Document:

EX-10.4

 Exhibit 10.4 

STOCKHOLDERS AGREEMENT 

OF 
 PARAMOUNT GROUP,
INC. 
 Dated as of November 6, 2014 

 Table of Contents 

 

									
	 	 	 	 	 	  	Page	 
		
	ARTICLE I – DEFINED TERMS	  	 	1	  
				
		 	Section 1.1	 	Defined Terms	  	 	1	  
		
	ARTICLE II – DIRECTOR NOMINATION RIGHTS	  	 	3	  
				
		 	Section 2.1	 	Director Nomination Rights	  	 	3	  
				
		 	Section 2.2	 	Director Qualifications	  	 	5	  
				
		 	Section 2.3	 	Vacancies	  	 	5	  
		
	ARTICLE III – GENERAL PROVISIONS	  	 	6	  
				
		 	Section 3.1	 	Termination	  	 	6	  
				
		 	Section 3.2	 	Notices	  	 	6	  
				
		 	Section 3.3	 	Amendment; Waiver	  	 	7	  
				
		 	Section 3.4	 	Successors and Assigns	  	 	7	  
				
		 	Section 3.5	 	Third Parties	  	 	7	  
				
		 	Section 3.6	 	Governing Law	  	 	7	  
				
		 	Section 3.7	 	Waiver of Trial by Jury	  	 	7	  
				
		 	Section 3.8	 	Specific Performance	  	 	7	  
				
		 	Section 3.9	 	Entire Agreement	  	 	8	  
				
		 	Section 3.10	 	Severability	  	 	8	  
				
		 	Section 3.11	 	Table of Contents, Headings and Captions	  	 	8	  
				
		 	Section 3.12	 	Counterparts	  	 	8	  
				
		 	Section 3.13	 	Otto Stockholder Representative	  	 	8	  

 STOCKHOLDERS AGREEMENT 

OF 
 PARAMOUNT GROUP, INC.

 This STOCKHOLDERS AGREEMENT (as the same may be amended, modified or supplemented from time to time, this
“Agreement”), dated as of November 6, 2014, concerning Paramount Group, Inc., a Maryland corporation (the “Company”), is entered into by and between the Company and Maren Otto, Alexander Otto and Katharina
Otto-Bernstein (collectively, together with any permitted assignees pursuant to Section 3.4, the “Initial Otto Stockholders”). 

WHEREAS, the Company has entered into an Underwriting Agreement to sell shares of common stock, par value $0.01 per share, of the Company
(“Common Stock”) to the underwriters named therein in connection with the Company’s initial public offering (the “IPO”); 

WHEREAS, prior to or concurrently with the IPO, the Initial Otto Stockholders will cause certain entities owned directly or indirectly by the
Initial Otto Stockholders to merge with and into the Company in exchange for shares of Common Stock; and 
 WHEREAS, on and following the
date of completion of the IPO (the “Closing Date”), the Initial Otto Stockholders and the Company wish to provide for certain director nomination rights. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 ARTICLE I – DEFINED TERMS

	 	Section 1.1	Defined Terms. 

 The following definitions shall be for all purposes, unless otherwise
clearly indicated to the contrary, applied to the terms used in this Agreement. 
 “Agreement” shall have the meaning set
forth in the Preamble. 
 “Board” shall mean the board of directors of the Company. 

“Cause” shall have the meaning ascribed to such term in the Articles of Amendment and Restatement of the Company as approved
by the Company and intended to be filed promptly after the Company enters into this Agreement, as they may be amended, restated or supplemented from time to time. 

“Closing Date” shall have the meaning set forth in the Recitals. 

“Common Stock” shall have the meaning set forth in the Recitals. 

 “Company” shall have the meaning set forth in the Preamble. 

“Designation Notice” shall have the meaning set forth in Section 2.1(b). 

“Director” shall mean each member of the Board. 

“Initial Otto Family Ownership Percentage” shall mean the aggregate number of shares of Common Stock owned by the Otto
Stockholders on the Closing Date (other than shares of Common Stock purchased by the Otto Stockholders for cash in the IPO or a concurrent private placement), divided by (i) the total number of shares of Common Stock outstanding on the Closing
Date plus (ii) the number of shares of Common Stock, if any, issued upon exercise of the underwriters’ over-allotment option granted in connection with the IPO. 

“Initial Otto Stockholders” shall have the meaning set forth in the Preamble. 

“IPO” shall have the meaning set forth in the Recitals. 

“Majority-in-Interest” shall have the meaning set forth in the definition of “Otto Stockholder
Representative.” 
 “Otto Designee” shall mean: (i) initially, the following individuals who are Directors
upon the completion of the IPO: Albert Behler, Thomas Armbrust and Katharina Otto-Bernstein, and (ii) thereafter, at any time, each individual designated by the Otto Stockholder Representative pursuant to this Agreement for nomination or
appointment to the Board at or after the then most recent annual meeting of the stockholders of the Company (or special meeting in lieu of an annual meeting at which Directors are to be elected) who is either serving as a Director or whose
nomination or appointment to the Board is pending. Albert Behler shall be an Otto Designee for so long as he continues to serve as the Chief Executive Officer of the Company. 

“Otto Stockholder Representative” shall mean (i) initially, Dr. Thomas Finne and (ii) thereafter, at any time,
an individual designated pursuant to Section 3.13(c) by the Initial Otto Stockholders holding a majority of the shares of Common Stock held by all Initial Otto Stockholders at such time (the “Majority-in-Interest”). 

“Otto Stockholders” shall mean (i) the Initial Otto Stockholders, (ii) the lineal descendants of the Initial Otto
Stockholders, (iii) any trust or any family foundation which has exclusively been established in favor of one or several of the individuals named under (i) and (ii) above and (iv) any partnership, firm, corporation, association,
trust, unincorporated organization, joint venture, limited liability company or other legal entity, in which the individuals or entities named under (i), (ii) or (iii) hold (either directly or indirectly) more than 50% of the voting rights
or more than 50% of the equity capital of any such partnership, firm, corporation, association, trust, unincorporated organization, joint venture, limited liability company or other legal entity. 

  
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 ARTICLE II– DIRECTOR NOMINATION RIGHTS 

 

	 	Section 2.1	Director Nomination Rights. 

 (a) Except as reduced pursuant to this
Section 2.1(a) or as otherwise provided in this Agreement, the Initial Otto Stockholders shall collectively have the right, but not the obligation, to designate up to three individuals for nomination to the Board at each annual meeting
of the stockholders of the Company (or special meeting in lieu of an annual meeting at which all Directors are to be elected). Notwithstanding anything to the contrary in this Agreement and without any further action by the Company, the number of
individuals the Initial Otto Stockholders shall have the right to designate for nomination to the Board shall be reduced as follows: 

(i) from and after the time that the aggregate number of shares of Common Stock owned by the Otto Stockholders has been 3.25%
less of the Company’s total number of outstanding shares of Common Stock than the Initial Otto Family Ownership Percentage for a period of 12 consecutive months, the number of individuals that the Initial Otto Stockholders shall
collectively have the right to designate for nomination to the Board shall be reduced to two; 
 (ii) from and after the
time that the aggregate number of shares of Common Stock owned by the Otto Stockholders has been 6.5% less of the Company’s total number of outstanding shares of Common Stock than the Initial Otto Family Ownership Percentage for a period of 12
consecutive months, the number of individuals that the Initial Otto Stockholders shall collectively have the right to designate for nomination to the Board shall be reduced to one; and 

(iii) from and after the time that the aggregate number of shares of Common Stock owned by the Otto Stockholders has been
9.75% less of the Company’s total number of outstanding shares of Common Stock than the Initial Otto Family Ownership Percentage for a period of 12 consecutive months, the Initial Otto Stockholders’ right to designate individuals for
nomination to the Board shall terminate and be of no further force and effect. 
 The Otto Stockholder Representative shall
notify the Company as promptly as practicable after becoming aware of a reduction in the number of individuals that the Initial Otto Stockholders have the right to designate for nomination to the Board pursuant to this Section 2.1(a).
The Otto Stockholder Representative shall provide such certifications regarding the ownership of shares of Common Stock by the Otto Stockholders as may reasonably be requested by the Company in order to confirm the parties’ rights pursuant to
this Agreement. 
 (b) For each annual meeting of the stockholders of the Company, the Otto Stockholder Representative (on
behalf of the Initial Otto Stockholders) shall submit in writing to the Company the names of the individuals the Initial Otto Stockholders are designating for nomination to the Board (the “Designation Notice”), if any, at least
120 days prior to the first anniversary of the date on which the proxy statement for the 

  
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preceding year’s annual meeting was filed with the United States Securities and Exchange Commission; provided, however, that with respect to the 2015 annual meeting, a special meeting
in lieu of an annual meeting at which all Directors are to be elected, or in the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding year’s annual
meeting, the Designation Notice to be timely must be so submitted not later than the later of the 120th day prior to the date of such meeting or the tenth day following the day on which public
announcement or notice to the Initial Otto Stockholders of the date of such meeting is first made. In the event the Otto Stockholder Representative has not provided the Designation Notice within the time period set forth above for a meeting, the
Initial Otto Stockholders will be deemed to have designated the Otto Designees currently serving on the Board for reelection at such meeting. In the event that the Initial Otto Stockholders have designated in the Designation Notice for a meeting
less than the total number of individuals the Initial Otto Stockholders shall be entitled to designate pursuant to Section 2.1(a), the Board shall have the right to nominate or appoint a number of individuals of its choosing to the Board
equal to the difference between the number of individuals the Initial Otto Stockholders shall be entitled to designate and the number actually designated in the Designation Notice. 

(c) At each annual meeting of the stockholders of the Company (or special meeting in lieu of an annual meeting at which
Directors are to be elected), the Board shall nominate the Otto Designees for election at such meeting, solicit proxies (or cause the Company to solicit proxies) in favor of the election of the Otto Designees in a manner consistent with its
solicitation of proxies for the election of all other Director candidates nominated by the Board and recommend that the stockholders of the Company elect to the Board each of the Otto Designees. Neither the Board nor the Company shall take any
action to oppose the election of the Otto Designees, including, without limitation, nominating for election to the Board more individuals than the number of Director seats available or recommending that stockholders vote in favor of any nominee
opposing an Otto Designee. 
 (d) If the Board becomes classified, the Otto Designees serving as Directors at the time of
such classification shall be placed among the classes in equal proportion as near as possible as determined by the Board in good faith. If there are fewer Otto Designees than classes, the Otto Designees shall be placed in classes with the earliest
expiring terms. With respect to each annual meeting of the stockholders of the Company (or special meeting in lieu of an annual meeting at which Directors are to be elected) occurring at a time when the Board is classified, the Initial Otto
Stockholders may designate a number of individuals for nomination to the Board equal to the number of Otto Designees (or replacements of Otto Designees previously nominated by the Board due to the Initial Otto Stockholders designating less than the
total number of individuals the Initial Otto Stockholders were entitled to designate) that have terms expiring in such year; provided that the collective number of such designees together with the number of Otto Designees otherwise serving on the
Board does not exceed the number of individuals that the Initial Otto Stockholders have the right to designate for nomination to the Board pursuant to Section 2.1(a). 

  
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	 	Section 2.2	Director Qualifications. 

 (a) No individual may be designated by the
Initial Otto Stockholders for nomination or appointment to the Board at any time: (i) if, within ten years of such time, any of the events described in Items 401(f)(2)-(8) of Regulation S-K under the Securities Act of 1933, as amended (or
any successor regulation) occurred, unless the Company, in its sole discretion, concludes that disclosure of such event would not be required, (ii) if such individual would be prohibited by applicable law from serving as a Director or
(iii) if a majority of the members of the Board, other than the Otto Designees, determine, in good faith, that such individual’s service as a Director would be materially detrimental to the Company (in which case the Initial Otto
Stockholders will have 30 days to designate a replacement pursuant to a Designation Notice delivered in accordance with Section 2.1(b) without giving effect to the deadlines set forth therein). The Initial Otto Stockholders shall use
reasonable efforts to ensure that any Otto Designee satisfies all stated criteria and guidelines for director nominees of the Company. 

(b) Each Otto Designee shall be required, as a condition to such individual’s nomination, appointment and service as a
Director, to make such acknowledgements, enter into such agreements and provide such information as the Board requires of all Directors at such time, including without limitation, completing such questionnaires as the Company requires of all
Directors or nominees and agreeing to be bound by the Company’s Code of Business Conduct and Ethics, Statement of Company Policy on Insider Trading and Disclosure, and Special Trading Procedures for Insiders. Each Otto Designee (other than the
Company’s Chief Executive Officer) shall also be required, as a condition to such individual’s nomination, appointment and service as a Director, to submit an irrevocable conditional resignation to be effective upon the occurrence of a
reduction in the Initial Otto Stockholder’s director nomination rights pursuant to Section 2.1(a) and the Board’s formal acceptance of such resignation following such reduction. The Company also agrees that it will provide
indemnification, advancement of expenses, directors’ and officers’ liability insurance and compensation for service as a director to the Otto Designees who are Directors on the same basis, and in the same manner, as it does for all other
non-employee Directors. 
  

	 	Section 2.3	Vacancies. 

 In the event that a vacancy is created at any time by the death, disability,
retirement, resignation or removal of any Otto Designee, the Initial Otto Stockholders shall collectively have the right, but not the obligation, to cause the vacancy created thereby to be filled by a new designee of the Initial Otto Stockholders,
and, in such a case, the Company hereby agrees to take all reasonable actions necessary to accomplish the same. 

  
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 ARTICLE III- GENERAL PROVISIONS 

 

	 	Section 3.1	Termination. 

 This Agreement shall automatically terminate at such time as the Initial
Otto Stockholders no longer have the right to nominate a Director to the Board pursuant to Section 2.1(a). Upon such termination, no party shall have any further obligations or liabilities hereunder; provided that such termination
shall not relieve any party from liability for any breach of this Agreement prior to such termination. 
  

	 	Section 3.2	Notices. 

 (a) Any notice, demand, request or report required or
permitted to be given or made hereunder shall be in writing and shall be deemed given or made when delivered in person or when sent by nationally recognized overnight delivery service or facsimile transmission (with facsimile receipt confirmed), to
the following addresses (or any other address that any such party may designate by written notice to the other parties): 

(i) if to the Initial Otto Stockholders: 

c/o CURA Vermögensverwaltung, G.m.b.H. & Co. KG 

Werner-Otto-Straße 1-7 

D-22179 Hamburg, Germany 

Attention: Thomas Armbrust 

Fax: +49-40-6461-2960 

(ii) if to the Company: 

Paramount Group, Inc. 
 1633
Broadway, Suite 1801 
 New York, New York 10019 

Attention: Albert Behler 
 Fax:
+1-212-974-6435 
 (b) Any such notice shall, if delivered personally, be deemed received upon delivery; shall, if delivered
by nationally recognized overnight delivery service, be deemed received the first business day after being sent; and shall, if delivered by facsimile, be deemed received upon confirmation. 

(c) Whenever any notice is required to be given by law or this Agreement, a written waiver thereof, signed by the person
entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. 

  
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	 	Section 3.3	Amendment; Waiver. 

 This Agreement may be amended, supplemented or otherwise modified
only by a written instrument executed by each of the parties hereto. No waiver by any party of any of the provisions hereof will be effective unless explicitly set forth in writing and executed by the party so waiving. The waiver by any party hereto
of a breach of any provision of this Agreement will not operate or be construed as a waiver of any subsequent breach. 
  

	 	Section 3.4	Successors and Assigns. 

 Except as specifically provided herein, this Agreement may not
be assigned by the Company without the express prior written consent of each of the Initial Otto Stockholders, and any attempted assignment, without such consent, shall be null and void. Except as specifically provided herein, this Agreement may not
be assigned by any of the Otto Stockholders without the express prior written consent of a majority of the Board not affiliated with the Otto Stockholders, and any attempted assignment, without such consent, shall be null and void; provided,
however, that any Otto Stockholder (whether in such person’s or entity’s capacity as an Otto Stockholder or an Initial Otto Stockholder) or its authorized representative (e.g., executor or trustee) may assign or transfer this Agreement
or any of its rights or benefits hereunder (in whole or in part) to any other Otto Stockholder without such prior written consent. 
  

	 	Section 3.5	Third Parties. 

 This Agreement does not create any rights, claims or benefits inuring to
any person or entity that is not a party hereto nor create or establish any third party beneficiary hereto. 
  

	 	Section 3.6	Governing Law. 

 This Agreement shall be governed by and construed in accordance with,
the laws of the State of Maryland, without regard to the choice of law or conflict of law provisions thereof. 
  

	 	Section 3.7	Waiver of Trial by Jury. 

 EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY
JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
  

	 	Section 3.8	Specific Performance. 

 Each party hereto acknowledges and agrees that in the event of
any breach of this Agreement by any of them, the Company (in the case of a breach by any of the Initial Otto Stockholders) or the Initial Otto Stockholders (in the case of a breach by the Company) would be irreparably harmed and could not be made
whole by monetary damages. Each party accordingly agrees to waive the defense in any action for specific performance that a remedy at law would be adequate and that the Company and the Initial Otto Stockholders, as the case may be, in addition to
any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement without the posting of bond. 

  
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	 	Section 3.9	Entire Agreement. 

 This Agreement sets forth the entire understanding of the parties
hereto with respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof other than those expressly set forth herein. This Agreement supersedes all
other prior agreements and understandings between the parties with respect to such subject matter. 
  

	 	Section 3.10	Severability. 

 If any provision of this Agreement is held to be illegal, invalid or
unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never
comprised a part of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement.
Furthermore, in lieu of each such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and
be legal, valid and enforceable. 
  

	 	Section 3.11	Table of Contents, Headings and Captions. 

 The table of contents, headings, subheadings
and captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

 

	 	Section 3.12	Counterparts. 

 This Agreement and any amendment hereto may be signed in any number of
separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one agreement (or amendment, as applicable). 
  

	 	Section 3.13	Otto Stockholder Representative. 

 (a) The Initial Otto Stockholders
hereby designate the Otto Stockholder Representative to act as a representative for the benefit of the Initial Otto Stockholders, as the exclusive agent and attorney-in-fact to act on behalf of each Initial Otto Stockholder, in connection with and
to facilitate the matters contemplated hereby, which shall include the power and authority: 
 (i) to execute and deliver
any notices, documents or instruments (x) required to be delivered hereunder by the Otto Stockholder Representative (on behalf of the Initial Otto Stockholders) or (y) to designate individuals to the Board on behalf of the Initial Otto
Stockholders; 
 (ii) to enforce and protect the rights and interests of the Initial Otto Stockholders arising out of or
under or in any manner relating to this Agreement and each other document or instrument referred to herein, and to take any and all 

  
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actions which the Otto Stockholder Representative believes are necessary or appropriate under this Agreement for and on behalf of the Initial Otto Stockholders, including asserting or pursuing or
defending any claim, action, proceeding or investigation by or against any Initial Stockholder Representative; and 
 (iii)
to make, execute, acknowledge and deliver all such other agreements, documents, instruments or other writings, and, in general, to do any and all things and to take any and all actions that are necessary or proper or convenient in connection with or
to carry out the matters contemplated by this Agreement. 
 (b) The Company shall have the right to rely upon all actions
taken or omitted to be taken by the Otto Stockholder Representative pursuant to this Agreement, all of which actions or omissions shall be legally binding upon the Initial Otto Stockholders. 

(c) The Majority-in-Interest shall have the right, at any time, to remove and replace the Otto Stockholder Representative by
written notice to the Company executed by the Majority-in-Interest and delivered to the Company pursuant to Section 3.2. 

(d) The grant of authority provided for herein is coupled with an interest and shall survive the death, incompetency,
bankruptcy or liquidation of any Initial Otto Stockholder. 
 [Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Stockholders Agreement to be duly
executed as of the date first above written. 
  

					
	PARAMOUNT GROUP, INC., a Maryland corporation
		
	By:	 	 /s/ Albert Behler

		 	Name:	 	Albert Behler
		 	Title:	 	President and CEO

 [Signatures continue on following page] 

 
	
	INITIAL OTTO STOCKHOLDERS:
	
	 /s/ Maren Otto

	Maren Otto

 
	
	INITIAL OTTO STOCKHOLDERS:
	
	 /s/ Alexander Otto

	Alexander Otto

 
	
	INITIAL OTTO STOCKHOLDERS:
	
	 /s/ Katharina Otto-Bernstein

	Katharina Otto-Bernstein

 Schedule I 

Initial Otto Stockholders 
 Maren Otto

 Alexander Otto 
 Katharina Otto-Bernstein 

Address for Initial Otto Stockholders: 

c/o CURA Vermögensverwaltung, G.m.b.H. & Co. KG 

Werner-Otto-Straße 1-7 

D-22179 Hamburg, Germany 

Attention: Thomas Armbrust 
 Fax:
+49-40-6461-2960EX-10.5

 Exhibit 10.5 

PARAMOUNT GROUP, INC. 

2014 EQUITY INCENTIVE PLAN 
  

	SECTION 1.	GENERAL PURPOSE OF THE PLAN; DEFINITIONS 

 The name of the plan is the Paramount Group,
Inc. 2014 Equity Incentive Plan (the “Plan”). The purpose of the Plan is to encourage and enable the officers, employees, Non-Employee Directors and Consultants of Paramount Group, Inc., a Maryland corporation (the “Company”)
Paramount Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”) and their Subsidiaries upon whose judgment, initiative and efforts the Company largely depends for the successful conduct of its business
to acquire a proprietary interest in the Company. It is anticipated that providing such persons with a direct stake in the Company’s welfare will assure a closer identification of their interests with those of the Company and its stockholders,
thereby stimulating their efforts on the Company’s behalf and strengthening their desire to remain with the Company. 
 The following
terms shall be defined as set forth below: 
 “Act” means the Securities Act of 1933, as amended, and the rules and
regulations thereunder. 
 “Administrator” means either the Board or the compensation committee of the Board or a similar
committee performing the functions of the compensation committee and which is comprised of not less than two Non-Employee Directors who are independent. 

“Award” or “Awards,” except where referring to a particular category of grant under the Plan, shall include
Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock Units, Restricted Stock Awards, Unrestricted Stock Awards, Cash-Based Awards, Performance Share Awards, Dividend Equivalent Rights and Other
Equity-Based Awards contemplated herein. 
 “Award Certificate” means a written or electronic document setting forth the
terms and provisions applicable to an Award granted under the Plan. Each Award Certificate is subject to the terms and conditions of the Plan. 

“Board” means the Board of Directors of the Company. 

“Cash-Based Award” means an Award entitling the recipient to receive a cash-denominated payment. 

“Code” means the Internal Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and
interpretations. 
 “Consultant” means any natural person that provides bona fide services to the Company, and such
services are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities. 

 “Covered Employee” means an employee who is a “Covered Employee”
within the meaning of Section 162(m) of the Code. 
 “Dividend Equivalent Right” means an Award entitling the grantee
to receive credits based on cash dividends that would have been paid on the shares of Stock specified in the Dividend Equivalent Right (or other award to which it relates) if such shares had been issued to and held by the grantee. 

“Effective Date” means the date of the Initial Public Offering as set forth in Section 22. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. 

“Fair Market Value” of the Stock on any given date means the fair market value of the Stock determined in good faith by the
Administrator; provided, however, that if the Stock is listed on the New York Stock Exchange or another national securities exchange, Fair Market Value means the closing price of the Stock on the primary exchange on which the Stock is listed on the
date of determination; provided that, if there are no trades in the Stock on such date, Fair Market Value means the closing price of the Stock on such primary exchange on the last date preceding such date for which there was at least one trade in
the Stock; provided further, however, that if the date for which Fair Market Value is determined is the first day when trading prices for the Stock are reported on a national securities exchange, the Fair Market Value shall be the “Price to the
Public” (or equivalent) set forth on the cover page for the final prospectus relating to the Company’s Initial Public Offering. 

“Full Value Award” means an Award under the Plan other than an Option, a Stock Appreciation Right or an Award with similar
economics to an Option. 
 “Incentive Stock Option” means any Stock Option designated and qualified as an “incentive
stock option” as defined in Section 422 of the Code. 
 “Initial Public Offering” means the consummation of the
first underwritten, firm commitment public offering pursuant to an effective registration statement under the Act covering the offer and sale by the Company of its equity securities, or such other event as a result of or following which the Stock
shall be publicly held. 
 “Non-Employee Director” means a member of the Board who is not also an employee of the Company,
the Operating Partnership or any Subsidiary. 
 “Non-Qualified Stock Option” means any Stock Option that is not an
Incentive Stock Option. 
 “Operating Partnership” means Paramount Group Operating Partnership L.P., a Delaware limited
partnership. 

  
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 “Option” or “Stock Option” means any option to purchase shares
of Stock granted pursuant to Section 5. 
 “Performance-Based Award” means any Restricted Stock Award, Award of
Restricted Stock Units, Performance Share Award or Cash-Based Award granted to a Covered Employee that is intended to qualify as “performance-based compensation” under Section 162(m) of the Code and the regulations promulgated
thereunder. 
 “Performance Criteria” means the criteria that the Administrator selects for purposes of establishing the
Performance Goal or Performance Goals for an individual for a Performance Cycle. The Performance Criteria (which shall be applicable to the organizational level specified by the Administrator, including, but not limited to, the Company or a unit,
division, group, or Subsidiary of the Company) that will be used to establish Performance Goals are limited to the following: total shareholder return, same store net operating income, net income (loss) (either before or after interest, taxes,
depreciation and/or amortization), changes in the market price of the Stock, funds from operations or similar measure, sales or revenue, acquisitions or strategic transactions, operating income, return on capital, assets, equity, or investment,
gross or net profit levels, occupancy rates, expense, margins, operating efficiency, client satisfaction, earnings (loss) per share of Stock, market share, any of which may be measured either in absolute terms or as compared to any incremental
increase or as compared to results of a peer group. The Administrator may appropriately adjust any evaluation performance under a Performance Criterion to exclude any of the following events that occurs during a Performance Cycle: (i) asset
write-downs or impairments, (ii) litigation or claim judgments or settlements, (iii) the effect of changes in tax law, accounting principles or other such laws or provisions affecting reporting results, (iv) accruals for
reorganizations and restructuring programs, (v) any extraordinary non-recurring items, including those described in the Financial Accounting Standards Board’s authoritative guidance and/or in management’s discussion and analysis of
financial condition of operations appearing the Company’s annual report to stockholders for the applicable year, and (vi) any other extraordinary items adjusted from the Company U.S. GAAP results. 

“Performance Cycle” means one or more periods of time, which may be of varying and overlapping durations, as the
Administrator may select, over which the attainment of one or more Performance Criteria will be measured for the purpose of determining a grantee’s right to and the payment of a Restricted Stock Award, Restricted Stock Units, Performance Share
Award or Cash-Based Award, the vesting and/or payment of which is subject to the attainment of one or more Performance Goals. Each such period shall not be less than 12 months. 

“Performance Goals” means, for a Performance Cycle, the specific goals established in writing by the Administrator for a
Performance Cycle based upon the Performance Criteria. 
 “Performance Share Award” means an Award entitling the recipient
to acquire shares of Stock upon the attainment of specified Performance Goals. 
 “Restricted Shares” means the shares of
Stock underlying a Restricted Stock Award that remain subject to a risk of forfeiture or the Company’s right of repurchase. 

  
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 “Restricted Stock Award” means an Award of shares of Stock subject to such
restrictions and conditions as the Administrator may determine at the time of grant. 
 “Restricted Stock Units” means an
Award of stock units subject to such restrictions and conditions as the Administrator may determine at the time of grant. 
 “Sale
Event” shall mean (i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the
Company’s outstanding voting power and outstanding stock immediately prior to such transaction do not own a majority of the outstanding voting power and outstanding stock or other equity interests of the resulting or successor entity (or its
ultimate parent, if applicable) immediately upon completion of such transaction, (iii) the sale of all of the Stock of the Company to an unrelated person or entity, or group thereof acting in concert, or (iv) any other transaction in which
the owners of the Company’s outstanding voting power immediately prior to such transaction do not own at least a majority of the outstanding voting power of the Company or any successor entity immediately upon completion of the transaction.

 “Sale Price” means the value as determined by the Administrator of the consideration payable, or otherwise to be
received by stockholders, per share of Stock pursuant to a Sale Event. 
 “Section 409A” means Section 409A of the
Code and the regulations and other guidance promulgated thereunder. 
 “Stock” means the Common Stock, par value $0.01 per
share, of the Company, subject to adjustments pursuant to Section 3. 
 “Stock Appreciation Right” means an Award
entitling the recipient to receive shares of Stock having a value equal to the excess of the Fair Market Value of the Stock on the date of exercise over the exercise price of the Stock Appreciation Right multiplied by the number of shares of Stock
with respect to which the Stock Appreciation Right shall have been exercised. 
 “Subsidiary” means any corporation or
other entity (other than the Company) in which the Company has at least a 50 percent interest, either directly or indirectly. 

“Ten Percent Owner” means an employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d)
of the Code) more than 10 percent of the combined voting power of all classes of stock of the Company or any parent or subsidiary corporation. 

“Units” means units of partnership interest, including one or more classes of profits interests in the Operating Partnership.

 “Unrestricted Stock Award” means an Award of shares of Stock free of any restrictions. 

 

	SECTION 2.	ADMINISTRATION OF PLAN; ADMINISTRATOR AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS 

(a) Administration of Plan. The Plan shall be administered by the Administrator. 

  
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 (b) Powers of Administrator. The Administrator shall have the power and authority to grant
Awards consistent with the terms of the Plan, including the power and authority: 
 (i) to select the individuals to whom Awards may from
time to time be granted; 
 (ii) to determine the time or times of grant, and the extent, if any, of Incentive Stock Options, Non-Qualified
Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Unrestricted Stock Awards, Cash-Based Awards, Performance Share Awards, Dividend Equivalent Rights and Units, or any combination of the foregoing, granted to
any one or more grantees; 
 (iii) to determine the number of shares of Stock or, in the case of a Cash-Based Award, the amount of cash, to
be covered by any Award; 
 (iv) to determine and, subject to Section 19, modify from time to time the terms and conditions, including
restrictions, not inconsistent with the terms of the Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the forms of Award Certificates; 

(v) to accelerate at any time the exercisability or vesting of all or any portion of any Award; 

(vi) subject to the provisions of Section 5(c), to extend at any time the period in which Stock Options may be exercised; and 

(vii) at any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and
proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including related written instruments); to make all determinations it deems advisable for the administration of the Plan; to decide all disputes
arising in connection with the Plan; and to otherwise supervise the administration of the Plan. 
 All decisions and interpretations of the
Administrator made in good faith shall be binding on all persons, including the Company and Plan grantees. 
 (c) Delegation of Authority
to Grant Awards. Subject to applicable law, the Administrator, in its discretion, may delegate to the Chief Executive Officer of the Company all or part of the Administrator’s authority and duties with respect to the granting of Awards to
individuals who are (i) not subject to the reporting and other provisions of Section 16 of the Exchange Act and (ii) not Covered Employees. Any such delegation by the Administrator shall include a limitation as to the amount of Awards
that may be granted during the period of the delegation and shall contain guidelines as to the determination of the exercise price and the vesting criteria. The Administrator may revoke or amend the terms of a delegation at any time but such action
shall not invalidate any prior actions of the Administrator’s delegate or delegates that were consistent with the terms of the Plan. 

  
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 (d) Award Certificate. Awards under the Plan shall be evidenced by Award Certificates that
set forth the terms, conditions and limitations for each Award which may include, without limitation, the term of an Award and the provisions applicable in the event employment or service terminates. 

(e) Indemnification. Neither the Board nor the Administrator, nor any member of either or any delegate thereof, shall be liable for any
act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Administrator (and any delegate thereof) shall be entitled in all cases to indemnification and
reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under the Company’s
articles or bylaws or any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between such individual and the Company. 

(f) Foreign Award Recipients. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other
countries in which the Company and its Subsidiaries operate or have employees or other individuals eligible for Awards, the Administrator, in its sole discretion, shall have the power and authority to: (i) determine which Subsidiaries shall be
covered by the Plan; (ii) determine which individuals outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to individuals outside the United States to comply with
applicable foreign laws; (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Administrator determines such actions to be necessary or advisable (and such subplans and/or modifications shall
be attached to this Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitations contained in Section 3(a) hereof; and (v) take any action, before or after an Award is made, that
the Administrator determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the Administrator may not take any actions hereunder, and no Awards
shall be granted, that would violate the Exchange Act or any other applicable United States securities law, the Code, or any other applicable United States governing statute or law. 

 

	SECTION 3.	STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION 

 (a) Stock Issuable. Subject
to the provisions of this Section 3(a) or any adjustment as provided in Section 3(b), Awards may be granted under the Plan with respect to 17,142,857 Share Equivalents (as defined below), which, in accordance with the share counting
provision of this Section 3(a), would result in the issuance of up to a maximum of 17,142,857 shares of Stock if all Awards under the Plan were Full Value Awards and 34,285,714 shares of Stock if all Awards granted under the Plan were not Full
Value Awards. Any shares of Stock that are subject to an Award that is not a Full Value Award shall be counted against the number of Share Equivalents available for the grant of Awards under the Plan as one-half Share Equivalent for every share of
Stock granted pursuant to the Award; any shares of Stock that are subject to an Award that is a Full Value Award shall be counted as one Share Equivalent for every share of Stock granted pursuant to the Award. “Share Equivalent” shall be
the measuring unit for purposes of the Plan to determine the number of shares of Stock that may be subject to Awards 

  
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hereunder, which number of Shares shall not in any event exceed 34,285,714, subject to any adjustment as provided in Section 3(b). For purposes of this limitation, the shares of Stock
underlying any Awards that are forfeited, canceled, expired, satisfied without issuance of shares or otherwise terminated (other than by exercise), including shares held back upon exercise or settlement of an Award to satisfy the exercise price or
tax withholding, reacquired by the Company prior to vesting, shall be added back to the Share Equivalents and shares of Stock available for issuance under the Plan in the same manner as provided in this Section 3(a). In the event the Company
repurchases shares of Stock on the open market, such shares shall not be added to the Share Equivalents and shares of Stock available for issuance under the Plan. Subject to such overall limitation and any adjustment as provided in
Section 3(b), the maximum aggregate number of Share Equivalents that may be issued in the form of Incentive Stock Options shall not exceed 34,285,714 and Stock Options or Stock Appreciation Rights with respect to no more than 10,000,000 Share
Equivalents may be granted to any one individual employee during any one calendar year period. The shares available for issuance under the Plan may be authorized but unissued shares of Stock or shares of Stock reacquired by the Company. 

(b) Changes in Stock. Subject to Section 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding shares of Stock are increased or decreased or are exchanged for a different number or kind of shares or other securities of
the Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such shares of Stock or other securities, or, if, as a result of any merger or consolidation,
sale of all or substantially all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for securities of the Company or any successor entity (or a parent or subsidiary thereof), the Administrator shall make an
appropriate or proportionate adjustment in (i) the maximum number of Share Equivalents and shares of Stock available for issuance under the Plan, including the maximum number of shares that may be issued in the form of Incentive Stock Options,
(ii) the number of Stock Options or Stock Appreciation Rights that can be granted to any one individual grantee and the maximum number of shares that may be granted under a Performance-Based Award, (iii) the number and kind of shares or
other securities subject to any then outstanding Awards under the Plan, (iv) the repurchase price, if any, per share subject to each outstanding Restricted Stock Award, and (v) the exercise price for each share subject to any then
outstanding Stock Options and Stock Appreciation Rights under the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied by the number of Stock Options and Stock Appreciation Rights) as to which such Stock Options
and Stock Appreciation Rights remain exercisable. The Administrator shall also make equitable or proportionate adjustments in the number of shares subject to outstanding Awards and the exercise price and the terms of outstanding Awards to take into
consideration cash dividends paid other than in the ordinary course or any other extraordinary corporate event. The adjustment by the Administrator shall be final, binding and conclusive absent manifest error. No fractional shares of Stock shall be
issued under the Plan resulting from any such adjustment, but the Administrator in its discretion may make a cash payment in lieu of fractional shares. 

(c) Mergers and Other Transactions. Except as the Administrator may otherwise specify with respect to particular Awards in the relevant
Award Certificate, in the case of and subject to the consummation of a Sale Event, the parties thereto may cause the assumption or 

  
 7 

 
continuation of Awards theretofore granted by the successor entity, or the substitution of such Awards with new Awards of the successor entity or parent thereof, with appropriate adjustment as to
the number and kind of shares and, if appropriate, the per share exercise prices, as such parties shall agree. To the extent the parties to such Sale Event do not provide for the assumption, continuation or substitution of Awards, all Options and
Stock Appreciation Rights that are not exercisable immediately prior to the effective time of the Sale Event shall become fully exercisable as of the effective time of the Sale Event, all other Awards with time-based vesting conditions or
restrictions shall become fully vested and nonforfeitable as of the effective time of the Sale Event and all Awards with conditions and restrictions relating to the attainment of performance goals shall become vested and nonforfeitable in connection
with a Sale Event to the extent specified in the relevant Award Agreement, and upon the effective time of the Sale Event, the Plan and all outstanding Awards granted hereunder shall terminate. In the event of such termination, (i) the Company
shall have the option (in its sole discretion) to make or provide for a cash payment to the grantees holding Options and Stock Appreciation Rights, in exchange for the cancellation thereof, in an amount equal to the excess, if any, of (A) the
Sale Price multiplied by the number of shares of Stock subject to outstanding Options and Stock Appreciation Rights (to the extent then exercisable at prices not in excess of the Sale Price) over (B) the aggregate exercise price of all such
outstanding Options and Stock Appreciation Rights; or (ii) each grantee shall be permitted, within a specified period of time prior to the consummation of the Sale Event as determined by the Administrator, to exercise all outstanding Options
and Stock Appreciation Rights (to the extent then exercisable) held by such grantee. 
 (d) Substitute Awards. The Administrator may
grant Awards under the Plan in substitution for stock and stock based awards held by employees, directors or other key persons of another corporation in connection with the merger or consolidation of the employing corporation with the Company or a
Subsidiary or the acquisition by the Company or a Subsidiary of property or stock of the employing corporation. The Administrator may direct that the substitute awards be granted on such terms and conditions as the Administrator considers
appropriate in the circumstances. Any substitute Awards granted under the Plan shall not count against the share limitation set forth in Section 3(a). 
  

	SECTION 4.	ELIGIBILITY 

 Grantees under the Plan will be such full or part-time officers and other
employees, Non-Employee Directors and key persons (including Consultants) of the Company and its Subsidiaries as are selected from time to time by the Administrator in its sole discretion. 

 

	SECTION 5.	STOCK OPTIONS 

 (a) Award of Stock Options. The Administrator may grant Stock
Options under the Plan. Any Stock Option granted under the Plan shall be in such form as the Administrator may from time to time approve. 

Stock Options granted under the Plan may be either Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may be
granted only to employees of the Company or any Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code. To the extent that any Option does not qualify as an Incentive Stock Option, it shall be
deemed a Non-Qualified Stock Option. 

  
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 Stock Options granted pursuant to this Section 5 shall be subject to the following terms and
conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable. If the Administrator so determines, Stock Options may be granted in lieu of cash compensation
at the optionee’s election, subject to such terms and conditions as the Administrator may establish. 
 (b) Exercise Price. The
exercise price per share for the Stock covered by a Stock Option granted pursuant to this Section 5 shall be determined by the Administrator at the time of grant but shall not be less than 100 percent of the Fair Market Value on the date of
grant. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the exercise price per share of such Incentive Stock Option shall be not less than 110 percent of the Fair Market Value on the grant date. 

(c) Option Term. The term of each Stock Option shall be fixed by the Administrator, but no Stock Option shall be exercisable more than
ten years after the date the Stock Option is granted. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the term of such Stock Option shall be no more than five years from the date of grant. 

(d) Exercisability; Rights of a Stockholder. Stock Options shall become exercisable at such time or times, whether or not in
installments, as shall be determined by the Administrator at or after the grant date. The Administrator may at any time accelerate the exercisability of all or any portion of any Stock Option. An optionee shall have the rights of a stockholder only
as to shares acquired upon the exercise of a Stock Option and not as to unexercised Stock Options. 
 (e) Method of Exercise. Stock
Options may be exercised in whole or in part, by giving written or electronic notice of exercise to the Company, specifying the number of shares to be purchased. Payment of the purchase price may be made by one or more of the following methods to
the extent provided in the Option Award Certificate: 
 (i) In cash, by certified or bank check or other instrument acceptable to the
Administrator; 
 (ii) Through the delivery (or attestation to the ownership) of shares of Stock owned by the optionee and that are not then
subject to restrictions under any Company plan. Such surrendered shares shall be valued at Fair Market Value on the exercise date; 
 (iii)
By the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price;
provided that in the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall
reasonably prescribe as a condition of such payment procedure; or 
 (iv) With respect to Stock Options that are not Incentive Stock
Options, by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate
exercise price. 

  
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 Payment instruments will be received subject to collection. The transfer to the optionee on the records of the
Company or of the transfer agent of the shares of Stock to be purchased pursuant to the exercise of a Stock Option will be contingent upon receipt from the optionee (or a purchaser acting in his stead in accordance with the provisions of the Stock
Option) by the Company of the full purchase price for such shares and the fulfillment of any other requirements contained in the Option Award Certificate or applicable provisions of laws (including the satisfaction of any withholding taxes that the
Company is obligated to withhold with respect to the optionee). In the event an optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the optionee
upon the exercise of the Stock Option shall be net of the number of attested shares. In the event that the Company establishes, for itself or using the services of a third party, an automated system for the exercise of Stock Options, such as a
system using an internet website or interactive voice response, then the paperless exercise of Stock Options may be permitted through the use of such an automated system. 

(f) Annual Limit on Incentive Stock Options. To the extent required for “incentive stock option” treatment under
Section 422 of the Code, the aggregate Fair Market Value (determined as of the time of grant) of the shares of Stock with respect to which Incentive Stock Options granted under this Plan and any other plan of the Company or its parent and
subsidiary corporations become exercisable for the first time by an optionee during any calendar year shall not exceed $100,000. To the extent that any Stock Option exceeds this limit, it shall constitute a Non-Qualified Stock Option. 

 

	SECTION 6.	STOCK APPRECIATION RIGHTS 

 (a) Award of Stock Appreciation Rights. The
Administrator may grant Stock Appreciation Rights under the Plan. A Stock Appreciation Right is an Award entitling the recipient to receive shares of Stock having a value equal to the excess of the Fair Market Value of a share of Stock on the date
of exercise over the exercise price of the Stock Appreciation Right multiplied by the number of shares of Stock with respect to which the Stock Appreciation Right shall have been exercised. 

(b) Exercise Price of Stock Appreciation Rights. The exercise price of a Stock Appreciation Right shall not be less than 100 percent of
the Fair Market Value of the Stock on the date of grant. 
 (c) Grant and Exercise of Stock Appreciation Rights. Stock Appreciation
Rights may be granted by the Administrator independently of any Stock Option granted pursuant to Section 5 of the Plan. 
 (d) Terms
and Conditions of Stock Appreciation Rights. Stock Appreciation Rights shall be subject to such terms and conditions as shall be determined from time to time by the Administrator. The term of a Stock Appreciation Right may not exceed ten years.

  
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	SECTION 7.	RESTRICTED STOCK AWARDS 

 (a) Nature of Restricted Stock Awards. The Administrator
may grant Restricted Stock Awards under the Plan. A Restricted Stock Award is any Award of Restricted Shares subject to such restrictions and conditions as the Administrator may determine at the time of grant. Conditions may be based on continuing
employment (or other service relationship) and/or achievement of pre-established performance goals and objectives. The terms and conditions of each such Award Certificate shall be determined by the Administrator, and such terms and conditions may
differ among individual Awards and grantees. 
 (b) Rights as a Stockholder. Upon the grant of the Restricted Stock Award and payment
of any applicable purchase price, a grantee shall have the rights of a stockholder with respect to the voting of the Restricted Shares and receipt of dividends; provided that if the lapse of restrictions with respect to the Restricted Stock Award is
tied to the attainment of performance goals, any dividends paid by the Company during the performance period shall accrue and shall not be paid to the grantee until and to the extent the performance goals are met with respect to the Restricted Stock
Award. Unless the Administrator shall otherwise determine, (i) uncertificated Restricted Shares shall be accompanied by a notation on the records of the Company or the transfer agent to the effect that they are subject to forfeiture until such
Restricted Shares are vested as provided in Section 7(d) below, and (ii) certificated Restricted Shares shall remain in the possession of the Company until such Restricted Shares are vested as provided in Section 7(d) below, and the
grantee shall be required, as a condition of the grant, to deliver to the Company such instruments of transfer as the Administrator may prescribe. 

(c) Restrictions. Restricted Shares may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as
specifically provided herein or in the Restricted Stock Award Certificate. Except as may otherwise be provided by the Administrator either in the Award Certificate or, subject to Section 19 below, in writing after the Award is issued, if a
grantee’s employment (or other service relationship) with the Company and its Subsidiaries terminates for any reason, any Restricted Stock that has not vested at the time of termination shall automatically and without any requirement of notice
to such grantee from or other action by or on behalf of, the Company be deemed to have been reacquired by the Company at its original purchase price (if any) from such grantee or such grantee’s legal representative simultaneously with such
termination of employment (or other service relationship), and thereafter shall cease to represent any ownership of the Company by the grantee or rights of the grantee as a stockholder. Following such deemed reacquisition of Restricted Shares that
are represented by physical certificates, a grantee shall surrender such certificates to the Company upon request without consideration. 

(d) Vesting of Restricted Shares. The Administrator at the time of grant shall specify the date or dates and/or the attainment of
pre-established performance goals, objectives and other conditions on which the non-transferability of the Restricted Shares and the Company’s right of repurchase or forfeiture shall lapse. Subsequent to such date or dates and/or the attainment
of such pre-established performance goals, objectives and other conditions, the shares on which all restrictions have lapsed shall no longer be Restricted Shares and shall be deemed “vested.” 

  
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	SECTION 8.	RESTRICTED STOCK UNITS 

 (a) Nature of Restricted Stock Units. The Administrator
may grant Restricted Stock Units under the Plan. A Restricted Stock Unit is an Award of stock units that may be settled in shares of Stock upon the satisfaction of such restrictions and conditions at the time of grant. Conditions may be based on
continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives. The terms and conditions of each such Award Certificate shall be determined by the Administrator, and such terms and
conditions may differ among individual Awards and grantees. Except in the case of Restricted Stock Units with a deferred settlement date that complies with Section 409A, at the end of the vesting period, the Restricted Stock Units, to the
extent vested, shall be settled in the form of shares of Stock. Restricted Stock Units with deferred settlement dates are subject to Section 409A and shall contain such additional terms and conditions as the Administrator shall determine in its
sole discretion in order to comply with the requirements of Section 409A. 
 (b) Election to Receive Restricted Stock Units in Lieu
of Compensation. The Administrator may, in its sole discretion, permit a grantee to elect to receive a portion of future cash compensation otherwise due to such grantee in the form of an award of Restricted Stock Units. Any such election shall
be made in writing and shall be delivered to the Company no later than the date specified by the Administrator in accordance with Section 409A and such other rules and procedures established by the Administrator. Any such future cash
compensation that the grantee elects to defer shall be converted to a fixed number of Restricted Stock Units based on the Fair Market Value of Stock on the date the compensation would otherwise have been paid to the grantee if such payment had not
been deferred as provided herein. The Administrator shall have the sole right to determine whether and under what circumstances to permit such elections and to impose such limitations and other terms and conditions thereon as the Administrator deems
appropriate. Any Restricted Stock Units that are elected to be received in lieu of cash compensation shall be fully vested, unless otherwise provided in the Award Certificate. 

(c) Rights as a Stockholder. A grantee shall have the rights as a stockholder only as to shares of Stock acquired by the grantee upon
settlement of his Restricted Stock Units. The Administrator may provide that the grantee shall be credited with Dividend Equivalent Rights with respect to his Restricted Stock Units, provided that if the vesting of the Restricted Stock Units is tied
to the attainment of performance goals, the Dividend Equivalent Rights shall accrue and shall not become vested until and to the extent that the performance goals are met with respect to the Restricted Stock Units. 

(d) Termination. Except as may otherwise be provided by the Administrator either in 

(e) the Award Certificate or, subject to Section 19 below, in writing after the Award is issued, a grantee’s right in all Restricted
Stock Units that have not vested shall automatically terminate upon the grantee’s termination of employment (or cessation of service relationship) with the Company and its Subsidiaries for any reason. 

  
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	SECTION 9.	UNRESTRICTED STOCK AWARDS 

 Grant or Sale of Unrestricted Stock. The Administrator
may grant (or sell at par value or such higher purchase price determined by the Administrator) an Unrestricted Stock Award under the Plan. An Unrestricted Stock Award is an Award pursuant to which the grantee may receive shares of Stock free of any
restrictions under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in lieu of cash compensation due to such grantee. 

 

	SECTION 10.	CASH-BASED AWARDS 

 Grant of Cash-Based Awards. The Administrator may grant
Cash-Based Awards under the Plan. A Cash-Based Award is an Award that entitles the grantee to a payment in cash upon the attainment of specified Performance Goals. The Administrator shall determine the maximum duration of the Cash-Based Award, the
amount of cash to which the Cash-Based Award pertains, the conditions upon which the Cash-Based Award shall become vested or payable, and such other provisions as the Administrator shall determine. Each Cash-Based Award shall specify a
cash-denominated payment amount, formula or payment ranges as determined by the Administrator. Payment, if any, with respect to a Cash-Based Award shall be made in accordance with the terms of the Award and may be made in cash. 

 

	SECTION 11.	PERFORMANCE SHARE AWARDS 

 (a) Nature of Performance Share Awards. The
Administrator may grant Performance Share Awards under the Plan. A Performance Share Award is an Award entitling the grantee to receive shares of Stock upon the attainment of performance goals. The Administrator shall determine whether and to whom
Performance Share Awards shall be granted, the performance goals, the periods during which performance is to be measured, which may not be less than one year except in the case of a Sale Event, and such other limitations and conditions as the
Administrator shall determine. 
 (b) Rights as a Stockholder. A grantee receiving a Performance Share Award shall have the rights of
a stockholder only as to shares of Stock actually received by the grantee under the Plan and not with respect to shares of Stock subject to the Award but not actually received by the grantee. A grantee shall be entitled to receive shares of Stock
under a Performance Share Award only upon satisfaction of all conditions specified in the Performance Share Award Certificate (or in a performance plan adopted by the Administrator). 

(c) Termination. Except as may otherwise be provided by the Administrator either in the Award agreement or, subject to Section 19
below, in writing after the Award is issued, a grantee’s rights in all Performance Share Awards shall automatically terminate upon the grantee’s termination of employment (or cessation of service relationship) with the Company and its
Subsidiaries for any reason. 
  

	SECTION 12.	PERFORMANCE-BASED AWARDS 

 (a) Performance-Based Awards. The Administrator may
grant one or more Performance-Based Awards in the form of a Restricted Stock Award, Restricted Stock Units, 

  
 13 

 
Performance Share Awards or Cash-Based Award payable upon the attainment of Performance Goals that are established by the Administrator and relate to one or more of the Performance Criteria, in
each case on a specified date or dates or over any period or periods determined by the Administrator. The Administrator shall define in an objective fashion the manner of calculating the Performance Criteria it selects to use for any Performance
Cycle. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of overall Company performance or the performance of a division, business unit, or an individual. Each
Performance-Based Award shall comply with the provisions set forth below. 
 (b) Grant of Performance-Based Awards. With respect to
each Performance-Based Award granted to a Covered Employee, the Administrator shall select, within the first 90 days of a Performance Cycle (or, if shorter, within the maximum period allowed under Section 162(m) of the Code) the Performance
Criteria for such grant, and the Performance Goals with respect to each Performance Criterion (including a threshold level of performance below which no amount will become payable with respect to such Award). Each Performance-Based Award will
specify the amount payable, or the formula for determining the amount payable, upon achievement of the various applicable performance targets. The Performance Criteria established by the Administrator may be (but need not be) different for each
Performance Cycle and different Performance Goals may be applicable to Performance-Based Awards to different Covered Employees. 
 (c)
Payment of Performance-Based Awards. Following the completion of a Performance Cycle, the Administrator shall meet to review and certify in writing whether, and to what extent, the Performance Goals for the Performance Cycle have been
achieved and, if so, to also calculate and certify in writing the amount of the Performance-Based Awards earned for the Performance Cycle. The Administrator shall then determine the actual size of each Covered Employee’s Performance-Based
Awards. 
 (d) Maximum Award Payable. The maximum Performance-Based Award payable to any one Covered Employee under the Plan for a
Performance Cycle is 5,000,000 Share Equivalents reserved under the first sentence of Section 3(a) (subject to adjustment as provided in Section 3(b) hereof) or $50 million in the case of a Performance-Based Award that is a Cash-Based
Award. 
  

	SECTION 13.	DIVIDEND EQUIVALENT RIGHTS 

 (a) Dividend Equivalent Rights. The Administrator may
grant Dividend Equivalent Rights under the Plan. A Dividend Equivalent Right may be granted hereunder to any grantee as a component of an Award of Restricted Stock Units, Restricted Stock Award, Performance Share Award, Units or Other Equity-Based
Award or as a freestanding award. The terms and conditions of Dividend Equivalent Rights shall be specified in the Award Certificate. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently or may be deemed
to be reinvested in additional shares of Stock, which may thereafter accrue additional equivalents. Any such reinvestment shall be at Fair Market Value on the date of reinvestment or such other price as may then apply under a dividend reinvestment
plan sponsored by the Company, if any. Dividend Equivalent Rights may be settled in cash or shares of Stock or a 

  
 14 

 
combination thereof, in a single installment or installments. A Dividend Equivalent Right granted as a component of an award of Restricted Stock Units, Restricted Stock Award, Units or Other
Equity-Based Award with performance vesting or Performance Share Award shall provide that such Dividend Equivalent Right shall be settled only upon settlement or payment of, or lapse of restrictions on, such other Award, and that such Dividend
Equivalent Right shall expire or be forfeited or annulled under the same conditions as such other Award. 
 (b) Termination. Except
as may otherwise be provided by the Administrator either in the Award Certificate or, subject to Section 19 below, in writing after the Award is issued, a grantee’s rights in all Dividend Equivalent Rights granted as a component of an
award of Restricted Stock Units, Restricted Stock Award, Performance Share Award, Units or Other Equity-Based Award that has not vested shall automatically terminate upon the grantee’s termination of employment (or cessation of service
relationship) with the Company and its Subsidiaries for any reason. 
  

	SECTION 14.	OTHER EQUITY-BASED AWARDS 

 The Administrator shall have the right to grant Units or any
other membership or ownership interests (which may be expressed as units or otherwise) in the Operating Partnership or a Subsidiary (or other affiliate of the Company), with any shares of Stock being issued in connection with the conversion of (or
other distribution on account of) an interest granted under the authority of this Section 14 to be subject to Section 3 and the other provisions of the Plan. 
  

	SECTION 15.	TRANSFERABILITY OF AWARDS 

 (a) Transferability. Except as provided in
Section 15(b) below, during a grantee’s lifetime, his or her Awards shall be exercisable only by the grantee, or by the grantee’s legal representative or guardian in the event of the grantee’s incapacity. No Awards shall be sold,
assigned, transferred or otherwise encumbered or disposed of by a grantee other than by will or by the laws of descent and distribution or pursuant to a domestic relations order. No Awards shall be subject, in whole or in part, to attachment,
execution, or levy of any kind, and any purported transfer in violation hereof shall be null and void. 
 (b) Administrator Action.
Notwithstanding Section 15(a), the Administrator, in its discretion, may provide either in the Award Certificate regarding a given Award or by subsequent written approval that such Award may be transferred. In such event, the grantee of an
Award (who is an employee or director) may transfer his or her Award to his or her immediate family members, to trusts for the benefit of such family members, to partnerships in which such family members are the only partners, or to charitable
organizations, provided that the transferee agrees in writing with the Company to be bound by all of the terms and conditions of this Plan and the applicable Award. In no event may an Award be transferred by a grantee for value. 

(c) Family Member. For purposes of Section 15(b), “family member” shall mean a grantee’s child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the
grantee’s 

  
 15 

 
household (other than a tenant of the grantee), a trust in which these persons (or the grantee) have more than 50 percent of the beneficial interest, a foundation in which these persons (or the
grantee) control the management of assets, and any other entity in which these persons (or the grantee) own more than 50 percent of the voting interests. 

(d) Designation of Beneficiary. To the extent permitted by the Company, each grantee to whom an Award has been made under the Plan may
designate a beneficiary or beneficiaries to exercise any Award or receive any payment under any Award payable on or after the grantee’s death. Any such designation shall be on a form provided for that purpose by the Administrator and shall not
be effective until received by the Administrator. If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee, the beneficiary shall be the grantee’s estate. 

(e) Lockup Provision in an Initial Public Offering. If requested by the Company, a grantee shall not sell or otherwise transfer or
dispose of any Awards, Units or shares of Stock issued in respect thereof (including, without limitation, pursuant to Rule 144 under the Securities Act) held by him or her for such period following the effective date of the Initial Public Offering
as the Company shall specify reasonably and in good faith. If requested by the underwriter engaged by the Company for the Initial Public Offering, each grantee shall execute a separate letter confirming his or her agreement to comply with this
Section. 
  

	SECTION 16.	TAX WITHHOLDING 

 (a) Payment by Grantee. Each grantee shall, no later than the
date as of which the value of an Award or of any Stock or other amounts received thereunder first becomes includable in the gross income of the grantee for Federal income tax purposes, pay to the Company, or make arrangements satisfactory to the
Administrator regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld by the Company with respect to such income. The Company and its Subsidiaries shall, to the extent permitted by law, have the right to
deduct any such taxes from any payment of any kind otherwise due to the grantee. The Company’s obligation to deliver evidence of book entry (or stock certificates) to any grantee is subject to and conditioned on tax withholding obligations
being satisfied by the grantee. 
 (b) Payment in Stock. Subject to approval by the Administrator, a grantee may elect to have the
Company’s minimum required tax withholding obligation satisfied, in whole or in part, by authorizing the Company to withhold from shares of Stock to be issued pursuant to any Award a number of shares with an aggregate Fair Market Value (as of
the date the withholding is effected) that would satisfy the withholding amount due. The Administrator may also require Awards to be subject to mandatory share withholding up to the required withholding amount. For purposes of share withholding, the
Fair Market Value of withheld shares shall be determined in the same manner as the value of Stock includible in income of the grantee. 
  

	SECTION 17.	SECTION 409A AWARDS 

 To the extent that any Award is determined to constitute
“nonqualified deferred compensation” within the meaning of Section 409A (a “409A Award”), the Award shall be 

  
 16 

 
subject to such additional rules and requirements as specified by the Administrator from time to time in order to comply with Section 409A. In this regard, if any amount under a 409A Award
is payable upon a “separation from service” (within the meaning of Section 409A) to a grantee who is then considered a “specified employee” (within the meaning of Section 409A), then no such payment shall be made prior
to the date that is the earlier of (i) six months and one day after the grantee’s separation from service, or (ii) the grantee’s death, but only to the extent such delay is necessary to prevent such payment from being subject to
interest, penalties and/or additional tax imposed pursuant to Section 409A. Further, the settlement of any such Award may not be accelerated except to the extent permitted by Section 409A. 

 

	SECTION 18.	TERMINATION OF EMPLOYMENT, TRANSFER, LEAVE OF ABSENCE, ETC. 

 (a) Termination of
Employment. If the grantee’s employer ceases to be a Subsidiary, the grantee shall be deemed to have terminated employment for purposes of the Plan. 

(b) For purposes of the Plan, the following events shall not be deemed a termination of employment: 

(i) a transfer to the employment of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another; or

 (ii) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the
employee’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise so provides in writing. 

 

	SECTION 19.	AMENDMENTS AND TERMINATION 

 The Board may, at any time, amend or discontinue the Plan
and the Administrator may, at any time, amend or cancel any outstanding Award for the purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the
holder’s consent. Except as provided in Section 3(b) or 3(c), without prior stockholder approval, in no event may the Administrator exercise its discretion to reduce the exercise price of outstanding Stock Options or Stock Appreciation
Rights or effect the repricing of such Awards through cancellation and re-grants or cancellation of Stock Options or Stock Appreciation Rights in exchange for cash payment. The Board, in its discretion, may determine to make any Plan amendments
subject to approval by the Company’s stockholders for purposes of complying with applicable stock exchange requirement, ensuring that Incentive Stock Options granted under the Plan are qualified under Section 422 of the Code, or ensuring
that compensation earned under Awards qualifies as performance-based compensation under Section 162(m) of the Code. Nothing in this Section 19, shall limit the Administrator’s authority to take any action permitted pursuant to
Section 3(b) or 3(c). 
  

	SECTION 20.	STATUS OF PLAN 

 With respect to the portion of any Award that has not been exercised and
any payments in cash, Stock or other consideration not received by a grantee, a grantee shall have no rights 

  
 17 

 
greater than those of a general creditor of the Company unless the Administrator shall otherwise expressly determine in connection with any Award or Awards. In its sole discretion, the
Administrator may authorize the creation of trusts or other arrangements to meet the Company’s obligations to deliver Stock or make payments with respect to Awards hereunder, provided that the existence of such trusts or other arrangements is
consistent with the foregoing sentence. 
  

	SECTION 21.	GENERAL PROVISIONS 

 (a) No Distribution. The Administrator may require each
person acquiring Stock pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the shares without a view to distribution thereof. 

(b) Delivery of Stock Certificates. Stock certificates to grantees under this Plan shall be deemed delivered for all purposes when the
Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company. Uncertificated Stock shall be deemed
delivered for all purposes when the Company or a Stock transfer agent of the Company shall have given to the grantee by electronic mail (with proof of receipt) or by United States mail, addressed to the grantee, at the grantee’s last known
address on file with the Company, notice of issuance and recorded the issuance in its records (which may include electronic “book entry” records). Notwithstanding anything herein to the contrary, the Company shall not be required to issue
or deliver any certificates evidencing shares of Stock pursuant to the exercise of any Award, unless and until the Administrator has determined, with advice of counsel (to the extent the Administrator deems such advice necessary or advisable), that
the issuance and delivery of such certificates is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the shares of Stock are listed, quoted or traded, and the
Company shall use its reasonable best efforts to ensure such compliance. All Stock certificates delivered pursuant to the Plan shall be subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to
comply with federal, state or foreign jurisdiction, securities or other laws, rules and quotation system on which the Stock is listed, quoted or traded. The Administrator may place legends on any Stock certificate to reference restrictions
applicable to the Stock. In addition to the terms and conditions provided herein, the Administrator may require that an individual make such reasonable covenants, agreements, and representations as the Administrator, in its discretion, deems
necessary or advisable in order to comply with any such laws, regulations, or requirements. The Administrator shall have the right to require any individual to comply with any timing or other restrictions with respect to the settlement or exercise
of any Award, including a window-period limitation, as the Administrator may reasonably determine is necessary to comply with applicable law or required to administer the exercise and/or delivery of Awards during the occurrence of a transaction
described in Section 3(b) or 3(c). 
 (c) Stockholder Rights. Until shares of Stock are deemed delivered in accordance with
Section 21(b), no right to vote or receive dividends or any other rights of a stockholder will exist with respect to shares of Stock to be issued in connection with an Award, notwithstanding the exercise of a Stock Option or any other action by
the grantee with respect to an Award; provided, however, that if the record date for a dividend on the Stock occurs after exercise of an option or after Stock otherwise should have been delivered to a grantee pursuant to the terms of the Plan and an
Award Agreement, such dividend will be delivered to the grantee promptly upon payment to the Company’s stockholders generally. 

  
 18 

 (d) Registration. The Company will register the shares of Stock reserved for issuance
under the Plan on a Form S-8 registration statement upon the IPO, and shall use its reasonable best efforts to maintain the effectiveness of such registration statement for so long as any Stock issued pursuant to the Plan remains outstanding or
available to be issued under the Plan and the Stock remains publicly listed on a national securities exchange. 
 (e) Other Compensation
Arrangements; No Employment Rights. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, including trusts, and such arrangements may be either generally applicable or applicable only
in specific cases. The adoption of this Plan and the grant of Awards do not confer upon any employee any right to continued employment with the Company or any Subsidiary. 

(f) Trading Policy Restrictions. Option exercises and other Awards under the Plan shall be subject to the Company’s insider
trading policies and procedures, as in effect from time to time. 
 (g) Clawback Policy. Awards under the Plan shall be subject to
the Company’s clawback policy, as in effect from time to time. 
  

	SECTION 22.	EFFECTIVE DATE OF PLAN 

 This Plan shall become effective on the day immediately prior to
the effective date of the Initial Public Offering, subject to stockholder approval in accordance with applicable state law, the Company’s bylaws and articles of incorporation, and applicable stock exchange rules. No grants of Stock Options and
other Awards may be made hereunder after the tenth anniversary of the Effective Date and no grants of Incentive Stock Options may be made hereunder after the tenth anniversary of the date the Plan is approved by the Board. 

 

	SECTION 23.	GOVERNING LAW 

 This Plan and all Awards and actions taken thereunder shall be governed
by, and construed in accordance with, the laws of the State of Maryland, applied without regard to conflict of law principles. 
 DATE APPROVED BY BOARD OF
DIRECTORS: 
 DATE APPROVED BY STOCKHOLDERS: 

  
 19

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