They weren't negotiations of equal powers. Germany had lost. Emperor was forced to resign. You can't say Germany got anything good out of the Versailles treaty, which was the focus of resentment leading to WWII. A dictated peace.

The German government basically stayed in power though, the monarchy ended, but they were not occupied, they were not run by a foreign power.

They did however, lose the right to raise an army, lost their Navy, most of their productive resources were hived off to France, Czechoslovakia etc & they were reshaped into a republic & had to pay punitive reparations. That is not a negotiated settlement. It is a deed of Surrender.