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SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (as amended hereby, this “Agreement”) dated as of October 6, 2021, is entered into by and between Empire State Realty Trust, Inc., a Maryland corporation (the “Company”) and Anthony E. Malkin (“Executive”).
W I T N E S S E T H:
WHEREAS, in October 2013, Malkin Holdings LLC (the “Supervisor”) effected 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 was 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 and Executive previously entered into that certain Amended and Restated Employment Agreement, effective as of April 5, 2016 (the “Employment Agreement”); and
WHEREAS, the Company and Executive thereafter entered into that certain First Amendment to the Employment Agreement, dated as of October 5, 2018; and
WHEREAS, pursuant to Section 2 of the Employment Agreement, as amended, the Term (as defined therein) of Executive’s employment will expire on October 7, 2021; and
WHEREAS, Section 13 of the Employment Agreement, as amended, provides that it may be amended by written agreement signed by Executive and an authorized representative of the Company, provided that such amendment be consented to on the Company’s behalf by the Board of Directors; and
WHEREAS, the Company and Executive now desire to amend and restate the Employment Agreement, as amended, to the extend the Term and to ensure that Executive is fairly and equitably compensated in relation to similarly-situated executives at comparable REITs, subject to the terms and conditions 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 willful and material breach of this Agreement, where such breach results in material economic injury or reputational harm to the Company, or (iv) Executive’s willful and material breach of the Code of Business Conduct and Ethics of the Company or any member of the Company Group (collectively, the “Company Codes of Conduct”), where such breach results in material economic injury or reputational harm to the Company, but, in any case, only if (A) Executive has been provided written notice of any such Company Codes of Conduct, (B) such Company Codes of Conduct are reasonable and customary and do not include any provisions intended to specifically target Executive, and (C) such Company Codes of Conduct are not inconsistent with (or more restrictive to Executive than) this Agreement.  
(i)“Change in Control” shall have the meaning set forth in the Empire State Realty Trust, Inc. and Empire State Realty OP, L.P. 2019 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 and Human Capital Committee of the Board.
(n)“Confidential Information” shall have the meaning set forth in Section 6(b) hereof.
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(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.
(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) a failure of the Board to nominate Executive for election to the Board, (B) a failure to elect or re-elect, or the removal of, Executive as a member of the Board, (C) any change not initiated by Executive to Executive’s title of Chairman, Chief Executive Officer and President of the Company and (D) any action by the Company to change or any request by the Company for Executive to change Executive’s title of Chairman, Chief Executive Officer and President of the Company (other than any discussions by the Board regarding succession planning for the period following Executive’s death, retirement or the termination of Executive’s employment for Cause); (iii) any requirement by the Company that Executive relocate to a principal place of business outside of the New York City metropolitan area or any effort by the Company to amend or alter Executive’s historic and current practice to work from any location where Executive may have a residence from time-to-time; (iv) any reduction in Executive’s base salary or target Annual Bonus opportunity or any failure by the Company to timely provide Executive the compensation and benefits set forth in Section 4 hereof; (v) any request by the Company that Executive allocate more than a majority of Executive’s time to the Company in accordance with Section 3(c) hereof; or (vi) any failure by the Company, following each annual review process by the Compensation Committee described in Section 4(a) hereof, to compensate Executive at a level that is at least substantially the same as comparably titled executives of other companies that are publicly traded REITs, the determination of which shall take into account each such company’s size, headquartered or place of business in New York City, and the types of properties owned thereby.
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(v)“Indemnification Agreement” shall mean the Indemnification Agreement by and between Executive, the Company and the Partnership dated October 7, 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, jointstock 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.
(ab)“Release of Claims” shall mean the Release of Claims in the form attached hereto as Exhibit B.
(ac)“Restricted Period” shall have the meaning set forth in Section 6(c) hereof.
(ad)“Safe Harbor Amount” shall have the meaning set forth in Section 8 hereof.
(ae)“Severance Benefits” shall have the meaning set forth in Section 5(i) hereof.
(af)“Term” shall have the meaning set forth in Section 2 hereof.
(ag)“Termination Date” shall mean the date Executive’s employment with the Company terminates.
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”).  Upon the expiration of the Additional Terms (i.e., October 7, 2018), the Term shall be automatically extended for a period of three (3) years. 
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Upon the expiration of such three (3) year period (i.e., October 7, 2021), the Term shall be extended for an additional period of three (3) years. 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.
(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, 
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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 board member of APi Group Corporation, a board member of the Real Estate Roundtable and Chair of its Sustainability Policy Advisory Committee, a member of the Climate Mobilization Advisory Board of the New York City Department of Buildings, a member of the Urban Land Institute, member of the Board of Governors of the Real Estate Board of New York, member of the Partnership for New York City’s Innovation Council, and a member of the Building Committee of the Metropolitan Museum of Art.
(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 which, for the avoidance of doubt, shall include Executive’s historic and current entitlement to work from any location where Executive has a residence 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 $810,000, subject to annual review by the Compensation Committee for increase, but not decrease, unless Executive otherwise agrees in writing in light of extenuating business conditions.
(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 150% 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.
(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 
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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)Retention Bonus.  To incentivize Executive to remain employed through the Term, and provided Executive does not resign without Good Reason and the Company does not terminate Executive’s employment with Cause before the end of the Term, the Company agrees to provide Executive with a one-time retention bonus in the amount of $700,000, less required withholdings and taxes (the “Retention Bonus”).  The Retention Bonus will be paid within thirty (30) days of the end of the Term; provided, that upon a termination by Executive with Good Reason or a termination by the Company without Cause, the Retention Bonus shall be paid within thirty (30) days following such Termination Date.
(f)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.
(g)Automobile.  To support travel efficiency as well as safety and security, the Company shall make available to Executive a driver and a leased or company-owned automobile during the Term for Executive’s business and personal use for up to $165,250 (as of January 1, 2021, as adjusted thereafter to reflect changes in the Consumer Price Index for the New York City metropolitan area) for each twelve (12) month period during the Term.  The Company shall pay for all maintenance, repairs, fuel, insurance and similar costs related to the automobile.
(h)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 payment or reimbursement will be made within thirty (30) days after submission of written documentation substantiating such expenses, in a form reasonably acceptable to the 
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Company.  The Company acknowledges that the Company requires Executive to maintain secure internet access and service wherever Executive works and the Company shall pay or reimburse Executive for all costs and expenses associated with, or relating to, maintaining secure internet access and service.
(i)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 administrative assistance and office space and business services that are appropriate with respect to the level of services provided by Executive.  The Company and Executive acknowledge that the level of administrative assistance and office space and business services provided as of the date hereof are appropriate for the purposes of this Agreement.   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.
(j)Air Travel.  It is understood and agreed that, in order to schedule travel effectively and efficiently for Company related travel, Executive may choose to travel, at his reasonable determination , by private aircraft for appropriate Company business purposes. Company will pay on behalf of Executive (or reimburse Executive for) such private air travel, including, in the case of travel on aircraft owned by Executive, at all-in cost in the case of Executive’s owned aircraft or prevailing market rates if other aircraft is used.  Executive must file expense reports with respect to such expenses in accordance with the Company’s policies.
(k)Security.  The safety and security of Executive and his family are of utmost concern to the Company.  The Company will support any prudent and reasonable action necessary to ensure the safety and security of Executive and his family, including but not limited to, providing personal security services for Executive and his family as and when required in the reasonable judgment of Executive.  Executive will provide to the Compensation Committee reasonable justification for any expense incurred under this Section 4(j) which exceeds $50,000 in any period of 12 consecutive months, excluding (i) up to $50,000 of cumulative expenses incurred per residence at any time during the Term for security assessment and related installations at his residences and (ii) expenses permitted under Section 4(f) for automobile and driver.
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 
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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
(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”.
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(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:
(i)The Accrued Obligations;
(ii)The Earned Bonus;
(iii)The Pro-Rata Bonus;
(iv)The Retention Bonus;
(v)Accelerated Equity Vesting;
(vi)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 
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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
(vii)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.  
(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 
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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.
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 
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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 six 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 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); 
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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 the Company’s Board and the 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, or (iv) from engaging in internal conversations in good faith which are required to perform their fiduciary duties to the Company.  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 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 
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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 by Executive. Without limiting the remedies available to the Company Group, Executive acknowledges that a breach by Executive 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.
(i)Breach of Restrictive Covenants by Company. Without limiting the remedies available to Executive, the Company acknowledges that a breach by the Company of the covenant contained in Section 6(e) may result in material irreparable injury to Executive 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, Executive 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(e) hereof, restraining the Company from engaging in activities prohibited by Section 6(e) hereof or such other relief as may be required specifically to enforce any of the covenants in Section 6(e) hereof.
Section 7.Representations and Warranties of Executive.
Executive represents and warrants to the Company that—
(a)Executive is entering into this Second Amended and Restated Agreement voluntarily and that his employment hereunder and compliance with the terms and conditions hereof will not (i) create any gap or discontinuity in his currently continuing employment at the Company or (ii) 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;
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(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.
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.
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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.
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, 
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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.
(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. 
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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 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 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.  In the event Executive prevails in an action to enforce Executive’s rights under this Agreement, the Company agrees to pay Executive’s documented legal fees.
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 
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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.
(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.
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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.]
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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

EMPIRE STATE REALTY TRUST, INC.
By: /s/ Thomas N. Keltner, Jr.
Name: Thomas N. Keltner, Jr.
Title: Executive Vice President and General Counsel

EXECUTIVE
/s/ Anthony E. Malkin        
Anthony E. Malkin

[Signature Page to
Anthony E. Malkin Second Amended and Restated Employment Agreement]
			
	

Exhibit A
The following office and retail properties were 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 were 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.

			
	

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 October 7, 2013 (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, 

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).

			
	

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 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 you’re not acting under the influence of any medication, drug, or chemical of any type in entering into this Release;
2

(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;
(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.
3

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 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.
4

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 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
5Exhibit 10.31

 

Certain
identified information marked with [***] has been excluded from this exhibit because it is not material and is of the type that the registrant
treats as private or confidential.

 

Dated      
September 2021

 

PCGI HOLDINGS LIMITED

 

and

 

FWD Group Holdings Limited

 

and

 

SWISS RE LTD

 

  and

 

SWISS RE PRINCIPAL INVESTMENTS COMPANY ASIA PTE. LTD

 

  and

 

FWD Limited

 

and

 

FWD GROUP LIMITED

 

POST IPO LOCK-UP AGREEMENT

 

relating to the arrangements subsequent to the completion of the proposed initial public offering of FWD Group Holdings Limited (formerly known as PCGI Intermediate Holdings Limited)  

 

Linklaters

 

11th Floor, Alexandra House

18 Chater Road

Central

Hong Kong

 

Telephone (852) 2842 4888

Facsimile (852) 2810 8133

 

     

     

    

 

 

Table of Contents

 

	Contents	Page
	 	 
	1	Interpretation	4
	 	 	 
	2	Effective Time	6
	 	 	 
	3	SHA and the Other Instruments	6
	 	 	 
	4	Post IPO Lock-up	7
	 	 	 
	5	Permitted Disposals	8
	 	 	 
	6	Confidentiality	9
	 	 	 
	7	Announcements	10
	 	 	 
	8	Termination	10
	 	 	 
	9	Entire Agreement	11
	 	 	 
	10	Notices	11
	 	 	 
	11	Remedies and Waivers	12
	 	 	 
	12	No Partnership	13
	 	 	 
	13	Costs and Expenses	13
	 	 	 
	14	Counterparts	13
	 	 	 
	15	Choice of Governing Law	13
	 	 	 
	16	Dispute Resolution	13
	 	 	 
	17	Arbitration	14

 
	Schedule 1 Form of Deed of Adherence	15

 

     

     

    

 

This
agreement (the “Agreement”) is made on ___ September 2021

 

Between:

 

		(1)	PCGI HOLDINGS LIMITED, a company incorporated in the Cayman Islands whose registered office is
at Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman Islands
and whose registered number is 276338 (“PCGI Holdings”);

 

		(2)	FWD Group Holdings Limited (formerly known as
PCGI Intermediate Holdings Limited), a company incorporated in the Cayman Islands with
limited liability and registered as a non-Hong Kong company in Hong Kong, whose registered office is at Vistra (Cayman) Limited, P.O. Box
31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman Islands and whose registered number is 276336 (the
 “IPO Company”);

 

		(3)	SWISS RE LTD, an exempted company incorporated in Switzerland whose shares are listed on the SIX
Swiss Exchange and whose registered address is at Mythenquai 50/60, 8002 Zurich, Switzerland (“SR Parent”) which is
a Party to this Agreement solely for the purpose of Clause 3;

 

		(4)	SWISS RE PRINCIPAL INVESTMENTS COMPANY ASIA PTE. LTD., a company incorporated in Singapore and
whose registered address is at 12 Marina View, #16-01, Asia Square Tower 2, Singapore 018961 (“SR”);

 

		(5)	FWD LIMITED, an exempted company incorporated in the Cayman Islands under registered number 273947
with limited liability and registered as a non-Hong Kong company in Hong Kong, whose registered office is at Floor 4, Willow House, Cricket
Square, P O Box 2804, Grand Cayman KY1-1112, Cayman Islands (“FL”); and

 

		(6)	FWD GROUP LIMITED, an exempted company incorporated in the Cayman Islands under registered number
274405 with limited liability and registered as a non-Hong Kong company in Hong Kong, whose registered office is at Floor 4, Willow House,
Cricket Square, P O Box 2804, Grand Cayman KY1-1112, Cayman Islands (“FGL”),

 

(together, the “Parties”, and
individually, a “Party”).

 

Whereas:

 

		(A)	The IPO Company (itself and as successor of PCGI Limited), SR Parent and Swiss Re Investments Company
Ltd, FL, FGL, Mr Huynh Thanh Phong, Mr Wong Ka Kit and Mr Ronald Joseph Arculli are parties to the Investment and Shareholders’
Agreement (Parallel Structure) dated 16 October 2013 and amended and restated on 31 July 2018, and amended but not restated
on 18 December 2020 as set out in Recital (J) which, among other things, regulates the management of the FWD Group, the relationship
between the IPO Company, the SR Parent and Swiss Re Investments Company Ltd and certain aspects of the affairs of, and their dealings
with the FWD Group (the “SHA”).

 

		(B)	The IPO Company (itself and as successor of PCGI Limited) and FL and FGL are parties to a Subscription
Agreement dated 8 March 2019 pursuant to which, amongst other things, FL and FGL granted the IPO Company pre-emption rights in respect
of further issuances of shares in FL and FGL (the “PCG B-2 Subscription Agreement”).

 

		(C)	The IPO Company (itself and as successor of PCGI Limited) and Swiss Re Investments Company Ltd are parties
to a Side Undertaking Letter dated 8 March 2019 pursuant to which, amongst other things, the IPO Company agreed not to transfer any
of its “IPO Shares” (as defined in the PCG B-2 Side Undertaking Letter) to any third party unless certain of such “IPO
Shares” are first offered to the IPO Company and Swiss Re Investments Company Ltd (the “PCG B-2 Side Undertaking Letter”).

 

    1 

     

    

 

		(D)	Swiss Re Investments Company Ltd and FL and FGL are parties to a Subscription Agreement dated 8 March 2019
pursuant to which, amongst other things, FL and FGL granted Swiss Re Investments Company Ltd with pre-emption rights in respect of further
issuances of shares in FL and FGL (the “SR B-2 Subscription Agreement”).

 

		(E)	Swiss Re Investments Company Ltd and the IPO Company (itself
and as successor of PCGI Limited) are parties to a Side Undertaking Letter dated 8 March 2019 pursuant to which, amongst other things,
Swiss Re Investments Company Ltd agreed not to transfer any of its “IPO Shares” (as defined in the SR B-2 Side Undertaking
Letter) to any third party unless certain of such “IPO Shares” are first offered to the IPO Company (the “SR B-2
Side Undertaking Letter”).

 

		(F)	The IPO Company (itself and as successor of PCGI Limited) and FL and FGL are parties to a Subscription
Agreement dated 23 October 2020 pursuant to which, amongst other things, FL and FGL granted the IPO Company with pre-emption rights
in respect of further issuances of shares in FL and FGL (the “PCG B-3 Subscription Agreement”).

 

		(G)	The IPO Company (itself and as successor of PCGI Limited) and Swiss Re Investments Company Ltd are parties
to two Side Undertaking Letters dated 23 October 2020 pursuant to which, amongst other things, the IPO Company agreed to certain
restrictions on the exercise of buy-back rights and not to transfer any of its “IPO Shares” (as defined in the PCG B-3 Side
Undertaking Letters) to any third party unless certain of such “IPO Shares” are first offered to the IPO Company and Swiss
Re Investments Company Ltd (the “PCG B-3 Side Undertaking Letters”).

 

		(H)	Swiss Re Investments Company Ltd and FL and FGL are parties to a Subscription Agreement dated 23 October 2020
pursuant to which, amongst other things, FL and FGL granted Swiss Re Investments Company Ltd with pre-emption rights in respect of further
issuances of shares in FL and FGL (the “SR B-3 Subscription Agreement”).

 

		(I)	Swiss Re Investments Company Ltd and the IPO Company (itself and as successor of PCGI Limited) are parties
to a Side Undertaking Letter dated 23 October 2020 pursuant to which, amongst other things, Swiss Re Investments Company Ltd agreed
not to transfer any of its “IPO Shares” (as defined in the SR B-3 Side Undertaking Letter) to any third party unless certain
of such “IPO Shares” are first offered to the IPO Company (the “SR B-3 Side Undertaking Letter”).

 

		(J)	On 18 December 2020, the IPO Company (itself and as successor of PCGI Limited), FL, FGL, SR Parent
and Swiss Re Investments Company Ltd entered into an amendment letter to amend the SHA (“Amendment Letter”).

 

		(K)	On 18 December 2020:

 

		(i)	SR executed a deed of adherence, pursuant to which SR became a party to the SHA in place of Swiss Re Investments
Company Ltd and assumed all rights and obligations of Swiss Re Investments Company Ltd under the SHA;

 

    2 

     

    

 

		(ii)	The IPO Company (itself and as successor of PCGI Limited), SR Parent, FL, FGL, Mr Huynh Thanh Phong, Mr
Wong Ka Kit, Mr Ronald Joseph Arculli, SR and Swiss Re Investments Company Ltd entered into a Consent and Novation Agreement pursuant
to which the relevant parties consented to the transfer of the rights and obligations of Swiss Re Investments Company Ltd under the SHA
and the Amendment Letter to SR; and

 

		(iii)	The IPO Company (itself and as successor of PCGI Limited), FL, FGL, SR, Swiss Re Investments Company Ltd
and Mr Wong Ka Kit entered into a Consent and Novation Agreement pursuant to which the relevant parties consented to the transfer of the
rights and obligations of Swiss Re Investments Company Ltd under, amongst other documents, the PCG B-2 Subscription Agreement, the PCG
B-2 Side Undertaking Letter, the SR B-2 Subscription Agreement, the SR B-2 Side Undertaking Letter, the PCG B-3 Subscription Agreement,
the PCG B-3 Side Undertaking Letters, the SR B-3 Subscription Agreement and the SR B-3 Side Undertaking Letter (together, the “Other
Instruments”) to SR.

 

		(L)	Pursuant to clause 31.2 of the SHA, upon completion of an IPO of FL or FGL, all provisions of the SHA
shall terminate except:

 

		(i)	those provisions expressly and affirmatively stated to continue without limit in time and certain other
clauses specified in clause 31.2(A) of the SHA; and

 

		(ii)	the benefit of clause 16.5 of the SHA (Right of first offer (Shares)) and all related provisions
(with the modifications set out in clause 31.3 of the SHA), which shall continue to be available to a Shareholder (as defined in the SHA)
for a period of 10 years after completion of the IPO, but the benefits of that clause shall cease to apply to a Shareholder if that Shareholder
holds less than five per cent. of the total issued share capital of FL and FGL,

 

(such provisions together the “SHA
Surviving Provisions”).

 

		(M)	Pursuant to clause 31.4 of the SHA, if the IPO of a Listing Entity completes in accordance with the terms
of the SHA:

 

		(i)	The IPO Company and SR agree to negotiate in good faith to terminate the SHA consistent with the principles
set out in clause 31.2(B) (Termination upon IPO); and

 

		(ii)	The IPO Company and SR agree to negotiate in good faith to enter into an agreement in respect of their
respective shares in the Listing Entity consistent with the principles set out in clause 31.2(B) (Termination upon IPO) and
clause 31.3 (Post IPO ROFO) with the references to “Shares” being shares in the Listing Entity.

 

		(N)	It is noted that the IPO Company (as the Listing Entity) is contemplating an initial public offering and
listing of American Depositary Shares (“ADSs”) (the underlying securities of which are the Class A Shares) on
the New York Stock Exchange (the “Proposed IPO”) which is expected to qualify as a “Qualified IPO” as defined
in clause 21.1 of the SHA.

 

		(O)	Pursuant to the terms set out
in an Implementation Agreement dated ___ September 2021 between, among others, PCGI Holdings, the IPO Company and SR, the existing
shareholders of FL and FGL (other than the IPO Company), including SR, agreed to sell their respective shareholdings in FL and
FGL to the IPO Company in consideration for new Class A Shares in the IPO Company to be issued to them simultaneously with completion
of the Proposed IPO (the “Implementation Agreement”).

 

		(P)	Upon completion of the Implementation Agreement and the Proposed IPO, SR shall hold Class A Shares
and PCGI Holdings shall hold Class B Shares. However, PCGI Holdings may at any time convert some or all of the Class B Shares
into Class A Shares. In addition, if PCGI Holdings wishes to transfer the Class B Shares to a third party, the Class B
Shares shall automatically convert into Class A Shares pursuant to the terms of the memorandum and articles of association of the
IPO Company to become effective upon completion of the Implementation Agreement and the Proposed IPO.

 

    3 

     

    

 

		(Q)	The Parties hereby enter into this Agreement to document the termination of all provisions of the SHA
and the Other Instruments.

 

		(R)	The Parties further hereby enter into this Agreement to provide for certain lock-up arrangements in respect
of Equity Securities following completion of the Proposed IPO.

 

It
is agreed as follows:

 

		1	Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

“ADSs” has the meaning
given to it in Recital (N);

 

“Amendment Letter”
has the meaning given to it in Recital (J);

 

“Business
Day” means a day (other than a Saturday or Sunday) on which banks are open
for business in Hong Kong and New York;

 

“Class A
Shares” means the Class A ordinary shares in the share capital of the IPO Company (which shall rank pari passu
with each other) which, for the avoidance of doubt, do not carry weighted voting rights at a general meeting of the IPO Company;

 

“Class B Shares’
means the Class B ordinary shares in the share capital of the IPO Company (which shall rank pari passu with each other) which
may, subject to the terms of the memorandum and articles of association of the IPO Company, carry weighted voting rights at a general
meeting of the IPO Company;

 

“Control”
in relation to a body corporate or other person means the ability of a person to ensure
that the activities and business of that body corporate or other person are conducted
in accordance with the wishes of that person and a person shall be deemed to have “Control” of a body corporate if
that person possesses or is entitled to acquire (directly or indirectly)
the majority of the issued share capital or the voting rights in that body
corporate or the right to receive the majority of the income of that body corporate on any distribution by it of all of its income or
the majority of its assets on a winding up;

 

“Directors” means
the directors of the IPO Company (each, a “Director”);

 

“Disposal” in relation
to any Equity Security, includes, without limitation:

 

		(i)	to offer, pledge, sell, contract to sell, sell any option, right or warrant to purchase, lend, or otherwise
transfer or dispose of, directly or indirectly, any Equity Security;

 

		(ii)	to enter into any hedging, swap or other agreement or transaction
(including, without limitation, any short sale or the purchase or sale of, entry into, any put or call option, or combination thereof,
forward, swap or any other derivative transaction or instrument, however described or defined) that transfers, in whole or in part, any
of the economic consequences of ownership of the Equity Security and is designed to, or that could reasonably be expected to lead to,
or result in a transfer or disposition of the Equity Security, whether any such transaction above is to be settled by delivery of Equity
Securities, in cash or otherwise;

 

    4 

     

    

 

		(iii)	to make any demand for or exercise any right with respect to the
registration of any Equity Security;

 

		(iv)	file or cause to be filed or cause to confidentially submit any
registration statement in connection therewith, under the Securities Act of 1933, as amended; or

 

		(v)	publicly disclose the intention to do any of the foregoing;

 

“Effective Time”
has the meaning given to it in Clause 2;

 

“Equity Securities”
means Class A Shares, ADSs and any other equity, equity-like securities or securities convertible into equity of the IPO Company
(including in the form of shareholder loans) (each, an “Equity Security”);

 

“FWD Group” means
FL, FGL and their respective Subsidiaries and, if a Listing Entity is established, shall include that Listing Entity and its Subsidiaries;

 

“Group”, in relation
to any body corporate, means any wholly-owned subsidiary of that body corporate at the relevant time and any other body corporate of which
that body corporate is a wholly-owned subsidiary, and a body corporate is a wholly-owned subsidiary of another body corporate if no person
has any interest (including, without limitation, any security interest) in its shares except that other and that other’s wholly
owned subsidiaries or persons acting on behalf of that other or its wholly-owned subsidiaries;

 

“Group Transferee”
means a body corporate to whom Equity Securities have been transferred pursuant to Clause 5.1.2 (Transfers of Equity Securities within
a Group);

 

“Implementation Agreement”
has the meaning given to it in Recital (O);

 

“IPO”
means the initial public offering and listing of any equity securities of a company (including securities that are convertible into equity
of a company) on any stock exchange;

 

“Listing Entity”
means a company to be established as the holding company of FL and FGL for the purposes of effecting an IPO of that holding company;

 

“Other Instruments”
has the meaning given to it in Recital (K);

 

“PCG B-2 Side Undertaking Letter”
has the meaning given to it in Recital (C);

 

“PCG B-2 Subscription Agreement”
has the meaning given to it in Recital (B);

 

“PCG B-3 Side Undertaking Letter”
has the meaning given to it in Recital (G);

 

“PCG B-3 Subscription Agreement”
has the meaning given to it in Recital (F);

 

“Proposed IPO” has
the meaning given to it in Recital (N);

 

“SHA” has the meaning
given to it in Recital (A);

 

“SHA Shareholder”
means PCGI Holdings, SR and any other person to whom the benefit of this Agreement is extended pursuant to Clause 5.1 (Permitted transfers
within a Group);

 

“SHA Surviving Provisions”
has the meaning given to it in Recital (L);

 

“SR B-2 Side Undertaking Letter”
has the meaning given to it in Recital (E);

 

“SR B-2 Subscription Agreement”
has the meaning given to it in Recital (D);

 

“SR B-3 Side Undertaking Letter”
has the meaning given to it in Recital (I);

 

“SR B-3 Subscription Agreement”
has the meaning given to it in Recital (H);

 

    5 

     

    

 

“Subsidiaries”, in
relation to a body corporate, means the other body corporates over which that body corporate has Control; and

 

“US$” means U.S.
dollars, the lawful currency of the United States of America.

 

		1.2	In this Agreement any reference to:

 

		1.2.1	any Clause is to a Clause of this Agreement;

 

		1.2.2	any statute or statutory provision includes a reference to that statute or statutory provision as amended,
extended or re-enacted and to any regulation, order, instrument or subordinate legislation under the relevant statute or statutory provision;
and

 

		1.2.3	the singular includes a reference to the plural and vice versa.

 

		1.3	The headings are for convenience only and shall not affect the interpretation of this Agreement.

 

		1.4	Each reference in this Agreement to this Agreement or any other agreement, document or deed shall be construed
as a reference to this Agreement or such other agreement, document or deed as each of the same may be amended, varied, novated or supplemented
from time to time.

 

		2	Effective Time

 

			This Agreement (other than Clause 3) shall become effective
upon completion occurring under the Implementation Agreement and the Proposed IPO (the “Effective Time”), provided
that such completion occurs on or before 31 December 2021. If completion under the Implementation Agreement and the Proposed IPO
does not take place on or before 31 December 2021, this Agreement shall automatically terminate unless otherwise agreed by PCGI
Holdings and SR.

 

		3	SHA and the Other Instruments

 

		3.1	SR Consents

 

			In consideration for the other Parties’ obligations herein,
to the extent either of their consent is required under the SHA and the Other Instruments, SR Parent and SR hereby give with effect from
the date of this Agreement their consent to the Proposed IPO and all related matters including, without limitation:

 

		3.1.1	pursuant to clause 2.3(B) of the SHA, the collapse of the Parallel Structure upon completion of the
steps set out in the Implementation Agreement;

 

		3.1.2	pursuant to clause 7.1(D) of the SHA, the appointment of additional independent directors onto the
board of directors of the IPO Company and its subsidiaries;

 

		3.1.3	pursuant to clause 14.5 of the SHA, implementation of the Proposed IPO;

 

		3.1.4	pursuant to paragraph (C) of Part B of Schedule 4
of the SHA, as a “reserved matter”, share awards having been and being granted to the Chief Executive Officer and the Chief
Financial Officer (being an employee that reports directly to the Chief Executive Officer) of the FWD Group;

 

		3.1.5	pursuant to paragraph (G) of Part B of Schedule 4 of the SHA, as a “reserved matter”,
the execution of the Implementation Agreement, the registration rights agreement and other agreements to be entered into in connection
with the Proposed IPO;

 

    6 

     

    

 

		3.1.6	pursuant to paragraph (P) of Part B of Schedule 4 of the SHA, as a “reserved matter”,
the issuance of Shares or Equity Securities by FL and FGL prior to the Proposed IPO;

 

		3.1.7	pursuant to paragraph (R) of Part B of Schedule 4 of the SHA, as a “reserved matter”,
implementation of the Proposed IPO;

 

		3.1.8	pursuant to paragraph (U) of Part B of Schedule 4 of the SHA, the share split of the IPO Company’s
share capital which necessitates a change to the constitutional documents of the IPO Company under the laws of Cayman Islands; and

 

		3.1.9	pursuant to paragraph (J)(iii) of Schedule 2 of the Amendment Letter, implementation of the Proposed
IPO.

 

		3.2	Termination of the SHA and the Other Instruments

 

		3.2.1	With effect from the Effective Time:

 

		(i)	the Parties agree that, notwithstanding anything to the contrary in the SHA, the SHA (as amended pursuant
to the Amendment Letter), including, for the avoidance of doubt, the SHA Surviving Provisions, shall terminate in all respects; and

 

		(ii)	the Parties agree that the Other Instruments shall terminate in all respects.

 

		3.2.2	Each Party shall upon becoming aware of any material breach of the SHA or any Other Instrument prior to
the Effective Time promptly notify the other Parties. Upon and with effect from termination of the SHA and the Other Instruments pursuant
to this Clause 3.2, the Parties confirm that none of them shall have, and hereby release each other from, any and all accrued rights,
remedies, obligations or liabilities of the Parties existing either before or after the Effective Time arising under or in connection
with the SHA and/or the Other Instruments.

 

		4	Post IPO Lock-up

 

		4.1	It is noted that PCGI Holdings and SR, among others, will enter into a lock-up agreement pursuant to which
PCGI Holdings and SR, among others, will undertake to the underwriters in the Proposed IPO that each of them will not Dispose of any
Equity Securities during the period commencing on the date of the lock-up agreement until the close of business 180 days after the date
of the final prospectus relating to the Proposed IPO (the “IPO Lock-up Period”), in accordance with the terms set out
in the lock-up agreement.

 

		4.2	Subject to the Effective Time taking place and with effect from the end of the IPO Lock-up Period, SR
undertakes for the benefit of PCGI Holdings, for good and valuable consideration, not to without the prior written consent of PCGI Holdings:

 

		4.2.1	directly or indirectly, in one transaction or multiple transactions, Dispose of Equity Securities with
an aggregate market value of US$500 million or more during the period commencing from the expiry of the IPO Lock-up Period until 90 days
thereafter (the “First Lock-up Period”); and

 

		4.2.2	directly or indirectly, in one transaction or multiple transactions, Dispose of Equity Securities of an
aggregate market value of US$500 million or more (irrespective of and excluding, for the purpose of calculation, any Equity Securities
Disposed of during the First Lock-up Period) during the period commencing from the expiry of the First Lock-up Period until 90 days thereafter
(together with the First Lock-up Period, the “Lock-up Period”).

 

    7 

     

    

 

The market value of Equity Securities
shall be calculated with reference to the trading price of ADSs at the time the relevant Disposals are made.

 

The rights and benefits of PCGI Holdings
under this Clause 4.2 may not be assigned to any person without the prior written consent of SR, such consent not to be unreasonably withheld.

 

		4.3	Subject to Clause 4.2 above, SR undertakes to issue a written notice to PCGI Holdings and the IPO Company
by no later than three clear Business Days prior to making any Disposal of Equity Securities, specifying the following information:

 

		4.3.1	the proposed date on which the Disposal is to be made;

 

		4.3.2	the amount and type of Equity Securities proposed to be Disposed; and

 

		4.3.3	the identity of the transferee of the Equity Securities (if and to the extent identifiable).

 

		4.4	The written notice mentioned in Clause 4.3 shall be made in English and delivered both by email and WhatsApp
Messenger to each of the email addresses and phone numbers set out in the written notice issued by PCGI Holdings and the IPO Company to
SR on or about the date of this Agreement.

 

		4.5	The written notice mentioned in Clause 4.3 shall be deemed to have been received:

 

		4.5.1	(in the case of delivery by email) at the time of sending, provided that receipt shall not occur if the
sender receives an automated message indicating that the email has not been delivered to the recipient; and

 

		4.5.2	(in the case of delivery by WhatsApp Messenger) when two grey or blue ticks appear next to the relevant
message.

 

		5	Permitted Disposals

 

		5.1	Permitted transfers within a Group

 

			Notwithstanding anything to the contrary in Clause 4, SR may,
at its sole cost and expense, Dispose of Equity Securities to any other body corporate in the same Group as SR provided that (i) the
transferee shall first have entered into a Deed of Adherence in the form set out in Schedule 1 and (ii) all necessary regulatory
approvals in respect of such transfer have been obtained prior to such transfer.

 

		5.2	Group Transferee leaving the Group

 

		5.2.1	A Group Transferee shall, before it ceases to be in the same Group as SR, (i) transfer, in a manner
and to a transferee permitted by this Agreement, all the Equity Securities held by it and (ii) obtain all necessary regulatory approvals
in respect of such transfer.

 

		5.2.2	SR Parent shall procure that the transferor and the transferee of any Equity Security transferred under
this Clause 5 shall, and SR shall, provide to the Directors, at their own expense, any information and evidence reasonably requested in
writing by the Directors for the purpose of determining whether the transfer to the proposed transferee complies with the terms of this
Clause 5.

 

    8 

     

    

 

SR Parent shall procure that any member
of its Group that holds any Equity Security as a result of any transfer of Equity Securities permitted under this Clause 5 shall comply
with the terms of this Agreement.

 

		6	Confidentiality

 

		6.1	Confidential information

 

			Each Party shall treat as confidential all non-public information
obtained as a result of negotiating and entering into this Agreement or, in the case of a SHA Shareholder, through its interest in the
IPO Company or any of its business or assets and which relates to:

 

		6.1.1	the provisions of this Agreement;

 

		6.1.2	the negotiations relating to this Agreement;

 

		6.1.3	the IPO Company or its business or assets; or

 

		6.1.4	any SHA Shareholder or its affiliates or its or their business or assets.

 

		6.2	Use of Confidential information

 

			Each Party shall:

 

		6.2.1	not disclose any such confidential information to any person other than:

 

		(i)	a Director appointed by it or a member of its Group, or any of its or its Group members’ directors,
shareholders or other equityholders, affiliates, employees, professional advisers or representatives whose duties include the management
or monitoring of the business of the IPO Company or a party's shareholding interests in the IPO Company and who needs to know such information
in order to discharge his duties; or

 

		(ii)	a person (and its professional advisers or representatives) to whom any Equity Security is bona fide
proposed to be transferred in accordance with the provisions of this Agreement provided that no information in respect of the non-disclosing
SHA Shareholder shall be disclosed to such person other than the identity of the non-disclosing SHA Shareholder and that other SHA Shareholder's
shareholding in the IPO Company;

 

		6.2.2	not use any such confidential information other than for the purpose of conducting the business of the
IPO Company or managing or monitoring its investment in the IPO Company; and

 

		6.2.3	procure that any person to whom such confidential information is disclosed by it complies with the restrictions
set out in this Clause 6 and shall be liable for any breach thereof.

 

		6.3	Permitted disclosure

 

			Notwithstanding the previous provisions of this Clause 6, any
Party may disclose any such confidential information:

 

		6.3.1	to the extent required by law or regulations or for the purpose of any judicial proceedings;

 

    9 

     

    

 

		6.3.2	to the extent required to be provided to a seller under the acquisition documents;

 

		6.3.3	to the extent to be provided to a potential purchaser or transferee of any Equity Security that is permitted
to be transferred to such purchaser or transferee under this Agreement (and to its professional advisers and financiers) for the purposes
of considering, evaluating, advising on or furthering the potential purchase provided that the recipients of such information agree to
be bound by equivalent confidentiality restrictions;

 

		6.3.4	to the extent required by any securities exchange or regulatory or governmental body to which that party
or its affiliates is subject, wherever situated, whether or not the requirement for information has the force of law;

 

		6.3.5	to the extent required for the purpose of any arbitration pursuant to Clause 16 (Arbitration);

 

		6.3.6	to its professional advisers, auditors and bankers provided they have a duty to keep such information
confidential;

 

		6.3.7	to the extent the information has come into the public domain without breach by that party of its obligations
hereunder; or

 

		6.3.8	to the extent it is required to enable that Party to perform this Agreement or enforce its rights under
this Agreement or otherwise vest the full benefit of this Agreement in that Party.

 

		6.4	Duration of obligations

 

			The restrictions contained in this Clause 6 shall continue to
apply to each Party (including any SHA Shareholder who has ceased to hold Class A Shares) without limit in time.

 

		7	Announcements

 

		7.1	Restrictions on announcements

 

			No announcement concerning this Agreement shall be made by any
Party without the prior written approval of the others, such approval not to be unreasonably withheld or delayed.

 

		7.2	Permitted announcements

 

			Notwithstanding Clause 7.1, any Party may, whenever practicable
after consultation with the other Parties, make an announcement concerning this Agreement or the business or assets of the IPO Company
if required by: (i) law or regulations; or (ii) any securities exchange or regulatory or governmental body to which that Party
or its affiliates is subject, wherever situated, whether or not the requirement has the force of law.

 

		7.3	Duration of restrictions

 

			The restrictions contained in this Clause 7 shall continue to
apply to each Party (including any SHA Shareholder who has ceased to hold Equity Securities) without limit in time.

 

		8	Termination

 

			This Agreement shall terminate immediately (except for those
provisions expressly stated to continue without limit in time) upon SR ceasing to hold any Equity Securities.

 

    10 

     

    

 

		9	Entire Agreement

 

		9.1	Whole and only agreement

 

			This Agreement constitutes the whole and only agreement between
the Parties relating to the subject matter of this Agreement.

 

		9.2	No reliance on Pre-contractual Statements

 

			Each Party acknowledges that in entering into this Agreement
it is not relying upon any Pre-contractual Statement which is not set out in this Agreement, and that except for the representations
and warranties contained in this Agreement, no Party makes any representation or warranty of any kind or nature whatsoever, oral or written,
express or implied, with respect to itself, its Affiliates, their respective businesses or the transactions contemplated by this Agreement.

 

		9.3	Exclusion of other rights of action

 

			Except in the case of fraud, no Party shall have any right of
action against any other Party to this Agreement arising out of or in connection with any Pre-contractual Statement except to the extent
that it is repeated in this Agreement.

 

		9.4	Meaning of Pre-contractual Statement

 

			For the purposes of this Clause, “Pre-contractual Statement”
means any draft, agreement, undertaking, representation, warranty, promise, assurance or arrangement of any nature whatsoever, whether
or not in writing, relating to the subject matter of this Agreement made or given by any person at any time prior to this Agreement becoming
legally binding.

 

		9.5	Variation

 

			This Agreement may only be varied in writing signed by each
of the Parties other than SR Parent.

 

		10	Notices

 

		10.1	Notices to be in writing

 

			A notice under this Agreement shall only be effective if it
is in writing.

 

		10.2	Addresses

 

			Subject to Clause 4.4 of this Agreement, notices under this
Agreement shall be sent to a Party at its address or number and for the attention of the individual set out below:

 

	Party	Address and title of individual	Facsimile number
	
    PCGI Holdings

    IPO Company 

    FWD Limited 

    FWD Group Limited

     
	
    c/o [***]

     

    Attention: [***] (copy to [***] which shall not constitute notice)

     
	[***]
	SR and SR Parent	
    c/o [***]

     

    Attention: [***] ([***]) (with copies to the following which shall
    not constitute notice:

     

    ·    [***]

     

    ·    [***]

     

    ·    [***]

     

    ·    [***]
	 

 

    11 

     

    

 

, provided that a Party may change
its notice details on giving notice to the other Parties of the change in accordance with this Clause 10. That notice shall only be effective
on the date falling three clear Business Days after the notification has been received, or such later date as may be specified in the
notice.

 

		10.3	Receipt of Notices

 

		10.3.1	Any notice given under this Agreement shall, in the absence of earlier receipt, be deemed to have been
duly given as follows:

 

		(i)	if delivered personally, on delivery;

 

		(ii)	if sent by registered post, on the date specified in the confirmation of delivery;

 

		(iii)	if sent by facsimile, upon receipt of a confirmation of transmission.

 

		10.3.2	Any notice given under this Agreement outside working hours in the place to which it is addressed shall
be deemed not to have been given until the start of the next period of working hours in such place.

 

		11	Remedies and Waivers

 

		11.1	Delay or omission

 

			No delay or omission by any Party to this Agreement in exercising
any right, power or remedy provided by law or under this Agreement shall:

 

			10.1.1 affect that right, power or remedy; or

  

			10.1.2 operate as a waiver of it; or

 

			10.1.3 operate as an affirmation of this Agreement.

 

		11.2	Single or partial exercise

 

			The single or partial exercise of any right, power or remedy
provided by law or under this Agreement shall not, unless otherwise expressly stated, preclude any other or further exercise of it or
the exercise of any other right, power or remedy.

  

		11.3	Cumulative rights

 

			The rights, powers and remedies provided in this Agreement are
cumulative and not exclusive of any rights, powers and remedies provided by law.

 

		11.4	Damages not an adequate remedy

 

			Notwithstanding any express remedies provided under this Agreement
and without prejudice to any other right or remedy which any Party may have, each Party acknowledges and agrees that damages alone may
not be an adequate remedy for any breach by it of the provisions of this Agreement, so that in the event of a breach or anticipated breach
of such provisions, the remedies of injunction and/or an order for specific performance would in appropriate circumstances be available.

 

    12 

     

    

 

		11.5	No third party rights

 

			The Parties to this Agreement do not intend that any term of
this Agreement should be enforceable, by virtue of the Contracts (Rights of Third Parties) Act 1999, by any person who is not a Party
to this Agreement.

 

		12	No Partnership

 

			Nothing in this Agreement and no action taken by the Parties
under this Agreement shall constitute a partnership, association or other co-operative entity between any of the Parties or constitute
any Party the agent of any other Party for any purpose.

 

		13	Costs and Expenses

 

			Each Party shall pay its own costs and expenses in relation
to the negotiation, preparation, execution and carrying into effect of this Agreement.

 

		14	Counterparts

 

			This Agreement may be executed in any number of counterparts,
and by the Parties on separate counterparts, but shall not be effective until each Party has executed at least one counterpart. Each
counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute but one and the same instrument.
This Agreement may be executed through delivery of the duly executed Agreement by facsimile or electronic mail.

 

		15	Choice of Governing Law

 

			This Agreement is to be governed by and construed in accordance
with English law. Any matter, claim or dispute arising out of or in connection with this Agreement, whether contractual or non-contractual,
is to be governed by and determined in accordance with English law.

 

		16	Dispute Resolution

 

			In the event of any disputes arising out of or in connection
with this Agreement, a Party shall by notice (a “DR Notice”) to the other Parties, refer the matter to the respective
chief executive officer of each Party’s Group. The chief executive officer of each Party’s Group shall, as soon as reasonably
practicable, meet to discuss the dispute and use reasonable endeavours to resolve it. If the dispute is not resolved within 30 days of
the DR Notice, the Parties agree to submit the matter to non-binding mediation settlement proceedings under the ICC ADR Rules (and
the Parties agree to conduct and actively participate in such mediation settlement proceedings in good faith). If the dispute has not
been settled pursuant to the ICC ADR Rules within 45 days following the filing of a request by any Party for mediation or within
such other period as the Parties may agree in writing, Clause 16 (Arbitration) shall apply.

 

    13 

     

    

 

 

		17	Arbitration

 

Subject to Clause 16 (Dispute resolution):

 

		17.1	all disputes arising out of or in connection with this Agreement, including any disputes as to its interpretation,
validity or enforceability shall be finally settled by binding arbitration under the Rules of Arbitration of the International Chamber
of Commerce (“ICC”) as are in force at the time of the dispute (the “Rules”);

 

		17.2	the Tribunal shall consist of three arbitrators. The claimant and respondent Parties to the arbitration
shall each appoint one arbitrator and the two Party-appointed arbitrators shall then jointly appoint the chairman of the tribunal within
30 days of the date of confirmation of the second Party-appointed arbitrator. In the event that the Party-appointed arbitrators are unable
to agree on the appointment of a chairman within 30 days (or such additional time period as agreed by the Parties), then the ICC Court
shall appoint the chairman in accordance with the Rules;

 

		17.3	the place of arbitration shall be London;

 

		17.4	the expenses of the arbitration shall be borne as determined by the arbitral tribunal;

 

		17.5	the Parties agree that in so far as any provision contained in the Rules is incompatible with applicable
English law, that provision or relevant part of that provision is to be excluded;

 

		17.6	the language of the arbitration shall be English; and

 

		17.7	the Parties undertake to keep confidential all awards in their arbitration, together with all materials
in the proceedings created for the purpose of the arbitration and all other documents produced by another Party in the proceedings not
otherwise in the public domain, save and to the extent that disclosure may be required of a Party by legal duty, to protect or pursue
a legal right or to enforce or challenge an award in bona fide legal proceedings before a state court or other judicial authority or to
any regulatory authority.

 

Nothing in Clause 16 (Dispute resolution)
and this Clause 17 shall prevent any Party from seeking any interlocutory or interim relief in any appropriate or relevant jurisdiction
prior to the commencement of any arbitration proceedings to the extent such relief is permitted or available in that jurisdiction.

 

    14 

     

    

 

Schedule 1

Form of Deed of Adherence

 

THIS DEED is made on [      
]

 

[by [  ], a company incorporated
[in / under the laws of] [   ] under registered number [    ] whose [registered / principal] office is at [  
] (the “New Shareholder”).]

 

WHEREAS

 

(A) By a transfer dated [  ], [  ] transferred
to the New Shareholder [  ] Class A Shares in the capital of FWD Group Holdings Limited (formerly known as PCGI Intermediate Holdings
Limited) (the “IPO Company”).

 

(B) This
Deed is entered into in compliance with the terms of a post IPO Lock-up Agreement relating to the arrangements subsequent to the completion
of the proposed initial public offering of the IPO Company dated ___ September 2021 made among (1) PCGI Holdings Limited,
(2) the IPO Company, (3) Swiss Re Ltd, (4) Swiss Re Principal Investments Company Asia Pte. Ltd. (5) FWD Limited
and (6) FWD Group Limited, as such agreement shall have been or may be amended, supplemented or novated from time to time (the “Agreement”).

 

THIS DEED WITNESSES as follows:

 

		1.	The New Shareholder undertakes to adhere to and be bound by the provisions of the Agreement, and to perform
the obligations imposed by the Agreement which are to be performed on or after the date of this Deed, in all respects as if the New Shareholder
were a party to the Agreement and named therein as a Shareholder.

 

		2.	This Deed is made for the benefit of the original parties to the Agreement (other than SR Parent) (each
referred to in clause 5 below as a "party").

 

		3.	The address and facsimile number or other contact details of the New Shareholder for the purposes of clause
9 of the Agreement is set out below on the signature page to this Deed

 

		4.	Any matter, claim or dispute arising out of or in connection with this Deed, whether contractual or non-contractual,
is to be governed by and determined in accordance with English law.

 

		5.	All disputes arising out of or in connection with this Deed, including any disputes as to its interpretation,
validity or enforceability shall be finally settled by binding arbitration under the Rules of Arbitration of the International Chamber
of Commerce ("ICC") as are in force at the time of the dispute (the "Rules"). The governing law of this
Deed shall be the substantive law of England.

 

		a.	The tribunal shall consist of three arbitrators. The claimant and respondent parties to the arbitration
shall each appoint one arbitrator and the two party appointed arbitrators shall then jointly appoint the chairman of the tribunal within
30 days of the date of confirmation of the second party appointed arbitrator. In the event that the party appointed arbitrators are unable
to agree on the appointment of a chairman within 30 days (or such additional time period as agreed by the parties), then the ICC Court
shall appoint the chairman in accordance with the Rules.

 

    15 

     

    

 

		b.	The place of arbitration shall be London.

 

		c.	The expenses of the arbitration shall be borne as determined by the arbitral tribunal.

 

		d.	the parties agree that in so far as any provision contained in the ICC Rules is incompatible with
applicable English law, that provision or relevant part of that provision is to be excluded.

 

		e.	The language of the arbitration shall be English.

 

		f.	The parties undertake to keep confidential all awards in their arbitration, together with all materials
in the proceedings created for the purpose of the arbitration and all other documents produced by another party in the proceedings not
otherwise in the public domain, save and to the extent that disclosure may be required of a party by legal duty, to protect or pursue
a legal right or to enforce or challenge an award in bona fide legal proceedings before a state court or other judicial authority or to
any regulatory authority.

 

		6.	Unless otherwise defined, capitalised terms in this Deed shall have the same meanings as defined in the
Agreement.

 

IN WITNESS of which this Deed has been executed
and delivered by the New Shareholder on the date which first appears above.

 

[Insert appropriate execution block.]

 

Address:

 

[Fax:][Other contact details]

 

    16 

     

    

 

IN
WITNESS WHEREOF this Agreement has been executed on the date first stated above.

 

For and on behalf of

 

PCGI HOLDINGS LIMITED

 

	By:	[***]	 

Name:
[***]

Title:
[***]

Address:
[***]

Fax:
[***]

 

     

     

    

 

For and on behalf of

 

FWD
Group Holdings Limited

 

	By:	[***]	 

Name:
[***]

Title:
[***]

Address:
[***]

Fax:
[***]

 

     

     

    

 

For and on behalf of

 

SWISS RE LTD

 

	[***]	 

Authorised Signatory

 

	[***]	 

Authorised Signatory

 

Name:
[***]

Title:
[***]

Address:
[***]

Email:
[***]

 

     

     

    

 

SWISS RE PRINCIPAL INVESTMENTS

COMPANY ASIA PTE. LTD

 

	[***]	 

Authorised Signatory

 

	[***]	 

Authorised Signatory

 

Name:
[***]

Title:
[***]

Address:
[***]

Email:
[***]

 

     

     

    

 

For and on behalf of

 

FWD LIMITED

 

	By:	[***]	 

Name:
[***]

Title:
[***]

Address:
[***]

Fax:
[***]

 

     

     

    

 

For and on behalf of

 

FWD GROUP LIMITED

 

	By:	[***]	 

Name:
[***]

Title:
[***]

Address:
[***]

Fax:
[***]

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