Document:

EX-10.3

 Exhibit 10.3 

PARAMOUNT GROUP, INC. 

EXECUTIVE SEVERANCE PLAN 

1. Purpose. The purpose of this Paramount Group, Inc. Executive Severance Plan (the “Plan”) is to provide severance
protection to a Covered Executive of Paramount Group, Inc. (the “Company”) in the event the Covered Executive is terminated by the Company without Cause. 

2. Definitions. 
 (a)
“Cause” shall mean (i) the continued failure by the Covered Executive to substantially perform the Covered Executive’s duties with the Employer after written notification by the Employer of such failure, including a reasonable
explanation of such failure; (ii) conduct by the Covered Executive which would reasonably be expected to result in material injury or reputation harm to the Employer; (iii) conduct by the Covered Executive constituting a material act of
misconduct in the performance of his or her duties; (iv) the material violation by the Covered Executive of the Company’s Code of Business Conduct and Ethics, as in effect from time to time; or (v) the commission by the Covered
Executive of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty or fraud. 
 (b) “Covered Executive” shall
mean an officer of the Employer who is not party to an employment agreement with the Employer and who is listed on Schedule A attached hereto. 

(c) “Disability” means the Covered Executive has been determined by a physician selected by the Employer and reasonably acceptable
to the Covered Executive to be unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of
not less than 12 months. 
 (d) “Employer” means either the Company, the Operating Partnership or any of their Subsidiaries that
employ the Covered Executive. 
 (e) “Operating Partnership” means Paramount Group Operating Partnership LP, a Delaware limited
partnership. 
 3. Severance Benefit. In the event a Covered Executive is terminated by the Employer for reasons other than
Cause, death or Disability, then subject to the Covered Executive signing a separation agreement containing, among other provisions, a mutual release of claims and non-disparagement, noncompete and nonsolicit provisions as set forth in
Section 4 herein, confidentiality and return of property, in a form and manner satisfactory to the Employer (the “Separation Agreement and Release”) and the Separation Agreement and Release becoming irrevocable, all within 30 days
after the Date of Termination, the Covered Executive shall receive a lump-sum severance amount equal to (a) the sum of the Covered Executive’s then current base salary plus the Covered Executive’s most recent cash bonus, and
(b) an amount equal to the monthly employer contribution that the Employer would have paid to provide health and dental 

 
insurance for the Covered Executive if the Covered Executive had remained employed by the Employer for an additional 12 months. Such severance amount shall be paid in a lump sum within 30
days of the date of termination of employment; provided, however, that if the 30-day period begins in one calendar year and ends in a second calendar year, such amount shall be paid in the second calendar year by the last day of such 30-day period.

 4. Noncompetition and Nonsolicitation. In the event severance benefit is payable to a Covered Executive under this Plan, the
Covered Executive shall agree in the Separation Agreement and Release that he or she shall not, without the prior written consent of the Employer, directly or indirectly: 

(a) engage, participate or assist in, either individually or as an owner, partner, employee, consultant, director, officer, trustee, or agent
of any business that engages or attempts to engage in, directly or indirectly, the acquisition, development, construction, operation, management, or leasing of any commercial real estate property in any of the Employer’s Markets (as hereinafter
defined) at the time of the Covered Executive’s termination of employment; 
 (b) intentionally interfere with, disrupt or attempt to
disrupt the relationship, contractual or otherwise, between the Employer and any tenant, supplier, contractor, lender, employee, or governmental agency or authority; or 

(c) call upon, compete for, solicit, divert, or take away, or attempt to divert or take away any of the tenants or employees of the Employer,
either for himself or herself or for any other business, operation, corporation, partnership, association, agency, or other person or entity. 

“Market” as used herein means an area covering a 25 mile radius around (x) any property or land owned by the Employer, under
development by the Employer or with respect to which the Employer has an agreement or option to acquire a property, development or land or (y) any property or development for which the Employer provides third party development or management
services; provided that for any such property, development or land located in New York City, no such radial area shall extend beyond New York City. 

This Section 4 shall not be interpreted to prevent the Covered Executive from owning up to two percent of the outstanding stock of a
public company engaged in business described above or engaging in Minority Interest Passive Investments which shall mean acquiring, holding, and exercising the voting rights associated with an investment made through (i) the purchase of
securities (including partnership interests) that represent a non-controlling, minority interest in an entity or (ii) the lending of money, in either case with the purpose or intent of obtaining a return
on such investment but without management by the Covered Executive of the property or business to which such investment directly or indirectly relates and without any business or strategic consultation by the Covered Executive with such entity. 

5. Section 409A. The severance benefits payable under this Plan are intended to be “short term deferrals” exempt
from the application of Section 409A of the Internal Revenue Code of 1986, as amended. 

 6. Withholding. All payments by the Employer under this Plan shall be net of any
tax or other amounts required to be withheld by the Employer under applicable law. 
 7. Governing Law. This Plan shall be
construed under and be governed in all respects by the laws of the State of New York, without giving effect to the conflict of law principles of the State of New York. With respect to any disputes concerning federal law, such disputes shall be
determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the Second Circuit. 

8. Amendment or Termination of Plan. The Company may amend or terminate this Plan at any time; provided that such amendment or
termination shall not adversely affect the rights of any Covered Executive who became entitled to severance benefits under Section 3 hereof on account of his or her involuntary termination of employment prior to the effective date of the
amendment or termination. 

 SCHEDULE A 

Ermelinda Berberi 
 Gage Johnson 

David ZobelExhibit 10.1

 

EXECUTION VERSION

 

FOURTH AMENDMENT

Dated as of February 4, 2021

to

REVOLVING CREDIT AND SECURITY AGREEMENT

Dated as of February 4, 2019

 

This FOURTH AMENDMENT
TO REVOLVING CREDIT AND SECURITY AGREEMENT (this “Amendment”), dated as of February 4, 2021, is entered into
by and among GOLUB CAPITAL BDC 3, INC., a Maryland corporation and GBDC 3 FUNDING II LLC, a Delaware limited liability company,
as borrowers (in such capacity, each a “Borrower”, and together, the “Borrowers”) and Signature
Bank, as the administrative agent and a lender under the Credit Agreement (as defined below) (“Signature Bank”).

 

RECITALS

 

WHEREAS, the Borrowers
and Signature Bank are parties to that certain Revolving Credit and Security Agreement, dated as of February 4, 2019 (as amended
by that certain First Amendment to Revolving Credit and Security Agreement, dated as of April 8, 2019, that certain Second Amendment
to Revolving Credit and Security Agreement, dated as of May 31, 2019, that certain Additional Borrower Joinder Agreement to Revolving
Credit and Security Agreement, dated as of August 23, 2019, that certain Third Amendment to Revolving Credit and Security Agreement
dated as of February 7, 2020, and as may be further amended, restated, supplemented or otherwise modified from time to time, the
 “Credit Agreement”);

 

WHEREAS, the parties
hereto wish to make certain changes to the Credit Agreement as further described herein.

 

NOW, THEREFORE, in consideration
of the premises and the mutual agreements contained herein and in the Credit Agreement, the parties hereto agree as follows:

 

Section 1.        Definitions. All capitalized terms not otherwise defined herein are used as defined in the Credit Agreement.

 

Section 2.        Changes to the Credit Agreement. Effective as of the Effective Date (as defined below), the Credit Agreement is hereby
amended as follows:

 

2.1.           
The following definitions in Section 1.1 of the Credit Agreement are hereby amended
and restated in their entirety as follows:

 

““Applicable
Rate” means (a) at any time the NAV Coverage Condition is in effect, (x) with respect to LIBOR Rate Loans, Adjusted LIBOR
plus 200 basis points (2.00%), and (y) with respect to Prime Rate Loans, the Prime Rate in effect from day to day less 90 basis
points (0.90%) (provided that solely for the purpose of this subsection (a), such rates provided for in this subsection
(a) will not take effect until the NAV Coverage Condition is in effect for twelve (12) consecutive Business Days, and (b) otherwise,
(x) with respect to LIBOR Rate Loans, Adjusted LIBOR plus 170 basis points (1.70%), and (y) with respect to Prime Rate Loans, the
Prime Rate in effect from day to day less 120 basis points (1.20%); provided that, in each case, in the event such rate
of interest is less than zero, such rate shall be deemed to be zero for purposes of this Credit Agreement.”

 

    	 	-1-	 

     

    

 

““Stated
Maturity Date” means February 4, 2022, subject to Borrowers’ extension of such date under Section 2.8.”

 

““Unused
Commitment Fee” means a fee equal to 25 basis points (0.25%) per annum of the average unused portion of the Commitments,
as determined by Administrative Agent. The unused portion of the Commitments, for purposes of this definition, shall equal the
difference between (x) the Commitments (as they may be reduced or increased from time to time pursuant to the provisions of this
Credit Agreement) and (y) the average for the period of the daily closing balance of Loans outstanding.

 

2.2.           
Section 2.8(d) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“(d) within
five (5) Business Days of the applicable Borrowers’ receipt of the Extension Notice, such Borrowers shall pay an extension
fee to Administrative Agent for the benefit of the Lenders in an amount equal to 25 basis points (0.25%) of each such Lender’s
Commitment as of the date on which such Borrowers receive such Extension Notice.”

 

2.3.           
Section 3.6 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“3.6.Increase
in the Maximum Commitment Provided there exists no Event of Default or, to the knowledge of any Borrower or Administrative
Agent, Potential Default on the effective date of the increase, and subject to compliance with the terms below, upon written notice
to Administrative Agent, Borrowers may request the Lenders to increase the Maximum Commitment. Such increase shall be effective
upon the satisfaction of the following conditions precedent: (a) the existing Lenders shall have agreed in their sole discretion
to increase their Commitments and/or additional Persons shall have agreed to join the Credit Facility as Lenders such that the
Commitments of all Lenders equal the increased Maximum Commitment; (b) on or prior to the proposed date of such increase, Borrowers
shall have paid to Administrative Agent, for the benefit of each Lender that increases its Commitment or provides a new Commitment,
a fee in an amount equal to 25 basis points (0.25%) of such increased or new Commitment; and (c) Borrowers shall provide Administrative
Agent such evidence of their power and authority to effectuate such increase as Administrative Agent may reasonably request. For
the avoidance of doubt, such increase will be on the same terms as contained herein with respect to the Commitments and the Loans.
No Lender will be required to commit, nor shall any Lender have any preemptive right, to provide any portion of such increase.
On any date the Maximum Commitment is increased in accordance herewith, Borrowers and the Lenders agree to execute such documents
as Administrative Agent may reasonably request to give effect to such increase.”

 

    	 	-2-	 

     

    

 

Section 3.        Conditions Precedent to Closing. Section 2 hereof shall become effective on the date (the “Effective
Date”) upon which each of the following conditions precedent have been satisfied or waived:

 

3.1.           
Signature Bank shall have received a counterpart (or counterparts) of this Amendment, executed and delivered by Borrowers,
or other evidence satisfactory to Signature Bank of the execution and delivery of this Amendment by Borrowers;

 

3.2.           
Signature Bank shall have received (a) true and correct copies of the resolutions adopted by Borrowers approving or consenting
to the transactions contemplated by this Amendment, certified by a Responsible Officer of Borrowers, as in effect on the Effective
Date, (b) certificates of good standing, and (c) satisfactory reports of searches of Filings in the jurisdiction of formation or
registration of the Borrowers; and

 

3.3.           
Borrowers shall have paid all fees and other amounts due and payable on or prior to the date hereof, including, without
limitation, (a) payment of a facility increase fee in an amount equal to $687,500, which amount shall be payable to Signature Bank
and shall be fully earned as of the Effective Date, non-refundable and not creditable against any other fee due and owing under
the Loan Documents, and (b) payment of all reasonable expenses required to be reimbursed or paid by Borrowers hereunder, including
the reasonable and documented fees and disbursements of Cadwalader, Wickersham & Taft LLP.

 

Section 4.        Miscellaneous.

 

4.1.           
Reaffirmation of Covenants, Representations and Warranties. Upon the effectiveness of this Amendment, each Borrower
hereby reaffirms all covenants applicable to it, and confirms the representations and warranties set forth in the Credit Agreement
and the other Loan Documents are true and correct in all material respects (except to the extent such representations and warranties
expressly relate to an earlier date).

 

4.2.           
Representations and Warranties. Each Borrower hereby represents and warrants that (i) this Amendment constitutes
a legal, valid and binding obligation of such Person, enforceable against it in accordance with its terms, subject to Debtor Relief
Laws and general equitable principles (whether considered a proceeding in equity or at law), and (ii) upon the Effective Date,
no Event of Default or Potential Default shall exist.

 

4.3.           
References to the Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Credit Agreement
to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall
mean and be a reference to the Credit Agreement as amended hereby, and each reference to the Credit Agreement in any other document,
instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the
Credit Agreement as amended hereby.

 

    	 	-3-	 

     

    

 

4.4.           
Effect on Credit Agreement. Except as specifically amended above, the Credit Agreement and all other Loan Documents
executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

 

4.5.           
No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of Signature Bank or any other Lender under the Credit Agreement or any other document, instrument or agreement
executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth
herein.

 

4.6.           
Governing Law. This Amendment and the rights and obligations of the parties hereto shall be governed by, and construed
and interpreted in accordance with, the law of the State of New York.

 

4.7.           
Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and permitted assigns.

 

4.8.           
Headings. Section headings in this Amendment are for reference only and shall in no way affect the interpretation
of this Amendment.

 

4.9.           
Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute
one and the same agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery
of an executed counterpart hereof, or a signature page hereto, by facsimile or in a .pdf or similar file shall be effective as
delivery of a manually executed original counterpart thereof.

 

[Signatures Follow]

 

 

 

    	 	-4-	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

  

 

	 	BORROWERS: 
	 	 	 
	 	GOLUB CAPITAL BDC 3, INC., a Maryland corporation
	 	 	 
	 	By: 	/s/ Ross A. Teune
	 	Name: 	Ross A. Teune
	 	Title: 	Chief Financial Officer
	 	 	 
	 	 	 
	 	 	 
	 	GBDC 3 FUNDING II LLC, a Delaware limited liability company
	 	 	 
	 	By: Golub Capital BDC 3, Inc. its Sole Member
	 	 
	 	By: 	/s/ Ross A. Teune
	 	Name:	 Ross A. Teune
	 	Title: 	Chief Financial Officer

 

 

 

    Signature
Bank – Golub BDC 3
 Fourth Amendment to Revolving Credit and Security Agreement

     

    

  

 

 

	 	ADMINISTRATIVE AGENT AND LENDER:
	 	 	 
	 	 	 
	 	 	 
	 	SIGNATURE BANK
	 	 	 
	 	 	 
	 	By:	 /s/ Trevor Freeman
	 	Name:	 Trevor Freeman
	 	Title: 	Managing Director
	 	 	 
	 	By: 	/s/ Anthony Episcopio
	 	Name: 	Anthony Episcopio
	 	Title: 	Vice President
	 	 	 

 

 

 

    Signature Bank – Golub BDC 3
 Fourth Amendment to Revolving Credit and Security Agreement

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