Karin Klein

About Karin Klein

Independent director at Paramount Group, Inc. (PGRE) since 2016; age 53. Founding Partner of Bloomberg Beta (2013–present), with prior leadership roles at Bloomberg L.P. (2010–2013) and SoftBank (2000–2010). She holds an MBA and BS from The Wharton School and a BA from the Annenberg School, University of Pennsylvania; summa cum laude, Phi Beta Kappa. Currently serves on PGRE’s Audit Committee and has served on the board of Regency Centers Corporation since 2019 .

Past Roles

External Roles

Board Governance

• Committee assignments: Audit Committee member; the Board designates her as an “audit committee financial expert”; Audit Committee met 4× in FY2024 .
• Independence: Board affirmatively determined she is independent under NYSE rules .
• Attendance: Board held 6 meetings in FY2024; all directors attended ≥75% of Board and committee meetings during their service periods . At the May 16, 2024 annual meeting, all directors attended except Mr. Bussmann (health reasons) .
• Audit Committee scope includes oversight of financial reporting, internal control, compliance, ERM and cybersecurity, and ESG reporting; engages the independent auditor and oversees audit independence .
• Stockholder-alignment policies: anti-hedging/anti-pledging (director transactions require NCGC approval), proxy access, majority voting with resignation policy, and director ownership guidelines .

Fixed Compensation

• Director fee framework (paid quarterly): annual retainer $75,000; committee chair retainers ($25,000 Audit; $20,000 Compensation; $15,000 NCGC); committee membership fee $5,000 (excluding Investment & Finance Committee); Lead Independent Director add’l $50,000; annual equity grant valued at $120,000 in T‑LTIP units or restricted stock vesting at the next annual meeting .
• 2024 actual (Klein): elected to take cash retainer in equity; received 15,213 vested LTIP units on Dec 16, 2024 for the $75,000 cash retainer election; cash fees total $80,000 (includes committee membership fee); stock awards $108,000; total $188,000 .

Performance Compensation

• Directors receive time-based equity (T‑LTIP units or restricted stock) that vests at the next annual meeting; no performance metrics apply to director equity. On May 16, 2024, Ms. Klein received 25,000 T‑LTIP units that vest if she remains on the Board until the 2025 annual meeting .

Other Directorships & Interlocks

• Current public board: Regency Centers Corporation (director since 2019) .
• PGRE Compensation Committee interlocks: Committee members in 2024 were Wright (Chair), Bussmann, and Sutter; Ms. Klein was not on the Compensation Committee, and no interlock involving her is disclosed .

Expertise & Qualifications

• Audit Committee financial expert; financially literate under NYSE standards .
• Board skills matrix lists her strengths in technology/systems, corporate governance, accounting/financial literacy, strategic planning, and other relevant skills .
• Education: MBA and BS (Wharton) and BA (Annenberg), University of Pennsylvania; summa cum laude, Phi Beta Kappa .

Equity Ownership

• Beneficial ownership (as of March 1, 2025): 0 shares of common stock; 148,981 shares and units combined; less than 1% of outstanding .
• Includes 25,000 unvested T‑LTIP units (director grant) .
• Director ownership guideline: minimum 5× cash retainer (equity includes OP units and LTIP units; excludes options and unearned performance units). Independent directors serving when adopted achieved minimum by Feb 23, 2021; new directors have 5 years to comply .
• Anti-hedging/pledging: directors may not hedge or pledge company securities without NCGC approval .

Insider Transactions (Form 4)

Governance Assessment

• Strengths for investor confidence:
  • Independent director with audit chair-validated expertise; designated audit committee financial expert enhances oversight of reporting, controls, and cybersecurity/ERM .
  • Consistent engagement/attendance standards; Board reported ≥75% attendance for all directors in 2024 and strong annual-meeting participation; no attendance flags for Ms. Klein .
  • Pay alignment: elected to take cash retainer in equity (15,213 LTIP units) in 2024, increasing alignment; standard director equity vests on service rather than guaranteed cash .
  • Ownership policy requires meaningful equity (5× retainer); company reports compliance for directors serving when adopted .
• Potential watch items / conflicts:
  • No related-party transactions disclosed involving Ms. Klein in the proxy’s related-person section (related-party listings concern other insiders/family affiliates) .
  • Absolute equity ownership is modest (<1% as is typical for non-executive directors) ; continued equity elections can further alignment.
  • Service on an external REIT board (Regency Centers) is in a different sector (retail vs. PGRE office) and provides useful perspective with low competitive conflict risk based on disclosures .