Transfer Restrictions.

(a)The RSUs are subject to the terms of the Plan and this Agreement.

(b)    The Participant shall be entitled to a Distribution Equivalent Right with respect to this Award in the event that a dividend, distribution or liquidation payment is paid with respect to Shares of the Company on or after January 1, 2022, provided that the record date for such dividend, distribution or liquidation payment occurs on or after January 1, 2022 and the Participant has not forfeited the corresponding RSU prior to the payment date thereof. Such Distribution Equivalent Right (i) shall equal the total number of Shares underlying the Participant’s Award, multiplied by the amount of such dividend, distribution or liquidation payment, (ii) shall be in the same form as the applicable dividend, distribution or liquidation payment, and (iii) shall be paid to the Participant within thirty (30) days following the date such dividend, distribution or liquidation payment is paid to the Company’s stockholders or, if such dividend, distribution or liquidation payment was paid to the Company’s stockholders prior to the Grant Date, payment shall occur within thirty (30) days following the Grant Date.

Except as provided above, the Award shall not confer upon the Participant any rights as a stockholder of the Company unless and until such issued Shares are reflected as issued and outstanding on the Company’s stock ledger.

(c)    Without the consent of the Committee (which it may give or withhold in its sole discretion), the Participant shall not sell, pledge, assign, hypothecate, transfer, or otherwise dispose of (collectively, “Transfer”) any unvested RSUs or any portion of the Award attributable to such unvested RSUs (or any securities into which such unvested RSUs are converted or exchanged), other than by will, pursuant to the laws of descent and distribution or to a “family member” within the meaning of the Securities Act (the “Transfer Restrictions”); provided, however, that the Transfer Restrictions shall not apply to any Transfer of unvested RSUs or the Award to the Company. Any permitted transferee of the Award or RSUs shall take such Award or RSUs subject to the terms of the Plan and this Agreement. Any such permitted transferee must, upon the request of the Company, agree to such waivers, limitations, and restrictions as the Company may reasonably require. Any Transfer of the Award or RSUs which is not made in compliance with the Plan and this Agreement shall be null and void and of no effect ab initio.

4.     Vesting. The RSUs shall vest and become nonforfeitable with respect to 1/3 of the RSUs on December 31 of each of 2022, 2023, and 2024, subject to the Participant’s continued employment and service with GRECO, the Company or any of their Subsidiaries (or applicable successors thereto) through the applicable vesting date; provided that vesting may accelerate as specifically set forth in the Employment Agreement, or in the following situations:


(a)     Change in Control. Subject to Section 4(b), in the event that a Change in Control occurs, the RSUs shall vest in full as of immediately prior thereto, unless this Award is assumed, continued, converted or replaced with a substantially similar award by the Company or a successor entity or its parent or subsidiary.

(b)     Effect of Termination of Service. In the event that the Participant incurs a Qualifying Termination, the RSUs shall vest in full as of immediately prior to such Qualifying Termination.

In the event of the Participant’s termination of employment and service with GRECO, the Company and their Subsidiaries for any reason (other than a Qualifying Termination), all RSUs that have not vested as of the date of such termination of employment or service (after taking into account any accelerated vesting that occurs in connection with such termination) shall automatically and without further action be cancelled and forfeited without payment of any consideration therefor, and the Participant shall have no further right to or interest in such RSUs.

The benefits provided by this Section 4(b) are subject to the condition that the Participant (or, in the event of the Participant’s death or Disability, the Participant’s estate or personal representative, as the case may be) timely execute and not revoke a written release of claims against GRECO, the Company and their Subsidiaries in the form attached as Exhibit A to the Employment Agreement (a “Release”). Such signed Release must be delivered to the Company on or within sixty (60) days following the date of such Qualifying Termination. If the date for signing the Release spans two calendar years, then the Shares that are otherwise due upon vesting of the RSUs shall not be issued prior to the first day of the second such calendar year.

5.    Settlement of Award. Subject to the release requirements set forth in Section 4(b) and Participant’s timely execution of any required documents as described in Section 7, as soon as administratively practicable following the date that an RSU vests, but in any event within seventy (70) days thereafter, the Company will issue to the Participant one Share for each vested RSU (on a one-to-one basis). In all cases, the issuance and delivery of Shares under this Agreement is intended to qualify as a short-term deferral as provided by Treasury Regulation Section 1.409A-1(b)(4) and shall be construed and administered in such a manner.




6.     Adjustments for Corporate Transactions and Other Events.

(a)     Stock Dividend, Stock Split and Reverse Stock Split. Upon a stock dividend of, or stock split or reverse stock split affecting, the Shares, the Committee shall adjust the number of outstanding RSUs in an equitable manner to reflect such event, including in the case of a stock dividend taking into account any Distribution Equivalent Rights paid to the Participant. Adjustments under this paragraph will be made by the Committee, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive.

(b)    Merger, Consolidation and Other Events. If the Company shall be the surviving or resulting corporation in any merger or consolidation in which the Shares are converted into other securities, the RSUs shall pertain to and apply to the securities to which a holder of the number of Shares subject to the RSUs would have been entitled. If the stockholders of the Company receive by reason of any distribution in total or partial liquidation or pursuant to any merger of the Company or acquisition of its assets, securities of another entity or other property (including cash), then the rights of the Company under this Agreement shall inure to the benefit of the Company’s successor, and this Agreement shall apply to the securities or other property (including cash) to which a holder of the number of Shares subject to the RSUs would have been entitled, in the same manner and to the same extent, including the same restrictions and vesting and payment schedule, as the RSUs.

(c)    Other Adjustments. Notwithstanding the foregoing, the RSUs shall be subject to adjustment as set forth in the Plan.



7.    Company Documents. At the Company’s reasonable and customary request, the Participant must timely execute and deliver to the Company any shareholders’ agreements, investment representations or other documents that the Company, in its sole discretion, deems necessary or desirable to effectuate the issuance of the Shares.

8.     Securities Law Compliance. None of the Company’s securities are presently publicly traded, and the Company has made no representations, covenants or agreements as to whether there will be a public market for any of its securities. The RSUs cannot be transferred by the Participant unless such transfer is registered under the Securities Act or an exemption from such registration is available. The Company has made no agreements, covenants or undertakings whatsoever to register the transfer of the RSUs under the Securities Act. The Company has made no representations, warranties, or covenants whatsoever as to whether any exemption from the Securities Act, including, without limitation, any exemption for limited sales in routine brokers’ transactions pursuant to Rule 144 of the Securities Act, shall be available. If an exemption under Rule 144 is available at all, it shall not be available until at least six months from issuance of the Award and then not unless the terms and conditions of Rule 144 have been satisfied.

To the extent not inconsistent with applicable law, the Participant agrees not to effect any sale or distribution of the RSUs or any Shares received as a result thereof, or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities Act, during the 14 days prior to, and for a period of up to 90 days beginning on the date of the pricing of any public or private debt or equity securities offering by the Company (except as part of such offering), if and to the extent requested in writing by the Company in the case of a non-underwritten public or private offering or if and to the extent requested in writing by the managing underwriter or underwriters (or initial purchaser or initial purchasers, as the case may be) and consented to by the Company, which consent may be given or withheld in the Company’s sole and absolute discretion, in the case of an underwritten public or private offering (such agreement to be in the form of a lock-up agreement provided by the Company, managing underwriter or underwriters, or initial purchaser or initial purchasers, as the case may be).

Certificates evidencing the Shares issued in connection with the RSUs, to the extent such certificates are issued, may bear such restrictive legends as the Company and/or the Company’s counsel may deem necessary or advisable under applicable law or pursuant to this Agreement, including, without limitation, the following legends or any legends similar thereto:
“Any transfer of the securities represented hereby shall be invalid unless a Registration Statement under the Securities Act of 1933, as amended (the “Securities Act”) is in effect as to such transfer or in the opinion of counsel for Griffin Realty Trust, Inc. (the “Company”) such registration is unnecessary in order for such transfer to comply with the Securities Act. The securities represented hereby are subject to transferability and other restrictions as set forth in (i) a written agreement with the Company and (ii) the Griffin Realty Trust, Inc. Amended and Restated Employee and Director Long Term Incentive Plan, in each case, as has been and as may in the future be amended (or amended and restated) from time to time, and such securities may not be sold or otherwise transferred except pursuant to the provisions of such documents.”

The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all applicable laws. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Award is granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

9.     Taxes. GRECO, the Company or any of their Subsidiaries may withhold from the Participant’s wages, or require the Participant to pay to such entity, any applicable withholding or employment taxes resulting from the vesting or settlement of the Award (including the RSUs and/or the Distribution Equivalent Rights); provided, however, that GRECO, the Company and their Subsidiaries,


and the Affiliates, have not made warranties or representations to the Participant with respect to the income tax consequences of the transactions contemplated by this Agreement, and the Participant is in no manner relying on GRECO, the Company or any of their Subsidiaries, or any Affiliate, or the representatives of each, for an assessment of such tax consequences. Notwithstanding the foregoing, and with the prior approval of the Committee, the Participant may, upon vesting or settlement of the RSUs, elect to have the Company withhold Shares equal in value to the maximum statutory rate for federal, state, and local income and employment taxes applicable in Participant’s jurisdiction to satisfy any withholding tax obligations resulting from the vesting and settlement of the RSUs. To the extent that the Shares withheld are not sufficient to cover all taxes due, the Participant shall be responsible for any remaining amount of taxes that may be due. To the extent that any Federal Insurance Contributions Act tax withholding obligations arise in connection with the Award, the Company shall accelerate the payment of a portion of the Award sufficient to satisfy (but not in excess of) such tax withholding obligations and any tax withholding obligations associated with any such accelerated payment, and the Company shall withhold such amounts in satisfaction of such withholding obligations. The Participant is advised to consult with his or her own tax advisor with respect to such tax consequences and his or her receipt and settlement of the RSUs.


10.    Remedies. The Participant shall be liable to GRECO, the Company and their Subsidiaries for all costs and damages, including incidental and consequential damages, resulting from a disposition of the Award or the RSUs which is in violation of the provisions of this Agreement. Without limiting the generality of the foregoing, the Participant agrees that the Company shall be entitled to obtain specific performance of the obligations of the Participant under this Agreement and immediate injunctive relief in the event any action or proceeding is brought in equity to enforce the same. The Participant shall not urge as a defense that there is an adequate remedy at law.
11.    Code Section 409A.

(a)    General. To the extent applicable, this Agreement shall be interpreted so that this Award is exempt from (or, to the extent that exemption is not possible, to comply with) Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder (“Section 409A”). Notwithstanding any provision of this Agreement to the contrary, in the event that following the Grant Date the Company determines that the Award must be revised to maintain exemption from or to comply with Section 409A, the Company may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to (a) exempt the Award from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A; provided, however, that this Section 11 shall not create any obligation on the part of GRECO, the Company or any of their Subsidiaries to adopt any such amendment, policy or procedure or take any such other action, and none of GRECO, the Company or any of their Subsidiaries shall have any obligation to indemnify any Person for any taxes imposed under or by operation of Section 409A (except to the extent such taxes are imposed due to an operational failure).

(b)    Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement during the six (6)-month period following the Participant’s “separation from service” to the extent that the Committee determines that the Participant is a “specified employee” (each within the meaning of Code Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Code Section 409A(a)(2)(b)(i). If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Code Section 409A without being subject to such additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable to the Participant during such six (6)-month period under this Agreement. Such specified employee delay does not apply to payments made on account of payment of employment taxes or income inclusion, as described in Treasury Regulation Section 1.409A-3(j)(4)(vi) and (vii).



(c)    Distribution Equivalent Rights. Any Distribution Equivalent Rights granted in connection with the RSUs issued hereunder, and any amounts that may become distributable in respect thereof, shall be treated separately from such RSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A.

12.    Miscellaneous.
(a)     Incorporation of the Plan. This Agreement is subject to the terms and conditions of the Plan, which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
(b)     Not a Contract of Service Relationship. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue to serve as an employee or other service provider of GRECO, the Company or any of their Subsidiaries or shall interfere with or restrict in any way the rights of GRECO, the Company or any of their Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between GRECO, the Company or any Subsidiary and the Participant.

(c)     No Benefit Accruals. This Award is designated as a bonus that is in addition to the regular cash wages of the Participant. No amount of stock or income received by the Participant pursuant to this Award will be considered compensation for purposes of any severance or any pension, retirement, insurance or other employee benefit plan or program of GRECO, the Company or any of their Subsidiaries in calculating any employment-related benefits to which the Participant may be entitled from the Participant’s employment or service with GRECO. Participation in the Plan is discretionary and voluntary, and the Plan can be terminated at any time. This Award does not create a right or entitlement to future awards, whether pursuant to the Plan or otherwise.
(d)     Governing Law. The laws of the State of California shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

(e)     Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board; provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Award in any material way without the prior written consent of the Participant. For purposes of this paragraph, “material” means a change that the Committee or Board determines, in good faith, could reasonably be expected to result in a reduction in the dollar value of the RSUs or could reasonably be expected to result in a curtailment of the Participant’s rights to receive the Shares or Distribution Equivalent Rights hereunder. For clarity, changes to features that the Committee or Board determines in good faith are an insignificant or unimportant feature of the Award, involve an administrative process, or are too remote to be reasonably expected to occur, shall not be considered “material.”
(f)     Notices. Any notice to be given under the terms of this Agreement shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to the Participant shall be addressed to the Participant at the Participant’s last address reflected on GRECO’s records. Any notice shall be deemed duly given when sent via email or when sent by reputable overnight courier or by certified mail (return receipt requested) through the United States Postal Service.
(g)     Successors and Assigns. GRECO, the Company or any Subsidiary may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of GRECO, the Company and their Subsidiaries. Subject to the restrictions on transfer set forth in Section 3 hereof, this Agreement shall be binding upon the Participant and his or her heirs, executors, committees, successors and assigns.
(h)     Entire Agreement. The Plan and this Agreement (including all exhibits thereto, if any) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and


agreements of GRECO, the Company and their Subsidiaries and the Participant with respect to the subject matter hereof.
(i)     Clawback. This Award shall be subject to any clawback or recoupment policy required by law.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.
GRIFFIN REALTY TRUST, INC.,
a Maryland corporation
By: __________________________________
Name: Michael J. Escalante
Title: Chief Executive Officer
The Participant hereby accepts and agrees to be bound by all of the terms and conditions of this Agreement.
_____________________________________
Participant

Print Name: _______________
EXHIBIT 10.29

GRIFFIN REALTY TRUST, INC.
TIME-BASED RESTRICTED STOCK UNIT AGREEMENT FOR EMPLOYEES

This Restricted Stock Unit Agreement (this “Agreement”) is made by and between Griffin Realty Trust, Inc., a Maryland corporation (the “Company”), and _______________ (the “Participant”).

WHEREAS, the Company maintains a long-term incentive plan named Griffin Realty Trust, Inc. Amended and Restated Employee and Director Long-Term Incentive Plan (the “Plan”);

WHEREAS, the Plan allows the grant of Awards to full-time employees of the Company;

WHEREAS, the compensation committee (the “Committee”) of the board of directors of the Company (the “Board”) has designated employees of Griffin Capital Real Estate Company, LLC (“GRECO”), a Delaware limited liability company and wholly-owned subsidiary of GRT OP, L.P., the operating partnership of the Company and owner of 100% of the equity interests of GRECO (the “Operating Partnership”), as employees of the Company for purposes of the Plan and has otherwise determined that such employees of GRECO are eligible persons under the Plan;

WHEREAS, the Committee has determined that GRECO is an Affiliate under the Plan;

WHEREAS, the Participant is a full-time employee of GRECO;

WHEREAS, Section 10 of the Plan provides for the issuance of restricted stock units (“RSUs”) to eligible persons; and

WHEREAS, the Committee has determined that it would be to the advantage and in the best interest of the Company and its Affiliates to cause RSUs to be issued to the Participant under the Plan, subject to the terms and conditions set forth herein (the “Award”).

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

1.    Issuance of RSUs. The Participant shall be granted, by the Company, a total of ____ RSUs, granted as of August 5, 2022 (the “Grant Date”), subject to the terms and conditions, rights, voting powers, restrictions and limitations set forth herein and in the Plan.

2.    Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan.

(a)“Cause” means “Cause” as defined in the Plan.

(b)     “Change in Control” means a “change in control event” with respect to either GRECO or the Company, or both of them, within the meaning of Section 409A of the Code.

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

(d)    “Person” means “Person” as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.
    
(e)     “RSUs” means an Award issued under the Plan which entitles the holder, upon satisfaction of the vesting and other conditions set forth in the applicable award agreement and Plan, to be issued Shares.



(f)    “Share” means one share of common stock of the Company.

(g)    “Subsidiary” means with respect to any Person, any entity in which it owns, directly or indirectly, the majority of the equity.
3.    Plan Governs; Stockholder Rights; Transfer Restrictions.

(a)The RSUs are subject to the terms of the Plan and this Agreement.

(b)    The Award shall not confer upon the Participant any rights as a stockholder of the Company, including but not limited to, the right to receive any cash distributions or dividends and the right to vote on any issues presented to stockholders for a vote, unless and until such issued Shares are reflected as issued and outstanding on the Company’s stock ledger. For the avoidance of doubt, a Participant will not receive any cash distributions or dividends on any RSUs until such RSUs have vested. For instance, if the RSUs vest in accordance with the vesting schedule described in Section 4 below, a Participant will receive an amount of Shares equal to 1/3 of the Participant’s RSUs as of December 31, 2022, 1/3 of the Participant’s RSUs as of December 31, 2023, and 1/3 of the Participant’s RSUs as of December 31, 2024, and will accordingly have all rights of a stockholder of the Company with respect to such Shares at such time.

(c)    Without the consent of the Committee (which it may give or withhold in its sole discretion), the Participant shall not sell, pledge, assign, hypothecate, transfer, or otherwise dispose of (collectively, “Transfer”) any unvested RSUs or any portion of the Award attributable to such unvested RSUs (or any securities into which such unvested RSUs are converted or exchanged), other than by will, pursuant to the laws of descent and distribution or to a “family member” within the meaning of the Securities Act (the “Transfer Restrictions”); provided, however, that the Transfer Restrictions shall not apply to any Transfer of unvested RSUs or the Award to the Company. Any permitted transferee of the Award or RSUs shall take such Award or RSUs subject to the terms of the Plan and this Agreement. Any such permitted transferee must, upon the request of the Company, agree to such waivers, limitations, and restrictions as the Company may reasonably require. Any Transfer of the Award or RSUs which is not made in compliance with the Plan and this Agreement shall be null and void and of no effect ab initio.

4.    Vesting. The RSUs shall vest and become nonforfeitable with respect to 1/3 of the RSUs on December 31 of each of 2022, 2023, and 2024, subject to the Participant’s continued employment and service with GRECO, the Company or any of their Subsidiaries (or applicable successors thereto) through the applicable vesting date; provided that vesting may accelerate in the event of (i) the death or Disability of a Participant, in which instance the RSUs shall vest in full as of the date of the Participant’s death or the date of determination of the Participant’s Disability, as applicable, or (ii) the occurrence of a Change in Control, in which instance the RSUs shall vest in full as of immediately prior thereto, unless this Award is assumed, continued, converted or replaced with a substantially similar award by the Company or a successor entity or its parent or subsidiary. For purposes of this Agreement, the term “Disability” shall mean the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months.

5.     Effect of Termination of Service. In the event of the Participant’s termination of employment and service with GRECO, the Company and their Subsidiaries for any reason, all RSUs that have not vested as of the date of such termination of employment or service (after taking into account any accelerated vesting that occurs in connection with such termination) shall automatically and without further action be cancelled and forfeited without payment of any consideration therefor, and the Participant shall have no further right to or interest in such RSUs.

6.    Settlement of Award. Subject to the Participant’s timely execution of any required documents as described in Section 8, as soon as administratively practicable following the date that an RSU vests, but in any event within seventy (70) days thereafter, the Company will issue to the Participant one Share for each vested RSU (on a one-to-one basis). In all cases, the issuance and delivery of Shares under this Agreement is intended to qualify as a short-term deferral as provided by Treasury Regulation Section 1.409A-1(b)(4) and shall be construed and administered in such a manner.



7.     Adjustments for Corporate Transactions and Other Events.

(a)     Stock Dividend, Stock Split and Reverse Stock Split. Upon a stock dividend of, or stock split or reverse stock split affecting, the Shares, the Committee shall adjust the number of outstanding RSUs in an equitable manner to reflect such event. Adjustments under this paragraph will be made by the Committee, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive.

(b)    Merger, Consolidation and Other Events. If the Company shall be the surviving or resulting corporation in any merger or consolidation in which the Shares are converted into other securities, the RSUs shall pertain to and apply to the securities to which a holder of the number of Shares subject to the RSUs would have been entitled. If the stockholders of the Company receive by reason of any distribution in total or partial liquidation or pursuant to any merger of the Company or acquisition of its assets, securities of another entity or other property (including cash), then the rights of the Company under this Agreement shall inure to the benefit of the Company’s successor, and this Agreement shall apply to the securities or other property (including cash) to which a holder of the number of Shares subject to the RSUs would have been entitled, in the same manner and to the same extent, including the same restrictions and vesting and payment schedule, as the RSUs.

(c)    Other Adjustments. Notwithstanding the foregoing, the RSUs shall be subject to adjustment as set forth in the Plan.

8.    Company Documents. At the Company’s reasonable and customary request, the Participant must timely execute and deliver to the Company any shareholders’ agreements, investment representations or other documents that the Company, in its sole discretion, deems necessary or desirable to effectuate the issuance of the Shares.

9.     Securities Law Compliance. None of the Company’s securities are presently publicly traded, and the Company has made no representations, covenants or agreements as to whether there will be a public market for any of its securities. The RSUs cannot be transferred by the Participant unless such transfer is registered under the Securities Act or an exemption from such registration is available. The Company has made no agreements, covenants or undertakings whatsoever to register the transfer of the RSUs under the Securities Act. The Company has made no representations, warranties, or covenants whatsoever as to whether any exemption from the Securities Act, including, without limitation, any exemption for limited sales in routine brokers’ transactions pursuant to Rule 144 of the Securities Act, shall be available. If an exemption under Rule 144 is available at all, it shall not be available until at least six months from issuance of the Award and then not unless the terms and conditions of Rule 144 have been satisfied.

To the extent not inconsistent with applicable law, the Participant agrees not to effect any sale or distribution of the RSUs or any Shares received as a result thereof, or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities Act, during the 14 days prior to, and for a period of up to 90 days beginning on the date of the pricing of any public or private debt or equity securities offering by the Company (except as part of such offering), if and to the extent requested in writing by the Company in the case of a non-underwritten public or private offering or if and to the extent requested in writing by the managing underwriter or underwriters (or initial purchaser or initial purchasers, as the case may be) and consented to by the Company, which consent may be given or withheld in the Company’s sole and absolute discretion, in the case of an underwritten public or private offering (such agreement to be in the form of a lock-up agreement provided by the Company, managing underwriter or underwriters, or initial purchaser or initial purchasers, as the case may be).

Certificates evidencing the Shares issued in connection with the RSUs, to the extent such certificates are issued, may bear such restrictive legends as the Company and/or the Company’s counsel may deem necessary or advisable under applicable law or pursuant to this Agreement, including, without limitation, the following legends or any legends similar thereto:
“Any transfer of the securities represented hereby shall be invalid unless a Registration Statement under the Securities Act of 1933, as amended (the


“Securities Act”) is in effect as to such transfer or in the opinion of counsel for Griffin Realty Trust, Inc. (the “Company”) such registration is unnecessary in order for such transfer to comply with the Securities Act. The securities represented hereby are subject to transferability and other restrictions as set forth in (i) a written agreement with the Company and (ii) the Griffin Realty Trust, Inc. Amended and Restated Employee and Director Long Term Incentive Plan, in each case, as has been and as may in the future be amended (or amended and restated) from time to time, and such securities may not be sold or otherwise transferred except pursuant to the provisions of such documents.”

The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all applicable laws. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Award is granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

10.     Taxes. GRECO, the Company or any of their Subsidiaries may withhold from the Participant’s wages, or require the Participant to pay to such entity, any applicable withholding or employment taxes resulting from the vesting or settlement of the Award (including the RSUs); provided, however, that GRECO, the Company and their Subsidiaries, and the Affiliates, have not made warranties or representations to the Participant with respect to the income tax consequences of the transactions contemplated by this Agreement, and the Participant is in no manner relying on GRECO, the Company or any of their Subsidiaries, or any Affiliate, or the representatives of each, for an assessment of such tax consequences. Notwithstanding the foregoing, and with the prior approval of the Committee, the Participant may, upon vesting or settlement of the RSUs, elect to have the Company withhold Shares equal in value to the maximum statutory rate for federal, state, and local income and employment taxes applicable in Participant’s jurisdiction to satisfy any withholding tax obligations resulting from the vesting and settlement of the RSUs. To the extent that the Shares withheld are not sufficient to cover all taxes due, the Participant shall be responsible for any remaining amount of taxes that may be due. To the extent that any Federal Insurance Contributions Act tax withholding obligations arise in connection with the Award, the Company shall accelerate the payment of a portion of the Award sufficient to satisfy (but not in excess of) such tax withholding obligations and any tax withholding obligations associated with any such accelerated payment, and the Company shall withhold such amounts in satisfaction of such withholding obligations. The Participant is advised to consult with his or her own tax advisor with respect to such tax consequences and his or her receipt and settlement of the RSUs.

11.    Remedies. The Participant shall be liable to GRECO, the Company and their Subsidiaries for all costs and damages, including incidental and consequential damages, resulting from a disposition of the Award or the RSUs which is in violation of the provisions of this Agreement. Without limiting the generality of the foregoing, the Participant agrees that the Company shall be entitled to obtain specific performance of the obligations of the Participant under this Agreement and immediate injunctive relief in the event any action or proceeding is brought in equity to enforce the same. The Participant shall not urge as a defense that there is an adequate remedy at law.
12.    Code Section 409A.

(a)    General. To the extent applicable, this Agreement shall be interpreted so that this Award is exempt from (or, to the extent that exemption is not possible, to comply with) Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder (“Section 409A”). Notwithstanding any provision of this Agreement to the contrary, in the event that following the Grant Date the Company determines that the Award must be revised to maintain exemption from or to comply with Section 409A, the Company may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to (a) exempt the Award from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A; provided, however, that this Section 12 shall not create any obligation on the part of GRECO, the Company or any of their Subsidiaries to adopt


any such amendment, policy or procedure or take any such other action, and none of GRECO, the Company or any of their Subsidiaries shall have any obligation to indemnify any Person for any taxes imposed under or by operation of Section 409A (except to the extent such taxes are imposed due to an operational failure).

(b)    Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement during the six (6)-month period following the Participant’s “separation from service” to the extent that the Committee determines that the Participant is a “specified employee” (each within the meaning of Code Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Code Section 409A(a)(2)(b)(i). If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Code Section 409A without being subject to such additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable to the Participant during such six (6)-month period under this Agreement. Such specified employee delay does not apply to payments made on account of payment of employment taxes or income inclusion, as described in Treasury Regulation Section 1.409A-3(j)(4)(vi) and (vii).





13.    Miscellaneous.
(a)     Incorporation of the Plan. This Agreement is subject to the terms and conditions of the Plan, which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
(b)     Not a Contract of Service Relationship. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue to serve as an employee or other service provider of GRECO, the Company or any of their Subsidiaries or shall interfere with or restrict in any way the rights of GRECO, the Company or any of their Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between GRECO, the Company or any Subsidiary and the Participant.

(c)     No Benefit Accruals. This Award is designated as a bonus that is in addition to the regular cash wages of the Participant. No amount of stock or income received by the Participant pursuant to this Award will be considered compensation for purposes of any severance or any pension, retirement, insurance or other employee benefit plan or program of GRECO, the Company or any of their Subsidiaries in calculating any employment-related benefits to which the Participant may be entitled from the Participant’s employment or service with GRECO. Participation in the Plan is discretionary and voluntary, and the Plan can be terminated at any time. This Award does not create a right or entitlement to future awards, whether pursuant to the Plan or otherwise.
(d)     Governing Law. The laws of the State of California shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

(e)     Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board; provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Award in any material way without the prior written consent of the Participant. For purposes of this paragraph, “material” means a change that the Committee or Board determines, in good faith, could reasonably be expected to result in a reduction in the dollar value of the RSUs or could reasonably be expected to result in a curtailment of the Participant’s rights to receive the Shares hereunder. For clarity, changes to features that the Committee or Board determines in good faith


are an insignificant or unimportant feature of the Award, involve an administrative process, or are too remote to be reasonably expected to occur, shall not be considered “material.”
(f)     Notices. Any notice to be given under the terms of this Agreement shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to the Participant shall be addressed to the Participant at the Participant’s last address reflected on GRECO’s records. Any notice shall be deemed duly given when sent via email or when sent by reputable overnight courier or by certified mail (return receipt requested) through the United States Postal Service.
(g)     Successors and Assigns. GRECO, the Company or any Subsidiary may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of GRECO, the Company and their Subsidiaries. Subject to the restrictions on transfer set forth in Section 3 hereof, this Agreement shall be binding upon the Participant and his or her heirs, executors, committees, successors and assigns.
(h)     Entire Agreement. The Plan and this Agreement (including all exhibits thereto, if any) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of GRECO, the Company and their Subsidiaries and the Participant with respect to the subject matter hereof.
(i)     Clawback. This Award shall be subject to any clawback or recoupment policy required by law.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.
GRIFFIN REALTY TRUST, INC.,
a Maryland corporation
By: __________________________________
Name: Michael J. Escalante
Title: Chief Executive Officer
The Participant hereby accepts and agrees to be bound by all of the terms and conditions of this Agreement.
_____________________________________
Participant

Print Name: _______________
EXHIBIT 10.30

PEAKSTONE REALTY TRUST
TIME-BASED RESTRICTED SHARE UNIT AGREEMENT

This Restricted Share Unit Agreement (this “Agreement”) is made by and between Peakstone Realty Trust, a Maryland real estate investment trust (the “Company”), and _______________ (the “Participant”).

WHEREAS, the Company maintains a long-term incentive plan named Griffin Realty Trust Amended and Restated Employee and Trustee Long-Term Incentive Plan (the “Plan”);

WHEREAS, the Plan allows the grant of Awards to full-time employees of the Company;

WHEREAS, the compensation committee (the “Committee”) of the board of trustees of the Company (the “Board”) has designated employees of Griffin Capital Real Estate Company, LLC (“GRECO”), a Delaware limited liability company and wholly-owned subsidiary of PKST OP, L.P., the operating partnership of the Company and owner of 100% of the equity interests of GRECO (the “Operating Partnership”), as employees of the Company for purposes of the Plan and has otherwise determined that such employees of GRECO are eligible persons under the Plan;

WHEREAS, the Committee has determined that GRECO is an Affiliate under the Plan;

WHEREAS, the Participant is a full-time employee of GRECO;

WHEREAS, Section 10 of the Plan provides for the issuance of restricted share units (“RSUs”) to eligible persons; and

WHEREAS, the Committee has determined that it would be to the advantage and in the best interest of the Company and its Affiliates to cause RSUs to be issued to the Participant under the Plan, subject to the terms and conditions set forth herein (the “Award”).

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

1.    Issuance of RSUs. The Participant shall be granted, by the Company, a total of _____ RSUs, granted as of March 23, 2023 (the “Grant Date”), subject to the terms and conditions, rights, voting powers, restrictions and limitations set forth herein and in the Plan.

2.    Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan.

(a)“Cause” means “Cause” as defined in the Employment Agreement.

(b)     “Change in Control” means a “change in control event” with respect to either GRECO or the Company, or both of them, within the meaning of Section 409A of the Code.

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

(d)    “Disability” means “Disability” as defined in the Employment Agreement.

(e)    “Employment Agreement” means that certain employment agreement between the Company, GRECO, the Operating Partnership, and the Participant dated __________ [ ], 20__, as in effect on the date hereof.

(f)     “Good Reason” means “Good Reason” as defined in the Employment Agreement.



(g)    “Person” means “Person” as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company.
    
(h)     “Qualifying Termination” means a termination of the Participant’s employment and service with GRECO and its Subsidiaries (or any successors thereto) by reason of (i) the Participant’s death, (ii) a termination due to the Participant’s Disability, (iii) an involuntary termination by the Company, GRECO or any of their Subsidiaries other than for Cause, or (iv) a voluntary termination by the Participant for Good Reason.

(i)    “RSUs” means an Award issued under the Plan which entitles the holder, upon satisfaction of the vesting and other conditions set forth in the applicable award agreement and Plan, to be issued Shares.

(j)    “Share” means one common share of the Company.

(k)    “Subsidiary” means with respect to any Person, any entity in which it owns, directly or indirectly, the majority of the equity.
3.    Plan Governs; Shareholder Rights; Transfer Restrictions.

(a)The RSUs are subject to the terms of the Plan and this Agreement.

(b)    The Participant shall be entitled to a Distribution Equivalent Right with respect to this Award in the event that a dividend, distribution or liquidation payment is paid with respect to Shares of the Company on or after January 1, 2023, provided that the record date for such dividend, distribution or liquidation payment occurs on or after January 1, 2023 and the Participant has not forfeited the corresponding RSU prior to the payment date thereof. Such Distribution Equivalent Right (i) shall equal the total number of Shares underlying the Participant’s Award, multiplied by the amount of such dividend, distribution or liquidation payment, (ii) shall be in the same form as the applicable dividend, distribution or liquidation payment, and (iii) shall be paid to the Participant within thirty (30) days following the date such dividend, distribution or liquidation payment is paid to the Company’s shareholders or, if such dividend, distribution or liquidation payment was paid to the Company’s shareholders prior to the Grant Date, payment shall occur within thirty (30) days following the Grant Date.

Except as provided above, the Award shall not confer upon the Participant any rights as a shareholder of the Company unless and until such issued Shares are reflected as issued and outstanding on the Company’s stock ledger.

(c)    Without the consent of the Committee (which it may give or withhold in its sole discretion), the Participant shall not sell, pledge, assign, hypothecate, transfer, or otherwise dispose of (collectively, “Transfer”) any unvested RSUs or any portion of the Award attributable to such unvested RSUs (or any securities into which such unvested RSUs are converted or exchanged), other than by will, pursuant to the laws of descent and distribution or to a “family member” within the meaning of the Securities Act (the “Transfer Restrictions”); provided, however, that the Transfer Restrictions shall not apply to any Transfer of unvested RSUs or the Award to the Company. Any permitted transferee of the Award or RSUs shall take such Award or RSUs subject to the terms of the Plan and this Agreement. Any such permitted transferee must, upon the request of the Company, agree to such waivers, limitations, and restrictions as the Company may reasonably require. Any Transfer of the Award or RSUs which is not made in compliance with the Plan and this Agreement shall be null and void and of no effect ab initio.

4.     Vesting. The RSUs shall vest and become nonforfeitable with respect to 1/3 of the RSUs on December 31 of each of 2023, 2024, and 2025, subject to the Participant’s continued employment and service with GRECO, the Company or any of their Subsidiaries (or applicable successors thereto) through


the applicable vesting date; provided that vesting may accelerate as specifically set forth in the Employment Agreement, or in the following situations:
(a)     Change in Control. Subject to Section 4(b), in the event that a Change in Control occurs, the RSUs shall vest in full as of immediately prior thereto, unless this Award is assumed, continued, converted or replaced with a substantially similar award by the Company or a successor entity or its parent or subsidiary.

(b)     Effect of Termination of Service. In the event that the Participant incurs a Qualifying Termination, the RSUs shall vest in full as of immediately prior to such Qualifying Termination.

In the event of the Participant’s termination of employment and service with GRECO, the Company and their Subsidiaries for any reason (other than a Qualifying Termination), all RSUs that have not vested as of the date of such termination of employment or service (after taking into account any accelerated vesting that occurs in connection with such termination) shall automatically and without further action be cancelled and forfeited without payment of any consideration therefor, and the Participant shall have no further right to or interest in such RSUs.

The benefits provided by this Section 4(b) are subject to the condition that the Participant (or, in the event of the Participant’s death or Disability, the Participant’s estate or personal representative, as the case may be) timely execute and not revoke a written release of claims against GRECO, the Company and their Subsidiaries in the form attached as Exhibit A to the Employment Agreement (a “Release”). Such signed Release must be delivered to the Company on or within sixty (60) days following the date of such Qualifying Termination. If the date for signing the Release spans two calendar years, then the Shares that are otherwise due upon vesting of the RSUs shall not be issued prior to the first day of the second such calendar year.

5.    Settlement of Award. Subject to the release requirements set forth in Section 4(b) and Participant’s timely execution of any required documents as described in Section 7, as soon as administratively practicable following the date that an RSU vests, but in any event within seventy (70) days thereafter, the Company will issue to the Participant one Share for each vested RSU (on a one-to-one basis). In all cases, the issuance and delivery of Shares under this Agreement is intended to qualify as a short-term deferral as provided by Treasury Regulation Section 1.409A-1(b)(4) and shall be construed and administered in such a manner.


6.     Adjustments for Corporate Transactions and Other Events.

(a)     Share Dividend, Share Split and Reverse Share Split. Upon a share dividend of, or share split or reverse share split affecting, the Shares, the Committee shall adjust the number of outstanding RSUs in an equitable manner to reflect such event, including in the case of a share dividend taking into account any Distribution Equivalent Rights paid to the Participant. Adjustments under this paragraph will be made by the Committee, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive.

(b)    Merger, Consolidation and Other Events. If the Company shall be the surviving or resulting corporation in any merger or consolidation in which the Shares are converted into other securities, the RSUs shall pertain to and apply to the securities to which a holder of the number of Shares subject to the RSUs would have been entitled. If the shareholders of the Company receive by reason of any distribution in total or partial liquidation or pursuant to any merger of the Company or acquisition of its assets, securities of another entity or other property (including cash), then the rights of the Company under this Agreement shall inure to the benefit of the Company’s successor, and this Agreement shall apply to the securities or other property (including cash) to which a holder of the number of Shares subject to the RSUs would have been entitled, in the same manner and to the same extent, including the same restrictions and vesting and payment schedule, as the RSUs.

(c)    Other Adjustments. Notwithstanding the foregoing, the RSUs shall be subject to adjustment as set forth in the Plan.



7.    Company Documents. At the Company’s reasonable and customary request, the Participant must timely execute and deliver to the Company any shareholders’ agreements, investment representations or other documents that the Company, in its sole discretion, deems necessary or desirable to effectuate the issuance of the Shares.

8.     Securities Law Compliance. None of the Company’s securities are presently publicly traded, and the Company has made no representations, covenants or agreements as to whether there will be a public market for any of its securities. The RSUs cannot be transferred by the Participant unless such transfer is registered under the Securities Act or an exemption from such registration is available. The Company has made no agreements, covenants or undertakings whatsoever to register the transfer of the RSUs under the Securities Act. The Company has made no representations, warranties, or covenants whatsoever as to whether any exemption from the Securities Act, including, without limitation, any exemption for limited sales in routine brokers’ transactions pursuant to Rule 144 of the Securities Act, shall be available. If an exemption under Rule 144 is available at all, it shall not be available until at least six months from issuance of the Award and then not unless the terms and conditions of Rule 144 have been satisfied.

To the extent not inconsistent with applicable law, the Participant agrees not to effect any sale or distribution of the RSUs or any Shares received as a result thereof, or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities Act, during the 14 days prior to, and for a period of up to 90 days beginning on the date of the pricing of any public or private debt or equity securities offering by the Company (except as part of such offering), if and to the extent requested in writing by the Company in the case of a non-underwritten public or private offering or if and to the extent requested in writing by the managing underwriter or underwriters (or initial purchaser or initial purchasers, as the case may be) and consented to by the Company, which consent may be given or withheld in the Company’s sole and absolute discretion, in the case of an underwritten public or private offering (such agreement to be in the form of a lock-up agreement provided by the Company, managing underwriter or underwriters, or initial purchaser or initial purchasers, as the case may be).

Certificates evidencing the Shares issued in connection with the RSUs, to the extent such certificates are issued, may bear such restrictive legends as the Company and/or the Company’s counsel may deem necessary or advisable under applicable law or pursuant to this Agreement, including, without limitation, the following legends or any legends similar thereto:
“Any transfer of the securities represented hereby shall be invalid unless a Registration Statement under the Securities Act of 1933, as amended (the “Securities Act”) is in effect as to such transfer or in the opinion of counsel for Peakstone Realty Trust (the “Company”) such registration is unnecessary in order for such transfer to comply with the Securities Act. The securities represented hereby are subject to transferability and other restrictions as set forth in (i) a written agreement with the Company and (ii) the Griffin Realty Trust Amended and Restated Employee and Trustee Long Term Incentive Plan, in each case, as has been and as may in the future be amended (or amended and restated) from time to time, and such securities may not be sold or otherwise transferred except pursuant to the provisions of such documents.”

The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all applicable laws. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Award is granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

9.     Taxes. GRECO, the Company or any of their Subsidiaries may withhold from the Participant’s wages, or require the Participant to pay to such entity, any applicable withholding or employment taxes resulting from the vesting or settlement of the Award (including the RSUs and/or the Distribution Equivalent Rights); provided, however, that GRECO, the Company and their Subsidiaries,


and the Affiliates, have not made warranties or representations to the Participant with respect to the income tax consequences of the transactions contemplated by this Agreement, and the Participant is in no manner relying on GRECO, the Company or any of their Subsidiaries, or any Affiliate, or the representatives of each, for an assessment of such tax consequences. Notwithstanding the foregoing, and with the prior approval of the Committee, the Participant may, upon vesting or settlement of the RSUs, elect to have the Company withhold Shares equal in value to the maximum statutory rate for federal, state, and local income and employment taxes applicable in Participant’s jurisdiction to satisfy any withholding tax obligations resulting from the vesting and settlement of the RSUs. To the extent that the Shares withheld are not sufficient to cover all taxes due, the Participant shall be responsible for any remaining amount of taxes that may be due. To the extent that any Federal Insurance Contributions Act tax withholding obligations arise in connection with the Award, the Company shall accelerate the payment of a portion of the Award sufficient to satisfy (but not in excess of) such tax withholding obligations and any tax withholding obligations associated with any such accelerated payment, and the Company shall withhold such amounts in satisfaction of such withholding obligations. The Participant is advised to consult with his or her own tax advisor with respect to such tax consequences and his or her receipt and settlement of the RSUs.


10.    Remedies. The Participant shall be liable to GRECO, the Company and their Subsidiaries for all costs and damages, including incidental and consequential damages, resulting from a disposition of the Award or the RSUs which is in violation of the provisions of this Agreement. Without limiting the generality of the foregoing, the Participant agrees that the Company shall be entitled to obtain specific performance of the obligations of the Participant under this Agreement and immediate injunctive relief in the event any action or proceeding is brought in equity to enforce the same. The Participant shall not urge as a defense that there is an adequate remedy at law.
11.    Code Section 409A.

(a)    General. To the extent applicable, this Agreement shall be interpreted so that this Award is exempt from (or, to the extent that exemption is not possible, to comply with) Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder (“Section 409A”). Notwithstanding any provision of this Agreement to the contrary, in the event that following the Grant Date the Company determines that the Award must be revised to maintain exemption from or to comply with Section 409A, the Company may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to (a) exempt the Award from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A; provided, however, that this Section 11 shall not create any obligation on the part of GRECO, the Company or any of their Subsidiaries to adopt any such amendment, policy or procedure or take any such other action, and none of GRECO, the Company or any of their Subsidiaries shall have any obligation to indemnify any Person for any taxes imposed under or by operation of Section 409A (except to the extent such taxes are imposed due to an operational failure).

(b)    Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement during the six (6)-month period following the Participant’s “separation from service” to the extent that the Committee determines that the Participant is a “specified employee” (each within the meaning of Code Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Code Section 409A(a)(2)(b)(i). If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Code Section 409A without being subject to such additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable to the Participant during such six (6)-month period under this Agreement. Such specified employee delay does not apply to payments made on account of payment of employment taxes or income inclusion, as described in Treasury Regulation Section 1.409A-3(j)(4)(vi) and (vii).



(c)    Distribution Equivalent Rights. Any Distribution Equivalent Rights granted in connection with the RSUs issued hereunder, and any amounts that may become distributable in respect thereof, shall be treated separately from such RSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A.

12.    Miscellaneous.
(a)     Incorporation of the Plan. This Agreement is subject to the terms and conditions of the Plan, which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
(b)     Not a Contract of Service Relationship. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue to serve as an employee or other service provider of GRECO, the Company or any of their Subsidiaries or shall interfere with or restrict in any way the rights of GRECO, the Company or any of their Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between GRECO, the Company or any Subsidiary and the Participant.

(c)     No Benefit Accruals. This Award is designated as a bonus that is in addition to the regular cash wages of the Participant. No amount of shares or income received by the Participant pursuant to this Award will be considered compensation for purposes of any severance or any pension, retirement, insurance or other employee benefit plan or program of GRECO, the Company or any of their Subsidiaries in calculating any employment-related benefits to which the Participant may be entitled from the Participant’s employment or service with GRECO. Participation in the Plan is discretionary and voluntary, and the Plan can be terminated at any time. This Award does not create a right or entitlement to future awards, whether pursuant to the Plan or otherwise.
(d)     Governing Law. The laws of the State of California shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

(e)     Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board; provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Award in any material way without the prior written consent of the Participant. For purposes of this paragraph, “material” means a change that the Committee or Board determines, in good faith, could reasonably be expected to result in a reduction in the dollar value of the RSUs or could reasonably be expected to result in a curtailment of the Participant’s rights to receive the Shares or Distribution Equivalent Rights hereunder. For clarity, changes to features that the Committee or Board determines in good faith are an insignificant or unimportant feature of the Award, involve an administrative process, or are too remote to be reasonably expected to occur, shall not be considered “material.”
(f)     Notices. Any notice to be given under the terms of this Agreement shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to the Participant shall be addressed to the Participant at the Participant’s last address reflected on GRECO’s records. Any notice shall be deemed duly given when sent via email or when sent by reputable overnight courier or by certified mail (return receipt requested) through the United States Postal Service.
(g)     Successors and Assigns. GRECO, the Company or any Subsidiary may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of GRECO, the Company and their Subsidiaries. Subject to the restrictions on transfer set forth in Section 3 hereof, this Agreement shall be binding upon the Participant and his or her heirs, executors, committees, successors and assigns.
(h)     Entire Agreement. The Plan and this Agreement (including all exhibits thereto, if any) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and


agreements of GRECO, the Company and their Subsidiaries and the Participant with respect to the subject matter hereof.
(i)     Clawback. This Award shall be subject to any clawback or recoupment policy required by law.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.
PEAKSTONE REALTY TRUST,
a Maryland real estate investment trust
By: __________________________________
Name: Michael J. Escalante
Title: Chief Executive Officer and President
The Participant hereby accepts and agrees to be bound by all of the terms and conditions of this Agreement.
_____________________________________
Participant

Print Name: _______________
EXHIBIT 10.31

PEAKSTONE REALTY TRUST
TIME-BASED RESTRICTED SHARE UNIT AGREEMENT FOR EMPLOYEES

This Restricted Share Unit Agreement (this “Agreement”) is made by and between Peakstone Realty Trust, a Maryland real estate investment trust (the “Company”), and _______________ (the “Participant”).

WHEREAS, the Company maintains a long-term incentive plan named Griffin Realty Trust Amended and Restated Employee and Trustee Long-Term Incentive Plan (the “Plan”);

WHEREAS, the Plan allows the grant of Awards to full-time employees of the Company;

WHEREAS, the compensation committee (the “Committee”) of the board of trustees of the Company (the “Board”) has designated employees of Griffin Capital Real Estate Company, LLC (“GRECO”), a Delaware limited liability company and wholly-owned subsidiary of PKST OP, L.P., the operating partnership of the Company and owner of 100% of the equity interests of GRECO (the “Operating Partnership”), as employees of the Company for purposes of the Plan and has otherwise determined that such employees of GRECO are eligible persons under the Plan;

WHEREAS, the Committee has determined that GRECO is an Affiliate under the Plan;

WHEREAS, the Participant is a full-time employee of GRECO;

WHEREAS, Section 10 of the Plan provides for the issuance of restricted share units (“RSUs”) to eligible persons; and

WHEREAS, the Committee has determined that it would be to the advantage and in the best interest of the Company and its Affiliates to cause RSUs to be issued to the Participant under the Plan, subject to the terms and conditions set forth herein (the “Award”).

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

1.    Issuance of RSUs. The Participant shall be granted, by the Company, a total of ____ RSUs, granted as of March 23, 2023 (the “Grant Date”), subject to the terms and conditions, rights, voting powers, restrictions and limitations set forth herein and in the Plan.

2.    Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan.

(a)“Cause” means “Cause” as defined in the Plan.

(b)     “Change in Control” means a “change in control event” with respect to either GRECO or the Company, or both of them, within the meaning of Section 409A of the Code.

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

(d)    “Person” means “Person” as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company.
    
(e)     “RSUs” means an Award issued under the Plan which entitles the holder, upon satisfaction of the vesting and other conditions set forth in the applicable award agreement and Plan, to be issued Shares.



(f)    “Share” means one common share of the Company.

(g)    “Subsidiary” means with respect to any Person, any entity in which it owns, directly or indirectly, the majority of the equity.
3.    Plan Governs; Shareholder Rights; Transfer Restrictions.

(a)The RSUs are subject to the terms of the Plan and this Agreement.

(b)    The Award shall not confer upon the Participant any rights as a shareholder of the Company, including but not limited to, the right to receive any cash distributions or dividends and the right to vote on any issues presented to shareholders for a vote, unless and until such issued Shares are reflected as issued and outstanding on the Company’s stock ledger. For the avoidance of doubt, a Participant will not receive any cash distributions or dividends on any RSUs until such RSUs have vested. For instance, if the RSUs vest in accordance with the vesting schedule described in Section 4 below, a Participant will receive an amount of Shares equal to 1/3 of the Participant’s RSUs as of December 31, 2023, 1/3 of the Participant’s RSUs as of December 31, 2024, and 1/3 of the Participant’s RSUs as of December 31, 2025, and will accordingly have all rights of a shareholder of the Company with respect to such Shares at such time.

(c)    Without the consent of the Committee (which it may give or withhold in its sole discretion), the Participant shall not sell, pledge, assign, hypothecate, transfer, or otherwise dispose of (collectively, “Transfer”) any unvested RSUs or any portion of the Award attributable to such unvested RSUs (or any securities into which such unvested RSUs are converted or exchanged), other than by will, pursuant to the laws of descent and distribution or to a “family member” within the meaning of the Securities Act (the “Transfer Restrictions”); provided, however, that the Transfer Restrictions shall not apply to any Transfer of unvested RSUs or the Award to the Company. Any permitted transferee of the Award or RSUs shall take such Award or RSUs subject to the terms of the Plan and this Agreement. Any such permitted transferee must, upon the request of the Company, agree to such waivers, limitations, and restrictions as the Company may reasonably require. Any Transfer of the Award or RSUs which is not made in compliance with the Plan and this Agreement shall be null and void and of no effect ab initio.

4.    Vesting. The RSUs shall vest and become nonforfeitable with respect to 1/3 of the RSUs on December 31 of each of 2023, 2024, and 2025, subject to the Participant’s continued employment and service with GRECO, the Company or any of their Subsidiaries (or applicable successors thereto) through the applicable vesting date; provided that vesting may accelerate in the event of (i) the death or Disability of a Participant, in which instance the RSUs shall vest in full as of the date of the Participant’s death or the date of determination of the Participant’s Disability, as applicable, or (ii) the occurrence of a Change in Control, in which instance the RSUs shall vest in full as of immediately prior thereto, unless this Award is assumed, continued, converted or replaced with a substantially similar award by the Company or a successor entity or its parent or subsidiary. For purposes of this Agreement, the term “Disability” shall mean the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months.

5.     Effect of Termination of Service. In the event of the Participant’s termination of employment and service with GRECO, the Company and their Subsidiaries for any reason, all RSUs that have not vested as of the date of such termination of employment or service (after taking into account any accelerated vesting that occurs in connection with such termination) shall automatically and without further action be cancelled and forfeited without payment of any consideration therefor, and the Participant shall have no further right to or interest in such RSUs.

6.    Settlement of Award. Subject to the Participant’s timely execution of any required documents as described in Section 8, as soon as administratively practicable following the date that an RSU vests, but in any event within seventy (70) days thereafter, the Company will issue to the Participant one Share for each vested RSU (on a one-to-one basis). In all cases, the issuance and delivery of Shares under this Agreement is intended to qualify as a short-term deferral as provided by Treasury Regulation Section 1.409A-1(b)(4) and shall be construed and administered in such a manner.



7.     Adjustments for Corporate Transactions and Other Events.

(a)     Share Dividend, Share Split and Reverse Share Split. Upon a share dividend of, or share split or reverse share split affecting, the Shares, the Committee shall adjust the number of outstanding RSUs in an equitable manner to reflect such event. Adjustments under this paragraph will be made by the Committee, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive.

(b)    Merger, Consolidation and Other Events. If the Company shall be the surviving or resulting corporation in any merger or consolidation in which the Shares are converted into other securities, the RSUs shall pertain to and apply to the securities to which a holder of the number of Shares subject to the RSUs would have been entitled. If the shareholders of the Company receive by reason of any distribution in total or partial liquidation or pursuant to any merger of the Company or acquisition of its assets, securities of another entity or other property (including cash), then the rights of the Company under this Agreement shall inure to the benefit of the Company’s successor, and this Agreement shall apply to the securities or other property (including cash) to which a holder of the number of Shares subject to the RSUs would have been entitled, in the same manner and to the same extent, including the same restrictions and vesting and payment schedule, as the RSUs.

(c)    Other Adjustments. Notwithstanding the foregoing, the RSUs shall be subject to adjustment as set forth in the Plan.

8.    Company Documents. At the Company’s reasonable and customary request, the Participant must timely execute and deliver to the Company any shareholders’ agreements, investment representations or other documents that the Company, in its sole discretion, deems necessary or desirable to effectuate the issuance of the Shares.

9.     Securities Law Compliance. None of the Company’s securities are presently publicly traded, and the Company has made no representations, covenants or agreements as to whether there will be a public market for any of its securities. The RSUs cannot be transferred by the Participant unless such transfer is registered under the Securities Act or an exemption from such registration is available. The Company has made no agreements, covenants or undertakings whatsoever to register the transfer of the RSUs under the Securities Act. The Company has made no representations, warranties, or covenants whatsoever as to whether any exemption from the Securities Act, including, without limitation, any exemption for limited sales in routine brokers’ transactions pursuant to Rule 144 of the Securities Act, shall be available. If an exemption under Rule 144 is available at all, it shall not be available until at least six months from issuance of the Award and then not unless the terms and conditions of Rule 144 have been satisfied.

To the extent not inconsistent with applicable law, the Participant agrees not to effect any sale or distribution of the RSUs or any Shares received as a result thereof, or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities Act, during the 14 days prior to, and for a period of up to 90 days beginning on the date of the pricing of any public or private debt or equity securities offering by the Company (except as part of such offering), if and to the extent requested in writing by the Company in the case of a non-underwritten public or private offering or if and to the extent requested in writing by the managing underwriter or underwriters (or initial purchaser or initial purchasers, as the case may be) and consented to by the Company, which consent may be given or withheld in the Company’s sole and absolute discretion, in the case of an underwritten public or private offering (such agreement to be in the form of a lock-up agreement provided by the Company, managing underwriter or underwriters, or initial purchaser or initial purchasers, as the case may be).

Certificates evidencing the Shares issued in connection with the RSUs, to the extent such certificates are issued, may bear such restrictive legends as the Company and/or the Company’s counsel may deem necessary or advisable under applicable law or pursuant to this Agreement, including, without limitation, the following legends or any legends similar thereto:


“Any transfer of the securities represented hereby shall be invalid unless a Registration Statement under the Securities Act of 1933, as amended (the “Securities Act”) is in effect as to such transfer or in the opinion of counsel for Peakstone Realty Trust (the “Company”) such registration is unnecessary in order for such transfer to comply with the Securities Act. The securities represented hereby are subject to transferability and other restrictions as set forth in (i) a written agreement with the Company and (ii) the Griffin Realty Trust Amended and Restated Employee and Trustee Long Term Incentive Plan, in each case, as has been and as may in the future be amended (or amended and restated) from time to time, and such securities may not be sold or otherwise transferred except pursuant to the provisions of such documents.”

The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all applicable laws. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Award is granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

10.     Taxes. GRECO, the Company or any of their Subsidiaries may withhold from the Participant’s wages, or require the Participant to pay to such entity, any applicable withholding or employment taxes resulting from the vesting or settlement of the Award (including the RSUs); provided, however, that GRECO, the Company and their Subsidiaries, and the Affiliates, have not made warranties or representations to the Participant with respect to the income tax consequences of the transactions contemplated by this Agreement, and the Participant is in no manner relying on GRECO, the Company or any of their Subsidiaries, or any Affiliate, or the representatives of each, for an assessment of such tax consequences. Notwithstanding the foregoing, and with the prior approval of the Committee, the Participant may, upon vesting or settlement of the RSUs, elect to have the Company withhold Shares equal in value to the maximum statutory rate for federal, state, and local income and employment taxes applicable in Participant’s jurisdiction to satisfy any withholding tax obligations resulting from the vesting and settlement of the RSUs. To the extent that the Shares withheld are not sufficient to cover all taxes due, the Participant shall be responsible for any remaining amount of taxes that may be due. To the extent that any Federal Insurance Contributions Act tax withholding obligations arise in connection with the Award, the Company shall accelerate the payment of a portion of the Award sufficient to satisfy (but not in excess of) such tax withholding obligations and any tax withholding obligations associated with any such accelerated payment, and the Company shall withhold such amounts in satisfaction of such withholding obligations. The Participant is advised to consult with his or her own tax advisor with respect to such tax consequences and his or her receipt and settlement of the RSUs.

11.    Remedies. The Participant shall be liable to GRECO, the Company and their Subsidiaries for all costs and damages, including incidental and consequential damages, resulting from a disposition of the Award or the RSUs which is in violation of the provisions of this Agreement. Without limiting the generality of the foregoing, the Participant agrees that the Company shall be entitled to obtain specific performance of the obligations of the Participant under this Agreement and immediate injunctive relief in the event any action or proceeding is brought in equity to enforce the same. The Participant shall not urge as a defense that there is an adequate remedy at law.
12.    Code Section 409A.

(a)    General. To the extent applicable, this Agreement shall be interpreted so that this Award is exempt from (or, to the extent that exemption is not possible, to comply with) Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder (“Section 409A”). Notwithstanding any provision of this Agreement to the contrary, in the event that following the Grant Date the Company determines that the Award must be revised to maintain exemption from or to comply with Section 409A, the Company may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to (a) exempt the Award from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the


Award, or (b) comply with the requirements of Section 409A; provided, however, that this Section 12 shall not create any obligation on the part of GRECO, the Company or any of their Subsidiaries to adopt any such amendment, policy or procedure or take any such other action, and none of GRECO, the Company or any of their Subsidiaries shall have any obligation to indemnify any Person for any taxes imposed under or by operation of Section 409A (except to the extent such taxes are imposed due to an operational failure).

(b)    Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement during the six (6)-month period following the Participant’s “separation from service” to the extent that the Committee determines that the Participant is a “specified employee” (each within the meaning of Code Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Code Section 409A(a)(2)(b)(i). If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Code Section 409A without being subject to such additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable to the Participant during such six (6)-month period under this Agreement. Such specified employee delay does not apply to payments made on account of payment of employment taxes or income inclusion, as described in Treasury Regulation Section 1.409A-3(j)(4)(vi) and (vii).





13.    Miscellaneous.
(a)     Incorporation of the Plan. This Agreement is subject to the terms and conditions of the Plan, which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
(b)     Not a Contract of Service Relationship. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue to serve as an employee or other service provider of GRECO, the Company or any of their Subsidiaries or shall interfere with or restrict in any way the rights of GRECO, the Company or any of their Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between GRECO, the Company or any Subsidiary and the Participant.

(c)     No Benefit Accruals. This Award is designated as a bonus that is in addition to the regular cash wages of the Participant. No amount of shares or income received by the Participant pursuant to this Award will be considered compensation for purposes of any severance or any pension, retirement, insurance or other employee benefit plan or program of GRECO, the Company or any of their Subsidiaries in calculating any employment-related benefits to which the Participant may be entitled from the Participant’s employment or service with GRECO. Participation in the Plan is discretionary and voluntary, and the Plan can be terminated at any time. This Award does not create a right or entitlement to future awards, whether pursuant to the Plan or otherwise.
(d)     Governing Law. The laws of the State of California shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

(e)     Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board; provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Award in any material way without the prior written consent of the Participant. For purposes of this paragraph, “material” means a change that the Committee or Board determines, in good faith, could reasonably be expected to result in a reduction in the dollar value of the


RSUs or could reasonably be expected to result in a curtailment of the Participant’s rights to receive the Shares hereunder. For clarity, changes to features that the Committee or Board determines in good faith are an insignificant or unimportant feature of the Award, involve an administrative process, or are too remote to be reasonably expected to occur, shall not be considered “material.”
(f)     Notices. Any notice to be given under the terms of this Agreement shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to the Participant shall be addressed to the Participant at the Participant’s last address reflected on GRECO’s records. Any notice shall be deemed duly given when sent via email or when sent by reputable overnight courier or by certified mail (return receipt requested) through the United States Postal Service.
(g)     Successors and Assigns. GRECO, the Company or any Subsidiary may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of GRECO, the Company and their Subsidiaries. Subject to the restrictions on transfer set forth in Section 3 hereof, this Agreement shall be binding upon the Participant and his or her heirs, executors, committees, successors and assigns.
(h)     Entire Agreement. The Plan and this Agreement (including all exhibits thereto, if any) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of GRECO, the Company and their Subsidiaries and the Participant with respect to the subject matter hereof.
(i)     Clawback. This Award shall be subject to any clawback or recoupment policy required by law.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]






IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.
PEAKSTONE REALTY TRUST,
a Maryland real estate investment trust
By: __________________________________
Name: Michael J. Escalante
Title: Chief Executive Officer and President
The Participant hereby accepts and agrees to be bound by all of the terms and conditions of this Agreement.
_____________________________________
Participant

Print Name: _______________
EXHIBIT 10.32

PEAKSTONE REALTY TRUST
RESTRICTED SHARE AWARD AGREEMENT

    This RESTRICTED SHARE AWARD AGREEMENT (the “Award”) is made and entered into as of the 20th day of June, 2023, by and between Peakstone Realty Trust, a Maryland real estate investment trust (the “Company”), and __________ (the “Participant”).

    Upon and subject to the Additional Terms and Conditions attached hereto and incorporated herein by reference as part of this Award, the Company hereby awards as of the Grant Date to the Participant the Restricted Shares described below in consideration of the Participant’s services to the Company and the Participant hereby accepts the Restricted Shares subject to the terms of the Plan and this Award.

A.    Grant Date: June 20, 2023

B.    Restricted Shares: _____ restricted common shares of the Company, $0.001 par value per share.

C.    Plan (under which Award is granted): Peakstone Realty Trust Second Amended and Restated Employee and Trustee Long-Term Incentive Plan

D.    Vesting Schedule: The Restricted Shares shall become vested in accordance with the following schedule, subject to the Participant’s continued service with the Company as of the applicable vesting date:
             Percentage of Restricted Shares
    Vesting Date             which are Vested Shares

        Grant Date                         50%

The earlier of (a) the One-Year Anniversary         50%
of Grant Date and (b) the date of the Company’s
2024 Annual Meeting of Shareholders            
        
Notwithstanding the foregoing, in the event that a Liquidation Event occurs and the Participant provides continuous services to the Company and/or any Affiliate until immediately prior to the Liquidation Event, the Restricted Shares shall become fully vested immediately prior to such Liquidation Event.

The Restricted Shares which have become vested pursuant to the Vesting Schedule are herein referred to as the “Vested Shares.” If a tranche of Restricted Shares that becomes vested includes a fraction of a share, such fractional share shall be rounded up or down to the next nearest whole share.

Vesting of the Restricted Shares is subject to the Participant’s continued service with the Company or an Affiliate through the applicable vesting date, and no Restricted Shares will become Vested Shares following termination of the Participant’s service with the Company or an Affiliate. Any portion of the Restricted Shares which have not become Vested Shares in accordance with the Vesting Schedule before or at the time the Participant ceases continued service with the Company shall be forfeited.






    IN WITNESS WHEREOF, the Company and the Participant have signed this Award as of the Grant Date set forth above.

COMPANY:

PEAKSTONE REALTY TRUST


By: ________________________________
Name: Michael J. Escalante
Title: Chief Executive Officer and President
PARTICIPANT:




                                       
Name: ___________________________                            











    
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ADDITIONAL TERMS AND CONDITIONS OF
PEAKSTONE REALTY TRUST
RESTRICTED SHARE AWARD

1.    Code Section 83(b) Election. Pursuant to Section 22.5 of the Plan, the Participant acknowledges that the Participant may not make an election under Section 83(b) of the Code without the Company’s consent. Any attempt by the Participant to make an election under Section 83(b) of the Code without the Company’s consent will result in the immediate forfeiture of this Award.

2.    Issuance of Restricted Shares.

    (a)    The Company shall issue the Restricted Shares as of the Grant Date in one or more of the manners described below, as determined by the Company, in its sole discretion:

    (i)    by the issuance of share certificate(s) evidencing Restricted Shares to the Secretary of the Company or such other agent of the Company as may be designated by the Company or the Secretary (the “Share Custodian”); or

(ii)    by documenting the issuance in uncertificated or book entry form on the Company’s share records.

Evidence of the Restricted Shares either in the form of share certificate(s) or book entry, as the case may be, shall be held by the Share Custodian or the Company, as applicable, until the Restricted Shares become Vested Shares in accordance with the Vesting Schedule.

(b)    In the event that the Participant forfeits any of the Restricted Shares, the Company shall cancel the issuance on its share records and, if applicable, the Share Custodian shall promptly deliver the share certificate(s) representing the forfeited shares to the Company.

(c)    The Participant hereby irrevocably appoints the Share Custodian, and any successor thereto, as the true and lawful attorney-in-fact of the Participant with full power and authority to execute any share transfer power or other instrument necessary to transfer any Restricted Shares to the Company in accordance with this Award, in the name, place, and stead of the Participant, by completing an irrevocable share power in favor of the Share Custodian in the form attached hereto as Exhibit 1. The term of such appointment shall commence on the Grant Date of this Award and shall continue until the last of the Restricted Shares are delivered to the Participant as Vested Shares or are returned to the Company as forfeited Restricted Shares.

(d)    In the event the number of Common Shares is increased or reduced as a result of a subdivision or combination of Common Shares or the payment of a share dividend or any other increase or decrease in the number of Common Shares or other transaction such as a merger, reorganization or other change in the capital structure of the Company, the Participant agrees that any certificate representing Common Shares or other securities of the Company issued as a result of any of the foregoing shall be delivered to the Share Custodian or recorded in book entry form, as applicable, and shall be subject to all of the provisions of this Award as if initially granted hereunder.

3.    Rights of a Shareholder. Until the share ledger entry reflecting the Restricted Shares accruing to the Participant upon vesting of the Restricted Shares is made, the Participant shall not have any rights as a shareholder of the Company.

4.    Dividends. The Participant shall be entitled to dividends or other distributions paid on Restricted Shares but only as and when the Restricted Shares to which the dividends or other distributions are attributable become Vested Shares. Dividends paid on Restricted Shares will be held by the Company and transferred to the Participant, without interest, on such date as the Restricted Shares become Vested Shares. Dividends or other distributions paid on Restricted Shares that are forfeited shall be automatically forfeited by the Participant and retained by the Company.
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5.    Restrictions on Transfer of Restricted Shares.

(a)    Except to the extent approved in writing by the Committee, the Participant shall not have the right to make or permit to exist any transfer or hypothecation, whether outright or as security, with or without consideration, voluntary or involuntary, of all or any part of any right, title, or interest in or to any Restricted Shares or Vested Shares prior to the date the Participant becomes fully vested in all Restricted Shares granted pursuant to this Award. After all Restricted Shares have become fully vested pursuant to this Award, there shall be no restrictions on the transfer of the Vested Shares other than those restrictions imposed by any Applicable Laws.

(b)    The restrictions contained in this Section will not apply with respect to transfers of the Restricted Shares pursuant to the laws of descent and distribution governing the state in which the Participant is domiciled at the time of the Participant’s death; provided that the restrictions contained in this Section will continue to be applicable to the Restricted Shares after any such transfer; and provided further that the transferee(s) of such Restricted Shares must agree in writing to be bound by the provisions of this Award.

6.    Changes in Capitalization.

    (a)    The number of Restricted Shares shall be proportionately adjusted from and after the Grant Date for any nonreciprocal transaction between the Company and the holders of capital shares of the Company that causes the per share value of the Common Shares underlying the Award to change (an “Equity Restructuring”), such as a share dividend, share split, spinoff, rights offering, or recapitalization through a large, nonrecurring cash dividend.
    
(b)    In the case of any reclassification or change of outstanding Common Shares issuable upon vesting of the Award, or in the case of any consolidation or merger of the Company with or into another entity (other than a merger in which the Company is the surviving entity and which does not result in any reclassification or change in the then-outstanding Shares) or in the case of any sale or conveyance to another entity of the property of the Company as an entirety or substantially as an entirety, in each case, that is not an Equity Restructuring, then, as a condition of such reclassification, change, consolidation, merger, sale or conveyance, the Company or such successor or purchasing entity, as the case may be, shall make lawful and adequate provision whereby the Participant shall thereafter have the right, subject to the vesting of the Award, to receive the kind and amount of securities, property and/or cash receivable upon such reclassification, change, consolidation, merger, sale or conveyance by a holder of the number of securities issuable upon vesting of the Award immediately before such reclassification, change, consolidation, merger, sale or conveyance. Such provision shall include adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in Subsection (a). Notwithstanding the foregoing, subject to any accelerated vesting upon the consummation of a Liquidation Event as set forth in this Award, if such a transaction occurs, in lieu of causing such rights to be substituted for the Award, the Committee may, upon 20 days’ prior written notice to the Participant, in its sole discretion: (i) shorten the period during which the Award vests, provided it vests not more than 20 days after the date the notice is given, or (ii) cancel the Award upon payment to the Participant in cash, with respect to the Award, of an amount which, in the sole discretion of the Committee, is determined to be equivalent to the amount, if any, by which the Fair Market Value (at the effective time of the transaction) of the consideration that the Participant would have received if the Award had been vested before the effective time. The actions described in this Subsection (b) may be taken without regard to any resulting tax consequences to the Participant. Any determination made by the Committee pursuant to this Subsection (b) will be final and binding on the Participant. Any action taken by the Committee need not treat all participants under the Plan similarly.
    
(c)    The existence of the Plan and this Award shall not affect in any way the right or power of the Company to make or authorize any adjustment, reclassification, reorganization or other change in its capital or business structure, any merger or consolidation of the Company, any issue of debt or equity securities having preferences or priorities as to the Common Shares or the
2


rights thereof, the dissolution or liquidation of the Company, any sale or transfer of all or any part of its business or assets, or any other corporate act or proceeding.

    7.    Compliance With Laws. The Plan, the granting and vesting of this Award under the Plan, the issuance and delivery of the Restricted Shares, and the payment of money or other consideration allowable under the Plan or this Award are subject to compliance with all applicable federal and state laws, rules and regulations (including, but not limited to, state and federal securities laws and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Committee, the Board or the Company, be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Committee, the Board or the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by applicable law, the Plan and this Award shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. Nothing in the Plan or in this Award shall require the Company to issue any Shares with respect to the Award if, in the opinion of counsel for the Company, that issuance could constitute a violation of any Applicable Laws. As a condition to the grant or vesting of the Award, the Company may require the Participant (or, in the event of the Participant’s death, the Participant’s legal representatives, heirs, legatees or distributees) to provide written representations concerning the Participant’s (or such other person’s) intentions with regard to the retention or disposition of the Restricted Shares and written covenants as to the manner of disposal of such shares as may be necessary or useful to ensure that the grant, vesting or disposition thereof will not violate the Securities Act, any other law or any rule of any applicable securities exchange or securities association then in effect. The Company shall not be required to register any Shares under the Securities Act or register or qualify any Shares under any state or other securities laws.

8.    Legend on Share Certificates.    Certificates evidencing the Restricted Shares, if issued, may have the following legend and statements of other applicable restrictions endorsed thereon:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE LAWS. THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF UNTIL THE HOLDER HEREOF PROVIDES EVIDENCE SATISFACTORY TO THE ISSUER (WHICH, IN THE SOLE DISCRETION OF THE ISSUER, MAY INCLUDE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER) THAT SUCH OFFER, SALE, PLEDGE, TRANSFER OR OTHER DISPOSITION WILL NOT VIOLATE ANY APPLICABLE FEDERAL OR STATE SECURITIES LAWS.


This legend shall not be required for any Shares issued pursuant to an effective registration statement under the Securities Act. Certificates evidencing the Restricted Shares, to the extent appropriate at the time, shall also have noted conspicuously on the certificates a legend intended to give all persons full notice of the existence of any other conditions, restrictions, rights and obligations set forth in this Award and in the Plan.

Instead of the foregoing legend, the certificate may state that the Company will furnish a full statement about certain restrictions on transferability to a shareholder on request and without charge. Such statement shall also be sent on request and without charge to shareholders who are issued shares without a certificate.
            
9.    Governing Laws. This Award shall be construed, administered and enforced according to the laws of the State of Maryland; provided, however, no Restricted Shares shall be issued except, in the reasonable judgment of the Company, in compliance with exemptions under applicable state securities laws of the state in which the Participant resides, and/or any other applicable securities laws.

10.    Successors. This Award shall be binding upon and inure to the benefit of the heirs, legal representatives, successors, and permitted assigns of the parties.

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11.    Notice. Except as otherwise specified herein, all notices and other communications under this Award shall be in writing and shall be deemed to have been given if personally delivered or if sent by registered or certified United States mail, return receipt requested, postage prepaid, addressed to the proposed recipient at the last known address of the recipient. Any party may designate any other address to which notices shall be sent by giving notice of the address to the other parties in the same manner as provided herein.

12.    Severability. In the event that any one or more of the provisions or portion thereof contained in this Award shall for any reason be held to be invalid, illegal, or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Award, and this Award shall be construed as if the invalid, illegal or unenforceable provision or portion thereof had never been contained herein.

13.    Entire Agreement. Subject to the terms and conditions of the Plan, this Award expresses the entire understanding and agreement of the parties. This Award may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.

14.    Violation. Except as provided in Section 5, any transfer, pledge, sale, assignment, or hypothecation of the Award or any portion thereof shall be a violation of the terms of this Award and shall be void and without effect.

15.    Headings. Paragraph headings used herein are for convenience of reference only and shall not be considered in construing this Award.

16.    Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions or provisions of this Award, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.

17.    No Right to Continued Service. Neither the establishment of the Plan nor the award of Restricted Shares hereunder shall be construed as giving the Participant the right to continue as a trustee with the Company or any other continued service relationship with the Company or any Affiliate.

18.    Special Definitions. As used in this Award,

(a)    “Liquidation Event” means any one of the following events which may occur after the Grant Date:

(1)    the dissolution or liquidation of the Company;

(2)    the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity;

(3)    a merger, reorganization or consolidation in which the outstanding Shares are converted into or exchanged for securities of the successor entity and the holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the successor entity immediately upon completion of such transaction;

(4)    the sale of all or a majority of the outstanding capital shares of the Company to an unrelated person or entity; or

(5)    any other transaction in which the owners of the Company’s outstanding voting power immediately prior to such transaction do not own at least a majority of the outstanding voting power of the successor entity immediately upon completion of the transaction; provided, however, that a Liquidation Event shall not include any transaction where the holders of capital shares of the Company do not receive consideration with
4


respect to their capital shares of the Company in such transaction and such capital shares of the Company remain outstanding after the consummation of such transaction.

Notwithstanding the foregoing, no Liquidation Event shall be deemed to have occurred with respect to the Participant by reason of any actions or events in which the Participant participates in a capacity other than in the Participant’s capacity as a trustee of the Company or as a shareholder of the Company solely exercising the Participant’s voting or tendering rights.

(b)    Other capitalized terms that are not defined herein have the meaning set forth in the Plan, except where the context does not reasonably permit.
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EXHIBIT 1


IRREVOCABLE SHARE POWER


The undersigned hereby assigns and transfers to Peakstone Realty Trust (the “Company”), _____ common shares the Company registered in the name of the undersigned on the share transfer records of the Company; and the undersigned does hereby irrevocably constitute and appoint Javier F. Bitar, as attorney-in-fact, to transfer the aforesaid shares on the books of the Company, with full power of substitution; and the undersigned does hereby ratify and confirm all that said attorney-in-fact lawfully shall do by virtue hereof.


Date: June 20, 2023                Signed:                    

                        Print Name:                     






6
EXHIBIT 10.33

PEAKSTONE REALTY TRUST
TIME-BASED RESTRICTED STOCK UNIT AGREEMENT
This Restricted Stock Unit Agreement (this “Agreement”) is made as of _______________, 2024 by and between Peakstone Realty Trust, a Maryland real estate investment trust (the “Company”), and _______________ (the “Participant”).
WHEREAS, the Company maintains the Peakstone Realty Trust Second Amended and Restated Employee and Trustee Long-Term Incentive Plan (as amended from time to time, the “Plan”);
WHEREAS, the Plan authorizes the grant of Awards to full-time employees of the Company and its Affiliates;
WHEREAS, Section 10 of the Plan provides for the issuance of Restricted Stock Units (“RSUs”) to eligible persons; and
WHEREAS, the compensation committee (the “Committee”) of the board of trustees of the Company (the “Board”) has determined that it would be to the advantage and in the best interest of the Company to cause RSUs to be issued to the Participant under the Plan, subject to the terms and conditions set forth herein (the “Award”).
NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:
1.Issuance of RSUs. As of the date first set forth above (the “Grant Date”), the Participant is hereby granted a total of _____ RSUs, subject to the terms and conditions, rights restrictions and limitations set forth herein and in the Plan.
2.Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan.
(a)“Employment Agreement” means that certain [Amended and Restated Employment Agreement, dated as of March 23, 2023,] between the Company and the Participant, as may be amended from time to time.
3.Plan Governs; Shareholder Rights; Transfer Restrictions.
(a)The RSUs are subject to the terms of the Plan and this Agreement.
(b)The Participant shall be entitled to a Distribution Equivalent Right with respect to each RSU in the event that a dividend, distribution or liquidation payment is paid with respect to Shares of the Company on or after January 1, [2024], provided that the record date for such dividend, distribution or liquidation payment occurs on or after January 1, [2024] and prior to the settlement date of the RSU and the Participant has not forfeited the corresponding RSU prior to the payment date thereof. Such Distribution Equivalent Rights (i) shall, in the aggregate, equal the total number of Shares underlying the Participant’s then outstanding Award, multiplied by the amount of such dividend, distribution or liquidation payment, (ii) shall be in the same form as the applicable dividend, distribution or liquidation payment, and (iii) shall be paid to the Participant within thirty (30) days following the date such dividend, distribution or liquidation payment is paid to the Company’s shareholders or, if such dividend, distribution or liquidation payment was paid to the Company’s shareholders prior to the Grant Date, payment shall occur within thirty (30) days following the Grant Date.
(c)Subject to Section 3(b) above, the Award shall not confer upon the Participant any rights as a shareholder of the Company, including but not limited to, the right to receive any cash distributions or dividends and the right to vote on any issues presented to shareholders for a vote, unless

|US-DOCS\148024762.9||

and until the Participant is issued Shares in respect of vested RSUs and such Shares are reflected as issued and outstanding on the Company’s stock ledger.
(d)Without the consent of the Committee (which it may give or withhold in its sole discretion), the Participant shall not sell, pledge, assign, hypothecate, transfer, or otherwise dispose of (collectively, “Transfer”) any unvested RSUs or any portion of the Award attributable to such unvested RSUs (or any securities into which such unvested RSUs are converted or exchanged), other than by will, pursuant to the laws of descent and distribution, to a “family member” within the meaning of the Securities Act or pursuant to a qualified domestic relations order (the “Transfer Restrictions”); provided, however, that the Transfer Restrictions shall not apply to any Transfer of unvested RSUs or the Award to the Company. Any permitted transferee of the Award or RSUs shall take such Award or RSUs subject to the terms of the Plan and this Agreement. Any such permitted transferee must, upon the request of the Company, agree to such waivers, limitations, and restrictions as the Company may reasonably require. Any Transfer of the Award or RSUs which is not made in compliance with the Plan and this Agreement shall be null and void and of no effect ab initio.
4.Vesting.
(a)The RSUs shall vest and, subject solely to Section 12(j) of this Agreement and Section 22.2 of the Plan, become nonforfeitable with respect to one-third (1/3) of the RSUs on December 31 of each of [2024, 2025 and 2026] (with any fractional RSUs rounded as determined by the Committee), subject to the Participant’s continued employment and service with the Company or any of its Subsidiaries (or applicable successors thereto) through the applicable vesting date; provided that vesting may accelerate as specifically set forth in the Employment Agreement.
(b)Except as provided in the Employment Agreement, in the event of the Participant’s termination of employment and service with the Company and its Subsidiaries for any reason, all RSUs that have not vested as of the date of such termination of employment or service (after taking into account any accelerated vesting that occurs in connection with such termination) shall automatically and without further action be cancelled and forfeited without payment of any consideration therefor, and the Participant shall have no further right to or interest in such RSUs.
(c)If not prohibited by Applicable Law, vesting may be suspended by the Committee in its sole discretion during any Company-approved leaves of absence (if any).
5.Settlement of Award. Subject to the release requirements set forth in the Employment Agreement (to the extent applicable) and Participant’s timely execution of any required documents as described in Section 7, on or within seventy (70) days following the date on which the applicable RSU vests, the Company will issue to the Participant one Share for each vested RSU (on a one-to-one basis) in settlement of such RSU. In all cases, the issuance and delivery of Shares under this Agreement is intended to qualify as a short-term deferral as provided by Treasury Regulation Section 1.409A-1(b)(4) and shall be construed and administered in such a manner. [Notwithstanding the foregoing, to the extent that the Company determines that the delivery of Shares in settlement of all or any portion of the RSUs then being settled (together with the issuance of Shares subject to then outstanding share-settled Awards under the Plan) would result in the issuance of Shares in excess of the limit on the maximum number of Shares that may be issued pursuant to Awards granted under the Plan, the RSUs then being settled shall, in lieu of payment in Shares pursuant to the immediately preceding sentence, be paid out in cash in accordance with the terms hereof in an amount per RSU equal to the Fair Market Value.]1
6.Adjustments for Corporate Transactions and Other Events. Participant acknowledges and agrees that the RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination in certain events as provided in the Plan. In the event that the RSUs or the Shares underlying the RSUs are changed into or exchanged for a different number or kind of securities of the Company or of another corporation or other entity by reason of merger, consolidation, recapitalization, reclassification, stock split, stock dividend or combination of shares, such new or additional or different securities which
1 Note to Draft: Bracketed language to be included in 2024 RSU awards granted prior to shareholder approval of plan amendment.
2
|US-DOCS\148024762.9||

are issued upon conversion of or in exchange or substitution for RSUs or the Shares underlying the RSUs which are then subject to vesting shall be subject to the same vesting conditions as such RSUs or Shares, as applicable, unless the Administrator provides for the accelerated vesting of the RSUs or the Shares underlying the RSUs, as applicable.
7.Company Documents. As a condition to the Award, the Participant acknowledges and agrees that, at the Company’s reasonable and customary request, the Participant must timely execute and deliver to the Company any investment representations and/or other documents that the Company, in its sole discretion, deems necessary or desirable to effectuate the issuance of the Shares.
8.Securities Law Compliance. The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all Applicable Laws. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Award is granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by Applicable Law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such Applicable Law.
9.Taxes. The Company or any Subsidiary (as applicable) shall have the authority and the right to deduct or withhold, or require the Participant to remit to such entity, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to the issuance, vesting or payment of the RSUs or Distribution Equivalent Rights (the “Applicable Withholding Obligations”). In satisfaction of the Applicable Withholding Obligations or in satisfaction of any additional tax withholding, the Participant may, if and to the extent authorized and approved by the Committee in its sole discretion, elect to (i) have the Company or such Subsidiary withhold Shares otherwise issuable under the Award or (ii) tender to the Company other Shares owned by the Participant, in either case, having a fair market value equal to the Applicable Withholding Obligations and/or additional tax withholdings, as applicable, in accordance with the terms and conditions of the Plan. Notwithstanding any other provision of the Plan or this Agreement, the number of Shares which may be withheld with respect to the issuance, vesting or payment of the RSUs and the Distribution Equivalent Rights in order to satisfy the Participant’s Applicable Withholding Obligations shall be limited to the number of Shares which have a fair market value on the date of withholding no greater than the aggregate amount of the Applicable Withholding Obligations based on the maximum individual statutory withholding rates in the applicable jurisdiction. The Participant is advised to consult with his or her own tax advisor with respect to such tax consequences and his or her receipt and settlement of the RSUs.
10.Remedies. The Participant shall be liable to the Company and its Subsidiaries for all costs and damages, including incidental and consequential damages, resulting from a disposition or attempted disposition of the Award or the RSUs which is not permitted by the provisions of this Agreement or the Plan. Without limiting the generality of the foregoing, the Participant agrees that the Company shall be entitled to obtain specific performance of the obligations of the Participant under this Agreement and immediate injunctive relief in the event any action or proceeding is brought in equity to enforce the same. The Participant shall not urge as a defense that there is an adequate remedy at law.
11.Code Section 409A.
(a)General. To the extent applicable, this Agreement shall be interpreted so that this Award is exempt from (or, to the extent that exemption is not possible, to comply with) Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder (“Section 409A”). Notwithstanding any provision of this Agreement to the contrary, in the event that following the Grant Date the Company determines that the Award must be revised to maintain exemption from or to comply with Section 409A, the Company may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to (a) exempt the Award from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A; provided, however, that this Section 11 shall not create any obligation on the part of the Company or any of its Subsidiaries to adopt any such amendment, policy or procedure or take any such other action, and none of the Company or any
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of its Subsidiaries shall have any obligation to indemnify any Person for any taxes imposed under or by operation of Section 409A.
(b)Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement during the six (6)-month period following the Participant’s “separation from service” to the extent that the Committee determines that the Participant is a “specified employee” (each within the meaning of Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(b)(i). If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Section 409A without being subject to such additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable to the Participant during such six (6)-month period under this Agreement. Such specified employee delay does not apply to payments made on account of payment of employment taxes or income inclusion, as described in Treasury Regulation Section 1.409A-3(j)(4)(vi) and (vii).
(c)Distribution Equivalent Rights. Any Distribution Equivalent Rights granted in connection with the RSUs issued hereunder, and any amounts that may become distributable in respect thereof, shall be treated separately from such RSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A.
12.Miscellaneous.
(a)Incorporation of the Plan. This Agreement is subject to the terms and conditions of the Plan, which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. Notwithstanding the foregoing, in the event of any inconsistency between the Plan or this Agreement, on the one hand, and the Employment Agreement, on the other, the terms of the Employment Agreement shall control.
(b)Not a Contract of Service Relationship. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue to serve as an employee or other service provider of the Company or any of its Subsidiaries or Affiliates or shall interfere with or restrict in any way the rights of the Company or any of its Subsidiaries or Affiliates, which rights are hereby expressly reserved, to discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or any of its Subsidiaries or Affiliates and the Participant.
(c)No Right to Future Awards. Participation in the Plan is discretionary and voluntary, and the Plan can be terminated at any time, subject to the terms thereof. This Award does not create a right or entitlement to future awards, whether pursuant to the Plan or otherwise.
(d)Governing Law. The laws of the State of Maryland shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.
(e)Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board; provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Award in any material way without the prior written consent of the Participant. For purposes of this paragraph, “material” means a change that the Committee or Board determines, in good faith, could reasonably be expected to result in a reduction in the dollar value of the RSUs or could reasonably be expected to result in a curtailment of the Participant’s rights to receive the Shares or Distribution Equivalent Rights hereunder. For clarity, changes to features that the Committee or Board determines in good faith are an insignificant or unimportant feature of the Award, involve an administrative process, or are too remote to be reasonably expected to occur, shall not be considered “material.”
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(f)Notices. Any notice pursuant to this Agreement shall be given in writing by (i) personal delivery, (ii) reputable overnight delivery service with proof of delivery, or (iii) email transmission, in each case sent to the intended addressee at the address set forth below, or to such other address or to the attention of such other person as the addressee shall have designated by written notice sent in accordance herewith, and shall be deemed to have been given upon receipt or refusal to accept delivery, or, in the case of email transmission, as of the date of the transmission provided that such transmission is received by the intended addressee prior to 5:00 p.m. Pacific Time (and any transmission received from and after 5:00 p.m., Pacific Time, shall be deemed received on the next business day (as used herein, the term “business day” shall mean any day other than Saturdays, Sundays and U.S. national holidays):
To the Company:    Peakstone Realty Trust
1520 Grand Avenue
El Segundo, CA 90245
Attn: Chief Legal Officer
E-mail: nsitzer@pkst.com

To Participant:    To the mailing or email address most recently on file in the payroll records of the Company.

(g)Successors and Assigns. The Company or any Subsidiary may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company and its Subsidiaries. Subject to the restrictions on transfer set forth in Section 3 hereof, this Agreement shall be binding upon the Participant and his or her heirs, executors, committees, successors and assigns.
(h)Entire Agreement. The Plan, this Agreement and the Employment Agreement (including all exhibits thereto, if any) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and its Subsidiaries and Affiliates and the Participant with respect to the subject matter hereof.
(i)Agreement Severable. In the event that any provision of this Agreement is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of this Agreement.
(j)Compensation Recovery. This Award and the Shares issuable hereunder shall be subject to any compensation recovery policy in effect as of the Grant Date or as may be adopted or maintained by the Company following the Grant Date, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder.
(k)Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, this Agreement and the RSUs will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.
(l)Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive cash or the Shares as a general unsecured creditor with respect to the RSUs, as and when settled pursuant to the terms of this Agreement.
(m)Counterparts. The Agreement may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument.
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.
PEAKSTONE REALTY TRUST,
a Maryland real estate investment trust
By:
Name:Michael J. Escalante
Title:Chief Executive Officer and President

The Participant hereby accepts and agrees to be bound by all of the terms and conditions of this Agreement.


Participant

Print Name:

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EXHIBIT 10.34

PEAKSTONE REALTY TRUST
TIME-BASED RESTRICTED STOCK UNIT AGREEMENT
This Restricted Stock Unit Agreement (this “Agreement”) is made as of _______________, 2024 by and between Peakstone Realty Trust, a Maryland real estate investment trust (the “Company”), and _______________ (the “Participant”).
WHEREAS, the Company maintains the Peakstone Realty Trust Second Amended and Restated Employee and Trustee Long-Term Incentive Plan (as amended from time to time, the “Plan”);
WHEREAS, the Plan authorizes the grant of Awards to full-time employees of the Company and its Affiliates;
WHEREAS, Section 10 of the Plan provides for the issuance of Restricted Stock Units (“RSUs”) to eligible persons; and
WHEREAS, the compensation committee (the “Committee”) of the board of trustees of the Company (the “Board”) has determined that it would be to the advantage and in the best interest of the Company to cause RSUs to be issued to the Participant under the Plan, subject to the terms and conditions set forth herein (the “Award”).
NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:
1.Issuance of RSUs. As of the date first set forth above (the “Grant Date”), the Participant is hereby granted a total of _____ RSUs, subject to the terms and conditions, rights restrictions and limitations set forth herein and in the Plan.
2.Definitions. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan.
3.Plan Governs; Shareholder Rights; Transfer Restrictions.
(a)The RSUs are subject to the terms of the Plan and this Agreement.
(b)The Award shall not confer upon the Participant any rights as a shareholder of the Company, including but not limited to, the right to receive any cash distributions or dividends and the right to vote on any issues presented to shareholders for a vote, unless and until the Participant is issued Shares in respect of vested RSUs and such Shares are reflected as issued and outstanding on the Company’s stock ledger.
(c)Without the consent of the Committee (which it may give or withhold in its sole discretion), the Participant shall not sell, pledge, assign, hypothecate, transfer, or otherwise dispose of (collectively, “Transfer”) any unvested RSUs or any portion of the Award attributable to such unvested RSUs (or any securities into which such unvested RSUs are converted or exchanged), other than by will, pursuant to the laws of descent and distribution, to a “family member” within the meaning of the Securities Act or pursuant to a qualified domestic relations order (the “Transfer Restrictions”); provided, however, that the Transfer Restrictions shall not apply to any Transfer of unvested RSUs or the Award to the Company. Any permitted transferee of the Award or RSUs shall take such Award or RSUs subject to the terms of the Plan and this Agreement. Any such permitted transferee must, upon the request of the Company, agree to such waivers, limitations, and restrictions as the Company may reasonably require. Any Transfer of the Award or RSUs which is not made in compliance with the Plan and this Agreement shall be null and void and of no effect ab initio.
4.Vesting. The RSUs shall vest and, subject solely to Section 13(j) of this Agreement and Section 22.2 of the Plan, become nonforfeitable with respect to one-third (1/3) of the RSUs on

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December 31 of each of [2024, 2025 and 2026] (with any fractional RSUs rounded as determined by the Committee), subject to the Participant’s continued employment and service with the Company or any of its Subsidiaries (or applicable successors thereto) through the applicable vesting date. Notwithstanding the foregoing, in the event that the Participant’s employment with the Company and its Subsidiaries terminates due to the Participant’s death or Disability, subject to the condition that the Participant (or, the Participant’s estate or personal representative, as the case may be) executes and does not revoke a written release of claims against the Company and its Subsidiaries and Affiliates in a form determined by the Company (the “Release”), any then outstanding RSUs shall vest in full as of immediately prior to the Participant’s termination. In addition, if not prohibited by Applicable Law, vesting may be suspended by the Committee in its sole discretion during any Company-approved leaves of absence (if any). Such signed Release must be delivered to the Company on or within sixty (60) days following the date of the Participant’s termination. If the Participant’s consideration period for the Release spans two calendar years, then the Shares that are otherwise due upon settlement of the RSUs shall not be issued prior to the first day of the second such calendar year.
5.Effect of Termination of Service. In the event of the Participant’s termination of employment and service with the Company and its Subsidiaries for any reason, all RSUs that have not vested as of the date of such termination of employment or service (after taking into account any accelerated vesting that occurs in connection with such termination) shall automatically and without further action be cancelled and forfeited without payment of any consideration therefor, and the Participant shall have no further right to or interest in such RSUs.
6.Settlement of Award. Subject to the Participant’s timely execution of any required documents as described in Section 8, on or within seventy (70) days following the date on which the applicable RSU vests, the Company will issue to the Participant one Share for each vested RSU (on a one-to-one basis) in settlement of such RSU. In all cases, the issuance and delivery of Shares under this Agreement is intended to qualify as a short-term deferral as provided by Treasury Regulation Section 1.409A-1(b)(4) and shall be construed and administered in such a manner. [Notwithstanding the foregoing, to the extent that the Company determines that the delivery of Shares in settlement of all or any portion of the RSUs then being settled (together with the issuance of Shares subject to then outstanding share-settled Awards under the Plan) would result in the issuance of Shares in excess of the limit on the maximum number of Shares that may be issued pursuant to Awards granted under the Plan, the RSUs then being settled shall, in lieu of payment in Shares pursuant to the immediately preceding sentence, be paid out in cash in accordance with the terms hereof in an amount per RSU equal to the Fair Market Value.]1
7.Adjustments for Corporate Transactions and Other Events. Participant acknowledges and agrees that the RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination in certain events as provided in the Plan. In the event that the RSUs or the Shares underlying the RSUs are changed into or exchanged for a different number or kind of securities of the Company or of another corporation or other entity by reason of merger, consolidation, recapitalization, reclassification, stock split, stock dividend or combination of shares, such new or additional or different securities which are issued upon conversion of or in exchange or substitution for RSUs or the Shares underlying the RSUs which are then subject to vesting shall be subject to the same vesting conditions as such RSUs or Shares, as applicable, unless the Administrator provides for the accelerated vesting of the RSUs or the Shares underlying the RSUs, as applicable.
8.Company Documents. As a condition to the Award, the Participant acknowledges and agrees that, at the Company’s reasonable and customary request, the Participant must timely execute and deliver to the Company any investment representations and/or other documents that the Company, in its sole discretion, deems necessary or desirable to effectuate the issuance of the Shares.
9.Securities Law Compliance. The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all Applicable Laws. Notwithstanding anything herein to the contrary, the
1 Note to Draft: Bracketed language to be included in 2024 RSU awards granted prior to shareholder approval of plan amendment.
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Plan shall be administered, and the Award is granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by Applicable Law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such Applicable Law.
10.Taxes. The Company or any Subsidiary (as applicable) shall have the authority and the right to deduct or withhold, or require the Participant to remit to such entity, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to the issuance, vesting or payment of the RSUs (the “Applicable Withholding Obligations”). In satisfaction of the Applicable Withholding Obligations or in satisfaction of any additional tax withholding, the Participant may, if and to the extent authorized and approved by the Committee in its sole discretion, elect to (i) have the Company or such Subsidiary withhold Shares otherwise issuable under the Award or (ii) tender to the Company other Shares owned by the Participant, in either case, having a fair market value equal to the Applicable Withholding Obligations and/or additional tax withholdings, as applicable, in accordance with the terms and conditions of the Plan. Notwithstanding any other provision of the Plan or this Agreement, the number of Shares which may be withheld with respect to the issuance, vesting or payment of the RSUs in order to satisfy the Participant’s Applicable Withholding Obligations shall be limited to the number of Shares which have a fair market value on the date of withholding no greater than the aggregate amount of the Applicable Withholding Obligations based on the maximum individual statutory withholding rates in the applicable jurisdiction. The Participant is advised to consult with his or her own tax advisor with respect to such tax consequences and his or her receipt and settlement of the RSUs.
11.Remedies. The Participant shall be liable to the Company and its Subsidiaries for all costs and damages, including incidental and consequential damages, resulting from a disposition or attempted disposition of the Award or the RSUs which is not permitted by the provisions of this Agreement or the Plan. Without limiting the generality of the foregoing, the Participant agrees that the Company shall be entitled to obtain specific performance of the obligations of the Participant under this Agreement and immediate injunctive relief in the event any action or proceeding is brought in equity to enforce the same. The Participant shall not urge as a defense that there is an adequate remedy at law.
12.Code Section 409A.
(a)General. To the extent applicable, this Agreement shall be interpreted so that this Award is exempt from (or, to the extent that exemption is not possible, to comply with) Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder (“Section 409A”). Notwithstanding any provision of this Agreement to the contrary, in the event that following the Grant Date the Company determines that the Award must be revised to maintain exemption from or to comply with Section 409A, the Company may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to (a) exempt the Award from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A; provided, however, that this Section 12 shall not create any obligation on the part of the Company or any of its Subsidiaries to adopt any such amendment, policy or procedure or take any such other action, and none of the Company or any of its Subsidiaries shall have any obligation to indemnify any Person for any taxes imposed under or by operation of Section 409A.
(b)Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement during the six (6)-month period following the Participant’s “separation from service” to the extent that the Committee determines that the Participant is a “specified employee” (each within the meaning of Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(b)(i). If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Section 409A without being subject to such additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable to the Participant during such six (6)-month period under this Agreement. Such
3
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specified employee delay does not apply to payments made on account of payment of employment taxes or income inclusion, as described in Treasury Regulation Section 1.409A-3(j)(4)(vi) and (vii).
13.Miscellaneous.
(a)Incorporation of the Plan. This Agreement is subject to the terms and conditions of the Plan, which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
(b)Not a Contract of Service Relationship. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue to serve as an employee or other service provider of the Company or any of its Subsidiaries or Affiliates or shall interfere with or restrict in any way the rights of the Company or any of its Subsidiaries or Affiliates, which rights are hereby expressly reserved, to discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or any of its Subsidiaries or Affiliates and the Participant.
(c)No Right to Future Awards. Participation in the Plan is discretionary and voluntary, and the Plan can be terminated at any time, subject to the terms thereof. This Award does not create a right or entitlement to future awards, whether pursuant to the Plan or otherwise.
(d)Governing Law. The laws of the State of Maryland shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.
(e)Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board; provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Award in any material way without the prior written consent of the Participant. For purposes of this paragraph, “material” means a change that the Committee or Board determines, in good faith, could reasonably be expected to result in a reduction in the dollar value of the RSUs or could reasonably be expected to result in a curtailment of the Participant’s rights to receive the Shares hereunder. For clarity, changes to features that the Committee or Board determines in good faith are an insignificant or unimportant feature of the Award, involve an administrative process, or are too remote to be reasonably expected to occur, shall not be considered “material.”
(f)Notices. Any notice pursuant to this Agreement shall be given in writing by (i) personal delivery, (ii) reputable overnight delivery service with proof of delivery, or (iii) email transmission, in each case sent to the intended addressee at the address set forth below, or to such other address or to the attention of such other person as the addressee shall have designated by written notice sent in accordance herewith, and shall be deemed to have been given upon receipt or refusal to accept delivery, or, in the case of email transmission, as of the date of the transmission provided that such transmission is received by the intended addressee prior to 5:00 p.m. Pacific Time (and any transmission received from and after 5:00 p.m., Pacific Time, shall be deemed received on the next business day (as used herein, the term “business day” shall mean any day other than Saturdays, Sundays and U.S. national holidays):
To the Company:    Peakstone Realty Trust
1520 Grand Avenue
El Segundo, CA 90245
Attn: Chief Legal Officer
E-mail: nsitzer@pkst.com

To Participant:    To the mailing or email address most recently on file in the payroll records of the Company.

4
|US-DOCS\148035068.9||

(g)Successors and Assigns. The Company or any Subsidiary may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company and its Subsidiaries. Subject to the restrictions on transfer set forth in Section 3 hereof, this Agreement shall be binding upon the Participant and his or her heirs, executors, committees, successors and assigns.
(h)Entire Agreement. The Plan and this Agreement (including all exhibits thereto, if any) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and its Subsidiaries and Affiliates and the Participant with respect to the subject matter hereof.
(i)Agreement Severable. In the event that any provision of this Agreement is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of this Agreement.
(j)Compensation Recovery. This Award and the Shares issuable hereunder shall be subject to any compensation recovery policy in effect as of the Grant Date or as may be adopted or maintained by the Company following the Grant Date, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder.
(k)Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, this Agreement and the RSUs will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.
(l)Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive cash or the Shares as a general unsecured creditor with respect to the RSUs, as and when settled pursuant to the terms of this Agreement.
(m)Counterparts. The Agreement may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument.
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.
PEAKSTONE REALTY TRUST,
a Maryland real estate investment trust
By:
Name:Michael J. Escalante
Title:Chief Executive Officer and President

The Participant hereby accepts and agrees to be bound by all of the terms and conditions of this Agreement.


Participant

Print Name:

6
|US-DOCS\148035068.9||
EXHIBIT 10.36
[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10).
Such excluded information is not material and is the type that the registrant treats as private or confidential.
SEPARATION AGREEMENT
THIS SEPARATION AGREEMENT (“Agreement”), dated as of December 29, 2023, is made by and among Peakstone Realty Trust (f/k/a Griffin Realty Trust, Griffin Realty Trust, Inc. and Griffin Capital Essential Asset REIT, Inc.) (“PKST”), PKST OP, L.P. (f/k/a GRT OP, L.P., GRT OP, LLC and Griffin Capital Essential Asset Operating Partnership, L.P.) (“Op Co”), PKST Management Company, LLC (f/k/a Griffin Capital Real Estate Company, LLC) (“PMCO” and together with PKST and Op Co, the “Company”), and Louis K. Sohn (“Sohn”).
WHEREAS, the Company and Sohn are party to that certain Employment Agreement by and between Sohn and the Company, dated December 14, 2018 (the “Employment Agreement”), pursuant to which Sohn serves as Executive Vice President of the Company (unless otherwise defined herein, capitalized terms have the meanings ascribed to them in the Employment Agreement);
WHEREAS, Sohn and the Company have mutually agreed that, effective as of the Termination Date (as defined below), Sohn’s employment with the Company will terminate without “Cause” (as defined in the Employment Agreement), and Sohn and the Company mutually desire to specify the terms of Sohn’s termination of employment; and
NOW, THEREFORE, in consideration of the mutual agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.Termination of Employment.
a.Termination of Employment. Effective as of December 31, 2023 (the “Termination Date”), (i) Sohn’s employment with the Company and its affiliates shall terminate and Sohn shall cease to serve as an employee of the Company and its affiliates, and (ii) the Employment Agreement shall terminate, and Sohn shall have no further rights thereunder, other than: (1) Sohn’s right to the payments and benefits set forth in Section 5.3(c) of the Employment Agreement (subject to the terms and conditions thereof), and (2) the “Surviving Provisions” listed in Section 14 of the Employment Agreement, which shall remain in full force and effect in accordance with their terms.
b.Severance Date. Sohn agrees that the Severance Date (as defined in the Employment Agreement) shall be the Termination Date.
c.Payments Upon Termination.
(i)Sohn will receive payment on the Termination Date for all wages payable through the Termination Date and any accrued and unpaid vacation time or paid time-off.
(ii)Subject to the terms and conditions set forth in the Employment Agreement (including without limitation, the execution by Sohn on or after the Termination Date and the non-revocation of a General Release substantially in the form attached as Exhibit A to the Employment Agreement and the Company’s execution, not later than the date on which Sohn's General Release becomes irrevocable, of a General Release substantially in the form attached as Exhibit B to the Employment Agreement), the Company shall pay and provide to Sohn the payments and benefits set forth in Section 5.3(c) of the Employment Agreement at the times and in the manner set forth therein; provided, however, that for purposes of Section 5.3(c)(ii) of the Employment Agreement, the pro-rated Incentive Bonus shall be calculated assuming target individual performance and target Company performance.
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EXHIBIT 10.36
2.Miscellaneous.
a.References. Any and all inquiries made by outside third parties concerning the employment of Sohn by the Company shall be directed to the Company’s Vice President of Human Resources. The Company agrees that if contacted by a prospective employer of Sohn, it will only verify dates of employment and job classification held by Sohn.
b.Protective Covenants. Sohn and the Company acknowledge and affirm that all undertakings and covenants contained in any other agreement between Sohn and the Company shall remain in full force and effect following the Termination Date in accordance with their terms and shall not be deemed to be amended or in any way affected by reason of Sohn and the Company entering into this Agreement. Without limiting the generality of the foregoing, Sohn acknowledges that he is bound by the Protective Covenants set forth in the following Sections of the Employment Agreement: Section 6.1 (Confidential Information), Section 6.3 (Non-Solicitation of Employees), 6.4 (Non-Solicitation of Customers), 6.5 (Non-Disparagement), and Section 6.6 (Return of Company Documents). The Company acknowledges that it is bound by the Protective Covenant set forth in Section 6.5 (Non-Disparagement) of the Employment Agreement.
c.No Assignment. This Agreement and the rights and duties hereunder are personal to Sohn and may not be assigned, delegated, transferred, or pledged by Sohn. Sohn hereby acknowledges and agrees that the Company may assign, delegate, transfer, pledge, or sell this Agreement and the rights and duties hereunder (a) to an affiliate of the Company or (b) to any third party in connection with (i) the sale, transfer, or other disposition of all or substantially all of the assets of the Company or (ii) a merger, consolidation, or other similar corporate transaction involving the Company.
d.Withholding. Notwithstanding anything else herein to the contrary, the Company or any of its affiliates may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement, or any other compensation payable to Sohn, such federal, state and local income, employment, or other taxes or other amounts as may be required to be withheld pursuant to any applicable law, regulation or contract.
e.Notices. Any notice pursuant to this Agreement shall be given in writing by (a) personal delivery, (b) reputable overnight delivery service with proof of delivery, or (c) email transmission, in each case sent to the intended addressee at the address set forth below, or to such other address or to the attention of such other person as the addressee shall have designated by written notice sent in accordance herewith, and shall be deemed to have been given upon receipt or refusal to accept delivery, or, in the case of email transmission, as of the date of the transmission provided that such transmission is received by the intended addressee prior to 5:00 p.m. Pacific Time (and any transmission received from and after 5:00 p.m., Pacific Time, shall be deemed received on the next business day (as used herein, the term “business day” shall mean any day other than Saturdays, Sundays and U.S. national holidays):
If to the Company:
Peakstone Realty Trust
1520 E. Grand Avenue
El Segundo, CA 90245
Attention: Michael J. Escalante
Email: mescalante@pkst.com
Attention: Nina Momtazee Sitzer
Email: nsitzer@pkst.com
If to Sohn:
[***]
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EXHIBIT 10.36
f.Governing Law. This Agreement shall be governed, construed, interpreted, and enforced in accordance with the substantive laws of the State of California without reference to the principles of conflicts of law of the State of California or any other jurisdiction, and where applicable, the laws of the United States.
g.Amendments; Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing signed by Sohn and the Company. No failure to exercise and no delay in exercising any right, remedy, or power hereunder preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity.
h.Binding Effect; Benefit. Subject to Section 2(c) above, this Agreement shall inure to the benefit of and be binding upon the parties hereto and each of their respective successors and assigns. Nothing in this Agreement, expressed or implied, is intended to confer on any person other than the parties hereto and their respective successors and permitted assigns, any benefit, rights, remedies, obligations, or liabilities under or by reason of this Agreement.
i.Enforcement. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable, this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a portion of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid, or unenforceable provision, there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid, and enforceable.
j.Construction. This Agreement shall be deemed drafted equally by both the parties. Its language shall be construed as a whole and according to its fair meaning. Any presumption or principle that the language is to be construed against any party shall not apply. The headings in this Agreement are only for convenience and are not intended to affect construction or interpretation.
k.Entire Agreement. The terms of this Agreement (together with the award agreements evidencing any outstanding Company equity awards held by Sohn, and any other agreements and instruments contemplated hereby or referred to or incorporated herein) are, as of the date hereof, intended by the parties to be the final expression of their agreement with respect to the subject matter hereof and may not be contradicted by evidence of any prior or contemporaneous agreement. As of the date hereof, this Agreement shall supersede all undertakings or agreements, whether written or oral, previously entered into by Sohn and the Company or any predecessor thereto or affiliate thereof with respect to the subject matter hereof (including, without limitation, the Employment Agreement, except as expressly provided herein). References in this Agreement to “this Agreement” and/or “herein” shall include all annexes and exhibits hereto, if any.
l.Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement. Execution of this Agreement may be made by providing a signed original copy or providing a signature via facsimile or other electronic means, such as a portable document format (PDF).
m.Consultation with Counsel. Sohn acknowledges that Sohn has been given the opportunity to consult with an attorney regarding the Agreement. In signing this Agreement, Sohn acknowledges that Sohn’s decision to enter into this Agreement is knowing and voluntary and was not induced by the Company through fraud or misrepresentation.
n.No Other Payments Due. Other than the payments and benefits that Sohn may become entitled to receive under Section 5.3(c) of the Employment Agreement, Sohn acknowledges that, as of the date of execution of this Agreement, Sohn has been paid all wages or other compensation, including, but not limited to accrued, unused vacation benefits, incentives, or bonuses, that Sohn has earned or become entitled to during Sohn’s employment with the Company through the date Sohn executes this Agreement. Sohn agrees that Sohn does not have knowledge of any potential
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EXHIBIT 10.36
or actual dispute with the Company about any unpaid wages or compensation which Sohn believes Sohn is entitled to but has not been paid as of the date Sohn executes this Agreement. Sohn understands and acknowledges that Sohn shall not be entitled to any payments or benefits from the Company other than those expressly set forth in Section 1(c).
o.Protected Rights. Nothing in this Agreement (including the Surviving Provisions listed in Section 14 of the Employment Agreement) shall prevent Sohn from (i) communicating directly with, cooperating with, or providing information to, or receiving financial awards from, any federal, state or local government agency, including without limitation the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, the U.S. Department of Justice, the U.S. Equal Employment Opportunity Commission, or the U.S. National Labor Relations Board, without notifying or seeking permission from the Company, (ii) exercising any rights Sohn may have under Section 7 of the U.S. National Labor Relations Act, such as the right to engage in concerted activity, including collective action or discussion concerning wages or working conditions, or (iii) discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination based on a protected characteristic or any other conduct that Sohn has reason to believe is unlawful.
p.Arbitration. Except for the limited right to seek temporary injunctive relief in a court pursuant to Section 6 of the Employment Agreement (in which case the underlying dispute remains subject to arbitration), the parties agree that to the extent permitted by law, any dispute or controversy arising out of, relating to, or in connection with this Agreement, or the interpretation, validity, construction, performance, breach, or termination thereof, or Sohn’s employment by the Company or any termination thereof, will be settled by arbitration to be held at a location in Los Angeles, California in accordance with the Federal Arbitration Act and the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association,    which    can    be    found    at
https://www.adr.org/sites/default/files/document_repository/EmploymentRules_Web_0.pdf. The arbitrator may grant injunctions or other relief in such dispute or controversy. The decision of the arbitrator will be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. The arbitrator shall have the authority to award the prevailing party, if any, as determined by the arbitrator, all of its costs and fees, including arbitrators’ fees, administrative fees, travel expenses, out-of-pocket expenses such as copying and telephone, court costs, witness fees and attorneys’ fees.
q.Representation Concerning Filing of Legal Actions. Sohn represents and warrants that Sohn does not presently have on file, and further represents that Sohn will not hereafter file, any claims, grievances, actions, appeals or complaints against the Company or its affiliates in or with any state or federal court, board or before any other tribunal or panel of arbitrators, public or private, based upon any Released Claims (as defined in the General Release attached as Exhibit A to the Employment Agreement). If such an action or charge has been filed by Sohn, or on Sohn’s behalf, Sohn agrees not to participate in any such proceeding and Sohn will use Sohn’s best efforts to cause it immediately to be withdrawn and dismissed with prejudice.
[Signature Page Follows]

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EXHIBIT 10.36
IN WITNESS WHEREOF, the parties hereto have executed this Separation Agreement effective as of the date first written above.
PEAKSTONE REALTY TRUST
By:    
Name: Michael J. Escalante
Title: Chief Executive Officer and President

PKST OP, L.P.
By: Peakstone Realty Trust, its general partner
By:    
Name: Michael J. Escalante
Title: Chief Executive Officer and President

PKST MANAGEMENT COMPANY, LLC
By:    
Name: Michael J. Escalante
Title: Chief Executive Officer and President

Accepted and Agreed,
    
Louis K. Sohn
Date:    
EXHIBIT 10.41
FORM OF

INDEMNIFICATION AGREEMENT

THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of the _____ day of _________, 20__, by and between Peakstone Realty Trust, a Maryland real estate investment trust (the “Company”), and ________________________ (“Indemnitee”).
WHEREAS, at the request of the Company, Indemnitee currently serves as [a trustee] [and] [an officer] of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of such service;
WHEREAS, as an inducement to Indemnitee to serve or continue to serve in such capacity, the Company has agreed to indemnify Indemnitee and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law; and
WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses;
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
Section 1.Definitions. For purposes of this Agreement:
(a)“Change in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of all of the Company’s then-outstanding securities entitled to vote generally in the election of trustees without the prior approval of at least two-thirds of the members of the Board of Trustees in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Trustees then in office, as a consequence of which members of the Board of Trustees in office immediately prior to such transaction or event constitute less than a majority of the Board of Trustees thereafter; or (iii) at any time, a majority of the members of the Board of Trustees are not individuals (A) who were trustees as of the Effective Date or (B) whose election by the Board of Trustees or nomination for election by the Company’s shareholders was approved by the affirmative vote of at least two-thirds of the trustees then in office who were trustees as of the Effective Date or whose election or nomination for election was previously so approved.
(b)“Company Status” means the status of a person as a present or former trustee, officer, employee or agent of the Company or as a trustee, director, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic real estate investment trust, corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be


deemed to be at the request of the Company: (i) if Indemnitee serves or served as a trustee, director, officer, partner, manager, managing member, fiduciary, employee or agent of any real estate investment trust, corporation, partnership, limited liability company, joint venture, trust or other enterprise (1) of which a majority of the voting power or equity interest is or was owned directly or indirectly by the Company or (2) the management of which is controlled directly or indirectly by the Company and (ii) if, as a result of Indemnitee’s service to the Company or any of its affiliated entities, Indemnitee is subject to duties to, or required to perform services for, an employee benefit plan or its participants or beneficiaries, including as a deemed fiduciary thereof.
(c)“Disinterested Trustee” means a trustee of the Company who is not and was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee.
(d)“Effective Date” means the date on which Indemnitee commenced or commences serving as [a trustee] [or] [an officer] of the Company.
(e)“Expenses” means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, arbitration and mediation costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding, including, without limitation, the premium for, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent.
(f)“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation and real estate investment trust law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
(g)“Proceeding” means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, claim, demand or discovery request or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding.
Section 2.Services by Indemnitee. Indemnitee serves or will serve in the capacity or capacities set forth in the first WHEREAS clause above. However, this Agreement shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s
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service to the Company. This Agreement shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee.
Section 3.General. The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum extent permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by the Maryland REIT Law (the “MRL”) or the Maryland General Corporation Law (the “MGCL”), including, without limitation, Section 2-418 of the MGCL.
Section 4.Standard for Indemnification. If, by reason of Indemnitee’s Company Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.
Section 5.Certain Limits on Indemnification. Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:
(a)indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable to the Company;
(b)indemnification hereunder if Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable on the basis that personal benefit in money, property or services was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in Indemnitee’s Company Status; or
(c)indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s Declaration of Trust or Bylaws, a resolution of the shareholders entitled to vote generally in the election of trustees or of the Board of Trustees or an agreement approved by the Board of Trustees to which the Company is a party expressly provide otherwise.
Section 6.Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances:
(a)if such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or
(b)if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met
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the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper without regard to any limitation on such court-ordered indemnification contemplated by Section 2-418(d)(2)(ii) of the MGCL.
Section 7.Indemnification for Expenses of an Indemnitee Who is Wholly or Partially Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee was or is, by reason of Indemnitee’s Company Status, made a party to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, the Company shall indemnify Indemnitee for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section 7 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
Section 8.Advance of Expenses for Indemnitee. If, by reason of Indemnitee’s Company Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding. The Company shall make such advance of incurred Expenses within ten days after the receipt by the Company of a statement or statements requesting such advance from time to time, whether prior to or after final disposition of such Proceeding, which advance may be in the form of, in the reasonable discretion of Indemnitee (but without duplication), (a) payment of such Expenses directly to third parties on behalf of Indemnitee, (b) advance of funds to Indemnitee in an amount sufficient to pay such Expenses or (c) reimbursement to Indemnitee for Indemnitee’s payment of such Expenses. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor.
Section 9.Indemnification and Advance of Expenses as a Witness or Other Participant. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Company Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Company or any other person, and to which Indemnitee is not a party, Indemnitee shall be advanced and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee. In connection with any such advance of Expenses, the Company may require Indemnitee to provide an undertaking and affirmation substantially in the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of execution thereof.
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Section 10.Procedure for Determination of Entitlement to Indemnification.
(a)To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary or appropriate to determine whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any such request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board of Trustees in writing that Indemnitee has requested indemnification.
(b)Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control has occurred, by Independent Counsel, in a written opinion to the Board of Trustees, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Trustees in accordance with Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by a majority vote of the Disinterested Trustees or by the majority vote of a group of Disinterested Trustees designated by the Disinterested Trustees to make the determination, (B) if Independent Counsel has been selected by the Board of Trustees in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel, in a written opinion to the Board of Trustees, a copy of which shall be delivered to Indemnitee or (C) if so directed by the Board of Trustees, by the shareholders of the Company, other than trustees or officers who are parties to the Proceeding. If it is so determined that Indemnitee is entitled to indemnification, the Company shall make payment to Indemnitee within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary or appropriate to such determination in the discretion of the Board of Trustees or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b). Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.
(c)The Company shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.
Section 11.Presumptions and Effect of Certain Proceedings.
(a)In making any determination with respect to entitlement to indemnification hereunder, the person or persons (including any court having jurisdiction over the matter) making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden of overcoming that presumption in connection with the making of any determination contrary to that presumption.
(b)The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.
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(c)The knowledge and/or actions, or failure to act, of any other trustee, officer, employee or agent of the Company or any other trustee, director, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic real estate investment trust, corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement.
Section 12.Remedies of Indemnitee.
(a)If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the Declaration of Trust or Bylaws of the Company is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent jurisdiction, or in an arbitration conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association, of Indemnitee’s entitlement to indemnification or advance of Expenses. Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 7 of this Agreement. Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.
(b)In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all of the provisions of this Agreement.
(c)If a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification that was not disclosed in connection with the determination.
(d)In the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the
    6

Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.
(e)Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the tenth day after the date on which the Company was requested to advance Expenses in accordance with Sections 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested to make the determination of entitlement to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Company.
Section 13.Defense of the Underlying Proceeding.
(a)Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding. The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced.
(b)Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 days following receipt of notice of any such Proceeding under Section 13(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise with respect to Indemnitee which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee, or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement.
(c)Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Company Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which
    7

approval shall not be unreasonably withheld or delayed, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter.
Section 14.Non-Exclusivity; Survival of Rights; Subrogation.
(a)The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Declaration of Trust or Bylaws of the Company, any agreement, including, without limitation, any employment agreement, or a resolution of the shareholders entitled to vote generally in the election of trustees or of the Board of Trustees, or otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the Declaration of Trust or Bylaws of the Company, this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Company Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.

(b)In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. Notwithstanding the foregoing, in the event of any payment under this Agreement, the Company shall not be subrogated to and hereby waives any rights to be subrogated to any rights of recovery of Indemnitee with respect to any personal umbrella insurance policy of the Indemnitee.
Section 15.Insurance.
(a)The Company will use its reasonable best efforts to acquire trustees and officers liability insurance, on terms and conditions deemed appropriate by the Board of Trustees, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of Indemnitee’s Company Status and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee by reason of Indemnitee’s Company Status. In the event of a Change in Control, the Company, and any successor of the Company, shall maintain in force any and all trustees and officers liability insurance policies that were maintained by the Company immediately prior to the Change in Control for a period of six years with the insurance carrier or carriers and through the insurance broker in place at the time of the Change in Control; provided, however, (i) if the carriers will not offer the same policy and an expiring policy needs to be replaced, a policy substantially comparable in scope and amount shall be obtained and (ii) if any replacement insurance carrier is necessary to obtain a policy substantially comparable in scope and amount, such insurance carrier shall have an AM Best rating that is the same or better than the AM Best rating of the existing insurance carrier.
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(b)Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee which would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in Section 15(a). The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise) the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.
(c)The Indemnitee shall cooperate with the Company or any insurance carrier of the Company with respect to any Proceeding.
Section 16.Coordination of Payments. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.
Section 17.Contribution. If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5, then, with respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.
Section 18.Reports to Shareholders. To the extent required by the MGCL and the MRL, the Company shall report in writing to its shareholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice of the meeting of shareholders of the Company next following the date of the payment of any such indemnification or advance of Expenses or prior to such meeting.
Section 19.Duration of Agreement; Binding Effect.
(a)This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a trustee, officer, employee or agent of the Company or as a trustee, director, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic real estate investment trust, corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).
(b)The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their
    9

respective successors and assigns solely with respect to any Proceedings related to Indemnitee’s Company Status with the Company (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a trustee, officer, employee or agent of the Company or a trustee, director, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic real estate investment trust, partnership, corporation, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.
(c)The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent (to the maximum extent permitted by law) that the Company would be required to perform if no such succession had taken place.
(d)The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult to ascertain, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking.
Section 20.Severability. If any provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, void, illegal or otherwise unenforceable that is not itself invalid, void, illegal or otherwise unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, void, illegal or otherwise unenforceable, that is not itself invalid, void, illegal or otherwise unenforceable) shall be construed so as to give effect to the intent manifested thereby.
Section 21.Counterparts. This Agreement may be executed in one or more counterparts, (delivery of which may be by facsimile, or via e-mail as a portable document format (.pdf) or other electronic format), each of which will be deemed to be an original, and it will not be necessary in making proof of this Agreement or the terms of this Agreement to produce or account for more than one such counterpart. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.
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Section 22.Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
Section 23.Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute a continuing waiver.
Section 24.Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, (ii)  transmitted by email (notice deemed given upon delivery if no automated notice of delivery failure is received by sender) and mailed by overnight courier service, on the next day after the date on which it is so mailed, or (iii) mailed by overnight courier service, on the next day after the date on which it is so mailed:
(a)If to Indemnitee, to the address set forth on the signature page hereto.
(b)If to the Company, to:
Peakstone Realty Trust
1520 E. Grand Avenue
El Segundo, California 90245
Attn: Secretary
Email: nsitzer@pkst.com

or to such other address as may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

Section 25.Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts of laws rules.
[SIGNATURE PAGE FOLLOWS]

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    IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
                        COMPANY:

                        PEAKSTONE REALTY TRUST



                        By: ________________________________
                        Name:
Title:


                            INDEMNITEE:


                        ____________________________________
Name:
Address:
Email:





























[Signature Page to Indemnification Agreement]
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EXHIBIT A
AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED
To: The Board of Trustees of Peakstone Realty Trust

Re: Affirmation and Undertaking

Ladies and Gentlemen:

This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement dated the _____ day of ______________, 20__, by and between Peakstone Realty Trust, a Maryland real estate investment trust (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the “Proceeding”).
Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.
I am subject to the Proceeding by reason of my Company Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief that at all times, insofar as I was involved as [a trustee] [and] [an officer] of the Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful.
In consideration of the advance by the Company for Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.
    IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this ___ day of ____________________, 20____.


                        Name: _____________________________





A-1
EXHIBIT 14.1
PEAKSTONE REALTY TRUST
Code of Business Conduct and Ethics
A.Introduction
It is the general policy of Peakstone Realty Trust (the “Company”) to conduct its business activities and transactions with the highest level of integrity and ethical standards and in accordance with all applicable laws, rules and regulations. Obeying the law both in letter and in spirit is the foundation on which the Company’s ethical standards are built. In carrying out this policy, the Company has adopted the following Code of Business Conduct and Ethics (the “Code”). This Code is intended to cover the Company’s and its subsidiaries’ trustees, officers and employees (collectively, “Covered Persons”).
Each Covered Person is expected (i) to read and understand this Code and its application to the performance of his or her business responsibilities and (ii) to conduct himself or herself in accordance with this Code and to seek to avoid even the appearance of wrongdoing or improper behavior. Those who violate the standards in this Code will be subject to disciplinary action, which may include suspension, termination and/or the reporting of violative conduct to appropriate regulatory and criminal authorities.
If a law conflicts with a policy in this Code, a Covered Person must comply with the law. If a Covered Person has any questions about these conflicts or this Code, he or she should consult with the General Counsel.
Other policies that govern the conduct of Covered Persons may be established by the Company from time to time that supplement and are in addition to this Code. Members of the Board of Trustees of the Company (the “Board”) also should refer to the Company’s Corporate Governance Guidelines for additional policies that specifically govern the conduct of Board members.
After carefully reviewing this Code, you must sign the acknowledgment attached as Exhibit A hereto, indicating that you have received, read, understand and agree to comply with this Code. The acknowledgment must be returned either electronically in a manner provided for by the Company or to the Company’s General Counsel or his or her designee within ten (10) business days of your receipt of this Code and on an annual basis as may be required by the Company.
B.Honest and Ethical Conduct
Each Covered Person must always conduct himself or herself in an honest and ethical manner. Each Covered Person must act with high standards of personal and professional integrity and not tolerate others who attempt to deceive or evade responsibility for their actions. In addition, all Covered Persons must act with integrity in discussions with, or requests for information from, the Board, regulatory agency officials and government officials, as well as in dealings with business partners and shareholders.
C.Fair Dealing
We seek to outperform our competition fairly and honestly. We seek competitive advantages through superior performance, not through unethical or illegal business practices.
1
EXHIBIT 14.1
Each Covered Person should endeavor to respect the rights of, and to deal fairly with, the Company’s tenants, purchasers and sellers of assets, and other customers, suppliers or joint venture partners, competitors, employees and other persons with whom the Company transacts business. No Covered Person should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice.
D.Compliance with Applicable Governmental Laws, Rules and Regulations
Obeying the law both in letter and in spirit is the foundation on which the Company’s ethical standards are built. All Covered Persons must respect and obey the laws, rules and regulations (including insider trading laws) of the jurisdictions in which we operate and the rules and regulations applicable to the Company’s business, including those of the New York Stock Exchange (the “NYSE”) and the Securities and Exchange Commission (the “SEC”). Although not all Covered Persons are expected to know the details of the laws, rules and regulations to which the Company is subject, it is important to understand enough to determine when it is necessary or appropriate to seek advice from supervisors, managers or other persons, including the General Counsel, who can provide guidance on such matters.
Disregard of the law will not be tolerated. Violation of any applicable laws, rules and regulations may subject an individual, as well as the Company, to civil or criminal penalties. Covered Persons should be aware that conduct and records, including e-mails, are subject to internal and external audits and to discovery by third parties in the event of a government investigation or civil litigation. Consequently, it is in everyone’s best interest to understand and comply with the laws, rules and regulations applicable to the Company.
E.Conflicts of Interest
All Covered Persons must avoid any situation in which personal interests conflict, or have the appearance of conflicting, with those of the Company. Covered Persons may not accept any benefits from the Company that have not been duly authorized and approved pursuant to Company policy and procedures. Transactions or arrangements with trustees and officers that may involve a conflict of interest are prohibited unless they have been specifically approved in advance by the Company’s Nominating and Corporate Governance Committee (“Governance Committee”) or the Board (not including any interested trustees) or otherwise comply with the Company’s Related Party Transaction Policy (to the extent applicable). Exceptions may be made only after review and approval of specific or general categories by the General Counsel (in the case of employees, other than an officer) or the Company’s Nominating and Corporate Governance Committee (the “Governance Committee”) or the full Board (in the case of officers or trustees), and in each case, not including any interested trustees. Trustees and executive officers of the Company should refer to the Company’s Related Party Transaction Policy.
A “conflict of interest” occurs when a person’s private interest interferes in any way (or even appears to interfere) with the interests of the Company. A conflict situation can arise, for example, when a Covered Person takes actions or has interests that may make it difficult to perform his or her work for the Company objectively and effectively. Conflicts of interest also arise when a Covered Person, or any Family Member (as defined below) of such person, receives improper personal benefits because of his or her position at the Company. However, the Company recognizes that its corporate structure and business investments do not make it practicable or desirable to avoid all relationships that could give rise to conflicts of interest. Accordingly, conflicts of interest, potential conflicts of interest or relationships which are identified as giving rise to potential conflicts of interest that are approved by the General Counsel (in the case of employees, other than an officer), or at the direction of the full Board or the
2
EXHIBIT 14.1
Governance Committee (in the case of officers or trustees) or that have been disclosed in the Company’s Proxy Statement filed with the SEC are permitted.
If you have any questions about a potential conflict of interest or if you become aware of an actual or potential conflict, you should discuss the matter with your supervisor or the General Counsel. Supervisors may not authorize conflict of interest matters or make determinations as to whether a problematic conflict of interest exists without first seeking the approval of the General Counsel and providing him or her with a written description of the activity.
Conflict of interest situations involving trustees, executive officers and other employees who occupy supervisory positions or who have discretionary authority in dealing with any third party may include, but are not limited to, the following:
•any significant ownership interest in any tenant or service provider;
•any consulting or employment relationship with any tenant, service provider, supplier or competitor;
•any outside business activity that detracts from an individual’s ability to devote appropriate time and attention to his or her responsibilities with the Company;
•the receipt of non-customary gifts or entertainment or those that are excessive in value from any company with which the Company has current or prospective business dealings;
•being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any Family Member; or
•selling anything to the Company or buying anything from the Company.
Such situations, if material, should be discussed with the General Counsel.
For purposes of this Code, “Family Member” generally means a person’s spouse, parents, children and siblings, whether by blood, marriage or adoption, or anyone residing in such person’s home.
F.Corporate Opportunities
Covered Persons owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises. Covered Persons must offer to the Company any business opportunities related to the Company’s target assets and business activities (as described in the periodic reports filed by the Company from time to time with the SEC, together with any other assets that the Board determines from time to time will be a target asset or potential investment or business of the Company). Covered Persons are prohibited from: (i) taking for themselves opportunities that are discovered using Company property, information or position, unless such opportunities are presented to the Board and the Board declines to pursue such opportunities; (ii) using Company property, information or position for improper personal gain; or (iii) competing with the Company. Any employee, other than an executive officer, may only pursue a corporate opportunity if the General Counsel waives in writing the Company’s right to pursue the corporate opportunity. Corporate opportunities available to trustees and executive officers may only be waived by the Governance Committee or the Board (not including any interested trustees). If the Company waives its right to pursue a corporate opportunity, Covered Persons may pursue such opportunities in a manner consistent with this Code.
3
EXHIBIT 14.1
G.Compliance Procedures; Reporting Violations
The Company expects all Covered Persons to work to ensure prompt and consistent action against violations of this Code. This Code covers a wide range of business practices and procedures, but it does not address every applicable law or respond to every ethical question or concern that may arise. Nonetheless, the general guidelines of this Code provide each Covered Person with the Company’s expectations regarding business dealings.
Any Covered Person who becomes aware of any existing or potential violation of this Code or any law, rule or regulation or Company policy has an obligation to report his or her complaint or concern to his or her supervisor or to the General Counsel or if such complaint or concern is related to financial, accounting or auditing matters, to the General Counsel, the Chairperson of the Audit Committee of the Board, at the addresses below, or through the Company Ethics Hotline (the “Ethics Hotline”), which is administered and monitored by the General Counsel and Chairperson of the Audit Committee of the Board (the “Audit Committee”). If you are uncomfortable using any of these procedures for reporting violations or concerns, you may contact the Audit Committee at the address below.
Reporting Contacts
General Counsel
Peakstone Realty Trust
150 N Riverside Plaza, Suite 1950
Chicago, IL 60606
Attention: Nina Sitzer
Telephone: (310) 606-3200
Email: nsitzer@pkst.com
Ethics Hotline
•Phone: 1-844-208-6162
•Website: https://pkst.ethicspoint.com
•Confidential and anonymous if you choose
Chairman of the Audit CommitteePeakstone Realty Trust
1520 E. Grand Avenue
El Segundo, CA 90245
Attention: Audit Committee Chairperson
Email: auditchairperson@pkst.com
No Covered Person should report any existing or potential violation of this Code or any law, rule or regulation or Company policy to any person who is involved in the matter giving rise to the existing or potential violation. When using the Ethics Hotline, Covered Persons may remain anonymous. However, bear in mind that in some cases anonymity may hinder a full investigation of the issue. If you do choose to remain anonymous, please be sure to provide a sufficiently detailed description of the factual basis of the allegation so that an appropriate investigation can be performed.
All concerns will be taken seriously by the Company and, when appropriate, the Company will fully investigate each allegation. This may include talking to any individuals directly involved, as well as to others who may possess information pertinent to the situation. Covered Persons are expected to cooperate fully with internal investigations of wrongdoing or misconduct, and failure to cooperate fully with any such investigations will lead to disciplinary action, up to and including termination.
4
EXHIBIT 14.1
The Company will not tolerate any retaliation against any Covered Person for raising, in good faith, a possible violation of this Code or of a law, rule or regulation. Retaliation for reporting a federal offense is illegal under federal law. Any person who participates in retaliatory conduct will be subject to disciplinary action up to and including termination of employment. Misusing this Code by knowingly or recklessly providing false information to the Company may also result in appropriate disciplinary action.
Every trustee, officer, manager and supervisor who receives a complaint or a report alleging or regarding an actual or potential violation of this Code or of a law, rule or regulation has, without exception, the responsibility to immediately communicate such complaint to the General Counsel or the Chairperson of the Audit Committee (if such complaint or report is related to financial, accounting or auditing matters) or report it to the Ethics Hotline.
H.Accounting Complaints
The Company’s policy is to comply fully with all applicable financial reporting and accounting regulations. If any Covered Person has unresolved concerns or complaints regarding questionable accounting, internal control or auditing matters concerning the Company, such person is encouraged to submit such concerns or complaints in accordance with the Company’s Complaint Procedures for Accounting and Auditing Matters.
I.Public Disclosure
The Company is committed to providing full, fair, accurate, timely and understandable disclosure in the current reports, periodic reports and other information it files with or submits to the SEC and in other public communications, such as press releases, earnings conference calls and industry conferences, made by the Company or on the Company’s behalf. In meeting such standards for disclosure, the Company’s officers and trustees shall always strive to comply with the Company’s disclosure obligations and, as necessary, appropriately consider and balance the need or desirability for confidentiality with respect to non-public negotiations or other business developments.
The Company’s Chief Executive Officer and Chief Financial Officer are responsible for establishing effective disclosure controls and procedures and internal control over financial reporting within the meaning of applicable SEC rules and regulations. The Company expects the Chief Executive Officer and the Chief Financial Officer to take a leadership role in implementing such controls and procedures and to position the Company to comply fully with its disclosure obligations within the timeframe required under applicable SEC rules and regulations. To fulfill such obligation, the Chief Executive Officer and the Chief Financial Officer, along with the principal accounting officer or controller and persons performing similar functions, as applicable (each a “Principal Officer”), must:
1.carefully review drafts of reports and documents the Company is required to file with, or submit to, the SEC before they are filed, or submitted, and Company press releases or other public communications before they are released to the public, with particular focus on disclosures each Principal Officer does not understand or agree with and on information known to the Principal Officer that is not reflected in the report, document, press release or public communication;
2.comply with the Company’s Disclosure Controls, Policies and Procedures as in effect from time to time, which have been designed to ensure that the information required to be disclosed by the Company in its SEC filings is collected, processed, summarized and disclosed in a timely fashion and accumulated and communicated to the appropriate persons; and
5
EXHIBIT 14.1
3.promptly bring to the attention of the Company’s Disclosure Committee (the “Disclosure Committee”), or a member thereof, any material information of which a Principal Officer may become aware that affects the disclosures made by the Company in its public filings, any material information that may assist the Disclosure Committee in fulfilling its responsibilities, matters that a Principal Officer feels could compromise the integrity of the Company’s financial reports or disagreements on accounting matters.
Each such person having direct or supervisory authority regarding these SEC filings or the Company’s other public communications concerning its general business, results, financial condition and prospects should, to the extent appropriate within his or her area of responsibility, consult with other Company officers and employees and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.
In addition, the Company has adopted a Public Disclosure Policy which identifies the persons who are authorized to speak on behalf of the Company and how and when Company information may be disclosed. All Covered Persons are required to review and understand their duties under the Public Disclosure Policy.
J.Confidential Information
All Covered Persons have responsibility for maintaining the confidentiality of information entrusted to them by the Company, its tenants, purchasers and sellers of assets, and other customers, suppliers or joint venture partners, employees and other persons with whom the Company transacts business, including any information that might be useful to competitors or, or harmful to, the relevant company if disclosed. Except as legally required or expressly authorized by the Company’s Chief Executive Officer or the General Counsel, every Covered Person who has access to confidential Company information must maintain its confidentiality.
Nothing in this Code, including the Confidential Information restrictions above, shall be construed to prohibit Covered Persons from, in good faith, communicating with, providing information to, filing a charge with, or participating in any investigation or proceeding conducted by any federal, state or local government agency or commission responsible for enforcement of law(s) applicable to the Company, including but not limited to, the Securities and Exchange Commission, Equal Employment Opportunity Commission, National Labor Relations Board, or the Department of Labor (“Government Agencies”). Covered Persons do not need to give notice to or obtain approval from the Company to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information. This Code does not limit a Covered Person’s right to receive an award for information provided to any Government Agency.
If there are any questions concerning confidential information or the treatment of what is believed to be confidential Company information, please contact the Company’s General Counsel.
K.Insider Trading
Covered Persons who have access to confidential information are not permitted to use or share that information for share trading purposes or for any other purpose except the conduct of the Company’s business. All non-public information about the Company should be considered confidential information. To use non-public information for personal financial benefit, or to “tip” others (including without limitation friends and Family Members) who might make an
6
EXHIBIT 14.1
investment decision based on this information, is not only unethical but also illegal. For a more detailed discussion of the insider trading laws, please refer to the Company’s Policy on Insider Information and Insider Trading, which can be obtained from the General Counsel. The purpose of the Policy on Insider Information and Insider Trading is to inform all Covered Persons of their legal responsibilities and clearly establish the Company’s procedures for trading in the Company’s securities.
L.Protection and Proper Use of the Company’s Assets
All Covered Persons should protect the Company’s assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Company’s profitability. Any suspected incident of fraud or theft should be immediately reported to the Company’s General Counsel or through the Ethics Hotline. All of the Company’s assets should be used for legitimate business purposes and should not be used for non-company business, although incidental personal use may be permitted with the permission of your supervisor.
M.Waivers of or Changes to this Code of Business Conduct and Ethics
It may be appropriate for a provision of this Code to be waived in a particular circumstance. Any waiver of, or changes to, this Code that apply to executive officers or trustees of the Company may be made only by the Governance Committee or another committee of our Board comprising solely independent trustees or a majority of our independent trustees and must be promptly disclosed to shareholders as required by law or regulation of the SEC and the rules of the NYSE. In particular, to the extent that such committee of majority of independent trustees determines to grant any waiver of this Code for an executive officer or trustee, the waiver shall be disclosed to shareholders within four business days of such determination through a press release, providing website disclosure, or by filing a current report on Form 8-K with the SEC. Any other Covered Person seeking a waiver should speak to his or her supervisor, who, in turn, should obtain the approval of the General Counsel regarding such matter.
N.Administration and Implementation
The Governance Committee has overall responsibility for administering and interpreting this Code. The General Counsel is responsible for the implementation of this Code.
O.Website Disclosure
This Code, as may be amended from time to time, shall be posted on the Company’s website. The Company shall state in its annual proxy statement that this Code is available on the Company’s website and provide the website address.
Effective as of November 7, 2023

7

Exhibit A
PEAKSTONE REALTY TRUST
CODE OF BUSINESS CONDUCT AND ETHICS ACKNOWLEDGMENT
I hereby acknowledge that I have received, read, understand and will comply with the Peakstone Realty Trust Code of Business Conduct and Ethics.
I understand that my agreement to comply with the Code of Business Conduct and Ethics does not constitute a contract of employment.
Please sign here:     
Print Name:     
Date:     
This signed and completed form must be returned to the Peakstone Realty Trust General Counsel within ten (10) business days of receiving this Code.
A-1

Exhibit 21.1
SUBSIDIARIES IN WHICH PEAKSTONE REALTY TRUST
OWNS, DIRECTLY OR INDIRECTLY, AN INTEREST
SubsidiaryJurisdiction of Incorporation or Organization
GRT (Cardinal REIT Merger Sub), LLCMaryland
PKST OP, L.P.Delaware
GRT OP (Cardinal New GP Sub), LLCDelaware
GRT OP (Cardinal LP Merger Sub), LLCDelaware
Cole Corporate Income Operating Partnership II, LPDelaware
CCIT II Securities Investments, LLCDelaware
ARCP GP OFC San Jose (Orchard) CA, LLCDelaware
ARCP OFC Phoenix (Central) AZ, LLCDelaware
CIM OFC Platteville CO, LLCDelaware
ARCP OFC Johnston IA (Phase II), LLCDelaware
CIM OFC Andover MA, LLCDelaware
CIM OFC Andover (Tech) MA, LLCDelaware
CIM OFC Sparks MD, LLCDelaware
VEREIT OFC Lincoln Hill PA, LLCDelaware
CIM OFC Memphis TN, LLCDelaware
ARCP OFC Birmingham AL, LLCDelaware
ARCP OFC San Antonio TX, LLCDelaware
ARCP OFC Burlington MA (Phase 2), LLCDelaware
CIM GP OFC San Diego CA, LLCDelaware
CIM OFC San Diego CA, LPDelaware
ARCP ID Bellevue OH, LLCDelaware
The GC Net Lease (Greensboro) Investors, L.P.Delaware
The GC Net Lease (Greensboro) GP, LLCDelaware
ARCP OFC Huntsville AL, LLCDelaware
ARCP OFC Burlington MA, LLCDelaware
VEREIT OFC Phoenix AZ, LLCDelaware
VEREIT OFC Tyler TX, LLCDelaware
CIM OFC Hunt Valley MD, LLCDelaware
The GC Net Lease (Wake Forest) GP, LLCDelaware
The GC Net Lease (Wake Forest) Investors, L.P.Delaware
Cole GP OFC San Jose (Ridder Park) CA, LLCDelaware
Cole GP OFC Walnut Creek CA, LLCDelaware
SOR Operating Partnership, LLCDelaware


Exhibit 21.1
The GC Net Lease (Herndon) Investors, LLCDelaware
The Point at Clark Street REIT, LLCDelaware
The GC Net Lease (Columbia) Investors, LLCDelaware
Griffin Realty Management Company, LLCDelaware
PKST Management Company, LLCDelaware
Griffin Capital Property Management, LLCDelaware
Griffin Capital Essential Asset Property Management, LLCDelaware
Griffin Capital Essential Asset Property Management II, LLCDelaware
IndustrialCo TrustMaryland
Industrial SpinCo TrustMaryland
Griffin Capital Essential Asset TRS, Inc.Delaware
The GC Net Lease (Parsippany) Investors, LLCDelaware
The GC Net Lease (Phoenix Beardsley) Investors, LLCDelaware
The GC Net Lease (Westminster) Investors, LLCDelaware
The GC Net Lease (Lone Tree) Investors, LLCDelaware
The GC Net Lease (Arlington Heights) Investors, LLCDelaware
The GC Net Lease (Houston Westgate III) Investors, LLCDelaware
The GC Net Lease (Heritage III) Investors, LLCDelaware
The GC Net Lease (Fort Mill) Investors, LLCDelaware
The GC Net Lease (Fort Mill II) Investors, LLCDelaware
The GC Net Lease (Lakeland) Investors, LLCDelaware
The GC Net Lease (Scottsdale) Investors, LLCDelaware
The GC Net Lease (Savannah) Investors, LLCDelaware
Griffin (Hampton 300) Essential Asset REIT II, LLCDelaware
Griffin (Hampton 500) Essential Asset REIT II, LLCDelaware
Griffin (Parsippany 14) Essential Asset REIT II, LLCDelaware
Griffin (Phoenix Beardsley IPC) Essential Asset REIT II, LLCDelaware
Griffin (Phoenix Beardsley IPC) Member Essential Asset REIT II, LLCDelaware
Griffin (Phoenix Beardsley TRCW) Essential Asset REIT II, LLCDelaware
Griffin (Phoenix Beardsley TRCW) Member Essential Asset REIT II, LLCDelaware
Griffin (San Jose) Essential Asset REIT II, LLCDelaware
Griffin (Groveport) Essential Asset REIT II, LLCDelaware
Griffin (Andover) Essential Asset REIT II, LLCDelaware
The GC Net Lease (GV Quebec Court) Investors, LLCDelaware


Exhibit 21.1
Griffin (Auburn Hills) Essential Asset REIT II, LLCDelaware
Griffin (North Charleston) Essential Asset REIT II, LLCDelaware
Griffin (Parsippany 10) Essential Asset REIT II, LLCDelaware
Griffin (Lone Tree) Essential Asset REIT II, LLCDelaware
Griffin (Carmel) Essential Asset REIT II, LLCDelaware
The GC Net Lease (Scottsdale II) Investors, LLCDelaware
The GC Net Lease (Largo) Investors, LLCDelaware
Renfro Properties, LLCDelaware
The GC Net Lease (Redmond) Investors, LLCDelaware
The GC Net Lease (Cranberry) Investors, LLCDelaware
The GC Net Lease (Whippany) Investors, LLCDelaware
The GC Net Lease (Greenwood Village) Investors, LLCDelaware
The GC Net Lease (Libertyville) Investors, LLCDelaware
The GC Net Lease (Rancho Cordova) Investors, LLC)Delaware
The GC Net Lease (Allen Park) Investors, LLCDelaware
Griffin (Etna) Essential Asset REIT II, LLCDelaware
Griffin (Birmingham) Essential REIT II, LLCDelaware
Griffin (Las Vegas Buffalo) Essential Asset REIT II, LLCDelaware
Griffin (Dekalb) Essential Asset REIT II, LLCDelaware
Griffin (Durham) Essential Asset REIT II, L.P.Delaware
Griffin (Durham) Essential Asset REIT II GP, LLCDelaware
The GC Net Lease (Beaver Creek) Investors, LLCDelaware
The GC Net Lease (Beaver Creek) Member, LLCDelaware
Emporia Partners, LLCDelaware
The GC Net Lease (Jacksonville) Investors, LLCDelaware
WR Griffin Patterson, LLCDelaware
The GC Net Lease (Nashville) Investors, LLCDelaware
The GC Net Lease (Houston Enclave) Member, LLCDelaware
The GC Net Lease (Houston Enclave) Investors, LLCDelaware
The GC Net Lease (Charlotte Research) GP, LLCDelaware
The GC Net Lease (Charlotte) Investors, LLCDelaware
The GC Net Lease (Charlotte-North Falls) GP, LLCDelaware
The GC Net Lease (Charlotte) Member, LLCDelaware
The GC Net Lease (Charlotte David Taylor) GP, LLCDelaware
The GC Net Lease (Irvine Armstrong) Investors, LLCDelaware


Exhibit 21.1
The GC Net Lease (Irving Carpenter) Investors, LLCDelaware
The GC Net Lease (Phoenix Chandler) Investors, LLCDelaware
The GC Net Lease (Phoenix Chandler) Member, LLCDelaware
The GC Net Lease (Warren) Investors, LLCDelaware
The GC Net Lease (Warren) Member, LLCDelaware
The GC Net Lease (West Chester) Investors, LLCDelaware
Griffin Capital (Highway 94) Manager, LLCDelaware
Griffin Capital (Highway 94) Investors, DSTDelaware
Griffin (Concord) Member Essential Asset REIT II, LLCDelaware
Griffin (Concord) Essential Asset REIT II, LLCDelaware
Griffin (Houston Westgate II) Member Essential Asset REIT II, LLCDelaware
Griffin (Houston Westgate II) Essential Asset REIT II, LLCDelaware
Griffin (Mechanicsburg) Member Essential Asset REIT II, LLCDelaware
Griffin (Mechanicsburg) Essential Asset REIT II, LLCDelaware
Griffin (Las Vegas Grier) Essential Asset REIT II, LLCDelaware
Griffin (Las Vegas Grier) Member Essential Asset REIT II, LLCDelaware
Griffin (Lincolnshire) Essential Asset REIT II, LLCDelaware
Griffin (Columbus) Member Essential Asset REIT II, LLCDelaware
Griffin (Columbus) Essential Asset REIT II, LLCDelaware
The GC Net Lease (Triad I) GP, LLCDelaware
The GC Net Lease (Triad I) Investors, L.P.Delaware
PKST Realty, LLCDelaware
Griffin Capital (Nashville) Investors, DSTDelaware
GRT VAO OP, LLCDelaware
NVO Promote LLCDelaware
Galaxy REIT LLCDelaware
Galaxy Properties REIT LLCDelaware
Galaxy Properties Mezz LLCDelaware
WSPT Glx Southwest GP LLCDelaware
WSPT Perimeter GA GP LLCDelaware
Galaxy Properties GP LLCDelaware
WSPT Glx Southwest LPDelaware
WSPT Perimeter GA LPDelaware
Galaxy Properties I LPDelaware
Galaxy Properties Mezz II LLCDelaware


Exhibit 21.1
Galaxy Properties II GP LLCDelaware
Galaxy Properties II LPDelaware
Galaxy IL WI REIT LLCDelaware
Galaxy IL WI Mezz LLCDelaware
Galaxy IL WI GP LLCDelaware
Galaxy IL WI LPDelaware
Galaxy IL WI Mezz II LLCDelaware
Galaxy IL WI II GPDelaware
Galaxy IL WI II LPDelaware
Galaxy OH REIT LLCDelaware
Galaxy OH Mezz LLCDelaware
Galaxy OH GP LLCDelaware
Galaxy OH LPDelaware
Galaxy OH Mezz II LLCDelaware
WSPT Glx Aviation OH GP LLCDelaware
WSPT Glx Aviation OH LPDelaware
Galaxy KC REIT LLCDelaware
Galaxy KC Mezz LLCDelaware
Galaxy KC GP LLCDelaware
Galaxy KC LPDelaware
Galaxy OR REIT LLCDelaware
Galaxy OR Mezz LLCDelaware
Galaxy OR GP LLCDelaware
Galaxy OR LPDelaware
Galaxy WA REIT LLCDelaware
Galaxy WA Mezz LLCDelaware
Galaxy WA GP LLCDelaware
Galaxy WA LPDelaware
Galaxy MO REIT LLCDelaware
Galaxy MO Mezz LLCDelaware
Galaxy MO GP LLCDelaware
Galaxy MO LPDelaware
GRT (Parsippany) Member, LLCDelaware

Consent of Independent Registered Public Accounting Firm


We consent to the incorporation by reference in the following Registration Statements:

(1)Registration Statement (Form S-8 No. 333-231816) pertaining to the Peakstone Realty Trust Second Amended and Restated Employee and Trustee Long-Term Incentive Plan;
(2)Registration Statement (Form S-3 No. 333-273803) and related Prospectus of Peakstone Realty Trust

of our report dated February 22, 2024, with respect to the consolidated financial statements and schedule of Peakstone Realty Trust and the effectiveness of internal control over financial reporting of Peakstone Realty Trust included in this Annual Report (Form 10-K) for the year ended December 31, 2023.

/s/ Ernst & Young LLP
 
Los Angeles, California
February 22, 2024
 

Consent of Independent Auditors


We consent to the incorporation by reference in the following Registration Statements:

(1)Registration Statement (Form S-8 No. 333-231816) pertaining to the Peakstone Realty Trust Second Amended and Restated Employee and Trustee Long-Term Incentive Plan, and
(2)Registration Statement (Form S-3 No. 333-273803) and related Prospectus of Peakstone Realty Trust

of our report dated March 26, 2024, with respect to the combined financial statements of Galaxy REIT LLC included in the Annual Report (Form 10-K/A) of Peakstone Realty Trust for the year ended December 31, 2023.


/s/ Ernst & Young LLP
 
Philadelphia, Pennsylvania
March 26, 2024

Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Michael J. Escalante, certify that:
1.I have reviewed this Annual Report on Form 10-K of Peakstone Realty Trust;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated:February 22, 2024By:/s/ Michael J. Escalante
Michael J. Escalante
Chief Executive Officer and President
(Principal Executive Officer)

Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Javier F. Bitar, certify that:
1.I have reviewed this Annual Report on Form 10-K of Peakstone Realty Trust;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated:February 22, 2024By:/s/ Javier F. Bitar
Javier F. Bitar
Chief Financial Officer and Treasurer
(Principal Financial Officer)

Exhibit 31.3
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Michael J. Escalante, certify that:
1.I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K/A of Peakstone Realty Trust;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated:March 28, 2024By:/s/ Michael J. Escalante
Michael J. Escalante
Chief Executive Officer and President
(Principal Executive Officer)

Exhibit 31.4
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Javier F. Bitar, certify that:
1.I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K/A of Peakstone Realty Trust;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated:March 28, 2024By:/s/ Javier F. Bitar
Javier F. Bitar
Chief Financial Officer and Treasurer
(Principal Financial Officer)

Exhibit 32.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Peakstone Realty Trust (the “Company”), in connection with the Company’s Annual Report on Form 10-K for the period ended December 31, 2023 (the “Report”), hereby certifies that:
(i)the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and
(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:February 22, 2024By:/s/ Michael J. Escalante
Michael J. Escalante
Chief Executive Officer and President
(Principal Executive Officer)

Exhibit 32.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Peakstone Realty Trust (the “Company”), in connection with the Company’s Annual Report on Form 10-K for the period ended December 31, 2023 (the “Report”), hereby certifies that:
(i)the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and
(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:February 22, 2024By:/s/ Javier F. Bitar
Javier F. Bitar
Chief Financial Officer and Treasurer
(Principal Financial Officer)

Exhibit 32.3
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Peakstone Realty Trust (the “Company”), in connection with the filing of Amendment No. 1 to the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2023 (the “Report”), hereby certifies that:
(i)the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and
(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:March 28, 2024By:/s/ Michael J. Escalante
Michael J. Escalante
Chief Executive Officer and President
(Principal Executive Officer)

Exhibit 32.4
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Peakstone Realty Trust (the “Company”), in connection with the filing of Amendment No. 1 to the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2023 (the “Report”), hereby certifies that:
(i)the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and
(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:March 28, 2024By:/s/ Javier F. Bitar
Javier F. Bitar
Chief Financial Officer and Treasurer
(Principal Financial Officer)
EXHIBIT 97.1
image_0.jpgPOLICY FOR RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
The Board of Trustees (the “Board”) of Peakstone Realty Trust (the “Company”) has adopted this Policy for Recovery of Erroneously Awarded Compensation (the “Policy”), effective as of October 2, 2023 (the “Effective Date”). Capitalized terms used in this Policy but not otherwise defined herein are defined in Section 11.
1.Persons Subject to Policy
        This Policy shall apply to current and former Executive Officers of the Company. Each Executive Officer shall be required to sign an Acknowledgment Agreement pursuant to which such Executive Officer will agree to be bound by the terms of, and comply with, this Policy; however, any Executive Officer’s failure to sign any such Acknowledgment Agreement shall not negate the application of this Policy to the Executive Officer.
2.    Compensation Subject to Policy
This Policy shall apply to Incentive-Based Compensation received on or after the Effective Date. For purposes of this Policy, the date on which Incentive-Based Compensation is “received” shall be determined under the Applicable Rules, which generally provide that Incentive-Based Compensation is “received” when the relevant Financial Reporting Measure is attained or satisfied, without regard to whether the grant, vesting or payment of the Incentive-Based Compensation occurs after the end of that period.
3.    Recovery of Compensation
In the event that the Company is required to prepare a Restatement, the Company shall recover, reasonably promptly, the portion of any Incentive-Based Compensation that is Erroneously Awarded Compensation, unless the Committee has determined that recovery would be Impracticable. Recovery shall be required in accordance with the preceding sentence regardless of whether the applicable Executive Officer engaged in misconduct or otherwise caused or contributed to the requirement for the Restatement and regardless of whether or when restated financial statements are filed by the Company. For clarity, the recovery of Erroneously Awarded Compensation under this Policy will not give rise to any person’s right to voluntarily terminate employment for “good reason,” or due to a “constructive termination” (or any similar term of like effect) under any plan, program or policy of or agreement with the Company or any of its affiliates.
4.    Manner of Recovery; Limitation on Duplicative Recovery
The Committee shall, in its sole discretion, determine the manner of recovery of any Erroneously Awarded Compensation, which may include, without limitation, reduction or cancellation by the Company or an affiliate of the Company of Incentive-Based Compensation or Erroneously Awarded Compensation, reimbursement or repayment by any person subject to this Policy of the Erroneously Awarded Compensation, and, to the extent permitted by law, an offset of the Erroneously Awarded Compensation against other compensation payable by the Company

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or an affiliate of the Company to such person. Notwithstanding the foregoing, unless otherwise prohibited by the Applicable Rules, to the extent this Policy provides for recovery of Erroneously Awarded Compensation already recovered by the Company pursuant to Sarbanes-Oxley Act Section 304 or Other Recovery Arrangements, the amount of Erroneously Awarded Compensation already recovered by the Company from the recipient of such Erroneously Awarded Compensation may be credited to the amount of Erroneously Awarded Compensation required to be recovered pursuant to this Policy from such person.
5.    Administration
This Policy shall be administered, interpreted and construed by the Committee, which is authorized to make all determinations necessary, appropriate or advisable for such purpose. The Board may re-vest in itself the authority to administer, interpret and construe this Policy in accordance with applicable law, and in such event references herein to the “Committee” shall be deemed to be references to the Board. Subject to any permitted review by the applicable national securities exchange or association pursuant to the Applicable Rules, all determinations and decisions made by the Committee pursuant to the provisions of this Policy shall be final, conclusive and binding on all persons, including the Company and its affiliates, stockholders and employees. The Committee may delegate administrative duties with respect to this Policy to one or more directors or employees of the Company, as permitted under applicable law, including any Applicable Rules.
6.    Interpretation
This Policy will be interpreted and applied in a manner that is consistent with the requirements of the Applicable Rules, and to the extent this Policy is inconsistent with such Applicable Rules, it shall be deemed amended to the minimum extent necessary to ensure compliance therewith.
7.    No Indemnification; No Liability
The Company shall not indemnify or insure any person against the loss of any Erroneously Awarded Compensation pursuant to this Policy, nor shall the Company directly or indirectly pay or reimburse any person for any premiums for third-party insurance policies that such person may elect to purchase to fund such person’s potential obligations under this Policy. None of the Company, an affiliate of the Company or any member of the Committee or the Board shall have any liability to any person as a result of actions taken under this Policy.
8.    Application; Enforceability
Except as otherwise determined by the Committee or the Board, the adoption of this Policy does not limit, and is intended to apply in addition to, any other clawback, recoupment, forfeiture or similar policies or provisions of the Company or its affiliates, including any such policies or provisions of such effect contained in any employment agreement, bonus plan, incentive plan, equity-based plan or award agreement thereunder or similar plan, program or agreement of the Company or an affiliate or required under applicable law (the “Other Recovery Arrangements”). The remedy specified in this Policy shall not be exclusive and shall be in addition to every other right or remedy at law or in equity that may be available to the Company or an affiliate of the Company.

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9.    Severability
The provisions in this Policy are intended to be applied to the fullest extent of the law; provided, however, to the extent that any provision of this Policy is found to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum extent permitted, and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law.
10.    Amendment and Termination
The Board or the Committee may amend, modify or terminate this Policy in whole or in part at any time and from time to time in its sole discretion. This Policy will terminate automatically when the Company does not have a class of securities listed on a national securities exchange or association.
11.    Definitions
    “Applicable Rules” means Section 10D of the Exchange Act, Rule 10D-1 promulgated thereunder, the listing rules of the national securities exchange or association on which the Company’s securities are listed, and any applicable rules, standards or other guidance adopted by the Securities and Exchange Commission or any national securities exchange or association on which the Company’s securities are listed.
“Committee” means the committee of the Board responsible for executive compensation decisions comprised solely of independent directors (as determined under the Applicable Rules), or in the absence of such a committee, a majority of the independent directors serving on the Board.
“Erroneously Awarded Compensation” means the amount of Incentive-Based Compensation received by a current or former Executive Officer that exceeds the amount of Incentive-Based Compensation that would have been received by such current or former Executive Officer based on a restated Financial Reporting Measure, as determined on a pre-tax basis in accordance with the Applicable Rules.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Executive Officer” means each person who serves as an executive officer of the Company, as defined in Rule 10D-1(d) under the Exchange Act.
“Financial Reporting Measure” means any measure determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measures derived wholly or in part from such measures, including GAAP, IFRS and non-GAAP/IFRS financial measures, as well as stock price and total stockholder return.
“GAAP” means United States generally accepted accounting principles.
“IFRS” means international financial reporting standards as adopted by the International Accounting Standards Board.

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“Impracticable” means (a) the direct costs paid to third parties to assist in enforcing recovery would exceed the Erroneously Awarded Compensation; provided that the Company has (i) made reasonable attempts to recover the Erroneously Awarded Compensation, (ii) documented such attempt(s), and (iii) provided such documentation to the relevant listing exchange or association, (b) to the extent permitted by the Applicable Rules, the recovery would violate the Company’s home country laws pursuant to an opinion of home country counsel; provided that the Company has (i) obtained an opinion of home country counsel, acceptable to the relevant listing exchange or association, that recovery would result in such violation, and (ii) provided such opinion to the relevant listing exchange or association, or (c) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and the regulations thereunder.
“Incentive-Based Compensation” means, with respect to a Restatement, any compensation that is granted, earned, or vested based wholly or in part upon the attainment of one or more Financial Reporting Measures and received by a person: (a) after beginning service as an Executive Officer; (b) who served as an Executive Officer at any time during the performance period for that compensation; (c) while the issuer has a class of its securities listed on a national securities exchange or association; and (d) during the applicable Three-Year Period.
“Restatement” means an accounting restatement to correct the Company’s material noncompliance with any financial reporting requirement under securities laws, including restatements that correct an error in previously issued financial statements (a) that is material to the previously issued financial statements or (b) that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.
“Three-Year Period” means, with respect to a Restatement, the three completed fiscal years immediately preceding the date that the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare such Restatement, or, if earlier, the date on which a court, regulator or other legally authorized body directs the Company to prepare such Restatement. The “Three-Year Period” also includes any transition period (that results from a change in the Company’s fiscal year) within or immediately following the three completed fiscal years identified in the preceding sentence. However, a transition period between the last day of the Company’s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to 12 months shall be deemed a completed fiscal year.


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ACKNOWLEDGMENT AND CONSENT TO
POLICY FOR RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

The undersigned has received a copy of the Policy for Recovery of Erroneously Awarded Compensation (the “Policy”) adopted by Peakstone Realty Trust.
For good and valuable consideration, the receipt of which is acknowledged, the undersigned agrees to the terms of the Policy including, without limitation, the terms of Sections 3 and 7 of the Policy.


___________________
Date
________________________________________
Signature
________________________________________
Name
________________________________________
Title






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Galaxy REIT LLC Combined Financial Statements December 31, 2023

 
Page Report of Independent Auditors 3 Combined Balance Sheets as of December 31, 2023 and 2022 5 Combined Statements of Operations and Comprehensive Loss for the Year Ended December 31, 2023 and for the Period from August 26, 2022 (Commencement of Operations) to December 31, 2022 6 Combined Statements of Changes in Owners' Equity for the Year Ended December 31, 2023 and for the Period from August 26, 2022 (Commencement of Operations) to December 31, 2022 7 Combined Statements of Cash Flows for the Year Ended December 31, 2023 and for the Period from August 26, 2022 (Commencement of Operations) to December 31, 2022 8 Notes to Combined Financial Statements 10 GALAXY REIT LLC INDEX TO COMBINED FINANCIAL STATEMENTS 2

 
3 Report of Independent Auditors To the Partners and Board of Managers of Galaxy REIT LLC Opinion We have audited the combined financial statements of Galaxy REIT, LLC (the Company), which comprise the combined balance sheets as of December 31, 2023 and 2022, and the related combined statements of operations and comprehensive loss, changes in owners’ equity and cash flows for the year ended December 31, 2023 and the period from August 26, 2022 (Commencement of Operations) to December 31, 2022, and the related notes (collectively referred to as the “financial statements”). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for the year ended December 31, 2023 and the period from August 26, 2022 (Commencement of Operations) to December 31, 2022 in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial statements are available to be issued. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we: a. Exercise professional judgment and maintain professional skepticism throughout the audit. b. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

 
4   c. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed. d. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. e. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. March 26, 2024

 
December 31, 2023 2022 Assets Real estate properties, at cost: Land $ 302,384 $ 302,522 Buildings and improvements 831,736 833,084 Real estate properties, at cost 1,134,120 1,135,606 Less: accumulated depreciation (52,108) (15,469) Real estate properties, net 1,082,012 1,120,137 Cash and cash equivalents 13,069 22,157 Restricted cash 136,180 117,316 Tenant and other receivables 8,366 5,336 Due from related parties 4,417 516 Deferred rent receivable 6,485 2,212 Deferred leasing costs, net of accumulated amortization of $181 and $20 at December 31, 2023 and 2022, respectively. 7,373 3,041 Acquired lease intangible assets, net 83,513 123,971 Prepaid expenses and other assets 15,475 20,402 Total assets $ 1,356,890 $ 1,415,088 Liabilities Mortgages payable, net $ 1,070,448 $ 1,007,419 Accounts payable, accrued expenses and other liabilities 29,801 23,185 Accrued interest 24,841 9,963 Due to related parties 4,866 5,211 Acquired lease intangibles, net 19,323 27,968 Deferred revenue 8,893 5,684 Security deposits 1,468 1,579 Total liabilities 1,159,640 1,081,009 Owners' Equity Owners' equity 199,088 328,230 Perpetual preferred stock, $1,000 stated value, 1,200 shares authorized as of December 31, 2023 and 2022, 1,000 and 195 shares issued and outstanding as of December 31, 2023 and 2022, respectively. 1,000 195 Additional paid in capital (66) — Accumulated other comprehensive (loss) income (2,772) 5,654 Total owners' equity 197,250 334,079 Total liabilities and owners' equity $ 1,356,890 $ 1,415,088 The accompanying notes are an integral part of these combined financial statements. GALAXY REIT LLC COMBINED BALANCE SHEETS (Dollars in thousands, except share data) 5

 
Year Ended December 31, 2023 For the Period from August 26, 2022 (commencement of operations) to December 31, 2022 Revenues Rental revenue $ 188,956 $ 61,254 Other revenue 11,654 35 Total revenues 200,610 61,289 Expenses Operating expenses 46,217 13,368 Real estate taxes 24,857 8,004 Depreciation and amortization 83,965 24,250 Transaction related costs 514 638 General and administrative 2,270 652 Asset management fees 4,585 1,329 Total expenses 162,408 48,241 Interest expense (179,175) (58,727) Interest income 1,184 — Gain on securities holdings 1 — Gain on derivative instruments 6,757 603 Net loss (133,031) (45,076) Net loss attributable to perpetual preferred stockholders (124) — Net loss attributable to common stockholders (133,155) (45,076) Other comprehensive (loss) income Change in unrealized (loss) gain on derivative instruments (8,426) 5,654 Total other comprehensive (loss) income (8,426) 5,654 Comprehensive loss $ (141,581) $ (39,422) The accompanying notes are an integral part of these combined financial statements. GALAXY REIT LLC COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Dollars in thousands) 6

 
Preferred Shares Accumulated Other Comprehensive Income (Loss) (1) Additional Paid-in Capital Number of Shares Value Owners' Equity Total Equity Balance, August 26, 2022 (Commencement of Operations) — $ — $ — $ — $ — $ — Contributions — — 375,987 — — 375,987 Equity issuance costs — — (2,681) — — (2,681) Issuance of preferred shares 195 195 — — — 195 Other comprehensive income — — — 5,654 — 5,654 Net loss — — (45,076) — — (45,076) Balance, December 31, 2022 195 $ 195 $ 328,230 $ 5,654 $ — $ 334,079 Contributions — — 4,000 — — 4,000 Equity issuance costs — — 13 — — 13 Issuance of preferred shares 805 805 — — (66) 739 Distributions on preferred shares — — (124) — — (124) Other comprehensive loss — — — (8,426) — (8,426) Net loss — — (133,031) — — (133,031) Balance, December 31, 2023 1,000 $ 1,000 $ 199,088 $ (2,772) $ (66) $ 197,250 _______________ (1) Accumulated other comprehensive income (loss) represents unrealized (loss) gain on derivative instruments, net accounted for as cash flow hedges. The accompanying notes are an integral part of these combined financial statements. GALAXY REIT LLC COMBINED STATEMENTS OF CHANGES IN OWNERS' EQUITY (Dollars in thousands) 7

 
Year Ended December 31, 2023 For the Period from August 26, 2022 (commencement of operations) to December 31, 2022 Operating Activities Net loss $ (133,031) $ (45,076) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 83,965 24,250 Gain on derivative instruments (6,757) (603) Realized gain on securities holdings (1) — Amortization of deferred financing costs 63,382 27,294 Amortization of above- and below-market lease intangibles, net (1,647) (706) Payments for derivative instruments (9,635) — Changes in operating assets and liabilities: Deferred rent receivable (4,273) (2,212) Tenant and other receivables (3,030) (5,336) Deferred leasing costs (3,470) (2,828) Prepaid expenses and other assets 12,938 (14,128) Accounts payable, accrued interest and expenses and other liabilities 18,271 32,114 Due to related parties, net (4,393) 4,666 Deferred revenue 3,209 5,684 Security deposits (111) — Net cash provided by (used in) operating activities 15,417 23,119 Investing Activities Acquisitions of real estate — (1,235,825) Payments for capital expenditures (9,943) (1,447) Net cash used in investing activities (9,943) (1,237,272) Financing Activities Proceeds from mortgages payable — 1,072,865 Payments of equity issuance costs (66) (2,681) Payments of deferred financing costs (352) (92,740) Proceeds from issuance of preferred stock 805 195 Dividends paid to perpetual preferred stockholders (85) — Contributions from owners 4,000 375,987 Net cash provided by financing activities 4,302 1,353,626 Net increase in cash and cash equivalents and restricted cash 9,776 139,473 Cash and cash equivalents and restricted cash at beginning of period 139,473 — Cash and cash equivalents and restricted cash at end of period $ 149,249 $ 139,473 Reconciliation of Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents $ 13,069 $ 22,157 Restricted cash 136,180 117,316 Cash and cash equivalents and restricted cash at end of period $ 149,249 $ 139,473 GALAXY REIT LLC COMBINED STATEMENTS OF CASH FLOWS (Dollars in thousands) 8

 
Year Ended December 31, 2023 For the Period from August 26, 2022 (commencement of operations) to December 31, 2022 Supplemental Information Interest paid $ 87,110 $ 15,412 Supplemental Disclosure of Non-cash Investing and Financing Activities: Capital expenditures payable $ 2,570 $ 783 Deferred leasing costs payable $ 904 $ 253 Deferred leasing costs due to related parties $ 147 $ 29 Deferred financing costs payable $ 10 $ — Purchase price adjustment $ (300) $ — Write off of equity issuance costs $ 13 $ — Perpetual preferred dividends payable $ 39 $ — The accompanying notes are an integral part of these combined financial statements. GALAXY REIT LLC COMBINED STATEMENTS OF CASH FLOWS (Dollars in thousands) 9

 
Note 1 — Organization and Description of the Business Galaxy REIT LLC ("Galaxy REIT") was formed on May 9, 2022 and commenced operations on August 26, 2022 as a Delaware limited liability company that elected and qualified to be taxed as a real estate investment trust ("REIT") for United States ("U.S") federal income tax purposes beginning with the taxable year ended December 31, 2022. The accompanying financial statements reflect the operations on a combined basis of Galaxy REIT LLC and the various REITs in which it is invested including Galaxy Properties REIT LLC, Galaxy IL WI REIT LLC, Galaxy OH REIT LLC, Galaxy KC REIT LLC, Galaxy OR REIT LLC, Galaxy WA REIT LLC and Galaxy MO REIT LLC (collectively, the "Subsidiary REITs" and together with Galaxy REIT, "Galaxy") including their wholly-owned subsidiaries. The subsidiary REITs elected and qualified to be taxed as REITs for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2022. Galaxy is engaged in the business of directly or indirectly, owning, financing, managing, leasing and selling real estate assets in the United States. On August 26, 2022, Galaxy acquired a portfolio of 52 office buildings and two land parcels located in 14 states throughout the United States (the "First Portfolio") from an affiliate. On December 27, 2022, Galaxy acquired a portfolio of six office buildings located in five states throughout the United States (the "Second Portfolio") from an affiliate. As used in these combined financial statements, unless the context otherwise requires, "we," "us," "our Company" mean Galaxy and the entities identified above. Real Estate Portfolio As of December 31, 2023, Galaxy owned the following properties: Number of Properties Rentable Square Feet(1) Acres(1) Office properties 58 8,643,286 — Land 2 — 5.6 Total 60 8,643,286 5.6 _______________ (1) Square feet reflects any remeasurements post acquisition. Square footage and acreage amounts are unaudited. Note 2 — Summary of Significant Accounting Policies Principles of Combined Financial Statements The combined financial statements include the accounts of Galaxy and various entities in which it is invested, all of which are managed by the board of managers of RVMC Capital LLC (“RVMC”). Therefore, we have prepared the financial statements on a combined basis due to common ownership and management. All significant intercompany transactions and balances are eliminated in consolidation. A reporting entity consolidates a voting interest entity (“VOE”) it controls and a variable interest entity (“VIE”), in which it is the primary beneficiary. A VOE is an entity whose equity investment is deemed sufficient to finance its activities and to absorb the expected losses of the entity, and where the equity holders have the power to direct the activities that most significantly impact the entity’s economic performance. A reporting entity consolidates a VOE if the reporting entity owns a majority voting interest, or for limited partnership interests, a reporting entity owns a majority of the limited partnership’s voting rights, and none of the non-controlling limited partners hold any substantive participating rights. On the other hand, the primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. A re-assessment of whether an entity is a VIE is performed when a reconsideration event occurs such as a recapitalization transaction or when the governing documents or contractual arrangements are amended such that it changes the characteristics of the entity’s equity investment at risk or the holders of the equity investments at risk, as a group, lose power from voting rights or similar rights to direct the significant activities of the entity. Index to Combined Financial Statements GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 10

 
We review each operating agreement to understand our rights and the rights of our other partners or members and determine whether those rights are protective or participating. When approval of all the partners or a quorum is required for major decisions such as, among others, approval of operating budgets and business plan, settling disputes with taxing authorities or any other claims, sale or disposition of real estate, placement of new or additional financing secured by the assets of the entity or approval of significant leases and other significant contracts or related party agreements, we consider these to be substantive participating rights that result in shared power of the activities that most significantly impact the performance of the entity and as a result, we do not consolidate such entities. Operating agreements typically contain certain protective rights such as the ability to remove the managing partner in case of willful misconduct or bad acts, requiring partners or members to approve capital expenditures and operating expenditures greater than a particular amount and limitations on the operating activities of the entity. Reclassifications Certain prior year amounts within accounts payable, accrued expenses and other liabilities have been reclassified to accrued interest on the accompanying combined balance sheets to conform with the current year presentation. Real Estate and Depreciation Real estate properties are carried at cost less accumulated depreciation and impairment losses, if any. The cost of real estate properties reflects their purchase price or development cost. Galaxy evaluates each acquisition transaction to determine whether the acquired assets meet the definition of a business. If an acquisition does not meet the definition of a business, then it is considered an asset acquisition. An acquisition does not qualify as a business when substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that are asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred and will be included in transaction related costs in the accompanying combined statements of operations and comprehensive loss. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Galaxy allocates the purchase price of real estate in a transaction accounted for as an asset acquisition to net tangible and identified intangible assets and liabilities acquired based on their relative fair values. Above-market and below-market in-place lease values of acquired properties are recorded based on the net present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) Galaxy’s estimate of the fair market lease rates for the corresponding in-place leases measured over a period equal to the remaining non-cancelable terms of the leases (including the below-market fixed-rate renewal period, if applicable). Capitalized above-market lease values are included in acquired lease intangible assets, net, on the accompanying combined balance sheets and are amortized on a straight-line basis as a reduction of rental revenue over the remaining non-cancelable terms of the respective leases, which generally range from less than one year to ten years. Capitalized below-market lease values are included in acquired lease intangibles, net, on the accompanying combined balance sheets and are amortized on a straight-line basis as an increase to rental revenue over the remaining non-cancelable terms of the respective leases including any below-market fixed-rate renewal periods that are considered probable, which generally range from less than one year to ten years. Intangible assets also include in-place leases based on Galaxy’s evaluation of the specific characteristics of each tenant’s lease. Galaxy estimates the cost to execute leases with terms similar to the remaining lease terms of the acquired in-place leases, including leasing commissions, incremental legal and other incremental related expenses. Recurring non-incremental legal and other costs are expensed to transaction costs on the accompanying combined statements of operations and comprehensive loss. In-place lease assets are included in acquired lease intangible assets, net, on the accompanying combined balance sheets and are amortized to depreciation and amortization expense on a straight-line basis over the remaining term of the respective leases and any fixed-rate bargain renewal periods, which generally range from less than one year to ten years. In the event that a tenant terminates its lease, the unamortized portion of each intangible, including in-place lease values and tenant relationship values, if any, is charged to amortization expense and above- and below-market leases adjustments, if any, are recorded in rental revenue. GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 11

 
Galaxy’s estimates of fair value are made using methods similar to those used by independent appraisers or by using independent appraisals. Factors considered by Galaxy in this analysis include an estimate of the carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, Galaxy includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, which primarily range from 12 to 24 months. Galaxy also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. Galaxy also uses the information obtained as a result of its pre-acquisition due diligence as part of its consideration of the accounting standard governing asset retirement obligations and when necessary, will record a conditional asset retirement obligation as part of its purchase price, if applicable. Though Galaxy considers the value of tenant relationships, the amounts are determined on a tenant-specific basis, if applicable. Galaxy may incur various costs in the development and leasing of our properties. The costs directly related to properties under development which include preconstruction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs incurred during the period of development will be capitalized to construction in progress on the combined balance sheets. Development costs incurred associated with the leasing of our properties derived from tenant improvement allowances are capitalized to buildings and improvements on the accompanying combined balance sheets. After the determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project commences and capitalization begins, and when a development project is substantially complete and held available for occupancy and when capitalization must cease, involves a degree of judgment. Depreciation on buildings and improvements is computed using the straight-line method. The estimated useful lives of buildings are 40 years. Improvements to buildings are capitalized and depreciated over useful lives ranging from three to 15 years. Tenant improvements are capitalized and depreciated over the non-cancelable remaining term of the related lease or their estimated useful life, whichever is shorter. Depreciation expense on buildings and improvements amounted to $50.3 million for the year ended December 31, 2023 and $15.5 million for the period from August 26, 2022 (commencement of operations) through December 31, 2022. Galaxy evaluates its real estate investments upon occurrence of a significant adverse change in its operations to assess whether any impairment indicators are present that affect the recovery of the recorded value. If indicators of impairment are identified, Galaxy estimates the future undiscounted cash flows from the use and eventual disposition of the property and compares this amount to the net carrying value of the property. If any real estate investment is considered impaired, a loss is recognized to reduce the net carrying value of the property to its estimated fair value. Estimated fair value is primarily determined by discounting the estimated future cash flows at a risk adjusted rate. Galaxy's strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If Galaxy's strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could have a material impact on the results of operations. Galaxy does not believe that the carrying value of any properties or intangible assets were impaired at December 31, 2023 or 2022, and no impairment charges have been recorded for the year ended December 31, 2023 or for the period from August 26, 2022 (commencement of operations) through December 31, 2022. Lessee Arrangements Galaxy reviews all leases and identifies certain service contracts and evaluates such contracts for the components of a lease, based on the definition that a lease involves a right to control use of the identified asset for a period of time in exchange for consideration. Galaxy records right-of-use ("ROU") assets and lease liabilities at the commencement or acquisition of the lease based on the present value of the lease payments over the lease term on our combined balance sheets. For our leases that do not provide an implicit rate, Galaxy uses a discount rate based on our incremental borrowing rates to determine the present value of lease payments. Galaxy records rental expense for lease payments related to operating leases on a straight-line basis over the lease term. Lease expense for land is included in operating expenses on the combined statements of operations and comprehensive loss. Cash and Cash Equivalents Cash and cash equivalents are highly-liquid investments with original maturities of three months or less. Galaxy maintains cash and cash equivalents in major financial institutions in excess of the insured limit of $0.3 million provided by the Federal Depository Insurance Corporation. Galaxy has not experienced any losses related to these excess balances and management believes its credit risk is minimal. GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 12

 
Restricted Cash Restricted cash consists of cash held in escrows by our lenders for property taxes, working capital, capital expenditures and tenant improvements in connection with Galaxy’s borrowings. Deferred Leasing Costs, Net Deferred leasing costs, which consist of fees and certain incremental direct costs incurred to initiate and renew operating leases, are capitalized and amortized on a straight-line basis over the term of the related lease. Upon the early termination of a lease, any unamortized deferred leasing costs are charged to amortization expense. Amortization of deferred leasing costs is included in depreciation and amortization on the accompanying combined statements of operations and comprehensive loss. As of December 31, 2023 and 2022, Galaxy had $7.4 million and $3.0 million of deferred leasing costs, net of accumulated amortization of $0.2 million and approximately $20,000, respectively. Amortization expense on deferred leasing costs amounted to $0.2 million for the year ended December 31, 2023 and approximately $20,000 for the period from August 26, 2022 (commencement of operations) through December 31, 2022. Deferred Financing Costs Deferred financing costs, which consist of lender fees, legal, title and other third party costs related to the issuance of debt, are capitalized and are reported as a deduction from the face amount of the related debt on the accompanying combined balance sheets. Deferred financing costs are amortized over the term of the related debt agreements on a basis which approximates the effective interest method. In the event of early redemption, any unamortized costs are charged to operations. Amortization of deferred financing costs is included in interest expense on the accompanying combined statements of operations and comprehensive loss. As of December 31, 2023 and 2022, Galaxy had $2.4 million and $65.4 million of deferred financing costs, net of accumulated amortization of $90.7 million and $27.3 million, respectively. Amortization expense on deferred financing costs amounted to $63.4 million for the year ended December 31, 2023 and $27.3 million for the period from August 26, 2022 (commencement of operations) through December 31, 2022. As of December 31, 2023, Galaxy had approximately $10,000 of deferred financing costs associated with an unexecuted mortgage transaction. Fair Value of Financial Instruments Galaxy is required to disclose the fair value information about its financial instruments, whether or not recognized in the accompanying combined balance sheets for which it is practicable to estimate fair value (see Note 7 — Fair Value Measurements). Revenue Recognition and Tenant Accounts Receivable Revenue Recognition Rental revenue is recognized on the straight-line basis over the non-cancelable term of the leases from the later of the date of the commencement of the lease or the date of acquisition of the property. Rental revenue recognition begins when the tenant controls the space through the term of the related lease. When management concludes that Galaxy is the owner of tenant improvements, rental revenue recognition generally begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that Galaxy is not the owner (the tenant is the owner) of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When management concludes that Galaxy is the owner of tenant improvements for accounting purposes, Galaxy records amounts funded to construct the tenant improvements as a capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, Galaxy records our contribution towards those improvements as a tenant inducement, which would be included in prepaid expenses and other assets on the accompanying combined balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the related lease. As of December 31, 2023 and 2022, Galaxy did not have any tenant inducements. GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 13

 
Galaxy takes into account whether the collectability of rents is reasonably assured in determining the amount of straight- line rent to record. For the purpose of determining the straight-line period, the straight-line calculation will take into consideration bargain renewal options, leases where the renewal appears reasonably assured and any guarantees by the lessee and does not take into account any contingent rent. For certain leases, Galaxy makes significant assumptions and judgments in determining the lease term, including assumptions when the lease provides the tenant with an early termination option or an option to extend. The lease term impacts the period over which Galaxy determines and records minimum rents, the estimated fair value of lease intangibles upon acquisition and also impacts the period over which Galaxy amortizes lease-related costs. Galaxy recognizes the excess of rents recognized over the amounts contractually due pursuant to the underlying leases as part of deferred rent receivable, on the accompanying combined balance sheets. Any rental payments received prior to their due dates are reported in deferred revenue on the accompanying combined balance sheets. Galaxy’s leases also typically provide for tenant reimbursement of a portion of common area maintenance expenses and other operating expenses to the extent that the tenant has a lease on a triple net basis or to the extent that a tenant’s pro rata share of expenses exceeds a base year level set in the lease. Recoveries from tenants, consisting of amounts due from tenants for common area maintenance expenses, real estate taxes and other recoverable costs are recognized as revenue on an accrual basis over the periods in which the related expenditures are incurred. Tenant reimbursements are recognized on a gross basis because Galaxy is generally the primary obligor with respect to the goods and services, the purchase of which, gives rise to the reimbursement obligation; because Galaxy has discretion in selecting the vendors and suppliers; and because Galaxy bears the credit risk in the event the tenants do not reimburse Galaxy. Termination fees, which are included in other revenue on the accompanying combined statements of operations and comprehensive loss, are fees that Galaxy has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration date. Galaxy recognizes termination fees during the period in which the following conditions are met: (i) the termination agreement is executed, (ii) the termination fee is determinable, and (iii) collectability of the termination fee is assured. Tenant Accounts Receivable Galaxy reviews its tenant accounts receivable, including its straight-line rent receivable, related to base rents, straight-line rent, expense reimbursements and other revenues for collectability. Galaxy analyzes its accounts receivable, customer credit worthiness and current economic trends when evaluating the collectability of the tenant’s total future lease payments on a lease by lease basis. If a tenant’s future lease payments, after lease commencement, are determined to be not probable of collection, rental revenue is limited to the lesser of the lease payments, including variable lease payments, that have been collected from the tenant and the rental revenue recognized to date with any adjustment recognized as a current period adjustment to rental revenue. If Galaxy subsequently determines that it is probable it will collect substantially all of the tenant’s remaining lease payments under the lease term, Galaxy will then reinstate the straight-line balance as if the rental revenue had always been accounted for on a straight-line basis with any adjustment recognized as a current period adjustment to rental revenue. Galaxy's reported net earnings are directly affected by management’s estimate of the collectability of its tenant future lease payments. Tenant accounts receivable, primarily derived from expense reimbursements, that are being disputed by the lessee will not be written-off if it is presumed Galaxy will collect these receivables upon resolution with the tenant barring any concerns about the tenant's ability to pay these amounts. Derivative Instruments and Hedging Activities Galaxy is exposed to certain risks arising from both its business operations and economic conditions. Galaxy principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Galaxy manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, Galaxy enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by variable interest rates. Galaxy’s derivative financial instruments are used to manage differences in the amount, timing, and duration of Galaxy’s known or expected cash receipts and its known or expected cash payments principally related to Galaxy’s borrowings. Certain of Galaxy’s borrowings bear interest at variable rates. Galaxy’s objective is to limit or manage its interest rate risk. To accomplish this objective, Galaxy primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 14

 
Galaxy records all derivatives at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether Galaxy has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied, and continues to satisfy, the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. Galaxy may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or Galaxy elects not to apply hedge accounting. For qualifying cash flow hedges, the changes in fair value of derivatives are deferred into accumulated other comprehensive income (loss) in the accompanying combined balance sheets, which is subsequently reclassified into earnings in the period that the hedged transaction affects earnings. For fair value hedges and derivatives not designated as hedging instruments, the gain or loss, resulting from the change in the fair value of the derivatives, is recognized in earnings, as part of gain (loss) on derivative instruments in the accompanying combined statements of operations and comprehensive loss, during the period of change. Income Taxes Galaxy elected and qualified to be taxed as a REIT under sections 856 through 860 of the Internal Revenue Code ("Code"), commencing with the taxable year ended December 31, 2022. To qualify, and continue to qualify, as a REIT, Galaxy must meet certain organizational and operational requirements. Galaxy intends to continue to adhere to these requirements and maintain its REIT status for the current year and subsequent years. As a REIT, Galaxy generally will not be subject to federal income taxes on taxable income that is distributed to its partners and preferred stockholders. If Galaxy fails to continue to qualify as a REIT in any taxable year, Galaxy will then be subject to federal income taxes on the taxable income at regular corporate rates (including any applicable alternative minimum tax) and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service ("IRS") grants Galaxy relief under certain statutory provisions. Such an event could materially adversely affect net income and net cash available for distribution to partners. Galaxy REIT distributed to its partners and preferred stockholders 100.0% of its REIT taxable income for the year ended December 31, 2023 and for the period from August 26, 2022 (commencement of operations) through December 31, 2022. Accordingly, no provision for federal or state income tax related to such REIT taxable income was recorded in Galaxy's financial statements. Even if Galaxy continues to qualify for taxation as a REIT, it may be subject to certain state and local taxes on its income and property and federal income and excise tax on any undistributed income. As of December 31, 2023, 100.0% of the preferred distribution paid to preferred stockholders was considered a return of capital from a tax perspective. Galaxy’s policy is to classify interest in interest expense and penalties in general and administrative expenses in the accompanying combined statements of operations and comprehensive loss. There have been no interest or penalties recorded during the years ended December 31, 2023 or 2022. The 2023 and 2022 tax years remain open to examination by the domestic taxing jurisdictions to which Galaxy is subject. Use of Estimates The preparation of the accompanying combined financial statements in conformity with US GAAP requires management to make estimates and assumptions that, in certain circumstances, affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past and current events and economic conditions. Actual results could differ from these estimates. GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 15

 
Risks and Uncertainties Galaxy is subject to risks common to companies in the commercial real estate industry, including, but not limited to, lack of demand for space in the areas where our properties are located, inability to retain existing tenants and attract new tenants, oversupply of or reduced demand for space and changes in market rental rates, defaults by our tenants or their failure to pay rent on a timely basis, the need to periodically renovate and repair our properties, physical damage to our properties, economic or physical decline of the areas where our properties are located, and potential risk of functional obsolescence of our properties over time. Note 3 — Real Estate First Portfolio On August 26, 2022, Galaxy acquired the First Portfolio for $1.1 billion (the "First Portfolio Purchase Price"), plus acquisition costs of $17.6 million. The acquisition of the First Portfolio was funded with $930.8 million of secured borrowings from institutional lenders and the balance with equity. The transaction qualified as an asset acquisition because substantially all of the fair value was concentrated in a group of similar identifiable assets. As a result, the First Portfolio Purchase Price and the associated transaction costs were allocated to the tangible and intangible assets and liabilities based on the relative fair values. Second Portfolio On December 27, 2022, Galaxy acquired the Second Portfolio for $151.3 million (the "Second Portfolio Purchase Price"), plus acquisition costs of $3.8 million. The acquisition of the Second Portfolio was funded with $142.1 million of secured borrowings from institutional lenders and the balance with equity. The transaction qualified as an asset acquisition because substantially all of the fair value was concentrated in a group of similar identifiable assets. As a result, the Second Portfolio Purchase Price and the associated transaction costs were allocated to the tangible and intangible assets and liabilities based on the relative fair values. The following summarizes the assets acquired and liabilities assumed recorded upon closing of each acquisition. (In thousands, except number of properties) First Portfolio Second Portfolio Land $ 272,327 $ 30,195 Building and improvements 649,740 105,461 Tenant improvements 65,935 9,723 Market lease assets (including ground leases)(1)(2) 25,410 386 Acquired in-place leases(1)(2) 93,125 15,934 Assets acquired 1,106,537 161,699 Security deposits assumed (1,579) — Market lease liabilities(1)(2) (24,241) (6,591) Liabilities assumed (25,820) (6,591) Net cash paid to acquire real estate $ 1,080,717 $ 155,108 Number of properties purchased 54 6 _______________ (1) Weighted-average remaining amortization period for acquired in-place leases, above-market lease intangibles, below- market ground lease intangibles and below-market lease intangibles of the First Portfolio were 5.9 years, 6.3 years, 73.4 years and 4.8 years, respectively, as of the acquisition date. (2) Weighted-average remaining amortization period for acquired in-place leases, above-market lease intangibles and below- market lease intangibles of the Second Portfolio were 6.0 years, 4.6 years and 7.3 years, respectively, as of the acquisition date. GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 16

 
Note 4 — Acquired Lease Intangibles As of December 31, 2023 and 2022, our lease intangible assets and liabilities were comprised of the following: December 31, 2023 2022 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired lease intangible assets, net: In-place leases $ 101,932 $ (35,030) $ 66,902 $ 109,048 $ (8,703) $ 100,345 Above-market leases 23,006 (8,644) 14,362 23,444 (2,098) 21,346 Ground lease 2,293 (44) 2,249 2,293 (13) 2,280 Total acquired intangible assets $ 127,231 $ (43,718) $ 83,513 $ 134,785 $ (10,814) $ 123,971 Acquired lease intangible liabilities, net: Below-market leases $ (28,608) $ 9,285 $ (19,323) $ (30,817) $ 2,849 $ (27,968) The following table discloses amounts recognized within the accompanying combined statements of operations and comprehensive loss related to amortization of in-place leases and amortization and (accretion) of above- and below-market lease assets and liabilities for the periods presented: (In thousands) Year Ended December 31, 2023 For the Period from August 26, 2022 (commencement of operations) to December 31, 2022 Amortization of in-place leases(1) $ 33,427 $ 8,712 Amortization and (accretion) of above- and below-market leases, net(2) $ (1,647) $ (706) Amortization of below-market ground leases(3) $ 31 $ 13 _______________ (1) Reflected within depreciation and amortization expense. (2) Reflected within rental revenue. (3) Reflected within general and administrative expense. The following table provides the projected amortization expense and adjustments to revenues through 2028: (In thousands) 2024 2025 2026 2027 2028 In-place lease assets(1) $ 21,909 $ 13,430 $ 9,419 $ 6,439 $ 5,210 Above-market lease assets $ (4,310) $ (2,474) $ (1,753) $ (1,564) $ (1,398) Below-market lease liabilities 6,350 4,750 2,656 1,419 1,403 Total to be added to (subtracted from) rental revenue $ 2,040 $ 2,276 $ 903 $ (145) $ 5 Below-market ground lease assets(2) $ 31 $ 31 $ 31 $ 31 $ 31 _______________ (1) Total to be added to amortization expense. (2) Total to be added to general and administrative expense. GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 17

 
Note 5 — Mortgages Payable The following table sets forth information regarding mortgages payable outstanding at December 31, 2023 and 2022: First Portfolio Mortgage Loan(1) $ 736,000 $ 736,000 9.25 % September 9, 2024 First Portfolio Mezzanine Loan(1) 194,765 194,765 12.19 % September 9, 2024 Second Portfolio Mortgage Loan(1) 142,100 142,100 9.60 % January 6, 2024 Gross mortgages payable 1,072,865 1,072,865 9.83%(2) Deferred financing costs, net (2,417) (65,446) Total mortgages payable, net $ 1,070,448 $ 1,007,419 (In thousands) December 31, Interest Rate Maturity Date2023 2022 _______________ (1) Interest rate was determined utilizing the respective SOFR rate plus the interest rate margin of each loan at December 31, 2023. (2) Interest rate on gross mortgages payable is calculated as a weighted-average for mortgages outstanding as of December 31, 2023. First Portfolio Galaxy Loans On August 26, 2022, in connection with the purchase of the First Portfolio, Galaxy, through certain entities in which it is invested, entered into loan agreements with JPMorgan Chase Bank, National Association, ("JPM") and Bank of Montreal ("BMO"), (together the "Lender"), for total borrowings in the amount of $930.8 million (the "First Portfolio Galaxy Loans"), comprised of a mortgage loan, representing $736.0 million of borrowings ("Mortgage Loan") and a mezzanine loan, representing $194.8 million of borrowings ("Mezzanine Loan"). The Mortgage Loan bears interest at a per annum variable rate equal to Term SOFR, capped at 4.4% with derivative instruments, plus a spread of 3.885%. The Mezzanine Loan bears interest at a per annum variable rate equal to Term SOFR, capped at 4.4% with derivative instruments, plus a spread of 6.824%. The First Portfolio Galaxy Loans provide for monthly interest only payments with all principal outstanding due on the maturity date. The First Portfolio Galaxy Loans were subject to two one-year extension options at Galaxy's option, subject to minimum debt yield tests and an increase to the interest rate spread of 0.25% for each extension. The extension options for the Mortgage Loan and Mezzanine Loan must be exercised simultaneously. On September 9, 2023, Galaxy exercised the first one-year extension option, extending the maturity dates to September 9, 2024. Galaxy expects to meet the requirements to exercise its remaining extension option and exercise such extension option prior to current maturity date. The First Portfolio Galaxy Loans may be prepaid at any time, in whole but not in part, unless necessary to meet a debt yield sufficient to exercise an extension option. The First Portfolio Galaxy Loans are subject to an exit fee upon any repayment or prepayment of the loans, equal to 2.0% of the amount of the First Portfolio Galaxy Loans that are being repaid. Such exit fee is being accrued monthly to accounts payable, accrued expenses and other liabilities on the accompanying combined balance sheets and expensed to interest expense on the accompanying combined statements of operations and comprehensive loss. At December 31, 2023, the gross carrying amount of real estate investments at cost and gross acquired lease intangible assets and liabilities of the properties collateralizing the First Portfolio Galaxy Loans was $1.1 billion. Second Portfolio Galaxy Loan On December 27, 2022, in connection with the purchase of the Second Portfolio, Galaxy, through certain entities in which it is invested, entered into a loan agreement with UBS AG ("UBS") for total borrowings in the amount of $142.1 million (the "the Second Portfolio Galaxy Loan"). The Second Portfolio Galaxy Loan bears interest at a per annum variable rate equal to Term SOFR, capped at 4.00% with derivative instruments, plus a spread of 4.25%. The Second Portfolio Galaxy Loan provides for monthly interest only payments with all principal outstanding due on the maturity date. GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 18

 
The Second Portfolio Galaxy Loan is subject to two one-year extension options at Galaxy's option, subject to minimum debt yield tests and an increase to the interest rate spread of 0.25% for each extension. Upon exercise of the first extension option, if (i) any tenant has indicated that it will terminate all or any portion of its lease, (ii) any tenant has indicated that it will not renew or extend its lease or (iii) certain tenants vacate their premises yet continue to pay rent for such premises (i, ii, iii each a "Trigger Event"), Galaxy must deposit 12-months of base rent for such lease into an account controlled by UBS as additional security for UBS. If Galaxy meets the minimum debt yield test in conjunction with the exercise of the second extension option, any funds posted in connection with a Trigger Event will be returned to Galaxy. On January 5, 2024, Galaxy exercised the first one-year extension option, extending the maturity date to January 6, 2025. Galaxy expects to meet the requirements to exercise its remaining extension option and exercise such extension option prior to current maturity date. The Second Portfolio Galaxy Loans may be prepaid at any time, in whole but not in part, unless necessary to meet a debt yield sufficient to exercise an extension option or to release an individual property from the loan. The Second Portfolio Galaxy Loan is subject to an exit fee upon any repayment or prepayment of the loans, equal to 2.0% of the amount of the Second Portfolio Galaxy Loan that is being repaid. To the extent any of the Second Portfolio Galaxy Loan is repaid with proceeds from a loan made by UBS, such exit fee will be reduced to 1.0% of the amount of such amount of the Second Portfolio Galaxy Loan being repaid. As such, the 1.0% exit fee is being accrued monthly to accounts payable, accrued expenses and other liabilities on the accompanying combined balance sheets and expensed to interest expense on the accompanying combined statements of operations and comprehensive loss based on Galaxy's present intention to eventually refinance the Second Portfolio Galaxy Loan with a loan provided by UBS. At December 31, 2023, the gross carrying amount of real estate investments at cost and gross acquired lease intangible assets and liabilities of the properties collateralizing the Second Portfolio Galaxy Loans was $157.0 million. Future Principal Payments The following table summarizes the scheduled aggregate principal payments on mortgage notes payable subsequent to December 31, 2023 before consideration of options to extend: (In thousands) Future Principal Payments 2024 (1) $ 1,072,865 Total $ 1,072,865 _______________ (1) On January 5, 2024, Galaxy exercised the first one-year extension option, effective January 6, 2024, extending the maturity date of the Second Portfolio Galaxy Loan to January 6, 2025. Note 6 — Preferred Shares Pursuant to the various limited liability company agreements of Galaxy REIT (the "Galaxy REIT LLCA") and the Subsidiary REITs (the "Subsidiary REIT LLCAs" and together with the Galaxy REIT LLCA, the "LLCAs"), Galaxy REIT and each Subsidiary REIT authorized 150 preferred shares at a stated value of $1,000 per share ("Preferred Shares"). Such Preferred Shares will accrue a cumulative preferential cash distribution at a rate of 12.0% per annum per Preferred Share on a daily basis from the first date on which any Preferred Share is issued (and such funds are received by Galaxy), which preferential cash distribution is payable semi-annually in arrears on or before March 31 and September 30 of each year. During the year ended December 31, 2023, Galaxy incurred $0.1 million of distribution expense related to preferred stockholders recorded to net loss attributable to perpetual preferred stockholder on the accompanying combined statements of operations and comprehensive loss. There was no such distribution expense recorded for the period from August 26, 2022 (commencement of operations) through December 31, 2022. As of December 31, 2023, Galaxy had approximately $39,000 of preferred stock distributions payable included in accounts payable, accrued expenses and other liabilities on the accompanying combined balance sheets. There was no such payable outstanding as of December 31, 2022. Galaxy may redeem its Preferred Shares at its option at a price equal to (i) $1,000 per share plus (ii) all accrued and unpaid distributions on such redeemed Preferred Shares through the date fixed for payment plus (iii) a redemption premium per Preferred Share (if any) equal to $100 per redeemed Preferred Share for Preferred Shares redeemed on or before the second anniversary of the original Preferred Share issue date. Upon liquidation, dissolution or winding up of affairs of Galaxy, Preferred Share holders would be entitled to a payment equal to the price per share Galaxy would pay if Galaxy were to redeem such shares. GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 19

 
Holders of Preferred Shares have no voting rights on matters of Galaxy besides (i) authorization or issuance of any membership interest or equity security with any rights senior to those of the holders of Preferred Shares (ii) any amendment that would have a material adverse effect on the rights and preferences of the Preferred Stockholders or which increases the number of authorized or issued Preferred Units and (iii) the recharacterization of Preferred Shares. On August 26, 2022, Galaxy REIT issued 125 Preferred Shares and each Subsidiary REIT issued 10 Preferred Shares, to WS One Partners, L.P. ("WS One"), an affiliate, in a private placement. As of December 31, 2023 and 2022, Galaxy REIT had 125 Preferred Shares outstanding and each Subsidiary REIT had 10 shares outstanding. In January 2023, Galaxy REIT and each Subsidiary REIT completed its offering of 125 Preferred Shares, as part of which WS One sold its 125 Preferred Shares in Galaxy REIT and its 10 Preferred Shares in each Subsidiary REIT, in addition to 115 Preferred Shares issued and sold by each Subsidiary REIT (collectively, the "Offering") to third-party holders. As of the closing of the Offering, Galaxy REIT and each Subsidiary REIT had raised $125,000 and had 125 non-affiliated holders of Preferred Shares. Note 7 — Fair Value Measurements Galaxy is required to disclose the fair value information of our financial instruments, whether or not recognized in the accompanying combined balance sheets, for which it is practical to estimate fair value. ASC 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Galaxy measures and/or discloses the fair value of financial assets and liabilities based on a hierarchy that distinguishes market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. The hierarchy consists of the following three levels: • Level 1 — Valuations using unadjusted quoted prices for assets and liabilities traded in active markets. • Level 2 — Valuations are determined using observable prices that are based on inputs not quoted in active markets, but corroborated by market data. Fair values are primarily obtained from third party pricing services for identical or comparable assets and liabilities. • Level 3 — Valuations for assets and liabilities that are derived from other valuation methodologies such as discounted cash flow models or appraisals, and are not based on market pricing. These valuations are generally based on property level cash flow projections and assumptions that are not observable in the market. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized based on the lowest level input that is significant to the fair value measurement. The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022, aggregated by their levels in the fair value hierarchy: (In thousands) Level 1 Level 2 Level 3 Total December 31, 2023 Assets Derivative instruments $ — $ 4,183 $ — $ 4,183 December 31, 2022 Assets Derivative instruments $ — $ 12,984 $ — $ 12,984 GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 20

 
Currently, Galaxy uses interest rate caps to manage its interest rate risk. The valuation of these instruments are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and option volatility. Galaxy also incorporates credit valuation adjustments to appropriately reflect nonperformance risk in the fair value measurements. Although Galaxy has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by its counterparties. However, as of December 31, 2023 and 2022, Galaxy has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, Galaxy has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The financial assets and liabilities that are not measured at fair value on our accompanying combined balance sheets include cash and cash equivalents, restricted cash, tenant and other receivables, due to/from related parties, accounts payable, accrued expenses and other liabilities, accrued interest, mortgages payable, deferred revenue and security deposits. The fair value of cash and cash equivalents, restricted cash, tenant and other receivables, due to/from related parties, accounts payable, accrued expenses and other liabilities, accrued interest, deferred revenue and security deposits approximate their carrying values due to their short-term nature. The fair values of our mortgages payable which are classified as Level 3, are estimated by discounting the contractual cash flows of each debt obligation to their present value using the adjusted market interest rates, which was provided a by a third party specialist. The table below provides the carrying value, excluding the associated deferred financing costs, and fair value of the mortgage loans as of December 31, 2023 and 2022: December 31, 2023 2022 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans $ 1,072,865 $ 1,069,741 $ 1,072,865 $ 1,071,208 Note 8 — Derivative and Hedging Activities Derivatives designated as cash flow hedges of interest rate risk On August 26, 2022, in conjunction with the execution of the First Portfolio Galaxy Loans, Galaxy entered into interest rate cap agreements, with a combined notional value of $930.8 million, that effectively capped Term SOFR at 3.0%. These interest rate caps terminated on September 15, 2023 and were designated as cash flow hedges. In September 2023, Galaxy purchased new interest rate caps that will effectively cap 1-month SOFR at 4.40%. These interest rate caps are co-terminating with their underlying debt on September 15, 2024 and are designated as cash flow hedges. On December 27, 2022, in conjunction with the Second Portfolio Galaxy Loan, Galaxy entered into interest rate cap agreements related to such debt with a notional value of $142.1 million that effectively capped Term SOFR at 4.0%. These interest rate caps co-terminating with their underlying debt on January 6, 2024 and are designated as cash flow hedges. In December 2023, Galaxy purchased new interest rate caps that will effectively cap 1-month SOFR at 6.11%, effective January 6, 2024. These interest rate caps are co-terminating with their underlying debt on January 6, 2025 and are designated as cash flow hedges. The table below provides the notional amount of our designated derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2023 and 2022: December 31, 2023 2022 Number of Instruments Notional Amount Number of instruments Notional Amount (In thousands) (In thousands) Interest Rate Caps 22 $ 1,214,965 19 $ 1,072,865 GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 21

 
The changes in fair value of derivatives designated and that qualify as cash flow hedges are recorded to change in unrealized gain on derivative instruments in other comprehensive (loss) income on the accompanying combined statements of operations and comprehensive loss. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next twelve months, Galaxy estimates that $3.7 million will be reclassified from accumulated other comprehensive loss as a decrease to interest expense. The table below presents the effect of our derivative financial instruments designated as qualifying hedges on the accompanying combined statements of operations and comprehensive loss for the year ended December 31, 2023 and for the period from August 26, 2022 (commencement of operations) through December 31, 2022: (In thousands) Year Ended December 31, 2023 For the Period from August 26, 2022 (commencement of operations) to December 31, 2022 Amount of (loss) gain on derivative instruments recognized in other comprehensive (loss) income $ (1,669) $ 6,257 Amount of gain on derivative instruments reclassified from accumulated other comprehensive (loss) income into gain on derivative instruments $ 6,757 $ 603 Balance Sheet Classification The table below presents the fair value of our derivative financial instruments as well as their classification on the combined balance sheets as of December 31, 2023 and 2022: December 31, (In thousands) Balance Sheet Location 2023 2022 Interest rate caps — designated as hedging instruments Prepaid expenses and other assets $ 4,183 $ 12,984 Note 9 — Related Party Transactions Galaxy is externally managed by Workspace Property Management, L.P. ("WPM"), a Delaware limited partnership, pursuant to various agreements among WPM and the entities included in the combined financial statements (the "PM Agreements"). The PM Agreements run in perpetuity unless a termination event, as defined in the PM Agreements, occurs. Pursuant to the PM Agreements, Galaxy is subject to pay compensation to WPM in the form of property management fees, lease override fees, construction supervision fees and operating cost reimbursements. Property Management Fees As compensation for property management services, Galaxy pays WPM a property management fee equal to 2.75% of the aggregate gross monthly revenue received from the operations of the properties, excluding certain proceeds collected by Galaxy (the "Property Management Fee"). Property Management Fees incurred from WPM are expensed as incurred and included in operating expenses on the accompanying combined statements of operations and comprehensive loss. GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 22

 
Lease Override Fees As compensation for leasing services, Galaxy pays WPM a lease override fee equal to the Adjusted Rent multiplied by the percentage of standard market commission for a listing broker in the applicable market ("Full Commission"). Adjusted Rent is defined as the sum of gross rent payable during the initial term of a new lease or lease amendment, not including in such amount any amortized tenant improvements or other amortized concessions given to the tenant. For new leases and renewal and expansion amendments in which there is no tenant broker, WPM receives 100.0% of the Full Commission (a "Full Commission Lease Override Fee"). For new leases and renewal and expansion amendments in which there is a tenant broker, WPM receives 50.0% of the Full Commission (a "Half Commission Lease Override Fee", and each, considered with the Full Commission Lease Override Fee, a "Lease Override Fee"). For new leases, 50.0% of the Lease Override Fee is paid to WPM upon signing of the lease and the remaining 50.0% of the Lease Override Fee is paid to WPM 30 days after rent commencement. For renewal and expansion amendments, 100.0% of the Lease Override Fee is paid upon signing of the lease amendment. Lease override fees are capitalized and included in deferred leasing costs, net on the accompanying combined balance sheets. Construction Supervision Fees As compensation for supervision of alterations, improvements and additions made to properties under management, Galaxy pays WPM a construction supervision fee in the amount of 4.0% of project costs, which consist of all costs of construction, including the gross amount paid to any engineer or architect for design services, any general contractor or subcontractors for the completion of the work under the terms of the general contract or subcontract plus any amounts necessarily incurred to perform the work, including, but not limited to: salaries and wages of design and construction employees, but excluding any overhead expenses of WPM (the "Construction Supervision Fee"). Construction Supervision Fees are capitalized and included in buildings and improvements on the accompanying combined balance sheets. Operating Cost Reimbursements Pursuant to the PM Agreements, all costs and expenses relating to the operations of the properties incurred by WPM in accordance with the annual budget in the performance of its obligations shall be borne by Galaxy. As such, Galaxy reimburses WPM for the operating costs for office space and related expenses directly responsible for managing Galaxy's properties, including, but not limited to, certain salary and overhead, utility, marketing, travel, lodging and related expenses and costs incurred by WPM and its employees or third-party operators in connection with performing management services. Galaxy also reimburses WPM for certain third party costs incurred in connection with providing accounting and reporting services. All cost reimbursements are expensed as incurred and included in operating expenses on the accompanying combined statements of operations and comprehensive loss. Asset Management Fees Pursuant to the Galaxy REIT LLCA, RVMC (the "Asset Manager") is entitled to an annual asset management fee equal to $4.6 million (the "Asset Management Fee"). The Asset Management Fee is not to be reduced for any reductions in asset value, but will be reduced for property dispositions. Asset management fees are expensed as incurred and included in the asset management fees on the accompanying combined statements of operations and comprehensive loss. The following table details amounts incurred in connection with Galaxy's aforementioned related party agreements and reimbursements: Year Ended December 31, 2023 For the Period from August 26, 2022 (commencement of operations) to December 31, 2022 Amount due to related parties, net December 31, (In thousands) 2023 2022 Property Management Fees $ 5,276 $ 1,571 $ 3,003 $ 1,535 Lease Commissions 2,717 1,047 176 29 Construction Supervision Fees 486 91 — — Operating Cost Reimbursements 5,252 1,892 1,342 1,211 Asset Management Fees 4,585 1,329 — — Total $ 18,316 $ 5,930 $ 4,521 $ 2,775 GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 23

 
Purchase of Properties On August 26, 2022 and December 27, 2022, Galaxy purchased the First Portfolio and Second Portfolio, respectively, from entities owned or controlled by Peakstone Realty Trust ("PKST", formerly known as Griffin Realty Trust, Inc.), in exchange for cash of $1.2 billion in aggregate. Simultaneous with the closing of the First and Second Portfolio, PKST contributed cash in exchange for OP units representing a 49.0% ownership of Galaxy REIT. See Note 3 — Real Estate for further details on the purchase of the First Portfolio and the Second Portfolio. In connection with the First Portfolio and Second Portfolio acquisitions, certain amounts were temporarily settled based on estimates at the time of closing. Subsequently, such estimated amounts were re-prorated once final amounts were ascertained. As a result of such re-prorations, PKST agreed to pay, and subsequently paid in February 2024, $4.2 million. Such amount is included in due from related parties on the accompanying combined balance sheets as of December 31, 2023. Other Reimbursements As of December 31, 2023, Galaxy owes a net $0.1 million to affiliates as a reimbursement for miscellaneous expenses. Such amount is included in due to and from related parties on the accompanying combined balance sheets. Diligence and Advisory Fee In connection with the acquisitions of the First Portfolio and the Second Portfolio, Galaxy incurred fees of $12.4 million from affiliates, which were capitalized as part of the cost basis of the acquired assets. Preferred Share Subscriptions Receivable In connection with the private placement issuance of Galaxy's Preferred Shares (see Note 6 — Preferred Shares), Galaxy had $0.2 million subscriptions receivable from WS One as of December 31, 2022, which is included in due from related parties on the accompanying combined balance sheets. Such amount was received from WS One in January 2023 upon the closing of the Offering. Note 10 — Leases Lessee Arrangements As of December 31, 2023, Galaxy was a party to one long-term ground lease which was classified as an operating lease. As of December 31, 2023 and 2022, Galaxy had $3.7 million and $3.9 million of ROU assets, net of $0.2 million and $0.1 million of accumulated amortization, which is included in prepaid expenses and other assets on the accompanying combined balance sheets. Galaxy recognized rental expense, inclusive of short-term and variable lease costs, for operating leases of $0.3 million for the year ended December 31, 2023 and $0.2 million for the period from August 26, 2022 (commencement of operations) through December 31, 2022. Future minimum lease payments under the operating leases are as follows: (In thousands) Future Minimum Lease Payments 2024 $ 234 2025 234 2026 234 2027 240 2028 240 Thereafter 32,241 Total 33,423 Less: Imputed interest (29,405) Present value of lease liabilities(1) $ 4,018 ______________ (1) Balance included in accounts payable, accrued expenses and other liabilities on the accompanying combined balance sheets. GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 24

 
Lease term and discount rate information for leases as of December 31, 2023 are as follows: December 31, 2023 Remaining lease term (years) Operating leases(1) 72.0 Discount rate Operating leases 7.5 % ______________ (1) Remaining term does not reflect any termination or extension options, as we have determined that we would not exercise such options, to the extent they are offered. Lessor Arrangements Galaxy leases properties to tenants under operating leases with various expiration dates through 2034. Most of Galaxy’s leases require tenants to pay fixed annual rental payments that may escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance, and utilities, that are based on the actual expenses incurred. There was no single tenant that made up more than 10% of the revenues in aggregate. At December 31, 2023, future minimum cash rental payments due to us over the next five years and thereafter for non- cancelable operating leases, excluding operating expense reimbursements and increases in annual rent based on exceeding certain economic indexes, are as follows: (In thousands) Future Minimum Cash Rental Payments 2024 $ 110,470 2025 80,913 2026 62,678 2027 52,431 2028 47,699 Thereafter 133,636 Total $ 487,827 Certain of our operating leases include tenant options to extend or terminate the lease term. For purposes of determining the lease term, Galaxy excludes these option periods unless it is reasonably assured at lease commencement that the option will be exercised. As of December 31, 2023, Galaxy has two leases that contain an option to purchase the associated property, one is a right of first offer and the other is right of first refusal. These options are not expected to be exercised and therefore have no effect on the lease terms. Galaxy combines our lease and non-lease components that have the same timing and pattern of transfer when the lease component is classified as an operating lease. The non-lease components of our leases primarily consist of common area maintenance, real estate taxes, and insurance reimbursements from our tenants. GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 25

 
For the year ended December 31, 2023 and for the period from August 26, 2022 (commencement of operations) through December 31, 2022, Galaxy recorded rental revenue on the accompanying combined statements of operations and comprehensive loss as follows: (In thousands) Year Ended December 31, 2023 For the Period from August 26, 2022 (commencement of operations) to December 31, 2022 Rental revenue — operating leases(1) $ 140,161 $ 45,492 Variable rental revenue — operating leases 48,795 15,762 Total rental revenue $ 188,956 $ 61,254 _______________ (1) Rental revenue — operating leases includes $1.6 million and $0.7 million of above- and below-market amortization expense for the year ended December 31, 2023 and for the period from August 26, 2022 (commencement of operations) to December 31, 2022, respectively. Note 11 — Commitments and Contingencies Legal Matters Galaxy is involved from time to time in litigation on various matters, including disputes with tenants and disputes arising out of agreements to purchase, sell or lease properties. Given the nature of Galaxy’s business activities, these lawsuits are considered routine to the conduct of its business. The result of any particular lawsuit cannot be predicted, because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. Galaxy will establish reserves for specific legal proceedings when Galaxy determines that the likelihood of an unfavorable outcome is probable and when the amount of loss is reasonably estimable. Galaxy does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material adverse effect on the combined financial position, results of operations or cash flows of Galaxy. Environmental Matters As an owner of real estate, Galaxy is subject to various environmental laws of federal, state, and local governments. Galaxy’s compliance with existing laws has not had a material adverse effect on its financial condition and results of operations, and Galaxy does not believe it will have a material adverse effect in the future. However, Galaxy cannot predict the impact of unforeseen environmental contingencies or new or changed laws or regulations on its current properties or on properties that Galaxy may acquire. Other As of December 31, 2023, Galaxy was obligated to pay for tenant improvements that are not yet completed up to a maximum of $17.7 million. Note 12 — Subsequent Events Galaxy evaluated all events and transactions that occurred after December 31, 2023 through March 26, 2024, the date these combined financial statements were available to be issued and noted no matters requiring disclosure in these combined financial statements, except those disclosed in Note 5 — Mortgages Payable and Note 9 — Related Party Transactions. GALAXY REIT LLC NOTES TO COMBINED FINANCIAL STATEMENTS December 31, 2023 26