Document:

Amended and Restated Contribution Agreement

 Exhibit 10.7 
 AMENDED AND RESTATED 
 CONTRIBUTION AGREEMENT 

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

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

 TABLE OF CONTENTS 

 

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

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

 AMENDED AND RESTATED CONTRIBUTION AGREEMENT 

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

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

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

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

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

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

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

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

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

  
 5 

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

  
 6 

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

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

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

  
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 (ii) Each Helmsley Group Member shall have performed in all material
respects all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date. 
 (iii) Each Helmsley Group Member shall have executed and delivered to the Company the documents required to be delivered by it pursuant to Sections 2.3 and 2.4 hereof. 

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

(i) The representations and warranties of each of the Operating Partnership and the Company contained in this Agreement
shall be true and correct at the Closing Date as if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date). 

(ii) The Company and the Operating Partnership shall have performed in all material respects all agreements and covenants
required by this Agreement to be performed or complied with by it on or prior to the Closing Date. 
 (iii) The
Company and the Operating Partnership each shall have executed and delivered to the Helmsley Group Members the documents required to be delivered pursuant to Sections 2.3 and 2.4 hereof. 

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

  
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 Section 2.3 Closing Deliveries. On the Closing Date, the parties shall make,
execute, acknowledge and deliver the legal documents and items required to be executed or delivered in connection with the Closing (collectively the “Closing Documents”) to which it is a party or for which it is otherwise
responsible that are necessary to carry out the intention of this Agreement and the other transactions contemplated to take place in connection therewith. The Closing Documents and other items to be delivered at the Closing are the following:

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

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

Section 2.4 IPO Closing Deliveries. At the IPO Closing, (a) the Closing Documents shall be delivered to the applicable
parties, and the Closing shall be deemed to have occurred (if 

  
 9 

 
such Closing has not otherwise occurred immediately prior thereto), and (b) the parties shall make, execute, acknowledge and deliver, the legal documents and other items to which it is a
party or for which it is otherwise responsible that are necessary to carry out the intention of this Agreement, which IPO Closing Documents and other items are the following: 
 (a) The Registration Rights Agreement, substantially in the form attached hereto as Exhibit C (the “Registration Rights Agreement”); and 

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

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

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

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

  
 10 

 (b) Due Authorization. The execution, delivery and performance by the Company and the
Operating Partnership of this Agreement and each Transaction Document to which it is a party have been duly and validly authorized by all necessary actions required of the Company and the Operating Partnership, respectively. This Agreement and each
Transaction Document executed and delivered by or on behalf of the Company and the Operating Partnership constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of the Company and the Operating
Partnership, respectively, each enforceable against the Company and the Operating Partnership, respectively, in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting
creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

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

(d) No Violation. None of the execution, delivery or performance by the Company or the Operating Partnership of this Agreement or
any other agreement or document contemplated by this Agreement to which the Company or the Operating Partnership is a party, or any agreement or transaction contemplated hereby or thereby or the consummation of the transactions contemplated hereby
or thereby does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination, acceleration, cancellation or other right
under, (i) the Organizational Documents of the Company and the Operating Partnership, (ii) any agreement, document or instrument to which the Company or the Operating Partnership is a party thereto or (iii) any term or provision of
any judgment, order, writ, injunction, or decree binding on the Company or the Operating Partnership, except for, in the case of clause (ii) or (iii), any such breaches or defaults that would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. 
 (e) OP Units and Class A Common Stock. The OP Units and Class A
Common Stock, when issued and delivered in accordance with the terms of this Agreement for the consideration described in this Agreement, will have been (i) duly authorized by the Company or the Operating Partnership, as applicable, and when
issued against the consideration therefor, will be validly issued by the Company or the Operating Partnership, respectively, (ii) fully paid and non-assessable with respect to the Class A Common Stock, (iii) not subject to preemptive
or similar rights created by statute or any agreement to which the Company or the Operating Partnership is a party or by which it is bound and (iv) free and clear of all Liens created by the Company or the Operating Partnership (other than
Liens created by the Articles or the OP Agreement). 

  
 11 

 (f) No Broker. None of the Company, the Operating Partnership, any of their
Subsidiaries, or any of their officers, directors or employees, to the extent applicable, has entered into any agreement with any broker, finder or similar agent or any Person or firm that will result in the obligation of any Helmsley Group Member
or any of their Affiliates to pay any finder’s fee, brokerage fees or commissions or similar payment in connection with the transactions contemplated by this Agreement or engaged in any general solicitation within the meaning of Rule 502 under
the Act. 
 (g) Taxes. 
 (i) At the effective time of the IPO and the Closing, the Company shall be organized in a manner so as to qualify for taxation as a real estate investment trust pursuant to Sections 856 through 860 of the
Code. The Company intends to elect to be taxed and to operate in a manner that will allow it to qualify as a real estate investment trust for U.S. federal income tax purposes commencing with its taxable year ending December 31 of the year in
which the Closing takes place. 
 (ii) At the effective time of the IPO and at the Closing, the Operating
Partnership shall be classified as a partnership and not an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. 
 (h) No Other Representations or Warranties. Other than the representations and warranties expressly set forth in this Section 3.1, neither the Company nor the Operating Partnership
shall be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby. All representations and warranties of the Company and the Operating Partnership contained in this Agreement
shall expire at Closing. 
 Section 3.2 Representations and Warranties of the Helmsley Group Members. Each Helmsley
Entity and Contributed Helmsley Entity severally and not jointly hereby represents and warrants as to itself and not as to any other Helmsley Group Member and each of the Helmsley Estate and the Contributing Trust jointly and severally hereby
represents and warrants as to itself to the Company and the Operating Partnership as set forth below in this Section 3.2, which representations and warranties are true and correct as of the Effective Date (or such other date specifically
set forth below): 
 (a) Organization; Authority. The Contributing Trust is a tax exempt charitable entity organized as a
charitable trust duly formed and validly existing and in good standing under the Laws of New York. Each Contributed Helmsley Entity is a limited liability company duly organized and validly existing and in good standing under the Laws of its
jurisdiction of organization and, in each case, has all requisite power and authority to enter into this Agreement and each Transaction Document and to carry out the transactions contemplated hereby and thereby. Each Contributed Helmsley Entity, to
the extent required under applicable Laws, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary. None of the Contributed
Helmsley Entities has any Subsidiaries. 

  
 12 

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

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

  
 13 

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

(g) No Violation. Assuming the accuracy of the representations and warranties of the Company and the Operating Partnership made
hereunder, none of the execution, delivery or performance by such Helmsley Group Member of this Agreement or any other agreement or document contemplated by this Agreement to which such entity is a party, or any agreement or transaction contemplated
hereby or thereby does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination, acceleration, cancellation or
other right under, (i) the Organizational Documents of any such entity, (ii) any material agreement, document or instrument to which such Helmsley Group Member or any of their respective assets or properties are bound or (iii) any
material term or provision of any judgment, order, writ, injunction, or decree binding on any such entity. 
 (h) Taxes.

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

  
 14 

 
Helmsley Entities have been timely (taking into account valid extensions) and properly paid (other than Taxes being contested in good faith and by appropriate proceedings) and (C) except as
set forth in Schedule 3.2(h)(ii)(C) of this Agreement, there are no pending, or to the knowledge of the Helmsley Estate or the Contributing Trust, threatened (in writing) actions or proceedings for the assessment or collection of Taxes
against Supervisory Management Corp. or the Contributed Helmsley Entities. 
 (iii) There are no Liens for Taxes
(other than statutory Liens for Taxes not yet due and payable and for Taxes being contested in good faith and by appropriate proceedings) upon any Contributed Interests of the Contributors. Each of the Charitable Entities qualifies for the
exemption from the New York City real property transfer tax described in Section 11-2106(b)(2) of the Administrative Code of the City of New York with respect to the transfers contemplated by this Agreement.

(i) Non-Foreign Status. None of the Contributors (or if any of the foregoing is a disregarded entity within the meaning of
Section 1.1445-2(d)(iii), its sole owner for such purposes) is a foreign person within the meaning of Section 1445 of the Code. 
 (j) Bankruptcy. No bankruptcy or similar insolvency proceeding has been filed or is currently contemplated with respect to any Contributor or any Contributed Helmsley Entity. 

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

  
 15 

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

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

  
 16 

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

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

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

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

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

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

  
 17 

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

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

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

  
 18 

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

  
 19 

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

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

ARTICLE 5 

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

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

  
 20 

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

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

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

“Affiliate” means, with respect to any Person, a Person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with the specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under
common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise. 

  
 21 

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

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

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

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

“Governmental Authority” means any government or agency, bureau, board, commission, court, department, official,
political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign. 
 “Helmsley Group Member” means each Helmsley Entity, each Contributed Helmsley Entity, the Helmsley Estate and the Contributing Trust. 

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

  
 22 

 “Losses” means all losses, damages, liabilities, fees, charges, costs and
expenses of any nature whatsoever, including without limitation, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, costs of investigative judicial or administrative proceedings or appeals therefrom and costs of
attachment or similar bonds. 
 “Material Adverse Effect” means, a material adverse effect on the Company, the
Operating Partnership and their Subsidiaries and their properties taken as a whole, after giving effect to the Consolidation Transaction and the IPO. 
 “OP Agreement” means the agreement of limited partnership of the Operating Partnership, as amended and restated and in effect immediately prior to the Closing. 

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

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

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

“Supervisor” means Malkin Holdings LLC or any of it Affiliates, in such Person’s capacity as the supervisor of
certain of the REIT Contributing Entities, as applicable. 
 “Taxes” means all applicable U.S. federal, state,
local and foreign income, withholding, property, sales, franchise, employment, transfer, excise and other taxes, tariffs or governmental charges of any nature whatsoever, including estimated taxes, together with penalties, interest or additions to
taxes with respect thereto. 
 Section 5.2 Notices. All notices and other communications under this Agreement shall
be in writing and shall be deemed given when (a) delivered personally, (b) five (5) Business Days after being mailed by certified mail, return receipt requested and postage prepaid, (c) one (1) Business Day after being sent
by a nationally recognized overnight courier or (d) transmitted by facsimile if confirmed within twenty-four (24) hours thereafter by a signed original sent in the manner provided in clause (a), (b) or (c) to the parties at the
following addresses (or at such other address for a party as shall be specified by notice from such party). 

  
 23 

 To the Company and/or the Operating Partnership: 

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

Phone: (212) 953-0888 
 Facsimile: (212) 986-8795 
 Attn: General Counsel 

with a copy to: 
 Clifford Chance US LLP 
 31 West 52nd Street 

New York, NY 10019 
 Phone: (212) 878-8000 
 Facsimile: (212) 878-8375 

Attn: Larry P. Medvinsky, Esq. 
 To a Helmsley Group Member: 
 c/o Helmsley Enterprises, Inc. 

230 Park Ave 

Ste 659 
 New
York, NY 10169 
 Phone – (212) 679-3600 
 Fax – (212) 867-7570 
 Attn: General Counsel 

with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 

New York, NY 10036 
 Phone: (212) 735-2600 
 Facsimile: (917) 777-2600 

Attn: Benjamin F. Needell, Esq. 
 Section 5.3 Counterparts. This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts
have been signed by each party and delivered to each other party. 
 Section 5.4 Entire Agreement; Third-Party
Beneficiaries. This Agreement and the Closing Documents, including, without limitation, the exhibits hereto and thereto, constitute the entire agreement and supersede each prior agreement and understanding, whether written or oral, among the
parties regarding the subject matter of this Agreement and the Closing Documents. 

  
 24 

 
This Agreement is not intended to confer any rights or remedies on any Person other than the parties hereto and the Subsidiaries of the Company or the Operating Partnership in respect of
Section 4.2 hereof. Nothing herein shall be deemed to affect the rights of Malkin Holdings LLC, the Helmsley Estate or any Affiliate of the Helmsley Estate pursuant to (a) that certain side letter agreement, of even date herewith,
between Malkin Holdings LLC and the Helmsley Estate in respect of the Committee, and that certain side letter agreement, dated January 14, 2011, between Malkin Holdings and the Helmsley Estate affiliates party thereto relating to actions to be
taken in connection with the Consolidation Transaction (collectively, the “Side Letters”), and in the event of a conflict between either Side Letter agreement and this Agreement the terms of such Side Letter shall control and
(b) the Helmsley Consent. 
 Section 5.5 Governing Law. This Agreement shall be governed by, and construed in
accordance with, the Laws of the State of New York, regardless of any Laws that might otherwise govern under applicable principles of conflict of laws thereof. 
 Section 5.6 Amendment; Waiver. Any amendment hereto shall be in writing and signed by all parties hereto. No waiver of any provisions of this Agreement shall be valid unless in writing and
signed by the party against whom enforcement is sought. 
 Section 5.7 Assignment. This Agreement shall be binding
upon, and shall be enforceable by and inure to the benefit of, the parties hereto and their permitted respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except
by operation of law) by any party without the prior written consent of the other parties, and any attempted assignment without such consent shall be null and void and of no force and effect, except that (a) the Operating Partnership may
designate assignees pursuant to Section 1.2 and otherwise may assign its rights and obligations hereunder to a wholly-owned subsidiary of the Operating Partnership and (b) the Helmsley Estate may transfer or cause the transfer of
any of the equity interests in any Helmsley Entity or any Participation Interest held by a Helmsley Entity to an Affiliate of the Helmsley Estate; provided that any such transferee shall be deemed a “Helmsley Entity”, and, to the
extent not already a party hereto, shall execute an agreement to become a party to and be bound by the this Agreement, and to the extent such transferee is contributed to the Company, the Operating Partnership or any Subsidiary of the Company or the
Operating Partnership as contemplated hereby shall constitute a “Contributed Helmsley Entity” for purposes of this Agreement, and shall have all of the rights and obligations in respect of a Helmsley Entity or a Contributed Helmsley
Entity, as applicable, except as otherwise agreed by the Operating Partnership. For the avoidance of doubt, any reference to an acquisition by the Operating Partnership shall also be deemed to refer to an acquisition by any of its Subsidiaries.

 Section 5.8 Jurisdiction. The parties hereby (a) submit to the exclusive jurisdiction of any state or
federal court sitting in New York County, New York with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such dispute and
(b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from
attachment or execution, that the action is brought in an inconvenient forum or that the venue of the action is improper. 

  
 25 

 Section 5.9 Severability. Each provision of this Agreement will be interpreted
so as to be effective and valid under applicable Law, but if any provision is held invalid, illegal or unenforceable under applicable Law in any jurisdiction, then such invalidity, illegality or unenforceability will not affect any other provision,
and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision never had been included in this Agreement. 

Section 5.10 Rules of Construction. 
 (a) The parties agree that they have been represented by counsel during the negotiation, preparation and execution of this Agreement and, therefore, waive the application of any Law, regulation, holding
or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 
 (b) The words “hereto,” “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a
whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and schedules of this Agreement unless otherwise specified. Whenever
the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” All terms defined in this Agreement shall have the defined
meanings contained herein when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of
such terms and to the masculine as well as to the feminine and neuter genders of such terms. Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement,
instrument or statute as from time to time, amended, qualified or supplemented, including (in the case of agreements and instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and all
attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. 
 Section 5.11 Time of the Essence. Time is of the essence with respect to all obligations under this Agreement. 
 Section 5.12 Descriptive Headings. The descriptive headings in this Agreement are inserted for convenience only and are not intended to be part of or to affect the meaning or interpretation of
this Agreement. 
 Section 5.13 No Personal Liability Conferred. This Agreement shall not create or permit any
personal liability or obligation on the part of any shareholder, managing member, member, general partner, trustee, executor, director, officer or employee of any Helmsley Group Member, the Supervisor, the Company or the Operating Partnership, to
the extent applicable, in their capacities as such. 
 Section 5.14 Changes to Form Agreements. Each Contributor
agrees and confirms that the terms of the Class A Common Stock and the Consent Solicitation are not final and may be 

  
 26 

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

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

  
 27 

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

			
	COMPANY
	
	EMPIRE STATE REALTY TRUST, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OPERATING PARTNERSHIP
	
	EMPIRE STATE REALTY OP, L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	HELMSLEY ENTITIES
	
	LMH 1333 LLC
	By: Helmsley Enterprises, Inc., as non-member manager
		
	By:	 	  

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

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

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

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

 
			
	By:	 	  

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

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

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

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

	Name:	 	
	Title:	 	

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

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	HELMSLEY ESTATE
	
	ESTATE OF LEONA M. HELMSLEY
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT A 
 TO  
 CONTRIBUTION AGREEMENT  

 

					
	 Helmsley Entities
 (LLCs)
	 	 REIT Contributing Entity
	 	 Participation Interest

Owned by Helmsley Entity

in REIT Contributing Entity

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

  

					
	 Helmsley Entities
 (Corporations)
	 	 REIT Contributing Entity
	 	 Participation Interest

Owned by Helmsley Entity

in REIT Contributing Entity

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

 EXHIBIT B 
 TO  
 CONTRIBUTION AGREEMENT 

ARTICLES 

 EXHIBIT C 
 TO  
 CONTRIBUTION AGREEMENT  

FORM OF REGISTRATION RIGHTS AGREEMENT 

 EXHIBIT D 
 TO  
 CONTRIBUTION AGREEMENT  

FORM OF LOCK-UP AGREEMENT 

 SCHEDULE 1 
 TO  
 CONTRIBUTION AGREEMENT  

TRANSACTION DOCUMENTS 

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

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

 SCHEDULE 3.2(h)(ii)(C) 

TO  

CONTRIBUTION AGREEMENT 
 Supervisory Management Corp. - New York City Hotel Room Occupancy Tax audit underway for the period 3/1/09-5/31/11.Third Amendment to Secured Term Loan

 Exhibit 10.22 

 
  

 
 THIRD AMENDMENT TO LOAN
AGREEMENT, RATIFICATION OF LOAN 
 DOCUMENTS AND OMNIBUS AMENDMENT 

Dated as of October 11, 2012 
 Between 
 EMPIRE STATE LAND ASSOCIATES L.L.C. and 

EMPIRE STATE BUILDING ASSOCIATES L.L.C., 
 collectively, as Borrower, 
 and 

HSBC BANK USA, NATIONAL ASSOCIATION, 
 as Agent, 
 THE LENDERS NAMED HEREIN, 

as Lender, 
 and

 HSBC BANK USA, NATIONAL ASSOCIATION 
 and 
 DEKABANK DEUTSCHE GIROZENTRALE, 

as Lead Arrangers 

Property: Empire State Building 
                New York, New York 
  

 
  

 THIRD AMENDMENT TO LOAN AGREEMENT, RATIFICATION OF LOAN 

DOCUMENTS AND OMNIBUS AMENDMENT 
 THIS THIRD AMENDMENT TO LOAN AGREEMENT, RATIFICATION OF LOAN DOCUMENTS AND OMNIBUS AMENDMENT, dated as of October 11, 2012 (this “Third Amendment”), between EMPIRE
STATE LAND ASSOCIATES L.L.C., a New York limited liability company, having its principal place of business c/o Malkin Holdings LLC, One Grand Central Place, 60 East 42nd Street, New York, New York 10165 (“ESLA”), EMPIRE STATE BUILDING ASSOCIATES L.L.C., a
New York limited liability company, having its principal place of business c/o Malkin Holdings LLC, One Grand Central Place, 60 East 42nd Street, New York, New York 10165 (“ESBA” and together with ESLA, collectively,
“Borrower”), and HSBC BANK USA, NATIONAL ASSOCIATION, a bank organized under the laws of the United States of America (“HSBC”), having an address at 452 Fifth Avenue, New York, New
York 10018, as administrative agent (including any of its successors and assigns, “Agent”) for itself and the other Lenders signatory hereto (collectively, together with such other co-lenders as may exist from time to time,
“Lenders” and individually, each a “Lender”). 
 W I T
N E S S E T H : 
 WHEREAS, Agent, Lenders and Borrower entered into
that certain Loan Agreement, dated as of July 26, 2011 (the “Original Loan Agreement”), as amended by First Amendment to Loan Agreement, Ratification of Loan Documents and Omnibus Amendment, dated as of November 2,
2011 (the “First Amendment”), between Agent, Lenders and Borrower, as further amended by Second Amendment to Loan Agreement, Ratification of Loan Documents and Omnibus Amendment, dated as of November 23, 2011 (the
“Second Amendment”), between Agent, Lenders and Borrower (the Original Loan Agreement, as amended by the First Amendment and the Second Amendment is referred to herein as the “Loan Agreement”).
Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement; and 

WHEREAS, Agent, Lenders and Borrower desire to amend the Loan Agreement to, among other things, increase the Loan Amount to
$500,000,000 (the “Amended Loan Amount”) in accordance with Section 2.7 of the Loan Agreement. 

NOW, THEREFORE, in consideration of the covenants set forth in this Third Amendment and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree, represent and warrant as follows: 
 1. Definitions. 
 (a) The definitions of “Debt
Yield”, “Extension Fee”, “Loan”, “Loan Amount”, “Loan-to-Value Ratio”, “Note”, “Observatory
Tenant”, “Operating Company Consent” and “Terrorism Premium Limit” are hereby deleted from Section 1.1 of the Loan Agreement in their entirety and the following definitions are hereby
substituted therein in lieu thereof: 
 “‘Debt Yield’ shall mean, as of any date of
determination, the percentage obtained by dividing (a) the NOI for a trailing twelve (12) month period, by (b) the then principal balance of the Loan (or the Loan Amount where specified). 

 ‘Extension Fee’ shall mean, with respect to each of
the First Extension Period and the Second Extension Period, one-quarter of one percent (0.25%) of the Loan Amount, payable in connection with Borrower’s option, subject to and in accordance with the terms of this Agreement, to extend the term
of the Loan for the First Extension Period or the Second Extension Period, as applicable. 

‘Loan’ shall mean the loan in the original principal amount of up to Five Hundred Million and
00/100 Dollars ($500,000,000.00) made by Lenders to Borrower pursuant to this Agreement. 
 ‘Loan
Amount’ shall mean Five Hundred Million and 00/100 Dollars ($500,000,000.00). 

‘Loan-to-Value Ratio’ shall mean, as of any date, the ratio of (a) the Loan Amount to
(b) the Appraised Value of the Property evidenced by an Appraisal as of such date. 

“Note” shall mean (i) that certain Consolidated, Amended and Restated Promissory Note, dated
as of July 26, 2011, between Borrower and Lenders in the original principal amount of One Hundred Fifty-Nine Million and 00/100 Dollars ($159,000,000.00) (the “Original Note”), which Original Note was split pursuant to
that certain Note Splitter and Modification Agreement, dated as of July 26, 2011, between Borrower and Lenders into the following Notes: that certain Promissory Note A-1, dated as of July 26, 2011, in the principal amount of
$91,340,425.53 and that certain Promissory Note A-2, dated as of July 26, 2011, in the principal amount of $67,659,574.47 (collectively, the “Original Replacement Notes”), and which Original Replacement Notes were
replaced as of November 2, 2011 with the following notes: that certain Replacement Promissory Note A-1, dated as of July 26, 2011, in the principal amount of $53,000,000.00, that certain Replacement Promissory Note A-2, dated as of
July 26, 2011, in the principal amount of $42,400,000.00, that certain Replacement Promissory Note A-3, dated as of July 26, 2011, in the principal amount of $31,800,000.00, and that certain Replacement Promissory Note A-4, dated as of
July 26, 2011, in the principal amount of $31,800,000.00 (as each of the same may be amended, supplemented, restated, increased, extended and consolidated, substituted or replaced from time to time, collectively, the “Second
Replacement Notes”), which Second Replacement Notes did as of November 2, 2011 replace and supersede in their entirety the Original Replacement Notes, (ii) that certain Promissory Note A-1 (Series No. 2), dated as of
April 5, 2012, in the principal amount of $10,000,000.00, that certain Promissory Note A-2 (Series No. 2), dated as of April 5, 2012, in the principal amount of 

  
 -2-

 
$8,000,000.00, that certain Promissory Note A-3 (Series No. 2), dated as of April 5, 2012, in the principal amount of $6,000,000.00, and that certain Promissory Note A-4
(Series No. 2), dated as of April 5, 2012, in the principal amount of $6,000,000.00 (as each of the same may be amended, supplemented, restated, increased, extended and consolidated, substituted or replaced from time to time, collectively,
the “Series 2 Notes”), and (iii) that certain Promissory Note A-1 (Series No. 3), dated as of July 9, 2012, in the principal amount of $10,000,000.00, that certain Promissory Note A-2 (Series
No. 3), dated as of July 9, 2012, in the principal amount of $8,000,000.00, that certain Promissory Note A-3 (Series No. 3), dated as of July 9, 2012, in the principal amount of $6,000,000.00, and that certain Promissory
Note A-4 (Series No. 3), dated as of July 9, 2012, in the principal amount of $6,000,000.00 (as each of the same may be amended, supplemented, restated, increased, extended and consolidated, substituted or replaced from time to time,
collectively, the “Series 3 Notes”), which Second Replacement Notes, Series 2 Notes and Series 3 Notes were replaced as of October 11, 2012 with the following notes: that certain Replacement Promissory Note A-1,
dated as of October 11, 2012, in the principal amount of $54,750,000.00, that certain Replacement Promissory Note A-2, dated as of October 11, 2012, in the principal amount of $54,750,000.00, that certain Replacement Promissory Note A-3,
dated as of October 11, 2012, in the principal amount of $54,750,000.00, and that certain Replacement Promissory Note A-4, dated as of October 11, 2012, in the principal amount of $54,750,000.00 (as each of the same may be amended,
supplemented, restated, increased, extended and consolidated, substituted or replaced from time to time, collectively, the “Third Replacement Notes”). The Third Replacement Notes shall as of October 11, 2012 replace and
supersede in their entirety the Second Replacement Notes, the Series 2 Notes and the Series 3 Notes. In addition, the term Note shall include the Series Notes, as applicable.” 

‘Observatory Tenant’ shall mean Empire State Realty Observatory TRS, LLC, a New York limited
liability company. 
 ‘Operating Company Consent’ shall mean, collectively, (a) a
consent from the requisite members of the Operating Company in connection with any Advance, which shall include an agreement by the Operating Company that the proceeds of such Advance are to be paid to Borrower or as Borrower may direct and an
agreement as to the use of such funds, in form and substance acceptable to Agent in its reasonable discretion; and (b) an amendment to the Sublease in connection with any Advance substantially in the form attached hereto as
Exhibit B and otherwise reasonably acceptable to Agent and which provides that the Operating Company will increase the Rent payable under the Sublease in an amount necessary to pay Debt Service hereunder on the then outstanding principal
balance of the Loan (through the Maturity Date (as it may be extended) (including, without limitation, interest at the Default Rate) or the increase thereof as reflected in the pending Draw Request, which outstanding principal balance may be
increased to include the Tax Funds and Insurance Funds, as applicable, protective advances or the obligations to pay costs related thereto, accrued but unpaid interest on the Debt, legal expenses, costs of collection and all other amounts due and
payable hereunder 

  
 -3-

 
and under the other Loan Documents (collectively, the “Imputed Debt Service”). Any such amendment to the Sublease shall also provide that Operating Company shall be
responsible to (a) pay such Imputed Debt Service at any time prior to the payment in full of the Debt, whether or not the Mortgage continues to be a Lien on the Property, or (b) to repay such Imputed Debt Service, with interest, over a
twenty-five (25) year term in equal monthly payments, whether or not the Mortgage continues to be a Lien on the Property. In addition, pursuant to one or more of such Sublease amendments, Operating Company shall require ESBA to expend
$65,000,000.00 in the aggregate of proceeds of the Loan for Capital Expenditures, tenant improvement costs and leasing commissions and for reimbursement to Operating Company with respect to Capital Expenditures, tenant improvement costs and leasing
commissions. The parties acknowledge and agree that the execution and delivery by Operating Company of an Operating Company Consent or an amendment to the Sublease shall not constitute, in any instance, a waiver by Operating Company with respect to
the necessity of an Operating Company Consent and Sublease amendment with respect to subsequent Advances. 

‘Terrorism Premium Limit’ shall mean, for each calendar year, an annual Insurance Premium that is
equal to the lesser of (a) $0.25 per $100 of the “total insured value” of the Property (where “total insured value” shall mean the one hundred percent (100%) replacement cost of the Improvements and the Personal
Property on the Property and the required business income value) and (b) $0.25 per $100 of the Loan Amount. The parties hereto hereby agree that the Terrorism Premium Limit shall only apply to that portion of the terrorism coverage maintained
by Borrower in excess of the Loan Amount.” 
 (b) The following definitions are hereby added to Section 1.1 of the
Loan Agreement in the appropriate alphabetical order: 
 “‘Accordion Loan Fee
Letter’ shall mean that certain letter agreement, dated as of the date of the Third Amendment, between Agent and Borrower pertaining to the fees payable by Borrower to Agent and/or Lenders, as the same extended, renewed, supplemented,
amended or modified from time to time. 
 ‘Third Amendment’ shall have the meaning set
forth in the Preamble to the Third Amendment.” 
 (c) The definition of “Accordion” is hereby deleted from
Section 1.1 of the Loan Agreement in its entirety. 
 2. Initial Advance; Subsequent Advances. Section 2.1.2 of
the Loan Agreement is hereby amended as follows: 
 Section 2.1 The words and numbers “Three Hundred Million and
00/100 Dollars ($300,000,000.00)” in the second sentence are hereby deleted therefrom in their entirety and the words and numbers “Five Hundred Million and 00/100 Dollars ($500,000,000.00)” are hereby inserted therein in lieu thereof;

  
 -4-

 Section 2.2(a) The word “and” at the end of Section 2.1.2(m) is
hereby deleted from Section 2.1.2(m), (b) Section 2.1.2(n) is hereby moved to Section 2.1.2(o), and (c) the following provision shall be inserted into the Agreement as Section 2.1.2(n);

 “(n) Loan-to-Value Ratio. If any Advance of the Loan would cause the outstanding principal balance thereof to
exceed $300,000,000.00, then as a condition precedent to any such Advance, the Loan-to-Value Ratio, based upon an updated Appraisal ordered by Agent, at Borrower’s expense, shall not exceed fifty percent (50%) on an “as is” basis
(it being understood that the foregoing requirement shall only apply to the first Advance of the Loan that would cause the outstanding principal balance thereof to exceed $300,000,000.00). Agent hereby agrees that if Agent determines that the
Loan-to-Value Ratio exceeds fifty percent (50%) and the Appraised Value, based on Agent’s determination thereof is lower than the Appraised Value as reflected on the Appraisal delivered to Agent in connection with this
Section 2.1.2(n), such that the Loan-to-Value Ratio, based on the lower value determined by Agent, would be greater than fifty percent (50%), Agent shall review the basis for and details surrounding such determination of the Appraised
Value by Agent with Borrower and/or its representatives (provided, however, that the duration of such review and the provision of such basis for and details surrounding Agent’s determination shall be reasonably determined by Agent and the final
determination of the Appraised Value shall be shall be unilaterally made by Agent); and” 
 3. Accordion.
Section 2.7 of the Loan Agreement is hereby deleted therefrom in its entirety and is of no further force and effect. Lenders hereby acknowledge and agree that the following conditions to the Accordion have been waived solely with respect to the
increase of the Loan Amount pursuant to this Third Amendment: (a) the Loan-to-Value Ratio, based upon an updated Appraisal ordered by Agent at Borrower’s expense, not exceeding fifty percent (50%) on an “as is” basis and
(b) the NOI of the Property providing for a Debt Yield of not less than sixteen percent (16%) based on the Loan Amount. 
 4. Origination Fee, the Arrangement Fee, the Unused Fee and Administrative Fee. The text of Section 4.1.14 of the Loan Agreement is hereby deleted in its entirety therefrom and the
following is hereby inserted therein in lieu thereof: 
 “Borrower shall pay to Agent the Accordion Origination Fee (as
defined in the Accordion Loan Fee Letter) and the Accordion Arrangement Fee (as defined in the Accordion Loan Fee Letter) in accordance with the Accordion Loan Fee Letter. Borrower shall pay to Agent the Administrative Fee in accordance with the
Loan Fee Letter. Borrower shall pay to Agent, for the ratable benefit of the Lenders, an unused fee (the “Unused Fee”) equal to 0.25% per annum, in arrears, of that portion of the Loan Amount which remains unfunded (it
being understood that (i) from the Closing Date to the date of the First Amendment, the Unused Fee shall be payable on that portion of $235,000,000.00 which remains unfunded, (ii) from the date of the First Amendment to the date of the
Third Amendment, the Unused Fee shall be payable on that portion of $300,000,000.00 which remains unfunded and (iii) from the date of the Third Amendment onward, the Unused Fee shall be payable on that portion of $500,000,000.00 which remains
unfunded). The first payment of the Unused Fee shall be made on October 1, 2011 and payments shall be made quarterly thereafter.” 

  
 -5-

 5. Insurance Policies. Section 5.1.1(ii)(E) of the Loan Agreement is hereby
amended to delete the words “(plus the amount of the Accordion, to the extent that the Accordion has been effected and regardless of whether the Accordion has been advanced)” from the third and fifth paragraphs thereof each of the
four (4) times they appear. 
 6. Permitted Transfers. Section 8.3(a)(v) of the Loan Agreement is hereby
amended to delete words “and, with respect to this Loan, including the Accordion (both the advanced and unadvanced portions thereof) if the Accordion is then in place” from clause (D) thereof and insert the words “including,
without limitation, the Loan (both the advanced and unadvanced portions thereof)” in lieu thereof. 
 7. Notices.
Section 10.6 of the Loan Agreement and the notice provision of each Loan Document, as applicable, are hereby amended to replace the notice address for Agent in its entirety to read as follows: 

 

			
	“If to Agent:	  	HSBC Bank USA, National Association, as Agent
		  	545 Washington Boulevard, 10th Floor
		  	Jersey City, New Jersey 07310
		  	Attention: Commercial Mortgage Servicing Department
		  	Facsimile No. (212) 704-8499
		
	with a copy to:	  	HSBC Bank USA, National Association, as Agent
		  	452 Fifth Avenue
		  	New York, New York 10018
		  	Attention: Robert Gominiak
		  	Facsimile No. (212) 525-1152
		
	with a copy to:	  	Cadwalader, Wickersham & Taft LLP
		  	One World Financial Center
		  	New York, New York 10281
		  	Attention: Steven M. Herman, Esq.
		  	Facsimile No. (212) 504-6666”

 8. Lenders’ Ratable Share. Schedule IV of the Loan Agreement is hereby deleted therefrom in
its entirety and replaced with Schedule IV attached hereto. 
 9. Credit Party Representations. Borrower
represents and warrants that: 
 (a) each of the representations and warranties of the Credit Parties and Guarantor contained or
incorporated in the Loan Agreement, as amended by this Third Amendment or any of the other Loan Documents, is true and correct in all material respects on and as of the date hereof (except if any such representation or warranty is expressly stated
to have been made as of a specific date, then as of such specific date and except with respect to the representations set forth in Section 3.1.10 and Section 3.1.21 of the Loan Agreement); 

  
 -6-

 (b) with respect to the representations set forth in Section 3.1.10 of the Loan
Agreement, such representations are true and correct as of June 30, 2012, the date of the most recently delivered quarterly financial statements of Borrower; 
 (c) (i) the rent roll attached hereto as Schedule I is true, complete and correct and the Property is not subject to any Leases other than the Leases described in Schedule I,
(ii) the Leases identified on Schedule I are in full force and effect and, except as set forth on said Schedule I and to the best knowledge of the undersigned, there are no defaults thereunder by either party, (iii) the
copies of the Leases delivered to Agent as of the date of the Original Loan Agreement and subsequent thereto are true and complete, and there are no oral agreements with respect thereto, (iv) no Rent has been paid more than one (1) month
in advance of its due date, (v) except as set forth on Schedule I, all work to be performed by Borrower and/or Operating Company, as applicable, under each Lease has been performed as required as of the date that this representation is
being made and all such work has been accepted by the applicable Tenant, (vi) except as set forth on Schedule I, any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be
given by Borrower or Operating Company, as applicable, to any Tenant as of the date that this representation is being made has already been received by such Tenant, and (vii) each Lease includes an attornment provision from the Tenant in favor
of any “Superior Interest” (as defined in the Leases), which includes the interests of Agent and the Lenders; 
 (d)
as of the date hereof and immediately after giving effect to this Third Amendment and the actions contemplated hereby, no Default or Event of Default has occurred and is continuing; 

(e) as of the date hereof the outstanding balance of the Loan is $219,000,000.00 and there are no defenses, offsets or counterclaims
against any of its obligations under the Loan Documents to which it is a party. 
 (f) each Credit Party and Guarantor has taken
all necessary action to authorize the execution, delivery and performance of this Third Amendment by it and has the power and authority to execute, deliver and perform under this Third Amendment and all the transactions contemplated hereby. This
Third Amendment has been duly and validly executed and delivered by each Credit Party and Guarantor and constitutes a legal, valid and binding obligation of such Person, enforceable in accordance with its terms except as such enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in
equity or at law); 
 (g) no consent, approval, authorization or order of any court or Governmental Authority or other Person is
required for the execution, delivery and performance by a Credit Party or Guarantor or compliance by any such Person with this Third Amendment, other than those which have been obtained by Borrower or such Person, as applicable; and 

  
 -7-

 (h) the execution and delivery of this Third Amendment by each Credit Party and Guarantor
and the performance of its obligations hereunder will not conflict with any provision of any law or regulation to which such Person is subject, or conflict with, result in the breach of, or constitute a default under any of the terms, conditions or
provisions of any such Person’s organizational documents or any agreement or instrument to which such Person is a party or by which it is bound, the result of which breach or default of any such agreement or instrument would reasonably be
expected to have, or does have a Material Adverse Effect, or any order or decree applicable to such Person or result in the creation or imposition of any lien, in a material amount, on any of such Person’s assets or property (other than
pursuant to the Loan Documents). 
 10. Other References. All references in the Loan Documents to the Loan Agreement
shall mean the Loan Agreement, as modified by the First Amendment, the Second Amendment and this Third Amendment, and as the same may hereafter be supplemented, amended, modified, extended, renewed, restated or replaced from time to time.

 11. Omnibus Amendment to All Loan Documents. As of the date hereof, each reference in any of the Loan Documents to
Three Hundred Million and 00/100 Dollars ($300,000,000.00) shall be deemed to mean Five Hundred Million and 00/100 Dollars ($500,000,000.00). 
 12. Amendment to the Co-Lender Agreement. As of the date hereof, each reference in the Co-Lender Agreement to Three Hundred Million and 00/100 Dollars ($300,000,000.00) shall be deemed to mean Five
Hundred Million and 00/100 Dollars ($500,000,000.00). 
 13. Ratification of Loan Documents. Agent, Lenders and the
Credit Parties hereby ratify and confirm the Loan Agreement and the other Loan Documents, as modified hereby. Except as modified and amended by this Third Amendment, the Loan, the Loan Agreement and the other Loan Documents and the respective
obligations of Agent, Lenders and the Credit Parties thereunder shall be and remain unmodified and in full force and effect. 

14. Ratification of Environmental Indemnity and Guaranty. Guarantor hereby ratifies and confirms the Environmental Indemnity and
the Guaranty, as modified hereby. Except as modified and amended by this Third Amendment, the Environmental Indemnity and Guaranty and the obligations of Guarantor thereunder shall be and remain unmodified and in full force and effect. 

15. Acknowledgement by Agent. Pursuant to Section 10.25(g) of the Loan Agreement, Agent hereby acknowledges that it has
received the Assignments dated as of the date hereof and has recorded the information contained in the Assignments in Agent’s Register. Agent hereby gives notice to Borrower and the Lenders of Agent’s acceptance of the Assignments dated as
of the date hereof and the recordation of the Assignments dated as of the date hereof in Agent’s Register. 
 16.
Continued Force and Effect. This Third Amendment is not intended to, and shall not be construed to, effect a novation, and except as expressly provided in this Third Amendment, the Loan Agreement has not been modified, amended, cancelled,
terminated, released, satisfied, superseded or otherwise invalidated by execution of this Third Amendment. In the event of any conflict between the terms of this Third Amendment and the terms of the Loan Agreement, the terms of this Third Amendment
shall control. 

  
 -8-

 17. Governing Law. This Third Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York pursuant to Section 5-1401 of the General Obligations Law without regard to its principles of conflicts of laws. 
 18. Successors and Assigns. This Third Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and permitted assigns. 

19. Further Assurances. From time to time, upon the request of Agent, Borrower shall promptly and duly execute, acknowledge and
deliver any and all such further instruments and documents as Agent may deem reasonably necessary or desirable to confirm this Third Amendment and the terms and conditions hereof, to carry out the purpose and intent hereof or to enable Agent to
enforce any of its rights hereunder. 
 20. Fees and Expenses. Borrower shall pay all fees and expenses (including
reasonable attorney’s fees and disbursements) incurred by Agent in connection with this Third Amendment. 
 21.
Modifications. No modification, amendment, extension, discharge, termination or waiver of any provision of this Third Amendment shall in any event be effective unless the same shall be in a writing signed by the party against whom
enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the specific purpose, for which given. 
 22. Entire Agreement. This Third Amendment contains the entire agreement of the parties hereto in respect of the transactions contemplated hereby, and all prior agreements among or between such
parties, whether oral or written are superseded by the terms of this Third Amendment. 
 23. Interpretation. Wherever
possible, each provision of this Third Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Third Amendment shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Third Amendment. 

24. Headings. The Section headings in this Third Amendment are included herein for convenience of reference only and shall not
constitute a part of this Third Amendment for any other purpose. 
 25. Counsel. Each party to this Third Amendment
understands that this is a legally binding agreement that may affect such party’s rights. Each party hereto represents to each other party hereto that it has obtained independent counsel and received legal advice about the meaning and legal
significance of this Third Amendment. 

  
 -9-

 26. Construction. Should any provision of this Third Amendment require judicial
interpretation, it is agreed that a court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against any party by reason of the rule of construction that a document is to be
construed more strictly against the party who itself or through its agent prepared the same, it being agreed that all parties to this Third Amendment participated in the preparation hereof. 

27. Counterparts. This Third Amendment may be executed in any number of counterparts, each of which shall be deemed to be an
original, but all of which, when taken together, shall constitute one and the same instrument and shall become effective when copies hereof, when taken together, bear the signatures of each of the parties hereto and it shall not be necessary in
making proof of this instrument to produce or account for more than one of such fully executed counterparts. Manually executed counterparts of this Third Amendment shall be delivered to all parties hereto; provided, that delivery of a
signature of this Third Amendment by facsimile transmission or by .pdf, .jpeg, .TIFF or other form of electronic mail attachment shall be effective as delivery of a manually executed counterpart hereof prior to manual delivery thereof. 

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed by their duly authorized representatives, all
as of the day and year first above written. 
 [SIGNATURE PAGES TO FOLLOW] 

  
 -10-

 
					
	BORROWER:
	
	EMPIRE STATE LAND ASSOCIATES L.L.C., a New York limited liability Company
		
	By:	 	Empire State Building Associates L.L.C., its Sole Member
			
		 	By:	 	  

		 		 	Peter L. Malkin, Member
			
		 	By:	 	  

		 		 	Anthony E. Malkin, Member
			
		 	By:	 	  

		 		 	Thomas N. Keltner, Jr., Member
	
	EMPIRE STATE BUILDING ASSOCIATES L.L.C., a New York limited liability company
		
	By:	 	  

		 	Peter L. Malkin, Member
		
	By:	 	  

		 	Anthony E. Malkin, Member
		
	By:	 	  

		 	Thomas N. Keltner, Jr., Member

 [signatures continue on next page] 

 
			
	AGENT:
	
	 HSBC BANK USA, NATIONAL

ASSOCIATION, as Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

 [signatures continue on next page] 

			
	LENDER:
	
	HSBC BANK USA, NATIONAL ASSOCIATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 Applicable Lending Office:
  

HSBC Bank USA, National Association
 545
Washington Boulevard, 10th Floor

Jersey City, New Jersey 07310
 Attention:
Commercial Mortgage Servicing Department
 Facsimile No. (212) 704-8499

 
 HSBC Bank USA, National Association

452 Fifth Avenue
 New York, New York
10018
 Attention: Robert Gominiak

Facsimile No. (212) 525-1152
  

Cadwalader, Wickersham & Taft LLP
 One
World Financial Center
 New York, New York 10281
 Attention: Steven M. Herman, Esq.
 Facsimile No. (212) 504-6666

 [signatures continue on next page] 

 
			
	LENDER:
	
	DEKABANK DEUTSCHE GIROZENTRALE,
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Applicable Lending Office:
	
	 Mainzer Landstrasse 16
 60325 Frankfurt am Main, Germany

 [signatures continue on next page] 

 
			
	LENDER:
	
	BANK OF AMERICA, N.A.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 Applicable Lending Office:
  

One Bryant Park, 35th Floor
 New York, New York
10036

 [signatures continue on next page] 

 
			
	LENDER:
	
	CAPITAL ONE, NATIONAL ASSOCIATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 Applicable Lending Office:
  

275 Broadhollow Road
 Melville, NY
11747

 [signatures continue on next page] 

 With respect to Section 13 only: 

 

			
	CREDIT PARTY:
	
	 EMPIRE STATE BUILDING COMPANY L.L.C., a New York limited liability company

		
	By:	 	  

		 	Anthony E. Malkin, Authorized Signatory
	
	 EMPIRE STATE REALTY OBSERVATORY TRS, LLC (f/k/a ESB Observatory LLC), a New York limited liability
company

		
	By:	 	  

		 	Anthony E. Malkin, Authorized Signatory

 [signatures continue on next page] 

 With respect to Section 14 only: 

 

	
	GUARANTOR:
	
	  

	Anthony E. Malkin, an individual

 SCHEDULE I 
 RENT ROLL 
 [Follows this page] 

 SCHEDULE IV 
 LENDERS’ RATABLE SHARE 
  

									
	Lender’s Name	  	 Ratable Loan
 Amount
	 	  	 Percentage/Ratable
 Share
	 
	 HSBC BANK USA, National Association
	  	$	125,000,000.00	  	  	 	25	% 
	 DEKABANK DEUTSCHE GIROZENTRALE
	  	$	125,000,000.00	  	  	 	25	% 
	 BANK OF AMERICA, N.A.
	  	$	125,000,000.00	  	  	 	25	% 
	 CAPITAL ONE, National Association
	  	$	125,000,000.00	  	  	 	25	% 

  
 SCH. IV

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