Document:

EX-10.11

 Exhibit 10.11 
 AMENDED AND RESTATED 
 CONTRIBUTION AGREEMENT 

by and among 
 Empire State Realty OP, L.P., 
 Empire State Realty Trust, Inc.

 and 
 the entities affiliated with the Helmsley Estate listed on the signature pages hereto 
 Dated and effective as of November 28, 2011 and amended 
 and
restated as of July 2, 2012 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
			
	 ARTICLE 1
	 	 CONTRIBUTION
	  	 	3	  
			
	 Section 1.1
	 	 Contribution of Contributed Interests
	  	 	3	  
	 Section 1.2
	 	 Designation of Assignee
	  	 	3	  
	 Section 1.3
	 	 Consideration
	  	 	3	  
	 Section 1.4
	 	 Tax Treatment
	  	 	5	  
	 Section 1.5
	 	 Helmsley Entity Consent
	  	 	6	  
	 Section 1.6
	 	 Term of Agreement
	  	 	7	  
			
	 ARTICLE 2
	 	 CLOSING
	  	 	7	  
			
	 Section 2.1
	 	 Conditions Precedent
	  	 	7	  
	 Section 2.2
	 	 Time and Place; Closing and IPO Closing
	  	 	8	  
	 Section 2.3
	 	 Closing Deliveries
	  	 	9	  
	 Section 2.4
	 	 IPO Closing Deliveries
	  	 	9	  
	 Section 2.5
	 	 [Intentionally Omitted.]
	  	 	10	  
			
	 ARTICLE 3
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	10	  
			
	 Section 3.1
	 	 Representations and Warranties with Respect to the Company and the Operating Partnership
	  	 	10	  
	 Section 3.2
	 	 Representations and Warranties of the Helmsley Group Members
	  	 	12	  
	 Section 3.3
	 	 Survival of Representations and Warranties
	  	 	17	  
			
	 ARTICLE 4
	 	 COVENANTS
	  	 	17	  
			
	 Section 4.1
	 	 Covenants of the Helmsley Group Members
	  	 	17	  
	 Section 4.2
	 	 Indemnification
	  	 	19	  
	 Section 4.3
	 	 Commercially Reasonable Efforts
	  	 	20	  
			
	 ARTICLE 5
	 	 MISCELLANEOUS
	  	 	20	  
			
	 Section 5.1
	 	 Defined Terms
	  	 	20	  
	 Section 5.2
	 	 Notices
	  	 	23	  
	 Section 5.3
	 	 Counterparts
	  	 	24	  
	 Section 5.4
	 	 Entire Agreement; Third-Party Beneficiaries
	  	 	24	  
	 Section 5.5
	 	 Governing Law
	  	 	25	  
	 Section 5.6
	 	 Amendment; Waiver
	  	 	25	  
	 Section 5.7
	 	 Assignment
	  	 	25	  
	 Section 5.8
	 	 Jurisdiction
	  	 	25	  
	 Section 5.9
	 	 Severability
	  	 	26	  
	 Section 5.10
	 	 Rules of Construction
	  	 	26	  
	 Section 5.11
	 	 Time of the Essence
	  	 	26	  
	 Section 5.12
	 	 Descriptive Headings
	  	 	26	  

							
	 Section 5.13
	 	 No Personal Liability Conferred
	  	 	26	  
	 Section 5.14
	 	 Changes to Form Agreements
	  	 	26	  
	 Section 5.15
	 	 Further Assurances
	  	 	27	  
	 Section 5.16
	 	 Reliance
	  	 	27	  
	 Section 5.17
	 	 Survival
	  	 	27	  
	 Section 5.18
	 	 Equitable Remedies; Limitation on Damages
	  	 	27	  
			
	 EXHIBITS
	 		  			
		
	 A      Helmsley Entities, REIT Contributing Entities and Participation
Interests
	  			
			
	 B      Articles
	 		  			
		
	 C      Form of Registration Rights Agreement
	  			
		
	 D      Form of Lock-Up Agreement
	  			
			
	 SCHEDULES
	 		  			
		
	Schedule 1 Transaction Documents	  			

 AMENDED AND RESTATED CONTRIBUTION AGREEMENT 

THIS AMENDED AND RESTATED CONTRIBUTION AGREEMENT (including all exhibits, hereinafter referred to as this “Agreement”)
is made and entered into as of November 28, 2011 (the “Effective Date”) and amended and restated as of July 2, 2012 by and among Empire State Realty Trust, Inc., a Maryland corporation (the “Company”),
Empire State Realty OP, L.P., a Delaware limited partnership (the “Operating Partnership”), the entities affiliated with the Helmsley Estate (defined below) set forth on Exhibit A (individually, a “Helmsley
Entity” and collectively, the “Helmsley Entities”), The Leona M. and Harry B. Helmsley Charitable Trust (the “Contributing Trust”), and the Estate of Leona M. Helmsley (the “Helmsley
Estate”). Terms used but not defined shall have the meanings ascribed to them in Section 5.1. 
 RECITALS

 A. WHEREAS, in conjunction with the Company’s formation transactions and the initial public offering of the Company
(the “IPO”), the Company desires, among other things, (1) to consolidate (a) the ownership of the Participation Interests held by the Participants in 23 limited liability companies and limited partnerships (the
“REIT Contributing Entities”) which own fee, ground leasehold interests or operating leasehold interests in the 18 real properties and the two acres of vacant land as described in each REIT Contributing Entity’s Consent
Solicitation Statement/Offering Memorandum or the Prospectus/Consent Solicitation Statement included in the registration statement on Form S-4, as applicable (each, a “Consent Solicitation”)
and (b) Malkin Holdings LLC, Malkin Properties, L.L.C., Malkin Properties of New York, L.L.C., Malkin Properties of Connecticut, Inc. and Malkin Construction Corp. (the “Management Companies”) and (2) to have an option
(the “Option Transaction”) to acquire the interests owned by three limited liability companies (the “Optional Contributing Entities”) which may be exercised upon the final resolution of certain ongoing litigation
with respect to the real properties owned by such companies. Such consolidations into the Company and/or the Operating Partnership will be completed immediately prior to or concurrently with the completion of the IPO (as more particularly described
below and in the Consent Solicitations (collectively, the “Consolidation Transaction”) pursuant to various contribution agreements (the “Contribution Agreements”) by and among the Company, the Operating Partnership
and the applicable REIT Contributing Entity, and merger agreements by and among the Company, the Operating Partnership and the applicable Management Company. 
 B. WHEREAS, the Consolidation Transaction and the Option Transaction will entail, among other things, a series of transactions, pursuant to which the REIT Contributing Entities, the Optional Contributing
Entities (if the Company exercises the related option) and/or their Participants, and the equity holders of the Management Companies, will receive, as applicable, units of limited partnership interest (the “OP Units”) to be issued
by the Operating Partnership, shares of Class A Common Stock of the Company, par value $0.01 per share (the “Class A Common Stock”), to be issued by the Company, shares of Class B Common Stock of the Company, par value $0.01
per share (together with the Class A Common Stock, the “Common Stock”), to be issued by the Company and/or cash (subject to a cap), which (to the extent received by the REIT Contributing Entities and not directly by the
Participants or equity holders, as the case may be, therein) will each be distributed to the Participants or equity holders, as the case may be, therein. The holder of a Participation Interest in a REIT Contributing Entity, as applicable, is
referred to individually as a “Participant” and collectively as the “Participants.” 

  
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 C. WHEREAS, the Helmsley Entities hold the Participation Interests in the REIT Contributing
Entities as set forth on Exhibit A, and each Helmsley Entity desires to consent to the Consolidation Transaction in respect of the applicable REIT Contributing Entity in which such Helmsley Entity holds Participation Interests on the
Effective Date prior to the mailing of the Consent Solicitations. 
 D. WHEREAS, prior to the Consolidation Transaction,
(1) Supervisory Management Corp. shall transfer its Participation Interests as set forth on Exhibit A to a newly formed single purpose Delaware limited liability company (“Supervisory LLC” which, for purposes of this
Agreement shall constitute a Contributed Helmsley Entity (as defined below), and (2) the Helmsley Estate expects to cause the transfer of Supervisory LLC and the entities set forth on Exhibit A and identified as Helmsley Entities (LLCs)
(excluding LMH Equities LLC, which shall transfer its Participation Interests as set forth on Exhibit A to LMH 1350 LLC prior to such time, and together with Supervisory LLC, the “Contributed Helmsley Entities”) to the
Contributing Trust such that, prior to the Closing, the Contributed Helmsley Entities are expected to be wholly-owned Subsidiaries of the Contributing Trust. 
 E. WHEREAS, at the Closing, the Contributing Trust (or, to the extent the applicable Contributed Helmsley Entity is not so transferred to the Contributing Trust, the Helmsley Estate) desires to transfer
all of the equity interests in the Contributed Helmsley Entities, and Foundation desires to transfer its Participation Interests as set forth on Exhibit A (such equity interests and such Participation Interests to be so transferred
collectively, the “Contributed Interests”), directly to the Operating Partnership or a Subsidiary thereof for cash, OP Units and/or Class A Common Stock and/or Class B Common Stock (in an amount that will not exceed 2.048% of
the OP Units issued to the Contributors) in lieu of the process described in Recital B above (the “Contributions”), and the Charitable Entities (and, to the extent set forth herein, the Helmsley Estate) desire to receive the benefit
of any transfer tax savings to the Operating Partnership or such Subsidiary thereof resulting from such transfers to the Operating Partnership or a Subsidiary thereof pursuant to the structure described in this Recital E. 

F. WHEREAS, this Agreement was executed on November 28, 2011 and is effective as of such date (and all representations, warranties
and covenants are, and shall remain, made as of such date) and the parties hereto desire to amend and restate this Agreement as of July 2, 2012. 

  
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 NOW, THEREFORE, for and in consideration of the foregoing premises and the mutual undertakings set forth
below, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 TERMS OF
AGREEMENT 
 ARTICLE 1 
 CONTRIBUTION 
 Section 1.1 Contribution of Contributed
Interests. At the Closing and subject to the terms and conditions contained in this Agreement, the Contributors shall contribute, transfer, assign, convey and deliver to the Operating Partnership, and the Operating Partnership shall acquire and
accept, all right, title and interest held by the applicable Contributor in the Contributed Interests (other than Excluded Assets) directly, free and clear of all Liens. 
 Section 1.2 Designation of Assignee. The Operating Partnership reserves the right, by written notice to the Contributors, to reallocate any of the Contributed Interests slated for acquisition
by the Operating Partnership pursuant to this Agreement, such that the Contributed Interests will instead be contributed to and acquired by the Company or any Subsidiary of the Company or the Operating Partnership; provided that such reallocation
does not adversely affect the Tax treatment of the Contributions contemplated herein. 
 Section 1.3 Consideration.

 (a) At the Closing, the Operating Partnership shall, in exchange for the transfer of the Contributed Interests, (i) pay
to the applicable Contributor or its designee in cash, to the extent cash is payable to such Contributor in respect of the exercise by the applicable Helmsley Entity of the cash election as described in the Consent Solicitation, with the balance in
Class A Common Stock (up to the number of shares of Class A common stock that together with the Class B common stock to be issued to the Contributor will not exceed the “Aggregate Stock Ownership Limit” (as such term is defined
in the Articles)) and the remainder in OP Units and Class B common stock, up the maximum number of Class B common stock issuable to the Contributor) equal to, as applicable, each Contributed Helmsley Entity’s and the Foundation’s portion
(based on percentage ownership) of the “Value” of the respective REIT Contributing Entity (as will be determined in accordance with such REIT Contributing Entity’s Contribution Agreement, its Organizational Documents and its Consent
Solicitation), and (ii) pay to the applicable Contributor an amount equal to the New York City real property transfer tax that would be payable with respect to the transfers by the applicable Contributor contemplated under this Agreement but
that are not payable by any person as a result of such Contributor’s exemption from the New York City real property transfer tax under Section 11-2106(b)(2) of the Administrative Code of the City of
New York (the “Reimbursement Amount”, such amount together with the amount described in subsection (i) above in respect of all Contributed Interests in the aggregate, the “Total Consideration”). Notwithstanding
any other provision of this Agreement, if all of the transfers of the Participation Interests (excluding the transfers hereunder by the Charitable Entities and the Helmsley Estate (to the extent applicable) and the transfers by non-accredited Participants and Participants who qualify for the exemption provided under Section 11-2106(b)(2) of the Administrative Code of the City of New York) in any
REIT Contributing Entity are eligible for the reduced New York City transfer tax rate described in Section 11-2102(e) of the Administrative Code of the City of New York and are properly reported in a
manner consistent with such eligibility, then the Reimbursement Amount with respect to the transfers of the Participation Interests in such REIT Contributing Entity shall be calculated (for all purposes of this Agreement) as if the transfers from
the applicable Contributor 

  
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were eligible for the reduced New York City real property transfer tax rate described in Section 11-2102(e) of the Administrative Code of the City of
New York, and as if the consideration for such transfers was determined under Section 11-2102(e)(3) of the Administrative Code of the City of New York. Notwithstanding any other provision of this
Agreement, if all such transfers of the Participating Interests in a REIT Contributing Entity are not eligible for the reduced New York City transfer tax rate described in Section 11-2102(e) of the
Administrative Code of the City of New York, then the Reimbursement Amount shall be calculated (for all purposes of this Agreement) as if the transfers of the Participation Interests in such REIT Contributing Entity from the applicable Contributor
were not eligible for the reduced New York City real property transfer tax rate described in Section 11-2102(e) of the Administrative Code of the City of New York, and as if the consideration for such
transfers was determined under Section 11-2101(9) of the Administrative Code of the City of New York. In either case, the Reimbursement Amount shall be calculated taking into account Section 23-02, Consideration (2) of the Rules of the City of New York. In addition, notwithstanding any other provision of this Agreement, to the extent that the Helmsley Estate is a Contributor hereunder,
the amount described under clause (ii) of this Section 1.3(a) with respect to the transfer by or caused by the Helmsley Estate shall not be paid by the Operating Partnership at the Closing, but rather such amount shall be paid by
the Operating Partnership to the Helmsley Estate or its designee promptly after the expiration of the period of limitations with respect to the New York City real property transfer tax applicable to such transfer provided under Section 11-2116 of the Administrative Code of the City of New York. The Contributors agree that the Operating Partnership shall reasonably determine the manner in which the aggregate shares of OP Units,
Class A Common Stock, Class B Common Stock and cash payable to the Contributors under clause (i) of the first sentence of this Section 1.3(a) or payable under Section 1.3(b) hereof shall be allocated among the
Contributed Helmsley Entities and the Foundation, and each Contributor agrees that it shall treat the transactions contemplated by this Agreement in a manner consistent with such allocation for all purposes, provided that no such allocation shall
result in any OP Units being issued to any Contributor other than the Helmsley Estate without the consent of the Helmsley Estate. 
 (b) In addition to the foregoing, in the event that the underwriters in the IPO exercise all or any portion of their option to purchase additional shares of Class A Common Stock, the applicable
Contributor (as determined by the Helmsley Estate) or its designee shall be entitled to receive on each closing with respect to such exercise the proceeds from such exercise in an amount equal to the number of shares of Class A Common Stock
sold pursuant to such option multiplied by the difference between the IPO Price and the Underwriting Discount in lieu of the OP Units such Contributor otherwise would have been entitled to receive, or, if such closing occurs following the Closing,
in exchange for an equal number of shares of Class A Common Stock then held by such Contributor, in each case, as set forth in the applicable REIT Contributing Entity’s Contribution Agreement. No other Participant shall be entitled to
receive any of such proceeds. 
 (c) No fractional OP Units or shares of Class A Common Stock shall be issued to a
Contributor pursuant to this Agreement. If aggregating all OP Units or shares of Class A Common Stock that a Contributor would otherwise be entitled to receive as a result of the Consolidation Transaction would require the issuance of a
fractional OP Unit or share of Class A Common Stock, in lieu of such fractional OP Unit or share of Class A Common Stock, the Contributor shall be entitled to receive one OP Unit or one share of Class A Common Stock

  
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for each fractional OP Unit or share of Class A Common Stock of 0.50 or greater. The Company will not issue an OP Unit or a share of Class A Common Stock for any fractional OP Unit or
share of Class A Common Stock of less than 0.50. 
 (d) As soon as practicable following the determination of the price per
share of Class A Common Stock in the IPO and prior to the Closing, all calculations relating to the Total Consideration shall be performed in good faith by, or under the direction of, the Company and the Operating Partnership, and, absent
manifest error, shall be final and binding upon the Contributors. 
 (e) The parties acknowledge that the transfer pursuant to
this Section 1.3 of (i) OP Units shall be evidenced by an amendment (the “Amendment”) to the OP Agreement admitting the Contributors receiving OP Units hereunder as limited partners of the Operating Partnership and
(ii) the Class A Common Stock shall be evidenced through the electronic registration of such Class A Common Stock with the Depository Trust Company, a New York corporation (“DTC Registered REIT Stock”). Each
Contributor that will receive OP Units shall be instructed to execute, in connection with its consent to the transactions contemplated by this Agreement, an agreement to become a party to and be bound by the OP Agreement. The Operating Partnership
may withhold distribution of any OP Units to any Contributor until such Contributor executes an agreement to be become a party to and be bound by the OP Agreement. 
 (f) Each REIT Contributing Entity must distribute certain cash, if any, held on or prior to the Closing Date to its Participants (including the respective Contributed Helmsley Entity and the Foundation)
in accordance with the provisions of the applicable Organizational Documents and the Contribution Agreement of such REIT Contributing Entity (together with Excluded Assets as defined in each REIT Contribution Agreement, the “Excluded
Assets”). The Operating Partnership agrees and acknowledges that none of the Excluded Assets, nor any right, title or interest of the applicable REIT Contributing Entity or Participant therein, shall be deemed to constitute a part of the
assets and liabilities contributed to the Operating Partnership, and that such assets and liabilities will be retained by such REIT Contributing Entity or such Participant at the Closing. The Operating Partnership agrees and acknowledges that
(i) each such REIT Contributing Entity must transfer or distribute the Excluded Assets to its Participants (including the respective Contributed Helmsley Entity and the Foundation) at any time and from time to time prior to the Closing and
after the Closing (in which case, the respective Contributed Helmsley Entity shall assign, or the Company shall cause each such Contributed Helmsley Entity to assign, to the applicable Contributor such Contributed Helmsley Entity’s portion of
such distributions and the Company shall cause all amounts received by it, the Operating Partnership or any Subsidiary of the Company or the Operating Partnership from such distributions in respect of the Participation Interests contributed by the
Foundation to be paid over to the Foundation) and (ii) the applicable Contributor shall be entitled to its respective share of any distributions (including distributions of Excluded Assets) made by each REIT Contributing Entity in respect of
the Participation Interests contributed directly or indirectly by such Contributor. 
 Section 1.4 Tax Treatment.

 (a) The parties intend and agree that the Contributions by the Contributors pursuant to the Consolidation Transaction, for
U.S. federal income tax purposes, shall constitute 

  
 5 

 
an “assets over” partnership merger of the REIT Contributing Entity and the Operating Partnership within the meaning of Treasury Regulation Section 1.708-1(c)(3)(i) and, as a
result, that (i) any distribution of cash and/or Class A Common Stock to a Contributor who receives solely cash and/or Class A Common Stock in respect of its Contributed Interest in the relevant REIT Contributing Entity shall be
treated as a sale by such Contributor of its Contributed Interest in such REIT Contributing Entity and a purchase by the Operating Partnership of such Contributed Interest for the cash and/or Class A Common Stock received by such Contributor in
accordance with Treasury Regulation Section 1.708-1(c)(4), (ii) any distribution of cash and/or Class A Common Stock to a Contributor who receives a combination of OP Units and cash and/or Class A Common Stock in respect of its
Contributed Interest in the relevant REIT Contributing Entity shall be treated (a) as a reimbursement of capital expenditures under Treasury Regulation Section 1.707-4(d), to the extent that the amount of cash and/or the fair market value
of such Class A Common Stock does not exceed such Contributor’s proportionate share of the capital expenditures of such REIT Contributing Entity to be specified on Schedule 1.9 (which shall be provided on or prior to the Closing
Date) and (b) as a sale by such Contributor of its Participation Interest in the REIT Contributing Entity and a purchase by the Operating Partnership of such Contributed Interest in accordance with Treasury Regulation
Section 1.708-1(c)(4), to the extent (if any) that the amount of cash and/or the fair market value of such Class A Common Stock exceeds such Contributor’s proportionate share of the capital expenditures of such REIT Contributing
Entity as of the Closing Date as will be specified on a schedule to be provided on or prior to the Closing Date). At or prior to the Closing Date, the parties will agree to a revision of such schedule reflecting the capital expenditures that each
REIT Contributing Entity will have incurred as of the Closing Date. Each such Contributor who accepts such cash and/or Class A Common Stock explicitly agrees to the treatment described in the preceding clauses (i) and (ii) as a
condition to receiving such cash and/or Class A Common Stock. The portion of any transfer, assignment and exchange of Contributed Interests for OP Units by a Contributor effectuated pursuant to this Agreement shall constitute a “Capital
Contribution” by the REIT Contributing Entity to the Operating Partnership pursuant to Article IV of the OP Agreement and is intended to be treated, for U.S. federal income tax purposes, as a contribution to a partnership pursuant to
Section 721 of the Code. 
 (b) The Operating Partnership shall be entitled to deduct and withhold from any portion of the
Total Consideration to be distributed to the Contributors such amount as it is required to deduct and withhold from such payment under the Code or any provision of U.S. federal, state, local or foreign tax law; provided, that notice of such
withholding is delivered to the Contributors in advance. To the extent that amounts are withheld by the Operating Partnership, such amounts shall be treated for all purposes of this Agreement as having been paid to the applicable Contributor in
respect of which such deduction and withholding was made by the Operating Partnership. 
 Section 1.5 Helmsley Entity
Consent. Simultaneously with the execution of this Agreement, each Helmsley Entity shall deliver its irrevocable consent (the “Helmsley Consent”) to (a) the Consolidation Transaction, including an Alternate Transaction and
(b) a third-party portfolio sale proposal (“Portfolio Sale”) (each as more fully described in the Consent Solicitations) in respect of the REIT Contributing Entity in which it holds a Participation Interest. 

  
 6 

 Section 1.6 Term of Agreement. If the Closing does not occur by
December 31, 2014 (the “Termination Date”), or such earlier time as the Company determines not to proceed with the IPO, this Agreement shall be deemed terminated and shall be of no further force and effect and none of the
Company, the Operating Partnership or any Helmsley Group Member shall have any further obligations hereunder except as specifically set forth in this Agreement. 
 ARTICLE 2 
 CLOSING 

Section 2.1 Conditions Precedent. 
 (a) Condition to Each Party’s Obligations. The obligations of each party to effect the transactions with respect to each Contribution of a Contributed Interest contemplated hereby shall be
subject to the satisfaction or waiver of the following conditions: 
 (i) No order, statute, rule, regulation,
executive order, injunction, stay, decree, judgment or restraining order shall have been enacted, issued, entered, promulgated or enforced by any court of competent jurisdiction or Governmental Authority that prohibits the consummation of the
transactions with respect to such Contribution contemplated hereby (which condition may not be waived by any party), nor shall any proceeding brought by a Governmental Authority of competent jurisdiction be pending that seeks the foregoing;

 (ii) The IPO Closing shall have occurred simultaneously with the Closing (or the Closing shall occur prior to,
but conditioned upon the immediate subsequent occurrence of, the IPO Closing) and the Class A Common Stock and OP Units shall have been approved for listing on the New York Stock Exchange or another national securities exchange, subject only to
official notice of issuance. This condition may not be waived by any party; and 
 (iii) With respect to each
REIT Contributing Entity in which a Contributor owns (directly or indirectly) a Participation Interest, the closing of such REIT Contributing Entity’s participation in the Consolidation Transaction pursuant to its Contribution Agreement shall
have occurred. 
 (b) Conditions to Obligations of the Company and the Operating Partnership. The obligations of the
Company and Operating Partnership to effect a Contribution transaction of a Contributed Interest contemplated hereby shall be subject to the satisfaction or waiver of the following conditions with respect to such Contributed Interest (it being
understood that the provisions of Section 2.1(a) and this Section 2.1(b) shall be the only conditions to the obligations of the Company and the Operating Partnership with respect to such Contribution and that, without
limiting any Helmsley Group Member’s duties, covenants or obligations expressed elsewhere in this Agreement, the provisions of Section 2.1(a) and this Section 2.1(b) shall be only conditions to Closing and shall not
independently create any additional covenants on the part of such Helmsley Group Member): 
 (i) The
representations and warranties of the Helmsley Group Members contained in this Agreement shall be true and correct in all material respects at the Closing Date 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). 

  
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 (ii) Each Helmsley Group Member 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 Closing Date. 
 (iii) Each Helmsley Group Member shall have executed and delivered to the Company the documents required to be delivered by it pursuant to Sections 2.3 and 2.4 hereof. 

Any or all of the foregoing conditions may be waived by the Operating Partnership on behalf of itself and the Company in its sole and
absolute discretion. 
 (c) Conditions to Obligations of the Helmsley Group Members. The obligations of each Helmsley
Group Member to effect the transactions contemplated hereby shall be subject to the satisfaction or waiver of the following conditions (it being understood that the provisions of Section 2.1(a) and this Section 2.1(c) shall
be the only conditions to the obligations of such entities and that, without limiting any of the Company’s or the Operating Partnership’s duties, covenants or obligations expressed elsewhere in this Agreement, the provisions of
Section 2.1(a) and this Section 2.1(c) shall be only conditions to Closing and shall not independently create any additional covenants of the Company or the Operating Partnership): 

(i) The representations and warranties of each of the Operating Partnership and the Company contained in this Agreement
shall be true and correct at the Closing Date 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). 

(ii) The Company and the Operating Partnership 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 Closing Date. 
 (iii) The
Company and the Operating Partnership each shall have executed and delivered to the Helmsley Group Members the documents required to be delivered pursuant to Sections 2.3 and 2.4 hereof. 

Section 2.2 Time and Place; Closing and IPO Closing. Unless this Agreement shall have been terminated pursuant to
Section 1.6, and subject to the satisfaction or waiver of the conditions in Section 2.1, the closing of the transactions contemplated hereunder (the “Closing” or “Closing Date”) shall occur
concurrently with (or prior to, but conditioned upon the immediate subsequent occurrence of) the IPO Closing. The Closing shall take place at the New York offices of Clifford Chance US LLP or such other place as determined by the Company in its sole
discretion. The date, time and place of the consummation of the IPO, which shall occur concurrently with or immediately following the Closing, shall be referred to in this Agreement as the “IPO Closing.” 

  
 8 

 Section 2.3 Closing Deliveries. On the Closing Date, the parties shall make,
execute, acknowledge and deliver the legal documents and items required to be executed or delivered in connection with the Closing (collectively the “Closing Documents”) 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. The Closing Documents and other items to be delivered at the Closing are the following:

 (a) The Amendment or other evidence of the transfer of OP Units to the Contributors and evidence of the DTC Registered REIT
Stock, which shall bear the legend set forth in the Articles of Amendment and Restatement of the Company, as amended and restated and in effect immediately prior to the Closing in substantially the form attached as Exhibit B (the
“Articles”) or a written statement of information that the Company will furnish a full statement about certain restrictions on transferability to a stockholder on request and without charge, which restrictions shall be substantially
the same as those set forth in the Articles; 
 (b) Any other documents that are in the possession of a Contributor or which can
be obtained through such Contributor’s reasonable efforts which are reasonably requested by the Company or the Operating Partnership and are reasonably necessary or desirable to assign, transfer, convey, contribute and deliver the Contributed
Interests directly, free and clear of all Liens and effectuate the transactions contemplated hereby; 
 (c) The Operating
Partnership and the Company on the one hand and the Helmsley Group Members on the other hand shall provide to the other a certified copy of all appropriate corporate resolutions or partnership, limited liability company or other actions, as
applicable, authorizing the execution, delivery and performance by the Operating Partnership and the Company (if so requested by a Helmsley Group Member) and any Helmsley Group Member (if so requested by the Operating Partnership or the Company) of
this Agreement, any related documents and the documents listed in this Section 2.3; 
 (d) The Operating Partnership
and the Company on the one hand and the Helmsley Group Members on the other hand shall provide to the other a certification regarding the accuracy in all material respects of each of their respective representations and warranties in this Agreement
at the Closing Date (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); 

(e) The Contributors shall each provide the Operating Partnership with a certificate of
non-foreign status that complies in form and in substance with Treasury Regulation Section 1.1445-2(b); and 
 (f) Any applicable books, records and Organizational Documents relating to each Contributed Helmsley Entity that are in the possession of each Contributed Helmsley Entity or the applicable Contributor or
which can be obtained through such entities’ reasonable efforts. 
 Section 2.4 IPO Closing Deliveries. At the
IPO Closing, (a) the Closing Documents shall be delivered to the applicable parties, and the Closing shall be deemed to have occurred (if 

  
 9 

 
such Closing has not otherwise occurred immediately prior thereto), and (b) 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, which IPO Closing Documents and other items are the following: 
 (a) The Registration Rights Agreement, substantially in the form attached hereto as Exhibit C (the “Registration Rights Agreement”); and 

(b) The Lock-up Agreement, substantially in the form attached hereto as Exhibit D.

 Section 2.5 [Intentionally Omitted.] 
 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 

Section 3.1 Representations and Warranties with Respect to the Company and the Operating Partnership. The Operating
Partnership and the Company hereby jointly and severally represent and warrant to the Helmsley Group Members as set forth below in this Section 3.1, which representations and warranties are true and correct as of the Effective Date (or
such other date specifically set forth below): 
 (a) Organization; Authority. 

(i) The Company is a corporation duly incorporated, validly existing and in good standing under the Laws of its
jurisdiction of incorporation and has all requisite power and authority to enter into this Agreement and each agreement or other document listed on Schedule 1 (the “Transaction Documents”) to which it is a party, and to carry
out the transactions contemplated hereby or thereby, and to own, lease and/or operate its property, as applicable, and its other assets, and to carry on its business as presently conducted. The Company, 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 such failures to be so qualified as would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (ii) The Operating Partnership
is a limited partnership duly formed, validly existing and in good standing under the Laws of its jurisdiction of formation and has all requisite power and authority to enter into this Agreement and each agreement or other document contemplated by
this Agreement and to carry out the transactions contemplated hereby or thereby, and to own, lease and/or operate its property, as applicable, and its other assets, and to carry on its business as presently conducted. The Operating Partnership, 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 such failures to
be so qualified as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
 10 

 (b) Due Authorization. The execution, delivery and performance by the Company and the
Operating Partnership of this Agreement and each Transaction Document to which it is a party have been duly and validly authorized by all necessary actions required of the Company and the Operating Partnership, respectively. This Agreement and each
Transaction Document executed and delivered by or on behalf of the Company and the Operating Partnership constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of the Company and the Operating
Partnership, respectively, each enforceable against the Company and the Operating Partnership, respectively, 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). 

(c) Consents and Approvals. Assuming the accuracy of the representations and warranties of the Helmsley Group Members made
hereunder, no consent, order, waiver, approval or authorization of, or registration, qualification, designation, declaration or filing with, any Person or Governmental Authority or under any applicable Laws (each, a “Consent”) is
required to be obtained by the Company, the Operating Partnership or any of their Subsidiaries in connection with the execution, delivery and performance of this Agreement or any other agreement or document contemplated by this Agreement to which
the Company or the Operating Partnership is a party, or any agreements or transactions contemplated hereby or thereby, except for those consents, orders, waivers, approvals, authorizations, registrations, qualifications, designations, declarations
or filings, the failure of which to obtain or to make, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and except as contemplated in the Registration Rights Agreement. 

(d) No Violation. None of the execution, delivery or performance by the Company or the Operating Partnership of this Agreement or
any other agreement or document contemplated by this Agreement to which the Company or the Operating Partnership is a party, or any agreement or transaction contemplated hereby or thereby or the consummation of the transactions contemplated hereby
or thereby 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, (i) the Organizational Documents of the Company and the Operating Partnership, (ii) any agreement, document or instrument to which the Company or the Operating Partnership is a party thereto or (iii) any term or provision of
any judgment, order, writ, injunction, or decree binding on the Company or the Operating Partnership, except for, in the case of clause (ii) or (iii), any such breaches or defaults that would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. 
 (e) OP Units and Class A Common Stock. The OP Units and Class A
Common Stock, when issued and delivered in accordance with the terms of this Agreement for the consideration described in this Agreement, will have been (i) duly authorized by the Company or the Operating Partnership, as applicable, and when
issued against the consideration therefor, will be validly issued by the Company or the Operating Partnership, respectively, (ii) fully paid and non-assessable with respect to the Class A Common
Stock, (iii) not subject to preemptive or similar rights created by statute or any agreement to which the Company or the Operating Partnership is a party or by which it is bound and (iv) free and clear of all Liens created by the Company
or the Operating Partnership (other than Liens created by the Articles or the OP Agreement). 

  
 11 

 (f) No Broker. None of the Company, the Operating Partnership, any of their
Subsidiaries, or any of their officers, directors or employees, to the extent applicable, has entered into any agreement with any broker, finder or similar agent or any Person or firm that will result in the obligation of any Helmsley Group Member
or any of their Affiliates to pay any finder’s fee, brokerage fees or commissions or similar payment in connection with the transactions contemplated by this Agreement or engaged in any general solicitation within the meaning of Rule 502 under
the Act. 
 (g) Taxes. 
 (i) At the effective time of the IPO and the Closing, the Company shall be organized in a manner so as to qualify for taxation as a real estate investment trust 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 real estate investment trust for U.S. federal income tax purposes commencing with its taxable year ending December 31 of the year in
which the Closing takes place. 
 (ii) At the effective time of the IPO and at the Closing, the Operating
Partnership shall be classified as a partnership and not an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. 
 (h) No Other Representations or Warranties. Other than the representations and warranties expressly set forth in this Section 3.1, neither the Company nor the Operating Partnership
shall be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby. All representations and warranties of the Company and the Operating Partnership contained in this Agreement
shall expire at Closing. 
 Section 3.2 Representations and Warranties of the Helmsley Group Members. Each Helmsley
Entity and Contributed Helmsley Entity severally and not jointly hereby represents and warrants as to itself and not as to any other Helmsley Group Member and each of the Helmsley Estate and the Contributing Trust jointly and severally hereby
represents and warrants as to itself to the Company and the Operating Partnership as set forth below in this Section 3.2, which representations and warranties are true and correct as of the Effective Date (or such other date specifically
set forth below): 
 (a) Organization; Authority. The Contributing Trust is a tax exempt charitable entity organized as a
charitable trust duly formed and validly existing and in good standing under the Laws of New York. Each Contributed Helmsley Entity is a limited liability company duly organized and validly existing and in good standing under the Laws of its
jurisdiction of organization and, in each case, has all requisite power and authority to enter into this Agreement and each Transaction Document and to carry out the transactions contemplated hereby and thereby. Each Contributed Helmsley Entity, 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. None of the Contributed
Helmsley Entities has any Subsidiaries. 

  
 12 

 (b) Due Authorization. The execution, delivery and performance by such Helmsley Group
Member of this Agreement and each Transaction Document to which it is a party has been duly and validly authorized by all necessary actions required of such entity. This Agreement and each Transaction Document executed and delivered by or on behalf
of such Helmsley Group Member constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of such Helmsley Group Member, each enforceable against such entity 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). 
 (c) Litigation. Except for litigation relating to the REIT Contributing Entities or the assets
held thereby, there is no action, suit or proceeding pending or, to the knowledge of the Helmsley Estate or the Contributing Trust, threatened against or involving any Contributed Helmsley Entity or any Contributor relating to any Contributed
Interest. There is no outstanding order, writ, injunction or decree of any Governmental Authority against such Helmsley Group Member relating to or affecting all or any portion of the Contributed Interests that would materially impair such Helmsley
Group Member’s ability to execute, deliver or perform its obligations under this Agreement. 
 (d) Compliance with
Laws. Each Contributed Helmsley Entity has conducted its business in compliance in all material resects with all applicable Laws. None of the Helmsley Estate or the Contributing Trust has knowledge of, or has been informed in writing of, any
continuing material violation of any Laws relating to the conduct of the business of any of the Contributed Helmsley Entities or the commencement of any investigation respecting any such possible violation. 

(e) Ownership of Contributed Interests. As of the Closing, (i) the Helmsley Estate or, if not the Helmsley Estate, the
Contributing Trust will be the record and beneficial owner of all of the outstanding membership interests of the Contributed Helmsley Entities or, to the extent the Contributing Trust is not the record and beneficial owner (as contemplated by
Section 4.1(b)), a wholly-owned subsidiary of the Helmsley Estate will be the record owner of such interest [and the Contributing Trust will be the beneficial owner of such interest as the sole beneficiary of the Helmsley Estate] and
(ii) all of the Participation Interests set forth on Exhibit A will be owned beneficially and of record by the Helmsley Estate, the Contributing Trust, a Helmsley Entity or a Contributed Helmsley Entity. Each Helmsley Entity is the
record and beneficial owner of the Participation Interests in each respective REIT Contributing Entity as set forth on Exhibit A as of the Effective Date, and the applicable Contributor will have the power and authority on the Closing Date to
transfer, sell, assign and convey to the Company, the Operating Partnership or any of their Subsidiaries, as applicable, the Contributed Interests free and clear of any Liens and, upon delivery of the Total Consideration for such Contributed
Interests as provided herein, the Company, the Operating Partnership or such Subsidiary, as applicable, will acquire good and valid title thereto, free and clear of any Liens. The Participation Interests set forth on Exhibit A constitute all
of the Participation Interests owned 

  
 13 

 
directly or indirectly by any Helmsley Group Member or their controlled Affiliates. Except as provided for or contemplated by this Agreement, 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 (A) relating to the Contributed Interests or the Participation Interests set forth on Exhibit A or
(B) to purchase, transfer or to otherwise acquire, or to in any way encumber, any of the interests which comprise such Contributed Interests or Participation Interests set forth on Exhibit A or any securities or obligations of any kind
convertible into any of the interests which comprise such Contributed Interests and such Participation Interests. As of the Closing, all of the issued and outstanding membership interests in each Contributed Helmsley Entity has been duly authorized
and is validly issued. 
 (f) Consents and Approvals. Assuming the accuracy of the representations and warranties of the
Company and the Operating Partnership made hereunder, no Consent is required to be obtained by such Helmsley Group Member in connection with the execution, delivery and performance of this Agreement or any other agreement or document contemplated by
this Agreement to which such Helmsley Group Member is a party and the transactions contemplated hereby or thereby, except for those Consents (i) the failure of which to obtain or to make would not, individually or in the aggregate, reasonably
be expected to have a material adverse effect on the ability of the Contributors to effect the Contributions required hereby or (ii) that will have been obtained or made on or prior to the Closing Date. 

(g) No Violation. Assuming the accuracy of the representations and warranties of the Company and the Operating Partnership made
hereunder, none of the execution, delivery or performance by such Helmsley Group Member of this Agreement or any other agreement or document contemplated by this Agreement to which such entity is a party, or any agreement or transaction contemplated
hereby or thereby 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, (i) the Organizational Documents of any such entity, (ii) any material agreement, document or instrument to which such Helmsley Group Member or any of their respective assets or properties are bound or (iii) any
material term or provision of any judgment, order, writ, injunction, or decree binding on any such entity. 
 (h) Taxes.

 (i) (A) Each of the Contributed Helmsley Entities is and has been since its formation treated as an entity
disregarded as an entity separate from its owner for U.S. federal income tax purposes and (B) none of the Contributed Helmsley Entities has received written notice from any Governmental Authority responsible for the assessment or collection of
Tax challenging the treatment described in clause (A). 
 (ii) (A) All material Tax returns and reports in
respect of taxes required to be filed by or on behalf of the Contributed Helmsley Entities have been timely filed (taking into account valid extensions) and are true correct and complete in all material respects, (B) all material Taxes required
to be paid by Supervisory Management Corp. and the Contributed Helmsley Entities or with respect to income attributable to the Participation Interests owned by the Supervisory Management Corp. and Contributed

  
 14 

 
Helmsley Entities have been timely (taking into account valid extensions) and properly paid (other than Taxes being contested in good faith and by appropriate proceedings) and (C) except as
set forth in Schedule 3.2(h)(ii)(C) of this Agreement, there are no pending, or to the knowledge of the Helmsley Estate or the Contributing Trust, threatened (in writing) actions or proceedings for the assessment or collection of Taxes
against Supervisory Management Corp. or the Contributed Helmsley Entities. 
 (iii) There are no Liens for Taxes
(other than statutory Liens for Taxes not yet due and payable and for Taxes being contested in good faith and by appropriate proceedings) upon any Contributed Interests of the Contributors. Each of the Charitable Entities qualifies for the
exemption from the New York City real property transfer tax described in Section 11-2106(b)(2) of the Administrative Code of the City of New York with respect to the transfers contemplated by this
Agreement.
 (i) Non-Foreign Status. None of the Contributors (or if any of the
foregoing is a disregarded entity within the meaning of Section 1.1445-2(d)(iii), its sole owner for such purposes) is a foreign person within the meaning of Section 1445 of the Code. 

(j) Bankruptcy. No bankruptcy or similar insolvency proceeding has been filed or is currently contemplated with respect to any
Contributor or any Contributed Helmsley Entity. 
 (k) Investment. 

(i) Each Contributor is acquiring Class A Common Stock solely for its own account for the purpose of investment and
not as a nominee or agent for any other Person and with a view to, or for offer or sale in connection with, any distribution thereof in violation of U.S. federal securities laws. Each Contributor agrees and acknowledges that it may not, directly or
indirectly, offer, transfer, sell, assign, pledge, hypothecate or otherwise dispose of (hereinafter, “Transfer”) any of the Class A Common Stock, unless (i) the Transfer is pursuant to an effective registration statement
under the Act (or an exemption from such registration in accordance with clause (ii) below) and qualification or other compliance under applicable blue sky or state securities laws, (ii) if requested by the Company, counsel for the
transferor (which counsel shall be reasonably acceptable to the Company) shall have furnished the Company with an opinion, reasonably satisfactory in form and substance to the Company, to the effect that no such registration is required because of
the availability of an exemption from registration under the Act and (iii) the Transfer otherwise is permitted by the Articles. 
 (ii) Each Contributor is knowledgeable, sophisticated and experienced in business and financial matters and fully understands the limitations on transfer imposed by U.S. federal securities laws. Each
Contributor is able to bear the economic risk of holding the Class A Common Stock for an indefinite period and is able to afford the complete loss of its investment in the Class A Common Stock. Each Contributor has received and reviewed
all information and documents about or pertaining to the issuance of the Class A Common Stock as the Contributor deems necessary or desirable, and has been given the opportunity to obtain any additional information or documents and to ask

  
 15 

 
questions and receive answers about such information and documents, the Company, the Operating Partnership and the business and prospects of the Company and the Operating Partnership which the
Contributor deems necessary or desirable to evaluate the merits and risks related to its investment in the Class A Common Stock; and each Contributor understands and has taken cognizance of all risk factors related to the purchase of the
Class A Common Stock set forth in the applicable Consent Solicitations. The Contributor is relying upon its own independent analysis and assessment (including with respect to Taxes), and the advice of such Contributor’s advisors (including
tax advisors), and not upon that of the Company or the Operating Partnership or any of the Company’s or the Operating Partnership’s Affiliates, for purposes of evaluating, entering into, and consummating the transactions contemplated
hereby. 
 (l) Holding Period. Each Contributor acknowledges that it has been advised that the shares of Common Stock and
OP Units 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 Transferred only in accordance with
Section 3.2(k)(i) and such Contributor understands that the Company has no obligation or intention to register any shares of Class A Common Stock, except to the extent set forth in the Registration Rights Agreement. 

(m) Accredited Investor. At the time of her death, Leona M. Helmsley would have qualified as an “accredited investor”
under the Act as such term is defined on the date hereof. As of the date hereof, the Helmsley Estate has total assets in excess of $5,000,000 and its investment decisions are made by one or more persons who possess such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and risks of a prospective investment in the Company. Each Charitable Entity and each Helmsley Entity is an “accredited investor” under the Act. Each Charitable
Entity and each Helmsley Entity previously has provided the Operating Partnership and the Company with an Accredited Investor Questionnaire duly executed by such entity. No event or circumstance has occurred since delivery of such Questionnaire to
make the statements contained therein false or misleading. 
 (n) Limited Activities. Each Contributed Helmsley Entity is
a single purpose entity formed solely to own the Participation Interests in its respective REIT Contributing Entity and such Contributed Helmsley Entity has not engaged in any business or other activities, except in connection with ownership of its
Participation Interests in a REIT Contributing Entity. Each Contributed Helmsley Entity’s sole asset is its Participation Interest in a REIT Contributing Entity. None of the Contributed Helmsley Entities has incurred any liabilities or any
other obligations of any nature whatsoever, except liabilities or other obligations as a Participant in the REIT Contributing Entities. 
 (o) No Broker. Such Helmsley Group Member has not, nor, to the knowledge of the Contributing Trust or the Helmsley Estate, any of such Helmsley Group Member’s members, managing members,
partners, general partners, directors, officers or employees, to the extent applicable, has entered into any agreement with any broker, finder or similar agent or 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 fee, brokerage fees or commissions or similar payment in connection with the transactions contemplated by this Agreement; provided, however, that if a

  
 16 

 
finder’s fee, brokerage fee, commission or similar payment is due from any of the foregoing in respect of the transactions contemplated by this Agreement to any broker, finder or similar
agent or any Person or firm, such fee, commission or payment due will not be the obligation of the Company, the Operating Partnership or any of their Affiliates. 
 (p) No Other Representations or Warranties. Other than the representations and warranties expressly set forth in this Section 3.2, none of the Helmsley Group Members shall be deemed to
have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby. 

Section 3.3 Survival of Representations and Warranties. Except as otherwise provided, all representations and warranties
contained in Section 3.2 or in any certificate or affidavit delivered by a Helmsley Group Member pursuant to the Agreement shall survive until the first anniversary of the Closing; provided, however, that: 

(a) the representations and warranties in Sections 3.2(h) and (i) shall survive until 60 days after the expiration of
the relevant period of limitations with respect to any Taxes to which such representations pertain, and 
 (b) the
representations and warranties in Sections 3.2(a), (b), (e), (g) and (o) shall survive the Closing. 
 ARTICLE 4 
 COVENANTS 

Section 4.1 Covenants of the Helmsley Group Members. 
 (a) From the Effective Date through the Closing, and except as contemplated by this Agreement, the applicable Helmsley Group Member will not, without the prior written consent of the Operating
Partnership, which consent will not be unreasonably withheld, conditioned or delayed: 
 (i) Sell, transfer (or
agree to sell or transfer) or otherwise dispose of, or cause the sale, transfer or disposition of (or agree to do any of the foregoing) all or any portion of the Contributed Interests; 

(ii) Pledge, hypothecate or encumber all or any portion of the Contributed Interests; 

(iii) Cause or take any action that would render any of the representations or warranties set forth in
Section 3.2 untrue in any material respect; 
 (iv) Authorize or consent to any of the actions
prohibited by this Agreement or any of the Closing Documents; 
 (v) Amend the Organizational Documents of the
Contributed Helmsley Entities; 

  
 17 

 (vi) Adopt a plan of liquidation, dissolution, merger, consolidation,
restructuring, recapitalization or reorganization that would prevent the transfer the Contributed Interests pursuant to this Agreement; and 
 (vii) With respect to the Contributed Helmsley Entities only, make or change any material Tax elections; settle or compromise any material claim, notice, audit report or assessment in respect of Taxes;
change any Tax accounting period; adopt or change any method of Tax accounting; file any amended Tax return; enter into any Tax indemnity agreement, Tax sharing agreement, Tax protection agreement, Tax allocation agreement or similar contract or Tax
closing or settlement agreement relating to any Tax; surrender of any right to claim a Tax refund; or consent to any extension or waiver of the statute of limitations period applicable to any Tax claim or assessment; in each case, other than in the
ordinary course of business and consistent with past practice. 
 (b) The Helmsley Estate acknowledges that it intends to cause
the transfer, on or prior to the Closing Date, of a portion of the interests beneficially owned by it in each Contributed Helmsley Entity to the Contributing Trust, and to the extent such transfers to the Contributing Trust have not been consummated
or are not effective as of the Closing, the Helmsley Estate agrees it shall, with respect to any Contributed Helmsley Entity not so transferred to the Contributing Trust (i) remain bound by and perform all obligations of the Helmsley Estate
under all agreements to which it is a party or is otherwise bound relating to the Consolidation Transaction in respect of such Contributed Helmsley Entity and the related Contributed Interests and the Participation Interests held by such Contributed
Helmsley Entity and (ii) perform all obligations that the Contributing Trust would have been required to perform hereunder if such Contributed Helmsley Entity had been transferred to the Contributing Trust. 

(c) Each Helmsley Group Member (other than the Helmsley Estate) agrees to assume the rights and obligations of the Helmsley Estate and
any of its Affiliates that are not Helmsley Group Members under each agreement to which the Helmsley Estate or any such Affiliate is a party or is otherwise bound that was executed prior to the date hereof in connection with the Consolidation
Transaction or directly relating to a REIT Contributing Entity in which a Helmsley Entity or a Contributed Helmsley Entity is a Participant to the extent required to carryout the purposes and intent of this Agreement and the transactions
contemplated by this Agreement. 
 (d) The Helmsley Estate, directly or indirectly, shall cause each Contributed Helmsley Entity
to perform all of the obligations required to be performed by such Contributed Helmsley Entity under this Agreement. To the extent the Helmsley Estate does not have the power to do so but the Contributing Trust does have such power, the Contributing
Trust, directly or indirectly, shall cause each Contributed Helmsley Entity to perform all of the obligations required to be performed by such Contributed Helmsley Entity under this Agreement. 

(e) The Contributors shall prepare and file all material transfer tax returns required to be filed with respect to the transfers
contemplated by this Agreement and in connection therewith, take any actions reasonably necessary to claim an exemption from the New York City real property transfer tax under Section 11-2106(b)(2) of the
Administrative Code of the City of New York. At least fifteen (15) days before the Closing, the Contributors 

  
 18 

 
shall provide the Operating Partnership a draft of such returns and shall consider in good faith all comments that are reasonably made by the Company or the Operating Partnership. The
Contributors shall reasonably cooperate with the Company and the Operating Partnership in the preparation and filing of all transfer tax and other tax returns relating to the Consolidation Transaction, including, without limitation,
(i) providing the Company and the Operating Partnership with any requested information that is reasonably required in order prepare and file such returns and (ii) signing and jointly filing any transfer tax returns with the Operating
Partnership or any Subsidiary as required by law. 
 (f) If a finder’s fee, brokerage fee, commission or similar payment is
due to a broker, finder or similar agent or any Person or firm as a result of an agreement with a Helmsley Group Member or a member, managing member, partner, general partner, director, officer or employee of such Helmsley Group Member that results
in the payment of such obligation by the Company, the Operating Partnership or any of their Affiliates, such fee will be reimbursed by the applicable Contributor. 
 Section 4.2 Indemnification. (a) From and after the Closing, the Contributors shall indemnify and hold harmless, without duplication, the Company, the Operating Partnership and any of
their Subsidiaries from and against any Losses, including without limitation, Taxes due and penalties and interest accrued thereon, arising out of, relating to or in connection with (i) any material breach by a Helmsley Group Member of any
representation or warranty contained in Section 3.2, (ii) any material breach by a Helmsley Group Member of any covenant contained in this Agreement (iii) the ownership of the Participation Interests, the conduct of the
business of any Contributed Helmsley Entity or any other facts or circumstances relating to any Contributed Helmsley Entity arising during any period occurring prior to the Closing Date and (iv) any transfer taxes described in
Section 1.3(a)(ii) required to be paid by the Operating Partnership due to (A) the failure of the transfers by the Charitable Entities to qualify for the exemption from the New York City real property transfer tax described in Section 11-2106(b)(2) of the Administrative Code of the City of New York or (B) any action or inaction of the Charitable Entities, the Helmsley Estate or any Contributed Helmsley Entity; provided that, in
the case of clause (iv) above, in no event shall such amount exceed the Reimbursement Amount previously paid to the Charitable Entities under Section 1.3(a)(ii) hereof increased by any interest and penalties on such transfer taxes
(provided that, if the Reimbursement Amount was calculated as if the transfers from the applicable Contributor were eligible for the reduced New York City real property transfer tax rate described in
Section 11-2102(e) of the Administrative Code of the City of New York, and as if the consideration for such transfers was determined under
Section 11-2102(e)(3) of the Administrative Code of the City of New York, then the amount of any such interest and penalties shall be determined assuming that the transfers from the applicable Charitable
Entity were eligible for the reduced New York City real property transfer tax rate described in Section 11-2102(e) of the Administrative Code of the City of New York, and the consideration for such
transfers was determined under Section 2102(e)(3) of the Administrative Code of the City of New York, and taking into account Section 23-02, Consideration (2) of the Rules of the City of New
York); provided further, that this clause (iv) above shall be the exclusive provision under this Section 4.2(a) addressing the indemnification relating to transfer taxes. 

  
 19 

 (b) The Operating Partnership and its Subsidiaries shall indemnify and hold harmless the
Charitable Entities and the Helmsley Estate for any New York City real property transfer tax and New York State real estate transfer tax (in each case, including any interest, penalties and similar additions thereto) due with respect to the
transfers by the Contributors contemplated under this Agreement to the extent that any such transfer taxes are paid by the Charitable Entities or the Helmsley Estate, except to the extent that any Charitable Entity would be required to make a
payment to the Operating Partnership or any of its Subsidiaries with respect to any such taxes under Section 4.2(a)(iv) if such taxes were paid by the Operating Partnership or any of its Subsidiaries. 

Section 4.3 Commercially Reasonable Efforts. Subject to the terms and conditions provided in this Agreement, each of the
Company, the Operating Partnership and each Helmsley Group Member covenants and agrees to 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 from any Governmental Authority or third party) in connection with the transactions contemplated by this Agreement, (b) promptly making any
such filings, furnishing information required in connection therewith and timely seeking to obtain any such consents, approvals, waivers, permits or authorizations and (c) taking all actions and doing, or causing to be done, all things
necessary, proper and/or appropriate to consummate and make effective the transactions contemplated by this Agreement. 

ARTICLE 5 

MISCELLANEOUS 
 Section 5.1 Defined Terms. 
 (a) Each of the following terms is defined
in the Section set forth opposite such term: 
  

			
	TERM	  	SECTION
	 Agreement
	  	Preamble
	 Articles
	  	2.3(a)
	 Class A Common Stock
	  	Recital B
	 Closing
	  	2.2
	 Closing Date
	  	2.2
	 Closing Documents
	  	2.3
	 Common Stock
	  	Recital B
	 Company
	  	Preamble
	 Consent
	  	3.1(c)
	 Consent Solicitation
	  	Recital A
	 Consolidation Transaction
	  	Recital A
	 Contributed Helmsley Entity
	  	Recital D

  
 20 

			
	TERM	  	SECTION
	 Contributed Interests
	  	Recital E
	 Contributing Trust
	  	Preamble
	 Contributions
	  	Recital E
	 Contribution Agreement
	  	Recital A
	 DTC Registered REIT Stock
	  	1.3(e)
	 Effective Date
	  	Preamble
	 Excluded Asset
	  	1.3(f)
	 Foundation
	  	Preamble
	 Helmsley Consent
	  	1.5
	 Helmsley Entities
	  	Preamble
	 Helmsley Estate
	  	Preamble
	 IPO
	  	Recital A
	 IPO Closing
	  	2.2
	 Management Company
	  	Recital A
	 OP Units
	  	Recital B
	 Operating Partnership
	  	Preamble
	 Option Transaction
	  	Recital A
	 Optional Contributing Entities
	  	Recital A
	 Participant
	  	Recital B
	 Portfolio Sale
	  	1.5
	 REIT Contributing Entities
	  	Recital A
	 Registration Rights Agreement
	  	2.4(a)
	 Side Letters
	  	5.4
	 Supervisory LLC
	  	Recital D
	 Termination Date
	  	1.6
	 Total Consideration
	  	1.3(a)
	 Transaction Documents
	  	3.1(a)(i)
	 Transfer
	  	3.2(k)(i)

 (b) For the purposes of this Agreement, the following terms have the meanings set forth below.

 “Act” means Securities Act of 1933, as amended. 

“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. 

  
 21 

 “Alternate Transaction” means (i) the restructuring of the
Consolidation Transaction as either (A) a merger of a REIT Contributing Entity or a Subsidiary with and into either the Company or a wholly-owned subsidiary of the Company or the Operating Partnership or a wholly-owned subsidiary of the
Operating Partnership or (B) a merger of a wholly-owned subsidiary of either the Company or the Operating Partnership with and into a REIT Contributing Entity or a Subsidiary, in each case, to the extent such alternate transaction does not
adversely affect the economic benefits to its Participants (taking into account the Tax treatment of such alternate transaction) or (ii) any other transaction pursuant to which the Company, the Operating Partnership or any of their Subsidiaries
acquire a REIT Contributing Entity or all of its assets in a transaction pursuant to which the economic benefits (taking into account the Tax treatment of such alternate transaction) to the Company, the Operating Partnership and such REIT
Contributing Entity’s Participants are not adversely affected by such alternate transaction as compared to the economic benefits to be received by the Company, the Operating Partnership and its Participants pursuant to each REIT Contributing
Entity’s Contribution Agreement. 
 “Business Day” means any day that is not a Saturday, Sunday or
legal holiday in the State of New York. 
 “Charitable Entities” means the Contributing Trust and the
Foundation. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Committee” means one or more committees formed in connection with the transactions contemplated hereby, in each case
consisting of representatives of the Supervisor and the Helmsley Estate, each of which has such powers and authority as the parties agree and all actions of which shall require unanimous approval. 

“Contributors” means each of the Charitable Entities and the Helmsley Estate. 

“Foundation” means the The Leona and Harry B. Helmsley Foundation, Inc. 

“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. 
 “Helmsley Group Member” means each Helmsley Entity, each Contributed Helmsley Entity, the Helmsley Estate and the Contributing Trust. 

“Laws” means applicable laws, statutes, rules, regulations, codes, orders, ordinances, judgments, injunctions and
decrees of any Governmental Authority. 
 “Lien” 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. 

  
 22 

 “Losses” means all losses, damages, liabilities, fees, charges, costs 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. 
 “Material Adverse Effect” means, a material adverse effect on the Company, the
Operating Partnership and their Subsidiaries and their properties taken as a whole, after giving effect to the Consolidation Transaction and the IPO. 
 “OP Agreement” means the agreement of limited partnership of the Operating Partnership, as amended and restated and in effect immediately prior to the Closing. 

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

“Participation Interests” means the limited liability company, general or limited partnership interests in a REIT
Contributing Entity, as applicable and, to the extent a limited liability company, general or limited partnership interests are held by an agent for the benefit of participants, the beneficial ownership of such interests. 

“Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust,
unincorporated organization or other entity. 
 “Subsidiary” means any corporation, partnership, limited
liability company, joint venture, trust or other legal entity which the applicable Person owns (either directly or through or together with another Subsidiary) either (i) a general partner, managing member or other similar interest or (ii)(A)
50% or more of the 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. As used herein,
“Subsidiary” or “Subsidiaries” refers to the Subsidiaries of the Company or the Operating Partnership, as applicable, unless the context otherwise requires. 

“Supervisor” means Malkin Holdings LLC or any of it Affiliates, in such Person’s capacity as the supervisor of
certain of the REIT Contributing Entities, as applicable. 
 “Taxes” means all applicable U.S. federal, state,
local and foreign income, withholding, property, sales, franchise, employment, transfer, excise and other taxes, tariffs or governmental charges of any nature whatsoever, including estimated taxes, together with penalties, interest or additions to
taxes with respect thereto. 
 Section 5.2 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 twenty-four (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). 

  
 23 

 To the Company and/or the Operating Partnership: 

One Grand Central Place 
 60 East 42nd Street 
 New York, New York 10165 

Phone: (212) 953-0888 

Facsimile: (212) 986-8795 

Attn: General Counsel 
 with a copy to: 
 Clifford Chance US LLP 

31 West 52nd Street 
 New York, NY 10019 
 Phone:
(212) 878-8000 
 Facsimile:
(212) 878-8375 
 Attn: Larry P. Medvinsky, Esq. 

To a Helmsley Group Member: 
 c/o Helmsley Enterprises, Inc. 
 230 Park Ave 

Ste 659 
 New
York, NY 10169 
 Phone – (212) 679-3600 

Fax – (212) 867-7570 

Attn: General Counsel 
 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York, NY 10036 
 Phone:
(212) 735-2600 
 Facsimile:
(917) 777-2600 
 Attn: Benjamin F. Needell, Esq. 

Section 5.3 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. 
 Section 5.4 Entire Agreement; Third-Party Beneficiaries. This Agreement and the Closing Documents, including, without limitation, the exhibits hereto and thereto, constitute the entire
agreement and supersede each prior agreement and understanding, whether written or oral, among the parties regarding the subject matter of this Agreement and the Closing Documents. 

  
 24 

 
This Agreement is not intended to confer any rights or remedies on any Person other than the parties hereto and the Subsidiaries of the Company or the Operating Partnership in respect of
Section 4.2 hereof. Nothing herein shall be deemed to affect the rights of Malkin Holdings LLC, the Helmsley Estate or any Affiliate of the Helmsley Estate pursuant to (a) that certain side letter agreement, of even date herewith,
between Malkin Holdings LLC and the Helmsley Estate in respect of the Committee, and that certain side letter agreement, dated January 14, 2011, between Malkin Holdings and the Helmsley Estate affiliates party thereto relating to actions to be
taken in connection with the Consolidation Transaction (collectively, the “Side Letters”), and in the event of a conflict between either Side Letter agreement and this Agreement the terms of such Side Letter shall control and
(b) the Helmsley Consent. 
 Section 5.5 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 conflict of laws thereof. 
 Section 5.6 Amendment; Waiver. Any amendment hereto shall be in writing and signed by all parties hereto. No waiver of any provisions of this Agreement shall be valid unless in writing and
signed by the party against whom enforcement is sought. 
 Section 5.7 Assignment. This Agreement shall be binding
upon, and shall be enforceable by and inure to the benefit of, the parties hereto and their permitted 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 (a) the Operating Partnership may
designate assignees pursuant to Section 1.2 and otherwise may assign its rights and obligations hereunder to a wholly-owned subsidiary of the Operating Partnership and (b) the Helmsley Estate may transfer or cause the transfer of
any of the equity interests in any Helmsley Entity or any Participation Interest held by a Helmsley Entity to an Affiliate of the Helmsley Estate; provided that any such transferee shall be deemed a “Helmsley Entity”, and, to the
extent not already a party hereto, shall execute an agreement to become a party to and be bound by the this Agreement, and to the extent such transferee is contributed to the Company, the Operating Partnership or any Subsidiary of the Company or the
Operating Partnership as contemplated hereby shall constitute a “Contributed Helmsley Entity” for purposes of this Agreement, and shall have all of the rights and obligations in respect of a Helmsley Entity or a Contributed Helmsley
Entity, as applicable, except as otherwise agreed by the Operating Partnership. For the avoidance of doubt, any reference to an acquisition by the Operating Partnership shall also be deemed to refer to an acquisition by any of its Subsidiaries.

 Section 5.8 Jurisdiction. The parties hereby (a) submit to the exclusive jurisdiction of any state or
federal court sitting in New York County, 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. 

  
 25 

 Section 5.9 Severability. Each provision of this Agreement will be interpreted
so as to be effective and valid under applicable Law, but if any provision is held invalid, illegal or unenforceable under applicable Law 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 never had been included in this Agreement. 

Section 5.10 Rules of Construction. 
 (a) The parties 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 “hereto,” “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. 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 5.11 Time of the Essence. Time is of the essence with respect to all obligations under this Agreement. 
 Section 5.12 Descriptive Headings. The descriptive headings in this Agreement are inserted for convenience only and are not intended to be part of or to affect the meaning or interpretation of
this Agreement. 
 Section 5.13 No Personal Liability Conferred. This Agreement shall not create or permit any
personal liability or obligation on the part of any shareholder, managing member, member, general partner, trustee, executor, director, officer or employee of any Helmsley Group Member, the Supervisor, the Company or the Operating Partnership, to
the extent applicable, in their capacities as such. 
 Section 5.14 Changes to Form Agreements. Each Contributor
agrees and confirms that the terms of the Class A Common Stock and the Consent Solicitation are not final and may be 

  
 26 

 
modified depending on the prevailing market conditions at the time of the IPO. In addition, each applicable Helmsley Group Member acknowledges that (a) the information presented in the
Consent Solicitation for the REIT Contributing Entity in which it directly or indirectly owns Participation Interests and the attachments thereto will be preliminary and is subject to change (particularly management’s discussion and analysis of
financial condition and results of operation, the financial statements and footnotes thereto, the preliminary pro forma financial statements and footnotes thereto, the property information, the IPO price and the assumed range of shares estimated to
be offered in the IPO) in connection with the completion of the audit, the review and comments of the SEC and the investor feedback received during the course of the IPO, (c) the Consolidation Transactions may be consummated even if less than
all of the REIT Contributing Entities participate in the Consolidation Transactions, provided that the Empire State Building Associates L.L.C. and Empire State Building Company L.L.C. must participate in the Consolidation Transactions, (d) the
participation of each Contributed Helmsley Entity in the Consolidation Transactions is not conditioned on the participation of any other Contributed Helmsley Entity, (e) there is likely to be an extended period of time before the Consolidation
Transactions are completed and the terms of the Consolidation Transactions as described in the Consent Solicitation, including the exchange values of each REIT Contributing Entity, may be significantly different than described in such documents
existing as of the date hereof and (f) notwithstanding the foregoing differences, this Agreement will be binding. 

Section 5.15 Further Assurances. The Helmsley Group Members, on the one hand, and the Company and the Operating Partnership,
on the other hand, shall promptly take any and all such other actions and execute such additional documents prior to and following the Closing as the other may reasonably request in order to effect the transactions contemplated hereby, including the
transfer of the Contributed Interests to the Company, the Operating Partnership or a Subsidiary, as the case may be, as contemplated hereby. 
 Section 5.16 Reliance. Each party to this Agreement acknowledges and agrees that it is not relying on tax advice or other advice from the other party to this Agreement, and that it has
consulted with or will consult with its own advisors. 
 Section 5.17 Survival. The covenants and agreements in this
Agreement or in any instrument delivered pursuant to this Agreement shall not survive the Closing, except for those covenants and agreements contained herein and therein which by their terms apply in whole or in part after the Closing and then only
to such extent. 
 Section 5.18 Equitable Remedies; Limitation on Damages. The parties agree that irreparable damage
would occur in the event that any of the provisions of this Agreement were not performed in accordance with the specific terms hereof or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any federal or state court located in New York (as to which the parties agree to submit to jurisdiction for the purpose of such action),
this being in addition to any other remedy to which the parties are entitled under this Agreement; provided, however, that nothing in this Agreement shall be construed to permit any Contributed Helmsley Entity to enforce consummation
of the IPO. 
 [SIGNATURE PAGE FOLLOWS] 

  
 27 

 IN WITNESS WHEREOF, the parties have duly executed and delivered this Amended and Restated
Contribution Agreement as of the date first written above. 
  

			
	COMPANY
	
	EMPIRE STATE REALTY TRUST, INC.
		
	By:	 	 /s/ Anthony E. Malkin

		 	Anthony E. Malkin, Chairman & Chief Executive Officer
	
	OPERATING PARTNERSHIP
	
	EMPIRE STATE REALTY OP, L.P.
		
	By:	 	 /s/ Anthony E. Malkin

		 	Anthony E. Malkin, Chairman & Chief Executive Officer

 
			
	HELMSLEY ENTITIES
	
	LMH 1333 LLC
	By: Helmsley Enterprises, Inc., as non-member manager
		
	By:	 	 /s/ Harold A. Meriam

	Name:	 	Harold A. Meriam
	Title:	 	Senior Vice President
	
	LMH EQUITIES LLC
	By: Helmsley Enterprises, Inc., as non-member manager
		
	By:	 	 /s/ Harold A. Meriam

	Name:	 	Harold A. Meriam
	Title:	 	Senior Vice President
	
	LMH 1350 LLC
	By: Helmsley Enterprises, Inc., as non-member manager
		
	By:	 	 /s/ Harold A. Meriam

	Name:	 	Harold A. Meriam
	Title:	 	Senior Vice President
	
	LMH MARLBORO LLC
	By: Helmsley Enterprises, Inc., as non-member manager
		
	By:	 	 /s/ Harold A. Meriam

	Name:	 	Harold A. Meriam
	Title:	 	Senior Vice President
	
	LMH EBC, LLC
	By: Helmsley Enterprises, Inc., as non-member manager

 
			
	By:	 	 /s/ Harold A. Meriam

	Name:	 	Harold A. Meriam
	Title:	 	Senior Vice President
	
	LMH LINCOLN LLC
	By: Helmsley Enterprises, Inc., as non-member manager
		
	By:	 	 /s/ Harold A. Meriam

	Name:	 	Harold A. Meriam
	Title:	 	Senior Vice President
	
	LMH FISK LLC
	By: Helmsley Enterprises, Inc., as non-member manager
		
	By:	 	 /s/ Harold A. Meriam

	Name:	 	Harold A. Meriam
	Title:	 	Senior Vice President
	
	SUPERVISORY MANAGEMENT CORP.
		
	By:	 	 /s/ Harold A. Meriam

	Name:	 	Harold A. Meriam
	Title:	 	Vice President
	
	HARRY AND LEONA HELMSLEY FOUNDATION, INC.
		
	By:	 	 /s/ John Codey

	Name:	 	John Codey
	Title:	 	Vice President

 
			
	CONTRIBUTING TRUST
	
	 THE LEONA M. AND HARRY B. HELMSLEY
 CHARITABLE TRUST

		
	By:	 	 /s/ Sandor Frankel

	Name:	 	Sandor Frankel
	Title:	 	Trustee
		
	By:	 	 /s/ David Panzirer

	Name:	 	David Panzirer
	Title:	 	Trustee
	
	HELMSLEY ESTATE
	
	ESTATE OF LEONA M. HELMSLEY
		
	By:	 	 /s/ Sandor Frankel

	Name:	 	Sandor Frankel
	Title:	 	Executor
		
	By:	 	 /s/ David Panzirer

	Name:	 	David Panzirer
	Title:	 	Executor

 EXHIBIT A 
 TO  
 CONTRIBUTION AGREEMENT  

 

					
	 Helmsley Entities
 (LLCs)
	 	 REIT Contributing Entity
	 	 Participation Interest

Owned by Helmsley Entity

in REIT Contributing Entity

	LMH 1333 LLC	 	1333 Broadway Associates L.L.C.	 	50% of membership interests
	LMH Equities LLC* and LMH 1350 LLC	 	1350 Broadway Associates L.L.C.	 	65% of participation interests in one 50% group
	LMH Marlboro LLC	 	Marlboro Building Associates L.L.C.	 	6.666666% of participation interests in one 16.667% group
	LMH EBC, LLC	 	Empire State Building Company L.L.C.	 	63.75% of membership interests
	LMH Lincoln LLC	 	Lincoln Building Associates L.L.C.	 	30% of membership interests
	LMH Fisk LLC	 	Fisk Building Associates L.L.C.	 	35% of membership interests

  

					
	 Helmsley Entities
 (Corporations)
	 	 REIT Contributing Entity
	 	 Participation Interest

Owned by Helmsley Entity

in REIT Contributing Entity

	Supervisory Management Corp.	 	501 Seventh Avenue Associates L.L.C.	 	59.375% of membership interests

 EXHIBIT B 
 TO  
 CONTRIBUTION AGREEMENT 

ARTICLES 

 EXHIBIT C 
 TO  
 CONTRIBUTION AGREEMENT  

FORM OF REGISTRATION RIGHTS AGREEMENT 

 EXHIBIT D 
 TO  
 CONTRIBUTION AGREEMENT  

FORM OF LOCK-UP AGREEMENT 

 SCHEDULE 1 
 TO  
 CONTRIBUTION AGREEMENT  

TRANSACTION DOCUMENTS 

Closing Documents (as defined in Section 2.3) 
 Helmsley Consents 
 Side Letters 
 Registration Rights Agreement 
 Lock-up Agreement

 Contribution Agreements 
 Merger
Agreements with Management Companies 
 Option Agreements with Optional Contributing Entities 

 SCHEDULE 3.2(h)(ii)(C) 

TO  

CONTRIBUTION AGREEMENT 
 Supervisory Management Corp. - New York City Hotel Room Occupancy Tax audit underway for the period 3/1/09-5/31/11.EX-10.16

 Exhibit 10.16 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of this [    ] day
of [        ] 2013, by and between Empire State Realty Trust, Inc., a Maryland corporation (the “Company”), and Anthony E. Malkin (the “Executive”). 

W I T N E S S E T H: 

WHEREAS, Malkin Holdings LLC (the “Supervisor”) intends to effect the consolidation of certain office and retail properties
in Manhattan and the greater New York metropolitan area and management businesses supervised by the Supervisor as set forth on Exhibit A into Empire State Realty Trust OP, L.P. (the “Partnership”) and/or the Company, which
Consolidation is conditioned, among other things, upon the closing of an initial public offering of the Company’s Class A common stock (the “Consolidation”); and 

WHEREAS, the Company desires to employ Executive and to enter into this Agreement embodying the terms of such employment, and Executive
desires to enter into this Agreement and to accept such employment, subject to the terms and provisions of this Agreement. 
 NOW,
THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the Company and Executive hereby agree as follows: 

Section 1. Definitions. 

(a) “Accounting Firm” shall have the meaning set forth in Section 8 hereof. 

(b) “Accelerated Equity Vesting” shall have the meaning set forth in Section 5(b)(iv) hereof. 

(c) “Accrued Obligations” shall mean (i) all accrued but unpaid Base Salary through the Termination Date, (ii) any
unpaid or unreimbursed expenses incurred through the Termination Date in accordance with Section 4(g) hereof through the Termination Date, (iii) any accrued but unused vacation time through the Termination Date in accordance with the
applicable Company Group policy and (iv) any benefits provided under the Company’s employee benefit plans upon a termination of employment, in accordance with the terms contained therein. 

(d) “Agreement” shall have the meaning set forth in the preamble hereto. 

(e) “Annual Bonus” shall have the meaning set forth in Section 4(b) hereof. 

(f) “Base Salary” shall mean the salary provided for in Section 4(a) hereof or any increased salary granted to Executive
pursuant to Section 4(a) hereof. 
 (g) “Board” shall mean the Board of Directors of the Company. 

  

 (h) “Cause” shall mean (i) fraudulent actions by Executive in the conduct
of his duties for the Company or the conviction of Executive of a felony, (ii) Executive’s gross neglect of, or willful refusal or failure to perform, the duties assigned to him (other than by reason of physical or mental incapacity),
(iii) Executive’s material breach of this Agreement, or (iv) Executive’s material breach of the Code of Business Conduct and Ethics of the Company or any member of the Company Group. Any such occurrence described in clause (ii),
(iii) or (iv) in the preceding sentence that is curable shall constitute “Cause” only after the Company has given Executive sixty (60) days written notice of such violation, and then only if such occurrence is not cured;
provided, however, that Executive shall be provided such additional time as is reasonably necessary to cure if Executive has, within such sixty (60) day period, taken reasonable steps designed to cure such violation. 

(i) “Change in Control” shall have the meaning set forth in the Empire State Realty Trust, Inc. and Empire State Realty OP,
L.P. 2013 Equity Incentive Plan. 
 (j) “Code” shall mean the Internal Revenue Code of 1986, as amended, and the rules and
regulations promulgated thereunder. 
 (k) “Company” shall have the meaning set forth in the preamble hereto. 

(l) “Company Group” shall mean the Company together with any direct or indirect subsidiaries of the Company. 

(m) “Compensation Committee” shall mean the Compensation Committee of the Board. 

(n) “Confidential Information” shall have the meaning set forth in Section 6(b) hereof. 

(o) “Consolidation” shall have the meaning set forth in the recitals hereto. 

(p) “Delay Period” shall have the meaning set forth in Section 11(a) hereof. 

(q) “Disability” shall mean any physical or mental disability or infirmity of Executive that prevents the performance of
Executive’s duties for a period of (i) ninety (90) consecutive days or (ii) one hundred eighty (180) non-consecutive days during any twelve (12) month period. Any question as to the existence, extent, or potentiality of
Executive’s Disability upon which Executive and the Company cannot agree shall be determined by a qualified, independent physician mutually agreed to by the Company and Executive. The determination of any such physician shall be final and
conclusive for all purposes of this Agreement. 
 (r) “Earned Bonus” shall have the meaning set forth in
Section 5(b)(ii) hereof. 
 (s) “Excise Tax” shall have the meaning set forth in Section 8 hereof. 

(t) “Executive” shall have the meaning set forth in the preamble hereto. 

  
 -2- 

 (u) “Good Reason” shall mean, without Executive’s written consent,
(i) a material breach by the Company of this Agreement, any equity award agreement or any other written agreement between the Company and Executive; (ii) a diminution of, or reduction or adverse alteration of, Executive’s titles,
duties, authorities or responsibilities or reporting lines, or the Company’s assignment of duties, responsibilities or reporting requirements that are materially inconsistent with his positions or that materially expand his duties,
responsibilities, or reporting requirements, including a failure (A) of the Board to nominate Executive for election to the Board or (B) to elect or re-elect, or the removal of, Executive as a member of the Board; (iii) any
requirement by the Company that Executive relocate to a principal place of business outside of the New York City metropolitan area; or (iv) a material reduction in Executive’s base salary or target Annual Bonus opportunity. 

(v) “Indemnification Agreement” shall mean the Indemnification Agreement by and between Executive, the Company and the
Partnership dated [•], 2013. 
 (w) “Malkin Family” shall mean Executive, Peter L. Malkin, each of their lineal
descendants (including spouses of any of the foregoing), any estates of any of the foregoing, any trusts now or hereafter established for the benefit of any of the foregoing, or any corporation, partnership, limited liability company or other legal
entity controlled by Executive or any permitted successor in such entity for the benefit of any of the foregoing. 
 (x)
“Payment” shall have the meaning set forth in Section 8 hereof. 
 (y) “Person” shall mean any
individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business
entity. 
 (z) “Proceeding” shall mean any threatened or actual action, suit or proceeding, whether civil, criminal,
administrative, investigative, appellate or other. 
 (aa) “Pro-Rata Bonus” shall have the meaning set forth in
Section 5(b)(iii) hereof. 
 (bb) “Release of Claims” shall mean the Release of Claims in the form attached hereto as
Exhibit B. 
 (cc) “Restricted Period” shall have the meaning set forth in Section 6(c) hereof. 

(dd) “Safe Harbor Amount” shall have the meaning set forth in Section 8 hereof. 

(ee) “Severance Benefits” shall have the meaning set forth in Section 5(i) hereof. 

(ff) “Term” shall have the meaning set forth in Section 2 hereof. 

(gg) “Termination Date” shall mean the date Executive’s employment with the Company terminates. 

  
 -3- 

 Section 2. Acceptance and Term. 

The Company agrees to employ Executive, and Executive agrees to serve the Company, on the terms and conditions set forth herein. The Term
shall commence on the Consolidation and, unless terminated sooner as provided in Section 5 hereof, shall continue during the period ending on the close of business of the three (3) year anniversary of the Consolidation (the
“Initial Term”), provided that the Term shall be automatically extended subject to earlier termination as provided in Section 5 hereof, for up to two successive additional one (1) year periods (the “Additional
Terms”), unless, at least sixty (60) days prior to the end of the Initial Term or the then Additional Term, the Company or Executive has notified the other in writing that the Term shall terminate at the end of the then current Term
(which notice and non-extension of the Term shall not be treated as a termination by the Company without Cause or an event that constitutes Good Reason, and Executive shall not be entitled to any Severance Benefits upon such termination of this
Agreement). The term of Executive’s employment hereunder as from time to time extended or renewed is hereafter referred to as the “Term.” 

Section 3. Position, Duties, and Responsibilities; Place of Performance. 

(a) Position, Duties, and Responsibilities. During the Term, Executive shall be employed and serve as Chairman, Chief Executive Officer
and President of the Company. In this capacity, Executive shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such
other duties, authorities and responsibilities consistent with such positions as may be assigned to Executive from time to time by the Board. Executive shall report directly and exclusively to the Board and shall be the most senior executive officer
of the Company with all employees of the Company Group reporting to him or his designees. 
 (b) Board Membership. The Board shall
take such action as may be necessary to appoint or elect Executive as a member of the Board as of the Consolidation. Thereafter, until the later of the date on which (i) Executive is no longer serving as Chief Executive Officer and
(ii) Executive and Executive’s affiliates (including the Malkin Family) no longer hold (x) on a consolidated basis at least fifty percent (50%) of the Company’s Class A common stock, Class B common stock and operating
partnership units in the Partnership held by Executive and Executive’s affiliates (including the Malkin Family) as of the Consolidation and (y) ten percent (10%) or more of the voting power of the Company’s common stock voting
together as a single class, the Board shall cause Executive to be nominated for re-election to the Board at the expiration of the then current term; provided, however, that, unless Executive has resigned as a director, if the ownership
thresholds are satisfied the foregoing obligation shall survive the expiration of the Term if Executive’s employment with the Company continues beyond the expiration of the Term or the termination of Executive’s employment for any reason
(other than for Cause) and shall not be required to the extent prohibited by legal or regulatory requirements. Executive also agrees to serve as an officer and/or director of any other member of the Company Group if so elected or appointed from time
to time, in each case without additional compensation. 

  
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 (c) Performance. Executive shall devote a majority of his business time, attention, skill,
and efforts to the performance of his duties under this Agreement. Notwithstanding the foregoing, nothing herein shall preclude Executive from (i) serving as a member of the board of directors or advisory boards of any organization (or their
equivalents in the case of a non-corporate entity) with the prior written consent of the Board (provided that the Board will consider any request made by Executive in good faith and such consent shall not be unreasonably withheld, delayed or
conditioned), (ii) engaging in charitable, civic, educational, professional, community or industry affairs, and (iii) managing his and his family’s personal investments (including properties and businesses that are not being
contributed to the Company Group in the Consolidation), including providing services to or maintaining a family office for purposes of managing such investments; provided, however, that (x) the activities set out in clauses (i),
(ii), and (iii) shall be limited by Executive so as not to interfere materially, individually or in the aggregate, with the performance of his duties and responsibilities hereunder or create a potential business or fiduciary conflict and
(y) with respect to the activities set out in clause (iii), such activities shall be limited to non-controlling investments to the extent such investments are office or retail real estate properties located in New York County, New York,
Fairfield County, Connecticut, Westchester County, New York, and any other geographic area in which the Company invests in such properties. The Company hereby acknowledges that Executive shall be entitled to continue serving as a member of the Urban
Land Institute, the Real Estate Roundtable, the Board of Governors of the Real Estate Board of New York, the Committee Encouraging Corporate Philanthropy, the Advisory Council of the National Resource Defense Council’s Center for Market
Innovation, the Advisory Council of the Harvard Stem Cell Institute, and the advisory board of MissionPoint Capital Partners and as a Senior Advisor to RRE Ventures. 

(d) Principal Place of Employment. Executive’s principal place of business will be at the Company’s headquarters office
located in New York, New York, although Executive understands and agrees that he may be required to travel from time to time for business reasons. Notwithstanding the foregoing, Executive and the Company acknowledge and agree that the foregoing
shall not preclude Executive from performing his duties hereunder at other locations from time to time. 
 Section 4. Compensation
and Benefits. 
 During the Term, Executive shall be entitled to the following: 

(a) Base Salary. Executive shall be paid an annualized Base Salary, payable in accordance with the regular payroll practices of the
Company, of not less than $500,000, subject to annual review by the Compensation Committee for increase, but not decrease. 
 (b) Annual
Bonus. Executive shall be eligible for an annual cash incentive bonus award determined by the Compensation Committee in respect of each fiscal year during the Term (the “Annual Bonus”). The target Annual Bonus for each
fiscal year shall be 200% of Base Salary, with the actual Annual Bonus payable being based upon the level of achievement of annual Company and individual performance objectives for such fiscal year, as determined by the Compensation Committee in
good faith after consultation with Executive. The Annual Bonus shall be reasonable in light of the contribution made by Executive for such fiscal year in relation to the contributions made by and bonuses paid to other senior executives of the
Company Group and shall be paid to Executive at the same time as annual bonuses are generally payable to other senior executives of the Company Group, but in no event later than March 15th
following the end of the fiscal year to which such Annual Bonus relates. 

  
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 (c) Long-Term Incentive Awards. Executive shall be eligible for equity grants and other
long-term incentives at the same time as equity grants and other long-term incentive awards are granted to other senior executives of the Company Group generally, subject to approval of the Compensation Committee in its discretion. The amount of
such equity grants or other long-term incentives, if any, shall be no less than that granted to other senior executives of the Company Group and shall be reasonable in light of the contribution made by Executive in relation to the contributions made
by and long-term incentives granted to other senior executives of the Company Group and the terms and conditions of such grants or incentives shall be no less favorable than those applicable to awards of a similar nature made to other senior
executives of the Company Group. 
 (d) Vacation. Executive shall be entitled to vacation in accordance with the applicable Company
Group policy, as in effect from time to time, but in no event less than five (5) weeks of paid vacation per calendar year. 
 (e)
Benefits. Executive shall be eligible to participate in all employee benefit programs and perquisites, including any group insurance, hospitalization, medical, dental, vision, health and accident, disability, life insurance, deferred
compensation, fringe benefit and retirement plans of the Company Group to the extent that he is eligible under the general provisions thereof and on a basis which is no less favorable than is provided to other senior executives of the Company Group
generally. Nothing contained herein shall be construed to limit the Company’s ability to amend, suspend, or terminate any employee benefit program or perquisite at any time without providing Executive notice, and the right to do so is expressly
reserved. 
 (f) Automobile. The Company shall make available to Executive a leased or company-owned automobile and driver during the
Term for Executive’s business and personal use for up to $150,000 (as adjusted to reflect changes in the Consumer Price Index for the New York City metropolitan area) for each twelve (12) month period during the Term. 

(g) Business Expenses. The Company shall pay or reimburse Executive for documented, out-of-pocket expenses reasonably incurred by
Executive in the course of performing his duties and responsibilities hereunder, which are consistent with the Company’s policies in effect from time to time with respect to business expenses and the reporting of such expenses. Any payments or
reimbursements will be made within thirty (30) days after submission of written documentation substantiating such expenses, in a form reasonably acceptable to the Company. 

(h) Office and Support. So long as Executive is providing services to the Company in any capacity, whether during or after the Term,
the Company shall provide Executive with an administrative assistant and office space and business services that are appropriate with respect to the level of services provided by Executive. The provisions of this Section 4(h) shall survive the
expiration of the Term if Executive’s employment with the Company continues beyond the expiration of the Term or the termination of Executive’s employment for any reason. 

  
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 Section 5. Termination of Employment. 

(a) General. The Term shall terminate earlier than as provided in Section 2 hereof upon the earliest to occur of
(i) Executive’s death, (ii) a termination by reason of a Disability, (iii) a termination by the Company with or without Cause, and (iv) a termination by Executive with or without Good Reason. Upon any termination of
Executive’s employment for any reason, except as may otherwise be requested by the Company in writing and agreed upon in writing by Executive, Executive shall resign from any and all directorships, committee memberships, and any other positions
Executive holds with the Company or any other member of the Company Group. Notwithstanding anything herein to the contrary, the payment (or commencement of a series of payments) hereunder of any nonqualified deferred compensation (within the meaning
of Section 409A of the Code) upon a termination of employment shall be delayed until such time as Executive has also undergone a “separation from service” as defined in Treas. Reg. 1.409A-1(h), at which time such nonqualified
deferred compensation (calculated as of the Termination Date) shall be paid (or commence to be paid) to Executive on the schedule set forth in this Section 5 as if Executive had undergone such termination of employment (under the same
circumstances) on the date of his ultimate “separation from service.” 
 (b) Termination Due to Death or Disability.
Executive’s employment shall terminate automatically upon his death. The Company may terminate Executive’s employment immediately upon the occurrence of a Disability, such termination to be effective upon Executive’s receipt of
written notice of such termination. Upon Executive’s death or in the event that Executive’s employment is terminated due to his Disability, Executive or his estate or his beneficiaries, as the case may be, shall be entitled to: 

(i) The Accrued Obligations; 

(ii) Any earned but unpaid Annual Bonus with respect to any completed fiscal year that has ended prior to the Termination Date,
which amount shall be paid at such time annual bonuses are generally paid to other senior executives of the Company Group, but in no event later than March 15th following the end of the
fiscal year to which such Annual Bonus relates (“Earned Bonus”); 
 (iii) Subject to achievement of the
applicable performance conditions for the fiscal year of the Company in which Executive’s termination occurs (disregarding any subjective performance goals and any other exercise by the Compensation Committee of negative discretion), payment of
the Annual Bonus that would otherwise have been earned in respect of the fiscal year in which such termination occurred, pro-rated to reflect the number of days Executive was employed during such fiscal year, which amount shall be paid at such time
annual bonuses are generally paid to other senior executives of the Company Group, but in no event later than March 15th following the last day of the fiscal year in which the Termination
Date occurred (the “Pro-Rata Bonus”); and 

  
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 (iv) Any service-based vesting or service requirements with respect to any equity
grant and other long-term incentive award previously granted to Executive and then outstanding shall become vested and non-forfeitable as of the Termination Date and any performance-based equity grant and other long-term incentive award previously
granted to Executive and then outstanding that has not been earned as of the Termination Date shall be earned at a pro-rata amount based on the actual performance for the performance period as of the Termination Date, and, in other respects, such
awards shall be governed by the plans, programs, agreements, or other documents, as applicable, pursuant to which such awards were granted. In addition, all stock options held by Executive on the Termination Date shall remain exercisable until the
earliest of (x) the expiration of the original term and (z) the three (3) year anniversary of the Termination Date. The benefits provided for by this Section 5(b)(iv) are referred to as “Accelerated Equity
Vesting”. 
 (c) Termination by the Company with Cause. 

(i) The Company may terminate Executive’s employment at any time with Cause, effective upon Executive’s receipt of
written notice of such termination, provided, such notice is given within one hundred eighty (180) days of the discovery of the Cause event by the Chairman of the Audit Committee of the Board or Chairman of the Compensation Committee.
Notwithstanding anything herein to the contrary, Executive shall not be deemed to have been terminated for Cause without (A) advance written notice provided to Executive of not less than fourteen (14) days prior to the Termination Date
setting forth the Company’s intention to consider terminating Executive for Cause including a statement of the anticipated date of termination and the basis for such termination for Cause, (B) an opportunity for Executive, together with
his counsel, to be heard before the Board during the fourteen (14) day period preceding the anticipated date of termination, (C) a duly adopted resolution of the Board stating that the actions of Executive constituted Cause and the basis
for such termination for Cause, and (D) a written determination provided by the Board setting forth the acts and/or omissions that form the basis of such termination for Cause. Any resolution or determination made by the Board described in the
immediately preceding sentence shall require an affirmative vote of at least a two-thirds majority of the members of the Board (other than Executive) and shall be subject to de novo review by an arbitrator. Any purported termination of
employment of Executive by the Company which does not meet each requirement described herein shall be treated for all purposes as a termination of employment without Cause as described in Section 5(d) hereof. 

(ii) In the event that the Company terminates Executive’s employment with Cause, he shall be entitled only to the Accrued
Obligations. 
 (d) Termination by the Company without Cause. The Company may terminate Executive’s employment at any time
without Cause, effective upon Executive’s receipt of written notice of such termination. In the event that Executive’s employment is terminated by the Company without Cause (other than due to death or Disability), Executive shall be
entitled to: 

  
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 (i) The Accrued Obligations; 

(ii) The Earned Bonus; 

(iii) The Pro-Rata Bonus; 

(iv) Accelerated Equity Vesting; 

(v) An amount equal to two hundred percent (200%) of the sum of (x) Executive’s then-current Base Salary and
(y) the average Annual Bonus paid to Executive over the most recently completed three (3) fiscal years (or if Executive was not eligible to receive an Annual Bonus with respect to any of the three (3) fiscal years immediately
preceding the fiscal year in which the Termination Date occurs, the average shall be determined for that period of fiscal years, if any, for which Executive was eligible to receive an Annual Bonus), which amount shall be paid in a lump-sum on the
sixtieth (60th) day following the Termination Date; and 
 (vi) To
the extent permitted by applicable law and without penalty to the Company, subject to Executive’s election of COBRA continuation coverage under the Company’s group health plan, on the first regularly scheduled payroll date of each month
for the eighteen (18)-month period commencing after the Termination Date, the Company will pay Executive an amount equal to the difference between Executive’s monthly COBRA premium cost and the premium cost to Executive as if Executive were an
employee of the Company (excluding, for purposes of calculating cost, an employee’s ability to pay premiums with pre-tax dollars); provided, that any payments described herein shall cease in the event that Executive becomes eligible to
receive health benefits from another employer that are substantially similar to those Executive was entitled to receive immediately prior to the Termination Date. 

(e) Termination by Executive with Good Reason. Executive may terminate his employment with Good Reason by providing the Company thirty
(30) days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason, which written notice, to be effective, must be provided to the Company within ninety (90) days of the occurrence of such event.
During such thirty (30) day notice period, the Company shall have a cure right (if curable), and if not cured within such period, Executive’s termination will be effective upon expiration of such cure period, and Executive shall be
entitled to the same payments and benefits as provided in Section 5(d) hereof for a termination by the Company without Cause, subject to the same conditions on payment and benefits as described in Section 5(d) hereof. 

(f) Termination by Executive without Good Reason. Executive may terminate his employment without Good Reason by providing the Company
thirty (30) days’ written notice of such termination. In the event of a termination of employment by Executive under this Section 5(f), Executive shall be entitled only to the Accrued Obligations and the Earned Bonus. In the event of
termination of Executive’s employment under this Section 5(f), the Company may, in its sole and absolute discretion, by written notice accelerate such date of termination without changing the characterization of such termination as a
termination by Executive without Good Reason. 

  
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 (g) Termination following a Change in Control. Notwithstanding anything herein to the
contrary, in the event that Executive’s employment is terminated by the Company without Cause (other than due to death or Disability) or by Executive with Good Reason during the two (2) year period commencing on the date of a Change in
Control, Executive shall be entitled to the same payments and benefits as provided in Section 5(d) hereof for a termination by the Company without Cause, subject to the same conditions on payment and benefits as described in Section 5(d)
hereof, except that (i) for purposes of the Accelerated Equity Vesting provided pursuant to Section 5(d)(iv), any performance-based equity grant and other long-term incentive award previously granted to Executive and then outstanding that
has not been earned as of the Termination Date shall be earned based on the actual performance for the performance period as of the Termination Date and (ii) for purposes of the payment pursuant to Section 5(d)(v), the applicable
percentage shall be three hundred percent (300%). 
 (h) Employment following Expiration of the Term. If Executive’s employment
with the Company continues beyond the expiration of the Term, Executive shall be considered an “at-will” employee and shall not be entitled to any payments or benefits under this Agreement upon any subsequent termination of employment for
any reason whatsoever. For the sake of clarity, the Restricted Period shall automatically expire on the expiration of the Term if Executive’s employment with the Company continues beyond the expiration of the Term. 

(i) Release. Notwithstanding any provision herein to the contrary, the payment of any amount or provision of any benefit pursuant to
subsection (b), (d), (e), (f) or (g) of this Section 5 (other than the Accrued Obligations) (collectively, the “Severance Benefits”) shall be conditioned upon Executive’s execution, delivery to the Company, and
non-revocation of the Release of Claims (and the expiration of any revocation period contained in such Release of Claims) within sixty (60) days following the Termination Date. If Executive fails to execute the Release of Claims in such a
timely manner so as to permit any revocation period to expire prior to the end of such sixty (60) day period, or timely revokes his acceptance of such release following its execution, Executive shall not be entitled to any of the Severance
Benefits. Further, to the extent that any of the Severance Benefits constitutes “nonqualified deferred compensation” for purposes of Section 409A of the Code, any payment of any amount or provision of any benefit otherwise scheduled
to occur prior to the sixtieth (60th) day following the Termination Date, but for the condition on executing the Release of Claims as set forth herein, shall not be made until the first regularly scheduled payroll date following such sixtieth
(60th) day, after which any remaining Severance Benefits shall thereafter be provided to Executive according to the applicable schedule set forth herein. For the avoidance of doubt, in the event of a termination due to Executive’s death or
Disability, Executive’s obligations herein to execute and not revoke the Release of Claims may be satisfied on his behalf by his estate or a person having legal power of attorney over his affairs. 

  
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 Section 6. Restrictive Covenants. 

(a) General. Executive acknowledges and agrees that (i) the agreements and covenants contained in this Section 6 are
(A) reasonable and valid in geographical and temporal scope and in all other respects and (B) essential to protect the value of the Company Group’s business and assets, and (ii) by his employment with the Company, Executive will
obtain knowledge, contacts, know-how, training, and experience, and there is a substantial probability that such knowledge, know-how, contacts, training, and experience could be used to the substantial advantage of a competitor of the Company Group
and to the Company Group’s substantial detriment. 
 (b) Confidential Information. Except as directed or authorized by the
Company, Executive agrees that he will not, at any time during or after the Term, make use of or divulge to any other Person any trade or business secret, process, method, or means, or any other confidential information concerning the business or
policies of the Company Group that he may have learned in connection with his employment hereunder and that he knows to be confidential or proprietary (“Confidential Information”). Executive’s obligation under this
Section 6(b) shall not apply to any information that (i) is known publicly without the fault of Executive, (ii) is in the public domain or hereafter enters the public domain without the fault of Executive, or (iii) is required to
be disclosed by Executive to, or by, any governmental or judicial authority (provided that Executive provides the Company Group with prior notice of the contemplated disclosure and reasonably cooperates with the Company Group at its expense
in seeking a protective order or other appropriate protection of such information). Executive agrees not to remove from the premises of any member of the Company Group, except as an employee, officer or director of the Company Group in pursuit of
the business of the Company Group or except as specifically permitted in writing by the Board, any document or other object containing or reflecting any such Confidential Information. Executive recognizes that all such documents and objects, whether
developed by him or by someone else, will be the sole exclusive property of the Company Group. Upon termination of his employment hereunder, Executive shall forthwith deliver to the Company Group all such Confidential Information, including, without
limitation, all lists of customers, correspondence, accounts, records, and any other documents or property made or held by him or under his control in relation to the business or affairs of the Company Group, and no copy of any such Confidential
Information shall be retained by him. 
 (c) Non-Competition. Executive covenants and agrees that during the period commencing on the
Consolidation and ending on the twenty-four (24) month anniversary of the Termination Date (the “Restricted Period”), Executive shall not, directly or indirectly (individually, or through or on behalf of another entity as
owner, partner, agent, employee, consultant, or in any other capacity), engage, participate or assist, as an owner, partner, employee, consultant, director, officer, trustee or agent in any element of the Business (as defined below) (other than in
connection with Executive’s services to, and ownership interests in, the Company Group); provided, however, the foregoing restrictions shall not prohibit Executive from (x) engaging in any activities permitted under
Section 3(c), (y) acquiring as an investment securities representing not more than one percent (1%) of the outstanding voting securities of any publicly held corporation engaged in the Business or from indirectly acquiring securities
of any company engaged in the Business as a result of being a passive investor in any mutual fund, hedge fund, private equity fund, or similar pooled account so long as Executive’s interest therein is less than one percent (1%) and he has
no role in selecting, managing or advising with respect to investments thereof, or (z) providing services to a subsidiary, division or unit of any entity that engages in the Business so long as Executive and such subsidiary, division or unit
does not engage in the Business so long as Executive provides written notice to the 

  
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Company at least ten (10) business days prior to the commencement of providing any services to such subsidiary, division or unit. For the purposes of this Section 6(c), the
“Business” shall mean the acquisition, development, management, leasing or financing of any office or retail real estate property located in New York County, New York, Fairfield County, Connecticut, Westchester County, New York, and
any other geographic area in which the Company engages in such activities and any business activity that represents a significant portion of the business activity of the Company (measured as at least ten percent (10%) of the Company’s
revenues on a trailing 12-month basis); provided, however, that (i) if Executive is directly or indirectly engaged in any business activity before the Company engages in such business activity, Executive and the Company shall negotiate in good
faith to resolve such conflict prior to the Company treating such conflict as a violation of this Section 6(c) and (ii) Executive shall not be permitted to commence any new business activity if the Company previously engaged in such
activity regardless of whether the revenues from such activity exceeds the ten percent (10%) threshold. 
 (d) Non-Interference.
During the Restricted Period, Executive shall not, directly or indirectly, for his own account or for the account of any other Person, (i) encourage, solicit or induce, or in any manner attempt to encourage, solicit or induce, any Person
employed by, or providing consulting services to the Company Group to terminate such Person’s employment or services (or, in the case of a consultant, to materially reduce such services) with the Company Group, or (ii) hire any Person who
was employed by the Company Group within the [twelve (12)] month period prior to the date of such hiring. 
 (e) Mutual
Non-Disparagement. During the Term and at all times following Executive’s termination of employment for any reason, (i) Executive covenants and agrees that he will not, nor induce others to, disparage any member of the Company Group,
its past and present officers, directors, employees, products or services and (ii) the Company shall not, and shall instruct members of its Board and the senior executives of the Company Group not to, disparage Executive. Nothing herein shall
prohibit any party (i) from disclosing that Executive is no longer employed by the Company, (ii) from responding truthfully to any governmental investigation, legal process or inquiry related thereto, (iii) from making a good faith
rebuttal of the other party’s untrue or misleading statement. For purposes of this Agreement, the term “disparage” means any statements, whether orally, in writing or through any medium (including, but not limited to, the press or
other media, computer networks or bulletin boards, or any other form of communication), that intentionally disparage, defame, or otherwise damage or assail the reputation, integrity or professionalism of the other party. 

(f) Post-Termination Cooperation. Executive agrees that following the termination of his employment, he will continue to provide
reasonable cooperation to the Company and/or any other member of the Company Group and its or their respective counsel in connection with any Proceeding relating to any matter that occurred during Executive’s employment in which Executive was
involved or of which Executive has knowledge. The Company shall pay Executive at an hourly rate based upon Executive’s Base Salary as of the Termination Date and reimburse Executive for reasonable out-of-pocket expenses incurred with respect to
his compliance with this Section 6(f). Executive also agrees that, in the event that he is subpoenaed by any Person (including, but not limited to, any government agency) to give testimony or provide documents (in a deposition, court
proceeding, or otherwise) that in any way relates to his employment by the Company and/or any other member of the Company Group, he 

  
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will give prompt notice of such request to the Company and will make no disclosure until the Company Group has had a reasonable opportunity to contest the right of the requesting Person. Without
limiting the generality of the foregoing, to the extent any member of the Company Group seeks Executive’s assistance, the Company Group will use reasonable commercial efforts, whenever possible, to provide him with reasonable advance notice of
its need for him and will attempt to coordinate with him the time and place at which his assistance will be provided with the goal of minimizing the impact of such assistance on any other material pre-scheduled business commitment that Executive may
have. Executive’s cooperation described in this Section 6(f) shall be subject to the maintenance of the indemnification and directors’ and officers’ liability insurance policy described in Section 18 hereof. 

(g) Blue Pencil. If any court of competent jurisdiction shall at any time deem the duration or the geographic scope of any of the
provisions of this Section 6 unenforceable, the other provisions of this Section 6 shall nevertheless stand, and the duration and/or geographic scope set forth herein shall be deemed to be the longest period and/or greatest size
permissible by law under the circumstances, and the parties hereto agree that such court shall reduce the time period and/or geographic scope to permissible duration or size. 

(h) Breach of Restrictive Covenants. Without limiting the remedies available to the Company Group, Executive acknowledges that a breach
of any of the covenants contained in Section 6 hereof may result in material irreparable injury to the Company Group for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely, and
that in the event of such a breach or threat thereof, the Company Group shall be entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction, without the necessity of proving irreparable harm or injury as a result
of such breach or threatened breach of Section 6 hereof, restraining Executive from engaging in activities prohibited by Section 6 hereof or such other relief as may be required specifically to enforce any of the covenants in
Section 6 hereof. 
 Section 7. Representations and Warranties of Executive. 

Executive represents and warrants to the Company that— 

(a) Executive is entering into this Agreement voluntarily and that his employment hereunder and compliance with the terms and conditions
hereof will not conflict with or result in the breach by him of any agreement to which he is a party or by which he may be bound; 
 (b)
Executive has not violated, and in connection with his employment with the Company will not violate, any non-solicitation, non-competition, or other similar covenant or agreement of a prior employer by which he is or may be bound; and 

(c) in connection with his employment with the Company, Executive will not use any confidential or proprietary information he may have
obtained in connection with employment with any prior employer. 

  
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 Section 8. Golden Parachute Tax Provisions. 

If there is a change in ownership or control of the Company that would cause any payment or distribution by the Company or any other Person or
entity to Executive or for Executive’s benefit (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a “Payment”) to be subject to the excise tax imposed by
Section 4999 of the Code (such excise tax, together with any interest or penalties incurred by Executive with respect to such excise tax, the “Excise Tax”), then Executive will receive the greatest of the following, whichever
gives Executive the highest net after-tax amount (after taking into account federal, state, local and social security taxes): (a) the Payments or (b) one dollar less than the amount of the Payments that would subject Executive to the
Excise Tax (the “Safe Harbor Amount”). If a reduction in the Payments is necessary so that the Payments equal the Safe Harbor Amount and none of the Payments constitutes nonqualified deferred compensation (within the meaning of
Section 409A of the Code), then the reduction shall occur in the manner Executive elects in writing prior to the date of payment. If any Payment constitutes nonqualified deferred compensation or if Executive fails to elect an order, then the
Payments to be reduced will be determined in a manner which has the least economic cost to Executive and, to the extent the economic cost is equivalent, will be reduced in the inverse order of when payment would have been made to Executive, until
the reduction is achieved. All determinations required to be made under this Section 7, including whether and when the Safe Harbor Amount is required and the amount of the reduction of the Payments and the assumptions to be utilized in arriving
at such determination, shall be made by a certified public accounting firm designated by the Company (the “Accounting Firm”). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any determination by
the Accounting Firm shall be binding upon Company and Executive. 
 Section 9. Taxes. 

The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment,
and social insurance taxes, as shall be required by law. Executive acknowledges and represents that the Company has not provided any tax advice to him in connection with this Agreement and that he has been advised by the Company to seek tax advice
from his own tax advisors regarding this Agreement and payments that may be made to him pursuant to this Agreement, including specifically, the application of the provisions of Section 409A of the Code to such payments. 

Section 10. Set Off; Mitigation. 

The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall not be subject to
set-off, counterclaim, or recoupment of amounts owed by Executive to the Company or its affiliates. Executive shall not be required to mitigate the amount of any payment provided pursuant to this Agreement by seeking other employment or otherwise,
and except as provided in Section 5(d)(vi), the amount of any payment provided for pursuant to this Agreement shall not be reduced by any compensation earned as a result of Executive’s other employment or otherwise. 

  
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 Section 11. Additional Section 409A Provisions. 

Notwithstanding any provision in this Agreement to the contrary— 

(a) Any payment otherwise required to be made hereunder to Executive at any date as a result of the termination of Executive’s employment
shall be delayed for such period of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code (the “Delay Period”). On the first business day following the expiration of the Delay Period,
Executive shall be paid, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence, and any remaining payments not so delayed shall continue to be paid pursuant to the payment
schedule set forth herein. 
 (b) Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of
Section 409A of the Code. 
 (c) To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this
Agreement constitutes nonqualified deferred compensation (within the meaning of Section 409A of the Code), (i) any such expense reimbursement shall be made by the Company no later than the last day of the taxable year following the taxable
year in which such expense was incurred by Executive, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) the amount of expenses eligible for reimbursement or
in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be violated with regard to
expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect. 

(d) The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Section 409A of the Code
and the regulations and guidance promulgated thereunder and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in accordance with such intent. 

Section 12. Successors and Assigns; No Third-Party Beneficiaries. 

(a) The Company. This Agreement shall inure to the benefit of the Company and its respective successors and assigns. Neither this
Agreement nor any of the rights, obligations, or interests arising hereunder may be assigned by the Company to a Person (other than another member of the Company Group, or its or their respective successors) without Executive’s prior written
consent (which shall not be unreasonably withheld, delayed, or conditioned); provided, however, that in the event of a sale of all or substantially all of the assets of the Company or any direct or indirect division or subsidiary
thereof to which Executive’s employment primarily relates, the Company will provide that this Agreement will be assigned to, and assumed by, the acquiror of such assets, it being agreed that in such circumstances, Executive’s consent will
not be required in connection therewith. 
 (b) Executive. Executive’s rights and obligations under this Agreement shall not be
transferable by Executive by assignment or otherwise, without the prior written consent of the Company; provided, however, that if Executive shall die, all amounts then payable to Executive hereunder shall be paid in accordance with
the terms of this Agreement to Executive’s devisee, legatee, or other designee, or if there be no such designee, to Executive’s estate. 

  
 -15- 

 (c) No Third-Party Beneficiaries. Except as otherwise set forth in Section 5(b) or
Section 12(b) hereof, nothing expressed or referred to in this Agreement will be construed to give any Person other than the Company, the other members of the Company Group, and Executive any legal or equitable right, remedy, or claim under or
with respect to this Agreement or any provision of this Agreement. 
 Section 13. Waiver and Amendments. 

Any waiver, alteration, amendment, or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by
each of the parties hereto; provided, however, that any such waiver, alteration, amendment, or modification must be consented to on the Company’s behalf by the Board. No waiver by either of the parties hereto of their rights
hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver. 

Section 14. Severability. 

If any covenants or such other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court of
competent jurisdiction, (a) the remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable term or provision hereof shall be deemed replaced by a term or provision that is valid and enforceable and that
comes closest to expressing the intention of the invalid or unenforceable term or provision hereof. 
 Section 15. Governing Law;
Interpretation. 
 This Agreement shall be construed in accordance with and governed for all purposes by the laws and public policy
(other than conflict of laws principles) of the State of New York applicable to contracts executed and to be wholly performed therein. 

Section 16. Dispute Resolution. 

Except to the extent necessary for the Company or any member of the Company Group or their successors or assigns to seek injunctive relief or
other equitable relief described in Section 6(h), arbitration will be the method of resolving disputes under this Agreement. Notwithstanding the foregoing, the parties agree that before proceeding to arbitration, they will attempt in good faith
to promptly resolve such dispute by mediation in New York, New York. The mediation will commence within forty-five (45) days of request therefore and will be before a single mediator selected by the Company and Executive from a list provided by
Judicial Arbitration and Mediation Services, Inc. (“JAMS”). If the parties are unable to mutually select a mediator, then the mediator shall be appointed by JAMS. If any dispute is not resolved to the satisfaction of the parties in
mediation or, unless the parties mutually agree otherwise, the dispute remains unresolved following thirty (30) days after the commencement of the mediation, the arbitration shall be held before a single arbitrator selected by the Company and
Executive from a 

  
 -16- 

 
list provided by JAMS. All arbitrations arising out of this Agreement shall be conducted in New York, New York in accordance with the JAMS rules then in effect for executive employment disputes
and arbitrations. If the Company and Executive cannot agree on a single arbitrator, the arbitration shall be conducted before a panel of three arbitrators, one selected by each party hereto and the third arbitrator selected by the parties’ two
arbitrators from a list provided by JAMS. Any award entered by the arbitrator shall be final, binding and nonappealable and judgment may be entered thereon by either party in accordance with applicable law in any court of competent jurisdiction.
This arbitration provision shall be specifically enforceable. The arbitrators shall have no authority to modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other than a benefit specifically provided
under or by virtue of this Agreement. The Company shall be responsible for paying the fees and costs of the mediator and arbitrator along with other mediation or arbitration-specific fees (except, if applicable, Executive’s petitioner’s
filing fees) and its own expenses and Executive shall be responsible for his own expenses relating to the conduct of the mediation or arbitration (including reasonable attorneys’ fees and expenses), provided, however, the Company shall
reimburse Executive for his costs and expenses in connection with such contest or dispute in the event Executive prevails, as determined by the arbitrator. 

Section 17. Legal Fees. 

The Company will promptly pay or reimburse Executive for all reasonable and documented legal fees and related expenses incurred in connection
with the drafting, negotiation and execution of this Agreement and any other documents and agreements entered into by him in connection with his commencement of employment with the Company or the Consolidation. 

Section 18. Indemnification; Liability Insurance. 

(a) In the event that Executive is made a party or threatened to be made a party to any Proceeding, other than any Proceeding initiated by
Executive or the Company related to any contest or dispute between Executive and the Company or any member of the Company Group with respect to this Agreement or Executive’s employment hereunder, by reason of the fact that Executive is or was a
director or officer of the Company or any member of the Company Group, or is or was serving at the request of the Company as a director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other
enterprise, Executive shall be indemnified and held harmless by the Company to the fullest extent permitted by applicable law from and against all liabilities, costs, claims and expenses, including all costs and expenses incurred in defense of any
Proceeding (including attorneys’ fees). To the fullest extent permitted by law, costs and expenses incurred by Executive in defense of such Proceeding (including attorneys’ fees) shall be paid by the Company in advance of the final
disposition of such litigation upon receipt by the Company of: (i) a written request for payment; (ii) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and
(iii) an undertaking adequate under applicable law made by or on behalf of Executive to repay the amounts so paid if it shall ultimately be determined than Executive is not entitled to be indemnified by the Company under this Agreement. The
provisions of this Section 18(a) shall in no way limit, and shall be in addition to, Executive’s rights to indemnification and advancement of expenses provided under the Company’s by-laws or the Indemnification Agreement. 

  
 -17- 

 (b) During the Term and, while potential liability exists, thereafter, the Company or its
successor shall purchase and maintain, at its own expense, directors’ and officers’ liability insurance providing coverage to Executive on terms that are no less favorable than the coverage provided to directors and senior executives of
the Company Group. 
 Section 19. Notices. 

(a) Place of Delivery. Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or
delivered to the party for whom or which it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided, that unless and until some other address be
so designated, all notices and communications by Executive to the Company shall be mailed or delivered to the Company at its principal executive office, and all notices and communications by the Company to Executive may be given to Executive
personally or may be mailed to Executive at Executive’s last known address, as reflected in the Company’s records. 
 (b) Date
of Delivery. Any notice so addressed shall be deemed to be given or received (i) if delivered by hand, on the date of such delivery, (ii) if mailed by courier or by overnight mail, on the first business day following the date of such
mailing, and (iii) if mailed by registered or certified mail, on the third business day after the date of such mailing. 

Section 20. Section Headings. 

The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part
thereof or affect the meaning or interpretation of this Agreement or of any term or provision hereof. 
 Section 21. Entire
Agreement. 
 This Agreement and the Indemnification Agreement (together with any exhibits attached hereto or thereto) constitutes the
entire understanding and agreement of the parties hereto regarding the employment of Executive. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings, and agreements between the parties
relating to the subject matter of this Agreement. 
 Section 22. Survival of Operative Sections. 

Upon any termination of Executive’s employment, the provisions of Section 5 through 23 of this Agreement (together with any related
definitions set forth in Section 1 hereof) shall survive to the extent necessary to give effect to the provisions thereof. 

Section 23. Counterparts. 

This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall
constitute one and the same instrument. The execution of this Agreement may be by actual signature or by signature delivered by facsimile or by e-mail as a portable data format (.pdf) file or image file attachment. 

*    *    * 

[Signatures to appear on the following page.] 

  
 -18- 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

			
	EMPIRE STATE REALTY TRUST, INC.
		
	By:	 	 
	Title:	 	

  

			
	EXECUTIVE
		
		 	 
		 	ANTHONY E. MALKIN

  
 -19- 

 Exhibit A 

The following office and retail properties being contributed to the Partnership and/or the Company in the Consolidation: 

 

	 	•	 	Empire State Building, New York, New York 

  

	 	•	 	One Grand Central Place, New York, New York 

  

	 	•	 	250 West 57th Street, New York, New York 

  

	 	•	 	501 Seventh Avenue, New York, New York 

  

	 	•	 	1333 Broadway, New York, New York 

  

	 	•	 	1350 Broadway, New York, New York 

  

	 	•	 	1359 Broadway, New York, New York 

  

	 	•	 	10 Bank Street, White Plains, New York 

  

	 	•	 	1542 Third Avenue, New York, New York 

  

	 	•	 	383 Main Avenue, Norwalk, Connecticut 

  

	 	•	 	69-97 Main Street, Westport, Connecticut 

  

	 	•	 	77 West 55th Street, New York, New York 

  

	 	•	 	1010 Third Avenue, New York, New York 

  

	 	•	 	Metro Center, One Station Place, Stamford, Connecticut 

  

	 	•	 	10 Union Square, New York, New York 

  

	 	•	 	103-107 Main Street, Westport, Connecticut 

  

	 	•	 	First Stamford Place, Stamford, Connecticut 

  

	 	•	 	500 Mamaroneck Avenue, Harrison, New York 

  

	 	•	 	Metro Tower (Parcel of land known as Parcel T), Stamford, Connecticut 

 The following management companies are
being merged into the Partnership and/or the Company in the Consolidation: 
  

	 	•	 	Malkin Holdings LLC 

  

	 	•	 	Malkin Properties, L.L.C. 

  

	 	•	 	Malkin Properties of New York, L.L.C. 

  

	 	•	 	Malkin Properties of Connecticut, Inc. 

  

	 	•	 	Malkin Construction Corp. 

  
 -1- 

 Exhibit B 

RELEASE OF CLAIMS 

This General Release of Claims (this “Release”), dated as of
                , 20__, confirms the following understandings and agreements between Empire State Realty Trust, Inc., a Maryland corporation, (the
“Company”) and Anthony E. Malkin (hereinafter referred to as “you” or “your”). 

In consideration of the promises set forth in that certain employment agreement between you and the Company, dated as of
                , 2012 (the “Employment Agreement”), as well as any promises set forth in this Release, you and the Company agree as
follows: 
 Section 1. Opportunity for Review and Revocation. You have [twenty-one (21)][forty-five (45)]1 days to review and consider this Release. Notwithstanding anything contained herein to the contrary, this Release will not become effective or enforceable for a period of seven (7) calendar days
following the date of its execution, during which time you may revoke your acceptance of this Release by notifying
                    , in writing. To be effective, such revocation must be received by the Company no later than 5:00 p.m. on the
seventh calendar day following its execution. Provided that this Release is executed and you do not revoke it, the eighth (8th) day following the date on which this Release is executed shall
be its effective date (the “Effective Date”). In the event of your revocation of this Release pursuant to this Section 1, this Release will be null and void and of no effect, and the Company will have no obligations
hereunder. 
 Section 2. Employee Release and Waiver of Claims. 

(a) As used in this Release, the term “claims” will include all claims, covenants, warranties, promises, undertakings, actions,
suits, causes of action, obligations, debts, accounts, attorneys’ fees, judgments, losses and liabilities, of whatsoever kind or nature, in law, in equity, or otherwise. 

(b) For and in consideration of the Severance Benefits (as defined in the Employment Agreement), and other good and valuable consideration,
you, for and on behalf of yourself and your heirs, administrators, executors, and assigns, effective as of the Effective Date, do fully and forever release, remise, and discharge the Company, its direct and indirect parents, subsidiaries and
affiliates, and their respective successors and assigns, together with their respective officers, directors, partners, stockholders, employees, and agents (collectively, the “Group”), from any and all claims whatsoever up to
the date hereof which you had, may have had, or now have against the Group, whether known or unknown, for or by reason of any matter, cause or thing whatsoever, including any claim arising out of or attributable to your employment or the termination
of your employment with the Company, whether for tort, breach of express or 
  

	1 	 To be selected based on whether the applicable termination was “in connection with an exit incentive or other employment termination
program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967). 

  
 -1- 

 
implied employment contract, intentional infliction of emotional distress, wrongful termination, unjust dismissal, defamation, libel or slander, or under any federal, state or local law dealing
with discrimination based on age, race, sex, national origin, handicap, religion, disability or sexual orientation. This release of claims includes, but is not limited to, all claims arising under the Age Discrimination in Employment Act
(“ADEA”), Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Civil Rights Act of 1991, the Family Medical Leave Act, and the Equal Pay Act, each as may be amended from time to time, and all other
federal, state and local laws, the common law and any other purported restriction on an employer’s right to terminate the employment of employees. 

(c) You acknowledge and agree that as of the date you execute this Release, you have no knowledge of any facts or circumstances that give rise
or could give rise to any claims under any of the laws listed in the preceding paragraph. 
 (d) You specifically release all claims
relating to your employment and its termination under ADEA, a United States federal statute that, among other things, prohibits discrimination on the basis of age in employment and employee benefit plans. 

(e) Notwithstanding any provision of this Release to the contrary, by executing this Release, you are not releasing any claims relating to:
(i) your rights with respect to the Severance Benefits and any other rights under your Employment Agreement or any other written agreement by and between you and the Company that survive the termination of your employment; (ii) any rights
to accrued, vested benefits that you have under the employee benefit and fringe benefit plans, programs and arrangements of the Group; (iii) any claims that cannot be waived by law and any claims that may arise after the date on which you sign
this Release; (iv) any rights that you have as a stockholder of the Company or an equity holder of any member of the Group; (v) any indemnification rights (including advancement and reimbursement of legal fees and expenses) you may have as
a former officer or director of the Company or its subsidiaries or affiliates or coverage under directors and officers liability insurance; or (vi) a breach of this Release by the Company. 

Section 3. Knowing and Voluntary Waiver. You expressly acknowledge and agree that you: 

(a) Are able to read the language, and understand the meaning and effect, of this Release; 

(b) Have no physical or mental impairment of any kind that has interfered with your ability to read and understand the meaning
of this Release or its terms, and that your not acting under the influence of any medication, drug, or chemical of any type in entering into this Release; 

(c) Are specifically agreeing to the terms of the release contained in this Release because the Company has agreed to pay you
the Severance Benefits in consideration for your agreement to accept it in full settlement of all possible claims you might have or ever have had, and because of your execution of this Release; 

(d) Acknowledge that, but for your execution of this Release, you would not be entitled to the Severance Benefits; 

  
 -2- 

 (e) Understand that, by entering into this Release, you do not waive rights or
claims under ADEA that may arise after the date you execute this Release; 
 (f) Had or could have had [twenty-one
(21)][forty-five (45)] days from the date of your termination of employment (the “Release Expiration Date”) in which to review and consider this Release and that if I execute this Release prior to the Release Expiration Date,
you have voluntarily and knowingly waived the remainder of the review period; 
 (g) Have not relied upon any representation
or statement not set forth in this Release or the Employment Agreement made by the Company or any of its representatives; 

(h) Were advised to consult with your attorney regarding the terms and effect of this Release; and 

(i) Have signed this Release knowingly and voluntarily. 

Section 4. No Suit. You represent and warrant that you have not previously filed, and to the maximum extent permitted by law agree
that you will not file, a complaint, charge, or lawsuit against any member of the Group regarding any of the claims released herein. If, notwithstanding this representation and warranty, you have filed or file such a complaint, charge, or lawsuit,
you agree that you shall cause such complaint, charge, or lawsuit to be dismissed with prejudice and you shall pay any and all costs required in obtaining a dismissal of such complaint, charge, or lawsuit, including without limitation the
attorneys’ fees of any member of the Group against whom I have filed such a complaint, charge, or lawsuit. This paragraph shall not apply, however, to a claim of age discrimination under ADEA or to any non-waivable right to file a charge with
the United States Equal Employment Opportunity Commission (the “EEOC”); provided, however, that if the EEOC were to pursue any claims relating to your employment with the Company, you agree that you shall not be
entitled to recover any monetary damages or any other remedies or benefits as a result and that this Release and Section 5 of the Employment Agreement will control as the exclusive remedy and full settlement of all such claims by you. You
hereby agree to waive any and all claims to re-employment with the Company or any other member of the Group and affirmatively agree not to seek further employment with the Company or any other member of the Group. 

Section 5. Company Release and Waiver of Claims. 

(a) For and in consideration of the promises set forth in Section 6 of the Employment Agreement and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Company, effective as of the Effective Date, fully and forever releases, remises and discharges you, together with your heirs, administrators, executors and assigns (you
and each such person, an “Employee Releasee”, and collectively, the “Employee Releasees”) from any and all claims which the Company and its direct and indirect parents, subsidiaries and
affiliates has against you whatsoever up to the date hereof. Notwithstanding the foregoing, this Section 5 shall not apply with respect to (i) any rights or 

  
 -3- 

 
claims that the Company may have for a breach of the Release by you, (ii) any claims that are based on fraud, embezzlement or material and willful misconduct while employed as an employee of
the Company or while serving as an officer or director of the Company, to the extent based on facts which are not known to the Group as of the date hereof, or (iii) any claims that may arise after the date on which this Release is signed on
behalf of the Company. For purposes of the preceding sentence, no act of yours shall be considered willful if you believed in good faith that such act was in the best interests of the Company or the Group. 

(b) The Company represents and warrants that the Company has not filed, commenced or participated in any way in any complaints, claims,
actions or proceedings of any kind against you with any federal, state or local court or any administrative, regulatory or arbitration agency or body and the Company agrees not to file, assert or commence any complaint, claim, action or proceeding
against any Employee Releasee with any federal, state or local court or any administrative, regulatory or arbitration agency or body with respect to any matter from the beginning of the world to the date hereof. The Company acknowledges and agrees
that as of the Effective Date, it has no knowledge of any facts or circumstances that give rise or could give rise to any claims against you. 

Section 6. Successors and Assigns. The provisions hereof shall inure to the benefit of your heirs, executors, administrators,
legal personal representatives and assigns and shall be binding upon your heirs, executors, administrators, legal personal representatives and assigns. 

Section 7. Severability. If any provision of this Release shall be held by any court of competent jurisdiction to be illegal, void
or unenforceable, such provision shall be of no force and effect. The illegality or unenforceability of such provision, however, shall have no effect upon and shall not impair the enforceability of any other provision of this Release. 

Section 8. Non-Admission. Nothing contained in this Release will be deemed or construed as an admission of wrongdoing or liability
on the part of you or the Company. 
 Section 9. Governing Law. This Release shall be governed by and construed in accordance
with Federal law and the laws of the State of New York, applicable to releases made and to be performed in that State. 
 Section 10.
Dispute Resolution. Arbitration will be the method of resolving disputes under this Release. Notwithstanding the foregoing, the parties agree that before proceeding to arbitration, they will attempt in good faith to promptly resolve such
dispute by mediation in New York, New York. The mediation will commence within forty-five (45) days of request therefore and will be before a single mediator selected by the Company and you from a list provided by Judicial Arbitration and
Mediation Services, Inc. (“JAMS”). If the parties are unable to mutually select a mediator, then the mediator shall be appointed by JAMS. If any dispute is not resolved to the satisfaction of the parties in mediation or, unless the
parties mutually agree otherwise, the dispute remains unresolved following thirty (30) days after the commencement of the mediation, the arbitration shall be held before a single arbitrator selected by the Company and you from a list provided
by JAMS. All arbitrations arising out of this Release shall be conducted in New York, New York in accordance with the JAMS rules then in 

  
 -4- 

 
effect for executive employment disputes and arbitrations. If the Company and you cannot agree on a single arbitrator, the arbitration shall be conducted before a panel of three arbitrators, one
selected by each party hereto and the third arbitrator selected by the parties’ two arbitrators from a list provided by JAMS. Any award entered by the arbitrator shall be final, binding and nonappealable and judgment may be entered thereon by
either party in accordance with applicable law in any court of competent jurisdiction. This arbitration provision shall be specifically enforceable. The arbitrators shall have no authority to modify any provision of this Release or to award a remedy
for a dispute involving this Release other than a benefit specifically provided under or by virtue of this Release. The Company shall be responsible for paying the fees and costs of the mediator and arbitrator along with other mediation or
arbitration-specific fees (except, if applicable, your petitioner’s filing fees) and its own expenses and you shall be responsible for your own expenses relating to the conduct of the mediation or arbitration (including reasonable
attorneys’ fees and expenses), provided, however, the Company shall reimburse you for your costs and expenses in connection with such contest or dispute in the event you prevail, as determined by the arbitrator. 

IN WITNESS WHEREOF, the parties hereto have executed this Release as of the date first written above. 

 

			
	EMPIRE STATE REALTY TRUST, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	 
	ANTHONY E. MALKIN

  
 -5-

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