Document:

Exhibit

        

EXECUTIVE EMPLOYMENT AGREEMENT

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this "Agreement") is entered into as of November 9, 2016, by and among Westwood Holdings Group, Inc., a Delaware corporation (the "Company"), and Mark R. Freeman ("Executive").
RECITALS
WHEREAS, Executive currently serves as Executive Vice President and Chief Investment Officer of the Company; 
WHEREAS, Executive and the Company are currently party to that certain Employment Agreement, dated as of February 7, 2012 (the "Prior Agreement").
WHEREAS the term of the Prior Agreement will expire on January 1, 2017.
WHEREAS, the parties desire to enter into this Agreement to memorialize the terms and conditions of Executive’s continued employment with the Company, effective as of January 1, 2017 (the "Effective Date").
NOW THEREFORE, the parties agree as follows:
1.Term. Subject to earlier termination as provided herein, the Company hereby agrees to continue Executive in its employ, and Executive hereby agrees to remain in the employ of the Company for the term of this Agreement.  The initial term of Executive's employment under this Agreement shall be for the period beginning on the Effective Date and ending on the third anniversary of the Effective Date (the "Initial Period"); provided, however, that upon the expiration of the Initial Period and on each subsequent anniversary of the Effective Date thereafter, the term of Executive's employment under this Agreement shall automatically renew and extend for an additional one-year period (each period, a "Renewal Period") unless 1) on or before the date that is ninety (90) days prior to the expiration of the then-applicable Initial Period or Renewal Period, the Company provides Executive with written notice of non-renewal, or 2) on or before the date that is ninety (90) days prior to the expiration of the then-applicable Initial Period or Renewal Period, Executive provides Company with written notice of non-renewal  in which case the term of this Agreement shall expire upon the expiration of the then-existing Initial Period or Renewal Period (unless earlier terminated pursuant to Section 4 below).  Notwithstanding any provision of this Agreement to the contrary, Executive's employment pursuant to this Agreement may be terminated at any time in accordance with Section 4 below.  The period from the Effective Date through the expiration of this Agreement or, if sooner, the termination of Employee's employment pursuant to this Agreement, regardless of the time or reason for such termination, shall be referred to herein as the "Term."
2.    Duties.
(a)    Executive's Positions and Titles. Executive's positions and titles shall be Executive Vice President and Chief Investment Officer and Senior Portfolio Manager, reporting to the Chief Executive Officer of the Company.

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(b)    Executive's Duties. The duties and responsibilities of Executive are and shall continue to be of an executive nature as shall be required by the Company in the conduct of its business and shall include the performance of such lawful and reasonable duties and responsibilities as the Board of Directors (the "Board") may from time to time assign to Executive consistent with Executive's position(s) and shall include acting as Executive Vice President and Chief Investment Officer and Senior Portfolio Manager for the Company's business. Executive recognizes that during the period of Executive's employment hereunder, Executive owes undivided loyalty to the Company, and Executive will use his good faith efforts to promote and develop the business of the Company. Recognizing and acknowledging that it is essential for the protection and enhancement of the name and business of the Company and the goodwill pertaining thereto, Executive shall perform his duties under this Agreement professionally, in accordance with applicable laws, rules and regulations and such standards, policies and procedures established by Employer and the industry from time to time. Executive will not perform any duties for any other business without the prior written consent of the Compensation Committee, but may engage in charitable, civic or community activities, provided that such duties or activities do not materially interfere with the proper performance of Executive's duties under this Agreement.
3.    Compensation and Benefits.
(a)    Base Salary. During the Term, Executive shall initially receive a base salary ("Base Salary"), paid in accordance with the normal payroll practices of the Company, at an annual rate of not less than $500,000. The Base Salary shall be reviewed by the Compensation Committee in accordance with the Company's policies and practices, but no less frequently than once annually, and may be increased but not decreased (unless agreed to in writing by Executive). The term "Base Salary" shall include any such increases (or decreases agreed to in writing by Executive) to the Base Salary.
(b)    Bonus Awards. In addition to the Base Salary, Executive shall be eligible throughout the Term to receive bonuses and to participate in the Company's annual cash incentive programs made available to similarly-situated employees of the Company from time to time.  The amount and performance targets associated with any such bonus awards shall be established at the discretion of the Compensation Committee of the Board (the "Compensation Committee") and communicated to Executive.  All bonus amounts payable pursuant to this Section 3(b) shall be paid no later than March 1st of the year following the calendar year in which the applicable bonus is earned.
(c)    Mutual Fund Bonus Award. In addition to the Base Salary and participation in the Annual Incentive Plan, Employee shall be eligible throughout the Term to receive mutual fund share bonus awards as may be granted from time to time by the Board of Directors or the Compensation Committee and subject to meeting Company performance goals, as established by the Compensation Committee of the Board during the first quarter of each year, and in accordance with terms of the Company's Stock Incentive Plan (as amended and restated from time to time). 
(d)    Long-Term Incentive Award. In addition to Base Salary and participation in the annual cash incentive programs of the Company, Executive shall be eligible throughout the Term to participate in the Company's long-term incentive programs made available to similarly-

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situated employees of the Company and to receive long-term incentive compensation awards in such forms and in such amounts as determined by the Compensation Committee from time to time and in accordance with the terms of the Company's Stock Incentive Plan (as such plan may be amended, restated or replaced from time to time) (the "Stock Incentive Plan"). 
(e)    Expenses. During the Term, Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him in accordance with the policies and practices of the Company as in effect from time to time.  Any such reimbursement of expenses shall be made by the Company upon or as soon as practicable following receipt of such documentation (but in any event not later than the close of Executive's taxable year following the taxable year in which the expense is incurred by Executive).  In no event shall any reimbursement be made to Executive for such expenses incurred after the date of Executive's termination of employment with the Company.
(f)    Vacation. During the Term, Executive shall be entitled to paid vacation in accordance with the policies and practices of the Company as in effect from time to time with respect to senior executives employed by the Company, but in no event shall such vacation time be less than four (4) weeks per calendar year.
4.    Termination.
(a)    Disability. Either Executive or the Company may terminate Executive's employment, after having established Executive's Disability, by giving notice of his or its intention to terminate Executive's employment. Executive shall be deemed to have a "Disability" for purposes of this Agreement if Executive has any medically-determinable physical or mental impairment that has lasted for a period of not less than six (6) months in any twelve (12) month period and that renders Executive unable to perform the essential functions required under the Agreement. Such determination shall be made by written certification ("Certificate") of Executive's Disability by a physician jointly selected by the Company and Executive; provided that if the Company and Executive cannot reach agreement on appointing the physician, the Certification shall be determined by a panel of physicians consisting of one physician selected by the Company, one physician selected by Executive and a third physician jointly selected by those two physicians.
(b)    Cause.
(i)    The Company may terminate Executive's employment at any time for Cause as defined below.
(ii)    For purposes of this Agreement, "Cause" means, with respect to Executive, the occurrence of any of the following events:
(A)    Executive's conviction for any felony or other serious crimes;
(B)    Executive's material breach of any of the terms of the Agreement or any other written agreement or material Company policy to which Executive and the Company are parties or are bound, if such breach 

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shall be willful and shall continue beyond a period of thirty (30) days immediately after written notice thereof by the Company to Executive;
(C)    Wrongful misappropriation by Executive of any money, assets, or other property of the Company or a client of the Company;
(D)    Willful actions or failures to act by Executive which subject Executive or the Company to censure by the Securities and Exchange Commission as described in and pursuant to Section 203(e) or 203(f) of the Investment Advisers Act of 1940 or Section 9(b) of the Investment Company Act of 1940 or to censure by a state securities administrator pursuant to applicable state securities laws or regulations;
(E)    Executive's commission of fraud or gross moral turpitude; or
(F)    Executive's continued willful failure to substantially perform Executive's duties under this Agreement after receipt of written notice thereof and an opportunity to so perform.
(iii)    Cause shall be determined by the affirmative vote of at least seventy-five percent (75%) of the members of the Board (excluding Executive, if a Board member, and excluding any member of the Board involved in events leading to the Board's consideration of terminating Executive for Cause). Executive shall be given thirty (30) days' written notice of the Board meeting at which Cause shall be decided (which notice shall be deemed to be notice of the existence of Cause if Cause is then found to exist by the Board) and shall be given an opportunity, prior to the vote on Cause, to appear before the Board, with or without counsel at Executive's election, to present arguments on his behalf. The notice to Executive of the Board meeting shall include a description of the specific reasons for such consideration of Cause. During the notice period described herein, the Company shall not be prevented or delayed in its ability to enforce the Restrictive Covenants contained herein.
(iv)    For purposes of this Section 4(b), no act or failure to act, on the part of Executive, shall be considered willful if it is done, or omitted to be done, by him in good faith and with a reasonable belief that his action or omission was in the best interests of the Company.
(c)    Good Reason.
(i)    Executive may terminate Executive's employment at any time for Good Reason, if:
(A)    (1) An event or condition occurs which constitutes any of (B) (1) through (B) (5) below; (2) Executive provides the Company with written notice that he intends to resign for Good Reason and such written notice includes (I) a designation of at least one of (B) (1) through (B) (5) below (the 

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"Designated Section") and (II) specifically describes the events or conditions Executive is relying upon to satisfy the requirements of the Designated Section(s); (3) as of the thirtieth (30th) day following the date notice is given by Executive to the Company, such events or conditions have not been corrected in all material respects; and (4) Executive's resignation is effective within ninety (90) days of the date Executive first has actual knowledge of the occurrence of the first event or condition upon which Executive relies to satisfy any of the Designated Section(s).
(B)    "Good Reason" shall mean the occurrence of any of the following without the express written consent of Executive:
1.    any material breach by the Company of the Agreement (including any reduction in Executive's Base Salary);
2.    any material adverse change in the status, position or responsibilities of Executive, including a change in Executive's reporting relationship (including, to the extent that Executive reports to the Board, such a change that results in him no longer reporting to the Board) or if the Company becomes a wholly-owned subsidiary of another company, Executive serves only as an officer of the subsidiary company;
3.    assignment of duties to Executive that are materially inconsistent with his position and responsibilities described in this Agreement;
4.    the failure of the Company to assign this Agreement to a successor to the Company or failure of any such successor to the Company to explicitly assume and agree to be bound by this Agreement; or
5.    requiring Executive to be principally based at any office or location more than forty (40) miles from the current offices of the Company in Dallas, Texas.
(d)    Termination by Executive Without Good Reason. Through the first anniversary of the Effective Date of this Agreement, Executive may terminate his employment at any time without Good Reason, with at least six (6) months’ prior notice. After the first anniversary of the Effective Date of this Agreement, Executive may terminate his employment at any time without Good Reason, with at least ninety (90) days' prior notice. In the event that Executive terminates his employment without Good Reason, following such notice of termination of employment, Executive agrees to cooperate in good faith to the fullest extent possible with the Company during the notice period in the transition of his duties and responsibilities to such other officer as the Company may designate upon the reasonable request of the Company. 

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(e)    Termination by the Company without Cause. The Company may terminate Executive's employment at any time without Cause, with at least ninety (90) days' prior notice.
(f)    Termination due to Executive's Death.  Executive's employment will automatically terminate on the date of his death.  
(g)    Notice of Termination. Any termination of Executive's employment, except due to Executive's death, shall be communicated by a Notice of Termination to the other party hereto. For purposes of this Agreement, a "Notice of Termination" means a written notice which (i) indicates the specific termination provision in this Agreement relied upon and (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive's employment under the provision so indicated; and specifies the Date of Termination (defined below); provided such Notice of Termination may be conditional if coupled with a notice of the Board's consideration of "Cause" or Executive's intention to resign for "Good Reason," as the case may be, as provided above.
(h)    Date of Termination. "Date of Termination" means the date Notice of Termination is given or any later date specified therein; provided, (i) any Notice of Termination pursuant to Sections 4(a), 4(c), 4(d) or 4(e) shall be effective not less than ninety (90) days after the date given (with the exception of any Notice of Termination pursuant to Section 4(d) which is during the first year of this Agreement, which shall be effective not less than six (6) months’ after the date given) , any Notice of Termination pursuant to Section 4(b) shall be effective not less than thirty (30) days after the date given, and (ii) in every other case any Notice of Termination shall be effective not more than fifteen (15) days after the date given. Executive's Date of Termination shall be the date of his death, if applicable.
5.    Obligations of the Company upon Termination. Executive's entitlements upon termination of employment are set forth below. Except to the extent otherwise provided in this Agreement, all benefits, including stock option grants, restricted shares and awards under the Stock Incentive Plan, shall be subject to the terms and conditions of the plan or arrangement under which such benefits accrue, are granted or are awarded. For purposes of this Section 5, the term "Accrued Obligations" shall mean, as of the Date of Termination, (i) Executive's full Base Salary through the Date of Termination, at the rate in effect at the time Notice of Termination is given (disregarding any reduction constituting Good Reason), to the extent not yet paid, (ii) the amount of any bonus, cash or incentive compensation earned (and so certified by the Compensation Committee, if applicable) and not forfeited hereunder by Executive as of the Date of Termination to the extent not yet paid, and (iii) any vacation pay, expense reimbursements and other cash entitlements accrued by Executive as of the Date of Termination but not yet paid. For purposes of determining an Accrued Obligation under this Section 5, no discretionary compensation shall be deemed earned or accrued until it is specifically approved by the Board or the Compensation Committee in accordance with the applicable plan, program or policy. Executive shall not be eligible under any severance plan or agreement of the Company except as set forth herein.
(a)    Death. If Executive's employment terminates by reason of his death, Executive's estate shall be paid or provided the following:

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(i)    Executive's Accrued Obligations not yet paid within thirty (30) days following the Date of Termination;
(ii)    a pro rata payment within thirty (30) days following the Date of Termination of the target annual bonus ("Target Bonus") established for Executive for the year in which the Date of Termination occurs (or, if no such target bonus has been established, the most recent bonus paid to Executive) calculated by dividing the number of complete calendar months which Executive worked in the calendar year prior to Executive's death by twelve (12) then multiplying that quotient by the Target Bonus amount (number complete months worked prior to death / 12 x Target Bonus);
(iii)    provided that Executive's dependents are eligible for continuation coverage under a group health plan sponsored by the Company or any Subsidiaries and make a timely election to receive such coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), then from the date of Executive's death through the 12-month anniversary thereof, the Company shall reimburse, on a monthly basis, Executive's estate for the monthly premium costs paid for such continuation coverage for his eligible dependents; and
(iv)    accelerated vesting of all unvested stock options, restricted shares, mutual fund share awards and other equity compensation awards pursuant to the Stock Incentive Plan (assuming, in the case of any performance-based award, that the applicable performance goals were achieved at 100% of "target" performance).
(b)    Disability. If Executive's employment is terminated by reason of Executive's Disability, then Executive shall be entitled to receive:  
(i)    payment of all Accrued Obligations not yet paid within thirty days following the Date of Termination;
(ii)    disability benefits, if any, at least equal to those then provided by the Company to disabled executives and their families;
(iii)    payment of a pro rata Target Bonus within thirty (30) days following the Date of Termination, calculated by dividing the number of complete calendar months which Executive worked in the calendar year prior to Executive's Date of Termination by twelve (12) then multiplying that quotient by the Target Bonus amount (number complete months worked prior to the Date of Termination / 12 x Target Bonus);
(iv)    provided that Executive and his dependents are eligible for COBRA continuation coverage under a group health plan sponsored by the Company or any Subsidiaries and make a timely election for such coverage and pay the applicable premiums, then from the date of his termination through the 12-month anniversary thereof, the Company shall reimburse, on a monthly basis, Executive for the monthly 

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premium costs paid for such continuation coverage for Executive and his eligible dependents; and
(v)    accelerated vesting of all unvested stock options, restricted shares, mutual fund share awards and other equity compensation awards pursuant to the Stock Incentive Plan (assuming, in the case of any performance-based award, that the applicable performance goals were achieved at 100% of "target" performance).
(c)    By the Company for Cause; or by Executive Without Good Reason; Nonrenewal by Executive. If Executive's employment is terminated for Cause by the Company, if Executive terminates Executive's employment without Good Reason or if Executive's employment terminates due to the election under Section 1 by Executive not to renew this Agreement following the end of the Initial Period or any Renewal Period, then the Company shall pay Executive only the Accrued Obligations.  Any vested stock options shall be exercisable in accordance with the provisions of the applicable agreement or award and all unvested stock options and all unvested restricted shares shall be forfeited.  In addition, if the Company makes the election described in Section 5(g), then subject to Section 5(f) and Executive's continued compliance with the covenants set forth in Section 10, Executive shall be entitled to:
(i)    an amount in cash equal to Executive's monthly Base Salary that would be payable through the Elective Non-Compete Period at the rate in effect at the time the Notice of Termination is given, payable in substantially equal monthly installments for the Elective Non-Compete Period; provided that such installments shall not commence until the first payroll date to occur following the date that is sixty (60) days following the Date of Termination (with any amounts that would have otherwise been paid during such 60-day period accumulated and paid without interest with the first such installment);
(ii)    provided that Executive and his dependents are eligible for COBRA continuation coverage under a group health plan sponsored by the Company or any Subsidiaries and make a timely election for such coverage and pay the applicable premiums, then from the date of his termination through the end of the Elective Non-Compete Period, the Company shall reimburse, on a monthly basis, Executive for the monthly premium costs paid for such continuation coverage for Executive and his eligible dependents; provided that such reimbursement shall be reduced by the employee's portion of the cost of such benefits which Executive would be required to pay for such coverage if he were actually employed during the applicable period.
(d)    By the Company Without Cause; by Executive for Good Reason; Nonrenewal by the Company.  If Executive's employment is terminated by the Company without Cause or by Executive for Good Reason or Executive's employment terminates due to the Company's election pursuant to Section 1 not to renew this agreement following the end of the Initial Period or any Renewal Period, then Executive shall be entitled to, subject to Section 5(f) and Executive's continued compliance with the covenants set forth in Section 10:

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(i)    payment of all Accrued Obligations not yet paid within thirty days following the Date of Termination;
(ii)    an amount in cash equal to 0.25 times the sum of (x) Executive's annual Base Salary at the rate in effect at the time the Notice of Termination is given (disregarding any reduction constituting Good Reason) and (y) the annual bonus paid (or payable) to Executive for the most recently-completed year, payable in substantially equal monthly installments for a period of three (3) months following the Date of Termination; provided that such installments shall not commence until the first payroll date to occur following the date that is sixty (60) days following the Date of Termination (with any amounts that would have otherwise been paid during such 60-day period accumulated and paid without interest with the first such installment);
(iii)    provided that Executive and his dependents are eligible for COBRA continuation coverage under a group health plan sponsored by the Company or any Subsidiaries and make a timely election for such coverage and pay the applicable premiums, then from the date of his termination through the 3‐month anniversary thereof, the Company shall reimburse, on a monthly basis, Executive for the monthly premium costs paid for such continuation coverage for his eligible dependents; provided that such reimbursement shall be reduced by the employee's portion of the cost of such benefits which Executive would be required to pay for such coverage if he were actually employed during the applicable period; and  
(iv)    accelerated vesting of all unvested stock options, restricted shares, mutual fund share awards and other equity compensation awards pursuant to the Stock Incentive Plan; provided, however, that, if any such unvested equity award is subject to performance-based vesting conditions that are intended to qualify for the performance-based compensation exemption from Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code"), then Executive will become vested in such award only if, when and to the extent such award would have become vested in accordance with its terms if Executive's employment had continued; and provided further that, if the award is subject to periodic vesting based upon performance conditions established for each vesting period, then the annual performance conditions applicable to any such award following the termination of Executive's employment shall be the same as the last periodic performance goal established with respect to such award prior to the termination of Executive's employment or, if more favorable to Executive, the periodic performance conditions established for performance-based vesting of equity awards granted to other senior executives who are then still employed by the Company.
(e)    By the Company Without Cause; or by Executive for Good Reason; Nonrenewal by Company in connection with Change in Control.  If Executive's employment is terminated by the Company without Cause or by Executive for Good Reason or Executive's employment terminates due to the Company's election pursuant to Section 1 not to renew this 

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agreement following the end of the Initial Period or any Renewal Period, in each case, during the two-year period following a Change of Control (as defined below), subject to Section 5(f) Executive's continued compliance with the covenants set forth in Section 10, then Executive shall be entitled to receive in lieu of the payments and benefits described in Section 5(d):
(i)    payment of all Accrued Obligations not yet paid within thirty days following the Date of Termination;
(ii)    an amount in cash equal to 0.375 times the sum of (x) Executive's annual Base Salary at the rate in effect at the time the Notice of Termination is given (disregarding any reduction constituting Good Reason) and (y) the most recent annual bonus paid to Executive, payable in substantially equal monthly installments for a period of four and one-half  (4.5) months following the Date of Termination; provided that such installments shall not commence until the first payroll date to occur following the date that is 60 days following the Date of Termination (with any amounts that would have otherwise been paid during such 60-day period accumulated and paid without interest with the first such installment);
(iii)    provided that Executive and his dependents are eligible for COBRA continuation coverage under a group health plan sponsored by the Company or any Subsidiaries and make a timely election for such coverage and pay the applicable premiums, then from the date of his termination through the 4.5‐month anniversary thereof, the Company shall reimburse, on a monthly basis, Executive for the monthly premium costs paid for such continuation coverage for his eligible dependents; provided that such reimbursement shall be reduced by the employee's portion of the cost of such benefits which Executive would be required to pay for such coverage if he were actually employed during such period; and
(iv)    accelerated vesting of all unvested stock options, restricted shares, mutual fund share awards and other equity compensation awards pursuant to the Stock Incentive Plan (assuming, in the case of any performance-based award, that the applicable performance goals were achieved at 100% of "target" performance).
For purposes of this Section 5(e), a "Change of Control" shall mean (i) a merger or consolidation of the Company with or into another corporation (other than a merger undertaken solely in order to reincorporate in another state) immediately following which the beneficial holders of the voting stock of the Company immediately prior to such transaction or series of transactions do not continue to hold 50% or more of the voting stock (based upon voting power) of the Company or (A) any entity that owns, directly or indirectly, the stock of the Company, (B) any entity with which the Company has merged, or (C) any entity that owns an entity with which the Company has merged; (ii) a dissolution of the Company, (iii) a transfer of all or substantially all of the assets of the Company in one or more related transactions to one or more other persons or entities, (iv) a transaction or series of transactions that results in any entity, "Person" or "Group" (as defined below), becoming the beneficial owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding securities, or (v) during any period of two (2) consecutive years commencing on or after the Effective Date, 

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individuals who, at the beginning of the period constituted the Company's Board of Directors, cease for any reason to constitute at least a majority, unless the election of each director who was not a director at the beginning of the period has been approved in advance by directors representing at least two-thirds (2/3) of the directors then in office who were directors at the beginning of the period; provided, however, that a "Change in Control" shall not be deemed to have occurred if the ownership of 50% or more of the combined voting power of the surviving corporation, asset transferee or Company (as the case may be), after giving effect to the transaction or series of transactions, is directly or indirectly held by (A) a trustee or other fiduciary under an employee benefit plan maintained by the Company, (B) one or more of the "executive officers" of the Company that held such positions prior to the transaction or series of transactions, or any entity, Person or Group under their control. As used herein, "Person" and "Group" shall have the meanings set forth in Sections 13(d)(3) and/or 14(d)(2) of the Securities Exchange Act of 1934, as amended, and "executive officer" shall have the meaning set forth in Rule 3b-7 promulgated under such Act.
(f)    Release of Claims.  Notwithstanding anything to the contrary in this Agreement, in order to receive the payments and benefits described in Section 5(c), 5(d) or 5(e) (other than any Accrued Obligations), Executive must execute on or before the Release Expiration Date (as defined below), and not revoke within the time provided by the Company to do so, a release of all claims substantially consistent with the form attached hereto as Exhibit "A" (the "Release").  As used herein, the "Release Expiration Date" is that date that is 21 days following the date upon which the Company delivers the Release to Executive (which shall occur no later than seven days after Executive's termination date) or, in the event that such termination of employment is "in connection with an exit incentive or other employment termination program" (as such phrase is defined in the Age Discrimination in Employment Act of 1967, as amended), the date that is 45 days following such delivery date.  In the event the Release is not effective on or prior to the date that is 60 days following the Date of Termination, Executive shall forfeit all rights to payments or benefits under Section 5(c), 5(d) or 5(e) (other than the Accrued Obligations) and shall be obligated to repay any such amounts previously-received.  For the avoidance of doubt, the covenants set forth in Section 10 shall apply without respect to whether Executive executes and does not revoke the Release.  
(g)    Compliance with Non-Compete Covenants. The parties intend that all of the restrictive covenants set forth in Section 10 shall apply in the event that Executive's employment is terminated by the Company without Cause, by Executive for Good Reason or due to the Company's election not to renew this Agreement. However, if the Company terminates Executive's employment with Cause or Executive elects not to renew this Agreement or terminates his employment without Good Reason under Section 5(c) hereof, the Company shall have an option, exercisable no later than sixty (60) days following termination, whether Executive shall be required to comply with the restrictive covenants set forth in Section 10(d) hereof (the "Non-Compete Covenants") for a period of up to three months following the Date of Termination. The Company shall notify Executive in writing no later than the expiration of the sixty-day period whether it elects to enforce the Non-Compete Covenants and the period for which it desires to do so (expressed in a number of whole months, the "Elective Non-Compete Period"). If the Non-Compete Covenants apply, Executive acknowledges and agrees that Executive's right to receive severance benefits under Sections 5(c) of this Agreement shall be contingent upon Executive's compliance with the Non-Compete 

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Covenants.  If Executive fails to comply with the Non-Compete Covenants, then Executive shall not be entitled to any such severance benefits. If the Company does not elect to enforce the Non-Compete Covenants, Executive shall not be entitled to such severance benefits under Sections 5(c).
6.    Non-exclusivity of Rights. Except as set forth in Section 5, nothing in this Agreement shall prevent or limit Executive's continuing or future participation in any benefit, bonus, incentive or other plan or program provided by the Company and for which Executive may qualify, nor shall anything herein limit or otherwise affect such rights as Executive may have under any stock option, restricted shares or other agreement with the Company or any of its affiliated companies. Except as otherwise provided herein, amounts and benefits which are vested benefits or which Executive is otherwise entitled to receive under any plan, program, agreement or arrangement of the Company at or subsequent to the Date of Termination shall be payable in accordance with such plan or program.
7.    No Set-Off; No Mitigation. Except as provided herein, the Company's obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including any set-off, counterclaim, recoupment, defense or other right which the Company may have against Executive or others. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not Executive obtains other employment.
8.    Arbitration of Disputes. Any controversy or claim arising out of or related to (a) this Agreement, (b) any breach of this Agreement or (c) Executive's employment with the Company or the termination of such employment shall be settled by final and binding arbitration in Dallas, Texas before a single arbitrator administered by the American Arbitration Association ("AAA") under its then-applicable Rules for the Resolution of Employment Disputes (the "Employment Rules"), and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. References to the AAA include any successor organization.  The Parties agree that the arbitration hearing shall commence and occur within 120 days following confirmation of the arbitrator's appointment. The Parties further agree that all AAA filing, administrative and arbitrator fees and expenses (which, for the avoidance of doubt, does not include the parties' attorney fees) shall be paid initially by the Company, but the arbitrator appointed hereunder shall have the discretion to allocate costs and fees amongst the parties.
9.    Entire Agreement. The parties acknowledge and agree that this Agreement is the entire agreement and understanding between the parties and supersedes any prior agreements, written or oral, with respect to the subject matter hereof, including the termination of Executive's employment during the Term and all amounts to which Executive shall be entitled whether during the Term or thereafter and all restrictive covenants to which Executive may be subject.  Without limiting the generality of the foregoing, the parties also acknowledge that this Agreement, upon the Effective Date shall replace and supersede the Prior Agreement in all respects; provided, however, that nothing contained in this Agreement shall change or affect in any way Executive’s entitlement to or receipt of all incentive compensation awards and bonuses as set forth in Sections 3(b), 3(c) and 3(d) of the Prior Agreement. 

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10.    Executive's Covenants.
(a)    Executive's Acknowledgement. The Company shall provide Executive access to Confidential Information (as defined below) for use only during the term of his employment hereunder, and Executive acknowledges and agrees that the Company and its affiliates will be entrusting Executive, in Executive's unique and special capacity, with developing the goodwill of the Company and its affiliates, and in consideration thereof and in consideration of the Company providing Executive with access to Confidential Information and as an express incentive for the Company  to enter into this Agreement and continue to employ Executive, Executive has voluntarily agreed to the covenants set forth in this Section 10.  For purposes of this Agreement, "Business" means the provision of investment management, investment advisory, portfolio management, financial analysis, research or similar services relating to the investment of international or domestic equity or debt securities or other activities or services of the type provided by the Company or its affiliates to its clients on a worldwide basis including, without limitation, open-end and closed-end, registered and unregistered, investment companies ("Funds"), and the direct and indirect sale and/or distribution of equity interests in the Funds; and "Competing Activity" or "Competing Activities" means engaging in the Business. Executive further acknowledges that:
(i)    the Company is and will be engaged in the Business during the Term and thereafter;
(ii)    Executive will occupy a position of trust and confidence with the Company and will become familiar during the Term with the Company's trade secrets and other proprietary and Confidential Information concerning the Company and the Business;
(iii)    the agreements and covenants contained in this Section 10 are essential to protect the Company, its client relationships and the goodwill of the Business and compliance with such agreements and covenants will not impair Executive's ability to procure subsequent and comparable employment; and
(iv)    Executive's employment with the Company provides special, unique and extraordinary value to the Company and the Company would be irreparably damaged if Executive were to provide services to any person or entity in violation of the provisions of this Agreement.
(b)    Confidential Information. For purposes of this Agreement, "Confidential Information" shall mean trade secrets and other proprietary information concerning the products, processes or services of the Company or any of its affiliates, which information
(i)    has not been made generally available to the public, and is useful or of value to Company's current or anticipated business activities or of those of any affiliate or client of Company; or (ii) has been identified to Executive as confidential, either orally or in writing, including, but not limited to: computer programs; research and other statistical data and analyses; marketing, organizational or other research and development, or business plans; personnel information, including the identity 

13

of other Executives of the Company, their responsibilities, competence, abilities, and compensation; financial, accounting and similar records of Company, its affiliates and/or any Fund or account managed by the Company or its affiliates (such Funds or accounts referred to herein as "Company Funds"); current and prospective client lists and information on clients and their Executives; client investment objectives, the nature of their investment portfolios and contractual agreements with the Company or its affiliates; information concerning planned or pending investment products, acquisitions or divestitures; and information concerning the marketing and/or sale or distribution of equity interests in the Funds. Confidential Information shall not include information which: (a) is in or hereafter enters the public domain through no fault of Executive; (b) is obtained by Executive from a third party having the legal right to use and disclose the same; or (c) is in the possession of Executive prior to receipt from the Company (as evidenced by Executive's written records pre-dating the date of employment). All notes, reports, plans, published memoranda or other documents created, developed, generated or held by Executive during employment, concerning or related to the Company's or its affiliates' business, and whether containing or relating to Confidential Information or not, and all tangible personal property of the Company or its affiliates entrusted to Executive or in Executive's direct or indirect possession or control, are the property of the Company, and will be promptly delivered to the Company and not thereafter used by Executive upon termination of Executive's employment for any reason whatsoever.
(c)    Non-Disclosure. Executive agrees that during employment with the Company (including any employment following the Term) and at all times thereafter, Executive shall not reveal to any competitor or other person or entity (other than current employees of the Company) any Confidential Information that Executive obtains while performing services for the Company, except as may be required in Executive's reasonable judgment to fulfill his duties hereunder.
(d)    Non-Compete and Related Covenants.  During the term of Executive's employment hereunder and, in the event that Executive's employment is (x) terminated by the Company without Cause or upon nonrenewal of this Agreement by the Company, (y) terminated by Executive for Good Reason or (z) terminated by the Company for Cause or Executive without Good Reason or due to the nonrenewal of this Agreement by Executive and the Company elects pursuant to Section 5(g) for these covenants to apply, for an additional period of three (3) months following the Date of Termination (or, if shorter, the Elective Non-Compete Period) (such period the "Post-Termination Non-Compete Period"), Executive shall not engage in, or own or control any interest in, or act as an officer, director or employee of, or consultant, advisor or lender to any firm, corporation, institution, business or entity (each an "Entity") directly or indirectly engaged in the Business. Further, for a period of one year following the Date of Termination, Executive shall not, directly or indirectly, on his behalf or on another's behalf:
(i)    solicit the Company's or its affiliates' clients to provide, offer to provide, or provide to any such clients, services or products of the kind generally offered or provided by Company or its affiliates; or

14

(ii)    solicit, induce or encourage any person who is then in the employ of the Company to leave his or her employment, agency or office with Company, or employ or be employed with any such person or persons, for the purpose of providing or offering to provide, services or products of the kind generally offered by Company or its affiliates;
(iii)    Executive understands that Company's name, the name of any Funds and accounts managed by the Company (such proprietary Funds, accounts and any other client account managed by the Company, the "Company Accounts") and the investment performance of any Company Account are extremely valuable and are the result of the expenditure of substantial time, effort and resources by the Company. Therefore, Executive agrees that he will not, directly or indirectly, on his behalf or another's behalf:
(A)    intentionally, recklessly or with willful disregard, violate any then applicable SEC rule or regulation or Global Investment Performance Standards (GIPS) relating to the use of the investment performance of any Company fund or account managed by the Company in any materials that are distributed in newspapers, magazines, or in other public media, or in brochures, letters, or any other written or electronic material addressed to more than one prospective client.    .
(iv)    Notwithstanding the foregoing, this Section 10(d) shall not prohibit Executive from being a passive owner of not more than two percent (2%) of the outstanding shares of any class of securities of an Entity whose securities are publicly traded, so long as Executive does not have any active participation in the business of such Entity.
(e)    Non-Exclusive Remedy for Restrictive Covenants. Executive acknowledges and agrees that the covenants set forth in this Section 10 (collectively, the "Restrictive Covenants") are reasonable and necessary for the protection of the Company's Confidential Information and business interests, that irreparable injury will result to the Company if Executive breaches any of the terms of the Restrictive Covenants, and that in the event of Executive's actual or threatened breach of any such Restrictive Covenants, the Company may have no adequate remedy at law. Executive accordingly agrees that, in the event of any actual or threatened breach by him of any of the Restrictive Covenants, the Company shall be entitled to apply for immediate temporary injunctive and other equitable relief, without the necessity of showing actual monetary damages or the posting of a bond. Nothing contained herein shall be construed as prohibiting the Company from pursuing any other remedies available to it for such breach or threatened breach, including the recovery of damages.  The duration of a Restrictive Covenant shall be extended by such time during which such breach or threatened breach continues without cure by Executive.

15

11.    Indemnification and Insurance.
(a)    The Company agrees that Executive shall be defended and indemnified to the fullest extent permissible under the law and as may otherwise be provided in any the Company and Executive and pursuant to the Company's Certificate of Incorporation and Bylaws.
(b)    During the Term and thereafter for the duration of any statute of limitations or other period during which a claim might be successfully brought against Executive, Executive shall be covered to the same extent as directors by any directors' and officers' liability insurance policy maintained by the Company from time to time.
12.    Successors.
(a)    This Agreement is personal to Executive and, without the prior written consent of the Company, shall not be assignable by Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive's legal representatives.
(b)    This Agreement shall inure to the benefit of and be binding upon the Company and its successors. It shall not be assignable by the Company or its successors except in connection with the sale or other disposition of all or substantially all the assets or business of the Company. The Company shall require any successor to all or substantially all of the business or assets of the Company, whether direct or indirect, by purchase, merger, consolidation, acquisition of stock, or otherwise, by an agreement in form and substance reasonably satisfactory to Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such succession had taken place.
13.    Amendment; Waiver. This Agreement may be amended, modified or changed only by a written instrument executed by Executive and the Company. No provision of this Agreement may be waived except by a writing executed and delivered by the party sought to be charged. Any such written waiver will be effective only with respect to the event or circumstance described therein and not with respect to any other event or circumstance, unless such waiver expressly provides to the contrary.
14.    Clawback.  This Agreement is subject to any written clawback policies that the Company currently in effect or, with the approval of the Board or the Compensation Committee, may adopt as required by the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and rules promulgated thereunder by the Securities and Exchange Commission.
15.    Section 409A Matters.  
(a)    Notwithstanding any provision of this Agreement to the contrary, all provisions of this Agreement are intended to comply with Section 409A of the Code and the applicable Treasury regulations and administrative guidance issued thereunder (collectively, "Section 409A") or an exemption therefrom and shall be construed and administered in accordance 

16

with such intent. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of Executive's employment shall only be made if such termination of employment constitutes a "separation from service" under Section 409A.   
(b)    Notwithstanding any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be subject to additional taxes and interest under Section 409A if Executive's receipt of such payment or benefit is not delayed until the earlier of (i) the date of Executive's death or (ii) the date that is six months after the Termination Date (such date, the "Section 409A Payment Date"), then such payment or benefit shall not be provided to Executive (or Executive's estate, if applicable) until the Section 409A Payment Date.  Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement are exempt from, or compliant with, Section 409A and in no event shall any the Company or any of its affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive on account of non-compliance with Section 409A.
16.    Certain Excise Taxes.  Notwithstanding anything to the contrary in this Agreement, if Executive is a "disqualified individual" (as defined in Section 280G(c) of the Code), and the payments and benefits provided for in this Agreement, together with any other payments and benefits which Executive has the right to receive from the Company or any of its Affiliates, would constitute a "parachute payment" (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for in this Agreement shall be either (i) reduced (but not below zero) so that the present value of such total amounts and benefits received by Executive from the Company and its affiliates will be one dollar ($1.00) less than three times Executive's "base amount" (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by Executive shall be subject to the excise tax imposed by Section 4999 of the Code or (ii) paid in full, whichever produces the better net after-tax position to Executive (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes).   The reduction of payments and benefits hereunder, if applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order.  The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by the Company in good faith.  If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other payments and benefits from the Company (or its affiliates) used in determining if a "parachute payment" exists, exceeds one dollar ($1.00) less than three times Executive's base amount, then Executive shall immediately repay such excess to the Company upon notification that an overpayment has been made.  Nothing in this Section 15 shall require the Company to be responsible for, or have any liability or obligation with respect to, Executive's excise tax liabilities under section 4999 of the Code.

17

17.    Miscellaneous.
(a)    The provisions of Section 5 (Obligations of the Company upon Termination), Section 7 (No Set-Off; No Mitigation), Section 8 (Arbitration of Disputes), Section 10 (Executive's Covenants), Section 11 (Indemnification and Insurance), Section 12 (Successors), Section 13 (Amendment; Waiver), Section 14 (Clawback), Section 15 (Section 409A Matters), Section 16 (Certain Excise Taxes) and this Section 17(a) shall survive the termination of Executive's employment with the Company for any reason, or the expiration of the Term of the Agreement pursuant to Section 1, and shall thereafter remain in full force and effect.
(b)    In the event of any inconsistency between this Agreement and any other agreement, plan, program, policy or practice (collectively, "Other Provision") of the Company, the terms of this Agreement shall control unless such Other Provision provides otherwise by a specific reference to this Section 17(b).
(c)    This Agreement shall be governed by and construed in accordance with the laws of the State of Texas (except Section 11 which shall be governed by the laws of the State of Delaware), without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.
(d)    All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been duly given (i) the following business day after deposit from within the United States with a reputable express courier service (charges prepaid), (ii) three (3) days after mailing by certified or registered mail, return receipt requested and postage prepaid, or (iii) upon receipt in all other cases. Such notices, demands and other communications shall be sent to the addresses indicated below:
If to the Company:
Westwood Holdings Group, Inc. 
200 Crescent Court, Suite 1200 
Dallas, TX 75201 
Attention: Chairman of the Board of Directors
If to Executive:
Address per the Company records
or to such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.
(e)    Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or 

18

unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.
(f)    All compensation payable to Executive from the Company shall be subject to all applicable withholding taxes, normal payroll withholding and any other amounts required by law to be withheld.
(g)    This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same Agreement.
(h)    The descriptive headings in this Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. The use of the word "including" in this Agreement shall be by way of example rather than by limitation.
(i)    The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party hereto. Neither Executive nor the Company shall be entitled to any presumption in connection with any determination made hereunder in connection with any arbitration, judicial or administrative proceeding relating to or arising under this Agreement.
 [SIGNATURE PAGE FOLLOWS]

19

IN WITNESS WHEREOF, each of the parties hereto has duly executed this Executive Employment Agreement as of the date and year first set forth above.
WESTWOOD HOLDINGS GROUP, INC.

By: /s/ Brian O. Casey
Brian O. Casey
President and Chief Executive Officer

EXECUTIVE:

By:   /s/ Mark R. Freeman
Mark R. Freeman
Executive Vice President and Chief Investment Officer

[Signature Page to Executive Employment Agreement]

EXHIBIT A
FORM OF RELEASE AGREEMENT

This Release Agreement (this "Agreement") constitutes the release of claims referred to in that certain Executive Employment Agreement (the "Employment Agreement") dated as of [●], 2016 by and between Westwood Holdings Group, Inc. (the "Company") and Mark R. Freeman ("Executive").  The Company and Executive are each referred to herein individually as a "Party" and collectively as the "Parties."
a)For good and valuable consideration, including the Company's provision of the payments and benefits to Executive in accordance with Section 5 of the Employment Agreement, Executive hereby releases, discharges and forever acquits the Company, its affiliates, subsidiaries, partners, members, predecessors, successors, and assigns and each of the foregoing entities' respective past, present and future subsidiaries, affiliates, stockholders, members, partners, directors, officers, managers, employees, agents, assigns, attorneys, heirs, predecessors, successors and representatives in their personal and representative capacities, as well as all employee benefit plans maintained by the Company or any of its affiliates and all fiduciaries and administrators of any such plans, in their personal and representative capacities (collectively, the "Company Parties"), from liability for, and hereby waives, any and all claims, damages, or causes of action of any kind related to Executive's employment with any Company Party, the termination of such employment, and any other acts or omissions related to any matter on or prior to the date of the execution of this Agreement including without limitation any alleged violation through the date of this Agreement of: (i) the Age Discrimination in Employment Act of 1967, as amended; (ii) Title VII of the Civil Rights Act of 1964, as amended; (iii) the Civil Rights Act of 1991; (iv) Sections 1981 through 1988 of Title 42 of the United States Code, as amended; (v) the Employee Retirement Income Security Act of 1974, as amended; (vi) the Immigration Reform Control Act, as amended; (vii) the Americans with Disabilities Act of 1990, as amended; (viii) the National Labor Relations Act, as amended; (ix) the Occupational Safety and Health Act, as amended; (x) the Family and Medical Leave Act of 1993; (xi) any federal, state, or local anti-discrimination or anti-retaliation law; (xii) any federal, state, or local wage and hour law; (xiii) any other federal, state or local law, regulation or ordinance; (xiv) any public policy, contract, tort, or common law claim; (xv) any allegation for costs, fees, or other expenses including attorneys' fees incurred in, or with respect to, a Released Claim; (xvi) any and all rights, benefits or claims Executive may have under any employment contract, incentive compensation plan or equity incentive plan with any Company Party or to any ownership interest in any Company Party except as expressly provided in any equity compensation agreement between Executive and a Company Party and (xvii) any claim for compensation or benefits of any kind not expressly set forth in the Employment Agreement or any equity compensation agreement (collectively, the "Released Claims"). In no event shall the Released Claims include (a) any claim which arises after the date of this Agreement, (b) any claim to vested benefits under an employee benefit plan, or (c) any claims for contractual payments under Section 5 of the Employment Agreement or any claims for indemnification under Section 11 of the Employment Agreement that arise following the time that Executive executes this Agreement. This Agreement is not intended to indicate that any such claims exist or that, if they do exist, they are meritorious. Rather, Executive is simply agreeing that, in exchange for the consideration recited in the first sentence of this 

Exhibit A

paragraph, any and all potential claims of this nature that Executive may have against the Company Parties, regardless of whether they actually exist, are expressly settled, compromised and waived. By signing this Agreement, Executive is bound by it. Anyone who succeeds to Executive's rights and responsibilities, such as heirs or the executor of Executive's estate, is also bound by this Agreement. This release also applies to any claims brought by any person or agency or class action under which Executive may have a right or benefit. Notwithstanding the release of liability contained herein, nothing in this Agreement prevents Executive from filing any non-legally waivable claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission ("EEOC") or other governmental agency or participating in (or cooperating with) any investigation or proceeding conducted by the EEOC or other governmental agency; however, Executive understands and agrees that Executive is waiving any and all rights to recover any monetary or personal relief or recovery as a result of such EEOC or other governmental agency proceeding or subsequent legal actions. THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE COMPANY PARTIES.
b)Executive agrees not to bring or join any lawsuit or arbitration proceeding against any of the Company Parties in any court or forum relating to any of the Released Claims. Executive represents that Executive has not brought or joined any lawsuit or filed any charge or claim against any of the Company Parties in any court or forum or before any government agency and has made no assignment of any rights Executive has asserted or may have against any of the Company Parties to any person or entity, in each case, with respect to any Released Claims. 
c)Executive agrees not to directly or indirectly do, say, write, authorize or otherwise create or publish any statement or writing that is disparaging or derogatory about, or which injure the reputation of, the Company, the business reputation of the Company, or any other Company Party.  The Company agrees to instruct its employees in positions at the Senior Vice-President level or higher levels and human resources representatives not to directly or indirectly do, say, write, authorize or otherwise create or publish any statement or writing that is disparaging or derogatory about, or which injure the reputation of, Executive.  Nothing in this paragraph prohibits either Party from responding accurately and fully to any question, inquiry, or request for information required by legal or administrative process.  
d)Executive represents that Executive has not engaged in any breach of fiduciary duty, breach of any duty of loyalty or disclosure, fraudulent activity, grossly negligent tortious activity or illegal activity, in each instance: (i) towards or with respect to the Company or any other Company Party; or (ii) with respect to any action or omission undertaken (or that was failed to be undertaken) in the course of his employment or engagement with any Company Party.  In reliance upon, and conditioned upon, Executive's representations and covenants contained in this Agreement, the Company on behalf of itself and each of its affiliated entities hereby releases Executive from any and all claims, suits, demands, actions or causes of action of any kind or nature whatsoever that any Company Party has or now claims pertaining to or arising out of Executive's employment by or separation from the Company.  Notwithstanding the foregoing, the Company and its affiliated entities are not waiving or releasing Executive from: (A) any manner of action or actions, cause or 

Exhibit A

causes of action, promises, suits, damages, judgments, remedies, executions, claims and demands whatsoever, in law or equity, arising from or relating to any act, action, or inaction by Executive that was unlawful, was not undertaken in good faith, was outside the scope of Executive's authority as an employee or agent of the Company or any other Company Party or was not reasonably believed to be in the best interests of the Company Parties and is not currently known to the Company Parties, (B) the Company Parties' future ability to sue or take other action to enforce this Agreement, (C) any claim where such a release would cause the loss of insurance coverage or indemnity protection otherwise potentially available to cover the loss, or (D) a breach of a fiduciary or other common law duty. 
e)In connection with his employment with the Company, Executive has been provided with Confidential Information, as that term is defined in the Employment Agreement.  Executive hereby expressly reaffirms the covenants set forth in Section 10 of the Employment Agreement, expressly acknowledges their validity and continuing, binding effect and agrees to abide by them in their entirety pursuant to the terms set forth in Section 10.  For the avoidance of doubt, nothing herein prohibits Executive from disclosing any information, including Confidential Information, when compelled to do so by law; making a good faith report of possible violations of applicable law to any governmental agency or entity; or making disclosures that are protected under the whistleblower provisions of applicable law.    
		
	f)
	By executing and delivering this Agreement, Executive acknowledges that

		
	i.
	He has carefully read this Agreement;

		
	ii.
	He has had at least [twenty-one (21)/forty-five (45)] days to consider this Agreement before the execution and delivery hereof to the Company [and Executive acknowledges and agrees that he has been provided with, and attached to this Agreement as Exhibit A is, a listing of: (A) the job titles and ages of all employees selected for participation in the employment termination program pursuant to which Executive is being offered this agreement; (B) the job titles and ages of all employees in the same organizational unit who were not selected for participation in the program; and (C) information about the unit affected by the program, including any eligibility factors for such program and any time limits applicable to such program].

		
	iii.
	He has been and hereby is advised in writing that he may, at his option, discuss this Agreement with an attorney of his choice and that he has had adequate opportunity to do so;

		
	iv.
	He fully understands the final and binding effect of this Agreement; the only promises made to him to sign this Agreement are those stated in the Employment Agreement and herein; and he is signing this Agreement voluntarily and of his own free will, and that he understands and agrees to each of the terms of this Agreement; and

Exhibit A

		
	v.
	With the exception of any sums that he may be owed pursuant to Section 5 of the Employment Agreement, Executive has been paid all wages and other compensation to which he is entitled during Executive's employment with the Company or any other Company Party and Executive has received all leaves (paid and unpaid), been afforded all rights and been paid all sums to which he was entitled during the Term (as defined in the Employment Agreement).

		
	g)
	Notwithstanding the initial effectiveness of this Agreement, Executive may revoke the delivery (and therefore the effectiveness) of this Agreement within the seven-day period beginning on the date Executive delivers this Agreement to the Company (such seven-day period being referred to herein as the "Release Revocation Period"). To be effective, such revocation must be in writing signed by Executive and must be received by the [●] of the Company before 11:59 p.m., [●] time, on the last day of the Release Revocation Period. If an effective revocation is delivered in the foregoing manner and timeframe, this Agreement shall be of no force or effect and shall be null and void ab initio. No consideration shall be paid if this Agreement is revoked by Executive in the foregoing manner.

		
	h)
	This Agreement will be construed in accordance with and governed by the laws of the State of Texas, without reference to principles of conflict of laws.  The Parties agree that this Agreement cannot be modified or amended except by a written instrument signed by Executive and a duly authorized representative of the Company.  This Agreement may be executed in multiple parts.

		
	i)
	This Agreement (including any exhibits hereto) and Section 17(a) of the Employment Agreement (including the sections of the Employment Agreement referenced therein) set forth the entire agreement between Executive and the Company relating to the subject matter herein and supersede any and all prior oral or written agreements or understandings between Executive and the Company concerning the subject matter of this Agreement.  Neither of the Parties has made any settlement, representations or warranty in connection herewith (except those expressly set forth in this Agreement) which have been relied upon by the other Party, or which acted as an inducement for the other Party to enter into this Agreement.

        

 
Executed on this ________ day of ____________________, ______.

                                                

Exhibit AEX-10.3

 Exhibit 10.3 

LEASE AGREEMENT 
  

			
	between	  	 BF Real I.S. / DB Real Estate Immobilienverwaltung Objekte

Berlin, Düsseldorf, Essen KG
 Innere Wiener Straße
17

		
		  	81667 Munich
	represented by:	  	
		  	Real I.S. AG
		  	Gesellschaft für Immobilien Assetmanagement
		  	Innere Wiener Straße 17
		
		  	81667 Munich
		
		  	- Lessor
		
		  	trivago GmbH
	and	  	Bennigsen Platz 1
		  	40474 Düsseldorf
		
	represented by:	  	Mr Peter Vinnemeier
		
		  	- Tenant

 Tenant number: 1211-M200037 

					
	 - Leased property
	  	 	3	  
	 - Use of the Leased Property, Protection from Competition
	  	 	4	  
	 - Hand-Over of the Leased Property/Condition of the Leased Property
	  	 	4	  
	 - Leasing Period, Termination
	  	 	5	  
	 - Rent, Ancillary Costs
	  	 	5	  
	 - Graduated Rent Agreement
	  	 	8	  
	 - Payment of the Rent
	  	 	8	  
	 - Permitting Use by Third Parties
	  	 	8	  
	 - Maintenance/Repair/Decorative Repairs/Liability
	  	 	9	  
	 10 - Insurance
	  	 	10	  
	 11 - Property Surveillance and Safety Facilities
	  	 	11	  
	 12 - Leased Property Defects/Reduction/Offset/Right of Retention
	  	 	11	  
	 13 - Changes to and in the Leased Property Made by the Tenant
	  	 	12	  
	 14 - Accessing the Leased Property
	  	 	12	  
	 15 - Closing Devices
	  	 	12	  
	 16 - Provision of Security Deposit
	  	 	13	  
	 17 - End of Tenancy
	  	 	13	  
	 18 - Other Arrangements
	  	 	13	  
	 19 - Written Form Restructuring Clause
	  	 	14	  

 - Leased property 

The Lessor is the owner of the property Karl-Arnold-Platz 1a in 40474 Düsseldorf. 

On this property there is an office and administrative building that is known to the Tenant. 

The Lessor leases to the Tenant in said building the following spaces, namely spaces in the 3rd and 4th floors (in the north wing and south
wing respectively) covering roughly 5,855.84 m2 of leased space, as shown in a coloured outline in annex III and as viewed by the Tenant (the leased space shown also includes a proportion of the
communal spaces, such as the entrance area, corridors and stairwells, at a rate of roughly 5.74%) 
 and 

underground parking spaces for 25 cars and outdoor parking spaces for 4 cars, as indicated in annex III a and III b. The Lessor reserves the
right to allocate the Tenant other parking spaces at a later point in time and to document this in an addendum with the Tenant 
 and 

roughly 60.37 m2 storage space in the 2nd underground floor, as shown in annex III c. 

The leased spaces under the terms of this agreement with effect between the parties are determined on the basis of the gif (Society of Property
Researchers, Germany) guidelines for calculating the leased space for commercial premises (status date 1 Nov. 2004). Protruding areas of non-load-bearing walls were ignored. The lease includes a proportional share of the communal areas in the
building. Under the terms of this regulation, communal areas are the entrance areas, staircases, areas in front of lifts and the connection paths within the freely accessible areas of the leased property that are used by all tenants jointly. 

 

	1.4	The Lessor undertakes to inform the Tenant of the leasing of office spaces that become vacant or empty office spaces to third parties before such leasing begins and grants the Tenant the repeated right to rent these
vacated or empty spaces at the conditions agreed upon between the parties in this lease agreement. The Lessor will notify the Tenant of the exercising of this right without delay following awareness of the impending leasing and allow the Tenant 10
working days to respond. 

  

	1.5	The outer facade and the roof of the property are not included in the lease. Displaying advertising material and/or information signs on the outer facade or in communal areas, and setting up vending machines, display
cases, antennae or the like requires written permission from the Lessor. Costs relating to the fixing, operation, maintenance and repair of the advertising material/information signs and the like are borne by the Tenant. 

 

	1.6	The Tenant shall obtain all the regulatory permits and concessions relating to its business at its own expense, insofar as these costs relate to the person of the Tenant and this person’s company. All building and
usage rights relating to the agreed use, in particular fire protection requirements for the leased property, must be provided and maintained by the Lessor. 

 Any facilities and safety precautions that are to be installed in the leased property as required
by the authorities extending beyond the condition described in section 3.1. must be installed by the Tenant at the Tenant’s own expense. The building and usage rights conditions necessary for the operation of an office must be provided by the
Lessor. 
 – Use of the Leased Property, Protection from Competition 

The leased property is leased exclusively to be used as an office space by the Tenant. Any change to this purpose of use is only permitted with
prior written agreement from the Lessor. 
 The Lessor does not grant the Tenant any protection from other tenants with a competing product
range. 
 3 – Hand-Over of the Leased Property /Condition of the Leased Property 

1 The leased space in the fourth floor will be handed over by 28 Feb. 2015 at the latest. The leased space in the third floor will be handed
over by 31 Mar. 2015 at the latest. The leased property is handed over in accordance with the construction specification in annex IV. The floor plans in annex III specify in definite form the services described in the construction specification in
annex IV. Services depicted in the floor plans in annex III but not described in the construction specification in annex IV do not represent contractual specifications for the Lessor. In the event of the construction specification differing from the
description given in the floor plans, the floor plans take precedence. 
 The leased property is suitable for the intended purpose of use. It
is the Tenant’s own responsibility to check whether the leased property meets the Tenant’s specific requirements regarding safety, burglary protection for the workplace and the like. Any resulting and required construction measures are
borne by the Tenant. 
 Furthermore, the indoor temperatures are to some extent affected by the amount of lighting installations or
heat-dissipating technical facilities installed by the Tenant, which could impair the indoor temperatures. 
 Moreover, the leased spaces may
be impaired by noise emissions from the immediate neighbourhood, which could lead to the permitted limit vales being slightly exceeded during peak noise levels. These emissions cannot be averted and must be accepted by the Tenant. The Tenant’s
rights in the case of continuous noise exposure remain unaffected. 
  

	3.2	It is the responsibility of the Tenant to develop the leased property beyond the above such that the leased property corresponds to the contractual purpose of use. The required approval in accordance with section 13.1
must be obtained before the conversion work is started. 

  

	3.3	The Tenant may reject hand-over of the leased property if defects and complaints are present that restrict contractual use of the leased property to a more than immaterial extent. Minor residual work, such as subsequent
installation of skirting boards, attachment of doors and residual painting work, that is not necessary for usage per se does not prevent hand-over; such work may be performed subsequently following hand-over. 

 

	3.4	A hand-over protocol is compiled for the hand-over and signed by both parties; any defects or residual work is recorded in the hand-over protocol. The Tenant cannot derive any rights from the presence of any defects
that do no considerably impair the suitability of the leased property for the contractual purpose, in particular no reduction in rent. 

 The Tenant must pay the lease security deposit agreed upon in section 16 before, or at the latest
during, the hand-over. The leased space will not be handed over until the lease security deposit has been received in the agreed form. This also applies to subsequent expansions of the leased space. 

 

	4.	Leasing Period, Termination 

  

	4.1	The tenancy begins at the latest with the hand-over of the leased property. 

  

	4.2	The tenancy has a fixed term and ends on 31 Dec. 2019. 

  

	4.3	Before the tenancy comes to an end, the Tenant may demand that the tenancy be extended once by three years. This declaration must be made to the Lessor in writing no later than 13 months before the leasing period is due
to end. 

  

	4.4	Following this, the tenancy is extended to an indefinite period unless it is terminated by one of the contracting parties with a notice period of nine months before the leasing period is due to end. Termination is
initially only permitted with effect at the end of the fixed contract period. If the lease agreement has been extended to an indefinite period, it can be terminated with effect at the end of a calendar month, subject to nine months’ notice.

  

	4.5	Both parties have the right to extraordinary termination without notice on the basis of legal provisions. Moreover, however, the Lessor may terminate the tenancy without notice on compelling grounds if:

  

	 	a)	the Tenant is in default with two month’s rent or in default with the deposit payment; 

  

	 	b)	the Tenant uses the leased property or parts thereof for purposes other than those specified in the contract without the agreement of the Lessor, in particular allowing third parties to use the leased property or
subletting it to third parties; 

  

	 	c)	the Tenant fails to comply with the contractual conditions despite two written warnings in respect of the same matter. 

If the tenancy is ended by termination without notice on the part of the Lessor, the Tenant is liable to the Lessor for the loss of rent
including all operating costs and other ancillary costs until the property is re-leased at conditions no worse than those in the present lease agreement or until the lease agreement expires, whichever is sooner. Any receivables owed by the Tenant to
the Lessor only become due for payment after this point in time. 
 The Lessor reserves the right to assert additional claims. 

 

	4.6	Terminations must be made in writing. 

 5 - Rent, Ancillary Costs 
  

	5.1	The basic monthly rent for the leased space and the portion of the communal areas from 1 Mar. 2015 is 

  

					
	 roughly 2,927.92 m2 office space @
€13.90 /m2
	  	€	40,698.09	  
	 roughly 60.37 m2 storage space @ €7.00
/m2
	  	€	422.57	  
	 plus applicable VAT, currently 19%
	  	€	7,812.93	  
		  	  
	  
	 
	 Total
	  	€	48,933.59	  

 The basic monthly rent for the leased space and the portion of the communal areas from 1 Apr. 2015 is 

 

					
	 roughly 5,855.84 m2 office space @
€13.90 /m2
	  	€	81,396.18	  
	 roughly 60.37 m2 storage space @ €7.00
/m2 
	  	€	422.57	  
	 plus applicable VAT, currently 19%
	  	€	15,545.56	  
		  	  
	  
	 
	 Total
	  	€	97,364.31	  

 The basic monthly rent for the underground parking spaces is, from hand-over Outdoor parking spaces for 4 cars
@ 
  

					
	 €60.00
	  	€	240.00	  
	 Underground parking spaces for 25 cars @ €100.00
	  	€	2,500.00	  
	 plus applicable VAT, currently 19%
	  	€	510.39	  
		  	  
	  
	 
	 Total
	  	€	3,250.39	  

 If it should be discovered within 12 months following the start of the tenancy that the leased space specified
in section 1.3 differs from the actual space by more than +/-3%, the rent must be adjusted accordingly. The parties to the lease agreement undertake to conclude an addendum confirming the size of the leased space that has been mutually agreed upon.
After conclusion, no further adjustment can be demanded. 
 The Lessor uses vis-à-vis the Tenant for the purpose of invoicing in
accordance with section 14(4) German VAT Act (UStG) the Tenant’s tax number 144/235/701 73. VAT is applicable at the statutory level as specified in section 12(1) German VAT Act (UStG). 

 

	5.2	The Lessor opts for VAT. The Tenant therefore ensures that no transactions will be carried out in the leased property that would jeopardise the Lessor’s right to deduct input tax. The Tenant verifies this annually
with a confirmation from the Tenant’s tax consultant. This also applies in the case of a permitted subleasing of the leased property. In this case, the Tenant undertakes to conclude identical agreements with the subtenant. If the Tenant
nevertheless does carry out such transactions, the Tenant must inform the Lessor of this. Insofar as this causes the Lessor to lose the right to deduct input tax, the Lessor may demand compensation equal to the amount of lost input tax deduction and
to charge, in addition to the rent, a rent surcharge equal to 7.5% of the interest-bearing amount of the lost input tax deduction. The right to claim more extensive damages remains unaffected. 

Additionally, the Tenant must provide the Lessor with corresponding documents free of charge and provide information to allow the lost
input tax deduction to be calculated and a tax assessment to be performed. 
  

	5.3	In addition to the basic rent, the Tenant bears the operating costs incurred directly for the leased property (e.g. electricity, gas, water) and a proportion of all verified operating and ancillary costs of the
building. 

 Operating and ancillary costs are all the costs listed in annex I of this agreement and all cost categories, taxes
and fees that arise after this agreement has been concluded. These costs that arise subsequently may be allocated to the Tenant insofar as these costs have an economic connection with the operation or maintenance of the leased property; they are,
however, restricted to 10% of the contractually agreed ancillary costs in accordance with annex I. 

 The Lessor points out that the costs listed in annex I extend beyond the cost categories of the
German Operating Costs Ordinance (BetrKV). 
 The Lessor allocates the operating and ancillary costs to the Tenant. The Tenant pays towards
these operating and ancillary costs that are to be allocated monthly prepayments of €3.10 per m2 leased space from the first day of the tenancy in accordance with section 4.1 until the first
operating and ancillary cost report has been received. After the first annual report concerning operating and ancillary costs has been received, the monthly operating and ancillary costs prepayment is 1/12 the amount of the previous annual report.
The provision set out in item 5.5 remains unaffected. 
 Any differences between the final report amount and the total of prepayments made is
paid by the Tenant or reimbursed by the Lessor within four weeks following receipt of the report. The Lessor will allow the Tenant to arrange an appointment to view the report documents at the premises of the Lessor’s administrator within said
four-week period. If the Tenant does not object to the report in writing within this four-week period following receipt of the report, the report is deemed accepted insofar as the Lessor has pointed out this legal consequence in the report. 

Insofar as legally and technically possible, the Tenant will reach an agreement with the Lessor as to which operating and ancillary costs for
fundamental services are to be obtained directly from the particular service providers and to be settled with them directly. Insofar as the Lessor has to pay for such costs itself, the costs will be allocated from the Lessor to the Tenant. The
prepayment of the operating and ancillary costs is reduced in accordance with the payments to be made by the Tenant directly to the service providers. 
  

	5.4	The operating and ancillary costs report is issued once a year. The reporting period is the calendar year. If the tenancy ends during a reporting period, the operating and ancillary costs report is not issued as an
interim version, but rather compiled in connection with the general operating and ancillary costs report. 

 The monthly
prepayments for the operating and ancillary costs from 1 Mar. 2015 are as follows: 
  

					
	 2,988.29 m2 x €3.10/m2
	  	€	9,263.70	  
	 plus applicable VAT, currently 19%
	  	€	1,760.10	  
		  	  
	  
	 
	 Total:
	  	€	11,023.80	  

 The monthly prepayments for the operating and ancillary costs from 1 Apr. 2015 are as follows: 

 

					
	 5,916.21 m2 x €3.10/m2 
	  	€	18,340.25	  
	 plus applicable VAT currently 19%
	  	€	3,484.65	  
		  	  
	  
	 
	 Total:
	  	€	21,824.90	  

  

	5.5	If the operating and ancillary costs increase within a reporting period, the Lessor may demand a corresponding increase in the prepayments. The same applies insofar as newly introduced public charges are incurred by the
Lessor. 

 The operating and ancillary costs prepayments are then increased by the new amount. The
applicable statutory VAT is shown separately in the report. 
 6 - Graduated Rent Agreement 

For each additional year of the lease, the basic monthly rent increases, plus the applicable statutory VAT, for office and storage space by 1.0% each year.
Accordingly, the basic monthly rent for the leased space is: 
  

													
	 in the 2nd year of the lease, from 1 Apr. 2016 to 31 Mar. 2017, increased by
€818.19 to
	  	 	€82,636.94	  
	 in the 3rd year of the lease, from 1 Apr. 2017 to 31 Mar. 2018, increased by
€826.37 to
	  	 	€83,463.31	  
	 in the 4th year of the lease, from 1 Apr. 2018 to 31 Mar. 2019, increased by €
834.64 to
	  	 	€84,297.95	  
	 in the 5th year of the lease, from 1 Apr. 2019 to 31 Dec. 2019, increased by
€842.98 to
	  	 	€85,140.93	  

 At the agreed times, the agreed increase becomes effective automatically without any declaration of the increase required on
the part of the Lessor. 
 7 - Payment of the Rent 
  

	7.1	The obligation to pay the rent begins with the start of the tenancy: on 1 Mar. 2015 or 1 Apr. 2015. 

By way of derogation, the Lessor has granted the Tenant a rent-free period of seven months, distributed across the duration of the lease. The
parties agree in this regard that the Tenant will pay no rent for the month of April in each year from 2015 to 2019. Furthermore, the months of May 2015 and June 2015 are also rent-free. The rent-free period does not apply to the operating and
ancillary costs; they are to be paid regardless. If the time of the start of the lease is postponed, the rent-free period is postponed correspondingly. 
  

	7.2	The rent and the operating and ancillary cost prepayments must be transferred in advance to the following accounts, free of charge, on the third working day of the month: 

 

					
	 Rent:
	  	 Bayerische Landesbank

	 BIC
	  	 BYLADEMMXXX

	 IBAN
	  	 DE 4370 0500 0002 0129 8108

		
	 Ancillary costs:
	  	 Bayerische Landesbank

	 BIC
	  	 BYLADEMMXXX

	 IBAN
	  	DE 4370 0500 0003 0129 8108

 The date that the money is received via said account is deemed the effective date. 

 

	7.3	In the event of a delayed payment, the Lessor may charge default interest from the due date to the date of receipt at a rate of 8% above the basic interest p.a. 

 

	7.4	Payments are initially to be offset against claims for which expiry by limitation is imminent, and then against costs, interest and other debts. 

 8 - Permitting Use by Third Parties 

 

	8.1	Any instance of permitting a third party to use the leased property, whether full or partial, in particular subleasing of the leased property, requires prior written approval from the Lessor. The approval can only be
denied on compelling grounds. 

  

	8.2	The Lessor may revoke approval for permitting use by third parties on compelling grounds at any time. 

  

	8.3	The Tenant transfers to the accepting Lessor, as a precaution, the Tenant’s current and future claims that the Tenant is entitled to against third parties arising from permitting use of the leased property, in
particular those arising from subleasing. This sum is limited in its amount to the sum of claims due to the Lessor against the Tenant. The Lessor is hereby authorised by the Tenant, in the event of payment arrears of more than 14 days, to inform the
third party of the assignment and to collect the claims of the Tenant against the third party, in place of and on behalf of the Tenant. Until a claim arises, the Tenant reserves the right to collect the assigned claim. 

9 - Maintenance/Repair/Decorative Repairs/Liability 
  

	9.1	The Tenant must treat the leased properties, their equipment, the property, including all communal facilities and outdoor areas, with due care and consideration. 

 

	9.2	The Tenant is liable to pay compensation for all damage and expenses incurred by the Lessor culpably caused by the Tenant. In particular, the Tenant is liable for damage caused by culpable misuse of water, gas,
electrical light and the heating system. 

 This liability to pay compensation applies regardless of whether the damage was
caused by the Tenant or persons belonging to the Tenant’s business or third parties coming into contact with the leased property at the instigation of the Tenant, in particular subtenants, visitors, delivery persons and tradespeople. It is the
Tenant’s responsibility to provide proof that damage that occurred within the leased spaces was not the fault of the Tenant or any of the above-mentioned persons. 
  

	9.3	It is the Lessor’s responsibility – subject to the provision in section 9.4 – to perform maintenance and repair of the roof, the structural building parts and outer walls, load-bearing inner walls,
supports and foundations, with the exception of windows and doors that surround the leased property and with the exception of glazing and fittings belonging to them. 

The Tenant must professionally perform the ongoing maintenance (including any required scheduled maintenance) and repair of technical
installations and facilities installed by the Tenant, both inside and outside the Tenant’s leased spaces, at the Tenant’s own expense. This includes in particular air-flow-related systems (e.g. ventilation, air-conditioning), sanitary
facilities, electrical systems, taps, sunscreens and antenna systems. The Lessor may demand proof that the work has been performed and in the event of delay have this work performed at the Tenant’s expense. 

For the technical installations and facilities already present in the leased space at the time of hand-over, the ongoing maintenance (including
any required scheduled maintenance) and repair is performed by the Lessor and correspondingly allocated to the Tenant via the allocation of operating costs. 

 Maintenance as referred to in this section is understood by the parties as all scheduled
maintenance work that becomes necessary including the exchange of smaller consumable parts and lubricants. Repair is understood by the parties as all repair work that becomes necessary. 

 

	9.4	The Lessor will perform required maintenance and repair work relating to the communal areas, communal installations and facilities at the expense of the ancillary costs and charge them to the Tenant in accordance with
section 5.3 insofar as such work is not to be performed by the Tenant at the Tenant’s expense in accordance with section 9.3 or as specified in the following subsections. Insofar as this maintenance and repair work involves generally accessible
areas inside the building, the allocation of these costs is restricted to a maximum of €30,000 in accordance with section 5.3. The costs for measures pursuant to section 9.3(1) are not allocated to the Tenant. Any costs for the measures that
the Lessor is currently performing for the maintenance and repair of the building are not allocated to the Tenant. 

  

	9.5	The Tenant must, at the Tenant’s expense – insofar as required in accordance with the degree of wear – perform the following decorative repairs, in particular painting or wallpapering the walls and
ceiling, cleaning the floor covering or replacing damaged carpets and internal glazing that belongs to the leased property, painting the radiators including the heating pies, the inside doors and the windows and outside doors from inside, in the
leased spaces. The required work must be performed professionally by the end of the leasing period at the latest. 

  

	9.6	If the Tenant fails to fulfil the obligations pursuant to points 1–5 within one month despite written request, the Lessor can arrange for the required work to be performed at the Tenant’s expense without
setting a grace period. A written warning and notice period are not required in cases of imminent danger or where the Tenant’s current residence is unknown. 

  

	9.7	The Lessor must be notified of damage and defects to the leased property in writing without delay. If the Tenant fails to provide such notification, the Tenant is obliged to pay compensation for the resulting damage. It
is the Tenant’s responsibility to prove that notification was provided in due time. 

  

	9.8	Insofar as the Lessor is entitled to guarantee claims with regard to the rectification of a defect, the Lessor transfers these claims to the accepting Tenant for enforcement. 

10 - Insurance 
  

	10.1	The Lessor has concluded the required building insurance policies (third-party liability, fire, storm, tap water, extended coverage). The resulting costs are allocated to the Tenant in connection with the operating and
ancillary costs report. Any installations, extension or conversion of the leased property performed by the Tenant are not covered by the building insurance. The Tenant must insure these installations, extensions or conversions at the Tenant’s
expense. 

  

	10.2	The Tenant must conclude adequate employer’s liability insurance at the Tenant’s own expense and maintain it for the duration of the lease. Furthermore, it is the Tenant’s responsibility to be adequately
insured against all damage to the installed facilities and other items (the Tenant is recommended to conclude key-loss insurance). 

	10.3	The Lessor may inspect the insurance contracts to ascertain that such insurance policies have been concluded correctly and that they are being maintained. 

11 - Property Surveillance and Safety Facilities 
  

	11.1	If surveillance measures are deemed necessary for the property – regularly or in special cases – the property management representing the Lessor will issue a corresponding commission. The Tenant undertakes to
bear a proportion of the costs in connection with the operating and ancillary costs report, insofar as the Tenant benefits from the surveillance measures. 

The Tenant may commission surveillance measures with written agreement from the Lessor. In such a case, the Tenant must bear the costs. 

 

	11.2	The Tenant may install safety facilities after prior written agreement from the Lessor. The Tenant must bear the costs for the installation, maintenance and repair of the safety facilities. 

12 - Leased Property Defects/Reduction/Offset/Right of Retention 
  

	12.1	The Tenant’s right to assert claims for damages arising from a defect in the leased property is excluded insofar as the Lessor is not culpable for the damage as the result of wilful misconduct or gross negligence.
The Lessor’s liability for an initial defect in accordance with section 536a German Civil Code (BGB) is excluded. 

 The
Tenant’s right to have the defect remedied remains unaffected. 
  

	12.2	The Tenant may only exercise a right to reduction, offset and retention if the Tenant notifies the Lessor of this in writing at least one month before the due date. 

 

	12.3	An offset and right of retention on the part of the Tenant is only permitted if the claim is undisputed, recognised by declaratory judgment and ready for a decision. The Tenant may reduce the rent as the result of a not
immaterial leased property defect via deduction from the contractually agreed rent only insofar as the Lessor is culpable for this situation as the result of wilful misconduct or gross negligence or has agreed to the reduction. 

 

	12.4	The Tenant’s right to retention vis-à-vis claims of the Lessor for rent and/or operating and ancillary costs is excluded where it is not based upon this contractual relationship. 

 

	12.5	The Lessor’s guarantee is restricted to the Lessor’s cardinal obligations. Moreover, the Lessor’s liability with regard to the breach of other obligations, unlawful acts and positive breaches of contract
is restricted to gross negligence and wilful misconduct. 

 The possibility of claim for return based on the principles of
unjust enrichment, sections 812 et seq. German Civil Code (BGB), remains unaffected insofar as it relates to leased property defects. 

 Compensation for indirect damage (lost profit) is always excluded insofar as it relates to
non-foreseeable damage or financial loss and insofar as such damage does not jeopardise the fulfilment of the contractual purpose in the long term. 
  

	12.6	None of the liability restrictions given in this section 12 apply if they involve claims arising from loss of life, physical injury or impairment of health or from gross negligence or wilful misconduct.

 13 - Changes to and in the Leased Property Made by the Tenant 

 

	13.1	More than insignificant changes to and in the leased property, in particular major conversions and fixtures, installations, etc., must be agreed upon with the Lessor in advance, recorded in writing as major changes and
only performed with prior written agreement from the Lessor. The Lessor may only deny agreement if the changes are more than insignificant. The Tenant must bear all costs connected with the changes and all consequential costs, including the approval
costs. 

  

	13.2	Gas, electrical and other appliances must be connected to the existing supply network only to such an extent that the impact planned for the leased property is not exceeded. Further appliances may only be connected with
prior written agreement from the Lessor. Agreement may be refused if the existing supply network would not withstand additional load and the Tenant refuses to bear the costs for a corresponding change to the network. 

 

	13.3	The Tenant undertakes to provide the Lessor with documentation on the cabling equipment. 

 14 - Accessing
the Leased Property 
 The Tenant must ensure during conventional business hours that the Lessor, representatives, official experts and interested
parties can view the leased property for the purposes of checking the condition of the leased property, performing repairs, re-leasing, etc. – after prior notification. In cases of imminent danger access must be made possible at any time of the
day or night. 
 15 - Closing Devices 
  

	15.1	The Lessor may control access to the leased property by means of code and key cards with access authorisation. In such a case, the Tenant is recommended to conclude corresponding insurance against loss.

  

	15.2	The Tenant is not permitted to install or exchange the Tenant’s own locks without agreement from the Lessor, with the exception of locks within the leased unit. In any case it must be ensured that representatives
of the Lessor can access the leased property in cases of imminent danger at all times. 

  

	15.3	If the Tenant loses a key or a code card, the Tenant must notify the Lessor of such loss without delay. In any case, the Tenant must bear any costs thus incurred by the Lessor, regardless of whether this damage is
insurable. 

 16 - Provision of Security Deposit 

The Tenant undertakes to provide the Lessor a deposit equal to three months’ rent plus operating and ancillary costs plus the statutory VAT as security.
This may also take the form of an unconditional, irrevocable, unlimited, directly enforceable surety from a major bank, savings bank or insurance company recognised in the Federal Republic of Germany as a domestic customs and tax guarantor, where
this guarantee corresponds to the template given in annex II in all material respects. In this case, the surety is deemed equal to a cash deposit on the basis of its offset possibilities. 

If the Lessor draws on the deposit, the Tenant must return the deposit sum to its original level without delay. 

In place of the surety described, the Tenant may also provide an equivalent security deposit in the form of a rental deposit passbook savings account. 

In the case of expansions to the leased space, index adjustments or graduated rent increase during the tenancy, the Lessor may demand a corresponding increase
in the security deposit, insofar as the rent increase exceeds 10%. 
 In the event of a change in the person of the Lessor, the Tenant undertakes to agree
to an assumption of debt with full discharge of original debtor to relieve the Lessor from obligations arising from return of the security deposit. 
 17
- End of Tenancy 
  

	17.1	When the tenancy ends, the Tenant must 

  

	 	a)	hand over all keys to the leased property to the Lessor 

  

	 	b)	return the leased property renovated in accordance with section 9.5, insofar as the degree of wear is not below the usual degree of wear given the term of the lease agreement. Proportional compensation for the wear that
has occurred is possible. 

  

	17.2	Immaterial changes to the leased property under the terms of 13.1, installations and conversions and any changes to the design and/or the equipment of the leased property performed or arranged by the Tenant need not be
removed by the Tenant before the Tenant moves out and must not be returned to their original state, unless otherwise agreed upon in writing. 

The Lessor may prevent the right to removal from being exercised by paying an appropriate compensation. The Tenant’s right to compensation
covers the fair value of the facilities. The Lessor’s right to prevention does not apply if the Tenant has a legitimate interest in the removal. 
  

	17.3	A tacit extension of the lease in accordance with section 545 German Civil Code (BGB) is excluded. 

 18 -
Other Arrangements 
  

	18.1	The Tenant may not assign rights arising from this agreement to third parties without agreement from the Lessor. The Lessor’s liability in the same way as a surety pursuant to section 566(2) German Civil Code (BGB)
is excluded. The Lessor may at any time transfer rights and obligations arising from this lease agreement to third parties. 

	18.2	This lease agreement is valid regardless of any required regulatory approval of the commercial activity. 

  

	18.3	Should individual provisions of this agreement be ineffective, this shall not affect the effectiveness of the remaining provisions. In the event of an individual provision being invalid, the parties arrange a provision
to take its place that comes closest to the intent of the original with retroactive effect. 

  

	18.4	-    Annex I (list of operating and ancillary costs), 

-    Annex II (bank surety template) 

-    Annex III (floor plan of the office space) 

-    Annex III a (floor plan with underground parking spaces for cars shown with coloured outline) 

-    Annex III b (floor plan with outdoor parking spaces for cars shown with coloured outline) 

-    Annex III c (floor plan with storage spaces shown with coloured outline) 

-    Annex IV (construction specification) form an integral part of this lease agreement. 

 

	18.5	No oral collateral agreements have been made in relation to this lease agreement. Moreover, oral collateral agreements, modifications, additions and the cancellation of this agreement require the written form. The same
applies for approvals and agreements of all kinds. The requirement of written form can only be waived in writing. 

  

	18.6	Insofar as a party has signed this lease agreement with legally binding effect, this party remains bound to this offer for a period of three weeks following receipt of the offer. Both parties waive the receipt of
acceptance of the offer within the said time period; only the acceptance of the offer must be made within the time period. 

 19 - Written
Form Restructuring Clause 
 The parties are aware of the written form requirements of sections 550 in conjunction with 578(1) German Civil Code (BGB).
They hereby mutually undertake to, when requested by the other party at any time, perform all actions and make all declarations that are required to satisfy this requirement of the written form and to not terminate the lease agreement prematurely on
the grounds of non-compliance with the written form and to not invoke unenforceability of the lease agreement due to non-compliance with the written form. This applies not only to the conclusion of the original/main agreement but also to addendum,
amendment and supplemental agreements. A third party entering into the contract following disposal of the leased property on the part of the Lessor is not bound to the above agreement. Such a party is entitled to the statutory rights. 

					
	Munich, date:	  	date:

  

					
	(Lessor)	  	(Tenant/stamp)
		
	as......of the Lessor	  	Name in block capitals
	(representative role)	  	

			
	Annex I	  	to the lease agreement between DB Real Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG (Lessor)
and trivago GmbH (Tenant)

LIST OF OPERATING AND ANCILLARY COSTS 

Operating costs and ancillary costs are the following costs continuously incurred by the owner or the land lease right holder through the ownership of land
lease rights of the property or through intended use of the building, outbuildings, facilities and the property, unless they are normally directly borne by the Tenant in addition to the rent: 

 

	1.	The ongoing public charges for the property 

 This includes the property tax. 

 

	2.	Water supply costs 

 This includes the costs for water consumption, the basic fees, the
costs for renting or other type of transfer of use for water meters and the costs of their use including the costs of official calibration and the costs for calculation and allocation, the costs for maintenance of the water volume controllers, the
meter rental, the costs of using intermediate meters, the costs of operating and of maintenance and repair of an internal water supply installation and a water treatment installation including the treatment substances. 

 

	3.	Drainage costs 

 This includes the fees for using a public drainage installation, the
costs of operating and of maintenance and repair of a corresponding non-public installation and the costs of operating and of maintenance and repair of a drainage pump. 
  

	4.	Heating installation costs 

 This includes the costs of operating, cleaning, maintenance
and repair 
  

	 	a)	of the heating installation and the costs of using measuring equipment to record consumption. Examples of possible heating installations include ● central heating installations or heating installations connected
to the hot water supply installation, ● central fuel supply installations and ● self-contained central heating installations; 

  

	 	b)	the costs of supplying district heating and the costs of operating and of maintenance and repair for the corresponding building installations; 

 

	 	c)	the costs of reading and evaluating the consumption recording devices; 

  

	 	d)	the fees arising from a change of user. 

	5.	Hot water supply costs 

 This includes the costs of operating, cleaning, maintenance and
repair of 
  

	 	a)	the hot water supply installations, such as the central hot water supply installations or those connected to the heating installation; 

 

	 	b)	the costs of supplying district heating water and the costs of operating and of maintenance and repair for the corresponding building installations; 

 

	 	c)	the hot water devices and the devices for recording consumption; 

  

	 	d)	the costs of reading and evaluating the consumption recording devices. 

  

	6.	Air-conditioning and aeration installation costs 

 This includes the costs of operating,
cleaning, maintenance and repair of the air-conditioning and aeration installations. 
  

	7.	Mechanical goods lift or passenger lift costs 

 This includes the costs of the operating
power, the costs of overseeing, operating, monitoring and care of the installation, the regular checks of operational readiness and operational safety including configuration performed by a specialist, the costs of cleaning and the costs of
maintenance and repair of the installation. 
  

	8.	Street cleaning and refuse disposal costs 

 This includes the fees payable for public
street cleaning and refuse disposal and the costs of corresponding non-public measures. 
  

	9.	Cleaning and pest control costs 

 The cleaning costs include the costs for cleaning the
property including the access areas, entrance areas, corridors, staircases, cellar, attic, laundries, technical rooms, lift cabs and facades and gutters. 
  

	10.	Outdoor installation/snow clearing and gritting costs 

 This includes the costs for
maintaining the garden areas including replacement of plants and shrubs, maintenance of the play areas including the replacement of sand. This also includes the care, cleaning, clearing and gritting of spaces, person access paths and vehicle access
paths that are not used for public traffic and the costs of snow clearing/road gritting. 
  

	11.	Lighting costs 

 This includes the costs of the power for the outdoor lighting and the
lighting for the communal building parts of the property, such as access areas, entrance areas, corridors, staircases, cellar, attic, laundries and technical rooms and the replacement of defective light sources. 

	12.	Chimney sweeping costs 

 This includes the sweeping costs in accordance with the relevant
fee scale. 
  

	13.	Insurance costs 

 This includes the costs of all insurance policies that have been
concluded for the property, such as building insurance (in particular for fire, storm and water damage) with “all-risk coverage”, glazing insurance, liability insurance for the building, the oil tank and the lift and rental insurance and
terrorism damage insurance. 
  

	14.	Caretaker, concierge or janitor costs and costs for other staff requirements for operation of the building 

This includes the ancillary costs for staff and special remuneration. 

 

	15.	Signage and advertising costs 

 This includes the costs for fixing, operating,
maintenance and repair of signage and advertising installations. Signage installations include, for example, company, name, location and information signs. 
  

	16.	The costs for property surveillance and safety facilities 

 This includes the costs of
regular and special monitoring and surveillance measures and the costs for producing, installing, operating and maintenance and repair of safety facilities. 
  

	17.	Property management costs 

 This includes the costs for technical and commercial property
management, up to a maximum of 3% of the net annual basic rent. 
  

	18.	Costs of the antenna installations and the like 

 Operating and maintenance and repair of

  

	 	a)	the communal antenna installation or 

  

	 	b)	the private distributor installation connected with a broadband cable network 

  

	 	c)	the satellite reception installation 

  

	 	d)	the lightning protection installation in total up to a maximum of 1% of the net annual basic rent. 

  

	19.	Washing and drying installation costs 

 This includes the costs of operating and
maintenance and repair of, for example, washing and drying installations, up to a maximum of 1% of the net annual basic rent. 
  

	20.	Garage costs 

 This includes the costs of operating and maintenance and repair of the
garage doors and car parking systems, parking systems (parking pallets) and cleaning and scheduled maintenance of the garage installations. 

	21.	Operating power costs 

 This includes the costs of the operating power for the communal
building parts and installations, insofar as they are not borne by the users themselves or included in the above items. 
  

	22.	Other operating costs 

 This includes – with regard to the provision in item 9.4
– in addition to the above-mentioned costs, in particular costs listed below for 
  

	 	•	 	roof maintenance 

  

	 	•	 	maintenance and/or repair of building-related installations (e.g. ventilation technology) 

  

	 	•	 	maintenance and/or repair of fire protection installations and the fire alarm system and the exchanging of fire extinguishers 

  

	 	•	 	maintenance and/or repair of CO alarm systems 

  

	 	•	 	maintenance and/or repair of the smoke and heat extraction system 

  

	 	•	 	maintenance and/or repair of emergency power systems and consumables 

  

	 	•	 	maintenance and/or repair of doors, gates and windows 

  

	 	•	 	emergency service standby 

  

	 	•	 	maintenance and/or repair of cooling technology installations 

  

	 	•	 	maintenance and/or repair of sprinkler installations 

  

	 	•	 	maintenance and/or repair of electric installations 

  

	 	•	 	maintenance and/or repair of shading installations 

  

	 	•	 	maintenance and/or repair of barrier and/or traffic light installation. 

  

					
	 Munich, date:
	  	                            date:
			
	 (Lessor)
	  	(Tenant/stamp)	 	
			
	 as ... of the Lessor
	  	as ... of the Tenant	 	
	 (representative role)
	  		 	

	Annex II	to the lease agreement between DB Real Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG (Lessor) and trivago GmbH (Tenant) 

Declaration of Surety 
 The Tenant: 

has leased in accordance with the lease agreement
of                    from 
 the Lessor: 

commercial spaces, including office spaces and ancillary spaces. To provide security for the contractual obligations, the Tenant must provide the Lessor with
a surety of €............................ . 
 We hereby issue directly enforceable and unlimited surety for all existing and future claims, including
conditional and limited claims, that the Lessor has or will have against the Tenant arising from the above-mentioned lease agreement up to a sum of 

€........................................... 

(in words: ...............................................................................................). 

We waive the right to voidability and set-off, unexhausted remedies (sections 770, 771) and the defences pursuant to section 768 German Civil Code (BGB) and
the right to deposit the surety amount and the right arising from section 776 German Civil Code (BGB), insofar as the defence is not aimed at the existence or the maturity of the principle claim. Furthermore, this waiver does not apply insofar as
the defence or the counterclaim against the principle debtor is undisputed or recognised by declaratory judgment. This surety is not affected by a change in the Tenant’s legal form. 

We undertake to make payment on first demand. 
 With regard to
the options for set-off, such as those pursuant to section 215 BGB, this surety is equivalent to a cash deposit pursuant to 551 BGB. 
 Our obligations
arising from this surety become void with the return of this surety document. This document must be returned if all the Tenant’s payment obligations arising from the tenancy have been fulfilled once the tenancy has come to an end. 

Our surety obligation is governed by German law. The agreed place of jurisdiction is the seat of the Lessor. 

 

					
	 - place -
	 	- date -	 	- bank -

 

 
  

 

 
  

 

 
  

 

 
  

 

 
  

					
	 Annex IV
 Tenant construction
specification
 Karl-Arnold-Platz 1a
	  	

	  	
	Page 1 of 8	  		  	

  

 Tenant construction specification trivago GmbH 

Karl-Arnold-Platz 1a, 40474 Düsseldorf 
  

			
	 Property:
	  	Deepgrey Offices
		  	Karl-Arnold-Platz 1a
		  	40474 Düsseldorf
		
	 Owner:
	  	BF REAL I.S./DB Real Estate Immobilienverwaltung Objekte Berlin,
		  	Düsseldorf, Essen KG
		  	represented by Real I.S. AG
		  	Gesellschaft für Immobilien Assetmanagement
		  	Innere Wiener Straße 17 81667 München

					
	 Annex IV
 Tenant construction
specification
 Karl-Arnold-Platz 1a
	  	

	  	
	Page 2 of 8	  		  	

  

 1. General information 

Brief description 
 The leased property is an existing
property that has been converted into sub-areas. The following descriptions thus partially represent the existing property and partially represent measures that are still to be performed and that are thus subject to change. The Tenant’s leased
units in the third and fourth floors are currently in an unfinished condition and must be developed to a functional condition for office use. The key data for the building and the leased spaces is given below: 

 

			
	 Location
	  	Düsseldorf Golzheim
		
	 Public transport connections
	  	U-Bahn station roughly 300 m away
		
	 Leased spaces, third to fifth floors
	  	3 storeys with roughly 8 400 m2 leasable space
		
	 Leased spaces, basement
	  	2 basement with roughly 741 m2 storage and archive spaces
		
	 Parking spaces
	  	365 underground parking spaces in 1st and 2nd basement floors /34 outdoor parking spaces
		
	 Planning grid
	  	Facade planning grid size 1.20 m
		
	 Floor-to-floor height
	  	Office spaces roughly 2.70 m clear room height
		
	 Building depth
	  	roughly 21.50 m
		
	 Office depths (present)
	  	roughly 7.60 m/roughly 4.00 m
		
	 Door communication
	  	The main building entrance, the entrances to the stairwell cores from the underground garage, the underground garage vehicle entrance barrier and the leased area entrances are equipped with door communication installations
(doorbell and intercom systems), such as those produced by Siedle or equivalent. Each leased unit is given a desktop communication station; connection to the Tenant’s own telephone system is possible as an option.
		
	 Access control
	  	All building entrances, the entrances to the stairwells from the underground garage, the underground garage vehicle entrance barrier and the leased area entrance doors to the lifts and the stairwells are equipped with digital
access readers. The Tenant is generally given 500 access cards.

					
	 Annex IV
 Tenant construction
specification
 Karl-Arnold-Platz 1a
	  	

	  	
	Page 3 of 8	  		  	

  

			
	Letterbox system	  	A letterbox system is set up in the main entrance. Each leased unit will have a letterbox with company sign/logo.

2. Facades and roofs 
  

			
	Facade	  	Windows with aluminium profiles and tinted glazing, not openable, facade supports cladded with ashlar
		
	Glare protection	  	Internal vertical slats
		
	Roof structure	  	Solid roof with sealing

 3. Access 

 

			
	Building entrances	  	Main entrance with wind trap and electric sliding doors with escape door function
		
	Foyer	  	Entrance hall with reception and entrance to cafeteria and canteen area
		
	Lift installations	  	4-person lifts with stops from 2nd basement floor to 5th floor – the lifts (cabs and controller) will be modernised by the Lessor.
		
	Stairwells	  	4 escape stairwells

 4. Leased areas 

 

			
	 Leased area entrance doors in the areas in front of lifts
	  	Glazed hollow frame doors, single- or double-leaf, pre-fitted for electric door opener, fittings: stainless steel The leased area entrance doors are equipped with digital access control and a door communication installation, of the
type produced by Siedle or equivalent.

					
	 Annex IV
 Tenant construction
specification
 Karl-Arnold-Platz 1a
	  	

	  	
	Page 4 of 8	  		  	

  

			
		  	All fire-protection doors within the leased space are equipped with automatic hold-open devices. The passageway width is based on the existing stock/the doors that are to be installed from the floor plans in annex III.
		
	 Floor structure
	  	Screed with floor channels in the office area, corridor areas partially with double floors
		
	 Sanitary rooms
	  	Floor tiles and wall tiles in area of sanitary items, lavatory partition wall installations made from plastic-coated system partition wall elements, entrance doors made designed as wood slat doors. The sanitary rooms will be
fully modernised in accordance with the standards in the sample unit on the 5th floor.
		
	 Kitchenettes
	  	In each floor, water and waste water connections will be provided for two kitchenettes to be provided by the Tenant. The position of the connection is specified by the Tenant and checked for feasibility by the Lessor. It should
be located as close as possible to the core area.
		
	 Showers
	  	A shower with adjoining changing room will be provided in the leased space. Position as per floor plans in annex III.
		
	 Floor, areas in front of lifts
	  	The floor coverings in the areas in front of lifts are specified by the Lessor.
		
	 Floors of meeting rooms/offices
	  	Carpet, suitable for castor chairs, carpet base linked at all wall and support surfaces with corresponding skirting boards, material price up to €40/m3 including laying.
The correspondingly marked areas in the floor plans in annex III will be given a vinyl floor covering of the Amtico brand “Spacia”.
		
	 Floor, server room:
	  	Double floor with load capacity of 1,000 kg / m2, maximum load possible across a surface of up to 2 m2. Floor covering able
to discharge static charges.
		
	 Non-load-bearing walls
	  	Dry walling system stud partitions, designed with double plasterboard panel covering on both sides, surfaces spackled (min. in Q2) and painted (standard colour: white – shade RAL 9003) – sound insulation value
R’w> = 42 dB in installed condition.

					
	 Annex IV

Tenant construction specification

Karl-Arnold-Platz 1a
	  	

	  	
	Page 5 of 8	  		  	

  

			
		  	The room partitions marked as glass panels in the floor plans in annex III will be designed as all-glass partition walls with R’w >= 37 dB (in installed condition) at a surcharge of €80,000 net, with all-glass doors
in metal frames with floor sealing.
		
		  	 The Lessor will invoice said surcharge to the Tenant separately.
  

In dry walling walls, correspondingly labelled doors will be designed as all- glass doors in metal frames with floor sealing. All other doors will be designed
and wooden material doors in metal frames.

		
	 Ceilings
	  	Metal grid suspended ceilings, clear height roughly 2.70 m, with integrated lights and integrated ceiling installation devices for heating/cooling. The ceiling has an acoustic effect. The ceiling panels will be fully replaced. In
the event of further room acoustic measures being necessary as the result of the selected room geometries, this is to be provided by the Tenant.
		
	 Lighting
	  	The basic lighting of the spaces is provided via louvre luminaires from existing stock that are installed in the grid ceiling. The corridors are lit by downlights. In the workspace areas, an illuminance of at least 500 lx is
generally achieved; in special areas possibly with the use of additional standard lamps. The lighting is switched on and off in zones. The zones are arranged between Tenant and Lessor.
	
	 5. Water and waste water installations

 

	 Water supply
	  	Drinking and extinguishing water supply from public network
		
	 Rainwater
	  	Rainwater disposed of into the public network
		
	 Waste water
	  	Waste water disposed of into the public network
		
	 Hot water supply
	  	Lavatory areas and kitchenettes with decentralised supply via electric flow heaters

					
	 Annex IV
 Tenant construction
specification
 Karl-Arnold-Platz 1a
	  	

	  	
	Page 6 of 8	  		  	

  

			
	 Water metering
	  	For each usage unit, by means of rental meters

 6. Heat supply
installations 
  

			
	 Heat generation/heat distribution
	  	Centralised heating installation with connection to district heating, basic temperature control via centralised ventilation installation, individual temperature control within control range via ceiling installation
devices
		
		  	Guideline temperatures in winter:
		
		  	Main usage spaces 21 °C
		
		  	Ancillary usage spaces 21 °C
		
		  	Transport areas outside the leased space 15 °C Lavatories 20 °C
		
	 Consumption recording
	  	For each usage unit, by means of rental meters

 7. Room air installations

  

			
	 Ventilation and basic cooling
	  	 Mechanical aeration with air change rate of roughly 2 in all areas, with basic temperature control in summer via the centralised
ventilation installation, individual temperature control within control range via ceiling installation devices. The temperature is controlled in zones. The zones are arranged between Tenant and Lessor.

 
 The entire cooling capacity in the office spaces achieved by ventilation and ceiling
installation devices is roughly 50 W/m2.

		
	 Server cooling
	  	The installation of a server cooler system is to be provided by the Tenant. The Lessor provides in the ceiling cavity in the lavatory core a connection to the building’s cold water network to which the Tenant can connect the
server cooler system. The Tenant is responsible for the operation and maintenance (scheduled maintenance, repair, overhaul) of the devices and installations installed in the leased space by the Tenant.

					
	 Annex IV
 Tenant construction
specification
 Karl-Arnold-Platz 1a
	  	

	  	
	Page 7 of 8	  		  	

  

 8. Electrical installation 
  

			
	 General information
	  	Designed in accordance with the VDE guidelines and the applicable DIN regulations.
		
		  	The electric installations shown in the floor plans in annex III such as special lights, speakers, cameras and projectors do not represent services that are to be provided by the Lessor, unless otherwise noted separately below.
The supply lines for EDP and/or electrics for said electric installations are provided by the Lessor and are labelled accordingly in annex III.
		
	 Electrical distribution
	  	Electrical subdistribution per leased unit, electrical distribution in the office areas in double floors or floor channels, with outlets into floor tanks. The electrical distribution in the meeting rooms and Think Tanks can also
be routed via the wall, position as per routing plan in annex III. Cleaning sockets will be installed in the corridors.
		
	 Meter panels
	  	Centralised, calculation of particular leased area directly via power supply companies; communal power charged via allocation
		
	 Floor tanks
	  	Power:
		
		  	Per floor tank generally 6x 230V for EPD and 2x230V normal (2,000 W capacity per floor tank)
		
		  	EDP:
		
		  	Per floor tank generally 4 RJ45 data ports.
		
		  	The EDP cabling in the meeting rooms and Think Tanks can be routed via the wall. Equipped with at least 2 RJ45 data ports.
		
		  	The position and equipment of the floor tanks is based on the floor plans in annex III.
		
	 Switch programme:
	  	Switch programme designed as switch panels, such as those produced by Jung or similar
		
	 Telecommunications
	  	Each leased unit has a telephone line routed from the building’s connection room into the distributor room of the leased unit.

					
	 Annex IV
 Tenant construction
specification
 Karl-Arnold-Platz 1a
	  	

	  	
	Page 8 of 8	  		  	

  

			
		
	Network cabling	 	Structured CAT 6 EDP network
		
		 	The existing data network is made available for use by the Tenant. When the leased unit is handed over, measurement protocols are taken to verify the functionality and performance of the network. Beyond this, it is the Tenant’s
responsibility to keep the network functional. The EDP cabling is installed by the Lessor and adjusted in accordance with the routing plan in annex III. The Lessor provides absolutely no guarantee or liability for the cabling.
		
		 	Each leased unit includes a distributor room in the stairwell core area.
		
	 Mobile communications & WLAN
	 	It is the Tenant’s responsibility to check the reception strength and reception suitability of the provider of mobile communications and mobile networks selected by the Tenant and the WLAN reception, etc.
		
	9. Miscellaneous:	 	Insofar as samples are to be provided for specific qualities, such as the floor covering, the Lessor will at an early stage provide the Tenant with appropriate samples for selection. If the Tenant has alternative suggestions, the
Lessor will endeavour to accommodate these suggestions or have them priced by the Lessor’s subcontractors.
		
		 	The Lessor will generally use the colour RAL 9003 where white paint is used for the painting of walls and supports that is yet to be performed.

 Rental Agreement 
  

							
	Between	 	BF Real I.S. / DB Real Estate Immobilienverwaltung Objekte
		 	Berlin, Düsseldorf, Essen KG	  	
		 	Innere Wiener Straße 17	  		  	
		 	81667 Munich	  		  	
				
	represented by:	 	Real I.S. AG	  		  	
		 	Gesellschaft für Immobilien Assetmanagement	  	
		 	Innere Wiener Straße 17	  		  	
		 	81667 München	  		  	
		 		  	-	  	- Landlord
				
	and	 	trivago GmbH	  		  	
		 	Bennigsen-Platz 1	  		  	
		 	40474 Düsseldorf	  		  	
				
	represented by:	 	Mr Peter Vinnemeier	  		  	
		 		  		  	- Tenant

 Tenant Number: 1211-M200037 

  
 Rental Agreement II between DB Real
Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

Page 1 of 20 

 Preamble 

The Landlord concluded a rental agreement with the Tenant on 12/17 November 2014 for office and business premises in the property Karl-Arnold-Platz 1a in 40474
Düsseldorf. 
 Under Article 1 No. 1.4 of the rental agreement, the parties agreed that the Landlord is obligated to notify the Tenant of any vacant
premises or any premises becoming vacant. The tenant has the right to rent any vacant premises or premises becoming vacant on the provisions of the rental agreement of 12/17 November 2014. 

With this agreement, the Tenant rents the 5th floor in addition to the 3rd/4th floor in the property. The provisions agreed upon in this agreement only apply to the lease of the 5th floor. The provisions of the rental agreement of 11/16 December 2013 shall remain unaffected. 
 Now
therefore, the parties hereby agree as follows: 

  
 Rental Agreement II between DB Real
Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

Page 2 of 20 

					
	 Article 1 – Rental Object
	  	 	4	  
		
	 Article 2 – Usage of the Rental Object, Protection of Competition
	  	 	4	  
		
	 Article 3 – Handover of the Rental Object / Condition of the Rental Object
	  	 	5	  
		
	 Article 4 – Rental Period, Termination
	  	 	5	  
		
	 Article 5 – Rent, Utilities
	  	 	6	  
		
	 Article 7 – Payment of the Rent
	  	 	8	  
		
	 Article 8 – Transfer of Use to Third Parties
	  	 	9	  
		
	 Article 9 – Maintenance / Repairs / Cosmetic Repairs / Liability
	  	 	9	  
		
	 Article 10 – Insurance
	  	 	11	  
		
	 Article 11 – Object Surveillance and Security Systems
	  	 	11	  
		
	 Article 12 – Defects of the Rental Object/Rent Reduction/Set-off/Right of Retention
	  	 	11	  
		
	 Article 13 – Alterations of and in the Rental Object by the Tenant
	  	 	12	  
		
	 Article 14 – Right of Entry
	  	 	12	  
		
	 Article 15 – Locking Systems
	  	 	13	  
		
	 Article 16 – Security Deposit
	  	 	13	  
		
	 Article 17 – Termination of the Tenancy
	  	 	13	  
		
	 Article 18 – Other Agreements
	  	 	14	  
		
	 Article 19 – Remedial-Written-Form-Clause
	  	 	14	  

  
 Rental Agreement II between DB Real
Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

Page 3 of 20 

 Article 1 – Rental Object 
  

	1.1	The Landlord is the owner of the property Karl-Arnold-Platz 1a in 40474 Düsseldorf. 

  

	1.2	On this property is an office and administration building which is known to the Tenant. 

  

	1.3	The Landlord rents to the Tenant the following Rental Object of the above described property as follows 

The rental space on the 5th floor (north wing and south wing), approx. 2,927.92 m2
rental space., as outlined in colour in Annex III and as inspected by the Tenant (the rental space indicated includes shared common-use areas such as entrance area, hallways, staircases, etc. of approx. 5.74%). 

The rental space under this agreement and with binding effect between the parties is determined on the basis of the gif Guideline for
Calculating the Rental Space of Commercial Premises (as of 1 November 2004). Contact areas of non-load-bearing walls were not included. Share common spaces are part of the rental agreement. Common-use areas under this agreement are entrance
areas, staircases, lift lobbies, and connecting paths in the accessible common-use areas which are commonly used by all tenants. 
  

	1.4	The Landlord is obligated to inform the Tenant about the intended renting of premises becoming vacant or being vacant to third parties before entering in such a rental agreement and concedes recurringly to the Tenant to
rent the office space becoming vacant or being vacant to the provisions agreed upon in this rental agreement. The Landlord will inform the Tenant immediately after becoming aware of the intended renting of this to enable the Tenant to exercise his
right and will give the Tenant a response time of 10 working days. 

  

	1.5	Façade and roof do not belong to the rented premises. The installation of advertising measures and/or signs on the façade or in the common-used areas as well as the installation of vending machines,
displays, antennas or similar devices requires the approval of the Landlord. Costs which arise in the connection with the installation, operation, maintenance, and repair of the advertising measures have to be borne by the Tenant. 

 

	1.6	The Tenant has to obtain all necessary official permits and concessions necessary in connection with the operation of his business on his own expense as far as those relate to the person of the Tenant and his business.
All building permits and usage approvals, in particular fire protection requirement for the rental property relating to the agreed usage have to be obtained and maintained by the Landlord.

 

	1.7	Any officially required fitting and safety measures which exceed the conditions described under Article 3.1, have to be installed by the Tenant on his own expense. All building permits and usage approvals for the
operation of an office have been obtained by the Landlord. 

 Article 2 – Usage of the Rental Object, Protection of Competition

  

	2.1	The rental property is only rented for the purpose of operation as office space by the Tenant. A change of use is only permitted with the prior written consent of the Landlord. 

  
 Rental Agreement II between DB Real
Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

Page 4 of 20 

	2.2	The Landlord does not concede any protection of competition or protection of assortment to the Tenant. 

Article 3 – Handover of the Rental Object / Condition of the Rental Object 

 

	3.1	The rental property on the 5th floor will be handed over on 31 December 2015 at the latest. The rental property will be handed over according to the building specifications Annex IV. The layout plans Annex III
concretise the services described in building specifications Annex IV. Any services shown in layout plan Annex III but not described in building specification Annex IV are not part of the contractually agreed scope of construction works of the
Landlord. In case of deviation of the building specification from the description of the layout plans, the layout plan prevails. 

The rental property is suitable for the intended use. It is the Tenant’s responsibility to check whether the rental property meets the
Tenants requirements in relation to e.g. safety, break-in protection of the workspace. Necessary construction measures that might result from this processing will be payable the Tenant. 

The internal temperature does furthermore depend on which illumination devices or technical equipment with waste heat, which might in addition
negatively affect the internal temperature, are installed by the Tenant. 
 Furthermore, noise emission from the adjacent rental property
might lead to impairment of the rental property, at peak marginally exceeding the permissible limits. A control of these emissions is technically not feasible and will be accepted by the Tenant. The rights of the Tenant in case of permanent nuisance
will remain unaffected. 
  

	3.2	It is the responsibility of the Tenant to develop the rental property beyond that corresponding to the intended purpose of use of the rental property. The required permit according to Article 13.1 has to be obtained by
the Tenant prior to commencing any alteration works.

  

	3.3	The Tenant can refuse the acceptance of the rental property if there are defects and objections which affect the contractual use of the rental property more than just insignificantly. Minor remaining work, such as the
subsequent installation of skirting boards, fitting of the doors, remaining paint works and the like, which will not affect the usage as such will not impede the handover but can be performed even after handing over the rental property.

  

	3.4	A hand-over report is prepared during handover and signed by both parties. Any defects and remaining works will be recorded in the report. Unless these defects and remaining works do not significantly influence the
suitability of the rental property for the intended purpose, the Tenant cannot derive any rights, notably nor right to reduce the rent. 

  

	3.5	The Tenant has to provide the security deposit prior to, at the latest at the time of the handover. The rental property will not be handed over unless the security deposit has been provided in the agreed form. This also
applies to subsequent rental space extensions. 

 Article 4 – Rental Period, Termination 

 

	4.1	The rental commences at the latest with the handing over of the rental property. 

  
 Rental Agreement II between DB Real
Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

Page 5 of 20 

	4.2	This is a fixed-term rental agreement and expires on 31 December 2019. 

  

	4.3	Prior to the termination of the rental agreement, the Tenant has the one-time right to demand a 3-year extension of the rental period. A written notice of the intention to extend the rental has to be provided to the
Landlord at least 13 months prior to the termination of the rental. 

  

	4.4	After that the rental agreement shall be extended for an unlimited period unless one of the parties terminates the rental agreement prior to its termination with a 9-months period of notice. The termination is permitted
the first time to the end of the fixed rental period. Once the rental period has been extended indefinitely, it is terminable with a 9-months period of notice to the end of each months. 

 

	4.5	The right for extraordinary termination without notice for both parties is defined by law. However, the Landlord has the right to terminate the rental agreement due to important reasons, if: 

 

	 	a)	the Tenant is arrears with payment of rent for two months or with payment of the security deposit; 

  

	 	b)	the Tenant uses the rental property or parts of the rental property for a purpose other than agreed upon with this agreement, in particular leaves it to a third party for use or sublease. 

 

	 	c)	the Tenant does not comply with the conditions of the agreement despite two written warnings relating to the same issue. 

If the rental terminates as a result of a termination without notice by the Landlord, the Tenant is liable for any loss of rent including all
utilities and extra charges occurring to the time the property is rented to another tenant to conditions not worse than those of this agreement, at the latest upon the expiration of this agreement. Any claims of the Tenant against the Landlord shall
only be due after that date. 
 The Landlord reserves the right to assert further claims. 

 

	4.6	Termination requires the written form. 

 Article 5 – Rent, Utilities 

 

	5.1	The base rent for the rental property and the shared common-use areas per month from 1 January 2016 is

  

					
	 approx. 2,927.92 m2 office are per €13.90/m2
	  	€	40,698.09	  
	 plus 19% VAT
	  	€	7,732.64	  
		  	  
	  
	 
	 Total
	  	€	48,430.73	  

 Should it be determined within 12 months from the commencement of the rental that the size of the rented area
as described under Article 1.3 deviates more than +/- 3% from the actual size, the rental price will be adjusted accordingly. The parties commit to conclude an addendum to the rental agreement which states the size of the rental property. Further
adjustments to the size will not be permitted. 

  
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Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

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 For the purpose of invoicing according to Section 14 sec 4 UStG [German Value Added Tax
Law], the Landlord uses the tax id number 144/235/5701 73 in relation to the Tenant. VAT is based on Section 12 sec 1 UStG [German Value Added Tax Law] in the statutory amount. 

 

	5.2	The Landlord opts for VAT. The Tenant ensures that no turnover will be generated in the rental property that would jeopardise the right of the Landlord of input tax deduction. The Tenant will provide yearly proof of
that through a confirmation of his accountant. The same shall apply in the case of permitted subletting of the rental property. In this case, the Tenant has to conclude an identical agreement with the subtenant. Should the Tenant still generate such
turnover, the Landlord has to be informed about this by the Tenant. Insofar as the Landlord loses the right of input tax deduction, he has the right to claim – in addition to the rent - damages to the amount of the lost input tax deduction plus
an additional rent to the amount by which the input tax deduction is reduced plus 7.5% interest. The right to claim further damages remain unaffected. 

The Tenant is obliged to provide the appropriate documentation to the Landlord at no cost and is also obliged to disclose any information to
enable the calculation of the input tax damage and a fiscal assessment.
  

	5.3	In addition to the rent, the Tenant also pays all utilities incurred by the rental property (e.g. electricity, gas, water, etc.) as well as all other utilities and operating costs of the house as certified on a pro-rata
basis. 

 Utilities and operating costs are all costs described in Annex I to this agreement as well as all costs, taxes and
fees emerging after commencement of the agreement. These subsequently emerging costs can be allocated to the Tenant insofar as these costs have an economic connection with the operation and maintenance of the rental property, but they are capped at
10% of the utilities and operating costs agreed upon in this agreement according to Annex I.
 The Landlord advises that the costs according
to Annex I exceed the cost categories according to the German Regulations on Operating Costs [Betriebskostenverordnung]. 
 The
Landlord will charge the utilities and operating costs to the Tenant. The Tenant will pay on these utilities and operating costs a monthly advance payment to the amount of €3.10 per m2 rental space from the day of the beginning of the
rental period according to Article 4.1 up to the provision of the first settlement for utilities and operating costs. After provision of the first settlement for utilities and operating costs, the monthly advance payment is 1/12 of the last yearly
statement. The provision of Article 5.5 remains unaffected by this. 
 Any differences between the final settlement amount and sum of the
paid advance payments will be paid by the Tenant within four weeks from the receipt of the statement or will be refunded by the Landlord, respectively. The Landlord will provide access to the invoicing documents at the building management’s
office for the Tenant after prior arrangement of a time. If the Tenant does not raise any objects to the statement within the four-week period, the statement is deemed approved provided the Landlord pointed out this legal consequence.

As far as legally and technically possible, the Tenant and Landlord will agree which services of the utilities and operating costs will be
provided by the provider directly and also settled with the provider directly. 

  
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Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

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 Insofar as the Landlord has to pay the costs, these costs will be allocated to the Tenant by the
Landlord. The utilities and operating costs are reduced by the amount the Tenant pays directly to the provider.
  

	5.4	The settlement for utilities and operating costs is provided yearly. Settlement period is the calendar year. Is the tenancy terminated during the settlement period, the settlement for utilities and operating costs is
not provided in-between, but in the course of the general settlement of utilities and operating costs. 

 The advance on
utilities and operating costs from 1 January 2016 is as follows: 
  

					
	 2,927.92 m2 x €3.10
	  	€	9,076.55	  
	 plus 19% VAT
	  	€	1,724.54	  
		  	  
	  
	 
	 Total
	  	€	10,801.09	  

  

	5.5	In case the amount or utilities and operating costs increases during the settlement period, the Landlord is permitted to demand appropriate increased advance payments. The same applies if public fees arise which have
been newly introduced. The utilities and operating costs are increased by this new public fee. The currently valid VAT is listed separately. 

Article 6 – Graduated Rent Agreement 
 For every
succeeding rental year the monthly base rent is increased as follows – plus the currently valid VAT -: 
 Office and storage space by 10%. On that
basis the base rent for the rental space is as follows: 
 Second rental year from 1 January 2017 to 31 December 2017 by € 406.98 to €41,105.07

 Third rental year from 1 January 2018 to 31 December 2018 by € 411.05 € to €41,517.12 

Fourth rental year from 1 January 2019 to 31 December 2019 by €415.16 to €41,932.28. 

The agreed increase will come into effect at the agreed point in time automatically without requiring any further notification of increase by the Landlord.

 Article 7 – Payment of the Rent 
  

	7.1	The obligation for the Tenant to pay the rent begins with the start of the tenancy, i.e. on 1 October 21016. 

However, the Landlord conceded a rent-free period to the Tenant of 5.8 months, which is distributed over the rental period. The parties
therefore agree that the Tenant does not have to pay the rent for the month January of each year from 2016 to 2019. In addition, the period from 1 February 206 to 24 March 2016 is also rent-free. Utilities and operating costs do not count
as rent and have to be paid independently from this agreement. In case the start of the tenancy is postponed, the rent-free period will be postponed accordingly. 

  
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Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

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	7.2	The rent and the utilities and operating costs have to be paid at no charge for the Landlord in advance on the 3rd business day of each month to the following
account: 

  

			
	Rent:	  	Bayerische Landesbank
	BIC	  	BYLADEMMXXX
	IBAN	  	DE 4370 0500 0002 0129 8108
	Utilities:	  	Bayerische Landesbank
	BIC	  	BYLADEMMXXX
	IBAN	  	DE 4370 0500 0003 0129 8108

 The receipt of the amount due on the above stated accounts is decisive for meeting the deadline. 

 

	7.3	In case of late payment, the Landlord is entitled to charge interest for late payment from the due date until the date of payment of 8% above base rate annually. 

 

	7.4	Payments will be set off against claims subject to limitation, then against costs, interest, and other debts. 

Article 8 – Transfer of Use to Third Parties 
  

	8.1	Any partial or total transfer of use to third parties, in particular the subletting of the rental property, is subject to prior written consent of the Landlord. The consent can only be denied for important reasons.

  

	8.2	The Landlord may revoke his consent for important reasons at any time. 

  

	8.3	The Tenant irrevocably assigns all existing and future claims against third parties from transferring the use of the rental property, in particular subletting, to the Landlord by way of security. The assigned amount is
capped at the amount of the sum owed by the Tenant to the Landlord. The Tenant herewith authorises the Landlord for the case of a late payment of more than 14 days to notify the third party in the name and on behalf of the Tenant of the assignment
and to collect the claims of the Tenant against the third party. The Tenant remains entitled to collect the assigned claims until the case of damage arises. 

Article 9 – Maintenance / Repairs / Cosmetic Repairs / Liability 
  

	9.1	The Tenant shall use the rental property, its equipment, the property, including all common-used areas, and the outdoor areas with caution and care.

 

	9.2	The Tenant has to indemnify the Landlord all damages and expenses the Landlord suffers from damages culpably caused by the Tenant. The Tenant is in particular liable for all damages caused by culpable handling of water,
gas, electric light, and the heating system. 

 The Tenant has to indemnify all damages to the Landlord, regardless of whether
the damages have been caused by the Tenant or his staff of other third parties who use the rental property on behalf of the Tenant, in particular subtenants, visitors, delivery service, tradespeople. 

  
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	9.3	The Landlord is responsible – subject to the provisions of Article 9.4 – for the maintenance and repairs of the roof, the constructional building elements as well as exterior walls, load-bearing interior
walls, supporting elements as well as the façade with the exception of windows and doors enclosing the rental property and with the exception of the associated glazings and fittings. 

The Tenant has to professionally perform all routine maintenance (including all necessary maintenance) and repairs of all technical facilities
and equipment installed by the Tenant in or outside the rented area at his own expense. This includes in particular the ventilation system (e.g. ventilation, air condition systems), sanitary facilities, electrical installations, fittings, sun
protection systems, and antenna installations. The Landlord is entitled to request evidence of the works performed and in case of default to have the outstanding works performed on the Tenant’s expense. 

All routine maintenance and repairs of technical systems and equipment installed before the handover of the rental property to the Tenant will
be performed by the Landlord and will be allocated to the Tenant with the utilities settlement.
 Maintenance in this section includes all
necessary maintenance including replacement of wearing parts and lubricants. Repairs in this section includes all necessary repairs. 
  

	9.4	The Landlord will perform necessary maintenance and repairs and related to common-used areas and equipment at the expense of the utilities and charge the Tenant with those costs according to Article 5.3 unless those are
not to be performed by the Tenant at his own expense according to Article 9.3 or the following provisions. As far as the maintenance and repairs relate to generally accessible areas within the building, the share in the costs is capped at
€15,000.00 according to Article 5.3. The Tenant will not be allocated with any costs for works according to Article 9.3, first subsection. Any costs for presently performed maintenance and repairs of the building will not be allocated to the
Tenant. 

  

	9.5	The Tenant is obligated to perform the following cosmetic repairs at his own expense – if necessary depending on the wear and tear -, in particular painting or papering of the walls and ceilings, cleaning of floor
coverings and replacement of damaged carpets if necessary, cleaning of interior glazing belonging to the rental property, painting of heating elements including heat pipes, interior doors as well as windows and exterior doors from the inside of the
rental areas. The necessary works have to be performed professionally until the of the rental period at the latest. 

  

	9.6	In case the Tenant does not meet the obligations according to number 1 to 5 despite written request within one month, the Landlord is entitled to perform all necessary works without granting an extension of this period.
A written request and deadline is not required in case of imminent danger or unknown residence of the Tenant. 

  

	9.7	Damages and defects of the rental property have to be reported immediately and in writing. If the Tenant fails to do so, he is liable for any costs subsequently incurred by the damage. The Tenant bears the burden of
proof that the report was made in time. 

  
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Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

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	9.8	If the Landlord is entitled to receive any warranty claims relating to the rectification of any defects, the Landlord assigns those claims to the Tenant for assertion. 

Article 10 – Insurance 
  

	10.1	The Landlord will take out all necessary insurance of buildings (public liability, fire, storm, supply water, extended coverage). The costs incurred will be allocated to the Tenant with the utilities settlement. Any
installations, extensions, or alterations executed by the Tenant will not be covered by insurance. The Tenant is obligated to take out insurance for those installations, extensions, and alterations. 

 

	10.2	The Tenant is obligated to take out and maintain throughout the rental period sufficient business liability insurance at his own expense. Furthermore, it is the Tenants obligation to take out sufficient insurance
coverage against damages to the installations and other items (entering into a contract for key loss insurance is recommended to the Tenant). 

  

	10.3	The Landlord has the right to satisfy themselves of the proper effecting of insurance coverage and its maintenance by inspecting the insurance policies. 

Article 11 – Object Surveillance and Security Systems 
  

	11.1	Should any property surveillance – regularly or on special occasions only – be deemed necessary, the property management representing the Landlord will arrange appropriate commissioning. The Tenant is
obligated to bear his pro rate portion of the costs during the utilities settlement insofar as the Tenant benefits from those measures. 

The Tenant may arrange for surveillance/security measures with written consent of the Landlord. In this case, the Tenant bears all costs
incurred. 
  

	11.2	The Tenant may install security systems with prior written consent from the Landlord. In this case, the Tenant bears all costs incurred. 

Article 12 – Defects of the Rental Object/Rent Reduction/Set-off/Right of Retention 

 

	12.1	The Tenant is not entitled to claim any damages for defects of the rental property, unless the defect has been caused by the Landlord by malice or gross negligence. The liability of the Landlord for incipient defects
according to Section 536a BGB [German Civil Code] is excluded.

 The right of the Tenant for rectification of defects
remains unaffected. 
  

	12.2	The Tenant can only exercise the right of abatement of rent, set-off, and retention if they inform the Landlord in writing at least one months before the due date. 

 

	12.3	The right for set-off and retention is only permitted for undisputed, ready for decision or legally enforceable claims.

  
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 The Tenant is only permitted to reduce the rent because of a not only irrelevant defect of the
rental property by reducing the contractually agreed rent if the Landlord caused the circumstances by malice and gross negligence or the Landlord has agreed to the reduction. 
  

	12.4	The Tenant’s right of retention, which is not based on this agreement, again claims of the Landlord for rent and/or payment of utilities is excluded.

 

	12.5	The liability of the Landlord is limited to the essential contractual liabilities of the Landlord. Apart from that, the liability because of the violation of other obligations, unlawful act, and positive violation of
contractual duties of the Landlord is limited to malice and gross negligence. 

 The possibility of claiming repayment on the
grounds of unjust enrichment, Section 812 ff BGB [German Civil Code] remain unaffected if it is a defect of the rental property. 

Compensation for indirect damages (e.g.) lost profit is always excluded provided it does concern not foreseeable damages and the attainment of
the contractual purpose is not permanently jeopardised. 
  

	12.6	Any limitations of liability according to this Article 12 do not apply in cases of claims arising from injury to body, life, or health and if caused with gross negligence or wilful intent. 

Article 13 – Alterations of and in the Rental Object by the Tenant 
  

	13.1	Any more than just minor alterations of and in the rental property, in particular major alterations and installations etc., need to be agreed upon with the Landlord, need to be recorded as substantial alterations by the
parties in writing, and can only be carried out upon prior consent of the Landlord. The Landlord may only refuse consent if the alterations are more than minor or insignificant. The Tenant is obligated to bear all costs and follow-up costs arising
from the alterations including approval costs arising from the alterations. 

  

	13.2	Any gas, electricity and other devise shall only be connected to the existing mains system to the extent that the intended load is not exceeded.

Any further devices shall only be connected with prior consent of the Landlord in writing. The consent may be refused in case the existing
mains system would not sustain any additional load and the Tenant to bear the costs for appropriate alterations to the net. 
  

	13.3	The Tenant is obligated to provide documentation on the wiring and piping system. 

 Article 14 – Right
of Entry 
 The Tenant has to ensure that the Landlord, representatives, experts, and potential tenants of the rental property, can inspect the premises
for the purpose of inspecting the condition of the rental property, carrying out repairs, re-letting, etc. – upon advance notice. In cases of imminent danger, the access has to be ensured at any time, night and day. 

  
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 Article 15 – Locking Systems 

 

	15.1	The Landlord may control access to the rental property with code and key cards with access authorisation. In this case, it is recommended that the Tenant takes out appropriate insurance against loss. 

 

	15.2	The Tenant is not permitted to install a locking system or replace the locking system except for locks within the rental property without consent of the Landlord. In any case, access at all times has to be provided for
representatives and the Landlord in cases of imminent danger. 

  

	15.3	In case the Tenant loses a key or code card, he is obligated to immediately provide a loss notice to the Landlord. In any case, the Tenant is obligated to bear any costs incurred by the loss, regardless of whether the
damage is insurable.

 Article 16 – Security Deposit 

The Tenant is obligated to provide a security deposit of 3 monthly rents plus utilities and operating costs plus VAT to the Landlord. This security deposit can
be provided as unconditional, irrevocable, unlimited, directly liable bank guarantee of a credit institution domiciled in the Federal Republic of Germany and authorised as tax and customs guarantor, savings bank or insurance company if the bank
guarantee corresponds with the sample in Annex II. In this case, the bank guarantee shall be considered equal to a cash deposit. 
 The Tenant is obligated
to supplement the bank guarantee to its original amount in case the Landlord claims on the bank guarantee.
 The Tenant is permitted to provide the
guarantee in an equivalent form as security deposit savings account.
 In case of rental space extensions, index adjustments, or increase of the graduated
rent, the Landlord is entitled to request the appropriate increase of the security deposit provided the rent increase exceeds 10%. 
 In case of a change in
the person of the Landlord the Tenant is obligated to agree to an assumption to release the Landlord from his obligation to return the security deposit. 

Article 17 – Termination of the Tenancy 
  

	17.1	In case of the termination of the tenancy the Tenant is obligated

  

	 	a)	to return all keys to the rental property to the Landlord 

  

	 	b)	to return the rental property in a renovated condition as defined by Article 9.5 provided the level of wear and tear in relation to the duration of the rental period does not fall below the usual level of wear. A
proportional compensation of the wear occurred is possible. 

  

	17.2	The Tenant is not obligated, unless otherwise agreed upon in writing, to remove any minor alterations of the rental property according to 13.1, installations and alterations as well as any alterations to the design
and/or equipment of the rental property and return the property to its original state at his own expense. 

  
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Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

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 The Landlord may prevent the exercise of the right of removal by payment of a reasonable
compensation. The Tenant’s claim for compensation includes the current market value of the inventory. The Landlord does not have the right to forestall if the Tenant has a legitimate interest in the removal. 

 

	17.3	A tacit renewal of the tenancy according to Section 545 BGB [German Civil Code] is excluded. 

Article 18 – Other Agreements 
  

	18.1	The Tenant is not permitted to transfer any the of rights of this agreement to third parties without written consent of the Landlord. The liability similar to the guarantor liability of the Landlord according to Section
566 sec. 2 BGB [German Civil Code] is excluded. The Landlord may transfer any rights and obligations to third parties at any time. 

  

	18.2	The validity of this agreement is independent of the any necessary official permits for commercial activities. 

  

	18.3	The invalidity of one or more provisions of this agreement does not affect the validity of the other provisions. In case of the invalidity of individual provisions the parties are obligated to establish a provision in
its place with retroactive effect which comes closest to the original provision. 

  

	18.4	-       Annex 1 (compilation of the utilities and operating costs) 

  

	 	-	Annex II (sample for bank guarantee) 

  

	 	-	Annex II (floor plan office area) 

  

	 	-	Annex IV (building specification) 

 are components of this rental agreement. 

 

	18.5	There are no further additional agreements to this rental agreement. Apart from that, any additional agreements, modifications, or amendments and the cancellation of this agreement have to be in writing. The same
applies to any consents. A waiver of the written form is only possible in writing. 

  

	18.6	If one of the parties has signed this rental agreement with legally binding effect, this party is bound to this offer for three weeks starting from receipt of the offer. Both parties renounce the receipt of the
acceptance of the offer within this period, only the acceptance of the offer has to be within the period. 

 Article 19 –
Remedial-Written-Form-Clause 
 The parties are aware of the written form requirement according to Section 550 in conjunction with 578 sec 1 BGB
[German Civil Code]. The parties mutually agree on request of one of the parties at all times to perform any action and issue any statement necessary to comply with the written form requirement, and not to terminate the rental agreement
prematurely with reference to 

  
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Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

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a non-compliance of the written form, and not to invoke an invalidity of the rental agreement on the grounds of non-compliance of the written form. This does not only apply to the original/main
agreement but also to any supplement agreements, modifications and amendments to the agreement. A third party entering into the agreement on the Landlord side after sale of the rental property is not bound to this agreement. This party is entitled
to the statutory rights. 
  

							
	Munich,                                     
                                         
                    	 		  	                                     
       ,                                 
               	 	
	  

                          
                                         
                                         
      
	 		  	  
	 	
	(Landlord / stamp)	 		  	(Tenant / stamp)	 	
	  
 Name in block letters
	 		  	Name in block letters	 	

  
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	Annex I	  	to the Rental Agreement betweent DB Real Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG (Landlord) and trivago GmbH (Tenant)

 Compilation of Utilities an Operating Costs 

Utilities and operating costs are the following costs that are incurred regularly by the property or ground lease of the premises or the intended use of the
building, annexe buildings, equipment, and facilities and the premises to the owner or leaseholder, unless those are usually directly borne by the Tenant outside the rent: 
  

	1.	The running public charges of the premises 

 This includes in particular the property
tax. 
  

	2.	Costs for water supply 

 These are the costs for water consumption, service charges,
costs for renting water meters or costs for other forms making the water meters available as well as costs incurred by the use of the water meters including calibration as well as costs for charging and apportionment, costs for the maintenance of
the water volume controller, meter rent, costs for use of sub-meters, costs for operation and maintenance and repairs of an onsite water supply system and water treatment plant including water treatment chemicals. 

 

	3.	Costs for drainage 

 This includes the charges for usage of the public drainage system,
costs for the operation, maintenance and repairs of the relevant non-public system and the costs for operation, maintenance and repairs of a drainage pump. 
  

	4.	Costs of the heating system 

 These include the costs for the operation, cleaning,
maintenance, and repairs of 
  

	 	a)	the heating system as well as costs for the usage of metrological equipment for estimation consumption. Heating systems can be e.g. ●central or with the hot water supply systems connected heating systems,
●central fuel supply system or ●heating systems covering one floor; 

  

	 	b)	costs for the supply with district heating and the costs of the operation, maintenance, and repairs of the relevant house installation; 

 

	 	c)	costs for meter readings and evaluation of the meters for the purpose of estimating consumption 

  

	 	d)	costs incurred by a change of the user. 

  
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	5.	Costs of hot water supply 

 These costs include the costs of operating, cleaning,
maintenance, and repairs of 
  

	 	a)	Hot water supply system such as central or with the heating system connected hot water supply system; 

  

	 	b)	costs for the supply with district heating water and the costs of operating, maintenance, and repairs of the related house installation; 

 

	 	c)	of the hot water devices and devices for estimating consumption; 

  

	 	d)	costs for meter reading readings and evaluation of the meters for the purpose of estimating consumption; 

  

	6.	Costs for air conditioning and ventilation systems 

 These costs include costs of
operating, maintenance, and repairs of the air conditioning and ventilation systems. 
  

	7.	Costs of the mechanical passenger and freight lift 

 These costs include the costs of
operating current, costs for supervision, operation, monitoring and maintenance of the system, regular inspection of operational readiness and operation safety including calibration by a technician, costs for cleaning as well as maintenance and
repairs of the system. 
  

	8.	Costs for street cleaning and refuse collection 

 These costs include costs for public
street cleaning and refuse collection as well as costs for non-public measures taken. 
  

	9.	Costs for cleaning and pest control 

 The costs for cleaning include such as costs for
cleaning the property, such as access areas, foyer, hallways, staircases, basements, attic areas, laundry, utility rooms, lift cabins as well as façade and gutters. 
  

	10.	Costs of the outdoor area / winter services 

 These costs include costs for horticultural
areas including replacing of plants and bushes/trees, maintenance of playgrounds including replacement of sand. Furthermore, the maintenance, cleaning, clearing of snow and gritting of plazas, access areas and driveways which are not intended for
public usage as well as winter service. 
  

	11.	Lighting costs 

 These costs include costs of the electricity for exterior lighting and
lighting of general building areas of the property, such as e.g. access areas, foyer, hallways, staircases, basement, attic areas, laundry and utility rooms as well as the replacement of defective lamps. 

  
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	12.	Costs for chimney sweeping 

 These costs include the costs for the sweeping according to
the relevant scale of fees. 
  

	13.	Insurance costs 

 These costs include the costs of all insurance policies taken out for
the property, such as building insurance (in particular against fire, storm, and water damages) with a ‘all risk coverage’, glass insurance, liability insurance for the building, oil tank, lift, as well as loss of rent and insurance
against terrorism. 
  

	14.	Costs for caretaker, concierge and doorman and any other personnel needed for the operation of the building 

These costs include costs such as non-wage personnel costs and gratuities. 

 

	15.	Costs for signage and advertising facilities 

 These costs included costs for the
installation, operation, maintenance, and repairs of signage and advertising facilities. Signage includes e.g. company, name, position and information signs. 
  

	16.	Costs for property surveillance and security facilities 

 These costs include costs for
regular and special surveillance provisions as well as costs for production, installation, operation, and maintenance and repair of security facilities. 
  

	17.	Costs for property management 

 These costs include the costs for technical and
commercial property management, up to a maximum of 3% of the annual net rent. 
  

	18.	Costs for antenna systems and similar 

 of the operation, maintenance, and repairs 

 

	 	a)	common-use antenna or

  

	 	b)	private distribution system connected to a broadband cable net or 

  

	 	c)	satellite reception system respectively 

  

	 	d)	lightning protection system in total up to a maximum of 1% of the annual net rent. 

  

	19.	Costs for laundry and drying facilities 

 These costs include the costs for the
operation, maintenance, and repair of e.g. mechanical washing and drying devices, up to a maximum of 1% of the annual net rent. 
  

	20.	Costs for the garage 

 These costs include the costs for operating, maintenance, and
repairs of garage doors and parking systems, parking palettes as well as the cleaning and maintenance of the garage.

  
 Rental Agreement II between DB Real
Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

Page 18 of 20 

	21.	Costs of operating electricity 

 These costs include costs for the operating electricity
for common-used building areas and facilities unless the user has to bear those costs or they are included in one of the sections above. 
  

	22.	Other operating costs 

 These costs include – in accordance with number 9.4 –
apart from the above stated costs in particular the following costs for 
  

	 	•	 	Maintenance of the roof 

  

	 	•	 	Maintenance and/or repair of building service facilities (e.g. ventilation system) 

  

	 	•	 	Maintenance and/or repair of fire protection systems and fire alarm system and replacement of fire extinguishers 

  

	 	•	 	Maintenance and/or repair of the CO system 

  

	 	•	 	Maintenance and/or repair of smoke and heat exhaust windows [RWA] 

  

	 	•	 	Maintenance and/or repair of the emergency power system and expendable materials 

  

	 	•	 	Maintenance and/or repair of doors, gates and windows 

  

	 	•	 	Emergency service standby duty 

  

	 	•	 	Maintenance and/or repair of the cooling system 

  

	 	•	 	Maintenance and/or repair of the sprinkler system 

  

	 	•	 	Maintenance and/or repair of the electrical system 

  

	 	•	 	Maintenance and/or repair of shadowing constructions 

  

	 	•	 	Maintenance and/or repair of the garage boom-gate and/or signal light system 

  

							
	Munich,                                     
                                         
                    	 		  	                                     
       ,                                 
               	  	
	  

                          
                                         
                                         
      
	 		  	  
	  	
	(Landlord / stamp)	 		  	(Tenant / stamp)	  	
	  
  

Name in block letters
	 		  	Name in block letters	  	

  
 Rental Agreement II between DB Real
Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

Page 19 of 20 

	Annex II	to the Rental Agreement betweent DB Real Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG (Landlord) and trivago GmbH (Tenant) 

Letter of Guarantee 
 The Tenant: 

rents according to the rental agreement of
                     of the Landlord: 
 commercial
premises, office space and ancillary areas. For the purpose of securing the contractual obligations the Tenant has to issue a letter of guarantee to the Landlord to the amount of €............... . 

We hereby assume for all current and future, also conditional and limited, claims which the Landlord may have or will have against the Tenant on the basis of
the above mentioned rental agreement the absolute and unlimited guarantee up to the maximum amount of 
 €
.......................... 
 (in words: ..............................). 

We waive the rights of voidability and set-offs and prior execution (Section 770, 771) and objections according to Section 768 BGB [German Civil Code]
as well as the right of deposit of the guaranteed amount and the right according to Section 776 BGB [German Civil Code] unless the objection is directed against the validity or due date of the principal claim. The waiver also does not apply
if the objection of counterclaim of the principal debtor is undisputed or recognised by final judgement. A change of the legal form of the company does not affect the guarantee. 

The guarantee is payable on first demand.
 In relation to the
right of set-off, e.g. according to Section 215 BGB [German Civil Code], this guarantee shall be considered equal to a cash deposit according to Section 551 BGB [German Civil Code]. 

The obligations of this guarantee cease with the return of this letter of guarantee. The guarantee has to be returned to us upon termination of the tenancy
when all payment obligations of the Tenant relating to the tenancy are met. 
 The guarantee shall be subject to German law. The exclusive place of
jurisdiction shall be the place of residence of the Landlord.
  

					
	................................................	  	................................................	  	................................................
	- Place -	  	- Date -	  	- Bank -

  
 Rental Agreement II between DB Real
Estate Immobilienverwaltung Objekte Berlin, Düsseldorf, Essen KG and trivago GmbH for rental space in the building Karl-Arnold-Platz 1a, 40474 Düsseldorf 

Page 20 of 20 

 

 

			
	 Annex IV
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Specifications
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 Rental Property Specification trivago GmbH 

Karl-Arnold-Platz 1a, 40474 Düsseldorf 
 As of:
27 August 2015 
  

			
	 Property:
	 	Deepgrey Offices
		 	Karl-Arnold-Platz 1a
		 	40474 Düsseldorf
		
	 Owner:
	 	BF REAL I.S./DB Real Estate Immobilienverwaltung
		 	Objekte Berlin, Düsseldorf, Essen KG
		 	represented by
		 	Real I.S. AG
		 	Gesellschaft für Immobilien
		 	Assetmanagement
		 	Innere Wiener Straße 17
		 	81667 Munich

			
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 1. Preface 

Brief Description 
 The rental property is an existing
property which will be partially reconstructed. Therefore, the following description represents partially the existing condition and partially the outstanding measures and are therefore subject to change. The rental unit of the Tenant on the 5th floor is not completed, partially set up as sample office and has to be developed for usage as operative office space on the whole. The Tenant will take over the sample office area basically in its
current condition, also in relation to the existing installations, however the floor coverings of the office and hallway areas have to be replaced completely, some walls have to be changed to match the Tenants furnishing and the closed walls and
supports have to be painted. 
 The basic data of the property and rental space are as follows: 

 

			
	 Location
	  	Düsseldorf Golzheim
		
	 Connections to
	  	public transport next subways stop approx. 300m
		
	 Rental area 3rd floor to 5th floor
	  	3 upper floors with approx. 8,400 m2 rentable area
		
	 Rentable area Basement
	  	2 basement levels with approx. 741 m2 for storage and archive
		
	 Parking spaces
	  	365 underground parking spaces in basement level 1 and 2 / 34 non-covered outside parking spaces
		
	 Centre-to-centre grid
	  	façade grid measurements 1.20 m
		
	 Floor height
	  	office rooms approx. 2.70 m clear height
		
	 Room depth (present)
	  	approx. 7.60 m / approx. 4.00 m
		
	 Door communication
	  	The main entrance to the building, the access to the staircase cores from the underground parking, the underground parking boomgate, and access to the rental areas is equipped with door communication systems (doorbell and
intercom), e.g. product by Siedle or similar. Each rental unit will be equipped with a desktop speaker station, a connection to the telephone system of the Tenant optionally available.

			
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	 Access control
	  	Any building entrances, access to the staircases from the underground parking, the underground parking boomgate, and the access doors to the rental areas from the lift as well as from the staircases are equipped with digital
access readers. The Tenant will in principle receive 250 access cards.
		
	 Letterbox system
	  	A letterbox system will be installed at the main entrance. Each rental unit is allocated one letterbox with company name/logo.

2. Facades and Roofs 
  

			
	 Façade
	  	Windows with aluminium profiles and sun-protection glass, predominantly not openable, façade cladding with ashlar.
		
	 Glare Protection
	  	Internal vertical blinds
		
	 Roof construction
	  	Solid roofs with sealing

 3. Development 

 

			
	 Building access
	  	Main entrance with vestibule construction and electric sliding doors with escape door function.
		
	 Foyer
	  	Entrance hall with reception and access to the cafeteria and canteen area
		
	 Lift system
	  	4 passenger lifts with stops from Basement level 2 to 5th floor – the lift (cabins and control) will be modernised by the Landlord.
		
	 Staircases
	  	4 escape staircases

			
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 4. Rental areas 
  

			
	 Access doors to the rental
areas from the lift lobbies
	  	 Glazed tubular frame doors, single- or two wing, prepared for the installation of an electric door opening system, fittings: stainless
steel
  
 The access doors to the rental area will be equipped with a digital access
control and door communication system, e.g. product by Siedle or similar

		
		  	All fire protection doors within the rental area as well as to the lift lobby will be equipped with an automated system to keep the doors open. The passage width of the existing doors is as is, all doors newly installed will be
with the passage width according to layout plan Annex III.
		
	 Floor structure
	  	Screed with floor channels in the office area, floor areas partially with double floors
		
	 Sanitary areas
	  	Tiled floor and wall tiles in the area of the sanitary facilities, toilet partition walls from plastic-coated partition wall system elements, access doors coated wooden doors.
		
	 Tea kitchens
	  	Each floor will be equipped with water and sewage connection for two tea kitchens. The positioning of the connections will be specified by the Tenant, the Landlord will consider feasibility. Tea kitchens shall be located as close
as possible to the core area.
		
	 Floors lift lobbies
	  	 Carpet, suitable for office chairs with rolls, chained carpet skirtings on all wall and support areas with corresponding skirtings,
material price up to €40.00/m2 including laying.
  
 The areas as indicated in
layout plan Annex III will be fitted with vinyl flooring product by Amtico “Spacia”.

		
	 Non-load-bearing walls
	  	Drywall partition wall system, double planked on both

			
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		  	 sides with plasterboard, surfaces smoothly filled (at least Q2) and painted (standard paint: white – colour RAL 9003) – noise
protection R’w 3 42 dB when installed.
  

The room partitions as glass walls indicated in layout plan Annex III (except for the area of the former sample office in the area of axes 5-10/C-I) will be
installed as glass partition walls with R’w 3 37 dB (when installed) against a surcharge of €35,000.00, fully glazed doors with metal frames with bottom seal rails.

		
		  	The aforementioned surcharge will be charged separately to the Tenant by the Landlord.
		
		  	In drywall constructions, the accordingly identified doors will be installed as fully-glazed doors in metal frames with bottom seal rails. All other doors will be installed as plastic- coated wood composite doors, colour similar
to RAK 9003, in metal frames.
		
	 Ceilings
	  	Suspended metal grid ceilings, clear height approx. 2.70 m, integrated lighting as well is integrated heating/cooling systems. The ceilings have acoustic efficiency. All ceiling plates will be completely replaced (except for the
area of the former sample office in the area of axes 5-10/C-I). Should further room acoustic measures be necessary because of the chosen room geometry, these will be the responsibility of the Tenant. The existing suspended metal grid ceiling in the
sample office will remain. The cost savings to the amount of €55,000.00 will be provided from the Landlord to the Tenant’s development cost assumption.
		
	 Illumination
	  	Basic lighting of the areas is provided by the existing louvre luminaire integrated into the grid ceiling. Illumination of the hallways by downlights. Illumination intensity in the workspace areas generally at least 500 lx, in
special areas using additional floor lamps if necessary. The illumination is controlled zone-by-zone. The zones will be distributed in consultation between Tenant and Landlord.

			
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	 Water supply
	  	Drinking water and water for fire extinguishing from the public network
		
	 Rain water
	  	Rain water disposal into the public network
		
	 Waste water
	  	Waste water disposal into the public network
		
	 Hot water supply
	  	WC areas and tea kitchens decentralized through electric instantaneous water heater
		
	 Water metering
	  	Per utilisation unit through rent meter
		
	  
 6. Heat supply systems

 
	  	
	 Heat generation/ Heat distribution
	  	Heating centre with connection to district heating, basic temperature control over the central ventilation system, individual temperature control within the control range through ceiling integrated systems
			
		  	Standard winter temperature	  	
		  	Main usable space	  	21° C            
		  	Ancillary space	  	21° C            
		  	Circulation areas outside the rental space	  	15° C            
		  	WCs	  	20° C            
			
	 Consumption estimation
	  	Per utilisation unit through rent meter	  	
	  
 7. Ventilation systems

 
	  		  	
	 Ventilation and basic cooling
	  	Mechanical ventilation with an air exchange of approx. 2 per hour in all areas, with standard temperature control in summer through the central ventilation system, individual temperature control within the control
range through ceiling integrated systems. The temperature is controlled zone-by-zone. The zones will be distributed in consultation between Tenant and Landlord. The overall cooling performance in the office areas from ventilation and ceiling
integrated systems is approx. 50 W/m2. Due to increased occupancy rate and the resulting increase of the airflow rate in particular for the meeting areas makes it necessary

			
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		  	to supply the large meeting room in the south wing with a further ventilation system. The Tenant shall bear the additional costs of approx. €29,250.00 net. The aforementioned surcharge will be charged separately to the
Tenant by the Landlord.
		
	 Server cooling system
	  	The installation of a cooling system for the server room is the responsibility of the Tenant. The Landlord provides a connection to the cold water network in the ceiling cavity in the WC core area, to which the cooling system for
the server room may be connected by the Tenant. It is the responsibility of the Tenant to ensure the operation and maintenance (maintenance, repairs) of all devices and systems installed in the rental object by the Tenant.
	  
 8. Electrical installations

 
	  	
	 General
	  	Installation according to VDE-guideline and the current DIN regulations.
		
		  	The electrical installations as identified in layout plan Annex III as well as special luminaires, loudspeaker, cameras, beamer etc. are not provided by the Landlord unless otherwise described below. The supply line for IT and/or
electrical for the aforementioned electrical systems is provided by the Landlord and identified accordingly in Annex III or described in the comments.
		
	 Electric distribution
	  	Electric sub-distribution per rental unit, electric distribution in the office areas in double floors and floor channels, respectively, with outlets in floor tanks. Electric distribution in meeting rooms and think tanks may also
be provided through the walls, positioning according to layout plan Annex III. Power sockets for cleaning are provided in the hallways.
		
	 Meter positions
	  	Centrally, billing of the relevant rental areas directly with the energy supply companies; billing of common-are electricity with the utilities allocation

			
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	Floor tanks	  	Power:
		  	Per floor tank generally 6x 230V for IT and 2x 230V normal (2,000 W power per floor tank)
		
		  	IT:
		  	Per floor tank generally 4 R45 data connections
		
		  	The IT wiring in meeting rooms and think tanks may be provided through the walls. Equipped with at least 2 RJ45 data connections
		
		  	The number positioning, and equipping of the floor tanks according to the layout plan Annex III.
		
	Switches	  	Switches as surface switches, e.g. products by Jung or equivalent
		
	Telecommunication	  	Each rental unit is equipped with a telephone line which is running from the house connection to the distributor.
		
	Network wiring	  	Structure CAT 6 IT network
		
		  	The existing data network will be provided for usage to the Tenant. Upon transfer of the rental property, the functionality and performance of the network will be documented in measuring reports. Beyond that, the Tenant is
responsible for the maintenance of the functionality of the network. The IT wiring will be installed by the Landlord und customized according to layout plan Annex III. The Landlord does not assume any warranty and/or liability.
		
		  	A distributor room is located in each rental unit in the area of the staircase cores.
		
	 Mobile communications & WiFi
	  	It is the Tenant’s responsibility to verify signal strength and reception suitability of the provider of mobile phones and mobile networks, respectively, as well as WLAN reception.
		
	9. Miscellaneous	  	In case individual qualities have to be sampled e.g. the floor coverings, the Landlord will provide relevant samples to the Tenant to choose from at an early stage. Should the Tenant have alternative suggestions, the Landlord
endeavours to take those into consideration and to have his subcontractors price those.

			
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		  	Any remaining paintwork by the Landlord in white color of walls, supports, and door frames will generally be executed in RAL 9003

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