Document:

EX-10.44

 Exhibit 10.44 

THE PARAMOUNT GROUP 

2005 
 NONQUALIFIED

 DEFERRED COMPENSATION 

PLAN 

 TABLE OF CONTENTS 

 

							
	 Paragraph
	  	Page	 
		
	ARTICLE I DEFINITIONS	  	 	1	  
			
	 1.1.
	 	 Administrator
	  	 	1	  
	 1.2.
	 	 Adoption Agreement
	  	 	1	  
	 1.3.
	 	 Calendar Year
	  	 	1	  
	 1.4.
	 	 Compensation
	  	 	1	  
	 1.5.
	 	 Code
	  	 	1	  
	 1.6.
	 	 Deferral Agreement
	  	 	2	  
	 1.7.
	 	 Deferred Compensation
	  	 	2	  
	 1.8.
	 	 Designated Beneficiary
	  	 	2	  
	 1.9.
	 	 Effective Date
	  	 	2	  
	 1.10.
	 	 Employee
	  	 	2	  
	 1.11.
	 	 Employer
	  	 	2	  
	 1.12.
	 	 Entry Date
	  	 	2	  
	 1.13.
	 	 Participant
	  	 	2	  
	 1.14.
	 	 Plan
	  	 	2	  
	 1.15.
	 	 Separation from Service
	  	 	2	  
	 1.16.
	 	 Trustee
	  	 	2	  
		
	ARTICLE II ELIGIBILITY REQUIREMENTS	  	 	3	  
			
	 2.1.
	 	 Participation
	  	 	3	  
	 2.2.
	 	 Employment Rights
	  	 	3	  
		
	ARTICLE III PARTICIPATION AND DEFERRAL OF COMPENSATION	  	 	3	  
			
	 3.1.
	 	 Deferral Election
	  	 	3	  
	 3.2.
	 	 Deferral Procedure
	  	 	3	  
	 3.3.
	 	 Minimum Deferral
	  	 	3	  
		
	ARTICLE IV EMPLOYER CONTRIBUTIONS; CONTRIBUTIONS TO RABBI TRUST	  	 	4	  
			
	 4.1.
	 	 Employer Contributions
	  	 	4	  
	 4.2.
	 	 Responsibility for Contributions
	  	 	4	  
	 4.3.
	 	 Return of Contributions
	  	 	4	  
		
	ARTICLE V ACCOUNTS AND REPORTS	  	 	4	  
			
	 5.1.
	 	 Establishment of Accounts
	  	 	4	  
	 5.2.
	 	 Account Valuation
	  	 	4	  
	 5.3.
	 	 Report to Employer
	  	 	4	  
	 5.4.
	 	 Participant Rights
	  	 	4	  

  
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	ARTICLE VI BENEFIT PAYMENTS	  	 	5	  
			
	 6.1.
	 	 Eligibility for Payment
	  	 	5	  
	 6.2.
	 	 Benefit Commencement Date
	  	 	5	  
	 6.3.
	 	 Forms of Payment
	  	 	5	  
	 6.4.
	 	 Death Benefits
	  	 	5	  
	 6.5.
	 	 Separation from Service Benefits
	  	 	5	  
	 6.6.
	 	 Beneficiary Designation
	  	 	6	  
	 6.7.
	 	 Failure to Designate a Beneficiary
	  	 	6	  
	 6.8.
	 	 Unforeseeable Emergency/Hardship Withdrawals
	  	 	6	  
		
	ARTICLE VII VESTING	  	 	7	  
		
	ARTICLE VIII PLAN ADMINISTRATION	  	 	7	  
			
	 8.1.
	 	 Administrator
	  	 	7	  
	 8.2.
	 	 Employer’s Powers
	  	 	7	  
	 8.3.
	 	 Administrative Fees and Expenses
	  	 	7	  
	 8.4.
	 	 Total Agreement
	  	 	7	  
	 8.5.
	 	 Duties of Administrator
	  	 	7	  
	 8.6.
	 	 Removal of Administrator
	  	 	8	  
		
	ARTICLE IX TRUST PLAN	  	 	8	  
			
	 9.1.
	 	 Rabbi Trust
	  	 	8	  
	 9.2.
	 	 Trust Investments
	  	 	8	  
		
	ARTICLE X INVESTMENTS	  	 	8	  
			
	 10.1.
	 	 Nominal Ownership of Assets
	  	 	8	  
	 10.2.
	 	 Actual Ownership of Assets
	  	 	9	  
	 10.3.
	 	 Investment Direction
	  	 	9	  
	 10.4.
	 	 Fees
	  	 	9	  
	 10.5.
	 	 Shareholder Rights
	  	 	9	  
		
	ARTICLE XI AMENDMENT AND TERMINATION	  	 	9	  
			
	 11.1.
	 	 Amendment
	  	 	9	  
	 11.2.
	 	 Termination
	  	 	9	  
		
	ARTICLE XII MISCELLANEOUS	  	 	10	  
			
	 12.1.
	 	 Limitation of Rights
	  	 	10	  
	 12.2.
	 	 Non-Assignability Clause
	  	 	10	  
	 12.3.
	 	 Amounts Deferred
	  	 	10	  
	 12.4.
	 	 Governing Law
	  	 	10	  

 * 

  
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 PREAMBLE 

THIS PLAN IS ESTABLISHED BY THE ADOPTING EMPLOYER COMPLETING AND EXECUTING THE ADOPTION AGREEMENT. THE ADOPTION AGREEMENT AND PLAN DOCUMENT
TOGETHER FORM THE ADOPTING EMPLOYER’S DEFERRED COMPENSATION PLAN AND INDICATE THE EMPLOYER’S ACCEPTANCE OF THE TERMS HEREIN. 

WHEREAS, the purpose of the Plan is to afford Employees who become covered under the Plan the opportunity to enhance their retirement security
by permitting them to enter into Deferral Agreements with the Employer to defer Compensation and to receive benefits upon a death or Separation from Service (including due to retirement), and for financial hardships due to Unforeseeable Emergencies;
and 
 WHEREAS, the Employer intends that amounts deferred by participating Employees shall not be included in their gross income on their
annual Form W-2 or 1099, as applicable, until the Employee actually receives payment as provided under the Plan. 
 NOW THEREFORE, effective
as of the Effective Date, the Employer does hereby adopt the Plan as set forth in this Plan Document and the accompanying Adoption Agreement. The Plan shall become effective as to each Employee as of the date he or she is eligible to become a
Participant and may thereupon execute a Deferral Agreement and file it with the Administrator. 
 ARTICLE I 

DEFINITIONS 
 1.1.
Administrator. The individual or committee designated by the Employer to administer the Plan as provided herein. If no such appointment is made, the Employer shall serve as the Administrator. 

1.2. Adoption Agreement. The document attached to this Plan Document by which an Employer elects to establish this Plan. 

1.3. Calendar Year. Each calendar year beginning on January 1 and ending on December 31. 

1.4. Compensation. The total annual remuneration for employment received by the Participant from the Employer and reported on his or
her tax Form W-2 or 1099, whichever is applicable, excluding such amounts, and limited to the maximum amount, if any, as may be set forth in the Adoption Agreement. Unless otherwise specified in the Adoption Agreement, Compensation shall include
amounts deferred under this Plan and all other deferred compensation plans of the Employer and shall only include remuneration earned while a Participant. 

1.5. Code. The Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder. 

 1.6. Deferral Agreement. The written agreement between a Participant and the Employer to
defer receipt by the Participant of Compensation not yet earned. Such agreement shall state the deferral amount or percentage of Compensation to be withheld from the Participant’s paycheck. 

1.7. Deferred Compensation. The portion of a Participant’s Compensation that the Employer permits and the Participant elects to
defer as set forth in the Participant’s Deferral Agreement. Such Compensation may not yet have been earned by the Participant. 
 1.8.
Designated Beneficiary. An individual or individuals designated by the Participant in the Designated Beneficiary form. If more than one Designated Beneficiary survives the Participant, payments shall be made equally to all such beneficiaries,
unless otherwise provided in the beneficiary designation form. Nothing herein shall prevent the Participant from designating primary and secondary beneficiaries. 

1.9. Effective Date. The date on which the Plan is adopted by the Employer. 

1.10. Employee. Any person employed by the Employer as a common-law employee. 

1.11. Employer. The entity sponsoring this Plan. 

1.12. Entry Date. The date on which an Employee, if applicable, commences participation in the Plan as determined by the Employer in
the Adoption Agreement. 
 1.13. Participant. Any Employee who is eligible to defer Compensation under this Plan. 

1.14. Plan. The Paramount Group 2005 Deferred Compensation Plan as set forth in this Plan document, the accompanying Adoption Agreement
and any applicable trust arrangement executed by the Employer and intended to become a part of this Plan. 
 1.15. Separation from
Service. The complete termination of a Participant’s employment and/or service relationship with the employer within the meaning of Treasury Regulation Section 1.409A-1(h); provided, however, that for purposes of the Plan, a
Participant shall be deemed to have suffered a Separation from Service as of a given date when the facts and circumstances indicate that the Employer and the Participant reasonably anticipate that no further services would be performed after such
date or that the level of bona fide services the Participant would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than 20 percent of the average level of bona fide services
performed (whether as an employee or as an independent contractor) over the immediately preceding 36-month period (or the full period of services to the Employer if the Participant has been providing services to the Employer for less than 36
months). 
 1.16. Trustee. The institution appointed by the Employer in the Adoption Agreement to serve as Trustee of the Plan
assets. 

  
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 ARTICLE II 

ELIGIBILITY REQUIREMENTS 

2.1. Participation. Employees who meet the eligibility requirements in the Adoption Agreement shall become Participants as of the Entry
Date. 
 2.2. Employment Rights. Participation in the Plan shall not confer upon a Participant any employment rights, nor shall it
interfere with the Employer’s right to terminate the employment or service of any Employee at any time. Nothing contained in this Plan shall be deemed to constitute an employment contract or agreement between the Participant and the Employer
nor shall it be deemed to give a Participant any right to be retained in the employ of, or under contract to, the Employer. Nothing herein shall be construed to modify the terms of any employment contract or agreement between a Participant and the
Employer as this Plan is only intended to be a supplement to such employment contract or agreement. 
 ARTICLE III 

PARTICIPATION AND DEFERRAL OF COMPENSATION 

3.1. Deferral Election. Prior to each Calendar Year, a Participant may elect to defer a whole percentage of his or her Compensation
earned for such Calendar Year. In order to make a deferral for any Calendar Year, a Participant must submit a Deferral Agreement, in accordance with the rules and procedures adopted by the Administrator, prior to the beginning of the Calendar Year
during which the Compensation is earned. Notwithstanding anything to the contrary, following the date on which an Employee first becomes eligible to participate in the Plan, such newly eligible Employee shall have thirty (30) days to defer
Compensation for the Calendar Year during which he or she became a Participant, provided that only such Compensation earned after the date such Participant submits a Deferral Agreement shall be subject to such deferral election. A Participant shall
be required to submit a new Deferral Agreement in accordance with the timing requirements of this Section 3.1 in order to change the Participant’s deferral election with respect to Compensation earned in any subsequent Calendar Year. If no
Deferral Agreement is filed during the prescribed enrollment period with respect to any Calendar Year, the Participant’s election (or failure to make an election) for the previous Calendar Year shall continue in full force and effect for the
next succeeding Calendar Year. An election to defer Compensation shall be irrevocable during the Calendar Year to which it applies. 
 3.2.
Deferral Procedure. Pursuant to a Deferral Agreement, each Participant’s deferral amount shall be deducted from his or her paycheck. Where the deferral amount is specified as a percentage of Compensation, deferral will be made in
approximately equal installments throughout the year. 
 3.3. Minimum Deferral. A Participant must comply with any minimum deferral
requirement that may be set by the Employer in the Adoption Agreement. 

  
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 ARTICLE IV 

EMPLOYER CONTRIBUTIONS; CONTRIBUTIONS TO RABBI TRUST 

4.1. Employer Contributions. The Employer may make additional discretionary contributions to the Plan on behalf of its Participants.
The Employer may also make a matching contribution to those deferring Compensation under the Plan. The amount of the Employer’s discretionary and/or matching contribution and the formula(s) for allocating contributions will be determined by the
Employer in the Adoption Agreement. 
 4.2. Responsibility for Contributions. The Employer is responsible for remitting all deferred
amounts and Employer contributions to the Trustee for investment purposes. The Trustee shall have no duty to determine whether the funds paid by the Employer are the correct amounts or to collect or enforce payment from the Employer. The Employer
shall remit to the Trustee amounts deferred by a Participant under the Plan within thirty (30) days of their being withheld from the Participant’s Compensation. Participant deferrals and any Employer contributions shall be held in
accordance with Article IX and invested in accordance with Article X. Deferrals shall remain assets of the Employer until paid to the Participant. 

4.3. Return of Contributions. Employer contributions made to a trust fund shall be held under the terms of the applicable trust.
Employer contributions shall remain the property of the Employer and may not be returned to the Employer upon written request except in the event of Employer bankruptcy or insolvency. In such event, all amounts held by the Trustee shall be paid as
directed by the Bankruptcy Court. 
 ARTICLE V 

ACCOUNTS AND REPORTS 

5.1. Establishment of Accounts. The Administrator shall establish and maintain individual bookkeeping accounts on behalf of each
Participant for purposes of valuing each Participant’s interest under the Plan. 
 5.2. Account Valuation. Participant accounts
shall be valued not less often than once during each calendar quarter, at which time each Participant shall be given written notice of the fair market value of his or her account. Account balances shall reflect the Participant’s deferrals,
Employer contributions, investment earnings or losses, distributions and the Participant’s share of Plan administrative expenses to the extent not covered by Employer contributions or not paid directly by the Employer, as set forth in
Section 8.3 hereof. 
 5.3. Report to Employer. Within ninety (90) days following the close of each Calendar Year, the
Administrator shall provide the Employer with a written report showing the assets held under the Plan, the fair market value of the assets and a summary of the account transactions during the Calendar Year. 

5.4. Participant Rights. The rights of the Participant created by this Plan shall be those of a general creditor of the Employer, and
in an amount equal to the fair market value of the account maintained with respect to the Participant. The Participant acknowledges that his or 

  
 - 4 - 

 
her rights are not greater than those of a general creditor of the Employer and that in any suit for an accounting, to impose a constructive trust, or to receive any sum under the Plan, the
Participant’s rights are limited to those of a general creditor. The Administrator is the agent of the Employer for purposes of resolving disputes in connection with a Participant’s benefits under the Plan. 

ARTICLE VI 
 BENEFIT
PAYMENTS 
 6.1. Eligibility for Payment. Payments from the Plan to the Participant or beneficiary shall be made only upon one of
the following events: 
 (a) the Participant’s Separation from Service, 

(b) the Participant’s Unforeseeable Emergency, and 

(c) the Participant’s death. 

The benefits payable will be based on the total value of the Participant’s deferral account (including the Employer contributions in such account). 

6.2. Benefit Commencement Date. Benefit payments to a Participant shall commence as specified by the Employer in the Adoption
Agreement. 
 6.3. Forms of Payment. Upon a Participant’s Separation from Service or death while employed by the Employer, his
or her benefit under the Plan will be payable in the form specified by the Employer in the Adoption Agreement. In the case of installment payments, the Participant or Designated Beneficiary shall receive an annual installment as determined by
applying a fraction to the account held by the Employer. For the first year, the denominator of such fraction shall be the number of years (maximum 10) selected by the Employer and the numerator shall be one. For each subsequent year the numerator
shall remain at one but the denominator shall be reduced by one until at the end of the specified years the entire account has been distributed. The account value for this purpose shall be the account value as of the most recent valuation date as
described in paragraph 5.3 of this Plan Document. The annual installment amount may be divided by “twelve” to determine a monthly amount or by “four” to determine a quarterly amount in the case of monthly or quarterly
installments. In the case of installment payments, each such installment shall be deemed to be a separate payment for purposes of Section 409A of the Code. 

6.4. Death Benefits. If a Participant dies before the benefits to which he or she is entitled under the Plan have been completely
distributed, the benefits payable under the Plan shall be paid to the Designated Beneficiary in the same form and at the same time as if no such death had occurred. 

6.5. Separation from Service Benefits. Following a Participant’s Separation from Service, benefits under the Plan will be payable
in the form specified in the Adoption Agreement. Notwithstanding any provision herein to the contrary, any payment otherwise 

  
 - 5 - 

 
required to be made hereunder to a Participant at any date as a result of a Separation from Service shall be delayed for such period of time as may be necessary to satisfy
Section 409A(a)(2)(B)(i) of the Code. On the earliest date on which such payments can be made without violating the requirements of Section 409A(a)(2)(B)(i) of the Code, there shall be paid to such Participant, in a single cash lump sum,
an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence. 
 6.6. Beneficiary Designation.
A Participant shall have the right to designate a beneficiary, and amend or revoke such designation at any time in writing. Such designation, amendment or revocation shall be effective upon receipt by the Administrator. 

6.7. Failure to Designate a Beneficiary. If no Designated Beneficiary survives the Participant and benefits remain payable following
the Participant’s death, the Administrator shall direct that payment of benefits be made to the person or persons in the first category in which there is a survivor. The categories of successor beneficiaries in order, are as follows: 

(a) Participant’s spouse; 

(b) Participant’s descendants, per stirpes; and 

(c) Participant’s estate 

6.8. Unforeseeable Emergency/Hardship Withdrawals. To the extent provided in the Adoption Agreement, a Participant may request a
withdrawal for hardship by submitting a written request to the Administrator, accompanied by evidence that his or her financial condition warrants an advance release of funds and such hardship results from an Unforeseeable Emergency as defined
below. Whether circumstances constitute an Unforeseeable Emergency is determined by the Administrator, in his or her sole discretion, and depends on the facts of each case. However, payment may not be made to the extent that such hardship is or may
be relieved: 
 (a) through reimbursement or compensation by insurance or otherwise; 

(b) by liquidation of the Participant’s assets, to the extent that liquidation itself would not cause severe financial
hardship; or 
 (c) by cessation of deferrals under the Plan for future Calendar Years. 

If a financial hardship is established, the hardship withdrawal amount shall be limited to the amount reasonably needed to meet the Unforeseeable Emergency
including the amounts necessary to pay taxes. The Administrator shall determine the amount and the form of the payment, and such determination shall be final. Any amounts remaining in the Participant’s account after the withdrawal shall
continue to be held and administered in accordance with the provisions of this Plan. 

  
 - 6 - 

 An Unforeseeable Emergency is defined as: 

(i) A severe financial hardship to the Participant caused by a sudden and unexpected illness or accident of the Participant or
a dependent of the Participant (as defined in Code Section 152(a)): 
 (ii) A loss of the Participant’s property
due to casualty; or 
 (iii) Other similar extraordinary and unforeseeable circumstances caused by events beyond the
Participant’s control. 
 ARTICLE VII 

VESTING 
 Each Participant
shall have a 100% vested and nonforfeitable interest in his or her deferral account at all times (including both that portion relating to Employee contributions and that portion relating to Employer Contributions). 

ARTICLE VIII 
 PLAN
ADMINISTRATION 
 8.1. Administrator. The Plan shall be administered by the Administrator. The Administrator shall have
responsibility for the operation and administration of the Plan and shall direct payment of Plan benefits. 
 8.2. Employer’s
Powers. The Employer shall have the power and authority to adopt, interpret, alter, amend or revoke rules and regulations necessary to administer the Plan and to delegate ministerial duties and employ such outside professionals, including the
Administrator, as may be required for the prudent administration of the Plan. The Employer shall also have authority to enter into agreements on the Administrator’s behalf as necessary to implement this Plan. 

8.3. Administrative Fees and Expenses. All reasonable costs, charges and expenses incurred by the Trustee, if applicable in connection
with the administration of the fund and/or its investments (including fees for legal services rendered to the Trustee or Administrator), may be paid through either (i) deductions from the trust fund, (ii) Employer contributions to the
fund, or (iii) direct payment by the Employer, in each case, as agreed to by the Trustee and the Employer. Notwithstanding the foregoing, no compensation other than reimbursement for expenses shall be paid to an Administrator who is the
Employer or an Employee of the Employer. In the event any part of the fund becomes subject to tax, all taxes incurred will be paid from the fund unless the Employer pays such tax when due. 

8.4. Total Agreement. This Plan and the executed Adoption Agreement, Deferral Agreements, beneficiary designations and other Plan
administration forms shall constitute the total agreement or contract between the Employer and the Participant regarding the Plan. No oral statement regarding the Plan may be relied upon by the Participant. 

8.5. Duties of Administrator. The Administrator’s duties shall include, but may not be limited to, the following responsibilities:

 (a) appointing the Plan’s attorney, accountant, actuary or any other party needed to administer the Plan, trust fund
or custodial account; 

  
 - 7 - 

 (b) directing the Trustee with respect to payments from the trust fund; 

(c) communicating with Employees regarding their participation and benefits under the Plan, including the administration of
requests for hardship withdrawals, all claims procedures and providing reports for Participants; 
 (d) filing any returns
and reports with the Internal Revenue Service, Department of Labor, or any other governmental agency; 
 (e) reviewing and
approving any financial reports, investment reviews, or other reports prepared by any party appointed by the Employer under paragraph 8.5(a) above; and 

(f) construing and resolving any question of Plan interpretation. The Administrator’s interpretation of the Plan,
provisions including eligibility and benefits under the Plan is final, and unless it can be shown to be arbitrary and capricious, will not be subject to the “de novo” review by any court. 

8.6. Removal of Administrator. The Administrator may resign by written notice to the Employer which shall be effective 30 days after
delivery, or earlier if agreed to by the parties. The Employer may remove the Administrator effective 30 days (or earlier if agreed to by the parties) after receipt by the Administrator of a written notice. 

ARTICLE IX 
 TRUST PLAN

 9.1. Rabbi Trust. The assets held for the benefit of Participants will be held in a grantor trust as allowed by the Internal
Revenue Service and in accordance with the specifications of Internal Revenue Service Procedure 92-64 and Section 409A of the Code. This type of grantor trust shall be referred to as the “Rabbi Trust” or “Trust” under this
Plan. The Rabbi Trust utilized in accordance with this Article IX shall become a part of the Plan and shall be attached to the Adoption Agreement. The party identified in the Adoption Agreement shall serve as the Trustee of the Rabbi Trust. 

9.2. Trust Investments. All investments made under the Rabbi Trust established under this Article shall conform with the investment
options available under Article X and as further limited by the terms of the Rabbi Trust. 
 ARTICLE X 

INVESTMENTS 
 10.1.
Nominal Ownership of Assets. All evidences of ownership of all assets held under this Plan must be registered in the name of either the Employer or the Trustee. 

  
 - 8 - 

 10.2. Actual Ownership of Assets. All amounts deferred under this Plan, all property and
rights purchased with such amounts, and all income attributable to such amounts, property or rights shall remain (until made available to the Participant or Designated Beneficiary) solely the property and rights of the Employer (without being
restricted to the provision of benefits under the Plan) and shall be subject to the claims of the Employer’s general creditors. 

10.3. Investment Direction. The Plan assets shall be invested as directed by the Trustee in the investment alternatives selected by the
Employer. However, the Trustee may, in its discretion, permit Participants to direct their individual accounts in accordance with the terms of this Plan and the options selected by the Employer. 

10.4. Fees. Each of the mutual funds in which the Plan may invest carries its own fees and expenses, which may include management fees,
Rule 12b-1 fees and/or other fees and expenses, which are described in detail in each fund’s prospectus. Individuals who invest in these mutual funds will, as shareholders of the funds, bear their pro rata portion of each fund’s fees and
expenses. 
 10.5. Shareholder Rights. The Trustee shall exercise any rights of a shareholder (including voting rights) with respect
to the investment alternatives held by the Trust. 
 ARTICLE XI 

AMENDMENT AND TERMINATION 

11.1. Amendment. The Employer may at any time amend, modify or terminate this Plan without the consent of Participants (or any
Designated Beneficiaries or successor beneficiaries), provided that: 
 (a) all amendments shall become effective upon
delivery to the Participants. Delivery shall be deemed given immediately when the amendment is either given to a Participant in person or delivered electronically to the Participant, and within three days of depositing such amendment in regular
first-class mail to the Participant’s last known address. No amendments shall deprive any Participant of any of the benefits to which he or she is entitled under his Plan with respect to deferred amounts credited to his or her account prior to
the Effective Date of the amendment; 
 (b) if the Plan is amended to curtail, terminate, or suspend the acceptance of
additional contributions, the Administrator shall continue to be responsible for the supervision of the payment of benefits resulting from amounts deferred prior to the termination, modification or amendment; and 

(c) amendments to the vesting schedule shall be governed by Article VII hereof. 

11.2. Termination. Although the Employer has established this Plan with a bona fide intention and expectation to maintain the Plan
indefinitely, the Employer may terminate or discontinue the Plan in whole or in part at any time without any liability for such 

  
 - 9 - 

 
termination or discontinuance. Upon Plan termination, all deferrals shall cease in accordance with the requirements of Section 409A of the Code. The Employer shall retain all deferrals with
the Trustee in accordance with paragraph 11.1(b) until each Participant dies, undergoes a Separation from Service or incurs an Unforeseeable Emergency and benefits commence under Article VI. 

ARTICLE XII 

MISCELLANEOUS 
 12.1.
Limitation of Rights. – Service Relationship - Neither the establishment of this Plan nor any modification thereof, nor the creation of any fund or account, nor the payment of any benefits, shall be construed as giving a Participant or
other person any legal or equitable right against the Employer except as provided in the Plan. In no event shall the terms of service of any Participant be modified or in any way be affected by the Plan. 

12.2. Non-Assignability Clause. Neither the Participant, the Participant’s Designated Beneficiary nor any successor beneficiaries
shall have any right to commute, sell, assign, transfer or otherwise convey the right to receive any payments hereunder, which payments and rights thereto are expressly declared to be non-assignable and nontransferable. In the event of any attempted
assignment or transfer, the Employer shall have no liability hereunder to make payments to any person other than the Participant or his or her beneficiaries at the appropriate times specified in the Plan. 

12.3. Amounts Deferred. - Sole Property of the Employer - All amounts of Compensation deferred under this Plan, all property and rights
which may be purchased by the Employer with such amounts and all income attributable to such amounts, property or rights shall remain the sole property and rights of the Employer subject only to the claims of the Employer’s general creditors.
It is understood that the Employer is not obligated hereby to purchase any property or rights to support the promises made under this Plan. The obligation of the Employer is purely contractual and need not be funded or secured in any way. 

12.4. Governing Law. Construction, validity and administration of this Plan including the accompanying Adoption Agreement and Rabbi
Trust incorporated by reference, shall be governed by the laws of the State of New York. 

  
 - 10 -EX-10.45

 Exhibit 10.45 

WAIVER OF OWNERSHIP LIMITS 

Paramount Group, Inc. 
 1633
Broadway, Suite 1801 
 New York, NY 10019 

As of November [    ], 2014 

The Otto Family (as defined herein) 
 c/o Dr. Thomas Finne

 Managing Director 
 KG CURA Vermögensverwaltung
GmbH & Co. 
 Wandsbeker Strasse 3-7 
 22179 Hamburg

 Germany 
  

	Re:	Share Ownership Limit 

 Ladies and Gentlemen, 

Reference is made to the Articles of Amendment and Restatement, as in effect on the date hereof (the “Charter”), of Paramount Group,
Inc., a Maryland corporation (the “Company”). Capitalized terms used herein but not otherwise defined shall have the meanings assigned to them in the Charter. 

Subject to compliance with the basic restrictions set forth in Section 6.2.1(a)(ii), (iii) and (v) of the Charter and the
further limitations set forth below, the Company hereby advises you that effective as of the date hereof: (i) the application of the ownership limits pursuant to Sections 6.2.1(a)(i)(1), 6.2.1(a)(i)(2) and 6.2.1(a)(iv) of the Charter are hereby
waived with respect to the lineal descendants of Professor Dr. h.c. Werner Otto and their spouses and entities controlled by one or more of such individuals (such individuals and entities referred individually and in the aggregate as the
“Otto Family”) for the sole and limited purpose of permitting the Otto Family (and no other person or group of persons other than as provided herein) to collectively Beneficially Own in accordance with the terms of this waiver up to (but
not in excess of) 22.0% in number of shares of the Company’s common stock (the “Permitted Limit”); and (ii) the application of the ownership limit pursuant to Section 6.2.1(a)(iv) of the Charter is hereby waived with respect
to any other person to the extent such person otherwise would violate Section 6.2.1(a)(iv) of the Charter as a result of such person’s Constructive Ownership of Company common stock Beneficially Owned by the Otto Family not in excess of
the Permitted Limit. For purposes of the waiver set forth above and subject to the conditions set forth herein (the “Waiver”): 
  

	 	(i)	In calculating the Permitted Limit as of any date, shares of the Company’s common stock that are not treated as outstanding for U.S. federal income purposes as of such date shall be disregarded. 

	 	(ii)	The Otto Family’s Beneficial Ownership of Company common stock may temporarily exceed the Permitted Limit solely as a result of redemptions by the Company of shares of the Company’s common stock and/or similar
Company transactions that reduce (or have the effect of reducing) the outstanding shares of Company common stock (collectively referred to as “repurchases”). In the case of repurchases by the Company, the Permitted Limit shall be deemed
automatically increased temporarily and only to the extent necessary so that the Otto Family’s increased Beneficial Ownership percentage resulting from any repurchase does not exceed the revised and temporary Permitted Limit. Any such temporary
increase in the Permitted Limit above 22.0% shall automatically terminate to the extent that subsequent share issuances or other similar transactions increase (or have the effect of increasing) the outstanding shares of Company common stock as
needed to restore the Permitted Limit to 22.0% or lower, as the case may be. Accordingly, any increase in the Permitted Limit under this paragraph shall be limited solely to the minimum amount necessary to avoid a violation of the Permitted Limit.

 In the event of any Transfer or Non-Transfer Event that causes the Beneficial Ownership of Company common stock by the Otto
Family to exceed the Permitted Limit, that number of shares of Company stock (rounded up to the nearest whole share) Beneficially Owned by the Otto Family in excess of the Permitted Limit shall be automatically transferred to a Trust in accordance
with Sections 6.2.1(b) and 6.3 of the Charter and the Permitted Limit hereunder shall be reduced accordingly; provided, however, that, to the extent possible, any such violation shall be cured first by transferring to such Trust shares held by
members of the Otto Family, and as among members of the Otto Family, by transferring the most recently acquired shares to the Trust until the violation is cured. 

In the event of one or more Transfers by the Otto Family of Beneficial Ownership of Company common stock that reduces the percentage interest
of shares of Company common stock Beneficially Owned by the Otto Family, the Permitted Limit shall be reduced effective immediately following each such Transfer to that percentage interest in number of shares of the Company’s common stock
Beneficially Owned by the Otto Family immediately following such Transfer (the “Revised Permitted Limit”), and the Revised Permitted Limit shall be the Permitted Limit for purposes of the Waiver; provided, however, that if the Otto Family
subsequently increases its Beneficial Ownership of Company common stock within the 210 days following such a Transfer, the Revised Permitted Limit shall be restored to the lesser of (i) that percentage interest in number of shares of the
Company’s common stock Beneficially Owned by the Otto Family immediately following the end of such 210 day period and (ii) the previous Revised Permitted Limit (or the Permitted Limit in the case of the first Transfer by the Otto Family).
In the event that the Revised Permitted Limited equals or is less than the Common Stock Ownership Limit (in number of shares), this Waiver shall terminate. 

  
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 The grant of this Waiver shall not constitute a waiver of the obligation of each Person who is a
Beneficial Owner or Constructive Owner of Capital Stock to provide such information as the Company may request in good faith in order to determine the Company’s qualification as a REIT in accordance with Section 6.2.4(b) of the Charter.

 Except as specifically set forth herein, nothing in this letter shall be deemed to grant any Person permission to own securities in
excess of the limitations set forth in the Charter. 
  

					
	Very truly yours,
	
	PARAMOUNT GROUP, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 3

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