Form of Non-Qualified Stock Option Agreement (Converted Award - 2015 Grant)



 Exhibit 10.14(c) 

AWARD NOTICE 
 AND

 NONQUALIFIED STOCK OPTION AGREEMENT 

(CONVERTED AWARD – 2015 GRANT) 

HILTON GRAND VACATIONS INC. 

2017 OMNIBUS INCENTIVE PLAN 

The Participant has been granted stock options with the terms set forth in this Award Notice, and subject to the terms and conditions of the
Plan and the Nonqualified Stock Option Agreement to which this Award Notice is attached. Capitalized terms used and not defined in this Award Notice shall have the meanings set forth in the Nonqualified Stock Option Agreement and the Plan. 

Participant: Participant_Name 
 Date of
Grant: Date_of_Grant 
 Pre-Spin Award Grant Date:
Pre-Spin_Award_Grant_Date 
 Vesting Start Date: Vesting_Start_Date 

Exercise Price: Exercise_Price 
 Number of
Shares Subject to Option: Number_of_Shares Shares 
 Vesting Schedule: 

The Option became vested and exercisable with respect to 1/3rd of the total number of
Shares covered by the Option (and specified above) on First_Vesting_Start_Date, and the Option will become vested and exercisable with respect to 1/3rd of the total number of Shares covered
by the Option (and specified above) on each of Second_Vesting_Start_Date and Third_Vesting_Start_Date, respectively, subject to the Participant’s continued employment through each such vesting date. If the number of unvested and
unexercisable Shares subject to the Option is not evenly divisible by three, then no fractional Share shall vest and the installments shall be as equal as possible with the smaller installment vesting first. Each such right of purchase shall be
cumulative and shall continue, unless sooner exercised or terminated as herein provided, during the remaining period of the Option Period. 







 NONQUALIFIED STOCK OPTION AGREEMENT 

(CONVERTED AWARD – 2015 GRANT) 

HILTON GRAND VACATIONS INC. 

2017 OMNIBUS INCENTIVE PLAN 

This Nonqualified Stock Option Agreement (this “Agreement”), effective as of the Date of Grant (as defined
below), is between Hilton Grand Vacations Inc., a Delaware corporation (the “Company”), and the Participant (as defined below). 

WHEREAS, as of January 3, 2017, the Company completed a spin-off
transaction (the “Spin-Off”) from Hilton Worldwide Holdings Inc. (“Hilton Parent”), pursuant to which the Company became a publicly-traded corporation; 

WHEREAS, in connection with the Spin-Off, Hilton Parent undertook a
distribution of shares of the Company’s Common Stock to certain holders of Hilton Parent common stock (the “Spin-Off Distribution”); 

WHEREAS, the Company has adopted the Hilton Grand Vacations Inc. 2017 Omnibus Incentive Plan (as it may be amended, the
“Plan”) in order to provide additional incentives to selected officers, employees, consultants and advisors of the Company and the other members of the Company Group; 

WHEREAS, prior to the Spin-Off, the Participant was an officer or employee of
Hilton Parent (or one of its Subsidiaries or Affiliates (each, as defined in the Hilton Parent 2013 Omnibus Incentive Plan)), and, as of the date of the Spin-Off Distribution, the Participant will be employed
by the Company or another member of the Company Group; and 
 WHEREAS, in connection with the Spin-Off Distribution, (x) the compensation committee of the Board of Directors of Hilton Parent has determined that it is advisable and in the best interests of the Company to adjust (1) the type and
number of shares subject to the award of non-qualified stock options that was granted to the Participant on the Pre-Spin Award Grant Date (as defined below), which the
Participant holds as of the date of the Spin-Off Distribution pursuant to the Hilton Parent 2013 Omnibus Incentive Plan (the “Pre-Spin Award”), and
(2) the exercise price applicable to such Pre-Spin Award, and (y) following such adjustment, the Board has approved the grant of a substitute Award of the Option (as defined below) to the Participant
in substitution for the Pre-Spin Award, such that the Pre-Spin Award will be immediately terminated upon the grant of the Option, as provided for herein, and the Company
and the Participant hereby wish to memorialize the terms and conditions applicable to the Option. 
 NOW, THEREFORE,
the parties hereto agree as follows: 
 1.    Definitions. Capitalized terms not otherwise
defined herein shall have the same meanings as in the Plan. The following terms shall have the following meanings for purposes of this Agreement: 

(a)    “Agreement” shall mean this Nonqualified Stock Option Agreement including (unless
the context otherwise requires) the Award Notice, Appendix A and the appendices for non-U.S. Participants attached hereto as Appendix B and Appendix C. 







 (b)     “Award Notice” shall mean the notice
to the Participant. 
 (c)    “Exercise Price” shall mean the “Exercise
Price” listed in the Award Notice. 
 (d)    “Date of Grant” shall mean the
“Date of Grant” listed in the Award Notice. 
 (e)    “Participant” shall
mean the “Participant” listed in the Award Notice. 
 (f)    “Pre-Spin Award Grant Date” shall mean the “Pre-Spin Award Grant Date” listed in the Award Notice. 

(g)    “Restrictive Covenant Violation” shall mean the Participant’s breach of the
Restrictive Covenants listed on Appendix A or any covenant regarding confidentiality, competitive activity, solicitation of the Company’s vendors, suppliers, customers, or employees, or any similar provision applicable to or agreed to by the
Participant. 
 (h)     “Retirement” shall mean the Participant’s termination of
employment with the Company Group, other than for Cause or while grounds for Cause exist, due to the Participant’s death or due to or during the Participant’s Disability, following the date on which (i) the Participant attained the
age of 55 years old, and (ii) the number of completed years of the Participant’s employment with (x) Hilton Parent or any of its Subsidiaries commencing on or before the Pre-Spin Award Grant
Date through the Date of Grant, and (y) any member of the Company Group commencing on the Date of Grant, is at least 10. 

(i)    “Shares” shall mean the number of shares of Common Stock listed in the Award
Notice as “Number of Shares Subject to Option”. 
 2.    Grant of Options. 

(a)    Effective as of the Date of Grant, for good and valuable consideration, the Company hereby
irrevocably grants to the Participant the right and option (the “Option”) to purchase all or any part of the Shares, subject to, and in accordance with, the terms, conditions and restrictions set forth in the Plan, the Award Notice,
and this Agreement. The Participant acknowledges and agrees that the Participant is entitled to no further rights or payments pursuant to the terminated portions of the Pre-Spin Award, and that following the
grant of this Option, the Pre-Spin Award will terminate and the Participant shall be entitled to no further rights or payments thereunder. 

(b)    The Option is not intended to qualify as an Incentive Stock Option within the meaning of
Section 422 of the Code. 
 (c)    This Agreement shall be construed in accordance and consistent
with, and subject to, the terms of the Plan (the provisions of which are incorporated hereby by reference); and, except as otherwise expressly set forth herein, the capitalized terms used in this Agreement


  
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shall have the same definitions as set forth in the Plan. In the event of any conflict between one or more of this Agreement, the Award Notice and the Plan, the Plan shall govern this Agreement
and the Award Notice, and the Agreement (to the extent not in conflict with the Plan) shall govern the Award Notice. 

3.    Exercise Price. The price at which the Participant shall be entitled to purchase the Shares
upon the exercise of the Option shall be the Exercise Price per share, subject to adjustment as provided in Section 11. 

4.    Exercisability of Option. The Option shall become vested and exercisable in accordance with
the schedule set forth on the Award Notice. 
 5.    Duration of Option. The Option shall be
exercisable to the extent and in the manner provided herein for a period of ten (10) years from the Pre-Spin Award Grant Date (the “Option Period”); provided, however, that
the Option may be earlier terminated as provided in Section 7 hereof. 
 6.    Manner of
Exercise and Payment. 
 (a)    Subject to the terms and conditions of this Agreement and the Plan,
the Option may be exercised by delivery of written or electronic notice to the Company in the manner prescribed in Section 7(d) of the Plan and as otherwise set forth by the Committee from time to time. Such notice shall set forth the number of
Shares in respect of which the Option is being exercised and shall be signed by the person or persons exercising the Option. In the event the Company has designated an Award Administrator (as defined below), the Option may also be exercised by
giving notice (including through electronic means) in accordance with the procedures established from time to time by the Award Administrator. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised
in whole or in part, provided that partial exercise shall be for whole shares of Common Stock only. 

(b)    Upon exercise of the Option pursuant to Section 6(a), unless otherwise determined by the Committee,
the Company shall withhold a number of Shares otherwise deliverable to the Participant to pay (i) the full purchase price for the Shares in respect of which the Option is being exercised and (ii) an amount equal to or greater in value than
the minimum applicable withholding taxes, liabilities, and obligations, if any (but which may in no event be greater than the maximum statutory withholding amounts in the Participant’s jurisdiction) (“Withholding Taxes”)
associated with such exercise (except to the extent the Participant shall have a written agreement with the Company or any of its Affiliates under which the Company or an Affiliate of the Company is responsible for payment of taxes with respect to
the issuance of the Shares, in which case the full number of Shares shall be issued). The number of Shares to be withheld or otherwise used for payment shall be calculated using the closing price per Share on the New York Stock Exchange (or other
principal exchange on which the Shares then trade) on the trading day immediately prior to the date of delivery of the Shares. Notwithstanding the foregoing, unless otherwise determined by the Committee, the Participant may otherwise elect to make
all or a portion of such payments in cash, check, cash equivalent, and/or Shares, or as provided in Section 14(d) of the Plan. 

  
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 (c)    Upon receipt of the notice of exercise and any payment
or other documentation as may be necessary pursuant to Sections 6(a) and 6(b) relating to the Shares in respect of which the Option is being exercised, the Company shall, subject to the Plan and this Agreement, take such action as may be
necessary to effect the transfer to the Participant of the number of Shares as to which such exercise was effective. 

(d)    The Participant shall not be deemed to be the holder of, or to have any of the rights and
privileges of a stockholder of the Company (including the right to vote or receive dividends) in respect of, Shares purchased upon exercise of the Option until (i) the Option shall have been exercised pursuant to the terms of this Agreement and
the Participant shall have paid the full purchase price for the number of Shares in respect of which the Option was exercised and any applicable Withholding Taxes and (ii) the Company shall have issued the Shares in connection with such
exercise. 
 7.    Termination of Employment. 

(a)    Subject to Section 7(c) or Section 7(d) below, in the event that the Participant’s employment
with the Company Group terminates for any reason, any unvested portion of the Option shall be forfeited and all of the Participant’s rights hereunder with respect to such unvested portion of the Option shall terminate as of the effective date
of termination (the “Termination Date”) (unless otherwise provided for by the Committee in accordance with the Plan). 

(b)    If the Participant’s employment is terminated by any member of the Company Group for Cause or
by the Participant when grounds existed for Cause at the time thereof, the vested and unvested portions of the Option shall terminate as of the Termination Date. 

(c)    The Option shall become immediately vested and exercisable as of the Termination Date as to all of
the Shares subject to the Option if the Participant’s employment with the Company Group shall be terminated: 

(i)    by the Company Group due to or during the Participant’s Disability or due to
Participant’s death; or 
 (ii)    by the Company Group without Cause if such
termination of Participant’s employment occurs within 12 months following a Change in Control (for the avoidance of doubt, a Change in Control alone shall not, also, result in any vesting hereunder). 

(d)    In the event the Participant’s employment with the Company Group terminates as a result of the
Participant’s Retirement after the date that is six months after the Pre-Spin Award Grant Date, the Option shall continue to vest and become exercisable, notwithstanding such termination of employment, in
accordance with the schedule set forth in the Award Notice so long as no Restrictive Covenant Violation occurs, as determined by the Committee, or its designee, in its sole discretion, prior to the applicable vesting date. As a pre-condition to the Participant’s right to continued vesting following Retirement, the Committee, or its designee, may require the Participant to certify in writing prior to each applicable vesting date that
no Restrictive Covenant Violation has occurred. 

  
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 (e)    In the event (i) the Participant’s
employment with the Company Group is terminated by the Company due to death or Disability, each outstanding vested Option shall remain exercisable for one year thereafter (but in no event beyond the Option Period) (ii) the Participant’s
employment is terminated due to a Retirement each outstanding vested Option (whether such Option becomes vested before, on, or after the Termination Date) shall remain exercisable for five years after the Termination Date (but in no event beyond the
Option Period), and (iii) the Participant’s employment with the Company Group is terminated for any other reason (subject to Section 7(b)), each outstanding vested Option shall remain exercisable for ninety (90) days thereafter (but
in no event beyond the Option Period); provided that, in each case, the Option Period shall expire immediately upon the occurrence of a Restrictive Covenant Violation. 

(f)    The Participant’s rights with respect to the Option shall not be affected by any change in the
nature of the Participant’s employment so long as the Participant continues to be an employee of the Company Group. Whether (and the circumstances under which) employment has terminated and the determination of the Termination Date for the
purposes of this Agreement shall be determined by the Committee (or, with respect to any Participant who is not a director or “officer” as defined under Rule 16a-1(f) under the Exchange Act, as
amended, its designee, whose good faith determination shall be final, binding and conclusive; provided, that such designee may not make any such determination with respect to the designee’s own employment for purposes of the Option).

 8.    Restrictions on Transfer. The Participant may not assign, alienate, pledge, attach, sell
or otherwise transfer or encumber the Option or the Participant’s right under the Option to receive Shares, except other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment,
sale, transfer or encumbrance shall be void and unenforceable against the Company or any of its Affiliates; provided that the designation of a beneficiary (if permitted by the Committee) shall not constitute an assignment, alienation, pledge,
attachment, sale, transfer or encumbrance. 
 9.    Repayment of Proceeds; Clawback Policy. If a
Restrictive Covenant Violation occurs or the Company discovers after a termination of employment that grounds existed for Cause at the time thereof, then the Participant shall be required, in addition to any other remedy available (on a non-exclusive basis), to pay to the Company, within 10 business days of the Company’s request to the Participant therefor, an amount equal to the excess, if any, of (a) the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) the Participant received upon the sale or other
disposition of, or distributions in respect of, the Options and any Shares acquired in respect thereof over (b) the aggregate Cost (if any) of such Shares. For purposes of this Agreement, “Cost” means, in respect of any Share,
the amount paid by the Participant for the Share (excluding, for the avoidance of doubt, any Withholding Taxes), as proportionately adjusted for corporate transactions and other recapitalizations and less the amount of any dividends or distributions
made with respect to the Share; provided that Cost may not be less than zero. Any reference in this Agreement to grounds existing for a termination of employment with Cause shall be determined without regard to any notice period, cure period, or
other procedural delay or event required prior to finding of or termination with, Cause. The Option and all proceeds of the Option shall be subject to the Company’s Clawback Policy, as in effect from time to time, to the extent the Participant
is a director or “officer” as defined under Rule 16a-1(f) of the Exchange Act. 

  
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 10.    No Right to Continued Employment. Neither the
Plan nor this Agreement nor the Participant’s receipt of the Option hereunder shall impose any obligation on the Company or any of its Affiliates to continue the employment or engagement of the Participant. Further, the Company or any of its
Affiliates (as applicable) may at any time terminate the employment or engagement of the Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein. 

11.    Adjustments. The terms of this Agreement, including, without limitation, (a) the number
of Shares subject to the Option and (b) the Exercise Price specified herein, shall be subject to adjustment in accordance with Section 12 of the Plan. 

12.    Award Subject to Plan. By entering into this Agreement, the Participant agrees and
acknowledges that the Participant has received and read a copy of the Plan. The Option granted hereunder is subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by
reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

13.    Severability. Should any provision of this Agreement be held by a court of competent
jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms. 

14.    Governing Law; Venue; Language. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof. Any suit, action or proceeding with respect
to this Agreement (or any provision incorporated by reference), or any judgment entered by any court in respect of any thereof, shall be brought in any court of competent jurisdiction in the State of New York or the State of Delaware, and each of
the Participant, the Company, and any transferees who hold a portion of the Option pursuant to a valid assignment, hereby submits to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding, or judgment. Each of
the Participant, the Company, and any transferees who hold a portion of the Option pursuant to a valid assignment hereby irrevocably waives (a) any objections which it may now or hereafter have to the laying of the venue of any suit, action, or
proceeding arising out of or relating to this Agreement brought in any court of competent jurisdiction in the State of Delaware or the State of New York, (b) any claim that any such suit, action, or proceeding brought in any such court has been
brought in any inconvenient forum and (c) any right to a jury trial. If the Participant has received a copy of this Agreement (or the Plan or any other document related hereto or thereto) translated into a language other than English, such
translated copy is qualified in its entirety by reference to the English version thereof, and in the event of any conflict the English version will govern. 

  
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 15.    Successors in Interest. Any successor to the
Company shall have the benefits of the Company under, and be entitled to enforce, this Agreement. Likewise, the Participant’s legal representative shall have the benefits of the Participant under, and be entitled to enforce, this Agreement. All
obligations imposed upon the Participant and all rights granted to the Company under this Agreement shall be final, binding and conclusive upon the Participant’s heirs, executors, administrators and successors. 

16.    Data Privacy Consent. 

(a)    General. The Participant hereby explicitly and unambiguously consents to the collection, use
and transfer, in electronic or other form, of the Participant’s personal data as described in this Agreement and any other Option grant materials by and among, as applicable, the Participant’s employer or contracting party (the
“Employer”) and the Company for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that the Company may hold certain personal information
about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, work location and phone number, date of birth, social insurance number or other identification number, salary, nationality, job
title, hire date, any shares of stock or directorships held in the Company, details of all awards or any other entitlement to shares awarded, cancelled, exercised, vested, unvested or outstanding in the Participant’s favor, for the purpose of
implementing, administering and managing the Plan (“Personal Data”). 

(b)    Personal Data; Retention. The Participant understands that Personal Data may be transferred
to any third parties assisting in the implementation, administration and management of the Plan, now or in the future, that these recipients may be located in the Participant’s country or elsewhere, and that the recipient’s country may
have different data privacy laws and protections than the Participant’s country. The Participant understands that the Participant may request a list with the names and addresses of any potential recipients of the Personal Data by contacting the
Participant’s local human resources representative. The Participant authorizes the recipients to receive, possess, use, retain and transfer the Personal Data, in electronic or other form, for the purposes of implementing, administering and
managing the Participant’s participation in the Plan. The Participant understands that Personal Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant
understands that the Participant may, at any time, view Personal Data, request additional information about the storage and processing of Personal Data, require any necessary amendments to Personal Data or refuse or withdraw the consents herein, in
any case without cost, by contacting in writing the Participant’s local human resources representative. 

(c)    Withdrawal of Consent. The Participant understands that the Participant is providing the
consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke the Participant’s consent, the Participant’s employment status or service and career with the Employer will not
be adversely affected; the only consequence of the Participant’s refusing or withdrawing the Participant’s consent is that the Company would not be able to grant Options or other equity awards to the Participant or administer or maintain
such awards. Therefore, the Participant understands that refusing or withdrawing the Participant’s consent may affect the Participant’s ability to participate in the 

  
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Plan. For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, the Participant understands that the Participant may contact the
Participant’s local human resources representative. 
 17.    Restrictive Covenants. The
Participant acknowledges and recognizes the highly competitive nature of the businesses of the Company and its Affiliates, that the Participant will be allowed access to confidential and proprietary information (including but not limited to trade
secrets) about those businesses, as well as access to the prospective and actual customers, suppliers, investors, clients and partners involved in those businesses, and the goodwill associated with the Company and its Affiliates. Participant
accordingly agrees to the provisions of Appendix A to this Agreement (the “Restrictive Covenants”). For the avoidance of doubt, the Restrictive Covenants contained in this Agreement are in addition to, and not in lieu of, any other
restrictive covenants or similar covenants or agreements between the Participant and the Company or any of its Affiliates. 

18.    Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation. By
accepting this Agreement and the grant of the Option evidenced hereby, the Participant expressly acknowledges that (a) the Plan is discretionary in nature and may be suspended or terminated by the Company at any time; (b) the grant of the
Option is a one-time benefit that does not create any contractual or other right to receive future grants of options, or benefits in lieu of options; (c) all determinations with respect to future option
grants, if any, including the grant date, the number of Shares granted, the exercise price and the exercise date or dates, will be at the sole discretion of the Company; (d) the Participant’s participation in the Plan is voluntary;
(e) the value of the Option is an extraordinary item of compensation that is outside the scope of the Participant’s employment contract, if any, and nothing can or must automatically be inferred from such employment contract or its
consequences; (f) Options are not part of normal or expected compensation for any purpose and are not to be used for calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or
retirement benefits or similar payments, the Participant waives any claim on such basis and, for the avoidance of doubt, the Option shall not constitute an “acquired right” under the applicable law of any jurisdiction; (g) if the
underlying Shares do not increase in value, the Option will have no value; (h) if the Participant exercises the Option and acquires Shares, the value of such Shares may increase or decrease in value, even below the exercise price; and
(i) the future value of the underlying Shares is unknown and cannot be predicted with certainty. In addition, the Participant understands, acknowledges and agrees that the Participant will have no rights to compensation or damages related to
option proceeds in consequence of the termination of the Participant’s employment for any reason whatsoever and whether or not in breach of contract. 

19.    Award Administrator. The Company may from time to time designate a third party (an
“Award Administrator”) to assist the Company in the implementation, administration and management of the Plan and any Options granted thereunder, including by sending award notices on behalf of the Company to Participants, and by
facilitating through electronic means acceptance of Agreement by Participants and Option exercises by Participants. 

  
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 20.    Book Entry Delivery of Shares. Whenever
reference in this Agreement is made to the issuance or delivery of certificates representing one or more Shares, the Company may elect to issue or deliver such Shares in book entry form in lieu of certificates. 

21.    Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide
to deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. 

22.    Acceptance and Agreement by the Participant. By accepting this Option (including through
electronic means), the Participant agrees to be bound by the terms, conditions, and restrictions set forth in the Plan, this Agreement, and the Company’s policies, as in effect from time to time, relating to the Plan. 

23.    No Advice Regarding Grant. The Company is not providing any tax, legal or financial
advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her
own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan. 

24.    Appendices For Non-U.S. Participants.
Notwithstanding any provisions in this Agreement, Participants residing and/or working outside the United States shall be subject to the Terms and Conditions for Non-U.S. Participants attached hereto as
Appendix B and to any Country-Specific Terms and Conditions for the Participant’s country attached hereto as Appendix C. If the Participant relocates from the United States to another country, the Terms and Conditions for Non-U.S. Participants and the applicable Country-Specific Terms and Conditions will apply to the Participant, to the extent the Company determines that the application of such terms and conditions is necessary or
advisable for legal or administrative reasons. Moreover, if the Participant relocates between any of the countries included in the Country-Specific Terms and Conditions, the special terms and conditions for such country will apply to the
Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Terms and Conditions for Non-U.S.
Participants and the Country-Specific Terms and Conditions constitute part of this Agreement. 

25.    Imposition of Other Requirements. The Company reserves the right to impose other
requirements on the Participant’s participation in the Plan, on the Option and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the
Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

26.    Waiver. The Participant acknowledges that a waiver by the Company of breach of any
provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant or any other participant in the Plan. 

  
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 27.    Counterparts. This Agreement may be
executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one in the same agreement. 

[Signatures follow] 

  
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	 HILTON GRAND VACATIONS INC.

		
	 By:
	 	  

		 	 Mark D. Wang

		 	 President and Chief Executive Officer

		
		 	  



 Acknowledged and Agreed 

as of the date first written above: 
  

	
	 Participant ES

	
	  

	 Participant Signature









 APPENDIX A 

Restrictive Covenants 
  

	 	1.	 Non-Competition;
Non-Solicitation. 


 (a)    Participant
acknowledges and recognizes the highly competitive nature of the businesses of the Company and its Affiliates and accordingly agrees as follows: 

(i)    During Participant’s employment with the Company or its Affiliates (the
“Employment Term”) and for a period that ends on the later of (A) one year following the date Participant ceases to be employed by the Company or any of its Affiliates or (B) the last date any portion of the Award granted
under this Agreement is eligible to vest if Participant ceases to be employed by the Company or any of its Affiliates as a result of the Participant’s Retirement (the “Restricted Period”), Participant will not, whether on
Participant’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”), directly or
indirectly solicit or assist in soliciting in competition with the Restricted Group in the Business, the business of any then current or prospective client or customer with whom Participant (or his direct reports) had personal contact or dealings on
behalf of the Company or any of its Affiliates during the one-year period preceding Participant’s termination of employment. 

(ii)    During the Restricted Period, Participant will not directly or indirectly: 

(A)    engage in the Business providing services in the nature of the services Participant
provided to the Company at any time in the one year prior to the termination of Participant’s employment, for a Competitor; 

(B)    enter the employ of, or render any services to, a Competitor, except where such
employment or services do not relate in any manner to the Business; 
 (C)    acquire a
financial interest in, or otherwise become actively involved with, a Competitor, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or 

(D)    intentionally and adversely interfere with, or attempt to adversely interfere with,
business relationships between the members of the Restricted Group and any of their clients, customers, suppliers, partners, members or investors. 

(iii)    Notwithstanding anything to the contrary in this Appendix A, Participant may,
directly or indirectly own, solely as an investment, securities of any Person engaged in a Business (including, without limitation, a Competitor) which are publicly traded on a national or regional stock exchange or on the over-the-counter market if Participant (A) is not a controlling person of, or a member of a group which controls, such person and (B) does not, directly or
indirectly, own 2% or more of any class of securities of such Person. 








 Appendix A - 2 

 

 (iv)    During the Restricted Period,
Participant will not, whether on Participant’s own behalf or on behalf of or in conjunction with any Person, directly or indirectly: 

(A)    solicit or encourage any executive-level employee of the Restricted Group, with
whom Participant has had material business contact during the Employment Term or, if no longer an employee, in the one year prior to the termination of Participant’s employment with any member of the Company Group to leave the employment of the
Restricted Group to become affiliated in any respect with a Competitor or otherwise be engaged in the Business; or 

(B)    hire any such executive-level employee to become affiliated in any respect with a
Competitor or otherwise be engaged in the Business and with whom Participant had material business contact in the one year prior to the termination of Participant’s employment with the Company, who (x) was employed by the Restricted Group
as of the date of Participant’s termination of employment with the Company or any of its Affiliates or (y) left the employment of the Restricted Group within one year after the termination of Participant’s employment with the Company
or any of its Affiliates. 
 (v)    For purposes of this Agreement: 

(A)    “Restricted Group” shall mean the Company Group and, to the extent
engaged in the Business, its Affiliates, provided, however, that for the purposes of this definition, an “Affiliate” shall not include any portfolio company of The Blackstone Group L.P. or its Affiliates (other than the Company Group).

 (B)    “Business” shall mean the business of owning, financing,
developing, redeveloping, managing, marketing, operating, licensing, leasing or franchising vacation, timeshare or lodging properties, and natural ancillary business products and services related to such business, including, without limitation,
membership services, exchange programs, rental programs, and provision of amenities. 

(C)    “Competitor” shall mean (x) during the Employment Term and,
for a period of six months following the date Participant ceases to be employed by the Company or any member of the Company Group, any person engaged in the Business and (y) thereafter, any vacation, timeshare or lodging companies that are
comparable in size to the Company, including, without limitation, Marriott Vacations Worldwide, Wyndham Vacation Ownership, Vistana Signature Experiences, Disney Vacation Club, Hyatt Vacation Ownership, Holiday Inn Club Vacations, Bluegreen
Vacations and Diamond Resorts International. 
 (b)    It is expressly understood and agreed that
although Participant and the Company consider the restrictions contained in this Section 1 to be reasonable, if a judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained
in this Appendix A is an unenforceable restriction against Participant, the provisions of this Appendix A shall not be rendered void but shall be deemed amended to apply 








 Appendix A - 3 

 

 
as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds
that any restriction contained in this Appendix A is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein.
Notwithstanding the foregoing, if Participant’s principal place of employment on the date hereof is located in Virginia, then this Section 1(b) of this Appendix A shall not apply following Participant’s termination of employment to the
extent any such provision is prohibited by applicable Virginia law. 
 (c)    The period of time during
which the provisions of this Section 1 shall be in effect shall be extended by the length of time during which Participant is in breach of the terms hereof as determined by any court of competent jurisdiction on the Company’s application
for injunctive relief. 
 (d)    Notwithstanding the foregoing, if Participant’s principal place
of employment on the date hereof is located in California or any other jurisdiction where any provision of this Section 1 is prohibited by applicable law, then the provisions of this Section 1 shall not apply following Participant’s
termination of employment to the extent any such provision is prohibited by applicable law. 
  

	 	2.	 Confidentiality; Non-Disparagement; Intellectual Property;
Protected Rights. 


 (a)    Confidentiality. 

(i)    Participant will not at any time (whether during or after Participant’s
employment with the Company) (x) retain or use for the benefit, purposes or account of Participant or any other Person; or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company or
any of its Affiliates (other than its professional advisers who are bound by confidentiality obligations or otherwise in performance of Participant’s duties under Participant’s employment and pursuant to customary industry practice), any non-public, proprietary or confidential information (including, without limitation, trade secrets, know-how, research and development, software, databases, inventions,
processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation,
recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals) concerning the past, current or future business, activities and operations of the Company, its Subsidiaries or Affiliates and/or any
third party that has disclosed or provided any of same to the Company on a confidential basis (“Confidential Information”) without the prior written authorization of the Board. 

(ii)    “Confidential Information” shall not include any information that
is (a) generally known to the industry or the public other than as a result of Participant’s breach of this covenant; (b) made legitimately available to Participant by a third party without breach of any confidentiality obligation of
which Participant has knowledge; or (c) 








 Appendix A - 4 

 

 
required by law to be disclosed; provided that, unless otherwise provided under applicable law, with respect to subsection (c) Participant shall give prompt written notice to the
Company of such requirement, disclose no more information than is so required, and reasonably cooperate with any attempts by the Company to obtain a protective order or similar treatment. 

(iii)    Except as required by law, Participant will not disclose to anyone, other than
Participant’s family (it being understood that, in this Agreement, the term “family” refers to Participant’s spouse, minor children, parents and spouse’s parents) and advisors, the existence or contents of this Agreement;
provided that Participant may disclose to any prospective future employer the provisions of this Appendix A. This Section 2(a)(iii) shall terminate if the Company publicly discloses a copy of this Agreement (or, if the Company publicly
discloses summaries or excerpts of this Agreement, to the extent so disclosed). 

(iv)    Upon termination of Participant’s employment with the Company or any of its
Affiliates for any reason, Participant shall (x) cease and not thereafter commence use of any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade
name, logo, domain name or other source indicator) owned or used by the Company, its Subsidiaries or Affiliates; and (y) immediately destroy, delete, or return to the Company, at the Company’s option, all originals and copies in any form
or medium (including memoranda, books, papers, plans, computer files, letters and other data) in Participant’s possession or control (including any of the foregoing stored or located in Participant’s office, home, laptop or other computer,
whether or not Company property) that contain Confidential Information, except that Participant may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information. 

(b)    Non-Disparagement. During
Participant’s Employment Term and at all times thereafter (including following the termination of Participant’s Employment Term for any reason), Participant will not to intentionally make any statement that criticizes, ridicules,
disparages or is otherwise derogatory of the Company, any of its Affiliates, or any of their respective officers, directors, stockholders, employees or other service providers, or any product or service offered by the Company or any of its
Affiliates; provided, however, that nothing contained in this Section 2(b) shall preclude Participant from providing truthful testimony in any legal proceeding, or making any truthful statement (i) to any governmental agency; (ii) as
required or permitted by applicable law or regulation; (iii) as required by court order or other legal process; or (iv) after the Restricted Period, for any legitimate business reason. 

(c)    Intellectual Property. 

(i)    If Participant has created, invented, designed, developed, contributed to or
improved any works of authorship, inventions, intellectual property, materials, documents or other work product (including without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content, or
audiovisual materials) (“Works”), either alone or with third parties, prior to Participant’s 








 Appendix A - 5 

 

 
employment by the Company or any of its Affiliates, that are relevant to or implicated by such employment (“Prior Works”), Participant hereby grants the Company a perpetual, non-exclusive, royalty-free, worldwide, assignable, sublicensable license under all rights and intellectual property rights (including rights under patent, industrial property, copyright, trademark, trade secret,
unfair competition and related laws) therein for all purposes in connection with the Company’s current and future business. 

(ii)    If Participant creates, invents, designs, develops, contributes to or improves any
Works, either alone or with third parties, at any time during Participant’s employment by the Company and within the scope of such employment and with the use of any Company resources (“Company Works”), Participant shall
promptly and fully disclose same to the Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under patent, industrial
property, copyright, trademark, trade secret, unfair competition and related laws) to the Company to the extent ownership of any such rights does not vest originally in the Company. 

(iii)    Participant shall take all reasonably requested actions and execute all
reasonably requested documents (including any licenses or assignments required by a government contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing,
perfecting, recording, patenting or registering any of the Company’s rights in the Prior Works and Company Works. If the Company is unable for any other reason, after reasonable attempt, to secure Participant’s signature on any document
for this purpose, then Participant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Participant’s agent and attorney in fact, to act for and in Participant’s behalf and stead to execute
any documents and to do all other lawfully permitted acts required in connection with the foregoing. 

(iv)    Participant shall not improperly use for the benefit of, bring to any premises of,
divulge, disclose, communicate, reveal, transfer or provide access to, or share with the Company any confidential, proprietary or non-public information or intellectual property relating to a former employer
or other third party without the prior written permission of such third party. Participant shall comply with all relevant policies and guidelines of the Company that are from time to time previously disclosed to Participant, including regarding the
protection of Confidential Information and intellectual property and potential conflicts of interest. Participant acknowledges that the Company may amend any such policies and guidelines from time to time, and that Participant remains at all times
bound by their most current version from time to time previously disclosed to Participant. 

(d)    Protected Rights. Nothing contained in this Agreement limits
Participant’s ability to (i) disclose any information to governmental agencies or commissions as may be required by law, or (ii) file a charge or complaint with, or communicate with, any governmental agency or commission, or otherwise
participate in any investigation or proceeding that may be conducted by a governmental agency or commission, without notice to the Company. This Agreement does not limit Participant’s right to seek and obtain a whistleblower award for providing
information relating to a possible securities law violation to the Securities and Exchange Commission. 








 Appendix A - 6 

 

 The provisions of Section 2 hereof shall survive the termination of Participant’s
employment for any reason (except as otherwise set forth in Section 2(a)(iii) hereof). 







 Appendix B - 1 

APPENDIX B 

HILTON GRAND VACATIONS INC. 

2017 OMNIBUS INCENTIVE PLAN 

NONQUALIFIED STOCK OPTION AGREEMENT 

(CONVERTED AWARD – 2015 GRANT) 

TERMS AND CONDITIONS FOR NON-U.S. PARTICIPANTS 

Capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Plan and the
Nonqualified Stock Option Agreement. 
 1.    Responsibility for Taxes. This provision
supplements Section 6 of the Nonqualified Stock Option Agreement: 
 (a)    The Participant
acknowledges that, regardless of any action taken by the Company or, if different, the Employer the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other
tax-related items related to the Participant’s participation in the Plan and legally applicable to the Participant (“Tax-Related Items”) is and
remains the Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer. The Participant further acknowledges that the Company and/or the Employer (1) make no representations or undertakings
regarding the treatment of any Tax-Related Items in connection with any aspect of the Option, including, but not limited to, the grant, vesting or exercise of the Option, the subsequent sale of Shares acquired
pursuant to such exercise and the receipt of any dividends and/or any other distributions; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Option to reduce or eliminate the
Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one
jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

 (b)    Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees
to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, the Participant authorizes the Company and/or the Employer, or their respective
agents, at their discretion, to satisfy their withholding obligations with regard to all Tax-Related Items by: 

(i)    withholding from the Participant’s wages or other cash compensation paid to
the Participant by the Company and/or the Employer; or 
 (ii)    withholding from
proceeds of the sale of Shares acquired at exercise of the Option either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant’s behalf pursuant to this authorization) without further consent; or 

(iii)    withholding in Shares to be issued upon exercise of the Option; 








 Appendix B - 2 
  

 provided, however, that if the Participant is subject to Section 16 of the Exchange Act,
then the Company will withhold in Shares upon the relevant taxable or tax withholding event, as applicable, unless the use of such withholding method is problematic under applicable tax or securities law or has materially adverse accounting
consequences, in which case, the obligation for Tax-Related Items may be satisfied by one or a combination of methods (i) and (ii) above. 

(c)    Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Participant will receive a refund of any
over-withheld amount in cash and will have no entitlement to the Common Stock equivalent. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is
deemed to have been issued the full number of Shares subject to the portion of the Option that is exercised, notwithstanding that a number of the Shares are held back solely for the purpose of paying the
Tax-Related Items 
 (d)    The Participant agrees to pay to
the Company or the Employer, any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Participant’s participation in the Plan that
cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares if the Participant fails to comply with the Participant’s obligations in connection with the Tax-Related Items. 
 (e)     Notwithstanding anything to the
contrary in the Plan or in Section 6(b) of the Nonqualified Stock Option Agreement, if the Company is required by applicable law to use a particular definition of fair market value for purposes of calculating the taxable income for the Participant,
the Company shall have the discretion to calculate the Shares to be withheld to cover any Withholding Taxes by using either the price used to calculate the taxable income under applicable law or by using the closing price per Share on the New York
Stock Exchange (or other principal exchange on which the Shares then trade) on the trading day immediately prior to the date of delivery of the Shares. 

2.    Nature of Grant. This provision supplements Section 18 of the Nonqualified Stock
Option Agreement: 
 In accepting the grant of the Option, the Participant acknowledges, understands and agrees that: 

(a)    the Option grant and the Participant’s participation in the Plan shall not create a right to
employment or be interpreted as forming an employment or services contract with the Company or any Affiliate; 

(b)    the Option and the Shares subject to the Option, and the income and value of same, are not
intended to replace any pension rights or compensation; 
 (c)    unless otherwise agreed with the
Company, the Option and the Shares subject to the Option, and the income and value of same, are not granted as consideration for, or in connection with, the service the Participant may provide as a director of an Affiliate; 








 Appendix B - 3 
  

 (d)    for purposes of the Option, the Termination Date
shall be the date the Participant is no longer actively providing services to the Company or its Affiliates (regardless of the reason for such termination and whether or not later to be found invalid or in breach of employment laws in the
jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, the Participant’s right to vest in the
Option under the Plan, if any, will terminate and the Participant’s right to exercise any vested Option, if any, will be measured as of such date and will not be extended by any notice period (e.g., the Participant’s period of
service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s
employment agreement, if any); the Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of the Option grant (including whether the Participant may still be considered
to be providing services while on a leave of absence); 
 (e)    unless otherwise provided in the Plan
or by the Company in its discretion, the Option and the benefits evidenced by this Agreement do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or
substituted for, in connection with any corporate transaction affecting the Company’s Common Stock; and 

(f)    neither the Company nor any Affiliate shall be liable for any foreign exchange rate fluctuation
between the Participant’s local currency and the United States Dollar that may affect the value of the Option or of any amounts due to the Participant pursuant to the exercise of the Option or the subsequent sale of any Shares acquired upon
exercise. 
 3.    Insider Trading Restrictions/Market Abuse Laws. The Participant
acknowledges that, depending on his or her country, the Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect his or her ability to acquire or sell Shares or rights to Shares (e.g., Options)
under the Plan during such times as the Participant is considered to have “inside information” regarding the Company (as defined by the laws in the Participant’s country). Any restrictions under these laws or regulations are separate
from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. The Participant is responsible for ensuring compliance with any applicable restrictions and is advised to consult his or her personal
legal advisor on this matter. 
 4.    Termination of Employment. This provision
supplements Section 7 of the Nonqualified Stock Option Agreement: 
 Notwithstanding anything in this Section 7, if the Company
receives a legal opinion that there has been a legal judgment and/or legal development in the Participant’s jurisdiction that likely would result in the favorable treatment that applies to the Option when the Participant terminates employment
as a result of the Participant’s Retirement being deemed unlawful and/or discriminatory, the provisions of this Section 7 regarding the treatment of the Option when the Participant terminates employment as a result of the
Participant’s Retirement shall not be applicable to the Participant and the remaining provisions of this Section 7 shall govern. 







 Appendix C - 1 

APPENDIX C 

HILTON GRAND VACATIONS INC. 

2017 OMNIBUS INCENTIVE PLAN 

NONQUALIFIED STOCK OPTION AGREEMENT 

(CONVERTED AWARD – 2015 GRANT) 

COUNTRY-SPECIFIC TERMS AND CONDITIONS 

Capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Plan, the
Nonqualified Stock Option Agreement and the Terms and Conditions for Non-U.S. Participants. 
 Terms and
Conditions 
 This Appendix C includes additional terms and conditions that govern the Option if the Participant
resides and/or works in one of the countries listed below. If the Participant is a citizen or resident of a country (or is considered as such for local law purposes) other than the one in which the Participant is currently residing and/or working or
if the Participant moves to another country after receiving the grant of the Option, the Company will, in its discretion, determine the extent to which the terms and conditions herein will be applicable to the Participant. 

Notifications 

This Appendix C also includes information regarding exchange controls and certain other issues of which the Participant should
be aware with respect to the Participant’s participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of November 2016. Such laws are often complex and change
frequently. As a result, the Company strongly recommends that the Participant not rely on the information in this Appendix C as the only source of information relating to the consequences of the Participant’s participation in the Plan because
the information may be out of date at the time that the Option is exercised or the Participant sells Shares acquired under the Plan. 

In addition, the information contained herein is general in nature and may not apply to the Participant’s particular
situation and the Company is not in a position to assure the Participant of a particular result. Accordingly, the Participant is advised to seek appropriate professional advice as to how the relevant laws in the Participant’s country may apply
to the Participant’s situation. 
 If the Participant is a citizen or resident of a country other than the one in which
the Participant is currently residing and/or working (or if the Participant is considered as such for local law purposes) or if the Participant moves to another country after receiving the grant of the Option, the information contained herein may
not be applicable to the Participant in the same manner. 








 Appendix C - 2 
  

 UNITED KINGDOM 

Terms and Conditions 

Responsibility for Taxes. This provision supplements Section 1 of the Terms and Conditions for Non-U.S. Participants: 
 If payment or withholding of the income tax due is not made
within ninety (90) days of the end of the UK tax year in which the event giving rise to the liability occurs or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 (the “Due
Date”), the amount of any uncollected income tax will constitute a loan owed by the Participant to the Employer, effective on the Due Date. The Participant agrees that the loan will bear interest at the then-current Official Rate of Her
Majesty’s Revenue and Customs (“HMRC”), it will be immediately due and repayable, and the Company or the Employer may recover it at any time thereafter by any of the means referred to in Section 1 of the Terms and
Conditions for Non-U.S. Participants. 
 Notwithstanding the foregoing, if the
Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), he or she will not be eligible for such a loan to cover the income tax due as described above. In the event that the Participant
is such a director or executive officer and the income tax is not collected from or paid by the Participant by the Due Date, the amount of any uncollected income tax may constitute a benefit to the Participant on which additional income tax and
national insurance contributions may be payable. The Participant is responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime. The Participant is responsible for reimbursing
the Company or the Employer (as applicable) for the value of any employee national insurance contribution due on this additional benefit and acknowledges that the Company or the Employer may recover such amount from him or her by any of the means
referred to in Section 1 of the Terms and Conditions for Non-U.S. Participants.