EX-10.3




 Exhibit 10.3 

HYATT HOTELS CORPORATION 

Apple Leisure Group (“ALG”) 2022-2024 Performance Share Unit Award 

The following sets forth the terms of your Hyatt Hotels Corporation Performance Share Unit (“PSU”) Award: 

AWARD: 
  

					
		  	 Target Number of PSUs:
	  	  

			
		  	 Maximum Number of PSUs:
	  	 200% of Target Number of PSUs

			
		  	 PSU Grant Identifier:
	  	 May 18, 2022 (the “Grant Date”)


 PERFORMANCE CONDITIONS: 
  

					
		 	Performance Period:	  	 The “Performance Period” shall be the period commencing on January 1, 2022 and continuing through the first
to occur of December 31, 2024 or the occurrence of a Change in Control, except as otherwise provided herein.
  

		 	Vesting of Award
and Payment Date:	  	The PSUs are earned (or not) based on achievement of the Performance Goals set forth in this Agreement and subject to the Participant’s continuous Service (as defined below) through December 31, 2024 (except as
otherwise set forth in this Agreement). Except as otherwise provided upon a Change in Control, to the extent that the PSUs are earned and vest, shares of Common Stock underlying the earned PSUs shall be delivered to the Participant between
January 1, 2025 and March 15, 2025 (and, for clarity, in no event later than March 15, 2025).

 The Performance Share Unit Award that is described and made pursuant to this Performance Share Unit Award
Agreement (this “Award”) is issued under the Fourth Amended and Restated Hyatt Hotels Corporation Long-Term Incentive Plan (as may be amended from time to time, the “Plan”). By electronically acknowledging and
accepting this Award within 30 days after the date of the electronic mail notification to you of the grant of this Award (the “Electronic Notification Date”), you agree to be bound by the terms and conditions herein, the Plan, all
conditions established by the Company in connection with awards issued under the Plan and all determinations of the Committee hereunder. In order to vest in the Award you must accept this Award within 30 days of the Electronic Notification Date. If
you fail to accept this Award within 30 days of the Electronic Notification Date, the Award will be cancelled and forfeited. 
  

  
 1 












 The following terms and conditions apply to the Performance Share Units granted pursuant to this Award.

  

			
	Company; Defined Terms:	  	 Except as the context may otherwise require, references to the “Company” shall be deemed to include Hyatt Hotels
Corporation and its subsidiaries and affiliates.
  
 To the extent not defined herein,
capitalized terms shall have the meanings ascribed to them in the Plan.
  

	Definitions:	  	 As used herein, the following terms shall have the following meanings:

 
 “ALG Net Rooms” means the number of managed and franchised rooms for
the ALG segment most recently disclosed in a Company publicly issued press release or report filed with the Securities and Exchange Commission or similar regulatory authority to report quarterly and/or annual results, plus any Hyatt Ziva and Hyatt
Zilara rooms sold by ALG Developers; further adjusted, as applicable, to exclude rooms converted from an ALG brand to a Hyatt brand or a Hyatt brand to an ALG brand for properties either operating or in the Company’s pipeline of executed
management or franchise contracts as of the Grant Date.
  
 “ALG Segment
Adjusted EBITDA” means net income attributable to the Apple Leisure Group segment of Hyatt Hotels Corporation plus its pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on its ownership percentage of each venture,
adjusted to exclude the following items:
  

•  interest expense;
  

•  benefit (provision) for income taxes;

 
 •  depreciation and
amortization;
  

•  amortization of management and franchise agreement assets and performance cure payments, which
constitute payments to customers (Contra revenue);
  

•  revenues for the reimbursement of costs incurred on behalf of managed and franchised
properties;
  
 •  costs
incurred on behalf of managed and franchised properties that we intend to recover over the long term;
  

•  equity losses from unconsolidated hospitality ventures;

 
 •  stock-based compensation
expense;
  
 •  gains (losses)
on sales of real estate and other;
  

•  asset impairments; and
  

•  other income (loss), net

 
 “Net Deferrals” represent the change in contract liabilities associated
with the Unlimited Vacation Club membership contracts less the change in deferred cost assets associated with the contracts. The contract liabilities and deferred cost assets are recognized as revenue and expense, respectively, on our consolidated
statements of income (loss) over the customer life, which ranges from 3 to 25 years.


  

  
 2 













			
		  	 “Net Financed Contracts” represent Unlimited Vacation Club contracts signed during the period for which an initial cash
down payment has been received and the remaining balance is contractually due in monthly installments over an average term of less than 4 years. The Net Financed Contract balance is calculated as the unpaid portion of membership contracts reduced by
expenses related to fulfilling the membership club contracts and further reduced by an allowance for future estimated uncollectible installments. For purposes of this Award, Net Financed Contracts is as disclosed in the Company’s publicly
issued press release or report filed with the Securities and Exchange Commission or similar regulatory authority to report quarterly and/or annual results.
  

“Performance Goals” means (1) ALG Net Rooms; and (2) ALG Segment Adjusted EBITDA + Net Financed Contracts + Net Deferrals.

 
 “Variable Compensation” means accounting expenses reflected in Adjusted
EBITDA for (i) the Hyatt Hotels Corporation Annual Incentive Plan, (ii) the Hyatt Hotels Corporation Executive Incentive Plan, (iii) the Hyatt Hotels Corporation Development Incentive Plan, (iv) ALG Annual Incentive Plan,
(v) ALG Development Incentive Plan, and (vi) other cash incentive awards.
  

		
	Determination of Number of Earned Performance Share Units:	  	The number of PSUs earned, if any, for the Performance Period shall be determined as follows:
		  	 Earned PSUs =
  

((ALG Net Rooms Payout Percentage x 30% of Target Number of PSUs)

 
 +

 
 (ALG Segment Adjusted EBITDA + Net Financed Contracts + Net
Deferrals Payout Percentage x 70% of Target Number of PSUs))
  
 The
“ALG Net Rooms Payout Percentage” is based on ALG Net Rooms Performance over the Performance Period, as determined by the Committee in its sole discretion, in accordance with the following table:


  

											
	 	 	 	  	 Below
Threshold
	  	 Threshold
	  	 Target
	  	 Maximum

						
		 	ALG Net Rooms Performance	  	[    ]	  	[    ]	  	[    ]	  	[    ]
						
		 	ALG Net Rooms Payout Percentage	  	[    ]	  	[    ]	  	[    ]	  	[    ]

  

  
 3 













			
		
		  	Achievement between threshold and target and between target and maximum will be interpolated linearly.
		
		  	The “ALG Segment Adjusted EBITDA + Net Financed Contracts + Net Deferrals Payout Percentage” is based on ALG Adjusted EBITDA + Net Financed Contracts + Net Deferrals Performance for calendar year 2024, as determined
by the Committee in its sole discretion, in accordance with the following table:

  

											
	 	 	 	  	 Below
Threshold
	  	 Threshold
	  	 Target
	  	 Maximum

		 	 ALG Segment Adjusted EBITDA + Net Financed Contracts + Net Deferrals Performance
	  	[    ]	  	[    ]	  	[    ]	  	[    ]
		 	 ALG Segment Adjusted EBITDA + Net Financed Contracts + Net Deferrals Payout Percentage
	  	[    ]	  	[    ]	  	[    ]	  	[    ]

  

			
		  	 Achievement between threshold and target and between target and maximum will be interpolated
linearly.
  
 The Committee shall determine the number (if any) of PSUs that has been
earned hereunder following the end of the Performance Period. Subject to Participant’s continuous Service through December 31, 2024 (except as otherwise provided herein), Participant shall earn a number of PSUs based on the
Committee’s determination of performance with respect to the Performance Goals. In no event shall Participant earn a number of PSUs in excess of the Maximum Number of PSUs indicated above. All PSUs that are not earned in accordance with the
foregoing shall be forfeited.
  
 Adjustments:

 
 ALG Segment Adjusted EBITDA and the determination of the segment’s performance may
be further adjusted, in the Committee’s discretion, to reflect any or all the following items:
  

•  Include or exclude Adjusted EBITDA or Net Deferrals and Net Financed Contracts associated with
Acquisitions or Dispositions
  

•  Exclude incremental expense associated with Variable Compensation

 
 •  Material fluctuations in
actual realized foreign currency exchange rates as compared to the budget approved by the Board of Directors for the relevant fiscal year (“Budget”)
  

•  Include or exclude the effect of changes in accounting methodology that have an impact of more
than 1% to Adjusted EBITDA, if not included in the Budget
  

•  Include or exclude ALG Segment Adjusted EBITDA for any restructuring events, including without
limitation, consolidation or reallocation of administrative, back-office or other internal services, in any event, that impact SG&A (positively or negatively) by $2M or more

 
 [__]


  

  
 4 













											
		 	 If [__] occurs in 2022, the Payout Percentage will be the greater of Target and actual performance based on Forecast
Results, as follows:
  

	 	 	 	  	 Below
Threshold
	  	 Threshold
	  	 Target
	  	 Maximum

		 	ALG Net Rooms Performance	  	[    ]	  	[    ]	  	[    ]	  	[    ]
		 	ALG Net Rooms Payout Percentage	  	[    ]	  	[    ]	  	[    ]	  	[    ]

  

			
		  	 Achievement between threshold and target and between target and maximum will be interpolated
linearly.


  

											
	 	 	 	  	 Below
Threshold
	  	 Threshold
	  	 Target
	  	 Maximum

		 	 ALG Segment Adjusted EBITDA + Net Financed Contracts + Net Deferrals Performance
	  	[    ]	  	[    ]	  	[    ]	  	[    ]
		 	 ALG Segment Adjusted EBITDA + Net Financed Contracts + Net Deferrals Payout Percentage
	  	[    ]	  	[    ]	  	[    ]	  	[    ]

  

			
		  	 Achievement between threshold and target and between target and maximum will be interpolated
linearly.
  
 If [__] occurs in 2023, the Payout Percentage will be the greater of
Target and actual performance based on Forecast Results, as follows:


  

											
	 	 	 	  	 Below
Threshold
	  	 Threshold
	  	 Target
	  	 Maximum

		 	ALG Net Rooms Performance	  	[    ]	  	[    ]	  	[    ]	  	[    ]
		 	ALG Net Rooms Payout Percentage	  	[    ]	  	[    ]	  	[    ]	  	[    ]

  

			
		  	 Achievement between threshold and target and between target and maximum will be interpolated
linearly.


  

											
	 	 	 	  	 Below
Threshold
	  	 Threshold
	  	 Target
	  	 Maximum

		 	 ALG Segment Adjusted EBITDA + Net Financed Contracts + Net Deferrals Performance
	  	[    ]	  	[    ]	  	[    ]	  	[    ]
		 	 ALG Segment Adjusted EBITDA + Net Financed Contracts + Net Deferrals Payout Percentage
	  	[    ]	  	[    ]	  	[    ]	  	[    ]

  

			
		  	 Achievement between threshold and target and between target and maximum will be interpolated linearly.

 
 In addition, without limiting the foregoing, the Committee shall have the sole authority
and discretion to adjust the achievement of the Performance Goals (including any individual component of the Performance Goals) by the Company to reflect any items that it deems appropriate, including (but not limited to), items relating to any
unusual or nonrecurring events or changes in applicable laws, accounting principles or business conditions.

		
	Settlement and Payment of PSUs:	  	Except as otherwise provided upon a Change in Control or the Participant’s death or Disability as set forth below, each PSU that is earned in accordance with the foregoing shall be settled by delivery of one share of Common
Stock delivered to the Participant between January 1, 2025 and March 15, 2025 (and in no event later than March 15, 2025) (the “Payment Date”), subject to tax withholding, as provided below.


  
 5 













			
	Termination of Service:	  	 Subject to the exceptions below, PSUs will only be eligible to vest and become earned and payable if the Participant remains in continuous
Service with the Company from the Grant Date through the last day of the Performance Period. “Service” for purposes of this Award shall mean employment as an Employee or service to the Company as a Director or Consultant. Except as
provided below, all unearned PSUs will be forfeited and cancelled for no consideration upon the Participant’s Termination of Service. Notwithstanding the foregoing, PSUs will not be forfeited or cancelled in the following circumstances:

 
 •  Retirement, Death or
Disability. Notwithstanding any terms and conditions of the Amended and Restated Retirement Policy Regarding Equity Vesting adopted by Hyatt Hotels Corporation (the “Retirement Policy”) to the contrary, in the event of
the Participant’s Retirement (as defined in the Retirement Policy), death or Disability (as defined below) prior to the end of the Performance Period, the Participant shall be eligible to earn PSUs on a pro rata basis determined by multiplying
the number of PSUs that would have been earned hereunder based on actual performance through the end of the Performance Period by a fraction, the numerator of which equals the number of full months of Service prior to such termination and the
denominator of which equals thirty-six (36), and shares of Common Stock underlying the earned PSUs shall be delivered to the Participant (or the Participant’s estate) as set forth above under
“Vesting of Award and Payment Date”. As described below, PSUs are subject to cancellation and forfeiture for no consideration in the event the Participant engages in certain “detrimental conduct” (as defined below). For this
purpose “Disability” shall mean either (i) the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than 12 months, (ii) the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under the Company’s long-term disability plan, and/or (iii) the Participant is determined to be
totally disabled by the Social Security Administration.

		
	Change in Control:	  	In the event of a Change in Control during the Performance Period, if the acquirer or successor entity declines to assume or to provide a replacement or substitute award for any unvested portion of this Award as contemplated by
Section 12.2(e) of the Plan in connection with such Change in Control, subject to the Participant’s continuous Service through the date of such Change in Control (or earlier termination due to death, Disability or Retirement, in which case
the above provisions shall control), the date of the Change in Control shall be the last day of the Performance Period and Performance Goal attainment will be measured in the same manner as applies in the case of a [__] as provided above, with the
date of the Change in Control being substituted for the [__] for purposes of such calculation. Settlement of PSUs will be accomplished through the issuance of shares of Common Stock or cash, as the Committee may determine, and any earned PSUs (and
the Dividend Equivalents thereon) shall be settled upon or within fifteen (15) days after the Change in Control (which shall be deemed to be the Payment Date). Any PSUs not earned upon a Change in Control shall be forfeited and cancelled for no
consideration.
		
	Rights of
Ownership	  	The Participant shall not have any rights or privileges of a stockholder with respect to the PSUs subject to this Award or any shares of Common Stock underlying this Award unless and until shares of Common Stock are delivered in
respect hereof.

  

  
 6 













			
		
	 Dividend
 Equivalent
Rights:
	  	Each PSU granted hereunder is hereby granted in tandem with a corresponding Dividend Equivalent right that shall, while it remains outstanding, and to the extent that dividends are paid on Common Stock and subject to the terms set
forth below, entitle the Participant to a cash payment in the amount of any such dividend(s) paid by the Company in respect of a share of Common Stock. The Dividend Equivalent right shall remain outstanding from the Grant Date through the earlier to
occur of (a) the termination or forfeiture for any reason of the PSU to which such Dividend Equivalent right corresponds, or (b) the delivery to the Participant of the share of Common Stock (or other payment) in respect of the PSU to which
such Dividend Equivalent right corresponds (in any case, the “PSU Termination Date”). Each Dividend Equivalent right will entitle the Participant to a cash payment in the amount of any dividend(s) paid by the Company in respect of a
share of Common Stock to the extent that such dividend(s) are declared and have ex dividend date(s), in each case, that occur on or after the applicable Grant Date and on or prior to the applicable PSU Termination Date, payable upon the
Payment Date in respect of the PSU to which such Dividend Equivalent right corresponds; provided, that with respect to any dividends meeting such criteria that are paid after the PSU Termination Date, the applicable Dividend Equivalent
payment will be made if and when the Company pays the underlying dividend or, if later, on the Payment Date (but in no event later than March 15th of the year following the year in which the
applicable ex dividend date occurs). For the avoidance of doubt, (i) if a PSU is not ultimately earned hereunder, no Dividend Equivalent payments shall be made with respect to such unearned PSU, and (ii) in no event shall a Dividend
Equivalent payment be made that would result in the Participant receiving both the Dividend Equivalent payment (in respect of a dividend) and the actual dividend with respect to the same PSU and corresponding share of Common Stock. Dividend
Equivalent rights and any amounts that may become distributable in respect thereof shall be treated separately from the PSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by
Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, “Section 409A”).
		
	Tax Withholding:	  	 Unless paid in cash by the Participant at the time of settlement, the Company will deduct or withhold from shares issuable upon settlement of
the PSU a number of shares of Common Stock having a Share Value equal to the amount sufficient to satisfy the statutory federal, state, foreign and local taxes and any employment, disability, social welfare or other legally required withholdings
(subject to any applicable limitation(s) in the Plan). Notwithstanding anything to the contrary herein, if the tax obligation arises during period in which the Participant is prohibited from trading under any policy of the Company or by reason of
the Securities Exchange Act of 1934, then the tax withholding obligation shall automatically be satisfied by the Company withholding shares of Common Stock.
  

The Participant is encouraged to consult with a tax advisor regarding the tax consequences of participation in the Plan and acceptance of this
Award.


  

  
 7 













			
		
	 Transferability of

PSUs:
	  	PSUs may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated; provided that in the event of the Participant’s death, shares deliverable or amounts payable with respect to the PSUs shall be
delivered or paid, as applicable, to the Participant’s designated beneficiary. The Committee will advise Participants with respect to the procedures for naming and changing designated beneficiaries.
		
	Data Privacy:	  	By acceptance of this Award, the Participant acknowledges and consents to the collection, use, processing and transfer of personal data as described below and in accordance with the Hyatt Privacy Policy for Employees. The Company,
its affiliates and the Participant’s employer hold certain personal information, including the Participant’s name, home address and telephone number, date of birth, social security number or other employee tax identification number,
salary, nationality, job title, and any equity compensation grants or Common Stock awarded, cancelled, purchased, vested, unvested or outstanding in the Participant’s favor, for the purpose of managing and administering the Plan
(“Data”). The Company and its affiliates will transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in the United States, the European
Economic Area, or elsewhere. The Participant hereby authorizes them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing participation in the Plan,
including any requisite transfer of such Data as may be required for the administration of the Plan on behalf of the Participant to a third party with whom the Participant may have elected to have payment made pursuant to the Plan. The Participant
may, at any time, review Data, require any necessary amendments to it or withdraw the consent herein in writing by contacting the Company; however, withdrawing the consent may affect the Participant’s ability to participate in the Plan and
receive the benefits intended by this Award.
		
	 No Impact on
 Other
Rights:
	  	Participation in the Plan is voluntary. The value of the PSUs is an extraordinary item of compensation outside the scope of Participant’s normal employment and compensation rights, if any. As such, the PSUs are not part of
normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pensions or retirement benefits or similar payments unless specifically and otherwise provided
in the plans or agreements governing such compensation. The Plan is discretionary in nature and may be amended, cancelled, or terminated by the Company, in its sole discretion, at any time. The grant of PSUs under the Plan is a one-time benefit and does not create any contractual or other right to receive any other grant of PSUs or other awards under the Plan in the future. Future grants, if any, will be at the sole discretion of the
Company, including, but not limited to, the timing of the grant, the form of award, number of shares of Common Stock subject to an award, vesting, and exercise provisions, as relevant.

  

  
 8 













			
		
	Restrictive Covenants:	  	As a condition of this Award, to the extent Participant has not done so already, Participant agrees to execute and deliver the (i) Non-Competition Agreement, the (ii) Non-Solicitation & Non-Disparagement Agreement (iii) Confidentiality Agreement, and (iv) Invention Assignment Agreement in form and substance
acceptable to the Company, and Participant agrees to be bound by the terms of those agreements.
		
	Effect of Detrimental Conduct:	  	 In the event the Participant engages in “detrimental conduct” (as defined below), the Participant shall forfeit all unvested PSUs
(and all shares of Common Stock underlying such PSUs) and all such awards shall be null and void as of the date such detrimental conduct first occurs and the Participant shall not receive any consideration therefor.

 
 Definition of Detrimental Conduct. The Participant will be deemed to have engaged
in detrimental conduct if in the reasonable, good faith determination of the Committee, the Participant has engaged in conduct constituting (1) a felony; (2) gross negligence or willful misconduct in the performance of Participant’s
duties and responsibilities to the Company; (3) willful violation of a material Company policy, including, without limitation, any policy relating to confidentiality, honesty, integrity and/or workplace behavior, which violation has resulted or
may reasonably be expected to result in harm to the Company, its stockholders, directors, officers, employees or customers; (4) improper internal or external disclosure or use of confidential information or material concerning the Company or
any of its stockholders, directors, officers, or employees which use or disclosure has resulted or may reasonably be expected to result in harm to the Company; (5) publicly disparaging the Company or any of its stockholders, directors, officers
or employees; and/or (6) willful violation of any material agreements with the Company entered into by the Participant in connection with or pursuant to the Plan.
  

Determination of Detrimental Conduct. Upon a reasonable, good faith determination by the Committee that detrimental conduct has occurred, the Committee
shall give the Participant written notice, which shall specify the conduct and the date of the conduct. Any dispute concerning the matters set forth in the notice shall be decided under the procedures in the Plan.

		
	409A:	  	 This Award is intended to comply with Section 409A or an available exemption therefrom. However, notwithstanding any other provision of
the Plan or this Award, if at any time the Committee determines that the PSUs and/or Dividend Equivalents (or any portion thereof) may not be compliant with or exempt from Section 409A, the Committee shall have the right in its sole discretion
(without any obligation to do so or to indemnify or to be responsible for damages to the Participant or any other person for failure to do so) to adopt such amendments to the Plan or this Award, or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, as the Committee determines are necessary or appropriate to provide for the PSUs and/or Dividend Equivalents to either be exempt from the application of
Section 409A or comply with the requirements of Section 409A; provided, however, that nothing herein shall create any obligation on the part of the Company to adopt any such amendment or take any other action.

 
 Notwithstanding anything herein to the contrary, no payment hereunder shall be made to
the Participant during the six (6)-month period following the Participant’s “separation from service” (within the meaning of Section 409A) to the extent that the Company determines that paying such amounts at the time set forth
herein would be a prohibited distribution under Section


  

  
 9 













			
		
		  	409A(a)(2)(B)(i). If the payment of any such amounts is delayed as a result of the previous sentence, then within thirty (30) days following the end of such six (6)-month period (or, if earlier, the Participant’s death),
the Company shall pay the Participant the cumulative amounts that would have otherwise been payable to the Participant during such period, without interest. For the avoidance of doubt, to the extent that any PSUs are “nonqualified deferred
compensation” within the meaning of Section 409A, the settlement of PSUs hereunder upon a Change in Control shall only occur to the extent that such Change in Control is also a “change in the ownership or effective control of a
corporation, or a change in the ownership of a substantial portion of the assets of a corporation” within the meaning of Section 409A(a)(2)(A)(v).

 PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE PERFORMANCE SHARE UNITS AWARDED PURSUANT TO THIS AGREEMENT MAY BE
EARNED ONLY BY CONTINUING EMPLOYMENT AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED OR BEING GRANTED THIS AWARD) AND BY ACHIEVEMENT OF THE PERFORMANCE GOALS (AS DETERMINED AND CERTIFIED BY THE COMMITTEE) AND BY COMPLIANCE WITH
PARTICIPANT’S VARIOUS OBLIGATIONS UNDER THIS AGREEMENT. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT, NOR IN THE PLAN SHALL CONFER UPON PARTICIPANT ANY RIGHT WITH RESPECT TO CONTINUATION OF EMPLOYMENT BY THE
COMPANY, NOR SHALL IT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE PARTICIPANT’S EMPLOYMENT AT ANY TIME, FOR ANY REASON OR NO REASON, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT ADVANCE NOTICE
EXCEPT AS MAY BE REQUIRED BY APPLICABLE LAW. 
  

  
 10