Document:

EX-10.16

 Exhibit 10.16 

CONTRIBUTION AGREEMENT 

by and among 
 MARATHON
RENTAL INVESTMENTS, INC., 
 PARAMOUNT GROUP, INC., 

and 
 THE STOCKHOLDER

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

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I CONTRIBUTION; CONVERSION; MERGER
	  	 	2	  
			
	 Section 1.01
	 	 Contribution Transaction; Assignment and Assumption
	  	 	2	  
	 Section 1.02
	 	 Consideration
	  	 	3	  
	 Section 1.03
	 	 Further Action
	  	 	3	  
	 Section 1.04
	 	 Transaction Costs
	  	 	3	  
	 Section 1.05
	 	 Prorations
	  	 	3	  
	 Section 1.06
	 	 Tax Treatment of Contribution, Conversion and Merger
	  	 	3	  
		
	 ARTICLE II CLOSING
	  	 	4	  
			
	 Section 2.01
	 	 Conditions Precedent
	  	 	4	  
	 Section 2.02
	 	 Time and Place
	  	 	6	  
	 Section 2.03
	 	 Closing Deliveries
	  	 	6	  
	 Section 2.04
	 	 Transfer Costs
	  	 	7	  
	 Section 2.05
	 	 Term of the Agreement
	  	 	7	  
	 Section 2.06
	 	 Effect of Termination
	  	 	7	  
	 Section 2.07
	 	 Tax Withholding
	  	 	7	  
	 Section 2.08
	 	 Merger
	  	 	8	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	8	  
			
	 Section 3.01
	 	 Organization; Authority
	  	 	8	  
	 Section 3.02
	 	 Due Authorization
	  	 	8	  
	 Section 3.03
	 	 Consents and Approvals
	  	 	9	  
	 Section 3.04
	 	 Tax Matters
	  	 	9	  
	 Section 3.05
	 	 No Violation
	  	 	9	  
	 Section 3.06
	 	 Validity of Company Shares
	  	 	9	  
	 Section 3.07
	 	 Litigation
	  	 	9	  
	 Section 3.08
	 	 Limited Activities
	  	 	9	  
	 Section 3.09
	 	 Broker
	  	 	10	  
	 Section 3.10
	 	 No Other Representations or Warranties
	  	 	10	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE CONTRIBUTOR
	  	 	10	  
			
	 Section 4.01
	 	 Organization; Authority
	  	 	10	  
	 Section 4.02
	 	 Due Authorization
	  	 	11	  
	 Section 4.03
	 	 Ownership of Contributed Interests; Capitalization
	  	 	11	  
	 Section 4.04
	 	 Consents and Approvals
	  	 	12	  
	 Section 4.05
	 	 Taxes
	  	 	12	  
	 Section 4.06
	 	 No Violation
	  	 	13	  
	 Section 4.07
	 	 Solvency
	  	 	13	  
	 Section 4.08
	 	 Litigation
	  	 	14	  
	 Section 4.09
	 	 Licenses and Permits
	  	 	14	  
	 Section 4.10
	 	 Properties
	  	 	14	  
	 Section 4.11
	 	 Insurance
	  	 	16	  
	 Section 4.12
	 	 Environmental Matters
	  	 	16	  

  
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	 Section 4.13
	 	 Investment
	  	 	16	  
	 Section 4.14
	 	 Broker
	  	 	17	  
	 Section 4.15
	 	 Eminent Domain
	  	 	17	  
	 Section 4.16
	 	 Assets and Liabilities
	  	 	17	  
	 Section 4.17
	 	 No Other Representations or Warranties
	  	 	17	  
		
	 ARTICLE V INDEMNIFICATION
	  	 	17	  
			
	 Section 5.01
	 	 Company Indemnification
	  	 	17	  
	 Section 5.02
	 	 Stockholder Indemnification
	  	 	18	  
	 Section 5.03
	 	 Notice of Claims
	  	 	18	  
	 Section 5.04
	 	 Third Party Claims
	  	 	19	  
	 Section 5.05
	 	 Survival of Representations and Warranties
	  	 	19	  
	 Section 5.06
	 	 Establishment of Indemnity Holdback Escrow
	  	 	20	  
	 Section 5.07
	 	 Exclusive Remedy
	  	 	20	  
	 Section 5.08
	 	 Tax Treatment
	  	 	20	  
		
	 ARTICLE VI COVENANTS AND OTHER AGREEMENTS
	  	 	20	  
			
	 Section 6.01
	 	 Covenants of the Contributor
	  	 	20	  
	 Section 6.02
	 	 Stockholder’s Representative
	  	 	21	  
	 Section 6.03
	 	 Tax Covenants
	  	 	21	  
	 Section 6.04
	 	 Tax Protection Provisions
	  	 	22	  
	 Section 6.05
	 	 Liability for Transfer Taxes
	  	 	22	  
	 Section 6.06
	 	 Commercially Reasonable Efforts By the Company and the Contributor
	  	 	22	  
		
	 ARTICLE VII GENERAL PROVISIONS
	  	 	23	  
			
	 Section 7.01
	 	 Notices
	  	 	23	  
	 Section 7.02
	 	 Definitions
	  	 	23	  
	 Section 7.03
	 	 Counterparts
	  	 	26	  
	 Section 7.04
	 	 Entire Agreement; Third-Party Beneficiaries
	  	 	26	  
	 Section 7.05
	 	 Governing Law
	  	 	26	  
	 Section 7.06
	 	 Assignment
	  	 	26	  
	 Section 7.07
	 	 Jurisdiction
	  	 	26	  
	 Section 7.08
	 	 Dispute Resolution
	  	 	27	  
	 Section 7.09
	 	 Severability
	  	 	28	  
	 Section 7.10
	 	 Rules of Construction
	  	 	28	  
	 Section 7.11
	 	 Equitable Remedies
	  	 	28	  
	 Section 7.12
	 	 Time of the Essence
	  	 	29	  
	 Section 7.13
	 	 Descriptive Headings
	  	 	29	  
	 Section 7.14
	 	 No Personal Liability Conferred
	  	 	29	  
	 Section 7.15
	 	 Amendments
	  	 	29	  

  
 ii 

			
	EXHIBITS	  	
		
	Exhibit A	  	List of Properties
	Exhibit B	  	Certificate of Conversion
	Exhibit C	  	Certificate of Formation
	Exhibit D	  	Agreement and Plan of Merger
	Exhibit E	  	Escrow Agreement
	Exhibit F	  	Lock-up Agreement
	Exhibit G	  	Assignment and Assumption Agreement
		
	SCHEDULES	  	
		
	Schedule 1.01	  	Excluded Assets
	Schedule 1.02	  	Consideration

  
 iii 

 DEFINED TERMS 
  

			
	Affiliate	  	Section 7.02
	Assignment and Assumption Agreement	  	Section 1.01
	Business Day	  	Section 7.02
	Certificate of Conversion	  	Recitals
	Certificate of Formation	  	Recitals
	Claim	  	Section 5.03
	Claim Notice	  	Section 5.03
	Closing Documents	  	Section 2.03
	Code	  	Section 7.02
	Company	  	Introduction
	Company Cap	  	Section 5.07
	Company Common Stock	  	Recitals
	Company Indemnified Party	  	Section 5.02
	Company’s Knowledge	  	Section 7.02
	Company Material Adverse Effect	  	Section 7.02
	Company Shares	  	Recitals
	Contributed Interests	  	Recitals
	Contribution	  	Recitals
	Contribution Agreement	  	Introduction
	Contribution Closing	  	Section 2.02
	Contribution Closing Date	  	Section 2.02
	Contributor	  	Introduction
	Contributor Disclosure Letter	  	Article IV
	Contributor Indemnified Party	  	Section 5.01
	Contributor Material Adverse Effect	  	Section 7.02
	Contributor Subsidiary	  	Section 4.01
	Contributor’s Knowledge	  	Section 7.02
	Conversion	  	Recitals
	Deductible	  	Section 5.01
	Dispute	  	Section 7.08
	DSOS	  	Recitals
	Environmental Laws	  	Section 7.02
	Equity Holder	  	Recitals
	Escrow Agreement	  	Recitals
	Excluded Assets	  	Section 1.01
	Expiration Date	  	Section 5.05
	Formation Transactions	  	Recitals
	Governmental Authority	  	Section 7.02
	Incremental Transfer Taxes	  	Section 7.02
	Indemnified Party	  	Section 5.03
	Indemnifying Party	  	Section 5.03
	Indemnity Holdback Amount	  	Recitals
	IPO	  	Recitals
	IPO Closing	  	Section 2.02

  
 iv 

			
	IPO Closing Date	  	Section 7.02
	JV Entities	  	Section 4.01
	Laws	  	Section 7.02
	Leases	  	Section 4.10
	Liens	  	Section 7.02
	Lock-up Agreement	  	Recitals
	Losses	  	Section 5.01
	Marathon	  	Introduction
	Marathon LLC	  	Introduction
	Merger	  	Recitals
	Merger Agreement	  	Recitals
	New York Transfer Taxes	  	Section 6.03
	Operating Partnership	  	Recitals
	Organizational Documents	  	Section 7.02
	Outside Date	  	Section 2.05
	Permitted Activities	  	Section 4.16
	Permitted Distribution	  	Section 4.16
	Permitted Liens	  	Section 7.02
	Person	  	Section 7.02
	PGI	  	Section 6.04
	PGI Merger Agreement	  	Section 6.04
	Price to the Public	  	Section 7.02
	Properties	  	Recitals
	Property	  	Recitals
	Property Interests	  	Recitals
	Registration Rights Agreement	  	Recitals
	Registration Statement	  	Section 7.02
	REIT	  	Recitals
	SEC	  	Section 2.01
	Securities Act	  	Section 7.02
	Stockholder’s Representative	  	Section 6.02
	Subsidiary	  	Section 7.02
	Surviving Entity	  	Recitals
	Tax	  	Section 7.02
	Tax Return	  	Section 7.02
	Third Party Claims	  	Section 5.04
	Transaction Agreements	  	Recitals

  
 v 

 CONTRIBUTION AGREEMENT 

THIS CONTRIBUTION AGREEMENT (including all exhibits and schedules, this “Contribution Agreement”) is made and entered into as
of November 6, 2014, by and between PARAMOUNT GROUP, INC., a Maryland corporation (the “Company”), MARATHON RENTAL INVESTMENTS, INC., a Delaware corporation (the “Contributor” or “Marathon”)
and the stockholder whose name appears on the signature page hereto (the “Stockholder”). Unless otherwise specifically stated herein or the context otherwise requires, the terms “Contributor” and “Marathon” refer
to Marathon and its Subsidiaries with respect to the period prior to the Conversion and to Marathon Rental Investments LLC, a Delaware limited liability company (“Marathon LLC”), and its Subsidiaries with respect to the period from
and after the Conversion. After the Conversion, all references to the term “Stockholder” shall mean the “Equity Holder.” Capitalized terms used and not defined in the body of this Contribution Agreement shall have the meanings
set forth in Section 7.02 hereto. 
 RECITALS 

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

 WHEREAS, in connection with the IPO, the Company, which is the sole general partner of Paramount Group Operating Partnership LP
(the “Operating Partnership”), desires to engage in a series of transactions through which the Company and the Operating Partnership will acquire their initial portfolio of properties and other assets that they intend to own
following the IPO (collectively, the “Formation Transactions”); 
 WHEREAS, the Contributor owns, directly or
indirectly, interests (the “Property Interests”) in the properties set forth on Exhibit A hereto, under the heading “Marathon” (each, a “Property” and together the “Properties”);

 WHEREAS, as part of the Formation Transactions, pursuant to this Contribution Agreement, the Contributor shall contribute (the
“Contribution”) to the Company all of its assets (other than Excluded Assets) and liabilities (the “Contributed Interests”) and the Company shall acquire from the Contributor all of the Contributor’s right,
title and interest in the Contributed Interests in exchange for shares of Company Common Stock; 
 WHEREAS, the board of directors of
the Contributor and the Stockholder have approved, subject to, and following the Contribution Closing, the conversion of the Contributor from a Delaware corporation to a Delaware limited liability company (the “Conversion”); 

WHEREAS, following the Contribution Closing, the Company on behalf of the Contributor will file a Certificate of Conversion with the
Secretary of State of the State of Delaware (the “DSOS”), a copy of which is attached hereto as Exhibit B (the “Certificate of Conversion”) and a Certificate of Formation, a copy of which is attached hereto
as Exhibit C (the “Certificate of Formation”) in order to effectuate the Conversion; 

  
 1 

 WHEREAS, following the effective time of the Conversion, pursuant to the Agreement and
Plan of Merger attached hereto as Exhibit D (the “Merger Agreement” and together with this Contribution Agreement, the “Transaction Agreements”), Marathon LLC will merge with and into the Company (the
“Merger”) with the Company as the surviving entity (sometimes referred to as the “Surviving Entity”) and in consideration thereof the Stockholder, which will be the sole equity holder of Marathon LLC (in such
capacity, the “Equity Holder”), will receive shares of Company Common Stock (the “Company Shares”) in accordance with the terms and conditions set forth in the Merger Agreement; 

WHEREAS, at the Merger Closing, the Stockholder acknowledges that the Company will deposit the number of Company Shares set forth on
Schedule 1.07 of the Merger Agreement under the heading “Marathon LLC” as the Indemnity Holdback Amount, which represents approximately 1.5% of the Merger Consideration (collectively, the “Indemnity Holdback
Amount”), into an Indemnity Holdback Escrow (as defined in the Escrow Agreement) pursuant to that certain Omnibus Distribution and Escrow Agent Agreement, a copy of which is attached hereto as Exhibit E (the “Escrow
Agreement”) in order to provide for the exclusive remedy against the Stockholder (in its capacity as such) for any breaches of the Transaction Agreements by the Stockholder; 

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

WHEREAS, concurrently with the execution of this Contribution Agreement, the Company has entered into a registration rights agreement
with the Stockholder (the “Registration Rights Agreement”); and 
 WHEREAS, prior to or concurrently with the
execution of this Contribution Agreement, the Company or the Operating Partnership, as the case may be, together with the applicable counterparties have entered into the Formation Transaction Documentation. 

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

ARTICLE I 

CONTRIBUTION; CONVERSION; MERGER 

Section 1.01 Contribution Transaction; Assignment and Assumption. 

(a) At the Closing and subject to the terms and conditions contained in this Contribution Agreement, the Contributor shall contribute, assign,
set over, deliver and transfer to the Company absolutely and unconditionally and free and clear of all Liens (other than Permitted Liens), all of its right, title and interest in and to the Contributed Interests, including all rights to
indemnification in favor of the Contributor under the agreements pursuant to which the Contributor acquired the Contributed Interests transferred pursuant to this Contribution 

  
 2 

 
Agreement. The contribution of the Contributed Interests shall be evidenced by the execution and delivery of an Assignment and Assumption Agreement in substantially the form of Exhibit G
attached hereto and incorporated herein by reference (the “Assignment and Assumption Agreement”). 
 (b) Notwithstanding
anything in Section 1.01(a) to the contrary, the Contributor shall not contribute, assign, set over, deliver or transfer any of Contributor’s right, title and interest to any assets of the Contributor set forth in Schedule
1.01 under the heading “Marathon” (“Excluded Assets”). 
 Section 1.02 Consideration. At the
Contribution Closing, subject to the terms and conditions in this Contribution Agreement, in exchange for the transfer of the Contributed Interests, the Company shall issue to the Contributor the number of Company Shares set forth on Schedule
1.02 under the heading “Marathon”. No fractional Company Shares shall be issued to the Contributor pursuant to this Agreement. If aggregating all Company Shares that the Contributor otherwise would be entitled to receive pursuant to
this Agreement would require the issuance of a fractional Company Share, the Contributor shall instead be entitled to receive one full Company Share in lieu of such fractional Company Share. 

Section 1.03 Further Action. If, at any time after the Contribution Closing, the Company shall determine or be advised that any
deeds, bills of sale, assignments, assurances or any other actions or things are necessary or desirable to vest, perfect or confirm of record or otherwise in the Surviving Entity the right, title or interest in, to or under any of the rights,
properties or assets of the Contributor acquired or to be acquired by the Company as a result of, or in connection with, the Contribution or otherwise to carry out this Contribution Agreement, the Company shall be authorized to execute and deliver,
in the name and on behalf of the Contributor, all such deeds, bills of sale, assignments and assurances and to take and do, in the name and on behalf of the Contributor, all such other actions and things as may be necessary or desirable to vest,
perfect or confirm any and all right, title and interest in, to and under such rights, properties or assets in the Company or otherwise to carry out this Contribution Agreement. 

Section 1.04 Transaction Costs. Subject to Section 6.05, if the Contribution Closing occurs, the Company shall be
solely responsible for all transaction costs and expenses of the Company and the Contributor that have not previously been paid in connection with this Contribution Agreement, which include, but are not limited to, lender consent fees, legal,
accounting and consultant fees. 
 Section 1.05 Prorations. There shall be no prorations at the Contribution Closing for any
income and expense items with respect to the Properties. 
 Section 1.06 Tax Treatment of Contribution, Conversion and Merger.
It is intended that, for U.S. federal income tax purposes, that the Contribution, Conversion and Merger shall, taken together, qualify as a “reorganization” within the meaning of Section 368(a) of the Code, and that this Contribution
Agreement and the Merger Agreement constitutes, and hereby is adopted as, a “plan of reorganization” within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3. 

  
 3 

 ARTICLE II 

CLOSING 

Section 2.01 Conditions Precedent. 

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

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

(ii) IPO Proceeds. The Company shall have received, or have the right to receive, substantially concurrently with the
Contribution Closing and the Merger Closing, the proceeds from the IPO. This condition may not be waived by any party. 

(iii) Merger. The Company, the Contributor and the Stockholder will agree that, except for filings with the DSOS in
order to effectuate the Conversion, any conditions to closing the Merger, other than effecting the Conversion, have been irrevocably satisfied or waived at or prior to the Contribution Closing. This condition may not be waived by any party. 

(iv) No Injunction. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any statute,
rule, regulation, executive order, decree, judgment, injunction or other order (whether temporary, preliminary or permanent), in any case which is in effect and which prevents or prohibits consummation of any of the transactions contemplated by the
Transaction Agreements nor shall any of the same brought by a Governmental Authority of competent jurisdiction be pending that seeks the foregoing. 

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

(i) Representations and Warranties. (i) The representations and warranties of the Contributor set forth in
Section 4.16 shall be true and correct in all respects as of the date of this Contribution Agreement and as of the Contribution Closing, (ii) each representation and warranty of the Contributor contained in this Contribution
Agreement (other than in Section 4.16) that is qualified by materiality or Contributor Material Adverse Effect shall be true and correct in all respects as of the date of this Contribution Agreement and as of the Contribution Closing as
if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in 

  
 4 

 
which case it must be true and correct only as of that earlier date), and (iii) each representation and warranty of the Contributor contained in this Contribution Agreement (other than in
Section 4.16) that is not qualified by materiality or Contributor Material Adverse Effect shall be true and correct as of the date of this Contribution Agreement and as of the Contribution Closing as if made again at that time (except to
the extent that any representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date), except where the failure of such representations and warranties to be true and correct would not
reasonably be expected to have a Contributor Material Adverse Effect. 
 (ii) Performance by the Contributor. The
Contributor shall have performed in all material respects all agreements and covenants required by the Transaction Agreements to be performed or complied with by it on or prior to the Contribution Closing Date. 

(iii) Consents, Etc. All necessary consents and approvals of Governmental Authorities or third parties (including
lenders) for the Contributor and the Stockholder to consummate the transactions contemplated by the Transaction Agreements (except for those the absence of which would not have a material adverse effect on the ability of the Contributor to
consummate the transactions contemplated by the Transaction Agreements) shall have been obtained. 
 (iv) FIRPTA
Affidavit. The Contributor shall have provided the Company with a properly executed FIRPTA certificate substantially in the form set forth in Treasury Regulation Section 1.1445-2(b)(2) providing that the Contributor is not a “foreign
person” and the Stockholder shall have (A) provided the Company with a properly executed FIRPTA certificate in accordance substantially with the form set forth in Treasury Regulation Section 1.1445-2(d)(2) sufficient to avoid any
withholding under Section 1445 of the Code or (B) provided cash (in such amount as determined by the Company in its reasonable discretion) to the Company sufficient to pay any applicable withholding under the Code. 

(v) Closing Documents. The Contributor shall have executed and delivered to the Company the documents to which it is a
party which are required to be delivered pursuant to Section 2.03. 
 (c) Conditions to Obligations of the Contributor.
The obligation of the Contributor to effect the Contribution contemplated by this Contribution Agreement and to consummate the other transactions contemplated hereby to occur on the Contribution Closing Date are further subject to satisfaction of
the following conditions (any of which may be waived by the Contributor in whole or in part): 
 (i) Representations and
Warranties. (i) Each representation and warranty of the Company contained in this Contribution Agreement that is qualified by materiality or Company Material Adverse Effect shall be true and correct in all respects as of the date of this
Contribution Agreement, as of the Contribution Closing as if made again at that time (except to the extent that any representation or warranty speaks as of an 

  
 5 

 
earlier date, in which case it must be true and correct only as of that earlier date), and (ii) each representation and warranty of the Company contained in this Contribution Agreement that
is not qualified by materiality or Company Material Adverse Effect shall be true and correct as of the date of this Contribution Agreement, as of the Contribution Closing as if made again at that time (except to the extent that any representation or
warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date), except where the failure of such representations and warranties to be true and correct would not reasonably be expected to have a Company
Material Adverse Effect. 
 (ii) Performance by the Company. The Company shall have performed in all material respects
all agreements and covenants required by the Transaction Agreements to be performed or complied with by it on or prior to the Contribution Closing Date. 

(iii) Consents, Etc. All necessary consents and approvals of Governmental Authorities or third parties (including
lenders) for the Company to consummate the transactions contemplated by the Transaction Agreements (except for those the absence of which would not have a material adverse effect on the ability of any of the Company to consummate the transactions
contemplated by the Transaction Agreements) shall have been obtained. 
 (iv) Price to the Public. The Contributor
shall have approved the Price to the Public. 
 (v) Closing Documents. The Company shall have executed and delivered
to the Contributor the documents required to be delivered pursuant to Section 2.03. 
 Section 2.02 Time and Place.
Unless this Contribution Agreement shall have been terminated pursuant to Section 2.05, and subject to satisfaction or waiver of the conditions in Section 2.01, the closing of the transfer contemplated by
Section 1.01 and the other transactions contemplated hereby (the “Contribution Closing” or the “Contribution Closing Date”) shall occur prior to the Conversion and the Conversion shall occur prior to the
Merger Closing and concurrently with the closing of the IPO (the “IPO Closing”), or up to one (1) day prior to, but conditioned upon the subsequent occurrence of the Merger Closing and the IPO Closing. The Closing shall take
place at the offices of Goodwin Procter LLP, 620 Eighth Avenue, New York, NY 10018 or such other place as determined by the Company in its sole discretion. In connection with the foregoing, the parties hereto hereby agree that the
specific order in which the Contribution Closing, the Merger Closing, the IPO Closing and the closing of the other transactions that are part of or related to the Formation Transactions occur shall be as determined by the Company, provided,
however, that the Contribution Closing shall precede the Conversion, and the Conversion shall precede the Merger Closing. 

Section 2.03 Closing Deliveries. On the Contribution Closing Date, each of the parties shall make, execute, acknowledge and
deliver the legal documents and other items to which it is a party or for which it is otherwise responsible that are necessary to carry out the intention of this 

  
 6 

 
Contribution Agreement and the other transactions contemplated to take place in connection therewith (collectively, the “Closing Documents”). The Closing Documents and other
items to be delivered at the Contribution Closing shall be the following: 
 (a) the Assignment and Assumption Agreement; and 

(b) an executed Certificate of Conversion and Certificate of Formation. 

Section 2.04 Transfer Costs. Subject to Section 6.05, the Company shall pay any documentary transfer taxes, escrow
charges, title charges and recording taxes or fees incurred by the Company or the Contributor in connection with the transactions contemplated hereby. 

Section 2.05 Term of the Agreement. The Transaction Agreements shall terminate automatically if the transactions contemplated by
the Transaction Agreements shall not have been consummated on or prior to March 31, 2015 (such date is hereinafter referred to as the “Outside Date”). In addition, the Transaction Agreements may be terminated before the
Contribution Closing by a document signed by the Company and the Contributor. 
 Section 2.06 Effect of Termination. In the
event of termination of the Transaction Agreements for any reason, all obligations on the part of the Company and the Contributor and the Stockholder under the Transaction Agreements shall terminate, except that the obligations set forth in
Article VII shall survive, it being understood and agreed, however, for the avoidance of doubt, that if the Transaction Agreements are terminated because one or more of the conditions to the non-breaching party’s obligations under this
Contribution Agreement are not satisfied by the Outside Date as a result of the other party’s material breach of a covenant, representation, warranty or other obligation under the Transaction Agreements, the non-breaching party’s right to
pursue all legal remedies with respect to such breach will survive such termination unimpaired. 
 Section 2.07 Tax Withholding.
The Company shall be entitled to deduct and withhold, or cause to be deducted and withheld, from the consideration payable (or deemed payable) as a result of the transactions contemplated by the Transaction Agreements, including the Indemnity
Holdback Amount, to the Contributor, or the Stockholder, as applicable, such amounts as the Company is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or non-U.S. tax law (as
determined by the Company in its reasonable discretion). To the extent that amounts are so deducted and withheld by the Company, such amounts shall be treated for all purposes of the Transaction Agreements as having been paid to the Contributor, or
the Stockholder, as applicable. The Contributor or the Stockholder, as applicable, shall (A) to the extent requested by Marathon, contribute cash prior to the Contribution and Merger equal to (i) any withholding Taxes that would otherwise
be required to be withheld by the Company in connection with the Contribution and/or Merger (taking into account any gross-up attributable to such amounts) and (ii) any withholding Taxes that Marathon failed to withhold with respect to
distributions to the Stockholder prior to the Closing and (B) indemnify and hold harmless the Company for any withholding Taxes relating to the Company’s failure to withhold from the Contributor or the Stockholder, as applicable, as
required by applicable Laws, and for any Taxes of the Contributor (including those described in subclause (A)(ii) above), other than Taxes attributable to the Company’s breach of its covenants 

  
 7 

 
in Section 6.03(f) or Section 6.04, provided, however, that, in either case, neither the Contributor nor the Stockholder, as applicable, shall be liable for any
penalties that may become payable in respect thereof, and provided further that, for the avoidance of doubt, the indemnification obligation of the Stockholder pursuant to this clause (B) shall neither be limited to the Indemnity Holdback Amount
nor subject to the Deductible. 
 Section 2.08 Merger. 

(a) Immediately following the Contribution Closing, the Contributor and the Stockholder agree that the Company shall take all actions to file,
or cause to be filed, the Certificate of Conversion and the Certificate of Formation, at the Contributor’s sole cost and expense, with the DSOS. The parties agree and acknowledge that the closing of the Merger is conditioned upon the closing of
the Contribution and the effectiveness of the Conversion. 
 (b) Immediately following the completion of the Conversion, the Company,
Marathon LLC, and the Equity Holder shall execute and deliver the Merger Agreement and close the Merger in accordance with the terms and conditions of the Merger Agreement. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

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

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

 Section 3.02 Due Authorization. The execution, delivery and performance of the Transaction Agreements by the Company have
been duly and validly authorized by all necessary action of the Company. The Transaction Agreements and each agreement, document and instrument executed and delivered by or on behalf of the Company pursuant to the Transaction Agreements constitutes,
or when executed and delivered will constitute, the legal, valid and binding obligation of the Company, each enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws
relating to creditors’ rights and general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

  
 8 

 Section 3.03 Consents and Approvals. Except in connection with the IPO and the
consummation of the Formation Transactions or as shall have been obtained on or prior to the Contribution Closing Date, no consent, waiver, approval or authorization of, or filing with, any Person or Governmental Authority or under any applicable
Laws is required to be obtained by the Company in connection with the execution, delivery and performance of the Transaction Agreements and the transactions contemplated thereby, including, without limitation, the Merger, except for those consents,
waivers, approvals, authorizations or filings, the failure of which to obtain or to file would not reasonably be expected to have a Company Material Adverse Effect. 

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

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

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

Section 3.08 Limited Activities. Except for activities in connection with the IPO or the Formation Transactions or in the ordinary
course of business, the Company and the Operating Partnership and their Subsidiaries have not engaged in any material business or incurred any material obligations. 

  
 9 

 Section 3.09 Broker. None of the Company or the Operating Partnership or any of their
members, partners, general partners, officers, directors or employees, to the extent applicable, has entered into any agreement with any broker, finder, or similar agent of any Person or firm that will result in the obligation of the Contributor to
pay any finder’s fees, brokerage fees or commissions or similar payment in connection with the transactions contemplated by the Transaction Agreements. 

Section 3.10 No Other Representations or Warranties. Other than the representations and warranties expressly set forth in this
Article III, the Company shall not be deemed to have made any other representation or warranty in connection with the Transaction Agreements or the transactions contemplated thereby. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE CONTRIBUTOR 

Except as disclosed in the disclosure letter delivered to the Company by the Contributor on the date hereof (the “Contributor
Disclosure Letter”), the Contributor hereby represents and warrants to the Company as set forth below, and the Stockholder hereby represents and warrants to the Company as set forth in Section 4.13 below, which representations
are true and correct as of the date hereof (or such other date specifically set forth below) and as of the Contribution Closing as if made again at that time (except to the extent that any representation or warranty only speaks as of an earlier
date, in which case it is true and correct as of the earlier date): 
 Section 4.01 Organization; Authority. 

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

(b) Following the Conversion, the Contributor will be a limited liability company duly organized, validly existing and in good standing under
the Laws of the State of Delaware and will have all requisite power and authority to enter into the Transaction Agreements, each agreement contemplated hereby to which it is a party and to carry out the transactions contemplated by the Transaction
Agreements, and to own, lease or operate its assets and to carry on its business as presently conducted and, to the extent required under applicable Laws, is qualified to do business and is in good standing in each jurisdiction in which the nature
of its business or the character of its property make such qualification necessary, other than in such jurisdictions where the failure to be so qualified would not reasonably be expected to have a Contributor Material Adverse Effect. 

  
 10 

 (c) Section 4.01(b) of the Contributor Disclosure Letter, sets forth as of the date
hereof, with respect to the Contributor, (i) the name and the jurisdiction of organization or incorporation, as the case may be, of each Subsidiary of the Contributor (“Contributor Subsidiary”) and (ii) the ownership
interest of the Contributor or other Contributor Subsidiary in each such Contributor Subsidiary. Each Contributor Subsidiary has been duly organized or formed and is validly existing under the laws of its jurisdiction of organization or formation,
as applicable, has all power and authority to own, lease or operate its property and to carry on its business as presently conducted and, to the extent required under applicable Laws, is qualified to do business and is in good standing in each
jurisdiction in which the nature of its business or the character of its property make such qualification necessary, except where the failure to be so qualified would not reasonably be expected to have a Contributor Material Adverse Effect. 

(d) The Contributor or Contributor Subsidiaries own the equity interests in the Persons set forth on Section 4.01(d) of the
Contributor Disclosure Letter (together with the Subsidiaries of such Persons, the “JV Entities”) in the stated percentage set forth on Section 4.01(d) of the Contributor Disclosure Letter. 

(e) The Contributor has made available to the Company a complete and correct copy of the operating agreement for Marathon LLC, which will be
executed immediately following completion of the Conversion by the Stockholder, which will be the sole Equity Holder of Marathon LLC. 

Section 4.02 Due Authorization. The execution, delivery and performance of the Transaction Agreements by the Contributor and the
Stockholder have been duly and validly authorized by all necessary action required of the Contributor and the Stockholder, respectively. The Transaction Agreements and each agreement, document and instrument executed and delivered by or on behalf of
the Contributor and the Stockholder pursuant to the Transaction Agreements constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of the Contributor and the Stockholder, each enforceable against the
Contributor and the Stockholder in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’ rights and general principles of equity (regardless of whether enforcement is
sought in a proceeding at law or in equity). 
 Section 4.03 Ownership of Contributed Interests; Capitalization. 

(a) The Contributor is the owner of the Contributed Interests and has the power and authority to transfer, sell, assign and convey to the
Company the Contributed Interests free and clear of any Liens (other than Permitted Liens) and, upon delivery of the consideration for the Contributed Interests as provided herein, the Company will acquire good and valid title thereto, free and
clear of any Liens (other than Permitted Liens). Except as provided for or contemplated by this Contribution Agreement or any other agreements referenced herein, there are no, and, as of the Contribution Closing, there will not be any rights,
subscriptions, warrants, options, conversion rights, preemptive rights, agreements, instruments or understandings of any kind outstanding entitling any Person to acquire any equity interests in the Contributor

  
 11 

 
Subsidiaries or JV Entities, except pursuant to Permitted Liens or rights established pursuant to the terms of the Organizational Documents and related agreements with respect to the Contributor
Subsidiaries and JV Entities that have been previously disclosed to the Company. 
 (b) The sole stockholder of Marathon is the Stockholder.
Following the Conversion, the sole equity holder of Marathon LLC entitled to receive the Merger Consideration pursuant to the Merger Agreement, subject to the Indemnity Holdback Amount, will be the Stockholder. 

Section 4.04 Consents and Approvals. Except as shall have been satisfied on or prior to the Contribution Closing Date, no consent,
waiver, approval or authorization of, or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained by the Contributor, any Contributor Subsidiary, any JV Entity or the Stockholder in connection with
the execution, delivery and performance of the Transaction Agreements, and the transactions contemplated by the Transaction Agreements, except for those consents, waivers, approvals, authorizations or filings, the failure of which to obtain or to
file would not have a Contributor Material Adverse Effect. 
 Section 4.05 Taxes. 

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

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

(e) The Stockholder has no plan or intention to sell, exchange or transfer equity interests in Marathon LLC or stock in the Contributor for
consideration other than Company Common Stock, in contemplation of the Contribution or Merger, to the Company (or any party related to the Company) or sell, exchange or transfer any Company Common Stock received in the Merger to the Company (or any
party related to the Company). 

  
 12 

 (f) The Contributor has not agreed to assume, nor will assume, directly or indirectly, any
expense or other liability, whether fixed or contingent, of the Stockholder in connection with or as part of the Merger or any related transaction. 

(g) No part of the Company Common Stock issued pursuant to this Agreement or the Merger Consideration will be received by the Stockholder as a
creditor, employee or in any capacity other than as an equity holder in Marathon LLC or stockholder of Marathon. 
 (h) The Contributor is a
“United States real property holding corporation” for U.S. federal income tax purposes. 
 (i) The Contributor holds cash or cash
equivalents (excluding any cash or cash equivalents taken into account in the net amount of tangible assets and liabilities set forth in Section 4.16 of the Disclosure Letter) in an amount that is at least equal to the unpaid Taxes owed
by it for all taxable periods ending on or prior to the Contribution Closing Date. 
 (j) None of the Contributor or any Contributor
Subsidiary is or ever has been a party to or bound by, or could have any liability under, any Tax indemnity agreement, Tax sharing agreement, Tax allocation agreement or similar contract or arrangement (other than commercial agreements entered into
in the ordinary course of business, the principal purpose of which is not related to Taxes). 
 (k) None of the Contributor or any
Contributor Subsidiary has any liability for Taxes of any person arising from the application of Treasury Regulations Section 1.1502-6 or any analogous provision of state, local or foreign law (other than in respect of being a member of a
consolidated group the common parent of which is the Contributor), or as a transferee or successor. 
 Section 4.06 No
Violation. None of the execution, delivery or performance of the Transaction Agreements, any agreement contemplated thereby between the parties to the Transaction Agreements and the transactions contemplated by the Transaction Agreements, does
or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination, acceleration, cancellation or other right under,
(a) the Organizational Documents of the Contributor, any Contributor Subsidiary, any JV Entity or the Stockholder, (b) any agreement, document or instrument to which the Contributor, any Contributor Subsidiary, any JV Entity or the
Stockholder is a party or by which the Contributor, any Contributor Subsidiary, any JV Entity or the Stockholder are bound or (c) any term or provision of any judgment, order, writ, injunction, or decree binding on the Contributor, any
Contributor Subsidiary, any JV Entity or the Stockholder (or their assets or properties), except, in the case of clause (b) and (c), any such breaches or defaults that would not reasonably be expected to have a Contributor Material Adverse
Effect. 
 Section 4.07 Solvency. The Contributor has been and will be solvent at all times prior to the transfer of the
Contributed Interests to the Company. No bankruptcy or similar insolvency proceeding has been filed or is currently contemplated by the Contributor, any Contributor Subsidiary or any JV Entity thereof. 

  
 13 

 Section 4.08 Litigation. Except for actions, suits or proceedings covered by the
policies of insurance described in Section 4.11, as of the date hereof, there is no action, suit or proceeding pending or, to the Contributor’s Knowledge, threatened against the Contributor, any Contributor Subsidiary or any JV
Entity which, if adversely determined, would, individually or together with all such other actions, reasonably be expected to have a Contributor Material Adverse Effect. As of the date hereof, there is no action, suit or proceeding pending or, to
the Contributor’s Knowledge, threatened against the Contributor, any Contributor Subsidiary or any JV Entity which challenges or impairs the ability of the Contributor to execute or deliver, or perform its obligations under this Contribution
Agreement or to consummate the transactions contemplated hereby, including the Merger. 
 Section 4.09 Licenses and Permits. To
the Contributor’s Knowledge, all notices, licenses, permits, certificates and authorizations required for the continued use, occupancy, management, leasing and operation of the Properties have been obtained or can be obtained without material
cost, are in full force and effect, are in good standing and (to the extent required in connection with the transactions contemplated by the Transaction Agreements) are assignable to the Company, except in each case for items that would not,
individually or in the aggregate, have a Contributor Material Adverse Effect. To the Contributor’s Knowledge, neither the Contributor, any Contributor Subsidiary, any JV Entity nor any third party has taken any action that (or failed to take
any action the omission of which) would result in the revocation of any such notice, license, permit, certificate or authorization where such revocation or revocations would, individually or in the aggregate, reasonably be expected to have a
Contributor Material Adverse Effect, nor has any of them received within the past one year any written notice of violation from any Governmental Authority or written notice of the intention of any entity to revoke any of them, that in each case has
not been cured or otherwise resolved to the satisfaction of such Governmental Authority and that would not, individually or in the aggregate, reasonably be expected to have a Contributor Material Adverse Effect. 

Section 4.10 Properties. 

(a) The Properties are owned directly, in fee simple, by the Persons set forth on Section 4.10 of the Contributor Disclosure
Letter or their direct or indirect wholly owned subsidiaries. Each Contributor Subsidiary or JV Entity listed as owning a Property on Section 4.10 of the Contributor Disclosure Letter is insured under a policy of title insurance as the
owner of the fee simple estate (or, in the case of certain Properties, the leasehold estate) of such Property, in each case free and clear of all Liens except for Permitted Liens and Liens, if any, given to secure mortgage indebtedness encumbering
such Property. Prior to the effective time of the transactions contemplated in this Contribution Agreement, no Contributor Subsidiary or JV Entity shall take or omit to take any action to cause any Lien to attach to any Property, except for
Permitted Liens and Liens, if any, given to secure mortgage indebtedness encumbering such Property. 
 (b) Except for matters that would
not, individually or in the aggregate, reasonably be expected to have a Contributor Material Adverse Effect, (i) no Contributor 

  
 14 

 
Subsidiary, JV Entity, nor any other party to any agreement affecting any Property to which the Contributor, a Contributor Subsidiary or JV Entity is a party (other than a Lease (as such term is
hereinafter defined) for space within such Property), has given or received any notice of default with respect to any term or condition of any such agreement, including, without limitation, any ground lease, (ii) no event has occurred or has
been threatened in writing, which with or without the passage of time or the giving of notice, or both, would, individually or together with all such other events, constitute a default under any such agreement, or would, individually or together
with all such other events, reasonably be expected to cause the acceleration of any material obligation of any party thereto or the creation of a Lien upon any asset of any Contributor Subsidiary or JV Entity, except for Permitted Liens, and
(iii) all agreements affecting any Property required for the continued use, occupancy, management, leasing and operation of such Property (exclusive of space leases) are valid and binding and in full force and effect. No Contributor Subsidiary
or JV Entity has granted an option or right of first refusal or offer pursuant to the leases with respect to the sale of any Property. 

(c) As presently conducted, none of the operation of the buildings, fixtures and other improvements comprising a part of the Properties is in
violation of any applicable building code, zoning ordinance or other law or regulation, except for such violations that would not, individually or in the aggregate, reasonably be expected to have a Contributor Material Adverse Effect. Neither the
Contributor nor any Contributor Subsidiary nor any JV Entity has received any written notice from a Governmental Authority of any pending or threatened proceedings for the rezoning of any Property or portion thereof except for such notices or
proceedings that would not, individually, or in the aggregate, reasonably be expected to have a Contributor Material Adverse Effect. 
 (d)
Except for matters that would not, individually or in the aggregate, reasonably be expected to have a Contributor Material Adverse Effect, (i) to the Contributor’s Knowledge, neither the Contributor, any Contributor Subsidiary nor any JV
Entity, nor any other party to any Lease, has given or received any notice of default with respect to any term or condition of any such Lease, (ii) to the Contributor’s Knowledge, no event has occurred or has been threatened in writing,
which with or without the passage of time or the giving of notice, or both, would, individually or together with all such other events, constitute a default under any Lease, or would, individually or together with all such other events, reasonably
be expected to cause the acceleration of any material obligation of any party thereto or the creation of a Lien upon any asset of the Contributor, the Contributor’s Subsidiaries or the JV Entities, except for Permitted Liens, and
(iii) each of the leases (and all amendments thereto or modifications thereof) to which the Contributor, any Contributor Subsidiary or any JV Entity is a party or by which any Contributor, Contributor Subsidiary or JV Entity or any Property is
bound or subject (collectively, the “Leases”) is and will be valid and binding and in full force and effect. 
 (e) Except
for matters that would not, individually or in the aggregate, reasonably be expected to have a Contributor Material Adverse Effect, each of the Leases to which the Contributor, any Contributor Subsidiary or any JV Entity is a party or by which the
Contributor, any Contributor Subsidiary, JV Entity or any Property is bound or subject, is in full force and effect, and constitutes the legal, valid and binding obligation of the Contributor or the applicable Contributor Subsidiary or JV Entity,
and to the Contributor’s Knowledge, each other party thereto, enforceable against each Contributor Subsidiary or JV Entity, and to the 

  
 15 

 
Contributor’s Knowledge, each other party thereto, in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting
creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

(f) To the Contributor’s Knowledge, except as previously disclosed to the Company, no tenant under any such Lease is presently the
subject of any voluntary or involuntary bankruptcy or insolvency proceedings, except for matters that would not, individually or in the aggregate, reasonably be expected to have a Contributor Material Adverse Effect. 

Section 4.11 Insurance. The Contributor or the applicable Contributor Subsidiary or JV Entity has in place the public liability,
casualty and other insurance coverage with respect to each Property as the Contributor reasonably deems necessary. Each of the insurance policies with respect to the Properties is in full force and effect in all material respects and none of the
Contributor or the applicable Contributor Subsidiary or JV Entity is in default (in any material respect) under any such policies. 

Section 4.12 Environmental Matters. Except for matters that would not, individually or in the aggregate, reasonably be expected to
have a Contributor Material Adverse Effect (a) the Contributor Subsidiaries and the JV Entities are in compliance with all applicable Environmental Laws (b) neither the Contributor Subsidiaries nor any JV Entity have received within the
past three years any written notice from any Governmental Authority or third party alleging that any Contributor Subsidiary, any JV Entity or any Property is not in compliance with applicable Environmental Laws, and (c) there has not been a
release of a hazardous substance on any Property that would require investigation or remediation under applicable Environmental Laws. The representations and warranties contained in this Section 4.12 constitute the sole and exclusive
representations and warranties made by the Contributor concerning environmental matters. 
 Section 4.13 Investment. The
Stockholder acknowledges that the offering and issuance of the Company Shares to be acquired pursuant to this Contribution Agreement and the Merger Agreement are intended to be exempt from registration under the Securities Act and that the
Company’s reliance on such exemptions is predicated in part on the accuracy and completeness of the representations and warranties of the Stockholder contained herein. In furtherance thereof, the Stockholder represents and warrants to the
Company as follows: 
 (a) The Stockholder is an “accredited investor” (as such term is defined in Rule 501(a) of
Regulation D promulgated under the Securities Act). 
 (b) The Stockholder is acquiring the Company Shares solely for its own account
for the purpose of investment and not as a nominee or agent for any other Person and not with a view to, or for offer or sale in connection with, any distribution of any thereof in violation of the securities Laws. 

(c) The Stockholder acknowledges that the Company Shares have not been registered under the Securities Act and, therefore, may not be sold
unless registered under the Securities Act or an exemption from registration is available. 

  
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 Section 4.14 Broker. None of the Contributor, any Contributor Subsidiary, JV Entity,
or any of their managing members, members, partners, general partners, officers directors or employees, to the extent applicable, has entered into any agreement with any broker, finder, or similar agent of any Person or firm that will result in the
obligation of the Company, the Operating Partnership or any of their Affiliates to pay any finder’s fees, brokerage fees or commissions or similar payment in connection with the transactions contemplated by this Contribution Agreement or other
Formation Transactions. 
 Section 4.15 Eminent Domain. There is no existing or, to the Contributor’s Knowledge threatened,
in writing condemnation, eminent domain or similar proceeding that would affect any of the Properties. Neither the Stockholder nor any Contributor Subsidiary nor any JV Entity has received any written notice from a Governmental Authority of any
pending or threatened condemnation, eminent domain or similar proceeding that would affect any of the Properties. 
 Section 4.16
Assets and Liabilities. Section 4.16 of the Contributor Disclosure Letter accurately sets forth, in all material respects, as of June 30, 2014 and September 30, 2014, (i) all outstanding indebtedness of the
Contributor, the Contributor Subsidiaries and each JV Entity, (iii) all interest rate swap liabilities of such entities and (iii) the net amount of all other tangible assets and liabilities of such entities (other than deferred tax
liabilities, if any, and their interests in the Properties), which consists of cash, cash equivalents, accounts receivable and accounts payable. Except for distributions set forth on Section 4.16 of the Contributor Disclosure Letter
(“Permitted Distributions”) or as contemplated by this Contribution Agreement (“Permitted Activities”), since September 30, 2014, the Contributor has not (i) made any distributions or (ii) entered
into any transactions with an Affiliate other than on an arm’s-length basis. Section 4.16 of the Contributor Disclosure Letter accurately sets forth all contributions made to the Contributor by its Stockholder since
September 30, 2014. 
 Section 4.17 No Other Representations or Warranties. Other than the representations and warranties
expressly set forth in this Article IV, the Contributor shall not be deemed to have made any other representation or warranty in connection with this Contribution Agreement or the transactions contemplated hereby. 

ARTICLE V 

INDEMNIFICATION 

Section 5.01 Company Indemnification. Subject to the indemnification limitations set forth in this Contribution Agreement, from
and after the Contribution Closing Date, the Company shall indemnify and hold harmless the Stockholder and its officers, employees, partners, members, agents, representatives and Affiliates (each of which is a “Contributor Indemnified
Party”) from and against any and all charges, complaints, claims, actions, causes of action, losses, damages, liabilities and expenses of any nature whatsoever, including without limitation, amounts paid in settlement, reasonable
attorneys’ fees, costs of investigation, costs of 

  
 17 

 
investigative judicial or administrative proceedings or appeals therefrom and costs of attachment or similar bonds (collectively, “Losses”) in excess of the greater of
(i) 4.5% of the Company Cap or (ii) $250,000, in each case in the aggregate (the “Deductible”), arising out of or relating to, asserted against, imposed upon or incurred by a Contributor Indemnified Party in connection
with or as a result of any breach of a representation, warranty or covenant of the Company contained in the Transaction Agreements or in any schedule, exhibit, certificate or affidavit or any other document delivered by the Company pursuant to the
Transaction Agreements; provided, however, that the Company shall not have any obligation under this Section 5.01 to indemnify any Contributor Indemnified Party against any Losses to the extent that such Losses arise by
virtue of the Contributor’s breach of this Contribution Agreement, gross negligence, willful misconduct or fraud. 
 Section 5.02
Stockholder Indemnification. 
 (a) Subject to the indemnification limitations set forth in this Contribution Agreement, from and
after the Contribution Closing Date, the Indemnity Holdback Amount shall be used to indemnify and hold harmless the Company, the Operating Partnership and each of their respective directors, officers, employees, agents, representatives and
Affiliates (each of which is a “Company Indemnified Party”) from and against any and all Losses in excess of the greater of (i) 4.5% of the Indemnity Holdback Amount or (ii) $250,000, in each case in the aggregate, arising
out of or relating to, asserted against, imposed upon or incurred by such Company Indemnified Party in connection with or as a result of any breach of a representation, warranty or covenant of the Contributor or Stockholder in the Transaction
Agreements or in any schedule, exhibit, certificate or affidavit or any other document delivered by the Contributor or the Stockholder pursuant to the Transaction Agreements; provided, however, that the Stockholder shall not have any
obligation under this Section 5.02 to indemnify any Company Indemnified Party against any Losses to the extent that such Losses arise by virtue of the Company’s breach of this Contribution Agreement, gross negligence, willful
misconduct or fraud; provided further, however, that, to the extent such Losses relate to breach of a representation, warranty or covenant of the Contributor regarding a Person or the assets and liabilities of a Person that the Company
or the Operating Partnership has or acquires an interest in from a Person other than the Contributor, the indemnification pursuant to this Section 5.02 shall be limited to the portion of such Losses attributable to the interest acquired
from the Contributor pursuant to this Contribution Agreement. The Stockholder hereby grants to the Company a security interest in the Company Shares held as the Indemnity Holdback Amount to secure the indemnification obligations set forth in this
Section 5.02. 
 (b) Any indemnification payment made by the Company to the Stockholder pursuant to the Transaction Agreements
shall be made to such Stockholder in shares of Company Common Stock, the number of which shall equal the dollar value of the indemnification payment divided by the price of a share of Company Common Stock as of the close of market on the date of
such indemnification payment. 
 Section 5.03 Notice of Claims At the time when any Contributor Indemnified Party or Company
Indemnified Party, as applicable, (as applicable, an “Indemnified Party”) learns of any potential claim (a “Claim”) under this Article V that is asserted against the Indemnified Party that is subject to
indemnification by the Company or in respect of the Contributor from the 

  
 18 

 
Indemnity Holdback Amount, as applicable, under this Article V (as applicable, the “Indemnifying Party”), such Indemnified Party will promptly give written notice (a
“Claim Notice”) to the Indemnifying Party (or in the case of the Company Indemnified Parties, to the Stockholder’s Representative); provided that failure to do so shall not prevent recovery under this Contribution
Agreement, except to the extent that the Indemnifying Party shall have been materially prejudiced by such failure. Each Claim Notice shall describe in reasonable detail the facts known to the Indemnified Party giving rise to such Claim, and the
amount or good faith estimate of the amount of Losses arising therefrom. Unless prohibited by Law, the Indemnified Party shall deliver to the Indemnifying Party (or in the case of the Company Indemnified Parties, to the Stockholder’s
Representative), promptly after the Indemnified Party’s receipt thereof, copies of all notices and documents (including court papers) received by the Indemnified Party relating to a Third Party Claim (defined below), and failure to do so shall
prevent recovery under this Contribution Agreement to the extent that the Indemnifying Party shall have been materially prejudiced by such failure. 

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

  
 19 

 
Date (the “Expiration Date”). If written notice of a Claim in accordance with the provisions of Section 5.03 has been given prior to the Expiration Date, then the
relevant representation and warranty shall survive, but only with respect to such specific Claim, until such Claim has been finally resolved. Any claim for indemnification not so asserted in writing by the Expiration Date may not thereafter be
asserted and shall forever be waived. 
 Section 5.06 Establishment of Indemnity Holdback Escrow. On the Contribution Closing
Date, the Company shall deposit the Indemnity Holdback Amount in accordance with the terms and conditions of the Escrow Agreement. The Company agrees that the security interest in the Company Shares may be released, or collateral may be substituted
for such Company Shares, in accordance with the Escrow Agreement. 
 Section 5.07 Exclusive Remedy. 

(a) Except as set forth in Sections 2.07 and 6.05, the sole and exclusive remedy for Company Indemnified Parties for any breach,
misrepresentation or other matters relating to or arising in connection with the Transaction Agreements and any of the agreements, documents or instruments executed and delivered in connection therewith and any of the transactions contemplated
thereby shall be indemnification pursuant to the provisions of this Article V and the Stockholder shall not be liable or obligated to make payments under this Contribution Agreement to the extent such payments in the aggregate exceed the
Indemnity Holdback Amount. 
 (b) Except as set forth in Section 6.04 of the PGI Merger Agreement, the sole and exclusive remedy for
Contributor Indemnified Parties for any breach, misrepresentation or other matters relating to or arising in connection with the Transaction Agreements and any of the agreements, documents or instruments executed and delivered in connection
therewith and any of the transactions contemplated thereby shall be indemnification pursuant to the provisions of this Article V and the Company shall not be liable or obligated to make payments under this Contribution Agreement to the extent
such payments in the aggregate exceed the dollar amount obtained by multiplying the number of Company Shares included in the Indemnity Holdback Amount by the Price to the Public (the “Company Cap”). 

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

COVENANTS AND OTHER AGREEMENTS 

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

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

  
 20 

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

(d) will not mortgage, pledge, hypothecate, encumber (or permit to become encumbered) all or any portion of its Property Interests, except for
Permitted Liens. 
 Section 6.02 Stockholder’s Representative. The Stockholder hereby appoints Dr. Thomas Finne as the
representative for the Stockholder (the “Stockholder’s Representative”) and the Stockholder’s Representative shall have the authority to take the actions provided herein and receive notices on behalf of the Stockholder
subsequent to the Merger Closing. 
 Section 6.03 Tax Covenants. 

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

(c) The Company shall be responsible for the prosecution of any claim or audit instituted after the Contribution Closing Date with respect to
Taxes of the Contributor, any Contributor Subsidiary, or any JV Entity, attributable to any taxable period, or portion thereof, ending on or before the Contribution Closing Date. 

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

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

  
 21 

 (f) The Company shall (a) cause to be timely paid any New York City and New York State real
property transfer taxes payable by the Contributor as a result of, or in connection with, the Contribution (collectively, the “New York Transfer Taxes”); provided, that the parties hereto acknowledge and agree that such
amount of New York Transfer Taxes payable shall reflect the Company’s status as a REIT; and (b) timely and properly file, with the Contributor’s cooperation, all Tax returns with respect to such New York Transfer Taxes. 

Section 6.04 Tax Protection Provisions. The parties agree and acknowledge that the Stockholder is a beneficiary of the tax
protection provisions set forth in Section 6.04 of that certain Agreement and Plan of Merger, dated as of the date hereof, by and among the Company, Paramount Group Inc., a Delaware corporation (“PGI”), the Stockholder
and the other stockholders of PGI named therein (the “PGI Merger Agreement”). 
 Section 6.05 Liability for
Transfer Taxes. The Stockholder agrees to indemnify the Company for any Incremental Transfer Taxes incurred as a result of any direct or indirect transfers of the Company Shares received in connection with the transactions contemplated
hereby, or interests therein (other than the receipt of the Merger Consideration by the Stockholder pursuant to the Merger Agreement) within two years after the IPO Closing Date; provided that such Company Shares shall be the Company’s
sole recourse with respect to such indemnification obligation. The Stockholder hereby grants a security interest in 50% of its Company Shares received in the Merger to the Company and hereby irrevocably appoints the Company, and any of its agents,
officers, or employees as its attorney-in fact, which shall be deemed coupled with an interest, with full power to prepare, execute and deliver any documents, instruments and agreements as may be appropriate to perfect and continue such security
interest in favor of the Company. The security interest granted pursuant to this Section 6.05 shall attach to the Company Shares that are not included in the Indemnity Holdback Amount. The Company agrees that the security interest in the
Company Shares received by the Stockholder in the Merger may be released, or collateral may be substituted, in accordance with the terms of the Escrow Agreement. 

Section 6.06 Commercially Reasonable Efforts By the Company and the Contributor. Each of the Company and the Contributor shall use
commercially reasonable efforts and cooperate with each other in (a) promptly determining whether any filings are required to be made or consents, approvals, waivers, permits or authorizations are required to be obtained (under any applicable
Laws or regulation or from any Governmental Authority or third party) in connection with the transactions contemplated by this Contribution Agreement, and (b) promptly making any such filings, in furnishing information required in connection
therewith and in timely seeking to obtain any such consents, approvals, waivers, permits or authorizations. 

  
 22 

 ARTICLE VII 

GENERAL PROVISIONS 

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

Paramount Group, Inc. 
 1633
Broadway, Suite 1801 
 New York, NY 10011 

Facsimile: (212) 237-3197 

Attention: General Counsel 
 (b)
If to the Contributor, the Stockholder or the Stockholder’s Representative, to Marathon Rental Investments, Inc. 
 c/o CURA
Vermögensverwaltung, G.m.b.H. & Co. KG 
 Werner-Otto-Straße 1-7 

D-22179 Hamburg, Germany 

Attention: Thomas Armbrust 

Fax: +49-40-6461-2960 

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

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

  
 23 

 (d) “Company’s Knowledge” means the actual knowledge (without obligation to
conduct due inquiry) of Albert Behler, David Spence and Gage Johnson of the matter in question (and not their constructive or imputed knowledge). 

(e) “Company Material Adverse Effect” means a material adverse effect on the assets, business, financial condition or results
of operations of the Company and the Operating Partnership and their Subsidiaries, taken as a whole, giving effect to the Formation Transactions and the IPO. For the avoidance of doubt, the Merger shall not be deemed a Company Material Adverse
Effect. 
 (f) “Contributor Material Adverse Effect” means a material adverse effect on the assets, business, financial
condition or results of operation of the Contributor and the Contributor Subsidiaries, taken as a whole, including such entities’ direct and indirect interests in the JV Entities. For the avoidance of doubt, the Merger shall not be deemed a
Contributor Material Adverse Effect. 
 (g) “Contributor’s Knowledge” means the actual knowledge (without obligation
to conduct due inquiry) of Albert Behler, David Spence and Gage Johnson of the matter in question (and not their constructive or imputed knowledge). 

(h) “Environmental Laws” means all federal, state and local Laws governing pollution or the protection of human health or the
environment. 
 (i) “Governmental Authority” means any government or agency, bureau, board, commission, court, department,
official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign. 

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

(k) “IPO Closing Date” means the closing date of the IPO. 

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

(n) “Organizational Documents” means with respect to any entity, the certificate of formation, limited liability company
agreement, or operating agreement, certificate of incorporation, bylaws, certificate of limited partnership, limited partnership agreement and any other governing instrument, as applicable, including, without limitation, in the case of the
Contributor, the Limited Liability Company Operating Company Agreement of Marathon Rental Investments LLC. 

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

(p) “Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust,
unincorporated organization or other entity. 
 (q) “Price to the Public” means the public offering price of a share of
Company Common Stock sold in the IPO as shown on the cover page of the final prospectus forming part of the registration statement pursuant to which the shares of Company Common Stock offered in the IPO were registered under the Securities Act. 

(r) “Registration Statement” means the Company’s registration statement on Form S-11, as amended from time to time, as
filed with the SEC. 
 (s) “Securities Act” means the Securities Act of 1933, as amended, the rules and regulations
promulgated thereunder. 
 (t) “Subsidiary” of any Person means any corporation, partnership, limited liability company,
joint venture, trust or other legal entity of which such Person owns (either directly or through or together with another direct or indirect Subsidiary of such Person) either (i) a general partner, managing member or other similar interest, or
(ii) (A) 50% or more of the voting power of the voting capital stock or other equity interests, or (B) 50% or more of the outstanding voting capital stock or other voting equity interests of such corporation, partnership, limited
liability company, joint venture or other legal entity. 
 (u) “Tax” (and, with its correlative meaning,
“Taxes”) means any and all taxes, including any interest, penalties, or other additions to tax that may become payable in respect thereof, which taxes shall include, without limiting the generality of the foregoing, all income
taxes, profits taxes, taxes on gains, alternative minimum taxes, estimated taxes, payroll taxes, employee withholding taxes, unemployment insurance taxes, social security taxes, welfare taxes, disability taxes, severance taxes, license charges,
taxes on stock, sales taxes, use taxes, ad valorem taxes, value added taxes, excise taxes, franchise taxes, gross receipts taxes, business license taxes, occupation taxes, real or personal property taxes, unclaimed property taxes, stamp taxes,
environmental taxes, transfer taxes, workers’ compensation taxes, windfall taxes, net worth taxes, and other taxes, fees, duties, levies, customs, tariffs, imposts, assessments, obligations and charges of the same or of a similar nature to any
of the foregoing. 
 (v) “Tax Return” means any return, statement, schedule, declaration, claim for refund, report,
document or form filed or required to be filed with respect to Taxes, including any amendment, attachment and supplement thereof. 

  
 25 

 Section 7.03 Counterparts. This Contribution Agreement may be executed in
counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to each other party. All counterparts shall collectively constitute one
agreement (or amendment, as applicable). The exchange of counterparts of this Contribution Agreement among the parties by means of facsimile transmission or by electronic transmission (pdf) which shall contain authentic reproductions shall
constitute a valid exchange of this Contribution Agreement and shall be binding upon the parties hereto. 
 Section 7.04 Entire
Agreement; Third-Party Beneficiaries. The Transaction Agreements and the Escrow Agreement, including, without limitation, the exhibits and schedules hereto and thereto, constitute the entire agreement and supersedes each prior agreement and
understanding, whether written or oral, among the parties regarding the subject matter of the Transaction Agreements. The Transaction Agreements are not intended to confer any rights or remedies on any Person other than the parties hereto. 

Section 7.05 Governing Law. The Transaction Agreements shall be governed by, and construed in accordance with, the Laws of the
State of New York, regardless of any Laws that might otherwise govern under applicable principles of conflicts of laws thereof. 

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

  
 26 

 Section 7.08 Dispute Resolution. The parties intend that this
Section 7.08 will be valid, binding, enforceable, exclusive and irrevocable and that it shall survive any termination of the Transaction Agreements. 

(a) Upon any dispute, controversy or claim arising out of or relating to the Transaction Agreements or the enforcement, breach, termination or
validity thereof (“Dispute”), the party raising the Dispute will give written notice to the other parties to the Dispute describing the nature of the Dispute following which the parties to such Dispute shall attempt for a period of
ten (10) Business Days from receipt by the parties of notice of such Dispute to resolve such Dispute by negotiation between representatives of the parties hereto who have authority to settle such Dispute. All such negotiations shall be
confidential and any statements or offers made therein shall be treated as compromise and settlement negotiations for purposes of any applicable rules of evidence and shall not be admissible as evidence in any subsequent proceeding for any purpose.
The statute of limitations applicable to the commencement of a lawsuit shall apply to the commencement of an arbitration hereunder, except that no defense based on the running of the statute of limitations will be available based upon the passage of
time during any such negotiation. Regardless of the foregoing, a party shall have the right to seek immediate injunctive relief pursuant to Section 7.08(c) below without regard to any such 10-day negotiation period. 

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

  
 27 

 (d) The prevailing party shall be entitled to recover its costs and reasonable attorneys’
fees, and the non-prevailing party shall pay all expenses and fees of JAMS, all costs of the stenographic record, all expenses of witnesses or proofs that may have been produced at the direction of the arbitrator, and the fees, costs, and expenses
of the arbitrator. The arbitrator shall allocate such costs and designate the prevailing party or parties for these purposes. 

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

Section 7.10 Rules of Construction. 

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

(b) The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be
construed to refer to the Transaction Agreements as a whole and not to any particular provision of the Transaction Agreements, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and
schedules of the Transaction Agreements unless otherwise specified. Whenever the words “include,” “includes” or “including” are used in the Transaction Agreements, they shall be deemed to be followed by the words
“without limitation.” All terms defined in the Transaction Agreements shall have the defined meanings contained herein when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The
definitions contained in the Transaction Agreements are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Unless explicitly stated otherwise herein,
any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time, amended, qualified or supplemented, including in the
case of agreements and instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted
successors and assigns. 
 Section 7.11 Equitable Remedies. The parties agree that irreparable damage would occur to the
Company, on the one hand, and the Contributor and the Stockholder, on the other hand, in the event that any of the provisions of the Transaction Agreements were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the Company, on the one hand, and the Contributor and the Stockholder, on the other hand, shall be entitled to an injunction or injunctions to prevent breaches of the Transaction Agreements by the other party and to enforce
specifically the terms and provisions hereof in any federal or state court located in New York, this being in addition to any other remedy to which the parties entitled under the Transaction Agreements or otherwise at law or in equity. 

  
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 Section 7.12 Time of the Essence. Time is of the essence with respect to all
obligations under the Transaction Agreements. 
 Section 7.13 Descriptive Headings. The descriptive headings herein are inserted
for convenience only and are not intended to be part of or to affect the meaning or interpretation of the Transaction Agreements. 

Section 7.14 No Personal Liability Conferred. The Transaction Agreements shall not create or permit any personal liability or
obligation on the part of any officer, director, partner, employee or shareholder of the Company, the Contributor or the Stockholder. 

Section 7.15 Amendments. This Contribution Agreement may be amended by appropriate instrument, without the consent of the
Contributor and the Stockholder, at any time prior to the Contribution Closing Date; provided, that no such amendment, modification or supplement shall be made that alters the amount or changes the form of the consideration to be delivered to
the Contributor or the Stockholder. 
 [Signature pages follow] 

  
 29 

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

							
	PARAMOUNT GROUP, INC., a Maryland corporation
			
		 	By:	 	 /s/ David P. Spence

		 		 	Name:	 	David P. Spence
		 		 	Title:	 	Senior Vice President
	
	MARATHON RENTAL INVESTMENTS, INC.
			
		 	By:	 	 /s/ Thomas Armbrust

		 		 	Name:	 	Thomas Armbrust
		 		 	Title:	 	President

 [Signature Page to Marathon Contribution Agreement] 

 
			
	STOCKHOLDER
	
	 /s/ Maren Otto

	Name:	 	Maren Otto

  
 [Signature Page to
Marathon Contribution Agreement] 

 EXHIBIT A 

List of Properties 

[See attached] 

  
 A-1 

 List of Properties 

Fund I 
 1633 Broadway, New York, NY 

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

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

One Market Plaza, San Francisco, CA 
 Fund IV 

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

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

 Liberty Place, 325 Seventh Street, NW, Washington DC 

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

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

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

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

 Fund V (CIP) 

31 West 52nd Street, New York, NY 

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

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

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

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

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

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

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

712 Fifth Avenue, New York, NY 

  
 2 

 Paramount Group, Inc., a Delaware corporation 

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

1325 Avenue of the Americas, New York, NY 

  
 3 

 EXHIBIT B 

Certificate of Conversion 

[See attached] 

  
 B-1 

 STATE OF DELAWARE CERTIFICATE OF CONVERSION FROM A 

CORPORATION TO A LIMITED LIABILITY COMPANY PURSUANT TO SECTION 

18-214 OF THE LIMITED LIABILITY COMPANY ACT 
  

	 	1.	The jurisdiction where the Corporation first formed is Delaware. 

  

	 	2.	The jurisdiction immediately prior to filing this Certificate is Delaware. 

  

	 	3.	The date the corporation first formed is April 9, 1981. 

  

	 	4.	The name of the Corporation immediately prior to filing this Certificate is Marathon Rental Investments, Inc. 

  

	 	5.	The name of the Limited Liability Company as set forth in the Certificate of Formation is Marathon Rental Investments LLC. 

  

	 	6.	All membership interests will carry the same voting and economic rights by overall percentage held without the prior distinctions by class of the predecessor corporation, and without carrying over corporate concepts of
number of authorized shares and par value. 

 IN WITNESS WHEREOF, the undersigned have executed this Certificate on this
    day of                     , 2014. 

 

			
	By:	 	  

	Name:	 	Thomas Armbrust
		 	President

 EXHIBIT C 

Certificate of Formation 

[See attached] 

  
 C-1 

 CERTIFICATE OF FORMATION 

OF 
 MARATHON RENTAL
INVESTMENTS LLC 
 This Certificate of Formation of Marathon Rental Investments LLC is being duly executed and filed by the undersigned,
as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del C. § 18-101, et seq.). 
  

	 	1.	The name of the limited liability company is Marathon Rental Investments LLC. 

  

	 	2.	The address of its registered office in the State of Delaware is 1209 Orange Street, Wilmington, Delaware 19801. The name of its Registered Agent is The Corporation Trust Company. 

IN WITNESS WHEREOF, the undersigned has signed this Certificate of Formation of Marathon Rental Investments LLC this
    day of                     , 2014. 

 

			
	By:	 	  

	Name:	 	

 EXHIBIT D 

Agreement and Plan of Merger 

[See attached] 

  
 D-1 

 EXHIBIT D 

AGREEMENT AND PLAN OF MERGER 

by and among 
 MARATHON
RENTAL INVESTMENTS LLC 
 PARAMOUNT GROUP, INC., 

a Maryland corporation, 

and 
 THE EQUITY HOLDER

 of 
 MARATHON
RENTAL INVESTMENTS LLC 
 Dated as of November [    ], 2014 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
		
	ARTICLE I THE MERGER	  	 	2	  
				
		 	Section 1.01	 	The Merger	  	 	2	  
		 	Section 1.02	 	Merger Closing	  	 	2	  
		 	Section 1.03	 	Effective Time	  	 	2	  
		 	Section 1.04	 	Effect of the Merger	  	 	2	  
		 	Section 1.05	 	Organizational Documents	  	 	2	  
		 	Section 1.06	 	Directors and Officers of the Surviving Entity	  	 	2	  
		 	Section 1.07	 	Conversion of Equity Interests	  	 	3	  
		 	Section 1.08	 	Tax Treatment	  	 	3	  
		 	Section 1.09	 	Payment of Merger Consideration	  	 	3	  
		
	ARTICLE II CLOSING	  	 	4	  
				
		 	Section 2.01	 	Conditions Precedent	  	 	4	  
		
	ARTICLE III COVENANTS; ADDITIONAL AGREEMENTS	  	 	6	  
				
		 	Section 3.01	 	Tax Covenants	  	 	6	  
		 	Section 3.02	 	Liability For Transfer Taxes	  	 	6	  
		 	Section 3.03	 	Indemnification	  	 	7	  
		
	ARTICLE IV GENERAL PROVISIONS	  	 	7	  
				
		 	Section 4.01	 	General Provisions	  	 	7	  
		 	Section 4.02	 	Amendments	  	 	7	  
		 	Section 4.03	 	Counterparts	  	 	7	  

  

			
	SCHEDULES
		
	Schedule 1.07	  	Merger Consideration
		
	Exhibit A	  	Form of Letter of Transmittal

  
 i 

 AGREEMENT AND PLAN OF MERGER 

THIS AGREEMENT AND PLAN OF MERGER (including all exhibits and schedules, this “Merger Agreement”) is made and entered into as
of November 6, 2014, by and among PARAMOUNT GROUP, INC., a Maryland corporation (the “Company”), MARATHON RENTAL INVESTMENTS LLC, a Delaware limited liability company (“Marathon LLC”), and the equity holder
whose name appears on the signature pages hereto (the “Equity Holder”). Defined terms used herein and not defined in the body of this Merger Agreement shall have the meanings set forth in the Contribution Agreement (as defined
below). 
 RECITALS 

WHEREAS, reference is made to that certain Contribution Agreement, dated as of November 6, 2014 (the “Contribution
Agreement”), by and among the Company, Marathon Rental Investments, Inc., a Delaware corporation (“Marathon”), and the sole stockholder of Marathon (the “Stockholder”) pursuant to which, among other
matters, the parties thereto will effect the Contribution; 
 WHEREAS, the board of directors of Marathon and the Stockholder have
approved, subject to, and following the closing of the Contribution, the conversion of Marathon from a Delaware corporation to a Delaware limited liability company named Marathon Rental Investments LLC (the “Conversion”), which will
be the successor of Marathon; 
 WHEREAS, as part of the Formation Transactions, following the Conversion, Marathon LLC will merge
with and into the Company, with the Company as the surviving entity (the “Merger”) and in consideration thereof the Equity Holder will receive shares of Company Common Stock (“Company Shares”); 

WHEREAS, the board of directors of the Company and the stockholder of the Company have approved and authorized, subject to and
following the closing of the Conversion, the Merger in accordance with applicable Laws and the Company’s Organizational Documents; 

WHEREAS, Marathon LLC and the Equity Holder have approved and authorized, subject to and following the closing of the Conversion, the
Merger in accordance with applicable Laws and Marathon LLC’s Organizational Documents; and 
 WHEREAS, the Conversion became
effective as of the date hereof upon the filing of the Certificate of Conversion and the Certificate of Formation. 

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

ARTICLE I 
 THE MERGER

 Section 1.01 The Merger. At the Effective Time, subject to and upon the terms and conditions of this Merger Agreement and
in accordance with applicable Laws, Marathon LLC shall be merged with and into the Company, whereby the separate existence of Marathon LLC shall cease, and the Company shall continue its existence under Maryland General Corporation Law as the
surviving entity in the Merger (sometimes referred to as the “Surviving Entity”). 
 Section 1.02 Merger
Closing. The closing of the Merger and the other transactions contemplated hereby (the “Merger Closing” or the “Merger Closing Date”) shall occur after the Conversion and concurrently with the closing of
the IPO (the “IPO Closing”), or up to one (1) day prior to, but conditioned upon the prior occurrence of the Conversion and subsequent occurrence of, the IPO Closing. The Merger Closing shall take place at the offices of
Goodwin Procter LLP, 620 Eighth Avenue, New York, NY 10018, or as mutually agreed between the Company and Marathon LLC. In connection with the foregoing, the parties hereto hereby agree that the specific order in which the
Contribution, the Merger Closing, the IPO Closing and the closing of the other transactions that are part of or related to the Formation Transactions occur shall be as determined by the Company, provided, however, that the Contribution
shall precede the Conversion and the Conversion shall precede the Merger Closing. 
 Section 1.03 Effective Time. On the Merger
Closing Date (or on such other date as the Company and Marathon LLC may agree) the Company and Marathon LLC shall file, or shall cause to be filed, a certificate of merger or similar document with respect to the Merger (the “Certificate of
Merger”) as may be required by applicable Laws with the Secretary of State of each applicable jurisdiction, providing that the Merger shall become effective upon filing or, if agreed upon by the Company and Marathon LLC, as of such other
date or time as is set forth in the Certificate of Merger (the “Effective Time”), together with any certificates and other filings or recordings related thereto, in such forms as are required by, and executed in accordance with, the
relevant provisions of applicable Laws. 
 Section 1.04 Effect of the Merger. At the Effective Time, the effect of the Merger
shall be as provided in this Merger Agreement, the Certificate of Merger and applicable Laws. 
 Section 1.05 Organizational
Documents. At the Effective Time, the Organizational Documents of the Company, as in effect immediately prior to the Effective Time, shall be the Organizational Documents of the Surviving Entity until thereafter amended as provided therein or in
accordance with applicable Laws. 
 Section 1.06 Directors and Officers of the Surviving Entity. The directors and officers of
the Company immediately prior to the Effective Time shall be and become the directors and officers of the Surviving Entity as of the Effective Time, each to hold office in accordance with the Organizational Documents of the Surviving Entity. 

  
 2 

 Section 1.07 Conversion of Equity Interests. 

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

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

Section 1.09 Payment of Merger Consideration. 

(a) After the Effective Time, upon surrender by the Equity Holder of her Equity Interests together with a duly executed letter of transmittal
in the form attached hereto as Exhibit A and the certificates, if any, evidencing such Equity Interests to the Company, the Equity Holder shall be entitled to receive from the Company in exchange therefor the Merger Consideration to which the
Equity Holder is entitled (less the Indemnity Holdback Amount). Risk of loss and title to the Equity Interests of the Equity Holder shall pass only upon delivery to the Company of such duly executed letter of transmittal and the certificates, if
any, evidencing such Equity Interests. The full amount of the Indemnity Holdback Amount shall be retained from the Merger Consideration otherwise deliverable to the Equity Holder. 

(b) Notwithstanding any other provisions of this Merger Agreement, dividends or other distributions payable on any portion of the Merger
Consideration after the Effective Time, but prior to the delivery of such portion of the Merger Consideration to the Equity Holder pursuant to Section 1.09(a) above, shall be paid promptly by the Company to the Equity Holder of record,
as set forth in Schedule 1.07, entitled to receive such portion of the Merger Consideration upon compliance with the procedures set forth in this Section, less the 

  
 3 

 
amount of any withholding taxes which may be required thereon as reasonably determined by the Company. At and after the Effective Time, there shall be no transfers on the applicable record books
of the Equity Interests that are outstanding immediately prior to the Effective Time. 
 (c) On the Merger Closing Date, the Company will
deposit the Indemnity Holdback Amount with the Escrow Agent (as defined in the Escrow Agreement) in accordance with the terms and conditions of the Escrow Agreement. The approval of the Merger and this Merger Agreement by the Equity Holder shall
constitute approval of the Escrow Agreement and of all of the arrangements relating thereto, including without limitation the placement of the Indemnity Holdback Amount in escrow and the appointment of the Equity Holder’s Representative
pursuant to the Contribution Agreement. 
 ARTICLE II 

CLOSING 

Section 2.01 Conditions Precedent. 

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

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

  
 4 

 (b) Conditions to Obligations of the Company. The obligation of the Company to effect the
transactions contemplated by this Merger Agreement and to consummate the other transactions contemplated hereby to occur on the Merger Closing Date are further subject to satisfaction of the following conditions (any of which may be waived by the
Company in whole or in part): 
 (i) Representations and Warranties of the Contributor. (i) The representations
and warranties of the Contributor set forth in Section 4.16 of the Contribution Agreement shall be true and correct in all respects as of the date of this Merger Agreement and as of the Effective Time, (ii) each representation and
warranty of the Contributor in the Contribution Agreement (other than in Section 4.16) that is qualified by materiality or Contributor Material Adverse Effect shall be true and correct in all respects as of the date of this Merger
Agreement and as of the Effective Time as if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date), and (iii) each
representation and warranty of the Contributor contained in the Contribution Agreement (other than in Section 4.16) that is not qualified by materiality or Contributor Material Adverse Effect shall be true and correct as of the date of
this Merger Agreement and as of the Merger Closing as if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date), except
where the failure of such representations and warranties to be true and correct would not reasonably be expected to have a Contributor Material Adverse Effect. 

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

  
 5 

 
warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date), except where the failure of such representations and warranties to be true and
correct would not reasonably be expected to have a Company Material Adverse Effect. 
 (ii) Consents, Etc. All
necessary consents and approvals of Governmental Authorities or third parties (including lenders) for the Company to consummate the transactions contemplated hereby (except for those the absence of which would not have a material adverse effect on
the ability of the Company to consummate the transactions contemplated by this Merger Agreement) shall have been obtained. 
 ARTICLE III

 COVENANTS; ADDITIONAL AGREEMENTS 

Section 3.01 Tax Covenants. 

(a) Each party hereto (i) shall cause all Tax returns relating to the Contribution, Conversion and Merger to be filed on the basis of
treating the Contribution, Conversion and Merger, taken together, as a “reorganization” within the meaning of Section 368(a) of the Code and (ii) shall not take any position on any Tax return, or take any other reporting
position, that is inconsistent with such treatment, unless otherwise required by applicable Laws. 
 (b) The Equity Holder shall provide the
Company with such reasonable cooperation and information relating to Marathon LLC, any Marathon LLC Subsidiary and any JV Entity as the Company reasonably requires in (i) filing any Tax return, amended Tax return or claim for Tax refund,
(ii) determining any liability for Taxes or a right to a Tax refund, (iii) conducting or defending any proceeding in respect of Taxes or (iv) performing Tax diligence, including with respect to the impact of the transactions
contemplated herein on the Company’s qualification as a REIT for U.S. federal income Tax purposes.
 (c) The Company shall be
responsible for the prosecution of any claim or audit instituted after the Merger Closing Date with respect to Taxes of Marathon LLC, any Marathon LLC Subsidiary or any JV Entity attributable to any taxable period, or portion thereof, ending on or
before the Merger Closing Date. 
 Section 3.02 Liability For Transfer Taxes. Without duplication of the indemnity set forth in
Section 6.05 of the Contribution Agreement, the Equity Holder agrees to indemnify the Company for any Incremental Transfer Taxes incurred as a result of any direct or indirect transfers of the Company Shares or interests therein within
two years after the IPO Closing Date; provided that such Company Shares shall be the Company’s sole recourse with respect to such indemnification obligation. Without duplication of the indemnity set forth in Section 6.05 of
the Contribution Agreement, the Equity Holder hereby grants a security interest in 50% of the Company Shares received as Merger Consideration to the Company and hereby irrevocably appoints the Company, and any of its agents, officers, or employees
as its attorney-in fact, which shall be deemed coupled with an interest, with full power to prepare, execute and deliver any 

  
 6 

 
documents, instruments and agreements as may be appropriate to perfect and continue such security interest in favor of the Company. The security interest granted pursuant to this
Section 3.02 shall attach to the Company Shares that are not included in the Indemnity Holdback Amount. The Company agrees that the security interest in the Company Shares received by the Equity Holder in the Merger may be released, or
collateral may be substituted, in accordance with the terms of the Escrow Agreement. 
 Section 3.03 Indemnification. The
parties agree that the provisions of Article V (Indemnification) and Section 6.04 of Article VI of the Contribution Agreement (Tax Protection Provisions) shall apply mutatis mutandis to this Merger Agreement. 

ARTICLE IV 
 GENERAL
PROVISIONS 
 Section 4.01 General Provisions. The provisions of Article VII (General Provisions) of the
Contribution Agreement shall apply mutatis mutandis to this Merger Agreement. 
 Section 4.02 Amendments. This
Merger Agreement may be amended by appropriate instrument, without the consent of the Contributor and the Equity Holder, at any time prior to the Merger Closing Date; provided, that no such amendment, modification or supplement shall be made
that alters the amount or changes the form of the Merger Consideration to be delivered to the Equity Holder. 
 Section 4.03
Counterparts. This Merger Agreement may be executed in counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to
each other party. All counterparts shall collectively constitute one agreement (or amendment, as applicable). The exchange of counterparts of this Merger Agreement among the parties by means of facsimile transmission or by electronic
transmission (pdf) which shall contain authentic reproductions shall constitute a valid exchange of this Merger Agreement and shall be binding upon the parties hereto. 

[Signature pages follow] 

  
 7 

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

			
	PARAMOUNT GROUP, INC.,
	a Maryland corporation
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 MARATHON RENTAL INVESTMENTS LLC,

a Delaware limited liability company

		
	By:	 	Paramount Group, Inc., a Delaware corporation, its manager
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Marathon Merger Agreement] 

 
	
	STOCKHOLDER
	
	  

	Name: Maren Otto

 [Signature Page to Marathon Merger Agreement] 

 EXHIBIT A 

Form of Letter of Transmittal 

[See attached] 
 Exhibit A

 SCHEDULE 1.07 

Merger Consideration 

Marathon LLC 
  

					
	 Equity Holder
	  	Merger Consideration	  	Indemnity
Holdback Amount
	 Maren Otto
	  	2,013,329 Company Shares	  	30,199 Company Shares

 Schedule 1.07 

 EXHIBIT E 

Escrow Agreement 
 [See
attached] 

  
 E-1 

 OMNIBUS DISTRIBUTION AND ESCROW AGENT AGREEMENT 

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

BACKGROUND 
  

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

  

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

  

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

 

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

  

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

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

 

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

  

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

  

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

  
 -2- 

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

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

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

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

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

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

  
 -3- 

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

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

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

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

  
 -4- 

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

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

  
 -5- 

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

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

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

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

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

  
 -6- 

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

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

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

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

  
 -7- 

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

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

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

[signature pages follow] 

  
 -8- 

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

					
	PARAMOUNT GROUP, INC., a Maryland corporation
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Operating Partnership: 
  

							
	 PARAMOUNT GROUP OPERATING

PARTNERSHIP LP, a Delaware limited

partnership

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

		 		 	Name:	 	
		 		 	Title:	 	

 Agent: 

Acknowledged and Agreed to with respect to Section 1 only: 
  

			
	 COMPUTERSHARE TRUST COMPANY, N.A. and

COMPUTERSHARE INC.
 On Behalf of Both
Entities

		
	By:	 	  

	Name:	 	
	Title:	 	

 Fund Participants: 
  

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

(CORE), L.P.

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

(CIP), L.P.

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

  

					
		 	Signature:	 	  

		 	Name:	 	
		 	 Title:
	 	

 PGI Participants: 
  

			
	 PARAMOUNT GROUP, INC., a Delaware corporation

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 PGI Participants: 
  

			
	 ARCADE RENTAL INVESTMENTS, INC.

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

		
	By:	 	  

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

 PGI Participants: 
  

			
	  

	Name:	 	Frank Otto

 PGI Participants: 
  

			
	  

	Name:	 	Ingvild Goetz

 PGI Participants: 
  

			
	  

	Name:	 	Sarah Pisani

 PGI Participants: 
  

			
	  

	Name:	 	Julia Stoecker

 JV Participants: 

WvF 1325, INC., a Delaware corporation 
  

			
	Signature:	 	  

	Name:	 	
	 Title:
	 	

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

 

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

	Name:	 	
	 Title:
	 	

 HOLDER: 
  

			
	Signature:	 	  

	Name:	 	Dr. Michael Otto

 HOLDER: 
  

			
	Signature:	 	  

	Name:	 	Benjamin Otto

 HOLDER: 
  

			
	Signature:	 	  

	Name:	 	Janina Otto

 EXHIBIT F 

Lock-up Agreement 
 [See
attached] 

  
 F-1 

 FORM OF LOCK-UP AGREEMENT 

—, 2014 

Merrill Lynch, Pierce, Fenner & Smith 

                    Incorporated, 

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

One Bryant Park 
 New York, New York 10036 

 

	 	Re:	Proposed Public Offering by Paramount Group, Inc. 

 Dear Sirs: 

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

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

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

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

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

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

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

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

  
 2 

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

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

[Signature Page Follows] 

  
 3 

 
			
	Very truly yours,
		
	Signature:	 	  

	Print Name:

 Lock-Up Agreement 

 EXHIBIT G 

Assignment and Assumption Agreement 

[See attached] 

  
 G-1 

 EXHIBIT D 

FORM 
 OF 

ASSIGNMENT AND ASSUMPTION AGREEMENT 

(Name of Entity) 
 This
Assignment and Assumption Agreement (the “Agreement”) is made and entered into as of                  , 2014 by and between [Name of Entity], a Delaware
limited partnership (“Transferor”), Paramount Group Operating Partnership LP (“Transferee”) and Paramount Group, Inc., a Maryland corporation (the “Company”). 

WHEREAS, pursuant to the Contribution Agreement, dated as of             
    , 2014, by and among Transferor, Transferee and the Company (the “Contribution Agreement”) the Transferor desires to contribute to the Transferee all of its assets (other than Excluded Assets) and liabilities
(the “Contributed Interests”) and the Transferee shall acquire from the Transferor all of the Transferor’s right, title and interest in the Contributed Interests; 

NOW THEREFORE, in consideration of the promises and covenants herein contained, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
  

	 	1.	Assignment. The Transferor hereby contributes, assigns, transfers and delivers to the Transferee, and the Transferee hereby accepts and assumes, all of the Transferor’s right, title and interest in and to
the Contributed Interests. 

  

	 	2.	Assumption. Transferee hereby assumes and agrees to perform all of the liabilities, duties and obligations of Transferor with respect to the Contributed Interests. 

 

	 	3.	Representations and Warranties. Each party hereto represents and warrants to the other parties that this Agreement has been duly executed and delivered by such party and constitutes the legal, valid and binding
obligation of such party enforceable against it in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium or similar laws of general applicability relating to or affecting creditors’ rights
generally, and except for limitations imposed by general principles of equity. 

  

	 	4.	Further Assurances. Each party hereby agrees to use reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper or advisable, consistent with
applicable law to consummate and make effective the transactions contemplated hereby. 

  

	 	5.	Effectiveness. This Agreement shall have an effective date as of the date first written above, and all of the transactions contemplated hereby shall be deemed effective as of such date and specified time.

	 	6.	Counterparts. This Agreement may be executed in counterparts, all of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 

 

	 	7.	Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understanding between the parties
hereto with respect to such subject matter. 

  

	 	8.	Severability. In the event that any one or more of the provisions contained in this Agreement or in any other instrument referred to herein, shall, for any reason, be held to be invalid, illegal or unenforceable
in any respect, then to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any other such instrument. 

 

	 	9.	Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. No such party may assign any rights or obligations
hereunder without the prior written consent of the other parties hereto. 

  

	 	10.	Amendment, Waiver and Termination. This Agreement may not be amended or terminated, and no provision hereof may be waived, except by a writing signed by each of the parties hereto. 

 

	 	11.	Third Party Beneficiaries. This Agreement is not intended to confer upon any other Person any rights or remedies hereunder. 

  

	 	12.	Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS (BOTH SUBSTANTIVE AND PROCEDURAL) OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
WITHOUT REFERENCE TO THE CHOICE OF LAW OR CONFLICTS OF LAW PRINCIPLES THEREOF. 

 [Signature pages follow] 

 SCHEDULE 1.01 

Excluded Assets 
 All of the interests in
Kommanditgesellschaft Grundstücksgesellschaft EKZ Schwedt m.b.H. & Co. held by Marathon 

  
 Schedule 1.01 

 SCHEDULE 1.02 

Consideration 
 Marathon 

 

	
	 Consideration

	
	1,980,402 Company Shares

  
 Schedule 1.02EX-10.17

 Exhibit 10.17 

AGREEMENT AND PLAN OF MERGER 

by and among 
 COSMOS
RENTAL INVESTMENTS, INC., 
 a Delaware corporation, 

PARAMOUNT GROUP, INC., 

a Maryland corporation, 

and 
 THE STOCKHOLDER

 Dated as of November 6, 2014 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE I THE MERGER
	  	 	2	  
			
	 Section 1.01
	    	 The Merger
	  	 	2	  
	 Section 1.02
	    	 Merger Closing
	  	 	2	  
	 Section 1.03
	    	 Effective Time
	  	 	2	  
	 Section 1.04
	    	 Effect of the Merger
	  	 	3	  
	 Section 1.05
	    	 Organizational Documents
	  	 	3	  
	 Section 1.06
	    	 Directors and Officers of the Surviving Entity
	  	 	3	  
	 Section 1.07
	    	 Conversion of Equity Interests
	  	 	3	  
	 Section 1.08
	    	 Tax Treatment of Merger
	  	 	3	  
	 Section 1.09
	    	 Payment of Merger Consideration
	  	 	4	  
		
	 ARTICLE II CLOSING; TERM OF AGREEMENT
	  	 	4	  
			
	 Section 2.01
	    	 Conditions Precedent
	  	 	4	  
	 Section 2.02
	    	 Closing Deliveries
	  	 	6	  
	 Section 2.03
	    	 Term of the Agreement
	  	 	7	  
	 Section 2.04
	    	 Effect of Termination
	  	 	7	  
	 Section 2.05
	    	 Tax Withholding
	  	 	7	  
	 Section 2.06
	    	 Transaction Costs
	  	 	7	  
	 Section 2.07
	    	 Further Action
	  	 	7	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	8	  
			
	 Section 3.01
	    	 Organization; Authority
	  	 	8	  
	 Section 3.02
	    	 Due Authorization
	  	 	8	  
	 Section 3.03
	    	 Consents and Approvals
	  	 	8	  
	 Section 3.04
	    	 Tax Matters
	  	 	8	  
	 Section 3.05
	    	 No Violation
	  	 	9	  
	 Section 3.06
	    	 Validity of Company Shares
	  	 	9	  
	 Section 3.07
	    	 Litigation
	  	 	9	  
	 Section 3.08
	    	 Broker
	  	 	9	  
	 Section 3.09
	    	 No Other Representations or Warranties
	  	 	9	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF COSMOS
	  	 	10	  
			
	 Section 4.01
	    	 Organization; Authority
	  	 	10	  
	 Section 4.02
	    	 Capitalization
	  	 	10	  
	 Section 4.03
	    	 Due Authorization
	  	 	11	  
	 Section 4.04
	    	 Consents and Approvals
	  	 	11	  
	 Section 4.05
	    	 Tax Matters
	  	 	11	  
	 Section 4.06
	    	 No Violation
	  	 	12	  
	 Section 4.07
	    	 Solvency
	  	 	12	  
	 Section 4.08
	    	 Litigation
	  	 	12	  
	 Section 4.09
	    	 Licenses and Permits
	  	 	13	  
	 Section 4.10
	    	 The Properties
	  	 	13	  
	 Section 4.11
	    	 Insurance
	  	 	14	  

  
 i 

							
	 Section 4.12
	    	 Environmental Matters
	  	 	15	  
	 Section 4.13
	    	 Holding Period
	  	 	15	  
	 Section 4.14
	    	 Investments
	  	 	15	  
	 Section 4.15
	    	 Broker
	  	 	15	  
	 Section 4.16
	    	 Eminent Domain
	  	 	16	  
	 Section 4.17
	    	 Assets and Liabilities
	  	 	16	  
	 Section 4.18
	    	 No Other Representations or Warranties
	  	 	16	  
		
	 ARTICLE V INDEMNIFICATION
	  	 	16	  
			
	 Section 5.01
	    	 Company Indemnification
	  	 	16	  
	 Section 5.02
	    	 Cosmos Indemnification
	  	 	17	  
	 Section 5.03
	    	 Notice of Claims
	  	 	18	  
	 Section 5.04
	    	 Third Party Claims
	  	 	18	  
	 Section 5.05
	    	 Survival of Representations and Warranties
	  	 	19	  
	 Section 5.06
	    	 Establishment of Indemnity Holdback Escrow
	  	 	19	  
	 Section 5.07
	    	 Exclusive Remedy
	  	 	19	  
	 Section 5.08
	    	 Tax Treatment
	  	 	19	  
		
	 ARTICLE VI COVENANTS; ADDITIONAL AGREEMENTS
	  	 	19	  
			
	 Section 6.01
	    	 Certain Covenants of Cosmos
	  	 	19	  
	 Section 6.02
	    	 Stockholder’s Representative
	  	 	20	  
	 Section 6.03
	    	 Tax Covenants
	  	 	20	  
	 Section 6.04
	    	 Liability for Transfer Taxes
	  	 	21	  
	 Section 6.05
	    	 Commercially Reasonable Efforts By the Company and Cosmos
	  	 	21	  
		
	 ARTICLE VII GENERAL PROVISIONS
	  	 	21	  
			
	 Section 7.01
	    	 Notices
	  	 	21	  
	 Section 7.02
	    	 Definitions
	  	 	22	  
	 Section 7.03
	    	 Counterparts
	  	 	24	  
	 Section 7.04
	    	 Entire Agreement; Third-Party Beneficiaries
	  	 	24	  
	 Section 7.05
	    	 Governing Law
	  	 	24	  
	 Section 7.06
	    	 Assignment
	  	 	25	  
	 Section 7.07
	    	 Jurisdiction
	  	 	25	  
	 Section 7.08
	    	 Dispute Resolution
	  	 	25	  
	 Section 7.09
	    	 Severability
	  	 	26	  
	 Section 7.10
	    	 Rules of Construction
	  	 	26	  
	 Section 7.11
	    	 Equitable Remedies
	  	 	27	  
	 Section 7.12
	    	 Time of the Essence
	  	 	27	  
	 Section 7.13
	    	 Descriptive Headings
	  	 	27	  
	 Section 7.14
	    	 No Personal Liability Conferred
	  	 	27	  
	 Section 7.15
	    	 Amendments
	  	 	27	  

  
 ii 

 EXHIBITS 
  

			
	Exhibit A	  	Properties
	Exhibit B	  	Escrow Agreement
	Exhibit C	  	Lock-up Agreement
	Exhibit D	  	Form of Letter of Transmittal

 SCHEDULES 

 

			
	Schedule 1.07	  	Merger Consideration

  
 iii 

 DEFINED TERMS 
  

			
	 Term
	  	 Section

		
	Accredited Investor	  	Section 7.02
	Affiliate	  	Section 7.02
	Agreement	  	Introduction
	Business Day	  	Section 7.02
	Certificate of Merger	  	Section 1.03
	Claim	  	Section 5.03
	Claim Notice	  	Section 5.03
	Closing Documents	  	Section 2.02
	Code	  	Section 7.02
	Company	  	Introduction
	Company Cap	  	Section 5.07
	Company Common Stock	  	Recitals
	Company Indemnified Party	  	Section 5.02
	Company Material Adverse Effect	  	Section 7.02
	Company Shares	  	Recitals
	Company’s Knowledge	  	Section 7.02
	Cosmos	  	Introduction
	Cosmos Indemnified Party	  	Section 5.01
	Cosmos Material Adverse Effect	  	Section 7.02
	Cosmos Subsidiary	  	Section 4.01
	Cosmos’s Knowledge	  	Section 7.02
	Disclosure Letter	  	Article IV
	Dispute	  	Section 7.08
	Effective Time	  	Section 1.03
	Environmental Laws	  	Section 7.02
	Equity Interest	  	Section 1.07
	Escrow Agreement	  	Recitals
	Expiration Date	  	Section 5.05
	Formation Transactions	  	Recitals
	Fund V CIP	  	Section 4.17
	Governmental Authority	  	Section 7.02
	Incremental Transfer Taxes	  	Section 7.02
	Indemnified Party	  	Section 5.03
	Indemnifying Party	  	Section 5.03
	Indemnity Holdback Amount	  	Recitals
	IPO	  	Recitals
	IPO Closing	  	Section 1.02
	JV Entities	  	Section 4.01
	Laws	  	Section 7.02
	Leases	  	Section 4.10

  
 iv 

			
	 Term
	  	 Section

		
	Liens	  	Section 7.02
	Lock-up Agreement	  	Recitals
	Losses	  	Section 5.01
	Merger	  	Recitals
	Merger Closing	  	Section 1.02
	Merger Closing Date	  	Section 1.02
	Merger Consideration	  	Section 1.07
	New York Transfer Taxes	  	Section 6.03
	Operating Partnership	  	Recitals
	OP Units	  	Section 7.02
	Organizational Documents	  	Section 7.02
	Outside Date	  	Section 2.03
	Permitted Activities	  	Section 4.17
	Permitted Distributions	  	Section 4.17
	Permitted Liens	  	Section 7.02
	Person	  	Section 7.02
	Price to the Public	  	Section 7.02
	Properties	  	Recitals
	Property	  	Recitals
	Property Interests	  	Recitals
	Registration Rights Agreement	  	Recitals
	Registration Statement	  	Recitals
	REIT	  	Recitals
	SEC	  	Recitals
	Securities Act	  	Section 7.02
	Stockholder	  	Recitals
	Stockholders Agreement	  	Recitals
	Subsidiary	  	Section 7.02
	Surviving Entity	  	Section 1.01
	Tax	  	Section 7.02
	Tax Return	  	Section 7.02
	Third Party Claims	  	Section 5.04

  
 v 

 AGREEMENT AND PLAN OF MERGER 

THIS AGREEMENT AND PLAN OF MERGER (including all exhibits and schedules, this “Agreement”) is made and entered into as of
November 6, 2014, by and among COSMOS RENTAL INVESTMENTS, INC., a Delaware corporation (“Cosmos”), PARAMOUNT GROUP, INC., a Maryland corporation (the “Company”), and the stockholder whose name appears on the
signature page hereto (the “Stockholder”). Capitalized terms used and not defined in the body of this Agreement shall have the meanings set forth in Section 7.02 hereto. 

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

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

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

WHEREAS, the board of directors of the Company and the stockholder of the Company have approved and authorized the Merger in accordance
with applicable Laws and the Company’s Organizational Documents; 
 WHEREAS, the board of directors of Cosmos and the
Stockholder have approved and authorized the Merger in accordance with applicable Laws and Cosmos’s Organizational Documents; 

WHEREAS, at the Merger Closing, the Company will deposit the number of Company Shares set forth as the Indemnity Holdback Amount
opposite the Stockholder’s name on Schedule 1.07 under the heading “Cosmos”, which represents approximately 1.5% of the Merger Consideration issuable or payable to the Stockholder pursuant to this Agreement (collectively, the
“Indemnity Holdback Amount”) into an Indemnity Holdback Escrow (as defined in the Escrow Agreement) pursuant to the Escrow Agreement in the form of Exhibit B attached hereto (the “Escrow Agreement”), in
order to provide a remedy for a Company Indemnified Party as provided in Section 5.02; 

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

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

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

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

ARTICLE I 
 THE MERGER

 Section 1.01 The Merger. At the Effective Time, subject to and upon the terms and conditions of this Agreement and in
accordance with applicable Laws, Cosmos shall be merged with and into the Company, whereby the separate existence of Cosmos shall cease, and the Company shall continue its existence under Maryland General Corporation Law as the surviving entity in
the Merger (sometimes referred to as the “Surviving Entity”). 
 Section 1.02 Merger Closing. Unless this
Agreement shall have been terminated pursuant to Section 2.03, and subject to satisfaction or waiver of the conditions in Section 2.01, the closing of the Merger and the other transactions contemplated hereby (the
“Merger Closing” or the “Merger Closing Date”) shall occur concurrently with the closing of the IPO (the “IPO Closing”), or up to one (1) day prior to, but conditioned
upon the subsequent occurrence of, the IPO Closing. The Merger Closing shall take place at the offices of Goodwin Procter LLP, 620 Eighth Avenue, New York, NY 10018, or as mutually agreed between the Company and Cosmos. In
connection with the foregoing, the parties hereto hereby agree that the specific order in which the Merger Closing, the IPO Closing and the closing of the other transactions that are part of or related to the Formation Transactions occur shall be as
determined by the Company. 
 Section 1.03 Effective Time. On the Merger Closing Date (or on such other date as the Company and
Cosmos may agree) the Company and Cosmos shall file, or shall cause to be filed, a certificate of merger or similar document with respect to the Merger (the “Certificate of Merger”) as may be required by applicable Laws with the
Secretary of State of each applicable 

  
 2 

 
jurisdiction, providing that the Merger shall become effective upon filing or, if agreed upon by the Company and Cosmos, as of such other date or time as is set forth in the Certificate of Merger
(the “Effective Time”), together with any certificates and other filings or recordings related thereto, in such forms as are required by, and executed in accordance with, the relevant provisions of applicable Laws. 

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

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

Section 1.07 Conversion of Equity Interests. 

(a) Under and subject to the terms and conditions of this Agreement, the Stockholder is entitled to receive as a result of and upon
consummation of the Merger, the Merger Consideration set forth under the heading “Cosmos” in Schedule 1.07. 
 (b) At the
Effective Time, by virtue of the Merger and without any action on the part of the Company, Cosmos or the Stockholder, each outstanding share of (i) common stock, par value $1,000.00, and (ii) Series A preferred stock, par value $1,000.00,
in Cosmos (each an “Equity Interest”) shall be converted automatically into the right of the Stockholder to receive Company Shares, in the amount set forth opposite her name under the heading “Cosmos” in Schedule
1.07 (the “Merger Consideration”). 
 (c) No fractional Company Shares shall be issued to the Stockholder pursuant to
this Agreement. If aggregating all Company Shares that the Stockholder otherwise would be entitled to receive pursuant to this Agreement would require the issuance of a fractional Company Share, the Stockholder shall instead be entitled to receive
one full Company Share in lieu of such fractional Company Share. 
 (d) From and after the Effective Time, each Equity Interest converted
into the right to receive the Merger Consideration pursuant to Section 1.07(b) shall no longer be outstanding and shall automatically be cancelled and retired and shall cease to exist, and the holder of such Equity Interest so converted
shall thereafter cease to have any rights as a stockholder, except the right to receive the Merger Consideration applicable thereto. 

Section 1.08 Tax Treatment of Merger. It is intended that, for U.S. federal income tax purposes, the Merger shall qualify as a
“reorganization” within the meaning of Section 368(a) of the Code, and that this Agreement constitutes, and hereby is adopted as, a “plan of reorganization” within the meaning of Treasury Regulations Sections 1.368-2(g) and
1.368-3. 

  
 3 

 Section 1.09 Payment of Merger Consideration. 

(a) After the Effective Time, upon surrender by the Stockholder of her Equity Interests together with a duly executed letter of transmittal in
the form attached hereto as Exhibit D and the certificates, if any, evidencing such Equity Interests to the Company, the Stockholder shall be entitled to receive from the Company in exchange therefor the portion of the Merger Consideration to
which the Stockholder is entitled (less the Indemnity Holdback Amount). Risk of loss and title to the Equity Interests of the Stockholder shall pass only upon delivery to the Company of such duly executed letter of transmittal and the certificates,
if any, evidencing such Equity Interests. 
 (b) Notwithstanding any other provisions of this Agreement, dividends or other distributions
payable on any portion of the Merger Consideration after the Effective Time, but prior to the delivery of such portion of the Merger Consideration to the Stockholder pursuant to Section 1.09(a) above, shall be paid promptly by the
Company to the Stockholder, as set forth in Schedule 1.07, entitled to receive such portion of the Merger Consideration upon compliance with the procedures set forth in this Section, less the amount of any withholding taxes which may be
required thereon as reasonably determined by the Company. At and after the Effective Time, there shall be no transfers on the applicable record books of the Equity Interests that are outstanding immediately prior to the Effective Time. 

(c) On the Merger Closing Date, the Company will deposit the Indemnity Holdback Amount with the Escrow Agent (as defined in the Escrow
Agreement) in accordance with the terms and conditions of the Escrow Agreement. The approval of the Merger and this Agreement by the Stockholder shall constitute approval of the Escrow Agreement and of all of the arrangements relating thereto,
including without limitation the placement of the Indemnity Holdback Amount in escrow and the appointment of the Stockholder’s Representative. 

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

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

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

  
 4 

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

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

(iii) Consents, Etc. All necessary consents and approvals of Governmental Authorities or third parties (including
lenders) for Cosmos to consummate the transactions contemplated hereby (except for those the absence of which would not have a material adverse effect on the ability of Cosmos to consummate the transactions contemplated by this Agreement) shall have
been obtained. 
 (iv) FIRPTA Notice. The Stockholder shall have provided the Company with a properly executed FIRPTA
notice substantially in the form set forth in Treasury Regulation Section 1.1445-2(b)(2) sufficient to avoid any withholding under Section 1445 of the Code. 

(v) Closing Documents. Cosmos shall have executed and delivered to the Company the documents to which it is a party
which are required to be delivered pursuant to Section 2.02. 

  
 5 

 (c) Conditions to Obligations of Cosmos. The obligation of Cosmos to effect the
transactions contemplated by this Agreement and to consummate the other transactions contemplated hereby to occur on the Merger Closing Date are further subject to satisfaction of the following conditions (any of which may be waived by Cosmos in
whole or in part): 
 (i) Representations and Warranties. (i) Each representation and warranty of the Company
contained in this Agreement that is qualified by materiality or Company Material Adverse Effect shall be true and correct in all respects as of the date of this Agreement and as of the Effective Time as if made again at that time (except to the
extent that any representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date), and (ii) each representation and warranty of the Company contained in this Agreement that is not
qualified by materiality or Company Material Adverse Effect shall be true and correct as of the date of this Agreement and as of the Effective Time as if made again at that time (except to the extent that any representation or warranty speaks as of
an earlier date, in which case it must be true and correct only as of that earlier date), except where the failure of such representations and warranties to be true and correct would not reasonably be expected to have a Company Material Adverse
Effect. 
 (ii) Performance by the Company. The Company shall have performed in all material respects all agreements
and covenants required by this Agreement to be performed or complied with by it on or prior to the Merger Closing Date. 

(iii) Consents, Etc. All necessary consents and approvals of Governmental Authorities or third parties (including
lenders) for the Company to consummate the transactions contemplated hereby (except for those the absence of which would not have a material adverse effect on the ability of the Company to consummate the transactions contemplated by this Agreement)
shall have been obtained. 
 (iv) Offering Price. Cosmos shall have approved the Price to the Public. 

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

  
 6 

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

Section 2.03 Term of the Agreement. This Agreement shall terminate automatically if the Merger Closing or the IPO Closing shall
not have been consummated on or prior to March 31, 2015 (such date is hereinafter referred to as the “Outside Date”). In addition, this Agreement may be terminated before the Merger Closing by a document signed by the Company
and Cosmos. 
 Section 2.04 Effect of Termination. In the event of termination of this Agreement for any reason, all obligations
on the part of the Company and Cosmos under this Agreement shall terminate, except that the obligations set forth in Article VII shall survive, provided, that nothing in this Agreement shall relieve any party hereto from liability for
any breach of this Agreement or any failure to perform its obligations under this Agreement. 
 Section 2.05 Tax Withholding.
The Company shall be entitled to deduct and withhold, or cause to be deducted and withheld, from the Merger Consideration payable (or deemed payable) pursuant to this Agreement, including the Indemnity Holdback Amount, to the Stockholder, such
amounts as the Company is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or non-U.S. Tax law (as determined by the Company in its reasonable discretion). To the extent that
amounts are so deducted and withheld by the Company, such amounts shall be treated for all purposes of this Agreement as having been paid to the Stockholder. 

Section 2.06 Transaction Costs. Subject to Section 6.03, if the Merger Closing occurs, the Company shall be solely
responsible for all transaction costs and expenses of the Company and the Stockholder that have not previously been paid in connection with this Agreement, which include, but are not limited to, lender consent fees, legal, accounting and consultant
fees. 
 Section 2.07 Further Action. If, at any time after the Effective Time, the Surviving Entity shall determine or be
advised that any deeds, bills of sale, assignments, assurances or any other actions or things are necessary or desirable to vest, perfect or confirm of record or otherwise in the Surviving Entity the right, title or interest in, to or under any of
the rights, properties or assets of Cosmos acquired or to be acquired by the Surviving Entity as a result of, or in connection with, the Merger or otherwise to carry out this Agreement, the Surviving Entity shall be authorized to execute and
deliver, in the name and on behalf of Cosmos, all such deeds, bills of sale, assignments and assurances and to take and do, in the name and on behalf of Cosmos, all such other actions and things as may be necessary or desirable to vest, perfect or
confirm any and all right, title and interest in, to and under such rights, properties or assets in the Surviving Entity or otherwise to carry out this Agreement. 

  
 7 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

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

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

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

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

  
 8 

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

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

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

  
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 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF COSMOS 

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

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

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

  
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 Section 4.03 Due Authorization. The execution, delivery and performance of this
Agreement by Cosmos have been duly and validly authorized by all necessary action required of Cosmos. This Agreement and each agreement, document and instrument executed and delivered by or on behalf of Cosmos pursuant to this Agreement constitutes,
or when executed and delivered will constitute, the legal, valid and binding obligation of Cosmos, enforceable against Cosmos, in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to
creditors’ rights and general principles of equity (regardless of whether enforcement is sought in a proceeding in law or in equity). 

Section 4.04 Consents and Approvals. Except as shall have been satisfied on or prior to the Merger Closing Date, no consent,
waiver, approval or authorization of, or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained by Cosmos or any Cosmos Subsidiary or JV Entity in connection with the execution, delivery and
performance of this Agreement and the transactions contemplated hereby, except for those consents, waivers, approvals, authorizations or filings, the failure of which to obtain or to file would not reasonably be expected to have a Cosmos Material
Adverse Effect. 
 Section 4.05 Tax Matters. 

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

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

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

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

  
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 (f) Cosmos has not agreed to assume, nor will assume, directly or indirectly, any expense or
other liability, whether fixed or contingent, of the Stockholder in connection with or as part of the Merger or any related transaction. 

(g) No part of the Merger Consideration will be received by the Stockholder as a creditor, employee or in any capacity other than as a
stockholder of Cosmos. 
 (h) Cosmos is a “United States real property holding corporation” for U.S. federal income tax purposes.

 (i) Cosmos holds cash or cash equivalents (excluding any cash or cash equivalents taken into account in the net amount of tangible assets
and liabilities set forth in Section 4.17 of the Disclosure Letter) in an amount that is at least equal to the unpaid Taxes owed by it for all taxable periods ending on or prior to the Merger Closing Date. 

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

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

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

Section 4.07 Solvency. Cosmos has been and will be solvent at all times prior to the Merger. No bankruptcy or similar insolvency
proceeding has been filed or is currently contemplated by Cosmos, any Cosmos Subsidiary or any JV Entity. 
 Section 4.08
Litigation. As of the date hereof, there is no action, suit or proceeding pending or, to Cosmos’s Knowledge, threatened against Cosmos, any Cosmos Subsidiary or any JV Entity which, if adversely determined, would, individually or
together with all such other actions, reasonably be expected to have a Cosmos Material Adverse Effect. As of the date hereof, there is no action, suit or proceeding pending or, to Cosmos’s Knowledge, threatened

  
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against Cosmos, any Cosmos Subsidiary or any JV Entity which challenges or impairs the ability of Cosmos to execute or deliver, or perform its obligations under this Agreement or to consummate
the transactions contemplated hereby. 
 Section 4.09 Licenses and Permits To Cosmos’s Knowledge, all notices, licenses,
permits, certificates and authorizations required for the continued use, occupancy, management, leasing and operation of the Properties have been obtained or can be obtained without material cost, are in full force and effect, are in good standing
and (to the extent required in connection with the transactions contemplated by this Agreement) are assignable to the Company, except in each case for items that would not, individually or in the aggregate, reasonably be expected to have a Cosmos
Material Adverse Effect. To Cosmos’s Knowledge, neither Cosmos, any Cosmos Subsidiary, any JV Entity nor any third party has taken any action that (or failed to take any action the omission of which) would result in the revocation of any such
notice, license, permit, certificate or authorization where such revocation or revocations would, individually or in the aggregate, reasonably be expected to have a Cosmos Material Adverse Effect, nor has any of them received within the past one
year any written notice of violation from any Governmental Authority or written notice of the intention of any entity to revoke any of them, that in each case has not been cured or otherwise resolved to the satisfaction of such Governmental
Authority and that would not, individually or in the aggregate, reasonably be expected to have a Cosmos Material Adverse Effect. 

Section 4.10 The Properties. 

(a) The Properties are owned directly, in fee simple, by the Persons set forth on Section 4.10 of the Disclosure Letter or their
direct or indirect wholly owned subsidiaries. Each Cosmos Subsidiary or JV Entity listed as owning a Property on Section 4.10 of the Disclosure Letter is insured under a policy of title insurance as the owner of the fee simple estate
(or, in the case of certain Properties, the leasehold estate) of such Property, in each case free and clear of all Liens except for Permitted Liens and Liens, if any, given to secure mortgage indebtedness encumbering such Property. Prior to the
effective time of the transactions contemplated in this Agreement, no Cosmos Subsidiary or JV Entity shall take or omit to take any action to cause any Lien to attach to any Property, except for Permitted Liens and Liens, if any, given to secure
mortgage indebtedness encumbering such Property. 
 (b) Except for matters that would not, individually or in the aggregate, have a Cosmos
Material Adverse Effect, (i) no Cosmos Subsidiary, JV Entity, nor any other party to any agreement affecting any Property to which Cosmos, a Cosmos Subsidiary or JV Entity is a party (other than a Lease (as such term is hereinafter defined) for
space within such Property), has given or received any notice of default with respect to any term or condition of any such agreement, including, without limitation, any ground lease, (ii) no event has occurred or has been threatened in writing,
which with or without the passage of time or the giving of notice, or both, would, individually or together with all such other events, constitute a default under any such agreement, or would, individually or together with all such other events,
reasonably be expected to cause the acceleration of any material obligation of any party thereto or the creation of a Lien upon any asset of any Cosmos Subsidiary or JV Entity, except for Permitted Liens, and (iii) all agreements affecting any
Property required for the continued use, occupancy, management, leasing and operation of such Property (exclusive of space leases) are valid and binding and in full force and effect. No Cosmos Subsidiary or JV Entity has granted an option or right
of first refusal or offer pursuant to the leases with respect to the sale of any Property. 

  
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 (c) As presently conducted, none of the operation of the buildings, fixtures and other
improvements comprising a part of the Properties is in violation of any applicable building code, zoning ordinance or other law or regulation, except for such violations that would not, individually or in the aggregate, have a Cosmos Material
Adverse Effect. Neither Cosmos nor any Cosmos Subsidiary nor any JV Entity has received any written notice from a Governmental Authority of any pending or threatened proceedings for the rezoning of any Property or portion thereof except for such
notices or proceedings that would not, individually, or in the aggregate, reasonably be expected to have a Cosmos Material Adverse Effect. 

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

(e) Except for matters that would not, individually or in the aggregate, reasonably be expected to have a Cosmos Material Adverse Effect, each
of the Leases to which Cosmos, any Cosmos Subsidiary or any JV Entity is a party or by which Cosmos, any Cosmos Subsidiary, any JV Entity or any Property is bound or subject, is in full force and effect, and constitutes the legal, valid and binding
obligation of Cosmos or the applicable Cosmos Subsidiary or JV Entity, and to Cosmos’s Knowledge, each other party thereto, enforceable against each Cosmos Subsidiary or JV Entity, and to Cosmos’s Knowledge, each other party thereto, in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether
enforcement is sought in a proceeding at law or in equity). 
 (f) To Cosmos’s Knowledge, except as previously disclosed to the
Company, no tenant under any such Lease is presently the subject of any voluntary or involuntary bankruptcy or insolvency proceedings, except for matters that would not, individually or in the aggregate, reasonably be expected to have a Cosmos
Material Adverse Effect. 
 Section 4.11 Insurance. Cosmos or the applicable Cosmos Subsidiary or JV Entity has in place the
public liability, casualty and other insurance coverage with respect to each Property 

  
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as Cosmos reasonably deems necessary. Each of the insurance policies with respect to the Properties is in full force and effect in all material respects and none of Cosmos or the applicable
Cosmos Subsidiary or JV Entity is in default (in any material respect) under any such policies. 
 Section 4.12 Environmental
Matters. Except for matters that would not, individually or in the aggregate, reasonably be expected to have a Cosmos Material Adverse Effect, (a) Cosmos, the Cosmos Subsidiaries and the JV Entities are in compliance with all applicable
Environmental Laws, (b) neither Cosmos, any Cosmos Subsidiary nor any JV Entity has received within the past three years any written notice from any Governmental Authority or third party alleging that Cosmos, any Cosmos Subsidiary, any JV
Entity or any Property is not in compliance with applicable Environmental Laws , and (c) there has not been a release of a hazardous substance on any Property that would require investigation or remediation under applicable Environmental Laws.
The representations and warranties contained in this Section 4.12 constitute the sole and exclusive representations and warranties made by Cosmos concerning environmental matters. 

Section 4.13 Holding Period. Cosmos acknowledges that it has been advised, and it has advised the Stockholder, that the Company
Shares issued pursuant to this Agreement are “restricted securities” (unless registered in accordance with applicable U.S. securities Laws) under applicable U.S. federal securities Laws and may be disposed of only pursuant to an effective
registration statement or an exemption therefrom and Cosmos understands that, and has informed the Stockholder that, the Company has no obligation or intention to register any of the Company Shares, except pursuant to the Registration Rights
Agreement. Accordingly, the Stockholder may have to bear indefinitely, the economic risks of an investment in such Company Shares and a notation shall be made in the appropriate records of the Company indicating that the Company Shares are subject
to restrictions on transfer. 
 Section 4.14 Investments. The Stockholder acknowledges that the Company intends the offer
and issuance of Company Shares to the Stockholder as Merger Consideration to be exempt from registration under the Securities Act and applicable state securities laws and that the Company’s reliance on such exemptions is predicated in part on
the accuracy and completeness of the representations and warranties contained herein. In furtherance thereof, the Stockholder represents and warrants to the Company as follows: 

(a) the Stockholder is an Accredited Investor; and 

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

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

  
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 Section 4.16 Eminent Domain. There is no existing or, to Cosmos’s Knowledge
threatened, in writing condemnation, eminent domain or similar proceeding that would affect any of the Properties. Neither Cosmos nor any Cosmos Subsidiary nor any JV Entity has received any written notice from a Governmental Authority of any
pending or threatened condemnation, eminent domain or similar proceeding that would affect any of the Properties. 
 Section 4.17
Assets and Liabilities. 
 (a) Section 4.17 of the Disclosure Letter accurately sets forth, in all material respects, as
of June 30, 2014 and September 30, 2014, (a) all outstanding indebtedness of Cosmos and the Cosmos Subsidiaries and each JV Entity, (b) all interest rate swap liabilities of such entities and (c) the net amount of all other
tangible assets and liabilities of such entities (other than deferred tax liabilities, if any), which consists of cash, cash equivalents, accounts receivable and accounts payable. 

(b) Except for distributions set forth on Section 4.17 of the Disclosure Letter (“Permitted Distributions”) or as
contemplated by this Agreement or as otherwise set forth on Section 4.17 of the Disclosure Letter (“Permitted Activities”), since September 30, 2014, Cosmos has not (i) made any distributions or
(ii) entered into any transactions with an Affiliate other than on an arm’s-length basis. 
 (c) Section 4.17 of the
Disclosure Letter accurately sets forth all contributions made to Cosmos by the Stockholder since September 30, 2014. 
 (d) Cosmos,
together with Cosmos Subsidiaries that are wholly owned, directly or indirectly by Cosmos, owns the interests in Paramount Group Real Estate Fund V (CIP), L.P. (“Fund V CIP”) as set forth on Section 4.17 of the
Disclosure Letter. 
 Section 4.18 No Other Representations or Warranties. Other than the representations and warranties
expressly set forth in this Article IV, Cosmos shall not be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby or thereby. 

ARTICLE V 

INDEMNIFICATION 

Section 5.01 Company Indemnification. 

(a) Subject to the indemnification limitations set forth in this Agreement, from and after the Merger Closing Date, the Company shall
indemnify and hold harmless the Stockholder and her employees, partners, members, agents, representatives and Affiliates (each of which is a “Cosmos Indemnified Party”) from and against any and all charges, complaints, claims,
actions, causes of action, losses, damages, liabilities and expenses of any nature whatsoever, including without limitation, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, costs of investigative judicial or
administrative proceedings or appeals therefrom and costs of attachment or similar bonds (collectively, “Losses”) in excess of the greater of (i) 4.5% of the Company Cap or (ii) $250,000, in each case in the aggregate,

  
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arising out of or relating to, asserted against, imposed upon or incurred by a Cosmos Indemnified Party in connection with or as a result of any breach of a representation, warranty or covenant
of the Company contained in this Agreement or in any schedule, exhibit, certificate or affidavit or any other document delivered by the Company pursuant to this Agreement; provided, however, that the Company shall not have any obligation
under this Section 5.01 to indemnify any Cosmos Indemnified Party against any Losses to the extent that such Losses arise by virtue of Cosmos’s breach of this Agreement, gross negligence, willful misconduct or fraud. 

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

Section 5.02 Cosmos Indemnification. Subject to the indemnification limitations set forth in this Agreement, from and after the
Merger Closing Date, the Indemnity Holdback Amount shall be used to indemnify and hold harmless the Company, the Operating Partnership and each of their respective directors, officers, employees, agents, representatives and Affiliates (each of which
is a “Company Indemnified Party”) from and against any and all Losses in excess of the greater of (i) 4.5% of the Indemnity Holdback Amount or (ii) $250,000, in each case in the aggregate, arising out of or relating to,
asserted against, imposed upon or incurred by such Company Indemnified Party in connection with or as a result of any breach of a representation, warranty or covenant of Cosmos or in any schedule, exhibit, certificate or affidavit or any other
document delivered by Cosmos pursuant to this Agreement; provided, however, that Cosmos shall not have any obligation under this Section 5.02 to indemnify any Company Indemnified Party against any Losses to the extent that such
Losses arise by virtue of the Company’s breach of this Agreement, gross negligence, willful misconduct or fraud; provided further, however, that, to the extent such Losses relate to breach of a representation, warranty or covenant
of Cosmos regarding a Person or the assets and liabilities of a Person that the Company or the Operating Partnership has or acquires an interest in from a Person other than Cosmos, the indemnification pursuant to this Section 5.02 shall
be limited to the portion of such Losses attributable to the interest acquired from Cosmos pursuant to this Agreement. The Stockholder hereby grants to the Company a security interest in the Company Shares held as the Indemnity Holdback Amount to
secure the obligations set forth in this Section 5.02. In addition, to the extent that any OP Units that Cosmos (or the Surviving Entity or its successors in interest) receive, or would otherwise be entitled to receive, in connection
with the Formation Transactions with respect to the interests in Fund V CIP held directly or indirectly by Cosmos at the Effective Time are paid to the Company or the Operating Partnership in order to satisfy indemnification obligations to which
such OP Units are subject in connection with the Company’s or Operating Partnership’s acquisition of the assets of Fund V CIP in the Formation Transactions, the Company or the Operating Partnership will be entitled to receive a number of
shares of Company Shares from the Indemnity Holdback Amount equal to such number of OP Units paid to the Company or the Operating Partnership in order to indemnify the Company or the Operating Partnership for the loss of such OP Units. 

  
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 Section 5.03 Notice of Claims At the time when any Cosmos Indemnified Party or
Company Indemnified Party, as applicable, (as applicable, an “Indemnified Party”) learns of any potential claim (a “Claim”) under this Article V that is asserted against the Indemnified Party that is subject
to indemnification by the Company or in respect of Cosmos from the Indemnity Holdback Amount, as applicable, under this Article V (as applicable, the “Indemnifying Party”), such Indemnified Party will promptly give written
notice (a “Claim Notice”) to the Indemnifying Party (or in the case of the Company Indemnified Parties, to the Stockholder’s Representative); provided that failure to do so shall not prevent recovery under this
Agreement, except to the extent that the Indemnifying Party shall have been materially prejudiced by such failure. Each Claim Notice shall describe in reasonable detail the facts known to the Indemnified Party giving rise to such Claim, and the
amount or good faith estimate of the amount of Losses arising therefrom. Unless prohibited by Law, the Indemnified Party shall deliver to the Indemnifying Party (or in the case of the Company Indemnified Parties, to the Stockholder’s
Representative), promptly after the Indemnified Party’s receipt thereof, copies of all notices and documents (including court papers) received by the Indemnified Party relating to a Third Party Claim (defined below), and failure to do so shall
prevent recovery under this Agreement to the extent that the Indemnifying Party shall have been materially prejudiced by such failure. 

Section 5.04 Third Party Claims. The Indemnifying Party (through the Stockholder’s Representative in the event the
Indemnified Party is a Company Indemnified Party) shall be entitled, at its own expense, to assume and control the defense of any Claims based on claims asserted by third parties (“Third Party Claims”), through counsel chosen by the
Indemnifying Party (or in the case of the Company Indemnified Parties, by the Stockholder’s Representative), if it gives written notice of its intention to do so to the Indemnified Parties within thirty (30) days of the receipt of the
applicable Claim Notice; provided, however, that the Indemnified Parties may at all times participate in such defense at their expense provided, further, that if any such Third Party Claim relates to Taxes of Cosmos, any Cosmos
Subsidiary or any JV Entity or seeks non-monetary damages or asserts damages in excess of the Indemnity Holdback Amount against a Company Indemnified Party, then, notwithstanding anything in this Agreement to the contrary, the Company (or a
Subsidiary of the Company) shall have the right to control any such Third Party Claim. Without limiting the foregoing, in the event that the Indemnifying Party exercises the right to undertake any such defense against a Third Party Claim, the
Indemnified Party shall cooperate with the Indemnifying Party in such defense and make available to the Indemnifying Party (unless prohibited by Law), at the Indemnifying Party’s expense, all witnesses, pertinent records, materials and
information in the Indemnified Party’s possession or under the Indemnified Party’s control relating thereto as is reasonably required by the Indemnifying Party. No compromise or settlement of such Third Party Claim may be effected by
either the Indemnified Party, on the one hand, or the Indemnifying Party (or in the case of the Company Indemnified Parties, the Stockholder’s Representative), on the other hand, without the other’s consent (which shall not be unreasonably
withheld or delayed) unless (a) there is no finding or admission of any violation of Law and no effect on any other claims that may be made against such other party and (b) each Indemnified Party that is party to such claim is released
from all liability with respect to such claim provided that the Stockholder’s Representative shall be deemed to have consented to any proposed compromise or settlement to which he has not objected to by written notice within 30 days
after notice of such proposed compromise or settlement was provided by a Company Indemnified Party. 

  
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 Section 5.05 Survival of Representations and Warranties. All representations and
warranties of Cosmos in Article IV and the Company in Article III, respectively, contained in this Agreement shall survive after the Merger Closing until the first anniversary of the Merger Closing Date (the “Expiration
Date”). If written notice of a Claim in accordance with the provisions of Section 5.03 has been given prior to the Expiration Date, then the relevant representation and warranty shall survive, but only with respect to such
specific Claim, until such Claim has been finally resolved. Any claim for indemnification not so asserted in writing by the Expiration Date may not thereafter be asserted and shall forever be waived. 

Section 5.06 Establishment of Indemnity Holdback Escrow. On the Merger Closing Date, the Company will deposit the Indemnity
Holdback Amount with the Escrow Agent in accordance with the terms and conditions of the Escrow Agreement. The Company agrees that the Company Shares that comprise the Indemnity Holdback Amount may be released, or collateral may be substituted for
such Company Shares, in accordance with the terms of the Escrow Agreement. 
 Section 5.07 Exclusive Remedy. 

(a) Except as set forth in Sections 2.05 and 6.04, (i) the sole and exclusive remedy for Company Indemnified Parties for
any breach, misrepresentation or other matters relating to or arising in connection with this Agreement and any of the agreements, documents or instruments executed and delivered in connection herewith and any of the transactions contemplated hereby
shall be indemnification pursuant to the provisions of this Article V and (ii) neither Cosmos nor the Stockholder shall be liable or obligated to make payments under this Agreement to the extent such payments in the aggregate exceed the
Indemnity Holdback Amount. 
 (b) The sole and exclusive remedy for Cosmos Indemnified Parties for any breach, misrepresentation or other
matters relating to or arising in connection with this Agreement and any of the agreements, documents or instruments executed and delivered in connection herewith and any of the transactions contemplated hereby shall be indemnification pursuant to
the provisions of this Article V and the Company shall not be liable or obligated to make payments under this Agreement to the extent such payments in the aggregate exceed the dollar amount obtained by multiplying the number of Company Shares
included in the Indemnity Holdback Amount by the Price to the Public (the “Company Cap”). 
 Section 5.08 Tax
Treatment. All indemnity payments made under this Agreement shall be treated as adjustments to the consideration paid hereunder for U.S. federal income tax purposes, unless otherwise required by applicable Laws. 

ARTICLE VI 
 COVENANTS;
ADDITIONAL AGREEMENTS 
 Section 6.01 Certain Covenants of Cosmos. From the date hereof through the Merger Closing, except
as otherwise provided for, or as contemplated by this Agreement or the Formation Transaction Documentation, Cosmos shall and shall cause the Cosmos Subsidiaries 

  
 19 

 
and JV Entities, to the extent Cosmos or the Cosmos Subsidiaries control such JV Entities, to use commercially reasonable efforts to conduct their business and operate and maintain the Properties
in the ordinary course, consistent with past practices. In addition, Cosmos: 
 (a) will not make any distributions, other than Permitted
Distributions; 
 (b) except for Permitted Activities, will not enter into any transactions with an Affiliate other than on an
arm’s-length basis; 
 (c) will not sell, transfer or otherwise dispose of its Property Interests; and 

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

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

 (d) The Company shall (i) cause to be timely paid any New York City and New York State real property transfer taxes payable by the
Stockholder as a result of, or in connection with, the Merger (collectively, the “New York Transfer Taxes”); provided, that the parties hereto acknowledge and agree that such amount of New York Transfer Taxes payable shall
reflect the Company’s status as a REIT; and (ii) timely and properly file, with the Stockholder’s cooperation, all Tax Returns with respect to such New York Transfer Taxes. 

  
 20 

 Section 6.04 Liability for Transfer Taxes. The Stockholder agrees to indemnify the
Company for any Incremental Transfer Taxes incurred as a result of any direct or indirect transfers of the Company Shares issued as Merger Consideration or interests therein within two years after the IPO Closing Date, provided that such
Company Shares shall be the Company’s sole recourse with respect to such indemnification obligation. The Stockholder hereby grants a security interest in 50% of the Company Shares to be received by the Stockholder as Merger Consideration to the
Company and hereby irrevocably appoints the Company, and any of its agents, officers, or employees as its attorney-in fact, which shall be deemed coupled with an interest, with full power to prepare, execute and deliver any documents, instruments
and agreements as may be appropriate to perfect and continue such security interest in favor of the Company. The security interest granted pursuant to this Section 6.04 shall attach to Company Shares that are not included in the
Indemnity Holdback Amount. The Company agrees that the security interest in the Company Shares may be released, or collateral may be substituted for such Company Shares, in accordance with the terms of the Escrow Agreement. 

Section 6.05 Commercially Reasonable Efforts By the Company and Cosmos. Each of the Company and Cosmos shall use commercially
reasonable efforts and cooperate with each other in (a) promptly determining whether any filings are required to be made or consents, approvals, waivers, permits or authorizations are required to be obtained (under any applicable Laws or
regulation or from any Governmental Authority or third party) in connection with the transactions contemplated by this Agreement, and (b) promptly making any such filings, in furnishing information required in connection therewith and in timely
seeking to obtain any such consents, approvals, waivers, permits or authorizations. 
 ARTICLE VII 

GENERAL PROVISIONS 

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

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

Attn: General Counsel

  
 21 

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

Attn: General Counsel

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

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

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

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

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

  
 22 

 (h) “Cosmos’s Knowledge” means the actual knowledge (without obligation to
conduct due inquiry) of Albert Behler, David Spence and Gage Johnson of the matter in question (and not their constructive or imputed knowledge). 

(i) “Environmental Laws” means all federal, state and local Laws governing pollution or the protection of human health or the
environment. 
 (j) “Governmental Authority” means any government or agency, bureau, board, commission, court, department,
official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign. 

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

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

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

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

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

(q) “Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust,
unincorporated organization or other entity. 
 (r) “Price to the Public” means the public offering price of a share of
Company Common Stock sold in the IPO as shown on the cover page of the final prospectus forming part of the Registration Statement. 

  
 23 

 (s) “Securities Act” means the Securities Act of 1933, as amended, the rules and
regulations promulgated thereunder. 
 (t) “Subsidiary” of any Person means any corporation, partnership, limited liability
company, joint venture, trust or other legal entity of which such Person owns (either directly or through or together with another Subsidiary of such Person) either (i) a general partner, managing member or other similar interest, or
(ii) (A) 50% or more of the voting power of the voting capital stock or other equity interests, or (B) 50% or more of the outstanding voting capital stock or other voting equity interests of such corporation, partnership, limited
liability company, joint venture or other legal entity. 
 (u) “Tax” (and, with its correlative meaning,
“Taxes”) means any and all taxes, including any interest, penalties, or other additions to tax that may become payable in respect thereof, which taxes shall include, without limiting the generality of the foregoing, all income
taxes, profits taxes, taxes on gains, alternative minimum taxes, estimated taxes, payroll taxes, employee withholding taxes, unemployment insurance taxes, social security taxes, welfare taxes, disability taxes, severance taxes, license charges,
taxes on stock, sales taxes, use taxes, ad valorem taxes, value added taxes, excise taxes, franchise taxes, gross receipts taxes, business license taxes, occupation taxes, real or personal property taxes, unclaimed property taxes, stamp taxes,
environmental taxes, transfer taxes, workers’ compensation taxes, windfall taxes, net worth taxes, and other taxes, fees, duties, levies, customs, tariffs, imposts, assessments, obligations and charges of the same or of a similar nature to any
of the foregoing. 
 (v) “Tax Return” means any return, statement, schedule, declaration, claim for refund, report,
document or form filed or required to be filed with respect to Taxes, including any amendment, attachment and supplement thereof. 

Section 7.03 Counterparts. This Agreement may be executed in counterparts, all of which shall be considered one and the same
agreement and shall become effective when one or more counterparts have been signed by each party and delivered to each other party. All counterparts shall collectively constitute one agreement (or amendment, as applicable). The exchange of
counterparts of this Agreement among the parties by means of facsimile transmission or by electronic transmission (pdf) which shall contain authentic reproductions shall constitute a valid exchange of this Agreement and shall be binding upon the
parties hereto. 
 Section 7.04 Entire Agreement; Third-Party Beneficiaries. This Agreement and the Escrow Agreement, including,
without limitation, the exhibits and schedules hereto and thereto, constitute the entire agreement and supersedes each prior agreement and understanding, whether written or oral, among the parties regarding the subject matter of this Agreement. This
Agreement is not intended to confer any rights or remedies on any Person other than the parties hereto. 
 Section 7.05 Governing
Law. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York, regardless of any Laws that might otherwise govern under applicable principles of conflicts of laws thereof. 

  
 24 

 Section 7.06 Assignment. This Agreement shall be binding upon, and shall be
enforceable by and inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation of law) by any party
without the prior written consent of the other parties, and any attempted assignment without such consent shall be null and void and of no force and effect, except that the Company may assign its rights and obligations hereunder to an Affiliate.

 Section 7.07 Jurisdiction. The parties hereto hereby (a) submit to the exclusive jurisdiction of the United States
District Court for the Southern District of New York or any New York state court sitting in New York City, New York, with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would
have subject matter jurisdiction with respect to such dispute, and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of
the above-named courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 7.08 Dispute Resolution. The parties intend that this Section 7.08 will be valid, binding, enforceable,
exclusive and irrevocable and that it shall survive any termination of this Agreement. 
 (a) Upon any dispute, controversy or claim arising
out of or relating to this Agreement or the enforcement, breach, termination or validity thereof (“Dispute”), the party raising the Dispute will give written notice to the other parties to the Dispute describing the nature of the
Dispute following which the parties to such Dispute shall attempt for a period of ten (10) Business Days from receipt by the parties of notice of such Dispute to resolve such Dispute by negotiation between representatives of the parties hereto
who have authority to settle such Dispute. All such negotiations shall be confidential and any statements or offers made therein shall be treated as compromise and settlement negotiations for purposes of any applicable rules of evidence and shall
not be admissible as evidence in any subsequent proceeding for any purpose. The statute of limitations applicable to the commencement of a lawsuit shall apply to the commencement of an arbitration hereunder, except that no defense based on the
running of the statute of limitations will be available based upon the passage of time during any such negotiation. Regardless of the foregoing, a party shall have the right to seek immediate injunctive relief pursuant to Section 7.08(c)
below without regard to any such 10-day negotiation period. 
 (b) Any Dispute (including the determination of the scope or applicability of
this agreement to arbitrate) that is not resolved pursuant to Section 7.08(a) above shall be submitted to final and binding arbitration in New York before one neutral and impartial arbitrator, in accordance with the Laws of the State of
New York for agreements made in and to be performed in that State. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures. Within fifteen (15) days following a demand

  
 25 

 
for arbitration, the arbitrator shall be appointed by JAMS in accordance with its Comprehensive Arbitration Rules and Procedures, as in effect on the date hereof. The arbitrator shall designate
the place and time of the hearing. The hearing shall be scheduled to begin as soon as practicable and no later than sixty (60) days after the appointment of the arbitrator (unless such period is extended by the arbitrator for good cause shown)
and shall be conducted as expeditiously as possible. The award, which shall set forth the arbitrator’s findings of fact and conclusions of law, shall be filed with JAMS and mailed to the parties no later than thirty (30) days after the
close of the arbitration hearing. The arbitration award shall be final and binding on the parties and not subject to collateral attack. Judgment upon the arbitration award may be entered in any federal or state court having jurisdiction thereof.

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

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

Section 7.10 Rules of Construction. 

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

(b) The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be
construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and schedules of this
Agreement unless otherwise specified. Whenever the words “include,” “includes” or “including” are used 

  
 26 

 
in this Agreement, they shall be deemed to be followed by the words “without limitation.” All terms defined in this Agreement shall have the defined meanings contained herein when used
in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as
well as to the feminine and neuter genders of such terms. Unless explicitly stated otherwise herein, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such
agreement, instrument or statute as from time to time, amended, qualified or supplemented, including fin the case of agreements and instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and
all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. 

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

Section 7.14 No Personal Liability Conferred. This Agreement shall not create or permit any personal liability or obligation on
the part of any officer, director, partner, employee or shareholder of the Company or Cosmos. 
 Section 7.15 Amendments. This
Agreement may be amended by appropriate instrument, without the consent of Cosmos, at any time prior to the Merger Closing Date; provided, that no such amendment, modification or supplement shall be made that alters the amount or changes the
form of the consideration to be delivered to Cosmos. 
 [Signature pages follow] 

  
 27 

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

					
	 COSMOS RENTAL INVESTMENTS, INC.,

a Delaware corporation

		
	By:	 	 /s/ Gage Johnson

		 	Name:	 	Gage Johnson
		 	Title:	 	Special Agent
	
	 PARAMOUNT GROUP, INC.,
 a
Maryland corporation

		
	By:	 	 /s/ Albert Behler

		 	Name:	 	Albert Behler
		 	Title:	 	President and CEO

  
 [Signature Page to
Cosmos Merger Agreement] 

 
			
	STOCKHOLDER
		
	By:	 	 /s/ Katharina Otto-Bernstein

	Name:	 	Katharina Otto-Bernstein

  
 [Signature Page to
Cosmos Merger Agreement] 

 EXHIBIT A 

Properties 
 [See
attached] 

  
 A-1 

 List of Properties 

Fund I 
 1633 Broadway, New York, NY 

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

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

One Market Plaza, San Francisco, CA 
 Fund IV 

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

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

 Liberty Place, 325 Seventh Street, NW, Washington DC 

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

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

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

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

 Fund V (CIP) 

31 West 52nd Street, New York, NY 

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

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

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

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

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

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

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

712 Fifth Avenue, New York, NY 

  
 2 

 Paramount Group, Inc., a Delaware corporation 

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

1325 Avenue of the Americas, New York, NY 

  
 3 

 EXHIBIT B 

Escrow Agreement 
 [See
attached] 

  
 B-1 

 OMNIBUS DISTRIBUTION AND ESCROW AGENT AGREEMENT 

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

BACKGROUND 
  

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

  

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

  

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

 

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

  

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

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

 

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

  

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

  

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

  
 -2- 

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

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

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

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

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

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

  
 -3- 

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

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

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

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

  
 -4- 

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

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

  
 -5- 

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

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

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

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

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

  
 -6- 

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

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

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

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

  
 -7- 

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

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

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

[signature pages follow] 

  
 -8- 

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

					
	PARAMOUNT GROUP, INC., a Maryland corporation
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Operating Partnership: 
  

							
	 PARAMOUNT GROUP OPERATING

PARTNERSHIP LP, a Delaware limited

partnership

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

		 		 	Name:	 	
		 		 	Title:	 	

 Agent: 

Acknowledged and Agreed to with respect to Section 1 only: 
  

			
	 COMPUTERSHARE TRUST COMPANY, N.A. and

COMPUTERSHARE INC.
 On Behalf of Both
Entities

		
	By:	 	  

	Name:	 	
	Title:	 	

 Fund Participants: 
  

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

(CORE), L.P.

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

(CIP), L.P.

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

  

					
		 	Signature:	 	  

		 	Name:	 	
		 	 Title:
	 	

 PGI Participants: 
  

			
	 PARAMOUNT GROUP, INC., a Delaware corporation

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 PGI Participants: 
  

			
	 ARCADE RENTAL INVESTMENTS, INC.

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

		
	By:	 	  

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

 PGI Participants: 
  

			
	  

	Name:	 	Frank Otto

 PGI Participants: 
  

			
	  

	Name:	 	Ingvild Goetz

 PGI Participants: 
  

			
	  

	Name:	 	Sarah Pisani

 PGI Participants: 
  

			
	  

	Name:	 	Julia Stoecker

 JV Participants: 

WvF 1325, INC., a Delaware corporation 
  

			
	Signature:	 	  

	Name:	 	
	 Title:
	 	

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

 

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

	Name:	 	
	 Title:
	 	

 HOLDER: 
  

			
	Signature:	 	  

	Name:	 	Dr. Michael Otto

 HOLDER: 
  

			
	Signature:	 	  

	Name:	 	Benjamin Otto

 HOLDER: 
  

			
	Signature:	 	  

	Name:	 	Janina Otto

 EXHIBIT C 

Lock-up Agreement 
 [See
attached] 

  
 C-1 

 FORM OF LOCK-UP AGREEMENT 

—, 2014 

Merrill Lynch, Pierce, Fenner & Smith 

                    Incorporated, 

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

One Bryant Park 
 New York, New York 10036 

 

	 	Re:	Proposed Public Offering by Paramount Group, Inc. 

 Dear Sirs: 

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

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

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

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

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

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

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

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

  
 2 

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

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

[Signature Page Follows] 

  
 3 

 
			
	Very truly yours,
		
	Signature:	 	  

	Print Name:

 Lock-Up Agreement 

 EXHIBIT D 

Form of Letter of Transmittal 

[See attached] 

  
 F-1 

 EXHIBIT D 

FORM 
 OF 

LETTER OF TRANSMITTAL 

representing Equity Interests of 

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

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

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

 SCHEDULE 1.07 

Merger Consideration 
 Cosmos

  

					
	 Stockholder
	  	Merger Consideration	  	Indemnity Holdback
Amount
	 Katharina Otto-Bernstein
	  	1,898,305 Company Shares	  	28,474 Company Shares

  
 Schedule 1.07

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