Document:

EX-10.18

 Exhibit 10.18 

AGREEMENT AND PLAN OF MERGER 

by and among 
 PARAMOUNT
GROUP, INC., 
 a Delaware corporation, 

PARAMOUNT GROUP, INC., 

a Maryland corporation, 

and 
 THE STOCKHOLDERS

 Dated as of November 6, 2014 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I THE MERGER
	  	 	2	  
			
	 Section 1.01
	 	 The Merger
	  	 	2	  
	 Section 1.02
	 	 Merger Closing
	  	 	2	  
	 Section 1.03
	 	 Effective Time
	  	 	2	  
	 Section 1.04
	 	 Effect of the Merger
	  	 	3	  
	 Section 1.05
	 	 Organizational Documents
	  	 	3	  
	 Section 1.06
	 	 Directors and Officers of the Surviving Entity
	  	 	3	  
	 Section 1.07
	 	 Conversion of Equity Interests
	  	 	3	  
	 Section 1.08
	 	 Tax Treatment of Merger
	  	 	3	  
	 Section 1.09
	 	 Payment of Merger Consideration
	  	 	4	  
		
	 ARTICLE II CLOSING; TERM OF AGREEMENT
	  	 	4	  
			
	 Section 2.01
	 	 Conditions Precedent
	  	 	4	  
	 Section 2.02
	 	 Closing Deliveries
	  	 	6	  
	 Section 2.03
	 	 Term of the Agreement
	  	 	7	  
	 Section 2.04
	 	 Effect of Termination
	  	 	7	  
	 Section 2.05
	 	 Tax Withholding
	  	 	7	  
	 Section 2.06
	 	 Transaction Costs
	  	 	7	  
	 Section 2.07
	 	 Further Action
	  	 	7	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	8	  
			
	 Section 3.01
	 	 Organization; Authority
	  	 	8	  
	 Section 3.02
	 	 Due Authorization
	  	 	8	  
	 Section 3.03
	 	 Consents and Approvals
	  	 	8	  
	 Section 3.04
	 	 Tax Matters
	  	 	9	  
	 Section 3.05
	 	 No Violation
	  	 	9	  
	 Section 3.06
	 	 Validity of Company Shares
	  	 	9	  
	 Section 3.07
	 	 Litigation
	  	 	9	  
	 Section 3.08
	 	 Broker
	  	 	9	  
	 Section 3.09
	 	 No Other Representations or Warranties
	  	 	9	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PGI
	  	 	10	  
			
	 Section 4.01
	 	 Organization; Authority
	  	 	10	  
	 Section 4.02
	 	 Capitalization
	  	 	10	  
	 Section 4.03
	 	 Due Authorization
	  	 	11	  
	 Section 4.04
	 	 Consents and Approvals
	  	 	11	  
	 Section 4.05
	 	 Tax Matters
	  	 	11	  
	 Section 4.06
	 	 No Violation
	  	 	12	  
	 Section 4.07
	 	 Solvency
	  	 	13	  
	 Section 4.08
	 	 Litigation
	  	 	13	  
	 Section 4.09
	 	 Licenses and Permits
	  	 	13	  
	 Section 4.10
	 	 The Properties
	  	 	13	  
	 Section 4.11
	 	 Insurance
	  	 	15	  

  
 i 

							
	 Section 4.12
	 	 Environmental Matters
	  	 	15	  
	 Section 4.13
	 	 Holding Period
	  	 	15	  
	 Section 4.14
	 	 Investments
	  	 	15	  
	 Section 4.15
	 	 Broker
	  	 	16	  
	 Section 4.16
	 	 Eminent Domain
	  	 	16	  
	 Section 4.17
	 	 Assets and Liabilities
	  	 	16	  
	 Section 4.18
	 	 No Other Representations or Warranties
	  	 	17	  
		
	 ARTICLE V INDEMNIFICATION
	  	 	17	  
			
	 Section 5.01
	 	 Company Indemnification
	  	 	17	  
	 Section 5.02
	 	 PGI Indemnification
	  	 	17	  
	 Section 5.03
	 	 Notice of Claims
	  	 	18	  
	 Section 5.04
	 	 Third Party Claims
	  	 	19	  
	 Section 5.05
	 	 Survival of Representations and Warranties
	  	 	19	  
	 Section 5.06
	 	 Establishment of Indemnity Holdback Escrow
	  	 	20	  
	 Section 5.07
	 	 Exclusive Remedy
	  	 	20	  
	 Section 5.08
	 	 Tax Treatment
	  	 	20	  
		
	 ARTICLE VI COVENANTS; ADDITIONAL AGREEMENTS
	  	 	20	  
			
	 Section 6.01
	 	 Certain Covenants of PGI
	  	 	20	  
	 Section 6.02
	 	 Stockholders’ Representative
	  	 	21	  
	 Section 6.03
	 	 Tax Covenants
	  	 	21	  
	 Section 6.04
	 	 Tax Protection Provisions
	  	 	22	  
	 Section 6.05
	 	 Liability for Transfer Taxes
	  	 	24	  
	 Section 6.06
	 	 Commercially Reasonable Efforts By the Company and PGI
	  	 	24	  
		
	 ARTICLE VII GENERAL PROVISIONS
	  	 	25	  
			
	 Section 7.01
	 	 Notices
	  	 	25	  
	 Section 7.02
	 	 Definitions
	  	 	25	  
	 Section 7.03
	 	 Counterparts
	  	 	27	  
	 Section 7.04
	 	 Entire Agreement; Third-Party Beneficiaries
	  	 	28	  
	 Section 7.05
	 	 Governing Law
	  	 	28	  
	 Section 7.06
	 	 Assignment
	  	 	28	  
	 Section 7.07
	 	 Jurisdiction
	  	 	28	  
	 Section 7.08
	 	 Dispute Resolution
	  	 	28	  
	 Section 7.09
	 	 Severability
	  	 	29	  
	 Section 7.10
	 	 Rules of Construction
	  	 	30	  
	 Section 7.11
	 	 Equitable Remedies
	  	 	30	  
	 Section 7.12
	 	 Time of the Essence
	  	 	30	  
	 Section 7.13
	 	 Descriptive Headings
	  	 	30	  
	 Section 7.14
	 	 No Personal Liability Conferred
	  	 	31	  
	 Section 7.15
	 	 Amendments
	  	 	31	  

  
 ii 

			
	EXHIBITS
		
	Exhibit A	  	Properties
	Exhibit B	  	Escrow Agreement
	Exhibit C	  	Lock-up Agreement
	Exhibit D	  	Form of Letter of Transmittal
	Exhibit E	  	Fund Contribution Agreements
	Exhibit F	  	Fund GP Entities
	
	SCHEDULES
		
	Schedule 1.07	  	Merger Consideration

  
 iii 

 DEFINED TERMS 
  

			
	 Term
	  	 Section

		
	Accredited Investor	  	Section 7.02
	Affiliate	  	Section 7.02
	Agreement	  	Introduction
	Business Day	  	Section 7.02
	Certificate of Merger	  	Section 1.03
	Claim	  	Section 5.03
	Claim Notice	  	Section 5.03
	Closing Documents	  	Section 2.02
	Code	  	Section 7.02
	Company	  	Introduction
	Company Cap	  	Section 5.07
	Company Common Stock	  	Recitals
	Company Deductible	  	Section 5.01
	Company Indemnified Party	  	Section 5.02
	Company Material Adverse Effect	  	Section 7.02
	Company Shares	  	Recitals
	Company’s Knowledge	  	Section 7.02
	Covenant Period	  	Section 6.04
	Disclosure Letter	  	Article IV
	Dispute	  	Section 7.08
	Effective Time	  	Section 1.03
	Environmental Laws	  	Section 7.02
	Equity Interest	  	Section 1.07
	Escrow Agreement	  	Recitals
	Expiration Date	  	Section 5.05
	FIRPTA Notice	  	Section 2.01
	Formation Transactions	  	Recitals
	Fund Contribution Agreements	  	Section 7.02
	Fund GP Entities	  	Section 7.02
	Governmental Authority	  	Section 7.02
	Incremental Transfer Taxes	  	Section 7.02
	Indemnified Party	  	Section 5.03
	Indemnifying Party	  	Section 5.03
	Indemnity Holdback Amount	  	Recitals
	Indemnity Holdback Escrow	  	Recitals
	IPO	  	Recitals
	IPO Closing	  	Section 1.02
	JV Entities	  	Section 4.01
	Laws	  	Section 7.02
	Leases	  	Section 4.10
	Liens	  	Section 7.02
	Lock-up Agreement	  	Recitals
	Losses	  	Section 5.01

  
 iv 

			
	 Term
	  	 Section

		
	Merger	  	Recitals
	Merger Closing	  	Section 1.02
	Merger Closing Date	  	Section 1.02
	Merger Consideration	  	Section 1.07
	MRI	  	Section 7.02
	New York Transfer Taxes	  	Section 6.03
	No Gain Covenant	  	Section 6.04
	No-Tax Position	  	Section 6.04
	OP Units	  	Section 7.02
	Operating Partnership	  	Recitals
	Organizational Documents	  	Section 7.02
	Outside Date	  	Section 2.03
	Paramount Funds	  	Section 7.02
	Permitted Activities	  	Section 4.17
	Permitted Distributions	  	Section 4.17
	Permitted Liens	  	Section 7.02
	Person	  	Section 7.02
	PGI	  	Introduction
	PGI Deductible	  	Section 5.02
	PGI Indemnified Party	  	Section 5.01
	PGI Material Adverse Effect	  	Section 7.02
	PGI-MRI Merger	  	Section 4.17
	PGI Subsidiary	  	Section 4.01
	PGI’s Knowledge	  	Section 7.02
	Price to the Public	  	Section 7.02
	Prohibited Event	  	Section 6.04
	Properties	  	Recitals
	Property	  	Recitals
	Property Interests	  	Recitals
	Registration Rights Agreement	  	Recitals
	Registration Statement	  	Recitals
	REIT	  	Recitals
	SEC	  	Recitals
	Securities Act	  	Section 7.02
	Stockholder	  	Recitals
	Stockholders	  	Recitals
	Stockholders Agreement	  	Recitals
	Stockholders’ Representative	  	Section 6.02
	Subsidiary	  	Section 7.02
	Surviving Entity	  	Section 1.01
	Tax	  	Section 7.02
	Taxes	  	Section 7.02
	Tax Return	  	Section 7.02
	Third Party Claims	  	Section 5.04
	Transfer Tax Amount	  	Section 7.02

  
 v 

 AGREEMENT AND PLAN OF MERGER 

THIS AGREEMENT AND PLAN OF MERGER (including all exhibits and schedules, this “Agreement”) is made and entered into as of
November 6, 2014, by and among PARAMOUNT GROUP, INC., a Delaware corporation (“PGI”), PARAMOUNT GROUP, INC., a Maryland corporation (the “Company”), and the stockholders whose names appear on the signature
pages hereto (each, a “Stockholder” and together, the “Stockholders”). Capitalized terms used and not defined in the body of this Agreement shall have the meanings set forth in Section 7.02 hereto. 

RECITALS 
 WHEREAS,
the Company intends to conduct an initial public offering (the “IPO”) of the common stock, par value $0.01 per share (“Company Common Stock”), of the Company, which will operate as a self-administered and
self-managed real estate investment trust (“REIT”) within the meaning of Sections 856 through 860 of the Code; 

WHEREAS, in connection with the IPO, the Company, which is the sole general partner of Paramount Group Operating Partnership LP (the
“Operating Partnership”), desires to engage in a series of transactions through which the Company and the Operating Partnership will acquire their initial portfolio of properties and other assets that they intend to own following
the IPO (collectively, the “Formation Transactions”), which transactions are more specifically set forth in the Company’s Registration Statement on Form S-11 (the “Registration Statement”) filed with the
Securities and Exchange Commission (“SEC”), as amended from time to time; 
 WHEREAS, PGI owns, directly or
indirectly, interests (the “Property Interests”) in the properties set forth on Exhibit A hereto, under the heading “PGI” (each, a “Property” and together the “Properties”);

 WHEREAS, as part of the Formation Transactions, PGI will merge with and into the Company, with the Company as the surviving entity
(the “Merger”) and in consideration thereof each Stockholder will receive shares of Company Common Stock (“Company Shares”); 

WHEREAS, the board of directors of the Company and the stockholder of the Company have approved and authorized the Merger in accordance
with applicable Laws and the Company’s Organizational Documents; 
 WHEREAS, the board of directors of PGI and the Stockholders
have approved and authorized the Merger in accordance with applicable Laws and PGI’s Organizational Documents; 
 WHEREAS, at
the Merger Closing, the Company will deposit the number of Company Shares set forth as the Indemnity Holdback Amount opposite each Stockholder’s name on Schedule 1.07 under the heading “PGI,” which represents approximately
the number of Company Shares issued in the Merger equal to $19,000,000 divided by the Price to the Public (collectively, the “Indemnity Holdback Amount”) into an Indemnity Holdback Escrow (as defined in the Escrow Agreement)
pursuant to the Escrow Agreement in the form of Exhibit B attached hereto (the “Escrow Agreement”), in order to provide a remedy for a Company Indemnified Party as provided in Section 5.02; 

 WHEREAS, concurrently with the execution of this Agreement, the Company has entered into a
registration rights agreement with the Stockholders (the “Registration Rights Agreement”); 
 WHEREAS, concurrently
with the execution of this Agreement, the Company has entered into a stockholders agreement with the Stockholders (the “Stockholders Agreement”); 

WHEREAS, concurrently with the execution of this Agreement, each Stockholder has executed and delivered a lock-up agreement to the
underwriters of the IPO, a copy of which is attached as Exhibit C hereto (the “Lock-up Agreement”); and 

WHEREAS, it is intended that the Merger will qualify as a reorganization within the meaning of Section 368(a) of the Code. 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and other terms contained in this
Agreement, the receipt and sufficiency of which is hereby acknowledged and agreed, the parties hereto, intending to be legally bound hereby, agree as follows: 

ARTICLE I 
 THE MERGER

 Section 1.01 The Merger. At the Effective Time, subject to and upon the terms and conditions of this Agreement and in
accordance with applicable Laws, PGI shall be merged with and into the Company, whereby the separate existence of PGI shall cease, and the Company shall continue its existence under Maryland General Corporation Law as the surviving entity in the
Merger (sometimes referred to as the “Surviving Entity”). 
 Section 1.02 Merger Closing. Unless this Agreement
shall have been terminated pursuant to Section 2.03, and subject to satisfaction or waiver of the conditions in Section 2.01, the closing of the Merger and the other transactions contemplated hereby (the “Merger
Closing” or the “Merger Closing Date”) shall occur concurrently with the closing of the IPO (the “IPO Closing”), or up to one (1) day prior to, but conditioned upon the subsequent occurrence of, the
IPO Closing. The Merger Closing shall take place at the offices of Goodwin Procter LLP, 620 Eighth Avenue, New York, NY 10018, or as mutually agreed between the Company and PGI. In connection with the foregoing, the parties
hereto hereby agree that the specific order in which the Merger Closing, the IPO Closing and the closing of the other transactions that are part of or related to the Formation Transactions occur shall be as determined by the Company. 

Section 1.03 Effective Time. On the Merger Closing Date (or on such other date as the Company and PGI may agree) the Company and
PGI shall file, or shall cause to be filed, a certificate of merger or similar document with respect to the Merger (the “Certificate of Merger”) as may be required by applicable Laws with the Secretary of State of each applicable
jurisdiction, providing that the Merger shall become effective upon filing or, if agreed upon by 

  
 2 

 
the Company and PGI, as of such other date or time as is set forth in the Certificate of Merger (the “Effective Time”), together with any certificates and other filings or
recordings related thereto, in such forms as are required by, and executed in accordance with, the relevant provisions of applicable Laws. 

Section 1.04 Effect of the Merger. At the Effective Time, the effect of the Merger shall be as provided in this Agreement, the
Certificate of Merger and applicable Laws. 
 Section 1.05 Organizational Documents. At the Effective Time, the Organizational
Documents of the Company, as in effect immediately prior to the Effective Time, shall be the Organizational Documents of the Surviving Entity until thereafter amended as provided therein or in accordance with applicable Laws. 

Section 1.06 Directors and Officers of the Surviving Entity. The directors and officers of the Company immediately prior to the
Effective Time shall be and become the directors and officers of the Surviving Entity as of the Effective Time, each to hold office in accordance with the Organizational Documents of the Surviving Entity. 

Section 1.07 Conversion of Equity Interests. 

(a) Under and subject to the terms and conditions of this Agreement, each Stockholder is entitled to receive as a result of and upon
consummation of the Merger, the Merger Consideration set forth under the heading “PGI” in Schedule 1.07. 
 (b) At the
Effective Time, by virtue of the Merger and without any action on the part of the Company, PGI or any Stockholder, each outstanding share of common stock, par value $1.00, in PGI (each an “Equity Interest”) shall be converted
automatically into the right of each Stockholder to receive Company Shares, in the amount set forth opposite his or her name under the heading “PGI” in Schedule 1.07 (the “Merger Consideration”). 

(c) No fractional Company Shares shall be issued to a Stockholder pursuant to this Agreement. If aggregating all Company Shares that a
Stockholder otherwise would be entitled to receive pursuant to this Agreement would require the issuance of a fractional Company Share, such Stockholder shall instead be entitled to receive one full Company Share in lieu of such fractional Company
Share. 
 (d) From and after the Effective Time, each Equity Interest converted into the right to receive the Merger Consideration pursuant
to Section 1.07(b) shall no longer be outstanding and shall automatically be cancelled and retired and shall cease to exist, and each holder of such Equity Interest so converted shall thereafter cease to have any rights as a stockholder,
except the right to receive the Merger Consideration applicable thereto. 
 Section 1.08 Tax Treatment of Merger. It is intended
that, for U.S. federal income tax purposes, the Merger shall qualify as a “reorganization” within the meaning of Section 368(a) of the Code, and that this Agreement constitutes, and hereby is adopted as, a “plan of
reorganization” within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3. 

  
 3 

 Section 1.09 Payment of Merger Consideration. 

(a) After the Effective Time, upon surrender by a Stockholder of its Equity Interests together with a duly executed letter of transmittal in
the form attached hereto as Exhibit D and the certificates, if any, evidencing such Equity Interests to the Company, such Stockholder shall be entitled to receive from the Company in exchange therefor the portion of the Merger Consideration
to which such Stockholder is entitled (less such Stockholder’s respective portion of the Indemnity Holdback Amount). Risk of loss and title to the Equity Interests of a Stockholder shall pass only upon delivery to the Company of such duly
executed letter of transmittal and the certificates, if any, evidencing such Equity Interests. 
 (b) Notwithstanding any other provisions
of this Agreement, dividends or other distributions payable on any portion of the Merger Consideration after the Effective Time, but prior to the delivery of such portion of the Merger Consideration to a Stockholder pursuant to
Section 1.09(a) above, shall be paid promptly by the Company to the Stockholder of record, as set forth in Schedule 1.07, entitled to receive such portion of the Merger Consideration upon compliance with the procedures set forth
in this Section, less the amount of any withholding taxes which may be required thereon as reasonably determined by the Company. At and after the Effective Time, there shall be no transfers on the applicable record books of the Equity Interests that
are outstanding immediately prior to the Effective Time. 
 (c) On the Merger Closing Date, the Company will deposit the Indemnity Holdback
Amount with the Escrow Agent (as defined in the Escrow Agreement) in accordance with the terms and conditions of the Escrow Agreement. The approval of the Merger and this Agreement by the Stockholders shall constitute approval of the Escrow
Agreement and of all of the arrangements relating thereto, including without limitation the placement of the Indemnity Holdback Amount in escrow and the appointment of the Stockholders’ Representative. 

ARTICLE II 
 CLOSING;
TERM OF AGREEMENT 
 Section 2.01 Conditions Precedent. 

(a) Condition to Each Party’s Obligations. The respective obligation of each party to effect the transactions contemplated by this
Agreement to occur on the Merger Closing Date is subject to the satisfaction or waiver on or prior to the Merger Closing of the following conditions: 

(i) Consents. The requisite consent of the Stockholders approving the Merger shall have been obtained. This condition
may not be waived by any party. 
 (ii) Registration Statement. The Registration Statement shall have become effective
under the Securities Act and shall not be the subject of any stop order or proceedings by the SEC seeking a stop order. This condition may not be waived by any party. 

  
 4 

 (iii) IPO Proceeds. The Company shall have received substantially
currently with the Merger Closing hereunder the proceeds from the IPO. This condition may not be waived by any party. 
 (iv)
No Injunction. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any statute, rule, regulation, executive order, decree, judgment, injunction or other order (whether temporary, preliminary or permanent),
in any case which is in effect and which prevents or prohibits consummation of any of the transactions contemplated in this Agreement nor shall any of the same brought by a Governmental Authority of competent jurisdiction be pending that seeks the
foregoing. 
 (b) Conditions to Obligations of the Company. The obligations of the Company to effect the transactions contemplated by
this Agreement and to consummate the other transactions contemplated hereby to occur on the Merger Closing Date are further subject to satisfaction of the following conditions (any of which may be waived by the Company in whole or in part): 

(i) Representations and Warranties of PGI. (i) The representations and warranties of PGI set forth in
Section 4.17 shall be true and correct in all respects as of the date of this Agreement and as of the Effective Time, (ii) each representation and warranty of PGI contained in this Agreement (other than in Section 4.17)
that is qualified by materiality or PGI Material Adverse Effect shall be true and correct in all respects as of the date of this Agreement and as of the Merger Closing as if made again at that time (except to the extent that any representation or
warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date), and (iii) each representation and warranty of PGI contained in this Agreement (other than in Section 4.17) that is not
qualified by materiality or PGI Material Adverse Effect shall be true and correct as of the date of this Agreement and as of the Merger Closing as if made again at that time (except to the extent that any representation or warranty speaks as of an
earlier date, in which case it must be true and correct only as of that earlier date), except where the failure of such representations and warranties to be true and correct would not reasonably be expected to have a PGI Material Adverse Effect.

 (ii) Performance by PGI. PGI shall have performed in all material respects all agreements and covenants required by
this Agreement to be performed or complied with by it on or prior to the Merger Closing Date. 
 (iii) Consents, Etc.
All necessary consents and approvals of Governmental Authorities or third parties (including lenders) for PGI to consummate the transactions contemplated hereby (except for those the absence of which would not have a material adverse effect on the
ability of PGI to consummate the transactions contemplated by this Agreement) shall have been obtained. 
 (iv) FIRPTA
Notice. Each Stockholder shall have provided the Company with a properly executed FIRPTA notice substantially in the form set forth in (A)(x) Treasury Regulation Section 1.1445-2(d)(2) or (y) Treasury Regulation
Section 1.1445-2(b)(2) 

  
 5 

 
(the “FIRPTA Notice”) sufficient to avoid any withholding under Section 1445 of the Code, as applicable or (B) provided cash (in such amount as determined by the
Company in its reasonable discretion) to the Company sufficient to pay any applicable withholding under the Code. 
 (v)
Closing Documents. PGI shall have executed and delivered to the Company the documents to which it is a party which are required to be delivered pursuant to Section 2.02. 

(c) Conditions to Obligations of PGI. The obligation of PGI to effect the transactions contemplated by this Agreement and to consummate
the other transactions contemplated hereby to occur on the Merger Closing Date are further subject to satisfaction of the following conditions (any of which may be waived by PGI in whole or in part): 

(i) Representations and Warranties. (i) Each representation and warranty of the Company contained in this Agreement
that is qualified by materiality or Company Material Adverse Effect shall be true and correct in all respects as of the date of this Agreement and as of the Effective Time as if made again at that time (except to the extent that any representation
or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date), and (ii) each representation and warranty of the Company contained in this Agreement that is not qualified by materiality or
Company Material Adverse Effect shall be true and correct as of the date of this Agreement and as of the Effective Time as if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in which
case it must be true and correct only as of that earlier date), except where the failure of such representations and warranties to be true and correct would not reasonably be expected to have a Company Material Adverse Effect. 

(ii) Performance by the Company. The Company shall have performed in all material respects all agreements and covenants
required by this Agreement to be performed or complied with by it on or prior to the Merger Closing Date. 
 (iii)
Consents, Etc. All necessary consents and approvals of Governmental Authorities or third parties (including lenders) for the Company to consummate the transactions contemplated hereby (except for those the absence of which would not have a
material adverse effect on the ability of the Company to consummate the transactions contemplated by this Agreement) shall have been obtained. 

(iv) Offering Price. PGI shall have approved the Price to the Public. 

(v) Closing Documents. The Company shall have executed, acknowledged and delivered to PGI the documents required to be
delivered pursuant to Section 2.02. 
 Section 2.02 Closing Deliveries. On the Merger Closing Date, each of the
parties shall make, execute, acknowledge and deliver the legal documents and other items to which it is a party or for which it is otherwise responsible that are necessary to carry out the intention of this

  
 6 

 
Agreement and the other transactions contemplated to take place in connection therewith (collectively, the “Closing Documents”). The Closing Documents and other items to be
delivered include the delivery by the Company to the Escrow Agent (as defined in the Escrow Agreement) evidence of the issuance of the Company Shares that constitutes the Indemnity Holdback Amount to the Escrow Agent pursuant to this Agreement. 

Section 2.03 Term of the Agreement. This Agreement shall terminate automatically if the Merger Closing or the IPO Closing shall
not have been consummated on or prior to March 31, 2015 (such date is hereinafter referred to as the “Outside Date”). In addition, this Agreement may be terminated before the Merger Closing by a document signed by the Company
and PGI. 
 Section 2.04 Effect of Termination. In the event of termination of this Agreement for any reason, all obligations on
the part of the Company and PGI under this Agreement shall terminate, except that the obligations set forth in Article VII shall survive, provided, that nothing in this Agreement shall relieve any party hereto from liability for any
breach of this Agreement or any failure to perform its obligations under this Agreement. 
 Section 2.05 Tax Withholding. The
Company shall be entitled to deduct and withhold, or cause to be deducted and withheld, from the Merger Consideration payable (or deemed payable) pursuant to this Agreement, including the Indemnity Holdback Amount, to the Stockholders, such amounts
as the Company is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or non-U.S. Tax law (as determined by the Company in its reasonable discretion). To the extent that amounts
are so deducted and withheld by the Company, such amounts shall be treated for all purposes of this Agreement as having been paid to the applicable Stockholder. Each Stockholder shall (A) to the extent requested by PGI, contribute cash prior to
the Merger equal to (i) any withholding Taxes that would otherwise be required to be withheld by the Company in connection with the Merger (taking into account any gross-up attributable to such amounts) and (ii) any withholding Taxes that
PGI failed to withhold with respect to distributions to the Stockholders prior to the Closing and (B) indemnify and hold harmless the Company for any withholding Taxes relating to the Company’s failure to withhold from such
Stockholder’s portion of the Merger Consideration as required by applicable Laws, and for any Taxes of such Stockholder (including those described in subclause (A)(ii) above), other than Taxes attributable to the Company’s breach of its
covenants in Section 6.04, provided, however, that, in either case, such Stockholder shall not be liable for any penalties that may become payable in respect thereof, and provided further that, for the avoidance of doubt, the
indemnification obligation of the Stockholders pursuant to this clause (B) shall neither be limited to the Indemnity Holdback Amount nor subject to the PGI Deductible. 

Section 2.06 Transaction Costs. Subject to Section 6.03, if the Merger Closing occurs, the Company shall be solely
responsible for all transaction costs and expenses of the Company and the Stockholder that have not previously been paid in connection with this Agreement, which include, but are not limited to, lender consent fees, legal, accounting and consultant
fees. 
 Section 2.07 Further Action. If, at any time after the Effective Time, the Surviving Entity shall determine or be
advised that any deeds, bills of sale, assignments, assurances or any 

  
 7 

 
other actions or things are necessary or desirable to vest, perfect or confirm of record or otherwise in the Surviving Entity the right, title or interest in, to or under any of the rights,
properties or assets of PGI acquired or to be acquired by the Surviving Entity as a result of, or in connection with, the Merger or otherwise to carry out this Agreement, the Surviving Entity shall be authorized to execute and deliver, in the name
and on behalf of PGI, all such deeds, bills of sale, assignments and assurances and to take and do, in the name and on behalf of PGI, all such other actions and things as may be necessary or desirable to vest, perfect or confirm any and all right,
title and interest in, to and under such rights, properties or assets in the Surviving Entity or otherwise to carry out this Agreement. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

OF THE COMPANY 
 The
Company hereby represents and warrants to PGI as set forth below which representations are true and correct as of the date hereof (or such other date specifically set forth below) and as of the Merger Closing as if made again at that time (except to
the extent that any representation or warranty only speaks as of an earlier date, in which case it is true and correct as of that earlier date): 

Section 3.01 Organization; Authority. The Company is a corporation duly incorporated, validly existing and in good standing under
the Laws of the State of Maryland. The Company has all requisite power and authority to enter into this Agreement and all agreements contemplated hereby to which it is party and to carry out the transactions contemplated hereby and thereby, and to
own, lease or operate its property and to carry on its business as presently conducted and, to the extent required under applicable Laws, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or
the character of its property make such qualification necessary, other than in such jurisdictions where the failure to be so qualified would not reasonably be expected to have a Company Material Adverse Effect. 

Section 3.02 Due Authorization. The execution, delivery and performance of this Agreement by the Company have been duly and
validly authorized by all necessary action of the Company. This Agreement and each agreement, document and instrument executed and delivered by or on behalf of the Company pursuant to this Agreement constitutes, or when executed and delivered will
constitute, the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’ rights and
general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 
 Section 3.03
Consents and Approvals. Except in connection with the IPO and the consummation of the Formation Transactions or as shall have been obtained on or prior to the Merger Closing Date, no consent, waiver, approval or authorization of, or filing
with, any Person or Governmental Authority or under any applicable Laws is required to be obtained by the Company in connection with the execution, delivery and performance of this Agreement and the transactions contemplated hereby, except for those
consents, waivers, approvals, authorizations or filings, the failure of which to obtain or to file would not reasonably be expected to have a Company Material Adverse Effect. 

  
 8 

 Section 3.04 Tax Matters. At the effective time of the IPO and at the Merger Closing,
the Company shall be organized in a manner so as to qualify for taxation as a REIT pursuant to Sections 856 through 860 of the Code. The Company intends to elect to be taxed and to operate in a manner that will allow it to qualify as a REIT for U.S.
federal income tax purposes commencing with its taxable year ending December 31 of the year in which the Merger Closing takes place. 

Section 3.05 No Violation. None of the execution, delivery or performance of this Agreement, any agreement contemplated hereby
between the parties to this Agreement and the transactions contemplated hereby between the parties to this Agreement does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or
constitute a default under or give to others any material right of termination, acceleration, cancellation or other material right under, (a) the Organizational Documents of the Company, (b) any agreement, document or instrument to which
the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or (c) any term or provision of any judgment, order, writ, injunction, or decree binding on the Company or any its Subsidiaries (or
its assets or properties), except, in the case of clause (b) and (c), any such breaches or defaults that would not reasonably be expected to have a Company Material Adverse Effect. 

Section 3.06 Validity of Company Shares. The Company Shares, when issued and delivered pursuant to the terms of this Agreement
will be duly authorized by the Company and will be validly issued by the Company, free and clear of all Liens created by the Company (other than Liens created by the charter of the Company, the Escrow Agreement, the Lock-up Agreement or this
Agreement). 
 Section 3.07 Litigation. There is no action, suit or proceeding pending or, to the Company’s Knowledge,
threatened against the Company, the Operating Partnership or any of their Subsidiaries which is reasonably expected to have a Company Material Adverse Effect or which challenges or impairs the ability of the Company to execute or deliver, or perform
its obligations under, this Agreement and the documents executed by it pursuant to this Agreement or to consummate the transactions contemplated hereby or thereby. 

Section 3.08 Broker. None of the Company nor any of its Subsidiaries nor any of their managers, members, partners, officers,
directors or employees, to the extent applicable, has entered into any agreement with any broker, finder, or similar agent of any Person or firm that will result in the obligation of PGI or any of their Affiliates to pay any finder’s fees,
brokerage fees or commissions or similar payment in connection with the transactions contemplated by this Agreement. 
 Section 3.09
No Other Representations or Warranties. Other than the representations and warranties expressly set forth in this Article III, the Company shall not be deemed to have made any other representation or warranty in connection with
this Agreement or the transactions contemplated hereby. 

  
 9 

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF PGI 

Except as disclosed in the disclosure letter delivered to the Company by PGI on the date hereof (the “Disclosure Letter”),
PGI hereby represents and warrants to the Company as set forth below, and each Stockholder hereby represents and warrants to the Company as set forth in Section 4.14 below, which representations are true and correct as of the date hereof
(or such other date specifically set forth below and as of the Merger Closing as if made again at that time (except to the extent that any representation or warranty only speaks as of an earlier date, in which case it is true and correct as of the
earlier date): 
 Section 4.01 Organization; Authority. 

(a) PGI is a corporation duly incorporated, validly existing and in good standing under the Laws of the State of Delaware. PGI has all
requisite power and authority to enter into this Agreement and all agreements contemplated hereby to which it is party and to carry out the transactions contemplated hereby and thereby, and to own, lease or operate its property and to carry on its
business as presently conducted and, to the extent required under applicable Laws, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification
necessary, other than in such jurisdictions where the failure to be so qualified would not reasonably be expected to have a PGI Material Adverse Effect. 

(b) Section 4.01(b) of the Disclosure Letter, sets forth as of the date hereof, with respect to PGI, (i) the name and the
jurisdiction of organization or incorporation, as the case may be, of each Subsidiary of PGI (each a “PGI Subsidiary”) and (ii) the ownership interest of PGI or another PGI Subsidiary in each such PGI Subsidiary. Each PGI
Subsidiary has been duly organized or formed and is validly existing under the laws of its jurisdiction of organization or formation, as applicable, has all power and authority to own, lease or operate its property and to carry on its business as
presently conducted and, to the extent required under applicable Laws, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary,
except where the failure to be so qualified would not reasonably be expected to have a PGI Material Adverse Effect. 
 (c) PGI or the PGI
Subsidiaries own the equity interests in the Persons set forth on Section 4.01(c) of the Disclosure Letter (together with the Subsidiaries of such Persons, the “JV Entities”) in the stated percentage set forth on
Section 4.01(c) of the Disclosure Letter. 
 Section 4.02 Capitalization. Section 4.02 of the Disclosure
Letter sets forth, as of the date hereof, a true, correct and complete description of the capitalization of PGI as set forth in the books and records of PGI. All of the issued and outstanding equity interests of PGI are validly issued and are not
subject to appraisal, dissenters or similar rights. There are no outstanding rights to purchase subscriptions, warrants, options or any other security convertible into or exchangeable for equity interests in PGI. Except as provided for or
contemplated by this Agreement or any other agreements referenced herein, there are no, and, as of the Merger 

  
 10 

 
Closing, there will not be any rights, subscriptions, warrants, options, conversion rights, preemptive rights, agreements, instruments or understandings of any kind outstanding entitling any
Person to acquire any equity interests in the PGI Subsidiaries or JV Entities (other than the Paramount Funds or their Subsidiaries), except pursuant to Permitted Liens or rights established pursuant to the terms of the Organizational Documents and
related agreements with respect to the PGI Subsidiaries and JV Entities that have been previously disclosed to the Company. There are no outstanding rights to purchase subscriptions, warrants, options or any other security convertible or
exchangeable for equity interests in the Fund GP Entities except for those subject to those certain Contribution Agreements set forth in Section 4.02 of the Disclosure Letter entered into by members of management of such Fund GP Entity
concurrently with the execution of this Agreement. 
 Section 4.03 Due Authorization. The execution, delivery and performance of
this Agreement by PGI have been duly and validly authorized by all necessary action required of PGI. This Agreement and each agreement, document and instrument executed and delivered by or on behalf of PGI pursuant to this Agreement constitutes, or
when executed and delivered will constitute, the legal, valid and binding obligation of PGI, enforceable against PGI, in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to
creditors’ rights and general principles of equity (regardless of whether enforcement is sought in a proceeding in law or in equity). 

Section 4.04 Consents and Approvals. Except as shall have been satisfied on or prior to the Merger Closing Date, no consent,
waiver, approval or authorization of, or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained by PGI or any PGI Subsidiary or JV Entity in connection with the execution, delivery and performance
of this Agreement and the transactions contemplated hereby, except for those consents, waivers, approvals, authorizations or filings, the failure of which to obtain or to file would not reasonably be expected to have a PGI Material Adverse Effect.

 Section 4.05 Tax Matters. 

(a) PGI and each PGI Subsidiary and JV Entity has timely filed, or will timely file, all Tax Returns required to be filed by it (after giving
effect to any filing extension properly granted by a Governmental Authority having authority to do so) in accordance with all applicable Laws. All such Tax Returns are correct and complete in all material respects, and PGI and each PGI Subsidiary
and JV Entity has paid (or had paid on its behalf) all Taxes required to be paid by it (whether or not shown on such Tax Returns), and no deficiencies for any Taxes have been proposed, asserted or assessed in writing against PGI, or any PGI
Subsidiary or JV Entity, and no requests for waivers of the time to assess any such Taxes are pending and no such waivers have been granted. 

(b) There are no Liens as a result of any unpaid Taxes (other than statutory liens for Taxes not yet due and payable) upon any of the assets
or property of PGI, any PGI Subsidiary or any JV Entity. 
 (c) Except as would not reasonably be expected to have a PGI Material Adverse
Effect, there are no pending or, to PGI’s Knowledge, threatened audits, assessments or other actions for or relating to a liability in respect of income or non-income Taxes of PGI, any PGI Subsidiary or any JV Entity. 

  
 11 

 (d) PGI has entered into this Agreement for good and valid business reasons. 

(e) The Stockholders have no plan or intention to sell, exchange or transfer Equity Interests for consideration other than Company Common
Stock, in contemplation of the Merger, to the Company (or any party related to the Company) or sell, exchange or transfer any Company Common Stock received in the Merger to the Company (or any party related to the Company). 

(f) PGI has not agreed to assume, nor will assume, directly or indirectly, any expense or other liability, whether fixed or contingent, of the
Stockholders in connection with or as part of the Merger or any related transaction. 
 (g) No part of the Merger Consideration will be
received by a Stockholder as a creditor, employee or in any capacity other than as a stockholder of PGI. 
 (h) PGI is a “United States
real property holding corporation” for U.S. federal income tax purposes. 
 (i) PGI holds cash or cash equivalents (excluding any cash
or cash equivalents taken into account in the net amount of tangible assets and liabilities set forth in Section 4.17 of the Disclosure Letter) in an amount that is at least equal to the unpaid Taxes owed by it for all taxable periods
ending on or prior to the Merger Closing Date. 
 (j) None of PGI or any PGI Subsidiary is or ever has been a party to or bound by, or could
have any liability under, any Tax indemnity agreement, Tax sharing agreement, Tax allocation agreement or similar contract or arrangement (other than commercial agreements entered into in the ordinary course of business, the principal purpose of
which is not related to Taxes). 
 (k) None of PGI or any PGI Subsidiary has any liability for Taxes of any person arising from the
application of Treasury Regulations Section 1.1502-6 or any analogous provision of state, local or foreign law (other than in respect of being a member of a consolidated group the common parent of which is PGI), or as a transferee or successor.

 Section 4.06 No Violation. None of the execution, delivery or performance of this Agreement, any agreement contemplated
hereby between the parties to this Agreement and the transactions contemplated hereby between the parties to this Agreement does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or
constitute a default under or give to others any right of termination, acceleration, cancellation or other right under, (a) the Organizational Documents of PGI or any PGI Subsidiary or any JV Entity, (b) any agreement, document or
instrument to which PGI, any PGI Subsidiary or any JV Entity is a party or by which PGI, any PGI Subsidiary or any JV Entity is bound or (c) any term or provision of any judgment, order, writ, injunction, or decree binding on PGI, any PGI
Subsidiary or any JV Entity (or their assets or properties), except, in the case of clause (b) and (c), any such breaches or defaults that would not reasonably be expected to have a PGI Material

  
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Adverse Effect. None of the execution, delivery or performance of any Fund Contribution Agreement, does or will, with or without the giving of notice, lapse of time, or both, violate, conflict
with, result in a breach of, or constitute a default under or give to others any right of termination, acceleration, cancellation or other right under the Organizational Documents of any Paramount Fund, including, without limitation, any side letter
entered into by a Paramount Fund with its investors. 
 Section 4.07 Solvency. PGI has been and will be solvent at all times
prior to the Merger. No bankruptcy or similar insolvency proceeding has been filed or is currently contemplated by PGI, any PGI Subsidiary or any JV Entity. 

Section 4.08 Litigation. As of the date hereof, there is no action, suit or proceeding pending or, to PGI’s Knowledge,
threatened against PGI, any PGI Subsidiary or any JV Entity which, if adversely determined, would, individually or together with all such other actions, reasonably be expected to have a PGI Material Adverse Effect. As of the date hereof, there is no
action, suit or proceeding pending or, to PGI’s Knowledge, threatened against PGI, any PGI Subsidiary or any JV Entity which challenges or impairs the ability of PGI to execute or deliver, or perform its obligations under this Agreement or to
consummate the transactions contemplated hereby. 
 Section 4.09 Licenses and Permits To PGI’s Knowledge, all notices,
licenses, permits, certificates and authorizations required for the continued use, occupancy, management, leasing and operation of the Properties have been obtained or can be obtained without material cost, are in full force and effect, are in good
standing and (to the extent required in connection with the transactions contemplated by this Agreement) are assignable to the Company, except in each case for items that would not, individually or in the aggregate, reasonably be expected to have a
PGI Material Adverse Effect. To PGI’s Knowledge, neither PGI, any PGI Subsidiary, any JV Entity nor any third party has taken any action that (or failed to take any action the omission of which) would result in the revocation of any such
notice, license, permit, certificate or authorization where such revocation or revocations would, individually or in the aggregate, reasonably be expected to have a PGI Material Adverse Effect, nor has any of them received within the past one year
any written notice of violation from any Governmental Authority or written notice of the intention of any entity to revoke any of them, that in each case has not been cured or otherwise resolved to the satisfaction of such Governmental Authority and
that would not, individually or in the aggregate, reasonably be expected to have a PGI Material Adverse Effect. 
 Section 4.10 The
Properties. 
 (a) The Properties are owned directly, in fee simple, by the Persons set forth on Section 4.10 of the
Disclosure Letter or their direct or indirect wholly owned subsidiaries. Each PGI Subsidiary or JV Entity listed as owning a Property on Section 4.10 of the Disclosure Letter is insured under a policy of title insurance as the owner of
the fee simple estate (or, in the case of certain Properties, the leasehold estate) of such Property, in each case free and clear of all Liens except for Permitted Liens and Liens, if any, given to secure mortgage indebtedness encumbering such
Property. Prior to the effective time of the transactions contemplated in this Agreement, no PGI Subsidiary or JV Entity shall take or omit to take any action to cause any Lien to attach to any Property, except for Permitted Liens and Liens, if any,
given to secure mortgage indebtedness encumbering such Property. 

  
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 (b) Except for matters that would not, individually or in the aggregate, have a PGI Material
Adverse Effect, (i) no PGI Subsidiary, JV Entity, nor any other party to any agreement affecting any Property to which PGI, a PGI Subsidiary or JV Entity is a party (other than a Lease (as such term is hereinafter defined) for space within such
Property), has given or received any notice of default with respect to any term or condition of any such agreement, including, without limitation, any ground lease, (ii) no event has occurred or has been threatened in writing, which with or
without the passage of time or the giving of notice, or both, would, individually or together with all such other events, constitute a default under any such agreement, or would, individually or together with all such other events, reasonably be
expected to cause the acceleration of any material obligation of any party thereto or the creation of a Lien upon any asset of any PGI Subsidiary or JV Entity, except for Permitted Liens, and (iii) all agreements affecting any Property required
for the continued use, occupancy, management, leasing and operation of such Property (exclusive of space leases) are valid and binding and in full force and effect. No PGI Subsidiary or JV Entity has granted an option or right of first refusal or
offer pursuant to the leases with respect to the sale of any Property. 
 (c) As presently conducted, none of the operation of the
buildings, fixtures and other improvements comprising a part of the Properties is in violation of any applicable building code, zoning ordinance or other law or regulation, except for such violations that would not, individually or in the aggregate,
have a PGI Material Adverse Effect. Neither PGI nor any PGI Subsidiary nor any JV Entity has received any written notice from a Governmental Authority of any pending or threatened proceedings for the rezoning of any Property or portion thereof
except for such notices or proceedings that would not, individually, or in the aggregate, reasonably be expected to have a PGI Material Adverse Effect. 

(d) Except for matters that would not, individually or in the aggregate, reasonably be expected to have a PGI Material Adverse Effect,
(i) to PGI’s Knowledge, neither PGI, any PGI Subsidiary nor any JV Entity, nor any other party to any Lease, has given or received any notice of default with respect to any term or condition of any such Lease, (ii) to PGI’s
Knowledge, no event has occurred or has been threatened in writing, which with or without the passage of time or the giving of notice, or both, would, individually or together with all such other events, constitute a default under any Lease, or
would, individually or together with all such other events, reasonably be expected to cause the acceleration of any material obligation of any party thereto or the creation of a Lien upon any asset of PGI, the PGI Subsidiaries or the JV Entities,
except for Permitted Liens, and (iii) each of the leases (and all amendments thereto or modifications thereof) to which any PGI, any PGI Subsidiary or any JV Entity is a party or by which PGI, any PGI Subsidiary or any JV Entity or any Property
is bound or subject (collectively, the “Leases”) is and will be valid and binding and in full force and effect. 
 (e)
Except for matters that would not, individually or in the aggregate, reasonably be expected to have a PGI Material Adverse Effect, each of the Leases to which PGI, any PGI Subsidiary or any JV Entity is a party or by which PGI, any PGI Subsidiary,
any JV Entity or any Property is bound or subject, is in full force and effect, and constitutes the 

  
 14 

 
legal, valid and binding obligation of PGI or the applicable PGI Subsidiary or JV Entity, and to PGI’s Knowledge, each other party thereto, enforceable against each PGI Subsidiary or JV
Entity, and to PGI’s Knowledge, each other party thereto, in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as to
enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 
 (f) To
PGI’s Knowledge, except as previously disclosed to the Company, no tenant under any such Lease is presently the subject of any voluntary or involuntary bankruptcy or insolvency proceedings, except for matters that would not, individually or in
the aggregate, reasonably be expected to have a PGI Material Adverse Effect. 
 Section 4.11 Insurance. PGI or the applicable
PGI Subsidiary or JV Entity has in place the public liability, casualty and other insurance coverage with respect to each Property as PGI reasonably deems necessary. Each of the insurance policies with respect to the Properties is in full force and
effect in all material respects and none of PGI or the applicable PGI Subsidiary or JV Entity is in default (in any material respect) under any such policies. 

Section 4.12 Environmental Matters. Except for matters that would not, individually or in the aggregate, reasonably be expected to
have a PGI Material Adverse Effect, (a) PGI, the PGI Subsidiaries and the JV Entities are in compliance with all applicable Environmental Laws, (b) neither PGI, any PGI Subsidiary nor any JV Entity has received within the past three years
any written notice from any Governmental Authority or third party alleging that PGI, any PGI Subsidiary, any JV Entity or any Property is not in compliance with applicable Environmental Laws, and (c) there has not been a release of a hazardous
substance on any Property that would require investigation or remediation under applicable Environmental Laws. The representations and warranties contained in this Section 4.12 constitute the sole and exclusive representations and
warranties made by PGI concerning environmental matters. 
 Section 4.13 Holding Period. PGI acknowledges that it has been
advised, and it has advised the Stockholders, that the Company Shares issued pursuant to this Agreement are “restricted securities” (unless registered in accordance with applicable U.S. securities Laws) under applicable U.S. federal
securities Laws and may be disposed of only pursuant to an effective registration statement or an exemption therefrom and PGI understands that, and has informed the Stockholders that, the Company has no obligation or intention to register any of the
Company Shares, except pursuant to the Registration Rights Agreement. Accordingly, the Stockholders may have to bear indefinitely, the economic risks of an investment in such Company Shares and a notation shall be made in the appropriate records of
the Company indicating that the Company Shares are subject to restrictions on transfer. 
 Section 4.14 Investments. Each
Stockholder acknowledges that the Company intends the offer and issuance of Company Shares to the Stockholders as Merger Consideration to be exempt from registration under the Securities Act and applicable state securities laws and that the
Company’s reliance on such exemptions is predicated in part on the accuracy and completeness of the representations and warranties contained herein. In furtherance thereof, each Stockholder represents and warrants to the Company as follows:

 (a) such Stockholder is an Accredited Investor; and 

(b) such Stockholder is acquiring the Merger Consideration solely for its own account for the purpose of investment and not as a nominee or
agent for any other Person and not with a view to, or for offer or sale in connection with, any distribution of any thereof in violation of the securities Laws. 

  
 15 

 Section 4.15 Broker. None of PGI, any PGI Subsidiary, any JV Entity or any of their
respective managers, members, partners, officers directors or employees, to the extent applicable, has entered into any agreement with any broker, finder, or similar agent of any Person or firm that will result in the obligation of the Company, the
Operating Partnership or any of their Affiliates to pay any finder’s fees, brokerage fees or commissions or similar payment in connection with the transactions contemplated by this Agreement. 

Section 4.16 Eminent Domain. There is no existing or, to PGI’s Knowledge threatened, in writing condemnation, eminent domain
or similar proceeding that would affect any of the Properties. Neither PGI nor any PGI Subsidiary nor any JV Entity has received any written notice from a Governmental Authority of any pending or threatened condemnation, eminent domain or similar
proceeding that would affect any of the Properties. 
 Section 4.17 Assets and Liabilities. 

(a) On July 18, 2014, pursuant to a filing of a certificate of merger with the Secretary of State of the State of Delaware, MRI merged
with and into PGI with PGI as the surviving corporation (the “PGI-MRI Merger”). 
 (b) Section 4.17 of the
Disclosure Letter accurately sets forth, in all material respects, as of June 30, 2014 and September 30, 2014, (a) all outstanding indebtedness of PGI and the PGI Subsidiaries (other than the Paramount Funds and their respective
Subsidiaries), MRI and its Subsidiaries and each JV Entity, (b) all interest rate swap liabilities of such entities and (c) the net amount of all other tangible assets and liabilities of such entities (other than deferred tax liabilities,
if any, and their interests in the Properties and the Paramount Funds and their respective Subsidiaries), which consists of cash, cash equivalents, accounts receivable and accounts payable and any other assets set forth on Section 4.17
of the Disclosure Letter. Except for distributions set forth on Section 4.17 of the Disclosure Letter (“Permitted Distributions”) or as contemplated by this Agreement or as otherwise set forth on
Section 4.17 of the Disclosure Letter (“Permitted Activities”), since September 30, 2014, PGI has not (i) made any distributions or (ii) entered into any transactions with an Affiliate other than on an
arm’s-length basis. 
 (c) Section 4.17 of the Disclosure Letter accurately sets forth all contributions made to PGI by its
Stockholders since September 30, 2014. 
 (d) PGI, together with PGI Subsidiaries that are wholly owned, directly or indirectly, by
PGI, owns the interests in Paramount Group Real Estate Fund V (CIP), L.P. set forth on Section 4.17 of the Disclosure Letter in addition to the interests owned as a result of PGI’s ownership in the Fund GP Entities. 

  
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 Section 4.18 No Other Representations or Warranties. Other than the representations
and warranties expressly set forth in this Article IV, PGI shall not be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby or thereby. 

ARTICLE V 

INDEMNIFICATION 

Section 5.01 Company Indemnification. 

(a) Subject to the indemnification limitations set forth in this Agreement, from and after the Merger Closing Date, the Company shall
indemnify and hold harmless each Stockholder and their respective officers, employees, partners, members, agents, representatives and Affiliates (each of which is a “PGI Indemnified Party”) from and against any and all charges,
complaints, claims, actions, causes of action, losses, damages, liabilities and expenses of any nature whatsoever, including without limitation, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, costs of
investigative judicial or administrative proceedings or appeals therefrom and costs of attachment or similar bonds (collectively, “Losses”) in excess of the greater of (i) 4.5% of the Company Cap or (ii) $250,000, in each
case in the aggregate (the “Company Deductible”), arising out of or relating to, asserted against, imposed upon or incurred by a PGI Indemnified Party in connection with or as a result of any breach of a representation, warranty or
covenant of the Company contained in this Agreement or in any schedule, exhibit, certificate or affidavit or any other document delivered by the Company pursuant to this Agreement; provided, however, that the Company shall not have any
obligation under this Section 5.01 to indemnify any PGI Indemnified Party against any Losses to the extent that such Losses arise by virtue of PGI’s breach of this Agreement, gross negligence, willful misconduct or fraud. 

(b) Any indemnification payment made by the Company to a Stockholder pursuant to this Agreement shall be made to such Stockholder in shares of
Company Common Stock, the number of which shall equal the dollar value of the indemnification payment, divided by the price of a share of Company Common Stock as of the close of market on the date of such indemnification payment. 

Section 5.02 PGI Indemnification. 

(a) Subject to the indemnification limitations set forth in this Agreement, from and after the Merger Closing Date, the PGI Indemnity Holdback
Amount shall be used to indemnify and hold harmless the Company, the Operating Partnership and each of their respective directors, officers, employees, agents, representatives and Affiliates (each of which is a “Company Indemnified
Party”) from and against any and all Losses in excess of the greater of (i) 4.5% of the Indemnity Holdback Amount or (ii) $250,000, in each case in the aggregate (the “PGI Deductible”), arising out of or relating to,
asserted against, imposed upon or incurred by such Company Indemnified Party in connection with or as a result of any breach of a representation, warranty or covenant of PGI or in any schedule, exhibit, certificate or affidavit or any other document
delivered by PGI pursuant to this Agreement; provided, however, that 

  
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PGI shall not have any obligation under this Section 5.02 to indemnify any Company Indemnified Party against any Losses to the extent that such Losses arise by virtue of the
Company’s breach of this Agreement, gross negligence, willful misconduct or fraud; provided further, however, that, to the extent such Losses relate to breach of a representation, warranty or covenant of PGI regarding a Person or
the assets and liabilities of a Person that the Company or the Operating Partnership has or acquires an interest in from a Person other than PGI, the indemnification pursuant to this Section 5.02(a) shall be limited to the portion of
such Losses attributable to the interest acquired from PGI pursuant to this Agreement. Each Stockholder hereby grants to the Company a security interest in the Company Shares held as the Indemnity Holdback Amount to secure the obligations set forth
in this Section 5.02. In addition, to the extent that any (i) OP Units that PGI (or the Surviving Entity or its successors in interests) receives, or would otherwise be entitled to receive, in connection with the Formation
Transactions with respect to the interests in Fund V CIP held directly or indirectly by PGI at the Effective Time or (ii) OP Units or shares of Company Common Stock that are held by the Fund GP Entities are paid to the Company or the Operating
Partnership in order to satisfy indemnification obligations to which such OP Units or shares of Company Common Stock are subject in connection with the Company’s or Operating Partnership’s acquisition of the assets of the Paramount Funds
in the Formation Transactions, the Company or the Operating Partnership will be entitled to receive a number of Company Shares from the Indemnity Holdback Amount equal to such number of OP Units or shares of Company Common Stock paid to the Company
or the Operating Partnership in order to indemnify the Company or the Operating Partnership for the loss of such OP Units or shares of Company Common Stock. 

(b) Subject to the indemnification limitations set forth in this Agreement from and after the Merger Closing Date, in the event that a Company
Indemnified Party incurs Losses (as defined in the applicable Fund Contribution Agreement) for which it is entitled to indemnification pursuant to the applicable Fund Contribution Agreement greater than the applicable Indemnity Holdback Amount set
forth therein, then the Indemnity Holdback Amount shall be used to indemnify such Company Indemnified Party for such Losses. For the avoidance of doubt, the parties hereto acknowledge and agree that no indemnification obligation shall arise under
this Section 5.02(b) unless and until the indemnification remedy set forth in the applicable Fund Contribution Agreement has been utilized to the fullest extent provided for therein and in no event shall this Section 5.02(b)
be deemed to extend the survival of any representation and warranty of any Contributor set forth in any Fund Contribution Agreement. In addition, the parties agree and acknowledge, for the purposes of this Section 5.02(b) with regard to
the determination of whether the deductible has been satisfied, only the deductible set forth in the applicable Fund Contribution Agreement shall apply when making such determination and not the Company Deductible set forth herein. 

Section 5.03 Notice of Claims At the time when any PGI Indemnified Party or Company Indemnified Party, as applicable, (as
applicable, an “Indemnified Party”) learns of any potential claim (a “Claim”) under this Article V that is asserted against the Indemnified Party that is subject to indemnification by the Company or in
respect of PGI from the Indemnity Holdback Amount, as applicable, under this Article V (as applicable, the “Indemnifying Party”), such Indemnified Party will promptly give written notice (a “Claim Notice”) to
the Indemnifying Party (or in the case of the Company Indemnified Parties, to the Stockholders’ Representative); provided that failure to do so shall not prevent recovery under this Agreement,

  
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except to the extent that the Indemnifying Party shall have been materially prejudiced by such failure. Each Claim Notice shall describe in reasonable detail the facts known to the Indemnified
Party giving rise to such Claim, and the amount or good faith estimate of the amount of Losses arising therefrom. Unless prohibited by Law, the Indemnified Party shall deliver to the Indemnifying Party (or in the case of the Company Indemnified
Parties, to the Stockholders’ Representative), promptly after the Indemnified Party’s receipt thereof, copies of all notices and documents (including court papers) received by the Indemnified Party relating to a Third Party Claim (defined
below), and failure to do so shall prevent recovery under this Agreement to the extent that the Indemnifying Party shall have been materially prejudiced by such failure. 

Section 5.04 Third Party Claims. The Indemnifying Party (through the Stockholders’ Representative in the event the
Indemnified Party is a Company Indemnified Party) shall be entitled, at its own expense, to assume and control the defense of any Claims based on claims asserted by third parties (“Third Party Claims”), through counsel chosen by the
Indemnifying Party (or in the case of the Company Indemnified Parties, by the Stockholders’ Representative), if it gives written notice of its intention to do so to the Indemnified Parties within thirty (30) days of the receipt of the
applicable Claim Notice; provided, however, that the Indemnified Parties may at all times participate in such defense at their expense provided, further, that if any such Third Party Claim relates to Taxes of PGI, any PGI
Subsidiary or any JV Entity or seeks non-monetary damages or asserts damages in excess of the Indemnity Holdback Amount against a Company Indemnified Party, then, notwithstanding anything in this Agreement to the contrary, the Company (or a
Subsidiary of the Company) shall have the right to control any such Third Party Claim. Without limiting the foregoing, in the event that the Indemnifying Party exercises the right to undertake any such defense against a Third Party Claim, the
Indemnified Party shall cooperate with the Indemnifying Party in such defense and make available to the Indemnifying Party (unless prohibited by Law), at the Indemnifying Party’s expense, all witnesses, pertinent records, materials and
information in the Indemnified Party’s possession or under the Indemnified Party’s control relating thereto as is reasonably required by the Indemnifying Party. No compromise or settlement of such Third Party Claim may be effected by
either the Indemnified Party, on the one hand, or the Indemnifying Party (or in the case of the Company Indemnified Parties, the Stockholders’ Representative), on the other hand, without the other’s consent (which shall not be unreasonably
withheld or delayed) unless (a) there is no finding or admission of any violation of Law and no effect on any other claims that may be made against such other party and (b) each Indemnified Party that is party to such claim is released
from all liability with respect to such claim, provided that the Stockholders’ Representative shall be deemed to have consented to any proposed compromise or settlement to which it has not objected to by written notice within 30 days
after notice of such proposed compromise or settlement was provided by a Company Indemnified Party. 
 Section 5.05 Survival of
Representations and Warranties. All representations and warranties of PGI in Article IV and the Company in Article III, respectively, contained in this Agreement shall survive after the Merger Closing until the first anniversary of
the Merger Closing Date (the “Expiration Date”). If written notice of a Claim in accordance with the provisions of Section 5.03 has been given prior to the Expiration Date, then the relevant representation and warranty
shall survive, but only with respect to such specific Claim, until such Claim has been finally resolved. Any claim for indemnification not so asserted in writing by the Expiration Date may not thereafter be asserted and shall forever be waived. 

  
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 Section 5.06 Establishment of Indemnity Holdback Escrow. On the Merger Closing Date,
the Company will deposit the Indemnity Holdback Amount with the Escrow Agent in accordance with the terms and conditions of the Escrow Agreement. The Company agrees that the Company Shares that comprise the Indemnity Holdback Amount may be released,
or collateral may be substituted for such Company Shares, in accordance with the terms of the Escrow Agreement. 
 Section 5.07
Exclusive Remedy. 
 (a) Except as set forth in Sections 2.05, 6.03(f) and 6.05, (i) the sole and exclusive
remedy for Company Indemnified Parties for any breach, misrepresentation or other matters relating to or arising in connection with this Agreement and any of the agreements, documents or instruments executed and delivered in connection herewith and
any of the transactions contemplated hereby shall be indemnification pursuant to the provisions of this Article V and (ii) neither PGI nor any Stockholder shall be liable or obligated to make payments under this Agreement to the extent
such payments in the aggregate exceed the Indemnity Holdback Amount. For the avoidance of doubt, the parties agree and acknowledge that the foregoing shall not be deemed to modify the indemnification remedy set forth in each Fund Contribution
Agreement. 
 (b) Except as set forth in Section 6.04, (i) the sole and exclusive remedy for PGI Indemnified Parties for
any breach, misrepresentation or other matters relating to or arising in connection with this Agreement and any of the agreements, documents or instruments executed and delivered in connection herewith and any of the transactions contemplated hereby
shall be indemnification pursuant to the provisions of this Article V and (ii) the Company shall not be liable or obligated to make payments under this Agreement to the extent such payments in the aggregate exceed the dollar amount
obtained by multiplying the number of Company Shares included in the Indemnity Holdback Amount by the Price to the Public (the “Company Cap”). 

Section 5.08 Tax Treatment. All indemnity payments made under this Agreement shall be treated as adjustments to the consideration
paid hereunder for U.S. federal income tax purposes, unless otherwise required by applicable Laws. 
 ARTICLE VI 

COVENANTS; ADDITIONAL AGREEMENTS 

Section 6.01 Certain Covenants of PGI. From the date hereof through the Merger Closing, except as otherwise provided for, or as
contemplated by this Agreement or the Formation Transaction Documentation, PGI shall and shall cause the PGI Subsidiaries and JV Entities, to the extent PGI or the PGI Subsidiaries control such JV Entities, to use commercially reasonable efforts to
conduct their business and operate and maintain the Properties in the ordinary course, consistent with past practices. In addition, PGI: 

(a) will not make any distributions, other than Permitted Distributions; 

  
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 (b) except for Permitted Activities, will not enter into any transactions with an Affiliate other
than on an arm’s-length basis; 
 (c) will not sell, transfer or otherwise dispose of its Property Interests; and 

(d) will not mortgage, pledge, hypothecate, encumber (or permit to become encumbered) all or any portion of its Property Interests, except for
Permitted Liens. 
 Section 6.02 Stockholders’ Representative. PGI and the Stockholders hereby appoint Dr. Thomas
Finne as the representative for the Stockholders (the “Stockholders’ Representative”) and the Stockholders’ Representative shall have the authority to take the actions provided herein and receive notices on behalf of the
Stockholders subsequent to the Merger Closing; provided that the Stockholders entitled to receive a majority of the Merger Consideration shall have the right, at any time, to remove and replace the Stockholders’ Representative by written
notice to the Company executed by such Stockholders and delivered to the Company. 
 Section 6.03 Tax Covenants. 

(a) Each party hereto (i) shall cause all Tax Returns relating to the Merger to be filed on the basis of treating the Merger as a
“reorganization” within the meaning of Section 368(a) of the Code and (ii) shall not take any position on any Tax Return, or take any other reporting position, that is inconsistent with such treatment, unless otherwise required
by applicable Laws. 
 (b) PGI shall provide the Company with such reasonable cooperation and information relating to PGI, any PGI
Subsidiary and any JV Entity as the Company reasonably requires in (i) filing any Tax Return, amended Tax Return or claim for Tax refund, (ii) determining any liability for Taxes or a right to a Tax refund, (iii) conducting or
defending any proceeding in respect of Taxes or (iv) performing Tax diligence, including with respect to the impact of the transactions contemplated herein on the Company’s qualification as a REIT for U.S. federal income Tax purposes and
the qualification of the Merger as a reorganization under Section 368(a) of the Code. 
 (c) The Company shall be responsible for the
prosecution of any claim or audit instituted after the Merger Closing Date with respect to Taxes of PGI, any PGI Subsidiary or any JV Entity attributable to any taxable period, or portion thereof, ending on or before the Merger Closing Date. 

(d) Following the Merger Closing, to the extent a Stockholder has provided a FIRPTA Notice pursuant to Section 2.01(b)(iv)(A)(x),
instead of a FIRPTA Notice pursuant to Section 2.01(b)(iv)(A)(y) or cash sufficient to fund withholding pursuant to Section 2.01(b)(iv)(B), such Stockholder shall provide the Company with evidence satisfactory to the Company
that such Stockholder has complied with the requirements of Temporary Treasury Regulations Section 1.897-5T(d)(1)(iii), as modified by IRS Notice 89-57, with respect to the Merger. 

  
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 (e) Within 20 days after the Merger Closing, the Company shall submit to the Internal Revenue
Service any FIRPTA Notices provided to it pursuant to Section 2.01(b)(iv)(A) in accordance with the requirements of Treasury Regulation Section 1.1445-2(d)(2)(i)(B). 

(f) The Stockholders shall (i) cause to be timely paid any New York City and New York State real property transfer taxes payable by the
Stockholders as a result of, or in connection with, the Merger (collectively, the “New York Transfer Taxes”); provided, that the parties hereto acknowledge and agree that such amount of New York Transfer Taxes payable shall
reflect the Company’s status as a REIT; (ii) cause to be timely and properly filed, with the Company’s cooperation, all Tax Returns with respect to such New York Transfer Taxes and (iii) provide evidence satisfactory to the
Company of such payment and filing. If the actual amount of New York Transfer Taxes (expressly excluding any increase in New York Transfer Taxes payable in connection with the Merger due to any subsequent direct or indirect transfers or dispositions
by any Stockholder or its Affiliates of Company Common Stock issued as Merger Consideration) owed by the Stockholders is less than the Transfer Tax Amount, then, promptly after payment of such amount is made or caused to be made by the Stockholders
or is due (if payment is not made by the due date), the Stockholders shall pay the amount of such difference to the Company. If the actual amount of New York Transfer Taxes owed and actually paid by the Stockholders is greater than the Transfer Tax
Amount, then, promptly after payment of such amount is made or caused to be made by the Stockholders (subject to the Stockholder’s obligation to provide evidence satisfactory to the Company of such payment and filing), the Company shall issue
shares of Company Common Stock to the Stockholders, the number of which shall equal the dollar amount of such excess amount divided by the price of a share of Company Common Stock at the close of market as of the date of such payment. The
Stockholders shall use commercially reasonable efforts not to pay more than the Transfer Tax Amount, and notwithstanding anything to the contrary contained herein, prior to such payment, the Company shall have the right to review and approve (which
approval shall not be unreasonably withheld, conditioned or delayed) the amount of such payment.
 Section 6.04 Tax Protection
Provisions. 
 (a) With respect to the period commencing on, and including, the Effective Time and ending on, and including,
December 31, 2014 (the “Covenant Period”), the Company shall not, and shall cause the Operating Partnership to not, both (x) incur, directly or indirectly, any gain from the sale or exchange of a U.S. real property
interest (as described in Section 897(c) of the Code) and (y) distribute any such gain or any interest in U.S. real property if the effect thereof would be to cause a Stockholder to be treated for U.S. federal income tax purposes, as
recognizing “effectively connected income” as a result of the operation of Section 897 of the Code, solely as a result of such distribution, during a taxable year of the Stockholder ending on or before December 31, 2014,
(“Prohibited Event”), provided, however, the Company shall not be deemed to have violated this undertaking to the extent the Prohibited Event was caused by an unaffiliated third party’s actions or exercise of its
rights, including, without limitation, a third party’s exercise of buy-sell or forced sale rights, gain incurred by an entity not controlled by the Company or the Operating Partnership where the gain is allocated to the Company or the Operating
Partnership as a result of its direct or indirect investment in the entity, or other similar event over which neither the Company nor the Operating Partnership 

  
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would reasonably be expected to exercise control that results in a Prohibited Event (such covenant being referred to as the “No Gain Covenant”). The parties agree that the sole
remedy for a violation of the No Gain Covenant shall be indemnification pursuant to, and subject to the conditions of, this Section 6.04 and, for the avoidance of doubt, not specific performance. Accordingly, for example, the Company may
make a distribution in violation of No Gain Covenant to the extent it reasonably determines such distribution is required for the Company to maintain its qualification as a REIT for U.S. federal income tax purposes; provided that, in
connection with such distribution, the Company will be required to indemnify the Stockholders pursuant to, and subject to the conditions of, this Section 6.04. 

(b) If the Company becomes aware that a gain described in clause (x) of the first sentence of Section 6.04(a) is planned or
scheduled to be incurred due to the actions or exercise of rights by an unaffiliated third party, the Company will use, and will cause the Operating Partnership to use, reasonable efforts to seek to have such third party delay the Prohibited Event
until after the end of the Covenant Period; provided, however, that the Company shall not be required to incur any costs or expense in obtaining such delay but will permit the Stockholders to fund such costs and expenses if the Company
or Operating Partnership is otherwise able through the use of its reasonable efforts to obtain such delay and, notwithstanding the occurrence of such Prohibited Event, the Company shall not, and shall cause the Operating Partnership to not, make a
distribution with respect thereto, except to the extent it determines in good faith that such distribution is required for the Company to maintain its qualification as a REIT for U.S. federal income tax purposes. 

(c) If a Prohibited Event occurs in violation of the No Gain Covenant, each Stockholder agrees as follows: (w) if notified of the
occurrence of such Prohibited Event, to make the filings required by Treasury Regulations Section 1.897-5T(d)(1)(iii) with its U.S. federal income tax return (or amended return) for the year in which the Effective Time occurs; (x) that
such Stockholder will take the position for U.S. federal income tax purposes that notwithstanding the occurrence of such Prohibited Event, a subsequent disposition of Company Shares received in the Merger and any other Formation Transaction by such
Stockholder is not subject to U.S. federal income tax (under Section 897 of the Code) if the Company Shares are not a “U.S. real property interest” with respect to such Stockholder at the time of the disposition (“No-Tax
Position”) unless such Stockholder receives an opinion from a Big 4 accounting firm (or other mutually agreeable firm) that there is no substantial authority for asserting the No-Tax Position; (y) in the event the No-Tax Position is
challenged by the Internal Revenue Service, such Stockholder will use reasonable best efforts to contest the challenge provided that the Company indemnifies, or causes the Operating Partnership to indemnify, for such Stockholder’s reasonable
defense costs; and without limitation (z) otherwise to cooperate with the Company and/or Operating Partnership to mitigate any losses that may arise as a result of such Prohibited Event. 

(d) If a Prohibited Event occurs in violation of the No Gain Covenant, the Company will indemnify each Stockholder for the incremental net
income tax liability actually incurred by such Stockholder as a result of such violation of the No Gain Covenant to the extent that (x) such violation causes such Stockholder’s receipt of Company Shares in the Merger and any other
Formation Transaction to be treated as a taxable exchange under Section 897 of the Code or (y) such breach causes gain from an actual sale or other disposition of Company Shares 

  
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received in the Merger and any other Formation Transaction by such Stockholder to be taxed under Section 897 of the Code, provided, however, that (i) such Stockholder
shall not be indemnified for any such tax liability under this Section 6.04 if such Stockholder breached a covenant in Section 6.04(c) and, (ii) for the avoidance of doubt, to the extent gain realized in the Merger and
any other Formation Transaction, as applicable, or a disposition of Company Shares received in the Merger and any other Formation Transaction, as applicable, would be subject to U.S. federal income tax regardless of such violation of the No Gain
Covenant, the Company will have no liability hereunder for such violation. 
 (e) The indemnification notice and claim procedures set forth
in Section 5.03 shall apply to the indemnification obligations set forth in this Section 6.04. 
 Section 6.05
Liability for Transfer Taxes. Each Stockholder agrees to indemnify the Company for any Incremental Transfer Taxes incurred as a result of any direct or indirect transfers of the Company Shares issued as Merger Consideration or interests
therein within two years after the IPO Closing Date, provided that such Company Shares shall be the Company’s sole recourse with respect to such indemnification obligation. Each Stockholder hereby grants a security interest in 50% of the
Company Shares to be received by such Stockholder as Merger Consideration to the Company and hereby irrevocably appoints the Company, and any of its agents, officers, or employees as its attorney-in fact, which shall be deemed coupled with an
interest, with full power to prepare, execute and deliver any documents, instruments and agreements as may be appropriate to perfect and continue such security interest in favor of the Company. The security interest granted pursuant to this
Section 6.05 shall attach to Company Shares that are not included in the Indemnity Holdback Amount. The Company agrees that the security interest in the Company Shares may be released, or collateral may be substituted for such Company
Shares, in accordance with the terms of the Escrow Agreement. 
 Section 6.06 Commercially Reasonable Efforts By the Company and
PGI. Each of the Company and PGI shall use commercially reasonable efforts and cooperate with each other in (a) promptly determining whether any filings are required to be made or consents, approvals, waivers, permits or authorizations are
required to be obtained (under any applicable Laws or regulation or from any Governmental Authority or third party) in connection with the transactions contemplated by this Agreement, and (b) promptly making any such filings, in furnishing
information required in connection therewith and in timely seeking to obtain any such consents, approvals, waivers, permits or authorizations. 

  
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 ARTICLE VII 

GENERAL PROVISIONS 

Section 7.01 Notices. All notices and other communications under this Agreement shall be in writing and shall be deemed given when
(a) delivered personally, (b) five (5) Business Days after being mailed by certified mail, return receipt requested and postage prepaid, (c) one (1) Business Day after being sent by a nationally recognized overnight courier
or (d) transmitted by facsimile if confirmed within 24 hours thereafter by a signed original sent in the manner provided in clause (a), (b) or (c) to the parties at the following addresses (or at such other address for a party as
shall be specified by notice from such party): 
  

			
	Address of the Company:	  	 Paramount Group, Inc.
 1633 Broadway, Suite
1801
 New York, New York 10019
 Facsimile: (212) 237-3197

Attn: General Counsel

		
	Address of PGI:	  	 c/o Paramount Group, Inc.
 1633 Broadway, Suite
1801
 New York, New York 10019
 Facsimile: (212) 237-3197

Attn: General Counsel

		
	Address of the Stockholders and the Stockholders’ Representative:	  	 c/o CURA Vermögensverwaltung, G.m.b.H. & Co., KG

Werner-Otto-Straße 1-7
 D-22179 Hamburg, Germany

Attention: Thomas Armbrust
 Fax: +49-40-6461-2960

 Section 7.02 Definitions. For purposes of this Agreement, the following terms shall have the
following meanings: 
 (a) “Accredited Investor” means an “accredited investor” within the meaning of
Rule 501(a) of Regulation D under the Securities Act. 
 (b) “Affiliate” means, with respect to any Person, a
Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the specified Person. For the purposes of this definition, “control” (including, with correlative
meanings, the terms “controlled by” and “under common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 
 (c)
“Business Day” means any day that is not a Saturday, Sunday or legal holiday in the State of New York. 
 (d)
“Code” means the Internal Revenue Code of 1986, as amended, together with the rules and regulations promulgated or issued thereunder. 

(e) “Company’s Knowledge” means the actual knowledge (without obligation to conduct due inquiry) of Albert Behler, David
Spence and Gage Johnson of the matter in question (and not their constructive or imputed knowledge). 
 (f) “Company Material
Adverse Effect” means a material adverse effect on the assets, business, financial condition or results of operations of the Company and the Operating Partnership and their Subsidiaries, taken as a whole, after giving effect to the
Formation Transactions and the IPO. 

  
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 (g) “Environmental Laws” means all federal, state and local Laws governing
pollution or the protection of human health or the environment. 
 (h) “Fund Contribution Agreements” means those
Contribution Agreements set forth on Exhibit E. 
 (i) “Fund GP Entities” means those entities set forth on
Exhibit F. 
 (j) “Governmental Authority” means any government or agency, bureau, board, commission, court,
department, official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign. 

(k) “Incremental Transfer Taxes” means any additional transfer taxes attributable to the transactions contemplated by this
Agreement and the other Formation Transactions as a result of the failure of any such transaction to qualify as a “real estate investment trust transfer” under New York Tax Law section 1402 or under New York City Administrative Code
section 11-2102 due to direct or indirect transfers of Company Shares issued as Merger Consideration occurring within two years after the IPO Closing Date. 

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

(n) “MRI” means Metropolitan Rental Investments, Inc. 

(o) “OP Units” means the limited partnership interests of Paramount Group Operating Partnership LP. 

(p) “Organizational Documents” means with respect to any entity, the certificate of formation, limited liability company or
operating agreement, certificate of incorporation, bylaws, certificate of limited partnership agreement and any other governing agreement, as applicable. 

(q) “Paramount Funds” means the private equity real estate funds managed by PGI or a PGI Subsidiary, including the Fund GP
Entities. 
 (r) “Permitted Liens” means (i) Liens for unpaid Taxes (other than statutory liens for Taxes not yet due
and payable); (ii) zoning Laws generally applicable to the districts in which the Properties are located; (iii) easements for public utilities, encroachments, rights of access and/or other non-monetary matters that do not materially
interfere with the use of the Properties; (iv) Liens securing Permitted Activities; (v) Liens arising in the ordinary course of business; (vii) Liens securing indebtedness outstanding as of September 30, 2014 or incurred on an
arms’ length basis thereafter and (viii) any exceptions contained in the title policies relating to the Properties as of the Merger Closing Date. 

  
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 (s) “Person” means an individual, corporation, partnership, limited liability
company, joint venture, association, trust, unincorporated organization or other entity. 
 (t) “PGI Material Adverse
Effect” means a material adverse effect on the assets, business, financial condition or results of operations of PGI and its Subsidiaries, taken as a whole, including such entities’ direct and indirect interests in the JV Entities.

 (u) “PGI’s Knowledge” means the actual knowledge (without obligation to conduct due inquiry) of Albert Behler,
David Spence and Gage Johnson of the matter in question (and not their constructive or imputed knowledge). 
 (v) “Price to the
Public” means the public offering price of a share of Company Common Stock sold in the IPO as shown on the cover page of the final prospectus forming part of the Registration Statement. 

(w) “Securities Act” means the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder. 

(x) “Subsidiary” of any Person means any corporation, partnership, limited liability company, joint venture, trust or other
legal entity of which such Person owns (either directly or through or together with another Subsidiary of such Person) either (i) a general partner, managing member or other similar interest, or (ii) (A) 50% or more of the voting
power of the voting capital stock or other equity interests, or (B) 50% or more of the outstanding voting capital stock or other voting equity interests of such corporation, partnership, limited liability company, joint venture or other legal
entity. 
 (y) “Tax” (and, with its correlative meaning, “Taxes”) means any and all taxes, including any
interest, penalties, or other additions to tax that may become payable in respect thereof, which taxes shall include, without limiting the generality of the foregoing, all income taxes, profits taxes, taxes on gains, alternative minimum taxes,
estimated taxes, payroll taxes, employee withholding taxes, unemployment insurance taxes, social security taxes, welfare taxes, disability taxes, severance taxes, license charges, taxes on stock, sales taxes, use taxes, ad valorem taxes, value added
taxes, excise taxes, franchise taxes, gross receipts taxes, business license taxes, occupation taxes, real or personal property taxes, unclaimed property taxes, stamp taxes, environmental taxes, transfer taxes, workers’ compensation taxes,
windfall taxes, net worth taxes, and other taxes, fees, duties, levies, customs, tariffs, imposts, assessments, obligations and charges of the same or of a similar nature to any of the foregoing. 

(z) “Tax Return” means any return, statement, schedule, declaration, claim for refund, report, document or form filed or
required to be filed with respect to Taxes, including any amendment, attachment and supplement thereof. 
 (aa) “Transfer Tax
Amount” means $218,000. 
 Section 7.03 Counterparts. This Agreement may be executed in counterparts, all of which
shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to each other party. All counterparts shall collectively constitute one agreement (or amendment, as
applicable). The 

  
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exchange of counterparts of this Agreement among the parties by means of facsimile transmission or by electronic transmission (pdf) which shall contain authentic reproductions shall constitute a
valid exchange of this Agreement and shall be binding upon the parties hereto. 
 Section 7.04 Entire Agreement; Third-Party
Beneficiaries. This Agreement and the Escrow Agreement, including, without limitation, the exhibits and schedules hereto and thereto, constitute the entire agreement and supersedes each prior agreement and understanding, whether written or oral,
among the parties regarding the subject matter of this Agreement. This Agreement is not intended to confer any rights or remedies on any Person other than the parties hereto. 

Section 7.05 Governing Law. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New
York, regardless of any Laws that might otherwise govern under applicable principles of conflicts of laws thereof. 
 Section 7.06
Assignment. This Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this
Agreement may not be assigned (except by operation of law) by any party without the prior written consent of the other parties, and any attempted assignment without such consent shall be null and void and of no force and effect, except that the
Company may assign its rights and obligations hereunder to an Affiliate. 
 Section 7.07 Jurisdiction. The parties hereto hereby
(a) submit to the exclusive jurisdiction of the United States District Court for the Southern District of New York or any New York state court sitting in New York City, New York, with respect to any dispute arising out of this Agreement or any
transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such dispute, and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any
claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is
improper. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 7.08 Dispute Resolution. The parties intend that this Section 7.08 will be valid, binding, enforceable,
exclusive and irrevocable and that it shall survive any termination of this Agreement. 
 (a) Upon any dispute, controversy or claim arising
out of or relating to this Agreement or the enforcement, breach, termination or validity thereof (“Dispute”), the party raising the Dispute will give written notice to the other parties to the Dispute describing the nature of the
Dispute following which the parties to such Dispute shall attempt for a period of ten (10) Business Days from receipt by the parties of notice of such Dispute to resolve such Dispute by negotiation between representatives of the parties hereto
who have authority to settle such Dispute. All such negotiations shall be confidential and any statements or offers made 

  
 28 

 
therein shall be treated as compromise and settlement negotiations for purposes of any applicable rules of evidence and shall not be admissible as evidence in any subsequent proceeding for any
purpose. The statute of limitations applicable to the commencement of a lawsuit shall apply to the commencement of an arbitration hereunder, except that no defense based on the running of the statute of limitations will be available based upon the
passage of time during any such negotiation. Regardless of the foregoing, a party shall have the right to seek immediate injunctive relief pursuant to Section 7.08(c) below without regard to any such 10-day negotiation period. 

(b) Any Dispute (including the determination of the scope or applicability of this agreement to arbitrate) that is not resolved pursuant to
Section 7.08(a) above shall be submitted to final and binding arbitration in New York before one neutral and impartial arbitrator, in accordance with the Laws of the State of New York for agreements made in and to be performed in that
State. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures. Within fifteen (15) days following a demand for arbitration, the arbitrator shall be appointed by JAMS in accordance with its
Comprehensive Arbitration Rules and Procedures, as in effect on the date hereof. The arbitrator shall designate the place and time of the hearing. The hearing shall be scheduled to begin as soon as practicable and no later than sixty (60) days
after the appointment of the arbitrator (unless such period is extended by the arbitrator for good cause shown) and shall be conducted as expeditiously as possible. The award, which shall set forth the arbitrator’s findings of fact and
conclusions of law, shall be filed with JAMS and mailed to the parties no later than thirty (30) days after the close of the arbitration hearing. The arbitration award shall be final and binding on the parties and not subject to collateral
attack. Judgment upon the arbitration award may be entered in any federal or state court having jurisdiction thereof. 
 (c) Notwithstanding
the parties’ agreement to submit all Disputes to final and binding arbitration before JAMS, the parties shall have the right to seek and obtain temporary or preliminary injunctive relief in any court having jurisdiction thereof. Such courts
shall have authority to, among other things, grant temporary or provisional injunctive relief in order to protect any party’s rights under this Agreement. Without prejudice to such provisional remedies as may be available under the jurisdiction
of a court, the arbitral tribunal shall have full authority to grant provisional remedies and to direct the parties to request that any court modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the
failure of any party to respect the arbitral tribunal’s orders to that effect. 
 (d) The prevailing party shall be entitled to recover
its costs and reasonable attorneys’ fees, and the non-prevailing party shall pay all expenses and fees of JAMS, all costs of the stenographic record, all expenses of witnesses or proofs that may have been produced at the direction of the
arbitrator, and the fees, costs, and expenses of the arbitrator. The arbitrator shall allocate such costs and designate the prevailing party or parties for these purposes. 

Section 7.09 Severability. Each provision of this Agreement will be interpreted so as to be effective and valid under applicable
Laws, but if any provision is held invalid, illegal or unenforceable under applicable Laws in any jurisdiction, then such invalidity, illegality or unenforceability will not affect any other provision, and this Agreement will be reformed, construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been included herein. 

  
 29 

 Section 7.10 Rules of Construction. 

(a) The parties hereto agree that they have been represented by counsel during the negotiation, preparation and execution of this Agreement
and, therefore, waive the application of any Law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 

(b) The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be
construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and schedules of this
Agreement unless otherwise specified. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” All terms
defined in this Agreement shall have the defined meanings contained herein when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are applicable
to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Unless explicitly stated otherwise herein, any agreement, instrument or statute defined or referred to herein
or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time, amended, qualified or supplemented, including fin the case of agreements and instruments) by waiver or consent and (in the
case of statutes) by succession of comparable successor statutes and all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. 

Section 7.11 Equitable Remedies. The parties agree that irreparable damage would occur to the Company, on the one hand, and PGI,
on the other hand, in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Company, on the one hand, and PGI, on the other
hand, shall be entitled to an injunction or injunctions to prevent breaches of this Agreement by the other party and to enforce specifically the terms and provisions hereof in any federal or state court located in New York, this being in addition to
any other remedy to which the parties are entitled under this Agreement or otherwise at law or in equity. 
 Section 7.12 Time of
the Essence. Time is of the essence with respect to all obligations under this Agreement. 
 Section 7.13 Descriptive
Headings. The descriptive headings herein are inserted for convenience only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. 

  
 30 

 Section 7.14 No Personal Liability Conferred. This Agreement shall not create or
permit any personal liability or obligation on the part of any officer, director, partner, employee or shareholder of the Company or PGI. 

Section 7.15 Amendments. This Agreement may be amended by appropriate instrument, without the consent of PGI, at any time prior to
the Merger Closing Date; provided, that no such amendment, modification or supplement shall be made that alters the amount or changes the form of the consideration to be delivered to PGI. 

[Signature pages follow] 

  
 31 

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

					
	 PARAMOUNT GROUP, INC.,
 a
Delaware corporation

		
	By:	 	 /s/ Gage R. Johnson

		 	Name:	 	 Gage R. Johnson

		 	Title:	 	Sr. Vice President and Special Agent
	
	 PARAMOUNT GROUP, INC.,
 a
Maryland corporation

		
	By:	 	 /s/ Albert Behler

		 	Name:	 	Albert Behler
		 	Title:	 	President and C.E.O.

  
 [Signature Page to PGI
Merger Agreement] 

 
					
	STOCKHOLDER
		
	By:	 	 /s/ Maren Otto

		 	Name:	 	Maren Otto

  
 [Signature Page to PGI
Merger Agreement] 

 
					
	STOCKHOLDER
		
	By:	 	 /s/ Katharina Otto-Bernstein

		 	Name:	 	Katharina Otto-Bernstein

  
 [Signature Page to PGI
Merger Agreement] 

 
					
	STOCKHOLDER
		
	By:	 	 /s/ Alexander Otto

		 	Name:	 	Alexander Otto

  
 [Signature Page to PGI
Merger Agreement] 

 EXHIBIT A 

Properties 
 [See
attached] 

  
 A-1 

 List of Properties 

Fund I 
 1633 Broadway, New York, NY 

425 Eye Street, N.W. Washington, DC 
 Fund III

 900 Third Avenue, New York, NY 
 31 West 52nd Street, New York, NY 
 1301 Avenue of the Americas, New York, NY 

One Market Plaza, San Francisco, CA 
 Fund IV 

Liberty Place, 325 Seventh Street, NW, Washington DC 
 900 Third
Avenue, New York, NY 
 1633 Broadway, New York, NY 
 2099
Pennsylvania Avenue, Washington, DC 
 1899 Pennsylvania Avenue, Washington, DC 

1301 Avenue of the Americas, New York, NY 
 Fund IV Cayman

 Liberty Place, 325 Seventh Street, NW, Washington DC 

900 Third Avenue, New York, NY 
 1633 Broadway, New York, NY

 2099 Pennsylvania Avenue, Washington, DC 
 1899
Pennsylvania Avenue, Washington, DC 
 1301 Avenue of the Americas, New York, NY 

Fund V (CORE) 
 31 West 52nd Street, New York, NY 
 1301 Avenue of the Americas, New York, NY 

1899 Pennsylvania Avenue, Washington, DC 
 Liberty Place, 325
Seventh Street, NW, Washington DC 

 Fund V (CIP) 

31 West 52nd Street, New York, NY 

1301 Avenue of the Americas, New York, NY 
 1899 Pennsylvania
Avenue, Washington, DC 
 Liberty Place, 325 Seventh Street, NW, Washington DC 

Fund V Cayman 
 31 West 52nd Street, New York, NY 
 1301 Avenue of the Americas, New York, NY 

1899 Pennsylvania Avenue, Washington, DC 
 Liberty Place, 325
Seventh Street, NW, Washington DC 
 Cosmos Rental Investments, Inc. 

1325 Avenue of the Americas, New York, NY 
 Arcade Rental
Investments, Inc. 
 1325 Avenue of the Americas, New York, NY 

Arcade Rental Investments 2, Inc. 
 1325 Avenue of
the Americas, New York, NY 
 Marathon Rental Investments, Inc. 

1325 Avenue of the Americas, New York, NY 
 Forum Rental
Investments, Inc. 
 712 Fifth Avenue, New York, NY 

Imperial Rental Investments, Inc. 
 712 Fifth
Avenue, New York, NY 
 Milton Rental Investments, Inc. 

712 Fifth Avenue, New York, NY 

  
 2 

 Paramount Group, Inc., a Delaware corporation 

Waterview, Rosslyn, VA 
 900 Third Avenue, New York, NY 

1325 Avenue of the Americas, New York, NY 

  
 3 

 EXHIBIT B 

Escrow Agreement 
 [See
attached] 

  
 B-1 

 OMNIBUS DISTRIBUTION AND ESCROW AGENT AGREEMENT 

This OMNIBUS DISTRIBUTION AND ESCROW AGENT AGREEMENT (as the same may be amended or modified from time to time pursuant hereto, this
“Agreement”) is made and entered into as of November     , 2014 by and among the ENTITIES SET FORTH ON SCHEDULE 1 (collectively, the “Participants” and individually, each a
“Participant”), PARAMOUNT GROUP, INC., a Maryland corporation (the “Company”), and PARAMOUNT GROUP OPERATING PARTNERSHIP LP, a Delaware limited partnership (the “Operating Partnership”
and collectively with the Company and any designees of either of the Company or the Operating Partnership, the “PGI Parties” and individually, each a “PGI Party”). 

BACKGROUND 
  

	 	A.	The Company, which is the sole general partner of the Operating Partnership, desires to consolidate the ownership of a portfolio of primarily office properties currently owned, directly or indirectly, by the
Participants (collectively, the “Formation Transactions”). 

  

	 	B.	The Formation Transactions relate to the proposed initial public offering (the “IPO”) of the common stock, par value $.01 per share (“REIT Shares”), of the Company, which will operate
as a self-administered and self-managed real estate investment trust within the meaning of Sections 856 through 858 of the Code. 

  

	 	C.	In connection with the Formation Transactions, (i) the Company will issue REIT Shares to certain Participants and/or the Holders (as defined below) of the JV Participants (as defined below) and (ii) the
Operating Partnership will issue units of limited partnership interest (“OP Units”) to certain other Participants, in each case pursuant to a private placement. 

 

	 	D.	Each Participant has entered into a contribution agreement, merger agreement or other similar agreement or agreements (the “Formation Transaction Documentation”) with one or more of the PGI Parties
pursuant to which each such Participant has agreed to contribute to, or merge into, the PGI Parties, as applicable, all of such Participant’s interests identified in such Formation Transaction Documentation. As used herein, the term Formation
Transaction Documentation shall include all agreements or other documentation entered into in connection with the Formation Transaction Documentation including, without limitation, the lock-up agreements entered into with the underwriters of the
IPO. 

  

	 	E.	The Formation Transaction Documentation provides for the appointment of a distribution and escrow agent in connection with the IPO Escrow and Indemnity Holdback Escrow (each defined below). 

	 	F.	Computershare Inc., together with its subsidiary, Computershare Trust Company, N.A., has agreed to act as the distribution and escrow agent (collectively, the “Agent”) 

 

	 	G.	Concurrently with the execution of the Formation Transaction Documentation, (i) the Participants and the PGI Parties have entered into this Agreement, and (ii) the PGI Parties and the Agent have entered into
the Transfer Agency and Service Agreement (the “TA Agreement”), the Tabulation Agent Agreement (the “Tabulation Agreement”) and the Escrow Agreement (the “Escrow Agreement”) (each attached as an
exhibit hereto and collectively referred to herein as the “Agent Agreements”), pursuant to which the following has or will occur: 

  

	 	•	 	IPO Escrow. As of the date of this Agreement, certain of the Participants (the “Fund Participants” identified on Schedule 1) have distributed in book entry form to each of their partners
(together with equity owners of the other Participants, the “Holders”) as set forth opposite such Holders’ name on Schedule 2, in escrow pursuant to the Agent Agreements, a right (the “Distribution
Rights”) to receive such Holder’s allocable share of the number of OP Units and/or REIT Shares (subject to certain restrictions, obligations and liens as described in Section 3 below) to be issued to such Fund Participants
(as well as to the other Participants) in connection with the closing of the IPO (the “IPO Consideration”). Pursuant to the Agent Agreements, in connection with the closing of the IPO (the “Effective Date”), Agent
will be deemed to have submitted to the Company and the Operating Partnership, as applicable, the Distribution Rights in exchange for the IPO Consideration as set forth opposite each Holders’ name on Schedule 2 and Agent will hold the
IPO Consideration in escrow. In addition, pursuant to its applicable Formation Transaction Documentation, the Company will also on the Effective Date issue IPO Consideration to the Holders of the Participants identified on Schedule 1 as the
PGI Participants (the “PGI Participants”). Furthermore, pursuant to its applicable merger agreement (the “JV Merger Agreement”) pursuant to which the JV Participants (as defined below below) will merge with and into
the Company or a newly-formed subsidiary of the Company (the “JV Merger”), the Company will also on the Effective Date issue IPO Consideration to the Holders of the Participants identified on Schedule 1 as the JV Participants
(the “JV Participants”) in accordance with the Letter of Transmittal (defined below). The escrow arrangements with respect to the Distribution Rights and IPO Consideration are collectively referred to as the “IPO
Escrow”. 

  

	 	•	 	 Indemnity Holdback Escrow. At the Effective Date, each Participant will cause its respective Holders to deposit (and the Company will withhold
from the Holders of the JV Participants and cause to be deposited) in escrow with Agent (the “Indemnity Holdback Escrow” 

  
 -2- 

	 	 
and together with the IPO Escrow, the “Escrow Accounts”) a portion of such Holders’ respective IPO Consideration as set forth opposite such Holder’s name on Schedule
2 (the “Indemnity Holdback Amount”) in order to provide for the indemnification obligations provided for in the applicable Formation Transaction Documentation. 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and other terms contained in this
Agreement, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Appointment. The parties hereby agree to the appointment
of Agent, pursuant to each of the applicable definitive Agent Agreements, to serve as distribution and escrow agent in connection with the holding and disbursement of the Distribution Rights, IPO Consideration and Indemnity Holdback Amount, in each
case pursuant to and in accordance with the applicable definitive Agent Agreement. Subject to entering into such definitive Agent Agreements, Agent has agreed to accept such appointment pursuant to the terms and conditions set forth therein.
Pursuant to the relevant portions of certain of the Agent Agreements, Agent will establish a separate account for each Holder in accordance with Schedule 2 and such accounts will allocate each Holder’s aggregate IPO Consideration
to a class(es) corresponding to the Participant(s) with respect to which such Holder received its IPO Consideration. 
 2. Effective Date. The
Company will promptly notify Agent of the Effective Date on the date thereof. 
 3. Escrow Procedures; Legending of IPO Consideration. 

(a) IPO Escrow. The TA Agreement and Tabulation Agreement attached as Exhibit A and Exhibit B,
respectively, set forth the procedures that the parties and Agent agree and acknowledge shall control with respect to the holding and disbursement of the Distribution Rights and IPO Consideration by Agent. 

(b) Indemnity Holdback Escrow. The Escrow Agreement attached as Exhibit C sets forth the procedures that the
parties agree and acknowledge shall control with respect to the holding and disbursement of the Indemnity Holdback Amount by Agent. 

(c) Legending. Pursuant and subject to the TA Agreement, Agent will cause the IPO Consideration to be legended to
reflect the following lock-ups and restrictions, which lock-ups and restrictions are more particularly described in and governed by the Formation Transaction Documentation (the “Restrictive Legends”): 

(i) Lock-up on Transfers: All OP Units and REIT Shares shall be subject to lock-up on transfers until 180 days
after the Effective Date. 
 (ii) IPO Escrow: All OP Units and REIT Shares shall be subject to the IPO Escrow
until the earlier of (i) the delivery of, as applicable, a completed and signed Investor Acknowledgement Agreement (substantially in the form attached hereto as Exhibit D-1 and D-2) or Letter of Transmittal (substantially in the form
attached hereto as Exhibit E) or (ii) one business day after the second anniversary of the Effective Date. The PGI Parties acknowledge that 

  
 -3- 

 
the Letter of Transmittal from the Holders of the JV Participants is required to be delivered to the Company and/or the Agent as of the closing of the JV Merger and the concurrent closing of the
IPO pursuant to the JV Merger Agreement and if so delivered, the Restrictive Legend with respect to the IPO Escrow will not be placed on the REIT Shares to be issued to the JV Participants. 

(iii) Indemnity Holdback Escrow: Those OP Units and REIT Shares identified on Schedule 2 under the heading
“Indemnity Holdback Escrow” shall be held by Agent subject to (i) the Indemnity Holdback Escrow and (ii) other than with respect to the Holders of the JV Participants and WvF Real Estate Fund, L.P. as a Holder of Paramount Group
Real Estate Fund V (Core), L.P., a pledge of such OP Units and REIT Shares in favor of the applicable PGI Party until the earlier of (x) the first anniversary of the Effective Date unless there is a Reserved Portion (as defined in the Escrow
Agreement) as of such date, in which event, the Indemnity Escrow Holdback shall continue with respect to such Reserved Portion until ultimately disposed of in accordance with the Escrow Agreement and (y) the date a Holder posts with Agent
Substitute Collateral (defined below) in accordance with the Escrow Agreement, in which event such Substitute Collateral shall be held in the Indemnity Holdback Escrow. 

(iv) Transfer Tax Indemnity: Other than with respect to the Holders of the JV Participants, each Holder’s
IPO Consideration shall be subject to the following: (i) indemnification obligations for any incremental New York City and State real property transfer taxes that will be payable if such Holder subsequently transfers more than 50% of its IPO
Consideration within two years of the IPO Closing and (ii) a pledge with respect to such indemnification obligations of 50% of each Holder’s total IPO Consideration in favor of the applicable PGI Party until the earlier of (x) one
business day after the second anniversary of the Effective Date and (y) the date a Holder posts with the applicable PGI Party Substitute Collateral in accordance with the TA Agreement. 

(v) Prohibition on Redemption of OP Units: All OP Units shall be subject to a prohibition on redemption until 14
months after the Effective Date. 
 (vi) General. Pursuant and subject to the TA Agreement, the Agent will
release the applicable portion of the IPO Consideration from the Restrictive Legends after the expiration of the periods set forth above or, if applicable, to the extent such IPO Consideration has been released from escrow or the applicable
restriction by the posting of Substitute Collateral (as defined below). 

  
 -4- 

 (d) Substitute Collateral. A Holder may have the OP Units and/or REIT
Shares that are subject to the Indemnification Holdback Escrow and/or the Transfer Tax Indemnity released by Agent by posting either (i) cash collateral or (ii) a letter of credit in form and substance acceptable to the applicable PGI
Party (“Substitute Collateral”). 
 (i) Any Substitute Collateral posted with respect to the Indemnification
Holdback Escrow shall be (i) posted with Agent pursuant to the Escrow Agreement; (ii) be in an amount equal to all or a portion of the IPO Consideration such Holder seeks to have released from escrow and (iii) the number of REIT
Shares and/or OP Units that shall be released shall be equal to (x) the amount of the Substitute Collateral posted divided by (y) the Value of a REIT Share on the date Agent receives the Substitute Collateral, rounded up to the nearest
whole number. 
 (ii) Any Substitute Collateral posted with respect to the transfer tax indemnity shall be (i) posted
with the applicable PGI Party; and (ii) in an amount equal to 100% of the Holder’s share of the indemnification obligations for transfer tax payment that would be payable upon the transfer of such Holder’s REIT Shares and/or OP Units
prior to the expiration of the applicable transfer tax indemnity period as reasonably determined by such PGI Party; and after the posting of such Substitute Collateral, all of such Holder’s REIT Shares and/or OP Units shall be released by Agent
from the applicable Restrictive Legend. 
 (iii) “Value” means with respect to a REIT Share on a particular
date, the market price of a REIT Share on such date. The market price for each such trading day shall be: (i) if the REIT Shares are listed or admitted to trading on any national securities exchange, the closing price on such day as reported by
such national securities exchange, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day; (ii) if the REIT Shares are not listed or admitted to trading on any national securities exchange, the
last reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation source designated by the Company; (iii) if the REIT Shares are not
listed or admitted to trading on any national securities exchange and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable
quotation source designated by the Company, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in
question) for which prices have been so reported; or (iv) if none of the conditions set forth in clauses (i), (ii), or (iii) is met then, the amount determined by the board of directors of the Company. 

4. Dividends And Distributions On IPO Consideration Held in Escrow Accounts or Subject to Restrictive Legends. Pursuant to the TA Agreement, Agent
shall pay to the respective Holders shown on Schedule 2 any dividends or other distributions that are declared on the OP Units and REIT Shares after the Effective Date as if not encumbered by the Escrow Account or the Restrictive Legends
notwithstanding that any portion of the IPO Consideration is being held in an Escrow Account or subject to any Restrictive Legends. 

  
 -5- 

 5. Voting. Each Holder shall have the right to vote the REIT Shares and OP Units credited to such
Holder’s account as if not encumbered by the Escrow Account or the Restrictive Legends notwithstanding that any portion of the IPO Consideration is being held in an Escrow Account or subject to any Restrictive Legends. Pursuant to the TA
Agreement, Agent will promptly forward to each Holder all notices of shareholders’ or partners’ meetings, proxy statements and reports received by Agent in respect of REIT Shares or OP Units held in such Holder’s account 

6. Withholding; Other Tax Matters. The Participants, the Company and the Operating Partnership, as applicable, shall deduct and withhold any taxes they
reasonably deem are appropriate under applicable tax withholding rules from any payment of IPO Consideration to the Holders. As of the Effective Date, for U.S. federal (and applicable state and local) income tax purposes, each Holder shall be
treated as the owner of the IPO Consideration to which they are, or will be, entitled pursuant to this Agreement (including, for the avoidance of doubt, any IPO Consideration held in the Escrow Accounts on such Holder’s behalf). 

7. Notices. All communications hereunder shall be in writing or set forth in a PDF attached to an email, and shall be delivered in accordance with the
terms of this Agreement by facsimile, email or overnight courier only to the appropriate fax number, email address, or notice address set forth in Schedule 3. 

8. Authorized Representatives. The parties hereby acknowledge that the individuals set forth as authorized representatives (“Authorized
Representatives”) on Schedule 4 have the authority to act as the representative(s) of each of the Participants and/or Holders, as applicable, in connection with any rights or obligations of such entities as signatories to, or third
party beneficiaries under, the Escrow Agreement to the extent any such rights are expressly given to the Authorized Representatives in the Escrow Agreement. 

9. Miscellaneous. 
 (a)
Successors and Assigns. All the covenants and provisions of this Agreement by or for the benefit of the Participants, the PGI Parties or Agent shall bind and inure to the benefit of their respective successors and permitted assigns hereunder
(or with respect to the Agent under the applicable Agent Agreement), but shall not be assignable by any party hereto without the written consent of all the parties hereto; provided, however, that the Agent may assign its rights
hereunder subject to the provisions of the applicable Agent Agreement. 
 (b) Amendments. This Agreement and the Agent
Agreements may only be amended or modified by a written amendment executed by the Agent and the Company; provided, however, that, if such amendment (i) does not affect each of the Participants or the Holders (and, if applicable,
the PGI Parties) in the same manner, or (ii) decreases the rights or increases the obligations of the Participants or Holders or the restrictions on the IPO Consideration under this Agreement or the Agent Agreements, then such Participant(s)
and/or Holder(s) shall also be required to consent to such amendment. Agent may rely on the Company’s signature to any amendment as evidence that any required consent from 

  
 -6- 

 
Participants and Holders has been obtained. Notification of all Amendments to this Agreement and the Agent Agreements shall be provided to each of the Holders and Participants. 

(c) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provision, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 (d) Governing Law; Jurisdiction. This Agreement shall be governed by the laws of the State of New York, without
regard to principles of conflicts of law. The parties irrevocably (i) submit to the non-exclusive jurisdiction of any New York State court sitting in New York City, New York County or the United States District Court for the Southern District
of New York in any action or proceeding arising out of or relating to this Agreement, (ii) waive, to the fullest extent they may effectively do so, any defense based on inconvenient forum, improper venue or lack of jurisdiction to the
maintenance of any such action or proceeding, and (iii) waive all right to trial by jury in any action, proceeding or counterclaim arising out of this Agreement or the transactions contemplated hereby. Agent shall not be required hereunder to
comply with the laws or regulations of any country other than the United States of America or any political subdivision thereof. Agent may consult with foreign counsel in connection with any foreign law issues that may arise as a result of the
Company or any other party being subject to the laws or regulations of any foreign jurisdiction. 
 (e) Force Majeure.
Notwithstanding anything to the contrary contained herein, Agent shall not be liable for any delays or failures in performance resulting from acts beyond its control including, without limitation, acts of God, terrorist acts, shortage of supply,
loss of data due to power failures, war, or civil unrest. 
 (f) Third Party Beneficiaries. The provisions of this
Agreement are intended to benefit only the Participants, the Holders and the PGI Parties and their respective permitted successors and assigns. No rights shall be granted to any other person by virtue of this Agreement, and there are no third party
beneficiaries hereof. 
 (g) Survival. All provisions regarding indemnification, warranty, liability and limits
thereon, compensation and expenses and confidentiality and protection of proprietary rights and trade secrets shall survive the termination or expiration of this Agreement. 

(h) Priorities. In the event of any conflict, discrepancy, or ambiguity between the terms and conditions contained in
(i) this Agreement, (ii) any schedules or attachments hereto, (iii) the Formation Transaction Documentation, and (iv) the Agent Agreements with respect to any obligations, rights, duties, responsibilities, liabilities,
indemnities or protections of the Agent, the terms and conditions contained in the Agent Agreements shall take precedence. 

  
 -7- 

 (i) Merger of Agreement. Together with the Formation Transaction
Documentation and the Agent Agreements, this Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof, whether oral or written. 

(j) No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. In the event any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by all parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party
by virtue of the authorship of any provision of this Agreement. 
 (k) Descriptive Headings. Descriptive headings
contained in this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

(l) Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for
all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement transmitted electronically shall have the same authority, effect, and enforceability as an
original signature. For purposes of the signature pages, the reference to “Holders” should read “PGI Participants”. 

[signature pages follow] 

  
 -8- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set
forth above. 
 Company: 
  

					
	PARAMOUNT GROUP, INC., a Maryland corporation
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Operating Partnership: 
  

							
	 PARAMOUNT GROUP OPERATING

PARTNERSHIP LP, a Delaware limited

partnership

			
		 	By:	 	Paramount Group, Inc., its general partner, a Maryland corporation
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 Agent: 

Acknowledged and Agreed to with respect to Section 1 only: 
  

			
	 COMPUTERSHARE TRUST COMPANY, N.A. and

COMPUTERSHARE INC.
 On Behalf of Both
Entities

		
	By:	 	  

	Name:	 	
	Title:	 	

 Fund Participants: 
  

							
	PARAMOUNT GROUP REAL ESTATE FUND I, L.P.
		 	By:	  	Paramount GREF, L.L.C., its general partner
		 		  	      By:	 	Paramount Group, Inc., its Managing Member
	
	PARAMOUNT GROUP REAL ESTATE FUND III, L.P.
		 	By:	  	Paramount GREF III, L.L.C., its general partner
		 		  	      By:	 	Paramount Group, Inc., its Managing Member
	
	PARAMOUNT GROUP REAL ESTATE FUND IV, L.P.
		 	By:	  	Paramount GREF IV, L.L.C., its general partner
		 		  	      By:	 	Paramount Group, Inc., its Managing Member
	
	PGREF IV PARALLEL FUND SUB US, LP
		 	By:	  	PGREF IV Parallel Fund Sub US GP, LLC, its general partner
		 		  	      By:	 	Paramount Group, Inc., its Manager
	
	 PARAMOUNT GROUP REAL ESTATE FUND V

(CORE), L.P.

		 	By:	  	Paramount GREF V, L.L.C., its general partner
		 		  	      By:	 	Paramount Group, Inc., its Managing Member
	
	 PARAMOUNT GROUP REAL ESTATE FUND V

(CIP), L.P.

		 	By:	  	Paramount GREF V (CIP), L.L.C., its general partner
		 		  	      By:	 	Paramount Group, Inc., its Managing Member
	
	PGREF V (CORE) PARALLEL FUND SUB US, LP
		 	By:	  	PGREF V (Core) Parallel Fund Sub US GP, LLC, its general partner
				
		 		  	      By:	 	Paramount Group, Inc., its Manager

  

					
		 	Signature:	 	  

		 	Name:	 	
		 	 Title:
	 	

 PGI Participants: 
  

			
	 PARAMOUNT GROUP, INC., a Delaware corporation

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 PGI Participants: 
  

			
	 ARCADE RENTAL INVESTMENTS, INC.

ARCADE RENTAL INVESTMENTS 2, INC.
 COSMOS RENTAL
INVESTMENTS, INC.
 MARATHON RENTAL INVESTMENTS, INC.

		
	By:	 	  

	Name:	 	Thomas Armbrust
	Title:	 	President of each of the above named corporations

 PGI Participants: 
  

			
	  

	Name:	 	Frank Otto

 PGI Participants: 
  

			
	  

	Name:	 	Ingvild Goetz

 PGI Participants: 
  

			
	  

	Name:	 	Sarah Pisani

 PGI Participants: 
  

			
	  

	Name:	 	Julia Stoecker

 JV Participants: 

WvF 1325, INC., a Delaware corporation 
  

			
	Signature:	 	  

	Name:	 	
	 Title:
	 	

 WvF 1325, L.P., a Delaware limited partnership 

 

			
	By:	 	WvF 1325, Inc., its general partner
		
	Signature:	 	  

	Name:	 	
	 Title:
	 	

 HOLDER: 
  

			
	Signature:	 	  

	Name:	 	Dr. Michael Otto

 HOLDER: 
  

			
	Signature:	 	  

	Name:	 	Benjamin Otto

 HOLDER: 
  

			
	Signature:	 	  

	Name:	 	Janina Otto

 EXHIBIT C 

Lock-up Agreement 
 [See
attached] 

  
 C-1 

 FORM OF LOCK-UP AGREEMENT 

—, 2014 

Merrill Lynch, Pierce, Fenner & Smith 

                    Incorporated, 

as Representative of the several 
 Underwriters to be named in
the 
 within-mentioned Underwriting Agreement 

One Bryant Park 
 New York, New York 10036 

 

	 	Re:	Proposed Public Offering by Paramount Group, Inc. 

 Dear Sirs: 

The undersigned, a stockholder and/or an officer and/or director of Paramount Group, Inc., a Maryland corporation (the “Company”)
and/or holder of common units in Paramount Group Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), understands that Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill
Lynch”) proposes to enter into an Underwriting Agreement (the “Underwriting Agreement”) with the Company and the Operating Partnership, providing for the public offering (the “Public Offering”) of shares (the
“Securities”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”). In recognition of the benefit that such an offering will confer upon the undersigned as a stockholder and/or an officer and/or
director of the Company, and/or as a holder of common units in the Operating Partnership, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with each underwriter to be
named in the Underwriting Agreement that, during the period beginning on the date hereof and ending on the date that is 180 days from the date of the Underwriting Agreement, the undersigned will not, without the prior written consent of Merrill
Lynch, directly or indirectly, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, or otherwise dispose of or transfer
any shares of the Company’s Common Stock or any securities convertible into or exchangeable or exercisable for Common Stock, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter
acquires the power of disposition (collectively, the “Lock-Up Securities”), or exercise any right with respect to the registration of any of the Lock-Up Securities, or file or cause to be filed any registration statement in connection
therewith, under the Securities Act of 1933, as amended, or (ii) enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Lock-Up
Securities, whether any such swap or transaction is to be settled by delivery of Common Stock or other securities, in cash or otherwise. 

Notwithstanding the foregoing, the undersigned may pledge the Lock-Up Securities without the prior written consent of Merrill Lynch solely to
the extent such pledge is (A) in connection with the indemnification obligations of the undersigned relating to New York real property transfer tax and for the benefit of the Company or the Operating Partnership; or (B) pursuant to the
terms of the limited 

 
partnership agreement of the Operating Partnership and for the benefit of the Company or the Operating Partnership, provided that (i) the undersigned will use the undersigned’s
reasonable best efforts to notify Merrill Lynch at least three business days prior to any transfer of the Lock-Up Securities pursuant to any of the foregoing pledges that is required to be reported in any public report or filing with the Securities
and Exchange Commission or otherwise, and (ii) the undersigned does not otherwise voluntarily effect any public filing or report regarding such transfers. Furthermore, notwithstanding the foregoing, and subject to the conditions below, the
undersigned may transfer the Lock-Up Securities without the prior written consent of Merrill Lynch, provided that (1) Merrill Lynch receives a signed lock-up agreement for the balance of the lockup period from each donee, trustee, distributee,
or transferee, as the case may be, (2) any such transfer shall not involve a disposition for value (except with regards to any transfer or sale pursuant to clause (vi) below), (3) such transfers are not required to be reported with
the Securities and Exchange Commission on Form 4 in accordance with Section 16 of the Securities Exchange Act of 1934, as amended (except with regards to any transfer or sale pursuant to clause (vi) below, prior to which the undersigned
will notify Merrill Lynch in writing of its intention to file a Form 4, or a disposition by will or intestacy), and (4) the undersigned does not otherwise voluntarily effect any public filing or report regarding such transfers: 

(i) as a bona fide gift or gifts or other dispositions by will or intestacy; or 

(ii) to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned (for
purposes of this lock-up agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin); or 

(iii) as a distribution to limited partners, members or stockholders of or other holders of equity interests in the
undersigned; or 
 (iv) to the undersigned’s affiliates or to any investment fund or other entity controlled or managed
by the undersigned; or 
 (v) to an immediate family member of the undersigned or entities wholly owned by or for the benefit
of the undersigned, the undersigned’s affiliates or immediate family members of the undersigned, or to an entity that is owned by the undersigned and the undersigned’s affiliates alone or with other stockholders that received Common Stock
in connection with the Formation Transactions (as that term is defined in the Underwriting Agreement); or 
 (vi) to a
spouse, former spouse, child or other dependent pursuant to a domestic relations order or an order of a court of competent jurisdiction; or 

(vii) to the Company upon termination of the undersigned’s employment with the Company; or 

(viii) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses
(i) through (vi) above. 
 Furthermore, the undersigned may sell shares of Common Stock of the Company purchased by the
undersigned on the open market following the completion of the Public Offering if and only if (i) such sales are not required to be reported in any public report or filing with the Securities and Exchange Commission, or otherwise and
(ii) the undersigned does not otherwise voluntarily effect any public filing or report regarding such sales. 

  
 2 

 The undersigned also agrees and consents to the entry of stop transfer instructions with the
Company’s transfer agent and registrar against the transfer of the Lock-Up Securities except in compliance with the foregoing restrictions. 

The undersigned understands that, if the Underwriting Agreement is not executed, or if the Underwriting Agreement (other than the provisions
thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Stock to be sold thereunder, the undersigned shall be released from all obligations under this lock-up agreement. The undersigned
understands that the Underwriters are entering into the Underwriting Agreement and proceeding with the Public Offering in reliance upon this lock-up agreement. 

[Signature Page Follows] 

  
 3 

 
			
	Very truly yours,
		
	Signature:	 	  

	Print Name:

 Lock-Up Agreement 

 EXHIBIT D 

Form of Letter of Transmittal 

[See attached] 

  
 D-1 

 EXHIBIT D 

FORM 
 OF 

LETTER OF TRANSMITTAL 

representing Equity Interests of 

[Name of Entity] 
 This
Letter of Transmittal is being delivered in connection with the merger (the “Merger”) of [Name of Entity], a Delaware corporation, with and into Paramount Group, Inc., a Maryland corporation (the “Company”),
pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of                     , 2014, by and among the
Company, [Name of Entity] and the Stockholder[s]. The undersigned Stockholder hereby surrenders all of [her or his] Equity Interests in [Name of Entity], which consists of [list shares owned by the Stockholder] in [Name of Entity], for the purpose
of receiving in exchange such Stockholder’s portion of the Merger Consideration as provided for and subject to the terms of the Merger Agreement and the terms of the Escrow Agreement. 

Capitalized terms used and not defined in this Letter of Transmittal have the respective meanings ascribed to them in the Merger Agreement. 

The undersigned agrees and acknowledges a portion of the Merger Consideration will be held by the Escrow Agent under the terms and conditions of the Escrow
Agreement. 
 In exchange for the Equity Interests, the undersigned understands that the Company Shares to be issued as Merger Consideration to the
undersigned will be issued by the Agent in book-entry form in the name of [Name of Stockholder]. 
 [Signature page follows] 

 EXHIBIT E 

Fund Contribution Agreements 

Contribution Agreements between the Operating Partnership or the Company, as applicable and each of the following entities: 

Paramount Group Real Estate Fund I, L.P. 
 Paramount Group Real
Estate Fund III, L.P. 
 Paramount Group Real Estate Fund IV, L.P. 

PGREF IV Parallel Fund Sub US LP 
 Paramount Group Real Estate
Fund V (Core), L.P. 
 Paramount Group Real Estate Fund V (CIP), L.P. 

PGREF V (Core) Parallel Fund Sub US LP 

  
 E-1 

 EXHIBIT F 

Fund GP Entities 
  

			
	 Fund GP Entity:
	  	 Fund(s) managed by Fund GP Entity

	Paramount GREF, L.L.C.	  	 Paramount Group Real Estate Fund I, L.P.
  

Paramount Group Real Estate Fund II, L.P.

		
	Paramount GREF III, L.L.C.	  	Paramount Group Real Estate Fund III, L.P.
		
	Paramount GREF IV, L.L.C.	  	 Paramount Group Real Estate Fund IV, L.P.
  

PGREF IV Parallel Fund (Cayman), L.P.

		
	Paramount GREF V, L.L.C.	  	 Paramount Group Real Estate Fund V (Core), L.P.
  

PGREF V (Core) Parallel Fund (Cayman), L.P.

		
	Paramount GREF V (CIP), L.L.C.	  	Paramount Group Real Estate Fund V (CIP), L.P.
		
	PGRESS GP LLC	  	 Paramount Group Real Estate Special Situations Fund, L.P.
  

Paramount Group Real Estate Special Situations Fund-A, L.P.
  

Paramount Group Real Estate Special Situations Fund-H, L.P.

		
	Paramount GREF VII, LLC	  	 Paramount Group Real Estate Fund VII, LP
  

Paramount Group Real Estate Fund VII-H, LP (Cayman)

		
	Paramount GREF VIII, LLC	  	Paramount Group Real Estate Fund VIII, LP
		
	Paramount GREF RDF, LLC	  	Paramount Group Residential Development Fund, LP

  

    F-1 

 SCHEDULE 1.07 

Merger Consideration 
 PGI

  

					
	 Stockholder
	  	 Merger Consideration
	  	 Indemnity Holdback
Amount1

	 Maren Otto
	  	4,439,560 Company Shares	  	[—] Company Shares
	 Katharina Otto-Bernstein
	  	8,790,327 Company Shares	  	[—] Company Shares
	 Alexander Otto
	  	12,924,560 Company Shares	  	[—] Company Shares

  

	1 	Represents approximately the number of Company Shares issued in the Merger equal to $19,000,000 divided by the Price to the Public. 

  
 Schedule 1.07EX-10.19

 Exhibit 10.19 
 STOCK PURCHASE AGREEMENT 
 by and among 

PARAMOUNT GROUP, INC. 
 and 
 THE STOCKHOLDER 

of 

FORUM RENTAL INVESTMENTS, INC. 
 Dated as of November 6, 2014 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I PURCHASE OF SHARES
	  	 	2	  
			
	 Section 1.01
	  	 Purchase and Sale of Forum Shares
	  	 	2	  
	 Section 1.02
	  	 Purchase Price
	  	 	2	  
	 Section 1.03
	  	 Further Action
	  	 	2	  
	 Section 1.04
	  	 Transaction Costs
	  	 	2	  
	 Section 1.05
	  	 Prorations
	  	 	2	  
		
	 ARTICLE II CLOSING
	  	 	3	  
			
	 Section 2.01
	  	 Conditions Precedent
	  	 	3	  
	 Section 2.02
	  	 Time and Place
	  	 	5	  
	 Section 2.03
	  	 Closing Deliveries
	  	 	5	  
	 Section 2.04
	  	 Transfer Costs
	  	 	5	  
	 Section 2.05
	  	 Term of the Agreement
	  	 	5	  
	 Section 2.06
	  	 Effect of Termination
	  	 	5	  
	 Section 2.07
	  	 Tax Withholding
	  	 	6	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	6	  
			
	 Section 3.01
	  	 Organization; Authority
	  	 	6	  
	 Section 3.02
	  	 Due Authorization
	  	 	7	  
	 Section 3.03
	  	 Consents and Approvals
	  	 	7	  
	 Section 3.04
	  	 Tax Matters
	  	 	7	  
	 Section 3.05
	  	 No Violation
	  	 	7	  
	 Section 3.06
	  	 Validity of Company Shares
	  	 	7	  
	 Section 3.07
	  	 Litigation
	  	 	8	  
	 Section 3.08
	  	 Limited Activities
	  	 	8	  
	 Section 3.09
	  	 Broker
	  	 	8	  
	 Section 3.10
	  	 No Other Representations or Warranties
	  	 	8	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER
	  	 	8	  
			
	 Section 4.01
	  	 Organization; Authority
	  	 	8	  
	 Section 4.02
	  	 Due Authorization
	  	 	9	  
	 Section 4.03
	  	 Ownership of Forum Shares
	  	 	9	  
	 Section 4.04
	  	 Consents and Approvals
	  	 	9	  
	 Section 4.05
	  	 Taxes
	  	 	10	  
	 Section 4.06
	  	 No Violation
	  	 	10	  
	 Section 4.07
	  	 Solvency
	  	 	11	  
	 Section 4.08
	  	 Litigation
	  	 	11	  
	 Section 4.09
	  	 Licenses and Permits
	  	 	11	  
	 Section 4.10
	  	 Properties
	  	 	11	  
	 Section 4.11
	  	 Insurance
	  	 	13	  
	 Section 4.12
	  	 Environmental Matters
	  	 	13	  
	 Section 4.13
	  	 Investment
	  	 	13	  
	 Section 4.14
	  	 Broker
	  	 	14	  

  
 i 

							
	 Section 4.15
	  	 Eminent Domain
	  	 	14	  
	 Section 4.16
	  	 Assets and Liabilities
	  	 	14	  
	 Section 4.17
	  	 No Other Representations or Warranties
	  	 	14	  
		
	 ARTICLE V INDEMNIFICATION
	  	 	14	  
			
	 Section 5.01
	  	 Company Indemnification
	  	 	14	  
	 Section 5.02
	  	 Stockholder Indemnification
	  	 	15	  
	 Section 5.03
	  	 Notice of Claims
	  	 	15	  
	 Section 5.04
	  	 Third Party Claims
	  	 	16	  
	 Section 5.05
	  	 Survival of Representations and Warranties
	  	 	16	  
	 Section 5.06
	  	 Establishment of Indemnity Holdback Escrow
	  	 	17	  
	 Section 5.07
	  	 Exclusive Remedy
	  	 	17	  
	 Section 5.08
	  	 Tax Treatment
	  	 	17	  
		
	 ARTICLE VI COVENANTS AND OTHER AGREEMENTS
	  	 	17	  
			
	 Section 6.01
	  	 Covenants of the Stockholder
	  	 	17	  
	 Section 6.02
	  	 Commercially Reasonable Efforts By the Company and the Stockholder
	  	 	18	  
	 Section 6.03
	  	 Liability for Transfer Taxes
	  	 	18	  
	 Section 6.04
	  	 Tax Covenants
	  	 	18	  
	 Section 6.05
	  	 Permitted Transfer
	  	 	18	  
		
	 ARTICLE VII GENERAL PROVISIONS
	  	 	19	  
			
	 Section 7.01
	  	 Notices
	  	 	19	  
	 Section 7.02
	  	 Definitions
	  	 	19	  
	 Section 7.03
	  	 Counterparts
	  	 	21	  
	 Section 7.04
	  	 Entire Agreement; Third-Party Beneficiaries
	  	 	22	  
	 Section 7.05
	  	 Governing Law
	  	 	22	  
	 Section 7.06
	  	 Assignment
	  	 	22	  
	 Section 7.07
	  	 Jurisdiction
	  	 	22	  
	 Section 7.08
	  	 Dispute Resolution
	  	 	22	  
	 Section 7.09
	  	 Severability
	  	 	23	  
	 Section 7.10
	  	 Rules of Construction
	  	 	24	  
	 Section 7.11
	  	 Equitable Remedies
	  	 	24	  
	 Section 7.12
	  	 Time of the Essence
	  	 	24	  
	 Section 7.13
	  	 Descriptive Headings
	  	 	24	  
	 Section 7.14
	  	 No Personal Liability Conferred
	  	 	24	  

  
 ii 

			
	EXHIBITS
		
	Exhibit A	  	List of Properties
	Exhibit B	  	Escrow Agreement
	Exhibit C	  	Lock-up Agreement
		
	SCHEDULES	  	
		
	Schedule 1.02	  	Consideration; Indemnity Holdback Amount

  
 iii

 DEFINED TERMS 

 

			
	Affiliate	  	Section 7.02
	Agreement	  	Introduction
	Business Day	  	Section 7.02
	Claim	  	Section 5.03
	Claim Notice	  	Section 5.03
	Closing	  	Section 2.02
	Closing Date	  	Section 2.02
	Closing Documents	  	Section 2.03
	Code	  	Section 7.02
	Company	  	Introduction
	Company Cap	  	Section 5.07
	Company Common Stock	  	Recitals
	Company Indemnified Party	  	Section 5.02
	Company Shares	  	Section 1.02
	Company’s Knowledge	  	Section 7.02
	Company Material Adverse Effect	  	Section 7.02
	Deductible	  	Section 5.02
	Disclosure Letter	  	Article IV
	Dispute	  	Section 7.08
	Environmental Laws	  	Section 7.02
	Escrow Agreement	  	Recitals
	Expiration Date	  	Section 5.05
	Formation Transactions	  	Recitals
	Forum	  	Introduction
	Forum Shares	  	Recitals
	Forum Subsidiary	  	Section 4.01
	Governmental Authority	  	Section 7.02
	Incremental Transfer Taxes	  	Section 7.02
	Indemnified Party	  	Section 5.03
	Indemnifying Party	  	Section 5.03
	Indemnity Holdback Amount	  	Recitals
	IPO	  	Recitals
	IPO Closing	  	Section 2.02
	IPO Closing Date	  	Section 7.02
	JV Entities	  	Section 4.01
	Laws	  	Section 7.02
	Lease	  	Section 4.10
	Leases	  	Section 4.10
	Liens	  	Section 7.02
	Lock-up Agreement	  	Recitals
	Losses	  	Section 5.01
	Operating Partnership	  	Recitals
	Organizational Documents	  	Section 7.02

  
 iv 

			
	Outside Date	  	Section 2.05
	Permitted Activities	  	Section 4.16
	Permitted Distribution	  	Section 4.16
	Permitted Liens	  	Section 7.02
	Person	  	Section 7.02
	Price to the Public	  	Section 7.02
	Properties	  	Recitals
	Property	  	Recitals
	Property Interests	  	Recitals
	Purchase Price	  	Section 1.02
	Registration Rights Agreement	  	Recitals
	Registration Statement	  	Section 7.02
	REIT	  	Recitals
	SEC	  	Section 2.01
	Securities Act	  	Section 7.02
	Seller Material Adverse Effect	  	Section 7.02
	Stockholder Indemnified Party	  	Section 5.01
	Stockholder	  	Introduction
	Subsidiary	  	Section 7.02
	Tax	  	Section 7.02
	Tax Return	  	Section 7.02
	Third Party Claims	  	Section 5.04

  
 v 

 STOCK PURCHASE AGREEMENT 

THIS STOCK PURCHASE AGREEMENT (including all exhibits and schedules, this “Agreement”) is made and entered into as of
November 6, 2014, by and among PARAMOUNT GROUP, INC., a Maryland corporation (the “Company”) and the stockholder of FORUM RENTAL INVESTMENTS, INC., a Delaware corporation (“Forum”) listed on the signature pages
hereto (the “Stockholder”). Capitalized terms used and not defined in the body of this Agreement shall have the meanings set forth in Section 7.02 hereto. 

RECITALS 

WHEREAS, the Company intends to conduct an initial public offering (the “IPO”) of the common stock, par value
$0.01 per share (“Company Common Stock”), of the Company, which will operate as a self-administered and self-managed real estate investment trust (“REIT”) within the meaning of Sections 856 through 860 of the
Code; 
 WHEREAS, in connection with the IPO, the Company, which is the sole general partner of Paramount Group Operating
Partnership LP (the “Operating Partnership”), desires to engage in a series of transactions through which the Company and the Operating Partnership will acquire their initial portfolio of properties and other assets that they intend
to own following the IPO (collectively, the “Formation Transactions”); 
 WHEREAS, Forum owns, directly
or indirectly, interests (the “Property Interests”) in the properties set forth on Exhibit A hereto under the heading Forum (each, a “Property” and together the “Properties”);

 WHEREAS, the Stockholder owns beneficially and of record all of the issued and outstanding capital stock of Forum
(collectively, the “Forum Shares”); 
 WHEREAS, as part of the Formation Transactions, the Stockholder
will sell to the Company and the Company will purchase from the Stockholder all of the issued and outstanding Forum Shares owned by the Stockholder; 
 WHEREAS, at the Closing, the Company will deposit the number of Company Shares set forth as the Indemnity Holdback Escrow opposite the Stockholder’s name on Schedule 1.02 under the
heading “Forum”, which represents approximately 1.5% of the Purchase Price issuable or payable to the Stockholder pursuant to this Agreement (collectively, the “Indemnity Holdback Amount”) into an Indemnity Holdback Escrow
(as defined in the Escrow Agreement) pursuant to the Escrow Agreement in the form of Exhibit B attached hereto (the “Escrow Agreement”); 
 WHEREAS, concurrently with the execution of this Agreement, the Stockholder has executed and delivered a lock-up agreement to the underwriters of the IPO, a copy of which is attached as Exhibit
C (the “Lock-up Agreement”); and 

  
 1 

 WHEREAS, concurrently with the execution of this Agreement, the Company has entered
into the registration rights agreement with the Stockholder (the “Registration Rights Agreement”). 
 NOW,
THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and other terms contained in this Agreement, the receipt and sufficiency of which is hereby acknowledged and agreed, the parties hereto, intending to be
legally bound hereby, agree as follows: 
 ARTICLE I 

PURCHASE OF SHARES 
 Section 1.01 Purchase and Sale of Forum Shares. On the terms and subject to the conditions of this Agreement, the Stockholder hereby agrees to sell, and the Company hereby agrees to purchase,
all of the Forum Shares held by the Stockholder, together with all rights attaching to them, free and clear of all Liens. Notwithstanding anything to the contrary in this Agreement, the Company is not obligated to complete the purchase and transfer
of any Forum Shares unless the sale and transfer to the Company of all of the Forum Shares is completed simultaneously. 

Section 1.02 Purchase Price. At the Closing, subject to the terms and conditions in this Agreement, in exchange for the
transfer by the Stockholder to the Company of the Forum Shares held by the Stockholder, the Company shall deliver to the Stockholder (a) the number of shares of Company Common Stock (the “Company Shares”) set forth opposite the
Stockholder’s name on Schedule 1.02 under the heading “Forum” (less the amount of the Indemnity Holdback Escrow opposite the Stockholder’s name on Schedule 1.02 under the heading “Forum”) and
(b) the amount of cash set forth opposite the Stockholder’s name on Schedule 1.02 under the heading “Forum” (together, the “Purchase Price”). The cash portion of the Purchase Price, less applicable
withholding taxes, will be sent to the Stockholder by wire transfer of immediately available funds pursuant to wiring instructions provided by the Stockholder prior to the Closing. 

Section 1.03 Further Action. If, following the Closing, the Company shall determine or be advised that assignments,
assurances or any other actions or things are necessary or desirable to vest, perfect or confirm of record or otherwise in the Company the right, title or interest in, to or under any of the Forum Shares acquired by the Company pursuant to this
Agreement, the Stockholder, upon request, shall execute and deliver all such assignments and assurances and take and do all such other actions and things as may be necessary or desirable to vest, perfect or confirm in the Company any and all right,
title and interest in, to and under the Forum Shares. 
 Section 1.04 Transaction Costs. If the Closing occurs,
subject to Section 6.03, the Company shall be solely responsible for its transaction costs and expenses, which include, but are not limited to, lender consent fees, legal, accounting and consultant fees. 

Section 1.05 Prorations. There shall be no prorations at the Closing for any income and expense items with respect to the
Properties. 

  
 2 

 ARTICLE II 
 CLOSING 
 Section 2.01 Conditions Precedent. 

(a) Condition to Each Party’s Obligations. The respective obligation of each party to effect the purchases and sales
contemplated by this Agreement and to consummate the other transactions contemplated hereby to occur on the Closing Date is subject to the satisfaction or waiver on or prior to the Closing of the following conditions: 

(i) Registration Statement. The Registration Statement shall have become effective under the Securities Act and
shall not be the subject of any stop order or proceedings by the Securities and Exchange Commission (“SEC”) seeking a stop order. This condition may not be waived by any party. 

(ii) IPO Proceeds. The Company shall have received substantially concurrently with the Closing hereunder the
proceeds from the IPO. This condition may not be waived by any party. 
 (iii) No Injunction. No
Governmental Authority shall have enacted, issued, promulgated, enforced or entered any statute, rule, regulation, executive order, decree, judgment, injunction or other order (whether temporary, preliminary or permanent), in any case which is in
effect and which prevents or prohibits consummation of any of the transactions contemplated in this Agreement nor shall any of the same brought by a Governmental Authority of competent jurisdiction be pending that seeks the foregoing. 

(b) Conditions to Obligations of the Company. The obligation of the Company to effect the purchase and sale contemplated by this
Agreement and to consummate the other transactions contemplated hereby to occur on the Closing Date are further subject to satisfaction of the following conditions (any of which may be waived by the Company in whole or in part): 

(i) Representations and Warranties. (i) The representations and warranties of the Stockholder set forth in
Section 4.16 shall be true and correct in all respects as of the date of this Agreement and as of the Closing, (ii) each representation and warranty of the Stockholder contained in this Agreement (other than in
Section 4.16) that is qualified by materiality or Seller Material Adverse Effect shall be true and correct in all respects as of the date of this Agreement and as of the Closing as if made again at that time (except to the extent that
any representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date), and (iii) each representation and warranty of the Stockholder contained in this Agreement (other than in
Section 4.16) that is not qualified by materiality or Seller Material Adverse Effect shall be true and correct as of the date of this Agreement and as of the Closing as if made again at that time (except to the extent that any
representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date), except where the failure of such representations and warranties to be true and correct would not have a Seller Material
Adverse Effect. 

  
 3 

 (ii) Performance by the Stockholder. The Stockholder shall have
performed in all material respects all agreements and covenants required by this Agreement to be performed or complied with by him on or prior to the Closing Date. 

(iii) Consents, Etc. All necessary consents and approvals of Governmental Authorities or third parties (including
lenders) for the Stockholder to consummate the transactions contemplated hereby (except for those the absence of which would not have a material adverse effect on the ability of the Stockholder to consummate the transactions contemplated by this
Agreement) shall have been obtained. 
 (iv) Closing Documents. The Stockholder shall have executed and
delivered to the Company the documents required to be delivered by the Stockholder pursuant to Section 2.03. 
 (c)
Conditions to Obligations of the Stockholder. The obligation of the Stockholder to effect the purchase and sale contemplated by this Agreement and to consummate the other transactions contemplated hereby to occur on the Closing Date are
further subject to satisfaction of the following conditions (any of which may be waived by the Stockholder in whole or in part): 
 (i) Representations and Warranties. (i) Each representation and warranty of the Stockholder contained in this Agreement that is qualified by materiality or Company Material Adverse Effect
shall be true and correct in all respects as of the date of this Agreement and as of the Closing as if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in which case it must be true and
correct only as of that earlier date) and (ii) each representation and warranty of the Company contained in this Agreement that is not qualified by materiality or Company Material Adverse Effect shall be true and correct as of the date of this
Agreement and as of the Closing as if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date), except where the failure
of such representations and warranties to be true and correct would not have a Company Material Adverse Effect. 

(ii) Performance by the Company. The Company shall have performed in all material respects all agreements and
covenants required by this Agreement to be performed or complied with by them on or prior to the Closing Date. 

(iii) Consents, Etc. All necessary consents and approvals of Governmental Authorities or third parties (including
lenders) for each of the Company to consummate the transactions contemplated hereby (except for those the absence of which would not have a material adverse effect on the ability of any of the Company to consummate the transactions contemplated by
this Agreement) shall have been obtained. 
 (iv) Closing Documents. The Company shall have executed and
delivered to the Stockholder the documents required to be delivered to the Stockholder pursuant to Section 2.03. 

  
 4 

 Section 2.02 Time and Place. Unless this Agreement shall have been terminated
pursuant to Section 2.05, and subject to satisfaction or waiver of the conditions in Section 2.01, the closing of the purchase and sale contemplated by Section 1.01 and the other transactions contemplated hereby
(the “Closing” or the “Closing Date”) shall occur concurrently with the closing of the IPO (the “IPO Closing”) or up to one (1) day prior to, but conditioned upon the subsequent
occurrence of, the IPO Closing. The Closing shall take place at the offices of Goodwin Procter LLP, 620 Eighth Avenue, New York, NY 10018 or such other place as determined by the Company in its sole discretion. In connection with the
foregoing, the parties hereto hereby agree that the specific order in which the Closing, the IPO Closing and the closing of the other transactions that are part of or related to the Formation Transactions occur shall be as determined by the Company.

 Section 2.03 Closing Deliveries. On the Closing Date, each of the parties shall make, execute, acknowledge and
deliver the legal documents and other items to which it is a party or for which it is otherwise responsible that are necessary to carry out the intention of this Agreement and the other transactions contemplated to take place in connection therewith
(collectively, the “Closing Documents”). In particular, at the Closing: 
 (a) the Stockholder shall deliver to
the Company stock certificates evidencing the Forum Shares held by the Stockholder accompanied by duly executed stock transfer documentation, in form and substance reasonably satisfactory to the Company, assigning such Forum Shares to the Company;

 (b) the Company shall deliver to the Stockholder evidence of the issuance of the Company Shares (other than the Indemnity
Holdback Amount) to the Stockholder pursuant to this Agreement; and 
 (c) the Company shall deliver to the Escrow Agent (as
defined in the Escrow Agreement) evidence of the issuance of the Company Shares constituting the Indemnity Holdback Amount to the Escrow Agent pursuant to this Agreement. 
 Section 2.04 Transfer Costs. Subject to Section 6.03, the Company shall pay any documentary transfer taxes, escrow charges, title charges and recording taxes or fees incurred in
connection with the transactions contemplated hereby. 
 Section 2.05 Term of the Agreement. This Agreement shall
terminate automatically if the transactions contemplated herein shall not have been consummated on or prior to March 31, 2015 (such date is hereinafter referred to as the “Outside Date”). In addition, this Agreement may be
terminated before Closing by a document signed by the Company and the Stockholder. 
 Section 2.06 Effect of
Termination. In the event of termination of this Agreement for any reason, all obligations on the part of the Company and the Stockholder under this Agreement shall terminate, except that the obligations set forth in Article VII shall
survive, it being understood and agreed, however, for the avoidance of doubt, that if this Agreement is terminated 

  
 5 

 
because one or more of the conditions to the non-breaching party’s obligations under this Agreement are not satisfied by the Outside Date as a result of the other party’s material
breach of a covenant, representation, warranty or other obligation under this Agreement, the non-breaching party’s right to pursue all legal remedies with respect to such breach will survive such termination unimpaired. 

Section 2.07 Tax Withholding. The Company shall be entitled to deduct and withhold, or cause to be deducted and withheld,
from the consideration payable (or deemed payable) as a result of the transactions contemplated by this Agreement, including the Indemnity Holdback Amount, to the Stockholder, such amounts as the Company is required to deduct and withhold with
respect to the making of such payment under Section 1445 of the Code or any other provision of federal, state, local or non-U.S. Tax law (as determined by the Company in its reasonable discretion). To the extent that amounts are so deducted and
withheld by the Company, such amounts shall be treated for all purposes of this Agreement as having been paid to the Stockholder. The Stockholder shall (A) to the extent requested by Forum, contribute cash prior to the purchase and sale of the
Forum Shares equal to (i) any withholding Taxes that would otherwise be required to be withheld by the Company in connection with the purchase and sale of the Forum Shares (taking into account any gross-up attributable to such amounts) and
(ii) any withholding Taxes that Forum failed to withhold with respect to distributions to the Stockholder prior to the Closing and (B) indemnify and hold harmless the Company for any withholding Taxes relating to the Company’s failure
to withhold from the Purchase Price received by the Stockholder as required by applicable Laws, and for any Taxes of the Stockholder (including those described in subclause (A)(ii) above), provided, however, that, in either case, the
Stockholder shall not be liable for any penalties that may become payable in respect thereof, and provided further that, for the avoidance of doubt, the indemnification obligation of the Stockholder pursuant to this clause (B) shall neither be
limited to the Indemnity Holdback Amount nor subject to the Deductible. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 OF THE COMPANY 
 The Company hereby represents and warrants to the
Stockholder as set forth below, which representations are true and correct as of the date hereof (or such other date specifically set forth below) and as of the Closing as if made again at that time (except to the extent that any representation or
warranty only speaks as of an earlier date, in which case it is true and correct as of that earlier date): 
 Section 3.01
Organization; Authority. The Company is a corporation duly incorporated, validly existing and in good standing under the Laws of the State of Maryland. The Company has all requisite power and authority to enter into this Agreement and all
agreements contemplated hereby to which it is party and to carry out the transactions contemplated hereby and thereby, and to own, lease or operate its property and to carry on its business as presently conducted and, to the extent required under
applicable Laws, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary, other than in such jurisdictions where the failure to
be so qualified would not reasonably be expected to have a Company Material Adverse Effect. 

  
 6 

 Section 3.02 Due Authorization. The execution, delivery and performance of this
Agreement by the Company has been duly and validly authorized by all necessary action of the Company. This Agreement and each agreement, document and instrument executed and delivered by or on behalf of the Company pursuant to this Agreement
constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of the Company, each enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other
similar Laws relating to creditors’ rights and general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 
 Section 3.03 Consents and Approvals. Except in connection with the IPO and the consummation of the Formation Transactions or as shall have been obtained on or prior to the Closing Date, no
consent, waiver, approval or authorization of, or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained by the Company in connection with the execution, delivery and performance of this Agreement
and the transactions contemplated hereby, except for those consents, waivers, approvals, authorizations or filings, the failure of which to obtain or to file would not reasonably be expected to have a Company Material Adverse Effect. 

Section 3.04 Tax Matters. At the effective time of the IPO and at the Closing, the Company shall be organized in a manner so
as to qualify for taxation as a REIT pursuant to Sections 856 through 860 of the Code. The Company intends to elect to be taxed and to operate in a manner that will allow it to qualify as a REIT for U.S. federal income tax purposes commencing with
its taxable year ending December 31 of the year in which the Closing takes place. 
 Section 3.05 No Violation.
None of the execution, delivery or performance of this Agreement, any agreement contemplated hereby between the parties to this Agreement and the transactions contemplated hereby between the parties to this Agreement does or will, with or without
the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination, acceleration, cancellation, or other right under, (a) the Organizational
Documents of the Company, (b) any agreement, document or instrument to which the Company is a party or by which the Company is bound or (c) any term or provision of any judgment, order, writ, injunction, or decree binding on the Company
(or its assets or properties), except, in the case of clause (b) and (c), any such breaches or defaults that would not reasonably be expected to have a Company Material Adverse Effect. 

Section 3.06 Validity of Company Shares. The Company Shares, when issued and delivered pursuant to the terms of this
Agreement for the consideration described in this Agreement, will be duly authorized and validly issued by the Company, free and clear of all Liens created by the Company (other than Liens created by the Organizational Documents of the Company, this
Agreement and under applicable securities laws). 

  
 7 

 Section 3.07 Litigation. There is no action, suit or proceeding pending or, to
the Company’s Knowledge, threatened against the Company, the Operating Partnership or any of their Subsidiaries which is reasonably expected to have a Company Material Adverse Effect, or which challenges or impairs the ability of the Company to
execute or deliver, or perform its obligations under, this Agreement and the documents executed by it pursuant to this Agreement or to consummate the transactions contemplated hereby or thereby. 

Section 3.08 Limited Activities. Except for activities in connection with the IPO or the Formation Transactions or in the
ordinary course of business, the Company, the Operating Partnership and their Subsidiaries have not engaged in any material business or incurred any material obligations. 
 Section 3.09 Broker. None of the Company or any of their members, partners, general partners, officers, directors or employees, to the extent applicable, has entered into any agreement with
any broker, finder, or similar agent of any Person or firm that will result in the obligation of any Stockholder to pay any finder’s fees, brokerage fees or commissions or similar payment in connection with the transactions contemplated by this
Agreement. 
 Section 3.10 No Other Representations or Warranties. Other than the representations and warranties
expressly set forth in this Article III, the Company shall not be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER 
 Except as disclosed in the disclosure letter delivered to the Company by the Stockholder on the date hereof (the “Disclosure Letter”), the Stockholder, hereby represents and warrants to
the Company as set forth below, which representations are true and correct as of the date hereof (or such other date specifically set forth below) and as of the Closing as if made again at that time (except to the extent that any representation or
warranty only speaks as of an earlier date, in which case it is true and correct as of that earlier date): 
 Section 4.01
Organization; Authority. 
 (a) Forum is a corporation duly organized, validly existing and in good standing under the
Laws of the State of Delaware. Forum has all requisite power and authority to own, lease or operate its assets and to carry on its business as presently conducted and, to the extent required under applicable Laws, is qualified to do business and is
in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary, other than in such jurisdictions where the failure to be so qualified would not reasonably be expected to
have a Seller Material Adverse Effect. 
 (b) Section 4.01(b) of the Disclosure Letter, sets forth as of the date
hereof, with respect to Forum, (i) the name and the jurisdiction of organization or incorporation, as the case may be, of each Subsidiary of Forum (“Forum Subsidiary”) and (ii) the ownership interest of Forum or another
Forum Subsidiary in each such Forum Subsidiary. Each Forum Subsidiary 

  
 8 

 
has been duly organized or formed and is validly existing under the laws of its jurisdiction of organization or formation, as applicable, has all power and authority to own, lease or operate its
property and to carry on its business as presently conducted and, to the extent required under applicable Laws, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its
property make such qualification necessary, except where the failure to be so qualified would not reasonably be expected to have a Seller Material Adverse Effect. 
 (c) Forum or Forum Subsidiaries, directly or indirectly, own the equity interests in the Persons set forth on Section 4.01(c) of the Disclosure Letter (together with the Subsidiaries of such
Persons, the “JV Entities”) in the stated percentage set forth on Section 4.01(c) of the Disclosure Letter. 
 Section 4.02 Due Authorization. The execution, delivery and performance of this Agreement by the Stockholder have been duly and validly authorized by all necessary action required of the
Stockholder. This Agreement and each agreement, document and instrument executed and delivered by or on behalf of the Stockholder pursuant to this Agreement constitutes, or when executed and delivered will constitute, the legal, valid and binding
obligation of the Stockholder, each enforceable against the Stockholder in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’ rights and general principles of equity
(regardless of whether enforcement is sought in a proceeding in law or in equity). 
 Section 4.03 Ownership of Forum
Shares. The Stockholder is the owner of the Forum Shares set forth opposite the Stockholder’s name on Section 4.03 of the Disclosure Letter and has the power and authority to transfer, sell, assign and convey to the Company such
Forum Shares free and clear of any Liens and, upon delivery of the consideration for such Forum Shares as provided herein, the Company will acquire good and valid title thereto, free and clear of any Liens. Except as set forth on
Section 4.03 of the Disclosure Letter, there are no, and, as of the Closing, there will not be any outstanding equity interests in Forum or any rights, subscriptions, warrants, options, conversion rights, preemptive rights, agreements,
instruments or understandings of any kind outstanding entitling any Person to acquire any equity interests in Forum. Except as provided for or contemplated by this Agreement or any other agreements referenced herein, there are no, and, as of the
Closing, there will not be any rights, subscriptions, warrants, options, conversion rights, preemptive rights, agreements, instruments or understandings of any kind outstanding entitling any Person to acquire any equity interests in Forum, any Forum
Subsidiary or any JV Entity, except pursuant to Permitted Liens or rights established pursuant to the terms of the Organizational Documents and related agreements with respect to Forum, the Forum Subsidiaries and JV Entities that have been
previously disclosed to the Company. 
 Section 4.04 Consents and Approvals. Except as shall have been satisfied on
or prior to the Closing Date, no consent, waiver, approval or authorization of, or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained by the Stockholder, Forum, any Forum Subsidiary or any JV
Entity in connection with the execution, delivery and performance of this Agreement and the transactions contemplated hereby, except, with respect to consents, waivers, approvals, authorizations or filings required to be obtained or

  
 9 

 
made by Forum, any Forum Subsidiary or any JV Entity, for those consents, waivers, approvals, authorizations or filings, the failure of which to obtain or to file would not reasonably be expected
to have a Seller Material Adverse Effect. 
 Section 4.05 Taxes. 

(a) Forum, each Forum Subsidiary and each JV Entity has timely filed, or will timely file, all Tax Returns required to be filed by it
(after giving effect to any filing extension properly granted by a Governmental Authority having authority to do so) in accordance with all applicable Laws. All such Tax Returns are correct and complete in all material respects, and Forum, each
Forum Subsidiary and each JV Entity has paid (or had paid on its behalf) all Taxes required to be paid by it (whether or not shown on such Tax Returns), and no deficiencies for any Taxes have been proposed, asserted or assessed in writing against
Forum, any Forum Subsidiary or any JV Entity, and no requests for waivers of the time to assess any such Taxes are pending and no such waivers have been granted. 
 (b) There are no Liens as a result of any unpaid Taxes (other than statutory liens for Taxes not yet due and payable) upon any of the assets or property of Forum, any Forum Subsidiary or any JV Entity.

 (c) Except as would not reasonably be expected to have a Seller Material Adverse Effect, there are no pending or, to such
Stockholder’s knowledge, threatened audits, assessments or other actions for or relating to a liability in respect of income or non-income Taxes of Forum, any Forum Subsidiary or any JV Entity. 

(d) Forum holds cash or cash equivalents (excluding any cash or cash equivalents taken into account in the net amount of tangible assets
and liabilities set forth in Section 4.16 of the Disclosure Letter) in an amount that is at least equal to (A) the unpaid Taxes owed by it for all taxable periods ending on or prior to the Closing Date and (B) with respect to
any income Tax period that begins prior to the Closing Date, but does not end on the Closing Date, the unpaid income Taxes owed by it for the portion of such taxable period ending on the Closing Date based on an interim closing of the books.

 (e) None of Forum or any Forum Subsidiary is or ever has been a party to or bound by, or could have any liability under, any
Tax indemnity agreement, Tax sharing agreement, Tax allocation agreement or similar contract or arrangement (other than commercial agreements entered into in the ordinary course of business, the principal purpose of which is not related to Taxes).

 (f) None of Forum or any Forum Subsidiary has any liability for Taxes of any Person arising from the application of Treasury
Regulations Section 1.1502-6 or any analogous provision of state, local or foreign law (other than in respect of being a member of a consolidated group the common parent of which is Forum), or as a transferee or successor. 

Section 4.06 No Violation. None of the execution, delivery or performance of this Agreement, any agreement contemplated
hereby between the parties to this Agreement and the transactions contemplated hereby between the parties to this Agreement does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or

  
 10 

 
constitute a default under or give to others any right of termination, acceleration, cancellation or other right under, (a) the Organizational Documents of Forum, any Forum Subsidiary or any
JV Entity (b) any agreement, document or instrument to which Forum, any Forum Subsidiary or any JV Entity is a party or by which Forum, any Forum Subsidiary or any JV Entity are bound or (c) any term or provision of any judgment, order,
writ, injunction, or decree binding on Forum, any Forum Subsidiary or any JV Entity (or its assets or properties), except, in the case of clause (b) and (c), any such breaches or defaults that would not reasonably be expected to have a Seller
Material Adverse Effect. 
 Section 4.07 Solvency. Forum and the Stockholder have been and will be solvent at all
times prior the transfer of the Stockholder’s Forum Shares to the Company. No bankruptcy or similar insolvency proceeding has been filed or is currently contemplated by the Stockholder, Forum, any Forum Subsidiary or any JV Entity. 

Section 4.08 Litigation Except for actions, suits or proceedings covered by the policies of insurance described in
Section 4.11, as of the date hereof, there is no action, suit or proceeding pending or, to the Stockholder’s knowledge, threatened against Forum, any Forum Subsidiary or any JV Entity which, if adversely determined, would,
individually or together with all such other actions, reasonably be expected to have a Seller Material Adverse Effect. As of the date hereof, there is no action, suit or proceeding pending or, to the Stockholder’s knowledge, threatened against
the Stockholder, Forum, any Forum Subsidiary or any JV Entity which challenges or impairs the ability of the Stockholder to execute or deliver, or perform its obligations under this Agreement or to consummate the transactions contemplated hereby.

 Section 4.09 Licenses and Permits To the Stockholder’s knowledge, all notices, licenses, permits,
certificates and authorizations required for the continued use, occupancy, management, leasing and operation of the Properties have been obtained or can be obtained without material cost, are in full force and effect, are in good standing and (to
the extent required in connection with the transactions contemplated by this Agreement) are assignable to the Company, except in each case for items that would not, individually or in the aggregate, reasonably be expected to have a Seller Material
Adverse Effect. To the Stockholder’s knowledge, neither the Stockholder, Forum, any Forum Subsidiary, any JV Entity nor any third party has taken any action that (or failed to take any action the omission of which) would result in the
revocation of any such notice, license, permit, certificate or authorization where such revocation or revocations would, individually or in the aggregate, reasonably be expected to have a Seller Material Adverse Effect, nor has any of them received
within the past one year any written notice of violation from any Governmental Authority or written notice of the intention of any entity to revoke any of them, that in each case has not been cured or otherwise resolved to the satisfaction of such
Governmental Authority and that would not, individually or in the aggregate, reasonably be expected to have a Seller Material Adverse Effect. 
 Section 4.10 Properties. 
 (a) The Properties are owned directly, in
fee simple, by the Persons set forth on Section 4.10 of the Disclosure Letter or their direct or indirect wholly owned subsidiaries. Each Forum Subsidiary or JV Entity (or direct or indirectly wholly owned subsidiary of such JV Entity)
listed as owning a Property on Section 4.10 of the Disclosure Letter is insured under a 

  
 11 

 
policy of title insurance as the owner of the fee simple estate (or, in the case of certain Properties, the leasehold estate) of such Property, in each case free and clear of all Liens except for
Permitted Liens and Liens, if any, given to secure mortgage indebtedness encumbering such Property. Prior to the effective time of the transactions contemplated in this Agreement, no Forum Subsidiary or JV Entity shall take or omit to take any
action to cause any Lien to attach to any Property, except for Permitted Liens and Liens, if any, given to secure mortgage indebtedness encumbering such Property. 
 (b) Except for matters that would not, individually or in the aggregate, reasonably be expected to have a Seller Material Adverse Effect, (i) no Forum Subsidiary, JV Entity, nor any other party to
any agreement affecting any Property to which Forum, a Forum Subsidiary or JV Entity is a party (other than a Lease (as such term is hereinafter defined) for space within such Property), has given or received any notice of default with respect to
any term or condition of any such agreement, including, without limitation, any ground lease, (ii) no event has occurred or has been threatened in writing, which with or without the passage of time or the giving of notice, or both, would,
individually or together with all such other events, constitute a default under any such agreement, or would, individually or together with all such other events, reasonably be expected to cause the acceleration of any material obligation of any
party thereto or the creation of a Lien upon any asset of Forum, any Forum Subsidiary or any JV Entity, except for Permitted Liens, and (iii) all agreements affecting any Property required for the continued use, occupancy, management, leasing
and operation of such Property (exclusive of space leases) are valid and binding and in full force and effect. No Forum Subsidiary or JV Entity has granted an option or right of first refusal or offer pursuant to the leases with respect to the sale
of any Property. 
 (c) As presently conducted, none of the operation of the buildings, fixtures and other improvements
comprising a part of the Properties is in violation of any applicable building code, zoning ordinance or other law or regulation, except for such violations that would not, individually or in the aggregate, reasonably be expected to have a Seller
Material Adverse Effect. Neither Forum nor any Forum Subsidiary nor any JV Entity has received any written notice from a Governmental Authority of any pending or threatened proceedings for the rezoning (i.e., as opposed to the current zoning) of any
Property or portion thereof which would substantially and materially impair the current or proposed use thereof. 
 (d) Except
for matters that would not, individually or in the aggregate, reasonably be expected to have a Seller Material Adverse Effect, (i) to the Stockholder’s knowledge, Forum nor any Forum Subsidiary nor any JV Entity, nor any other party to any
Lease, has given or received any notice of default with respect to any term or condition of any such Lease, (ii) to the Stockholder’s knowledge, no event has occurred or has been threatened in writing, which with or without the passage of
time or the giving of notice, or both, would, individually or together with all such other events, constitute a default under any Lease, or would, individually or together with all such other events, reasonably be expected to cause the acceleration
of any material obligation of any party thereto or the creation of a Lien upon any asset of Forum, any Forum Subsidiary or any JV Entity, except for Permitted Liens, and (iii) each of the leases (and all amendments thereto or modifications
thereof) to which Forum, any Forum Subsidiary or any JV Entity is a party or by which Forum, any Forum Subsidiary or any JV Entity or any Property is bound or subject (collectively, the “Leases”) is and will be valid and binding and
in full force and effect. 

  
 12 

 (e) Except for matters that would not, individually or in the aggregate, reasonably be
expected to have a Seller Material Adverse Effect, each of the Leases to which any Forum Subsidiary or JV Entity is a party or by which any Forum Subsidiary, JV Entity or any Property is bound or subject, is in full force and effect, and constitutes
the legal, valid and binding obligation of the applicable Forum Subsidiary or JV Entity, and to the Stockholder’s knowledge, each other party thereto, enforceable against each Forum Subsidiary or JV Entity, and to the Stockholder’s
knowledge, each other party thereto, in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general
principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 
 (f) To the
Stockholder’s knowledge, no tenant under any such Lease is presently the subject of any voluntary or involuntary bankruptcy or insolvency proceedings, except for matters that would not, individually or in the aggregate, reasonably be expected
to have a Seller Material Adverse Effect. 
 Section 4.11 Insurance. The applicable Forum Subsidiary or JV Entity
has in place the public liability, casualty and other insurance coverage with respect to each Property as Forum reasonably deems necessary. Each of the insurance policies with respect to the Properties is in full force and effect in all material
respects and none of the applicable Forum Subsidiary or JV Entity is in default (in any material respect) under any such policies. 
 Section 4.12 Environmental Matters. Except for matters that would not, individually or in the aggregate, reasonably be expected to have a Seller Material Adverse Effect (a) Forum, the
Forum Subsidiaries and the JV Entities are in compliance with all applicable Environmental Laws, (b), neither Forum nor any Forum Subsidiary nor any JV Entity have received within the past three years any written notice from any Governmental
Authority or third party alleging that Forum, any Forum Subsidiary, any JV Entity or any Property is not in compliance with applicable Environmental Laws, and (c) there has not been a release of a hazardous substance on any Property that would
require investigation or remediation under applicable Environmental Laws. The representations and warranties contained in this Section 4.12 constitute the sole and exclusive representations and warranties made by the Stockholder
concerning environmental matters. 
 Section 4.13 Investment. The Stockholder acknowledges that the offering and
issuance of the Company Shares to be acquired by the Stockholder pursuant to this Agreement are intended to be exempt from registration under the Securities Act and that the Company’s reliance on such exemptions is predicated in part on the
accuracy and completeness of the representations and warranties of the Stockholder contained herein. In furtherance thereof, the Stockholder represents and warrants to the Company as follows: 

(a) The Stockholder is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D promulgated
under the Securities Act). 

  
 13 

 (b) The Stockholder is acquiring the Company Shares solely for its own account for the
purpose of investment and not as a nominee or agent for any other Person and not with a view to, or for offer or sale in connection with, any distribution of any thereof in violation of the securities Laws. 

(c) The Stockholder acknowledges that the Company Shares have not been registered under the Securities Act and, therefore, may not be
sold unless registered under the Securities Act or an exemption from registration is available. 
 Section 4.14
Broker. None of any Stockholder, Forum, any Forum Subsidiary, any JV Entity, or any of their respective managing members, members, partners, general partners, officers directors or employees, to the extent applicable, has entered into any
agreement with any broker, finder, or similar agent of any Person or firm that will result in the obligation of the Company, the Operating Partnership or any of their Affiliates to pay any finder’s fees, brokerage fees or commissions or similar
payment in connection with the transactions contemplated by this Agreement or other Formation Transactions. 
 Section 4.15
Eminent Domain. There is no existing or, to the Stockholder’s knowledge threatened, in writing condemnation, eminent domain or similar proceeding that would affect any of the Properties. Neither the Stockholder nor any Forum Subsidiary
nor any JV Entity has received any written notice from a Governmental Authority of any pending or threatened condemnation, eminent domain or similar proceeding that would affect any of the Properties. 

Section 4.16 Assets and Liabilities. Section 4.16 of the Disclosure Letter accurately sets forth, in all material
respects, as of June 30, 2014 and September 30, 2014, (a) all outstanding indebtedness of Forum, the Forum Subsidiaries and each JV Entity, (b) all interest rate swap liabilities of such entities and (c) the net amount of
all other tangible assets and liabilities of such entities (other than deferred tax liabilities, if any, and their interests in the Properties), which consists of cash, cash equivalents, accounts receivable and accounts payable. Except for
distributions set forth on Section 4.16 of the Disclosure Letter (“Permitted Distributions”) or as contemplated by this Agreement (“Permitted Activities”), since September 30, 2014, Forum has not
(i) made any distributions or (ii) entered into any transactions with an Affiliate other than on an arm’s-length basis. Section 4.16 of the Disclosure Letter accurately sets forth all contributions made to Forum by the
Stockholder since September 30, 2014. 
 Section 4.17 No Other Representations or Warranties. Other than the
representations and warranties expressly set forth in this Article IV, the Stockholder shall not be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby. 

ARTICLE V 

INDEMNIFICATION 
 Section 5.01 Company Indemnification. Subject to the indemnification limitations set forth in this Agreement, from and after the Closing Date, the Company shall indemnify and hold

  
 14 

 
harmless the Stockholder and his agents, representatives and Affiliates (each of which is a “Stockholder Indemnified Party”) from and against any and all charges, complaints,
claims, actions, causes of action, losses, damages, liabilities and expenses of any nature whatsoever arising out of or relating to, asserted against, imposed upon or incurred by the Stockholder Indemnified Party in connection with or as a result of
any breach of a representation, warranty or covenant of the Company contained in this Agreement or in any schedule, exhibit, certificate or affidavit or any other document delivered by the Company pursuant to this Agreement, including without
limitation, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, costs of investigative judicial or administrative proceedings or appeals therefrom and costs of attachment or similar bonds (collectively,
“Losses”), to the extent the Stockholder’s Losses exceed the greater of (i) 4.5% of the Company Cap or (ii) $250,000, in each case in the aggregate; provided, however, that the Company shall not have any
obligation under this Section 5.01 to indemnify any Stockholder Indemnified Party against any Losses to the extent that such Losses arise by virtue of the Stockholder’s breach of this Agreement, gross negligence, willful misconduct
or fraud. 
 Section 5.02 Stockholder Indemnification. Subject to the indemnification limitations set forth in this
Agreement, from and after the Closing Date, the Indemnity Holdback Amount shall be used to indemnify and hold harmless the Company, the Operating Partnership and each of their respective directors, officers, employees, agents, representatives and
Affiliates (each of which is a “Company Indemnified Party”) from and against any and all Losses in excess of (i) 4.5% of the Indemnity Holdback Amount or (ii) $250,000, in each case in the aggregate (the
“Deductible”), arising out of or relating to, asserted against, imposed upon or incurred by such Company Indemnified Party in connection with or as a result of any breach of a representation, warranty or covenant of the Stockholder
or in any schedule, exhibit, certificate or affidavit or any other document delivered by the Stockholder pursuant to this Agreement; provided, however, that the Stockholder shall not have any obligation under this
Section 5.02 to indemnify any Company Indemnified Party against any Losses to the extent that such Losses arise by virtue of the Company’s breach of this Agreement, gross negligence, willful misconduct or fraud; provided
further, however, that, to the extent such Losses relate to breach of a representation, warranty or covenant of the Stockholder regarding a Person or the assets and liabilities of a Person that the Company or the Operating Partnership has
or acquires an interest in from a Person other than the Stockholder, the indemnification pursuant to this Section 5.02 shall be limited to the portion of such Losses attributable to the interest acquired from the Stockholder pursuant to
this Agreement. The Stockholder hereby grants to the Company a security interest in the Company Shares held as the Indemnity Holdback Amount to secure the indemnification obligations set forth in this Section 5.02. 

Section 5.03 Notice of Claims At the time when any Stockholder Indemnified Party or Company Indemnified Party, as applicable,
(as applicable, an “Indemnified Party”) learns of any potential claim (a “Claim”) under this Article V that is asserted against the Indemnified Party that is subject to indemnification by the Company or in
respect of the Stockholder from the Indemnity Holdback Amount, as applicable, under this Article V (as applicable, the “Indemnifying Party”), such Indemnified Party will promptly give written notice (a “Claim
Notice”) to the Indemnifying Party (or in the case of the Company Indemnified Parties, to the Stockholder); provided that failure to do so shall not prevent recovery under this Agreement, except to the extent that the Indemnifying
Party shall have been materially prejudiced by such 

  
 15 

 
failure. Each Claim Notice shall describe in reasonable detail the facts known to the Indemnified Party giving rise to such Claim, and the amount or good faith estimate of the amount of Losses
arising therefrom. Unless prohibited by Law, the Indemnified Party shall deliver to the Indemnifying Party (or in the case of the Company Indemnified Parties, to the Stockholder), promptly after the Indemnified Party’s receipt thereof, copies
of all notices and documents (including court papers) received by the Indemnified Party relating to a Third Party Claim, and failure to do so shall prevent recovery under this Agreement to the extent that the Indemnifying Party shall have been
materially prejudiced by such failure. 
 Section 5.04 Third Party Claims. The Indemnifying Party (through the
Stockholder in the event the Indemnified Party is a Company Indemnified Party) shall be entitled, at its own expense, to assume and control the defense of any Claims based on claims asserted by third parties (“Third Party Claims”),
through counsel chosen by the Indemnifying Party (or in the case of the Company Indemnified Parties, by the Stockholder), if it gives written notice of its intention to do so to the Indemnified Parties within thirty (30) days of the receipt of
the applicable Claim Notice; provided, however, that the Indemnified Parties may at all times participate in such defense at their expense provided, further, that if any such Third Party Claim relates to Taxes of Forum, any
Forum Subsidiary or any JV Entity or seeks non-monetary damages or asserts damages in excess of the Indemnity Holdback Amount against a Company Indemnified Party, then, notwithstanding anything in this Agreement to the contrary, the Company (or a
Subsidiary of the Company) shall have the right to control any such Third Party Claim. Without limiting the foregoing, in the event that the Indemnifying Party exercises the right to undertake any such defense against a Third Party Claim, the
Indemnified Party shall cooperate with the Indemnifying Party in such defense and make available to the Indemnifying Party (unless prohibited by Law), at the Indemnifying Party’s expense, all witnesses, pertinent records, materials and
information in the Indemnified Party’s possession or under the Indemnified Party’s control relating thereto as is reasonably required by the Indemnifying Party. No compromise or settlement of such Third Party Claim may be effected by
either the Indemnified Party, on the one hand, or the Indemnifying Party (or in the case of the Company Indemnified Parties, the Stockholder), on the other hand, without the other’s consent (which shall not be unreasonably withheld or delayed)
unless (a) there is no finding or admission of any violation of Law and no effect on any other claims that may be made against such other party, and (b) each Indemnified Party that is party to such claim is released from all liability with
respect to such claim; provided that the Stockholder shall be deemed to have consented to any proposed compromise or settlement to which it has not objected to by written notice within 30 days after notice of such proposed compromise or
settlement was provided by a Company Indemnified Party. 
 Section 5.05 Survival of Representations and Warranties.
All representations and warranties of the Stockholder and the Company, as applicable, contained in this Agreement shall survive after the Closing until the first anniversary of the Closing Date (the “Expiration Date”). If written
notice of a Claim in accordance with the provisions of Section 5.03 has been given prior to the Expiration Date, then the relevant representation and warranty shall survive, but only with respect to such specific Claim, until such Claim
has been finally resolved. Any claim for indemnification not so asserted in writing by the Expiration Date may not thereafter be asserted and shall forever be waived. 

  
 16 

 Section 5.06 Establishment of Indemnity Holdback Escrow. On the Closing Date,
the Company shall deposit the Indemnity Holdback Amount in accordance with the terms and conditions of the Escrow Agreement. The Company agrees that the Company Shares that comprise the Indemnity Holdback Amount may be released or collateral
substituted for such Company Shares in accordance with the terms of the Escrow Agreement. 
 Section 5.07 Exclusive
Remedy. 
 (a) Except as set forth in Sections 2.07 and 6.03, the sole and exclusive remedy for Company
Indemnified Parties for any breach, misrepresentation or other matters relating to or arising in connection with this Agreement and any of the agreements, documents or instruments executed and delivered in connection herewith and any of the
transactions contemplated hereby shall be indemnification pursuant to the provisions of this Article V and the Stockholder shall not be liable or obligated to make payments under this Agreement to the extent such payments in the aggregate
exceed the Indemnity Holdback Amount. 
 (b) The sole and exclusive remedy for Stockholder Indemnified Parties for any breach,
misrepresentation or other matters relating to or arising in connection with this Agreement and any of the agreements, documents or instruments executed and delivered in connection herewith and any of the transactions contemplated hereby shall be
indemnification pursuant to the provisions of this Article V and the Company shall not be liable or obligated to make payments under this Agreement to the extent such payments in the aggregate exceed the dollar amount obtained by multiplying
the number of Company Shares included in the Indemnity Holdback Amount by the Price to the Public (the “Company Cap”). 
 Section 5.08 Tax Treatment. All indemnity payments made hereunder shall be treated as adjustments to the consideration paid hereunder for U.S. federal income tax purposes, unless otherwise
required by applicable Laws. 
 ARTICLE VI 
 COVENANTS AND OTHER AGREEMENTS 
 Section 6.01 Covenants of the
Stockholder. From the date hereof through the Closing, except as otherwise provided for or as contemplated by this Agreement, the Stockholder shall cause Forum, the Forum Subsidiaries and JV Entities, to the extent Forum or the Forum
Subsidiaries control such JV Entities, to use commercially reasonable efforts to conduct their business and operate and maintain the Properties in the ordinary course, consistent with past practices. In addition, the Stockholder shall cause Forum
to: 
 (a) not make any distributions to the Stockholder, other than Permitted Distributions, or issue any additional equity
interests; 
 (b) except for Permitted Activities, will not enter into any transactions with an Affiliate other than on an
arm’s-length basis; 
 (c) will not sell, transfer or otherwise dispose of the Property Interests; and 

(d) will not mortgage, pledge, hypothecate, encumber (or permit to become encumbered) all or any portion of the Property Interests except
for Permitted Liens. 

  
 17 

 Section 6.02 Commercially Reasonable Efforts By the Company and the Stockholder.
Each of the Company and the Stockholder shall use commercially reasonable efforts and cooperate with each other in (a) promptly determining whether any filings are required to be made or consents, approvals, waivers, permits or authorizations
are required to be obtained (under any applicable Laws or regulation or from any Governmental Authority or third party) in connection with the transactions contemplated by this Agreement, and (b) promptly making any such filings, in furnishing
information required in connection therewith and in timely seeking to obtain any such consents, approvals, waivers, permits or authorizations. 
 Section 6.03 Liability for Transfer Taxes. The Stockholder agrees to indemnify the Company for any Incremental Transfer Taxes incurred as a result of any direct or indirect transfers of
the Company Shares or interests therein within two years after the IPO Closing Date. The Stockholder hereby grants a security interest in 50% of the Company Shares received by the Stockholder to the Company and hereby irrevocably appoints the
Company, and any of its agents, officers, or employees as its attorney-in fact, which shall be deemed coupled with an interest, with full power to prepare, execute and deliver any documents, instruments and agreements as may be appropriate to
perfect and continue such security interest in favor of the Company. The security interest granted pursuant to this Section 6.03 shall attach to the Company Shares that are not included in the Indemnity Holdback Amount. The Company
agrees that the security interest in the Company Shares may be released, or collateral may be substituted, in accordance with the terms of the Escrow Agreement. 
 Section 6.04 Tax Covenants. 
 (a) The Stockholder shall provide the
Company with such reasonable cooperation and information relating to Forum, any Forum Subsidiary and any JV Entity as the Company reasonably requires in (i) filing any Tax Return, amended Tax Return or claim for Tax refund,
(ii) determining any liability for Taxes or a right to a Tax refund, (iii) conducting or defending any proceeding in respect of Taxes or (iv) performing Tax diligence, including with respect to the impact of the transactions
contemplated herein on the Company’s qualification as a REIT for U.S. federal income Tax purposes. 
 (b) The Company shall
be responsible for the prosecution of any claim or audit instituted after the Closing Date with respect to Taxes of Forum, any Forum Subsidiary or any JV Entity attributable to any taxable period, or portion thereof, ending on or before the Closing
Date. 
 Section 6.05 Permitted Transfer. The Stockholder agrees and acknowledges that the transactions contemplated
by this Agreement, including the purchase and sale of the Forum Shares, shall be deemed a Permitted Transfer (as such term is defined in Article Sixth of the Restated Certificate of Incorporation of Forum). 

  
 18 

 ARTICLE VII 
 GENERAL PROVISIONS 
 Section 7.01 Notices. All notices and
other communications under this Agreement shall be in writing and shall be deemed given when (a) delivered personally, (b) five (5) Business Days after being mailed by certified mail, return receipt requested and postage prepaid,
(c) one (1) Business Day after being sent by a nationally recognized overnight courier or (d) transmitted by facsimile if confirmed within 24 hours thereafter by a signed original sent in the manner provided in clause (a),
(b) or (c) to the parties at the following addresses (or at such other address for a party as shall be specified by notice from such party): 
 (a) if to the Company to: 
 Paramount Group, Inc. 

1633 Broadway, Suite 1801 
 New York, NY 10011 
 Facsimile:  (212) 237-3197 

Attention:  General Counsel 
 (b) If to the Stockholder: 
 c/o CURA Vermögensverwaltung,
G.m.b.H. & Co. KG 
 Werner-Otto-Straße 1-7 

D-22179 Hamburg, Germany 
 Attention: Thomas Armbrust 
 Fax: +49-40-6461-2960 

Section 7.02 Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

(a) “Affiliate” means, with respect to any Person, a Person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with the specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and
“under common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise. 
 (b) “Business Day” means any day that is not a
Saturday, Sunday or legal holiday in the State of New York. 
 (c) “Code” means the Internal Revenue Code of
1986, as amended, together with the rules and regulations promulgated or issued thereunder. 

  
 19 

 (d) “Company’s Knowledge” means the actual knowledge (without
obligation to conduct due inquiry) of Albert Behler, David Spence, and Gage Johnson of the matter in question (and not their constructive or imputed knowledge). 
 (e) “Company Material Adverse Effect” means a material adverse effect on the assets, business, financial condition or results of operations of the Company and the Operating Partnership
and their Subsidiaries, taken as a whole, giving effect to the Formation Transactions and the IPO. 
 (f) “Environmental
Laws” means all federal, state and local Laws governing pollution or the protection of human health or the environment. 
 (g) “Governmental Authority” means any government or agency, bureau, board, commission, court, department, official, political subdivision, tribunal or other instrumentality of any
government, whether federal, state or local, domestic or foreign. 
 (h) “Incremental Transfer Taxes” means any
additional transfer taxes attributable to the transactions contemplated by this Agreement and the other Formation Transactions as a result of the failure of any such transaction to qualify as a “real estate investment trust transfer” under
New York Tax Law section 1402 or under New York City Administrative Code section 11-2102 due to direct or indirect transfers of the Company Shares received pursuant to this Agreement occurring within two years after the IPO Closing Date. 

(i) “IPO Closing Date” means the Closing Date of the IPO. 

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

(l) “Organizational Documents” means with respect to any entity, the certificate of formation, limited liability company
agreement, or operating agreement, certificate of incorporation, bylaws, certificate of limited partnership, limited partnership agreement and any other governing instrument, as applicable. 

(m) “Permitted Liens” means (i) Liens for unpaid Taxes (other than statutory liens for Taxes not yet due and
payable); (ii) zoning Laws generally applicable to the districts in which the Properties are located; (iii) easements for public utilities, encroachments, rights of access and/or other non-monetary matters that do not materially interfere
with the use of the Properties; (iv) Liens securing Permitted Activities; (v) Liens arising in the ordinary course of business; (vii) Liens securing indebtedness outstanding as of September 30, 2014 or incurred on an arms’
length basis thereafter and (viii) any exceptions contained in the title policies relating to the Properties as of the Closing Date. 
 (n) “Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization or other entity. 

  
 20 

 (o) “Price to the Public” means the public offering price of a share of
Company Common Stock sold in the IPO as shown on the cover page of the final prospectus forming part of the registration statement pursuant to which the shares of Company Common Stock offered in the IPO were registered under the Securities Act.

 (p) “Registration Statement” means the Company’s registration statement on Form S-11, as amended from
time to time, as filed with the SEC. 
 (q) “Securities Act” means the Securities Act of 1933, as amended, the
rules and regulations promulgated thereunder. 
 (r) “Seller Material Adverse Effect” means a material adverse
effect on the assets, business, financial condition or results of operation of Forum and the Forum Subsidiaries, taken as a whole. 
 (s) “Subsidiary” of any Person means any corporation, partnership, limited liability company, joint venture, trust or other legal entity of which such Person owns (either directly or
through or together with another direct or indirect Subsidiary of such Person) either (i) a general partner, managing member or other similar interest, or (ii) (A) 50% or more of the voting power of the voting capital stock or other
equity interests, or (B) 50% or more of the outstanding voting capital stock or other voting equity interests of such corporation, partnership, limited liability company, joint venture or other legal entity. 

(t) “Tax” (and, with its correlative meaning, “Taxes”) means any and all taxes, including any interest,
penalties, or other additions to tax that may become payable in respect thereof, which taxes shall include, without limiting the generality of the foregoing, all income taxes, profits taxes, taxes on gains, alternative minimum taxes, estimated
taxes, payroll taxes, employee withholding taxes, unemployment insurance taxes, social security taxes, welfare taxes, disability taxes, severance taxes, license charges, taxes on stock, sales taxes, use taxes, ad valorem taxes, value added taxes,
excise taxes, franchise taxes, gross receipts taxes, business license taxes, occupation taxes, real or personal property taxes, unclaimed property taxes, stamp taxes, environmental taxes, transfer taxes, workers’ compensation taxes, windfall
taxes, net worth taxes, and other taxes, fees, duties, levies, customs, tariffs, imposts, assessments, obligations and charges of the same or of a similar nature to any of the foregoing. 

(u) “Tax Return” means any return, statement, schedule, declaration, claim for refund, report, document or form filed or
required to be filed with respect to Taxes, including any amendment, attachment and supplement thereof. 
 Section 7.03
Counterparts. This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to each other
party. All counterparts shall collectively constitute one agreement (or amendment, as applicable). The exchange of counterparts of this Agreement among the parties by means of facsimile transmission or by electronic transmission (pdf) which shall
contain authentic reproductions, shall constitute a valid exchange of this Agreement and shall be binding upon the parties hereto. 

  
 21 

 Section 7.04 Entire Agreement; Third-Party Beneficiaries. This Agreement and the
Escrow Agreement, including, without limitation, the exhibits and schedules hereto and thereto, constitute the entire agreement and supersedes each prior agreement and understanding, whether written or oral, among the parties regarding the subject
matter of this Agreement. This Agreement is not intended to confer any rights or remedies on any Person other than the parties hereto. 
 Section 7.05 Governing Law. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York, regardless of any Laws that might otherwise govern under
applicable principles of conflicts of laws thereof. 
 Section 7.06 Assignment. This Agreement shall be binding
upon, and shall be enforceable by and inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation of
law) by any party without the prior written consent of the other parties, and any attempted assignment without such consent shall be null and void and of no force and effect, except that the Company may assign its rights and obligations hereunder to
an Affiliate. 
 Section 7.07 Jurisdiction. The parties hereto hereby (a) submit to the exclusive jurisdiction
of the United States District Court for the Southern District of New York or any New York state court sitting in New York City, New York, with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent
such courts would have subject matter jurisdiction with respect to such dispute, and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the
jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 7.08 Dispute Resolution. The parties intend that this Section 7.08 will be valid, binding, enforceable, exclusive and irrevocable and that it shall survive any termination
of this Agreement. 
 (a) Upon any dispute, controversy or claim arising out of or relating to this Agreement or the
enforcement, breach, termination or validity thereof (“Dispute”), the party raising the Dispute will give written notice to the other parties to the Dispute describing the nature of the Dispute following which the parties to such
Dispute shall attempt for a period of ten (10) Business Days from receipt by the parties of notice of such Dispute to resolve such Dispute by negotiation between representatives of the parties hereto who have authority to settle such Dispute.
All such negotiations shall be confidential and any statements or offers made therein shall be treated as compromise and settlement negotiations for purposes of any applicable rules of evidence and shall not be admissible as evidence in any
subsequent proceeding for any purpose. The statute of limitations applicable to the commencement of a lawsuit shall apply to the commencement of an arbitration hereunder, except that no defense based on the running of

  
 22 

 
the statute of limitations will be available based upon the passage of time during any such negotiation. Regardless of the foregoing, a party shall have the right to seek immediate injunctive
relief pursuant to Section 7.08(c) below without regard to any such 10-day negotiation period. 
 (b) Any Dispute
(including the determination of the scope or applicability of this agreement to arbitrate) that is not resolved pursuant to Section 7.08(a) above shall be submitted to final and binding arbitration in New York before one neutral and
impartial arbitrator, in accordance with the Laws of the State of New York for agreements made in and to be performed in that State. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures. Within
fifteen (15) days following a demand for arbitration, the arbitrator shall be appointed by JAMS in accordance with its Comprehensive Arbitration Rules and Procedures, as in effect on the date hereof. The arbitrator shall designate the place and
time of the hearing. The hearing shall be scheduled to begin as soon as practicable and no later than sixty (60) days after the appointment of the arbitrator (unless such period is extended by the arbitrator for good cause shown) and shall be
conducted as expeditiously as possible. The award, which shall set forth the arbitrator’s findings of fact and conclusions of law, shall be filed with JAMS and mailed to the parties no later than thirty (30) days after the close of the
arbitration hearing. The arbitration award shall be final and binding on the parties and not subject to collateral attack. Judgment upon the arbitration award may be entered in any federal or state court having jurisdiction thereof. 

(c) Notwithstanding the parties’ agreement to submit all Disputes to final and binding arbitration before JAMS, the parties shall
have the right to seek and obtain temporary or preliminary injunctive relief in any court having jurisdiction thereof. Such courts shall have authority to, among other things, grant temporary or provisional injunctive relief in order to protect any
party’s rights under this Agreement. Without prejudice to such provisional remedies as may be available under the jurisdiction of a court, the arbitral tribunal shall have full authority to grant provisional remedies and to direct the parties
to request that any court modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the failure of any party to respect the arbitral tribunal’s orders to that effect. 

(d) The prevailing party shall be entitled to recover its costs and reasonable attorneys’ fees, and the non-prevailing party shall
pay all expenses and fees of JAMS, all costs of the stenographic record, all expenses of witnesses or proofs that may have been produced at the direction of the arbitrator, and the fees, costs, and expenses of the arbitrator. The arbitrator shall
allocate such costs and designate the prevailing party or parties for these purposes. 
 Section 7.09 Severability.
Each provision of this Agreement will be interpreted so as to be effective and valid under applicable Laws, but if any provision is held invalid, illegal or unenforceable under applicable Laws in any jurisdiction, then such invalidity, illegality or
unenforceability will not affect any other provision, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been included herein. 

  
 23 

 Section 7.10 Rules of Construction. 

(a) The parties hereto agree that they have been represented by counsel during the negotiation, preparation and execution of this
Agreement and, therefore, waive the application of any Law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 

(b) The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated,
be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and schedules of this
Agreement unless otherwise specified. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” All terms
defined in this Agreement shall have the defined meanings contained herein when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are applicable
to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Unless explicitly stated otherwise herein, any agreement, instrument or statute defined or referred to herein
or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time, amended, qualified or supplemented, including in the case of agreements and instruments) by waiver or consent and (in the
case of statutes) by succession of comparable successor statutes and all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. 

Section 7.11 Equitable Remedies. The parties agree that irreparable damage would occur to the Company, on the one hand, and
the Stockholder, on the other hand, in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Company, on the one hand, and the
Stockholder, on the other hand, shall be entitled to an injunction or injunctions to prevent breaches of this Agreement by the other party and to enforce specifically the terms and provisions hereof in any federal or state court located in New York,
this being in addition to any other remedy to which the parties entitled under this Agreement or otherwise at law or in equity. 

Section 7.12 Time of the Essence. Time is of the essence with respect to all obligations under this Agreement. 

Section 7.13 Descriptive Headings. The descriptive headings herein are inserted for convenience only and are not intended to
be part of or to affect the meaning or interpretation of this Agreement. 
 Section 7.14 No Personal Liability
Conferred. This Agreement shall not create or permit any personal liability or obligation on the part of any officer, director, partner, employee or shareholder of the Company. 

[Signature pages follow] 

  
 24 

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

							
	PARAMOUNT GROUP, INC., a Maryland corporation
			
		 	By:	 	 /s/ Albert Behler

		 		 	Name:	 	Albert Behler
		 		 	Title:	 	President and CEO

  
 [Signature
Page to Forum Stock Purchase Agreement] 

 
							
	STOCKHOLDER
			
		 	By:	 	 /s/ Frank Otto

		 		 	Name:	 	Frank Otto

  
 [Signature
Page to Forum Stock Purchase Agreement] 

 EXHIBIT A 
 List of Properties 
 [See attached] 

  
 A-1

 List of Properties 
 Fund I 
 1633 Broadway, New York, NY 

425 Eye Street, N.W. Washington, DC 

Fund III 
 900 Third Avenue, New
York, NY 
 31 West 52nd Street, New York, NY 
 1301 Avenue of the Americas, New York, NY 
 One Market Plaza, San Francisco, CA 

Fund IV 
 Liberty Place, 325
Seventh Street, NW, Washington DC 
 900 Third Avenue, New York, NY 
 1633 Broadway, New York, NY 
 2099 Pennsylvania Avenue, Washington, DC 

1899 Pennsylvania Avenue, Washington, DC 
 1301
Avenue of the Americas, New York, NY 
 Fund IV Cayman 
 Liberty Place, 325 Seventh Street, NW, Washington DC 
 900 Third Avenue, New York, NY 

1633 Broadway, New York, NY 
 2099 Pennsylvania
Avenue, Washington, DC 
 1899 Pennsylvania Avenue, Washington, DC 
 1301 Avenue of the Americas, New York, NY 
 Fund V (CORE) 

31 West 52nd Street, New York, NY 
 1301 Avenue of the Americas, New York, NY 
 1899 Pennsylvania Avenue, Washington, DC 

Liberty Place, 325 Seventh Street, NW, Washington DC 

 Fund V (CIP) 
 31 West 52nd
Street, New York, NY 
 1301 Avenue of the Americas, New York, NY 
 1899 Pennsylvania Avenue, Washington, DC 
 Liberty Place, 325 Seventh Street, NW, Washington DC

 Fund V Cayman 
 31 West 52nd
Street, New York, NY 
 1301 Avenue of the Americas, New York, NY 
 1899 Pennsylvania Avenue, Washington, DC 
 Liberty Place, 325 Seventh Street, NW, Washington DC

 Cosmos Rental Investments, Inc. 
 1325 Avenue of the Americas, New York, NY 
 Arcade Rental Investments, Inc.

 1325 Avenue of the Americas, New York, NY 
 Arcade Rental Investments 2, Inc. 
 1325 Avenue of the Americas, New York, NY

 Marathon Rental Investments, Inc. 
 1325 Avenue of the Americas, New York, NY 
 Forum Rental Investments, Inc.

 712 Fifth Avenue, New York, NY 
 Imperial Rental Investments, Inc. 
 712 Fifth Avenue, New York, NY 

Milton Rental Investments, Inc. 

712 Fifth Avenue, New York, NY 

  
 2 

 Paramount Group, Inc., a Delaware corporation 

Waterview, Rosslyn, VA 
 900 Third Avenue, New
York, NY 
 1325 Avenue of the Americas, New York, NY 

  
 3 

 EXHIBIT B 
 Escrow Agreement 
 [See attached] 

  
 B-1

 OMNIBUS DISTRIBUTION AND ESCROW AGENT AGREEMENT 

This OMNIBUS DISTRIBUTION AND ESCROW AGENT AGREEMENT (as the same may be amended or modified from time to time pursuant hereto,
this “Agreement”) is made and entered into as of November     , 2014 by and among the ENTITIES SET FORTH ON SCHEDULE 1 (collectively, the “Participants” and individually, each a
“Participant”), PARAMOUNT GROUP, INC., a Maryland corporation (the “Company”), and PARAMOUNT GROUP OPERATING PARTNERSHIP LP, a Delaware limited partnership (the “Operating Partnership”
and collectively with the Company and any designees of either of the Company or the Operating Partnership, the “PGI Parties” and individually, each a “PGI Party”). 

BACKGROUND 
  

	 	A.	The Company, which is the sole general partner of the Operating Partnership, desires to consolidate the ownership of a portfolio of primarily office properties
currently owned, directly or indirectly, by the Participants (collectively, the “Formation Transactions”). 

  

	 	B.	The Formation Transactions relate to the proposed initial public offering (the “IPO”) of the common stock, par value $.01 per share (“REIT
Shares”), of the Company, which will operate as a self-administered and self-managed real estate investment trust within the meaning of Sections 856 through 858 of the Code. 

 

	 	C.	In connection with the Formation Transactions, (i) the Company will issue REIT Shares to certain Participants and/or the Holders (as defined below) of the JV
Participants (as defined below) and (ii) the Operating Partnership will issue units of limited partnership interest (“OP Units”) to certain other Participants, in each case pursuant to a private placement.

  

	 	D.	Each Participant has entered into a contribution agreement, merger agreement or other similar agreement or agreements (the “Formation Transaction
Documentation”) with one or more of the PGI Parties pursuant to which each such Participant has agreed to contribute to, or merge into, the PGI Parties, as applicable, all of such Participant’s interests identified in such Formation
Transaction Documentation. As used herein, the term Formation Transaction Documentation shall include all agreements or other documentation entered into in connection with the Formation Transaction Documentation including, without limitation, the
lock-up agreements entered into with the underwriters of the IPO. 

  

	 	E.	The Formation Transaction Documentation provides for the appointment of a distribution and escrow agent in connection with the IPO Escrow and Indemnity Holdback Escrow
(each defined below). 

	 	F.	Computershare Inc., together with its subsidiary, Computershare Trust Company, N.A., has agreed to act as the distribution and escrow agent (collectively, the
“Agent”) 

  

	 	G.	Concurrently with the execution of the Formation Transaction Documentation, (i) the Participants and the PGI Parties have entered into this Agreement, and
(ii) the PGI Parties and the Agent have entered into the Transfer Agency and Service Agreement (the “TA Agreement”), the Tabulation Agent Agreement (the “Tabulation Agreement”) and the Escrow Agreement (the
“Escrow Agreement”) (each attached as an exhibit hereto and collectively referred to herein as the “Agent Agreements”), pursuant to which the following has or will occur: 

 

	 	•	 	 IPO Escrow. As of the date of this Agreement, certain of the Participants (the “Fund Participants” identified on Schedule
1) have distributed in book entry form to each of their partners (together with equity owners of the other Participants, the “Holders”) as set forth opposite such Holders’ name on Schedule 2, in escrow pursuant to
the Agent Agreements, a right (the “Distribution Rights”) to receive such Holder’s allocable share of the number of OP Units and/or REIT Shares (subject to certain restrictions, obligations and liens as described in
Section 3 below) to be issued to such Fund Participants (as well as to the other Participants) in connection with the closing of the IPO (the “IPO Consideration”). Pursuant to the Agent Agreements, in connection with the
closing of the IPO (the “Effective Date”), Agent will be deemed to have submitted to the Company and the Operating Partnership, as applicable, the Distribution Rights in exchange for the IPO Consideration as set forth opposite each
Holders’ name on Schedule 2 and Agent will hold the IPO Consideration in escrow. In addition, pursuant to its applicable Formation Transaction Documentation, the Company will also on the Effective Date issue IPO Consideration to the
Holders of the Participants identified on Schedule 1 as the PGI Participants (the “PGI Participants”). Furthermore, pursuant to its applicable merger agreement (the “JV Merger Agreement”) pursuant to which
the JV Participants (as defined below below) will merge with and into the Company or a newly-formed subsidiary of the Company (the “JV Merger”), the Company will also on the Effective Date issue IPO Consideration to the Holders of
the Participants identified on Schedule 1 as the JV Participants (the “JV Participants”) in accordance with the Letter of Transmittal (defined below). The escrow arrangements with respect to the Distribution Rights and IPO
Consideration are collectively referred to as the “IPO Escrow”. 

  

	 	•	 	 Indemnity Holdback Escrow. At the Effective Date, each Participant will cause its respective Holders to deposit (and the Company will withhold
from the Holders of the JV Participants and cause to be deposited) in escrow with Agent (the “Indemnity Holdback Escrow” 

  
 -2-

	 	 
and together with the IPO Escrow, the “Escrow Accounts”) a portion of such Holders’ respective IPO Consideration as set forth opposite such Holder’s name on Schedule
2 (the “Indemnity Holdback Amount”) in order to provide for the indemnification obligations provided for in the applicable Formation Transaction Documentation. 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and other terms contained in this
Agreement, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Appointment. The parties hereby agree to the
appointment of Agent, pursuant to each of the applicable definitive Agent Agreements, to serve as distribution and escrow agent in connection with the holding and disbursement of the Distribution Rights, IPO Consideration and Indemnity Holdback
Amount, in each case pursuant to and in accordance with the applicable definitive Agent Agreement. Subject to entering into such definitive Agent Agreements, Agent has agreed to accept such appointment pursuant to the terms and conditions set forth
therein. Pursuant to the relevant portions of certain of the Agent Agreements, Agent will establish a separate account for each Holder in accordance with Schedule 2 and such accounts will allocate each Holder’s aggregate IPO
Consideration to a class(es) corresponding to the Participant(s) with respect to which such Holder received its IPO Consideration. 
 2.
Effective Date. The Company will promptly notify Agent of the Effective Date on the date thereof. 
 3. Escrow Procedures; Legending
of IPO Consideration. 
 (a) IPO Escrow. The TA Agreement and Tabulation Agreement attached as
Exhibit A and Exhibit B, respectively, set forth the procedures that the parties and Agent agree and acknowledge shall control with respect to the holding and disbursement of the Distribution Rights and IPO Consideration by Agent.

 (b) Indemnity Holdback Escrow. The Escrow Agreement attached as Exhibit C sets forth the
procedures that the parties agree and acknowledge shall control with respect to the holding and disbursement of the Indemnity Holdback Amount by Agent. 
 (c) Legending. Pursuant and subject to the TA Agreement, Agent will cause the IPO Consideration to be legended to reflect the following lock-ups and restrictions, which lock-ups and restrictions
are more particularly described in and governed by the Formation Transaction Documentation (the “Restrictive Legends”): 
 (i) Lock-up on Transfers: All OP Units and REIT Shares shall be subject to lock-up on transfers until 180 days after the Effective Date. 

(ii) IPO Escrow: All OP Units and REIT Shares shall be subject to the IPO Escrow until the earlier of
(i) the delivery of, as applicable, a completed and signed Investor Acknowledgement Agreement (substantially in the form attached hereto as Exhibit D-1 and D-2) or Letter of Transmittal (substantially in the form attached hereto as
Exhibit E) or (ii) one business day after the second anniversary of the Effective Date. The PGI Parties acknowledge that 

  
 -3-

 
the Letter of Transmittal from the Holders of the JV Participants is required to be delivered to the Company and/or the Agent as of the closing of the JV Merger and the concurrent closing of the
IPO pursuant to the JV Merger Agreement and if so delivered, the Restrictive Legend with respect to the IPO Escrow will not be placed on the REIT Shares to be issued to the JV Participants. 

(iii) Indemnity Holdback Escrow: Those OP Units and REIT Shares identified on Schedule 2 under the
heading “Indemnity Holdback Escrow” shall be held by Agent subject to (i) the Indemnity Holdback Escrow and (ii) other than with respect to the Holders of the JV Participants and WvF Real Estate Fund, L.P. as a Holder of
Paramount Group Real Estate Fund V (Core), L.P., a pledge of such OP Units and REIT Shares in favor of the applicable PGI Party until the earlier of (x) the first anniversary of the Effective Date unless there is a Reserved Portion (as defined
in the Escrow Agreement) as of such date, in which event, the Indemnity Escrow Holdback shall continue with respect to such Reserved Portion until ultimately disposed of in accordance with the Escrow Agreement and (y) the date a Holder posts
with Agent Substitute Collateral (defined below) in accordance with the Escrow Agreement, in which event such Substitute Collateral shall be held in the Indemnity Holdback Escrow. 

(iv) Transfer Tax Indemnity: Other than with respect to the Holders of the JV Participants, each
Holder’s IPO Consideration shall be subject to the following: (i) indemnification obligations for any incremental New York City and State real property transfer taxes that will be payable if such Holder subsequently transfers more than 50%
of its IPO Consideration within two years of the IPO Closing and (ii) a pledge with respect to such indemnification obligations of 50% of each Holder’s total IPO Consideration in favor of the applicable PGI Party until the earlier of
(x) one business day after the second anniversary of the Effective Date and (y) the date a Holder posts with the applicable PGI Party Substitute Collateral in accordance with the TA Agreement. 

(v) Prohibition on Redemption of OP Units: All OP Units shall be subject to a prohibition on redemption
until 14 months after the Effective Date. 
 (vi) General. Pursuant and subject to the TA
Agreement, the Agent will release the applicable portion of the IPO Consideration from the Restrictive Legends after the expiration of the periods set forth above or, if applicable, to the extent such IPO Consideration has been released from escrow
or the applicable restriction by the posting of Substitute Collateral (as defined below). 

  
 -4-

 (d) Substitute Collateral. A Holder may have the OP Units and/or REIT
Shares that are subject to the Indemnification Holdback Escrow and/or the Transfer Tax Indemnity released by Agent by posting either (i) cash collateral or (ii) a letter of credit in form and substance acceptable to the applicable PGI
Party (“Substitute Collateral”). 
 (i) Any Substitute Collateral posted with respect to the
Indemnification Holdback Escrow shall be (i) posted with Agent pursuant to the Escrow Agreement; (ii) be in an amount equal to all or a portion of the IPO Consideration such Holder seeks to have released from escrow and (iii) the
number of REIT Shares and/or OP Units that shall be released shall be equal to (x) the amount of the Substitute Collateral posted divided by (y) the Value of a REIT Share on the date Agent receives the Substitute Collateral, rounded up to
the nearest whole number. 
 (ii) Any Substitute Collateral posted with respect to the transfer tax indemnity
shall be (i) posted with the applicable PGI Party; and (ii) in an amount equal to 100% of the Holder’s share of the indemnification obligations for transfer tax payment that would be payable upon the transfer of such Holder’s
REIT Shares and/or OP Units prior to the expiration of the applicable transfer tax indemnity period as reasonably determined by such PGI Party; and after the posting of such Substitute Collateral, all of such Holder’s REIT Shares and/or OP
Units shall be released by Agent from the applicable Restrictive Legend. 
 (iii) “Value” means
with respect to a REIT Share on a particular date, the market price of a REIT Share on such date. The market price for each such trading day shall be: (i) if the REIT Shares are listed or admitted to trading on any national securities exchange,
the closing price on such day as reported by such national securities exchange, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day; (ii) if the REIT Shares are not listed or admitted to
trading on any national securities exchange, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation source designated by the
Company; (iii) if the REIT Shares are not listed or admitted to trading on any national securities exchange and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked
prices on such day, as reported by a reliable quotation source designated by the Company, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more
than ten (10) days prior to the date in question) for which prices have been so reported; or (iv) if none of the conditions set forth in clauses (i), (ii), or (iii) is met then, the amount determined by the board of directors of the
Company. 
 4. Dividends And Distributions On IPO Consideration Held in Escrow Accounts or Subject to Restrictive Legends. Pursuant to
the TA Agreement, Agent shall pay to the respective Holders shown on Schedule 2 any dividends or other distributions that are declared on the OP Units and REIT Shares after the Effective Date as if not encumbered by the Escrow Account or the
Restrictive Legends notwithstanding that any portion of the IPO Consideration is being held in an Escrow Account or subject to any Restrictive Legends. 

  
 -5-

 5. Voting. Each Holder shall have the right to vote the REIT Shares and OP Units credited to such
Holder’s account as if not encumbered by the Escrow Account or the Restrictive Legends notwithstanding that any portion of the IPO Consideration is being held in an Escrow Account or subject to any Restrictive Legends. Pursuant to the TA
Agreement, Agent will promptly forward to each Holder all notices of shareholders’ or partners’ meetings, proxy statements and reports received by Agent in respect of REIT Shares or OP Units held in such Holder’s account 

6. Withholding; Other Tax Matters. The Participants, the Company and the Operating Partnership, as applicable, shall deduct and withhold any taxes
they reasonably deem are appropriate under applicable tax withholding rules from any payment of IPO Consideration to the Holders. As of the Effective Date, for U.S. federal (and applicable state and local) income tax purposes, each Holder shall be
treated as the owner of the IPO Consideration to which they are, or will be, entitled pursuant to this Agreement (including, for the avoidance of doubt, any IPO Consideration held in the Escrow Accounts on such Holder’s behalf). 

7. Notices. All communications hereunder shall be in writing or set forth in a PDF attached to an email, and shall be delivered in accordance with
the terms of this Agreement by facsimile, email or overnight courier only to the appropriate fax number, email address, or notice address set forth in Schedule 3. 
 8. Authorized Representatives. The parties hereby acknowledge that the individuals set forth as authorized representatives (“Authorized Representatives”) on Schedule 4 have
the authority to act as the representative(s) of each of the Participants and/or Holders, as applicable, in connection with any rights or obligations of such entities as signatories to, or third party beneficiaries under, the Escrow Agreement to the
extent any such rights are expressly given to the Authorized Representatives in the Escrow Agreement. 
 9. Miscellaneous. 

(a) Successors and Assigns. All the covenants and provisions of this Agreement by or for the benefit of the
Participants, the PGI Parties or Agent shall bind and inure to the benefit of their respective successors and permitted assigns hereunder (or with respect to the Agent under the applicable Agent Agreement), but shall not be assignable by any party
hereto without the written consent of all the parties hereto; provided, however, that the Agent may assign its rights hereunder subject to the provisions of the applicable Agent Agreement. 

(b) Amendments. This Agreement and the Agent Agreements may only be amended or modified by a written amendment
executed by the Agent and the Company; provided, however, that, if such amendment (i) does not affect each of the Participants or the Holders (and, if applicable, the PGI Parties) in the same manner, or (ii) decreases the
rights or increases the obligations of the Participants or Holders or the restrictions on the IPO Consideration under this Agreement or the Agent Agreements, then such Participant(s) and/or Holder(s) shall also be required to consent to such
amendment. Agent may rely on the Company’s signature to any amendment as evidence that any required consent from 

  
 -6-

 
Participants and Holders has been obtained. Notification of all Amendments to this Agreement and the Agent Agreements shall be provided to each of the Holders and Participants. 

(c) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provision, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 (d) Governing Law; Jurisdiction. This Agreement shall be governed by the laws of the State of New York,
without regard to principles of conflicts of law. The parties irrevocably (i) submit to the non-exclusive jurisdiction of any New York State court sitting in New York City, New York County or the United States District Court for the Southern
District of New York in any action or proceeding arising out of or relating to this Agreement, (ii) waive, to the fullest extent they may effectively do so, any defense based on inconvenient forum, improper venue or lack of jurisdiction to the
maintenance of any such action or proceeding, and (iii) waive all right to trial by jury in any action, proceeding or counterclaim arising out of this Agreement or the transactions contemplated hereby. Agent shall not be required hereunder to
comply with the laws or regulations of any country other than the United States of America or any political subdivision thereof. Agent may consult with foreign counsel in connection with any foreign law issues that may arise as a result of the
Company or any other party being subject to the laws or regulations of any foreign jurisdiction. 
 (e) Force
Majeure. Notwithstanding anything to the contrary contained herein, Agent shall not be liable for any delays or failures in performance resulting from acts beyond its control including, without limitation, acts of God, terrorist acts, shortage
of supply, loss of data due to power failures, war, or civil unrest. 
 (f) Third Party Beneficiaries. The
provisions of this Agreement are intended to benefit only the Participants, the Holders and the PGI Parties and their respective permitted successors and assigns. No rights shall be granted to any other person by virtue of this Agreement, and there
are no third party beneficiaries hereof. 
 (g) Survival. All provisions regarding indemnification,
warranty, liability and limits thereon, compensation and expenses and confidentiality and protection of proprietary rights and trade secrets shall survive the termination or expiration of this Agreement. 

(h) Priorities. In the event of any conflict, discrepancy, or ambiguity between the terms and conditions contained
in (i) this Agreement, (ii) any schedules or attachments hereto, (iii) the Formation Transaction Documentation, and (iv) the Agent Agreements with respect to any obligations, rights, duties, responsibilities, liabilities,
indemnities or protections of the Agent, the terms and conditions contained in the Agent Agreements shall take precedence. 

  
 -7-

 (i) Merger of Agreement. Together with the Formation Transaction
Documentation and the Agent Agreements, this Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof, whether oral or written. 

(j) No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. In the event any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by all parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party
by virtue of the authorship of any provision of this Agreement. 
 (k) Descriptive Headings. Descriptive
headings contained in this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

(l) Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement transmitted electronically shall have the same authority, effect, and enforceability as
an original signature. For purposes of the signature pages, the reference to “Holders” should read “PGI Participants”. 
 [signature pages follow] 

  
 -8-

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
set forth above. 
 Company: 
  

					
	PARAMOUNT GROUP, INC., a Maryland corporation
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Operating Partnership: 
  

							
	 PARAMOUNT GROUP OPERATING
 PARTNERSHIP LP, a Delaware limited
 partnership

			
		 	By:	 	Paramount Group, Inc., its general partner, a Maryland corporation
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 Agent: 
 Acknowledged and Agreed to with respect to Section 1 only: 
  

			
	 COMPUTERSHARE TRUST COMPANY, N.A. and
 COMPUTERSHARE INC.
 On Behalf of Both Entities

		
	By:	 	  

	Name:	 	
	Title:	 	

 Fund Participants: 

 

							
	PARAMOUNT GROUP REAL ESTATE FUND I, L.P.
		 	By:	  	Paramount GREF, L.L.C., its general partner
		 		  	      By:	 	Paramount Group, Inc., its Managing Member
	
	PARAMOUNT GROUP REAL ESTATE FUND III, L.P.
		 	By:	  	Paramount GREF III, L.L.C., its general partner
		 		  	      By:	 	Paramount Group, Inc., its Managing Member
	
	PARAMOUNT GROUP REAL ESTATE FUND IV, L.P.
		 	By:	  	Paramount GREF IV, L.L.C., its general partner
		 		  	      By:	 	Paramount Group, Inc., its Managing Member
	
	PGREF IV PARALLEL FUND SUB US, LP
		 	By:	  	PGREF IV Parallel Fund Sub US GP, LLC, its general partner
		 		  	      By:	 	Paramount Group, Inc., its Manager
	
	 PARAMOUNT GROUP REAL ESTATE FUND V
 (CORE), L.P.

		 	By:	  	Paramount GREF V, L.L.C., its general partner
		 		  	      By:	 	Paramount Group, Inc., its Managing Member
	
	 PARAMOUNT GROUP REAL ESTATE FUND V
 (CIP), L.P.

		 	By:	  	Paramount GREF V (CIP), L.L.C., its general partner
		 		  	      By:	 	Paramount Group, Inc., its Managing Member
	
	PGREF V (CORE) PARALLEL FUND SUB US, LP
		 	By:	  	PGREF V (Core) Parallel Fund Sub US GP, LLC, its general partner
				
		 		  	      By:	 	Paramount Group, Inc., its Manager

  

					
		 	Signature:	 	  

		 	Name:	 	
		 	 Title:
	 	

 PGI Participants: 

 

			
	 PARAMOUNT GROUP, INC., a Delaware corporation

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 PGI Participants: 

 

			
	 ARCADE RENTAL INVESTMENTS, INC.
 ARCADE RENTAL INVESTMENTS 2, INC.
 COSMOS RENTAL INVESTMENTS, INC.

MARATHON RENTAL INVESTMENTS, INC.

		
	By:	 	  

	Name:	 	Thomas Armbrust
	Title:	 	President of each of the above named corporations

 PGI Participants: 

 

			
	  

	Name:	 	Frank Otto

 PGI Participants: 

 

			
	  

	Name:	 	Ingvild Goetz

 PGI Participants: 

 

			
	  

	Name:	 	Sarah Pisani

 PGI Participants: 

 

			
	  

	Name:	 	Julia Stoecker

 JV Participants: 
 WvF 1325, INC., a Delaware corporation 
  

			
	Signature:	 	  

	Name:	 	
	 Title:
	 	

 WvF 1325, L.P., a Delaware limited partnership 

 

			
	By:	 	WvF 1325, Inc., its general partner
		
	Signature:	 	  

	Name:	 	
	 Title:
	 	

 HOLDER: 
  

			
	Signature:	 	  

	Name:	 	Dr. Michael Otto

 HOLDER: 
  

			
	Signature:	 	  

	Name:	 	Benjamin Otto

 HOLDER: 
  

			
	Signature:	 	  

	Name:	 	Janina Otto

 EXHIBIT C 
 Lock-up Agreement 
 [See attached] 

  
 C-1

 FORM OF LOCK-UP AGREEMENT 

—, 2014 
 Merrill Lynch, Pierce, Fenner & Smith 

                    Incorporated, 

as Representative of the several 
 Underwriters
to be named in the 
 within-mentioned Underwriting Agreement 

One Bryant Park 
 New York, New York 10036

  

	 	Re:	Proposed Public Offering by Paramount Group, Inc. 

 Dear Sirs: 
 The undersigned, a stockholder and/or an officer and/or director of
Paramount Group, Inc., a Maryland corporation (the “Company”) and/or holder of common units in Paramount Group Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), understands that Merrill
Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) proposes to enter into an Underwriting Agreement (the “Underwriting Agreement”) with the Company and the Operating Partnership, providing for the public
offering (the “Public Offering”) of shares (the “Securities”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”). In recognition of the benefit that such an offering will confer upon the
undersigned as a stockholder and/or an officer and/or director of the Company, and/or as a holder of common units in the Operating Partnership, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the undersigned agrees with each underwriter to be named in the Underwriting Agreement that, during the period beginning on the date hereof and ending on the date that is 180 days from the date of the Underwriting Agreement, the
undersigned will not, without the prior written consent of Merrill Lynch, directly or indirectly, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant for the sale of, or otherwise dispose of or transfer any shares of the Company’s Common Stock or any securities convertible into or exchangeable or exercisable for Common Stock, whether now owned or hereafter acquired by the
undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively, the “Lock-Up Securities”), or exercise any right with respect to the registration of any of the Lock-Up Securities, or
file or cause to be filed any registration statement in connection therewith, under the Securities Act of 1933, as amended, or (ii) enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or
indirectly, the economic consequence of ownership of the Lock-Up Securities, whether any such swap or transaction is to be settled by delivery of Common Stock or other securities, in cash or otherwise. 

Notwithstanding the foregoing, the undersigned may pledge the Lock-Up Securities without the prior written consent of Merrill Lynch
solely to the extent such pledge is (A) in connection with the indemnification obligations of the undersigned relating to New York real property transfer tax and for the benefit of the Company or the Operating Partnership; or (B) pursuant
to the terms of the limited 

 
partnership agreement of the Operating Partnership and for the benefit of the Company or the Operating Partnership, provided that (i) the undersigned will use the undersigned’s
reasonable best efforts to notify Merrill Lynch at least three business days prior to any transfer of the Lock-Up Securities pursuant to any of the foregoing pledges that is required to be reported in any public report or filing with the Securities
and Exchange Commission or otherwise, and (ii) the undersigned does not otherwise voluntarily effect any public filing or report regarding such transfers. Furthermore, notwithstanding the foregoing, and subject to the conditions below, the
undersigned may transfer the Lock-Up Securities without the prior written consent of Merrill Lynch, provided that (1) Merrill Lynch receives a signed lock-up agreement for the balance of the lockup period from each donee, trustee, distributee,
or transferee, as the case may be, (2) any such transfer shall not involve a disposition for value (except with regards to any transfer or sale pursuant to clause (vi) below), (3) such transfers are not required to be reported with
the Securities and Exchange Commission on Form 4 in accordance with Section 16 of the Securities Exchange Act of 1934, as amended (except with regards to any transfer or sale pursuant to clause (vi) below, prior to which the undersigned
will notify Merrill Lynch in writing of its intention to file a Form 4, or a disposition by will or intestacy), and (4) the undersigned does not otherwise voluntarily effect any public filing or report regarding such transfers: 

(i) as a bona fide gift or gifts or other dispositions by will or intestacy; or 

(ii) to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned (for
purposes of this lock-up agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin); or 

(iii) as a distribution to limited partners, members or stockholders of or other holders of equity interests in the
undersigned; or 
 (iv) to the undersigned’s affiliates or to any investment fund or other entity controlled
or managed by the undersigned; or 
 (v) to an immediate family member of the undersigned or entities wholly
owned by or for the benefit of the undersigned, the undersigned’s affiliates or immediate family members of the undersigned, or to an entity that is owned by the undersigned and the undersigned’s affiliates alone or with other stockholders
that received Common Stock in connection with the Formation Transactions (as that term is defined in the Underwriting Agreement); or 
 (vi) to a spouse, former spouse, child or other dependent pursuant to a domestic relations order or an order of a court of competent jurisdiction; or 

(vii) to the Company upon termination of the undersigned’s employment with the Company; or 

(viii) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under
clauses (i) through (vi) above. 
 Furthermore, the undersigned may sell shares of Common Stock of the Company
purchased by the undersigned on the open market following the completion of the Public Offering if and only if (i) such sales are not required to be reported in any public report or filing with the Securities and Exchange Commission, or
otherwise and (ii) the undersigned does not otherwise voluntarily effect any public filing or report regarding such sales. 

  
 2 

 The undersigned also agrees and consents to the entry of stop transfer instructions with the
Company’s transfer agent and registrar against the transfer of the Lock-Up Securities except in compliance with the foregoing restrictions. 
 The undersigned understands that, if the Underwriting Agreement is not executed, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be
terminated prior to payment for and delivery of the Common Stock to be sold thereunder, the undersigned shall be released from all obligations under this lock-up agreement. The undersigned understands that the Underwriters are entering into the
Underwriting Agreement and proceeding with the Public Offering in reliance upon this lock-up agreement. 
 [Signature
Page Follows] 

  
 3 

 
			
	Very truly yours,
		
	Signature:	 	  

	Print Name:

 Lock-Up Agreement 

 SCHEDULE 1.02 
 Consideration; Indemnity Holdback Amount 
 Forum 

 

									
	 Stockholder
	  	Purchase Price	 	  	Indemnity Holdback
Amount	 
			
	 Frank Otto
	  	 
 $
	1,350,593 Company Shares
 0
(Cash)
	  
   
	  	 	20,258 Company Shares	  

  
 Schedule
1.02

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