# EDGAR Filing Document

**Accession Number:** 0001468174
**File Stem:** 0001104659-25-058369
**Filing Date:** 2025-6
**Character Count:** 156874
**Document Hash:** 82e72ee3fc2e4dae9592ab670fe93033
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-058369.hdr.sgml**: 20250611

**ACCESSION NUMBER**: 0001104659-25-058369

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 23

**FILED AS OF DATE**: 20250611

**DATE AS OF CHANGE**: 20250611

**EFFECTIVENESS DATE**: 20250611

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hyatt Hotels Corp
- **CENTRAL INDEX KEY:** 0001468174
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 201480589
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287936
- **FILM NUMBER:** 251038741

**BUSINESS ADDRESS:**
- **STREET 1:** 150 NORTH RIVERSIDE PLAZA
- **STREET 2:** 8TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 750-1234

**MAIL ADDRESS:**
- **STREET 1:** 150 NORTH RIVERSIDE PLAZA
- **STREET 2:** 8TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**As filed with the Securities and Exchange Commission on June 11, 2025**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

 ****

**HYATT HOTELS CORPORATION**

**(Exact name of registrant as specified in its charter)**

------

---

| | |
|:---|:---|
| **Delaware** | **20-1480589** |
| **(State or other jurisdiction of** | **(I.R.S. Employer** |
| **incorporation or organization)** | **Identification No.)** |

---

**150 North Riverside Plaza, 8th Floor** 

**Chicago, Illinois 60606** 

**(312) 750-1234** 

**(Address of Principal Executive Offices)**

**Playa Hotels & Resorts N.V. 2017 Omnibus Incentive Plan, as amended** 

**(Full title of the plan)**

**Mark S. Hoplamazian** 

**President and Chief Executive Officer** 

**Hyatt Hotels Corporation** 

**150 North Riverside Plaza, 8th Floor** 

**Chicago, Illinois 60606** 

**(Name and address of agent for service)**

**(312) 750-1234** 

**(Telephone number, including area code, of agent for service)**

------

***Copies to:***

**Cathy A. Birkeland, Esq.** 

**Alexa M. Berlin, Esq.** 

**Michael A. Pucker, Esq.** 

**Latham & Watkins LLP** 

**330 N. Wabash Avenue, Suite 2800** 

**Chicago, Illinois 60611** 

**(312) 876-7700**

------

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | x | Accelerated filer | ◻ |
| Non-accelerated filer | ◻ | Smaller reporting company | ◻ |
|  |  | Emerging growth company | ◻ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ¨

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 ("Registration Statement") is being filed pursuant to General Instruction E to Form S-8 to register 392,000 shares of Class A Common Stock, par value $0.01 per share (the "Class A Common Stock"), of Hyatt Hotels Corporation (the "Company") issuable pursuant to awards granted under the Playa Hotels & Resorts N.V. 2017 Omnibus Incentive Plan, as amended (the "Playa Plan"), to be assumed by the Company and converted into restricted stock units covering a number of shares of Class A Common Stock in connection with the transactions (the "Transactions") contemplated by the Purchase Agreement, dated as of February 9, 2025 (the "Purchase Agreement"), by and among the Company, HI Holdings Playa B.V. ("Buyer") and Playa Hotels & Resorts N.V. ("Playa"), including the expiration of Buyer's tender offer (the "Offer") to purchase all of the issued and outstanding ordinary shares, par value EUR 0.10 per share, of Playa. The Offer expired on June 9, 2025.

In connection with the expiration of the Offer, the outstanding awards granted under the Playa Plan will be assumed by the Company and converted into restricted stock units covering a number of shares of Class A Common Stock in accordance with the terms of the Purchase Agreement. All such awards will continue to be governed by the terms of the Playa Plan and applicable award agreement evidencing such awards.

**PART I**

**Item 1.** **Plan Information** 

Not required to be filed with this Registration Statement.

**Item 2.** **Registrant Information and Employee Plan Annual Information** 

Not required to be filed with this Registration Statement.

**PART II**

**Item 3.** **Incorporation of Documents by Reference** 

The SEC allows the Company to incorporate by reference the information the Company files with it, which means that the Company can disclose important information to you by referring to those documents. The information incorporated by reference is an important part of this Registration Statement, and information that we file later with the SEC will automatically update and supersede this information. The Company incorporates by reference the following documents that the Company has filed, or may file, with the SEC:

· [The Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 13, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000146817425000009/h-20241231.htm) ;

· The information specifically incorporated by reference into the Registrant's Annual Report on Form 10-K from our [Definitive Proxy Statement on Schedule 14A filed with the SEC on April 3, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000119312525071845/d815204ddef14a.htm) ;

· [The Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 1, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000146817425000057/h-20250331.htm) ; and

· The Company's Current Reports on Form 8-K filed with the SEC on [February 10, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000119312525023140/d919073d8k.htm) , [March 17, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000119312525055281/d925033d8k.htm) , [March 19, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000119312525057856/d668870d8k.htm) , [March 26, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000119312525064107/d927917d8k.htm) , [April 3, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000119312525071836/d906877d8k.htm) , [April 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000110465925034703/tm2512211d1_8k.htm) and [May 16, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000110465925050057/tm2515360d1_8k.htm) (other than the portions of such documents not
deemed to be filed).

In addition, all documents the Registrant files with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents. Any information that the Company later files with the SEC will automatically update and supersede the information and statements contained in a document incorporated or deemed to be incorporated by reference herein. Any such information or statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute part of this Registration Statement. Under no circumstances will any information "furnished" to the SEC pursuant to applicable rules and regulations be deemed incorporated herein by reference unless such information expressly provides to the contrary.

**Item 4.** **Description of Securities** 

Not required to be filed with this Registration Statement.

**Item 5.** **Interests of Named Experts and Counsel** 

Not required to be filed with this Registration Statement.

**Item 6.** **Indemnification of Directors and Officers** 

Not required to be filed with this Registration Statement.

**Item 7.** **Exemption from Registration Claimed** 

Not required to be filed with this Registration Statement.

**Item 8.** **Exhibits** 

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Exhibit** |
| [4.1](tm2517654d1_ex4-1.htm) | [Playa Hotels & Resorts N.V. 2017 Omnibus Incentive Plan.](tm2517654d1_ex4-1.htm) |
| [4.2](tm2517654d1_ex4-2.htm) | [First Amendment to 2017 Omnibus Incentive Plan.](tm2517654d1_ex4-2.htm) |
| [4.3](tm2517654d1_ex4-3.htm) | [Second Amendment to 2017 Omnibus Incentive Plan.](tm2517654d1_ex4-3.htm) |
| [4.4](tm2517654d1_ex4-4.htm) | [Third Amendment to 2017 Omnibus Incentive Plan.](tm2517654d1_ex4-4.htm) |
| [4.5](tm2517654d1_ex4-5.htm) | [Fourth Amendment to 2017 Omnibus Incentive Plan.](tm2517654d1_ex4-5.htm) |
| [4.6](tm2517654d1_ex4-6.htm) | [Fifth Amendment to 2017 Omnibus Incentive Plan.](tm2517654d1_ex4-6.htm) |
| [5.1](tm2517654d1_ex5-1.htm) | [Opinion of Latham & Watkins LLP.](tm2517654d1_ex5-1.htm) |
| [23.1](tm2517654d1_ex5-1.htm) | [Consent of Latham & Watkins LLP (included in Exhibit 5.1).](tm2517654d1_ex5-1.htm) |
| [23.2](tm2517654d1_ex23-2.htm) | [Consent of Deloitte & Touche LLP, independent registered public accounting firm for Hyatt Hotels Corporation.](tm2517654d1_ex23-2.htm) |
| [23.3](tm2517654d1_ex23-3.htm) | [Consent of Deloitte & Touche LLP, independent registered public accounting firm for Playa Hotels & Resorts N.V.](tm2517654d1_ex23-3.htm) |
| [24.1](#a_001) | [Power of Attorney (included in the signature pages hereto).](#a_001) |
| [107](tm2517654d1_ex-filingfees.htm) | [Filing Fee Calculation.](tm2517654d1_ex-filingfees.htm) |

---

**Item 9.** **Undertakings** 

(a) The undersigned Company hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the "Securities Act");

(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective Registration Statement;

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration Statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Company pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are incorporated by reference in this Registration Statement.

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned Company hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Company's annual report pursuant to section 13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(h) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, State of Illinois, on June 11, 2025.

---

| | |
|:---|:---|
| **HYATT HOTELS CORPORATION** | **HYATT HOTELS CORPORATION** |
| By: | /s/ Mark S. Hoplamazian |
|  | Mark S. Hoplamazian |
|  | President and Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below, hereby constitutes and appoints Mark S. Hoplamazian and Joan Bottarini, and each acting alone, his or her true and lawful attorneys-in-fact and agents, with full power of resubstitution and substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments or supplements to this Registration Statement and to file the same with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing necessary or appropriate to be done with respect to this Registration Statement or any amendments or supplements hereto in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, each acting alone, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| <br> /s/ Mark S. Hoplamazian<br> Mark S. Hoplamazian | President, Chief Executive Officer and Director<br> (Principal Executive Officer) | June 11, 2025 |
| /s/ Joan Bottarini<br> Joan Bottarini | Executive Vice President, Chief Financial Officer<br> (Principal Financial Officer) | June 11, 2025 |
| /s/ Kinsey Wolf<br> Kinsey Wolf | Senior Vice President, Controller and Chief Accounting Officer<br> (Principal Accounting Officer) | June 11, 2025 |
| /s/ Thomas J. Pritzker<br> Thomas J. Pritzker | Executive Chairman of the Board of Directors | June 11, 2025 |
| /s/ Paul D. Ballew<br> Paul D. Ballew | Director | June 11, 2025 |
| /s/ Alessandro Bogliolo<br> Alessandro Bogliolo | Director | June 11, 2025 |
| /s/ Susan D. Kronick<br> Susan D. Kronick | Director | June 11, 2025 |
| /s/ Cary D. McMillan<br> Cary D. McMillan | Director | June 11, 2025 |
| /s/ Heidi O'Neill<br> Heidi O'Neill | Director | June 11, 2025 |
| /s/ Jason Pritzker<br> Jason Pritzker | Director | June 11, 2025 |
| /s/ Tracy T. Travis<br> Tracy T. Travis | Director | June 11, 2025 |
| /s/ Dion Camp Sanders<br> Dion Camp Sanders | Director | June 11, 2025 |
| /s/ Richard C. Tuttle<br> Richard C. Tuttle | Director | June 11, 2025 |

---

## Exhibit 4.1

**Exhibit 4.1**

**PLAYA HOTELS & RESORTS N.V.**

**2017 OMNIBUS INCENTIVE PLAN**

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Page** |
| 1. | PURPOSE | PURPOSE | 1 |
| 2. | DEFINITIONS | DEFINITIONS | 1 |
| 3. | ADMINISTRATION OF THE PLAN | ADMINISTRATION OF THE PLAN | 7 |
|  | 3.1 | Committee | 7 |
|  |  | 3.1.1 Powers and Authorities | 7 |
|  |  | 3.1.2 Composition of Committee | 8 |
|  |  | 3.1.3 Other Committees | 8 |
|  | 3.2 | Board | 8 |
|  | 3.3 | Terms of Awards | 8 |
|  |  | 3.3.1 Committee Authority | 8 |
|  |  | 3.3.2 Forfeiture; Recoupment | 9 |
|  | 3.4 | No Repricing | 9 |
|  | 3.5 | Deferral Arrangement | 10 |
|  | 3.6 | No Liability | 10 |
|  | 3.7 | Registration; Share Certificates | 10 |
| 4. | SHARES SUBJECT TO THE PLAN | SHARES SUBJECT TO THE PLAN | 10 |
|  | 4.1 | Number of Shares Available for Awards | 10 |
|  | 4.2 | Share Usage | 11 |
| 5. | TERM; AMENDMENT AND TERMINATION | TERM; AMENDMENT AND TERMINATION | 11 |
|  | 5.1 | Term | 11 |
|  | 5.2 | Amendment and Termination | 11 |
| 6. | AWARD ELIGIBILITY AND LIMITATIONS | AWARD ELIGIBILITY AND LIMITATIONS | 11 |
|  | 6.1 | Eligible Grantees | 11 |
|  | 6.2 | Limitation on Shares Subject to Awards and Cash Awards | 12 |
|  | 6.3 | Stand-Alone, Additional, Tandem and Substitute Awards | 12 |
|  | 6.4 | Minimum Vesting Period | 12 |
| 7. | AWARD AGREEMENT | AWARD AGREEMENT | 13 |
|  | 7.1 | Award Agreement | 13 |
|  | 7.2 | Forfeiture Events | 13 |
| 8. | TERMS AND CONDITIONS OF OPTIONS | TERMS AND CONDITIONS OF OPTIONS | 13 |
|  | 8.1 | Option Price | 13 |
|  | 8.2 | Vesting | 13 |
|  | 8.3 | Term | 14 |
|  | 8.4 | Termination of Service | 14 |
|  | 8.5 | Limitations on Exercise of Option | 14 |
|  | 8.6 | Method of Exercise | 14 |
|  | 8.7 | Rights of Holders of Options | 14 |
|  | 8.8 | Delivery of Shares | 15 |
|  | 8.9 | Transferability of Options | 15 |
|  | 8.10 | Family Transfers | 15 |
|  | 8.11 | Limitations on Incentive Stock Options | 15 |

---

i

---

| | | | |
|:---|:---|:---|:---|
|  | 8.12 | Notice of Disqualifying Disposition | 15.0 |
| 9. | TERMS AND CONDITIONS OF SHARE APPRECIATION RIGHTS | TERMS AND CONDITIONS OF SHARE APPRECIATION RIGHTS | 16.0 |
|  | 9.1 | Right to Payment and Grant Price | 16.0 |
|  | 9.2 | Other Terms | 16.0 |
|  | 9.3 | Term | 16.0 |
|  | 9.4 | Transferability of SARS | 16.0 |
|  | 9.5 | Family Transfers | 16.0 |
| 10. | TERMS AND CONDITIONS OF RESTRICTED SHARES AND SHARE UNITS | TERMS AND CONDITIONS OF RESTRICTED SHARES AND SHARE UNITS | 17.0 |
|  | 10.1 | Grant of Restricted Shares or Share Units | 17.0 |
|  | 10.2 | Restrictions | 17.0 |
|  | 10.3 | Registration | 17.0 |
|  | 10.4 | Rights of Holders of Restricted Shares | 17.0 |
|  | 10.5 | Rights of Holders of Share Units | 18.0 |
|  |  | 10.5.1 Voting and Dividend Rights | 18.0 |
|  |  | 10.5.2 Creditor's Rights | 18.0 |
|  | 10.6 | Termination of Service | 18.0 |
|  | 10.7 | Purchase of Restricted Shares and Shares Subject to Share Units | 18.0 |
|  | 10.8 | Delivery of Shares | 19.0 |
| 11. | TERMS AND CONDITIONS OF UNRESTRICTED SHARE AWARDS AND OTHER EQUITY-BASED AWARDS | TERMS AND CONDITIONS OF UNRESTRICTED SHARE AWARDS AND OTHER EQUITY-BASED AWARDS | 19.0 |
|  | 11.1 | Unrestricted Shares Awards | 19.0 |
|  | 11.2 | Other Equity-Based Awards | 19.0 |
| 12. | FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES | FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES | 19.0 |
|  | 12.1 | General Rule | 19.0 |
|  | 12.2 | Surrender of Shares | 20.0 |
|  | 12.3 | Cashless Exercise | 20.0 |
|  | 12.4 | Other Forms of Payment | 20.0 |
| 13. | TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS | TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS | 20.0 |
|  | 13.1 | Dividend Equivalent Rights | 20.0 |
|  | 13.2 | Termination of Service | 21.0 |
| 14. | TERMS AND CONDITIONS OF PERFORMANCE-BASED AWARDS | TERMS AND CONDITIONS OF PERFORMANCE-BASED AWARDS | 21.0 |
|  | 14.1 | Grant of Performance-Based Awards | 21.0 |
|  | 14.2 | Value of Performance-Based Awards | 21.0 |
|  | 14.3 | Earning of Performance-Based Awards | 21.0 |
|  | 14.4 | Form and Timing of Payment of Performance-Based Awards | 21.0 |
|  | 14.5 | Performance Conditions | 22.0 |
|  | 14.6 | Performance-Based Awards Granted to Designated Covered Employees | 22.0 |
|  |  | 14.6.1 Performance Goals Generally | 22.0 |
|  |  | 14.6.2 Timing For Establishing Performance Goals | 22.0 |
|  |  | 14.6.3 Payment of Awards; Other Terms | 23.0 |
|  |  | 14.6.4 Performance Measures | 23.0 |
|  |  | 14.6.5 Evaluation of Performance | 25.0 |
|  |  | 14.6.6 Adjustment of Performance-Based Compensation | 25.0 |
|  |  | 14.6.7 Committee Discretion | 25.0 |
|  |  | 14.6.8 Status of Awards Under Code Section 162(m) | 25.0 |

---

ii

---

| | | | |
|:---|:---|:---|:---|
| 15. | PARACHUTE LIMITATIONS | PARACHUTE LIMITATIONS | 26.0 |
| 16. | REQUIREMENTS OF LAW | REQUIREMENTS OF LAW | 27.0 |
|  | 16.1 | General | 27.0 |
|  | 16.2 | Rule 16b-3 | 27.0 |
| 17. | EFFECT OF CHANGES IN CAPITALIZATION | EFFECT OF CHANGES IN CAPITALIZATION | 28.0 |
|  | 17.1 | Changes in Shares | 28.0 |
|  | 17.2 | Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control | 28.0 |
|  | 17.3 | Change in Control in which Awards are not Assumed | 29.0 |
|  | 17.4 | Change in Control in which Awards are Assumed | 30.0 |
|  | 17.5 | Adjustments | 30.0 |
|  | 17.6 | No Limitations on Company | 30.0 |
| 18. | GENERAL PROVISIONS | GENERAL PROVISIONS | 31.0 |
|  | 18.1 | Disclaimer of Rights | 31.0 |
|  | 18.2 | Nonexclusivity of the Plan | 31.0 |
|  | 18.3 | Withholding Taxes | 31.0 |
|  | 18.4 | Captions | 32.0 |
|  | 18.5 | Construction | 32.0 |
|  | 18.6 | Other Provisions | 32.0 |
|  | 18.7 | Number and Gender | 32.0 |
|  | 18.8 | Severability | 32.0 |
|  | 18.9 | Governing Law | 32.0 |
|  | 18.10 | Section 409A of the Code | 33.0 |
| 19. | EFFECTIVE DATE AND SHAREHOLDER APPROVAL | EFFECTIVE DATE AND SHAREHOLDER APPROVAL | 33.0 |

---

iii

**PLAYA HOTELS & RESORTS N.V.**

**2017 OMNIBUS INCENTIVE PLAN**

Playa Hotels & Resorts N.V. (the "**Company**") sets forth herein the terms of the 2017 Omnibus Incentive Plan (the "**Plan**"), as follows:

**1.** **PURPOSE** 

The Plan is intended to (a) provide eligible persons with an incentive to contribute to the success of the Company and to operate and manage the Company's business in a manner that will provide for the Company's long-term growth and profitability to benefit its shareholders and other important stakeholders, including its employees and customers, and (b) provide a means of obtaining, rewarding and retaining key personnel. To this end, the Plan provides for the grant of awards of share options, share appreciation rights, restricted shares, share units, unrestricted shares, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, and cash bonus awards. Any of these awards may, but need not, be made as performance incentives to reward the holders of such awards for the achievement of performance goals in accordance with the terms of the Plan. Options granted under the Plan may be non-qualified share options or incentive stock options, as provided herein.

**2.** **DEFINITIONS** 

For purposes of interpreting the Plan documents (including the Plan and Award Agreements), the following definitions shall apply:

**2.1** "**Affiliate**" means any company or other entity that controls, is controlled by or is under common control with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including any Subsidiary. For purposes of grants of Options or Share Appreciation Rights, an entity may not be considered an Affiliate unless the Company holds a "controlling interest" in such entity within the meaning of Treasury Regulation Section 1.414(c)-2(b)(2)(i), *provided* that (a) except as specified in clause (b) below, an interest of "at least 50 percent" shall be used instead of an interest of "at least 80 percent" in each case where "at least 80 percent" appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i) and (b) where the grant of Options or Share Appreciation Rights is based upon a legitimate business criterion, an interest of "at least 20 percent" shall be used instead of an interest of "at least 80 percent" in each case where "at least 80 percent" appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i).

**2.2** "**Applicable Laws**" means the legal requirements relating to the Plan and the Awards under (a) applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders of any jurisdiction applicable to Awards granted to residents therein and (b) the rules of any Stock Exchange on which the Shares are listed.

**2.3** "**Award**" means a grant under the Plan of an Option, a Share Appreciation Right, Restricted Share, a Share Unit, Unrestricted Shares, a Dividend Equivalent Right, a Performance Share or other Performance-Based Award, an Other Equity-Based Award, or cash.

**2.4** "**Award Agreement**" means the agreement between the Company and a Grantee that evidences and sets out the terms and conditions of an Award.

**2.5** "**Award Shares**" shall have the meaning set forth in **Section 17.3(a)(ii)**.

**2.6** "**Benefit Arrangement**" shall have the meaning set forth in **Section 15**.

**2.7** "**Board**" means the Board of Directors of the Company.

**2.8** "**Cause**" means, with respect to any Grantee, as determined by the Committee and unless otherwise provided in an applicable agreement between such Grantee and the Company or an Affiliate, (a) gross negligence or willful misconduct in connection with the performance of duties; (b) indictment (or local equivalent) or conviction of a criminal offense (other than minor traffic offenses) or any crime involving moral turpitude; or (c) material breach of any term of any employment, consulting or other services, confidentiality, intellectual property or non-competition agreements, if any, between such Grantee and the Company or an Affiliate. Any determination by the Committee whether an event constituting Cause shall have occurred shall be final, binding and conclusive.

**2.9** "**Capital Stock**" means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) in equity held by such Person in respect of the Company, whether outstanding on the Effective Date or issued thereafter, including, without limitation, any Shares.

**2.10** "**Change in Control**" means the occurrence of any of the following:

(a) a "Person" or "group" (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act) becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act) of more than fifty percent (50%) of the total Voting Shares in the capital of the Company, on a Fully Diluted Basis;

(b) individuals who on the Effective Date constitute the Board (together with any new Directors whose election by such Board or whose nomination by such Board for election by the shareholders of the Company was approved by a vote of at least a majority of the members of such Board then in office who either were members of such Board on the Effective Date or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the members of such Board then in office;

(c) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, other than any such transaction in which the holders of securities that represented one hundred percent (100%) of the Voting Shares in the capital of the Company immediately prior to such transaction (or other securities into which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the Voting Shares of the surviving Person in such merger or consolidation transaction immediately after such transaction;

(d) there is consummated any direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one transaction or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any "Person" or "group" (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act); or

(e) the commencement of a liquidation, winding up or dissolution of the Company, which was approved by the Shareholders of the Company.

**2.11** "**Code**" means the Internal Revenue Code of 1986, as amended, as now in effect or as hereafter amended, and any successor thereto. References in the Plan to any Code Section shall be deemed to include, as applicable, regulations promulgated under such Code Section.

**2.12** "**Committee**" means a committee of, and designated from time to time by resolution of, the Board, which shall be constituted as provided in **Section 3.1.2** and **Section 3.1.3** (or, if no Committee has been so designated, the Board).

**2.13** "**Company**" means Playa Hotels & Resorts N.V.

**2.14** "**Covered Employee**" means a Grantee who is a "covered employee" within the meaning of Code Section 162(m)(3).

**2.15** "**Disability**" means the inability of a Grantee to perform each of the essential duties of such Grantee's position by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which can be expected to last for a continuous period of not less than 12 months; *provided* that, with respect to rules regarding expiration of an Incentive Stock Option following termination of a Grantee's Service, Disability shall mean the inability of such Grantee to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.

**2.16** "**Dividend Equivalent Right**" means a right, granted to a Grantee pursuant to **Section 13**, to receive cash, Shares, other Awards or other property equal in value to dividends or other periodic payments paid or made with respect to a specified number of Shares.

**2.17** "**Effective Date**" means , 2017.

**2.18** "**Employee**" means, as of any date of determination, an employee (including an officer) of the Company or an Affiliate.

**2.19** "**Exchange Act**" means the Securities Exchange Act of 1934, as amended, as now in effect or as hereafter amended.

**2.20** "**Fair Market Value**" means the fair market value of a Share for purposes of the Plan, which shall be determined as of any Grant Date as follows:

(a) If on such Grant Date the Shares are listed on a Stock Exchange, or are publicly traded on another established securities market (a "**Securities Market**"), the Fair Market Value of a Share shall be the closing price of the Shares as reported on such Shares Exchange or such Securities Market (*provided* that, if there is more than one such Stock Exchange or Securities Market, the Committee shall designate the appropriate Stock Exchange or Securities Market for purposes of the Fair Market Value determination). If there is no such reported closing price on such Grant Date, the Fair Market Value of a Share shall be the closing price of the Shares on the next preceding day on which any sale of Shares shall have been reported on such Stock Exchange or such Securities Market.

(b) If on such Grant Date the Shares are not listed on a Stock Exchange or publicly traded on a Securities Market, the Fair Market Value of a Share shall be the value of the Shares as determined by the Committee by the reasonable application of a reasonable valuation method, in a manner consistent with Code Section 409A.

Notwithstanding this **Section 2.20** or **Section 18.3**, for purposes of determining taxable income and the amount of the related tax withholding obligation pursuant to **Section 18.3**, the Fair Market Value will be determined by the Company using any reasonable method; *provided*, further, that for any Shares subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be sold pursuant to the terms of the related Award Agreement, the Fair Market Value of such shares shall be the sale price of such shares on such date (or if sales of such shares are effectuated at more than one sale price, the weighted average sale price of such shares on such date).

**2.21** "**Family Member**" means, with respect to any Grantee as of any date of determination, (a) a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or sister-in-law, including adoptive relationships, of such Grantee, (b) any person sharing such Grantee's household (other than a tenant or employee), (c) a trust in which any one or more of the persons specified in clauses (a) and (b) above (and such Grantee) own more than fifty percent (50%) of the beneficial interest, (d) a foundation in which any one or more of the persons specified in clauses (a) and (b) above (and such Grantee) control the management of assets, and (e) any other entity in which one or more of the persons specified in clauses (a) and (b) above (and such Grantee) own more than fifty percent (50%) of the voting interests.

**2.22** "**Fully Diluted Basis**" means, as of any date of determination, the sum of (x) the number of Voting Shares outstanding as of such date of determination plus (y) the number of Voting Shares issuable upon the exercise, conversion or exchange of all then-outstanding warrants, options, convertible Capital Stock or indebtedness, exchangeable Capital Stock or indebtedness, or other rights exercisable for or convertible or exchangeable into, directly or indirectly, Voting Shares, whether at the time of issue or upon the passage of time or upon the occurrence of some future event, and whether or not in the money as of such date of determination

**2.23** "**Grant Date**" means, as determined by the Committee, the latest to occur of (a) the date as of which the Committee approves the Award, (b) the date on which the recipient of an Award first becomes eligible to receive an Award under **Section 6** hereof (e.g., in the case of a new hire, the first date on which such new hire performs any Service), or (c) such subsequent date specified by the Committee in the corporate action approving the Award.

**2.24** "**Grantee**" means a person who receives or holds an Award under the Plan.

**2.25** "**Incentive Stock Option**" means an "incentive stock option" within the meaning of Code Section 422, or the corresponding provision of any subsequently enacted tax statute, as amended from time to time.

**2.26** "**Non-qualified Share Option**" means an Option that is not an Incentive Stock Option.

**2.27** "**Option**" means an option to purchase one or more Shares pursuant to the Plan.

**2.28** "**Option Price**" means the exercise price for each Share subject to an Option.

**2.29** "**Other Agreement**" shall have the meaning set forth in **Section 15**.

**2.30** "**Other Equity-Based Award**" means an Award representing a right or other interest that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, other than an Option, a Share Appreciation Right, Restricted Shares, a Share Unit, Unrestricted Shares, a Dividend Equivalent Right or a Performance Share.

**2.31** "**Outside Director**" means a member of the Board who is not an Employee.

**2.32** "**Parachute Payment**" shall have the meaning set forth in **Section 15(a).**

**2.33** "**Performance-Based Award**" means an Award of Options, Share Appreciation Rights, Restricted Shares, Share Units, Performance Shares, Other Equity-Based Awards or cash made subject to the achievement of performance goals (as provided in **Section 14**) over a Performance Period specified by the Committee.

**2.34** "**Performance-Based Compensation**" means compensation under an Award that is intended to satisfy the requirements of Code Section 162(m) for "qualified performance-based compensation" paid to Covered Employees. Notwithstanding the foregoing, nothing in the Plan shall be construed to mean that an Award which does not satisfy the requirements for "qualified performance-based compensation" within the meaning of and pursuant to Code Section 162(m) does not constitute performance-based compensation for other purposes, including the purposes of Code Section 409A.

**2.35** "**Performance Measures**" means measures as specified in **Section 14.6.4** on which the performance goals under Performance-Based Awards are based and which are approved by the Company's shareholders pursuant to, and to the extent required by, the Plan in order to qualify such Performance-Based Awards as Performance-Based Compensation.

**2.36** "**Performance Period**" means the period of time during which the performance goals under Performance-Based Awards must be met in order to determine the degree of payout and/or vesting with respect to any such Performance-Based Awards.

**2.37** "**Performance Shares**" means a Performance-Based Award representing a right or other interest that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, made subject to the achievement of performance goals (as provided in **Section 14**) over a Performance Period of up to ten (10) years.

**2.38** "**Person**" means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

**2.39** "**Plan**" means this 2017 Omnibus Incentive Plan, as amended from time to time.

**2.40** "**Reporting Person**" means a person who is required to file reports under Section 16(a) of the Exchange Act, or any successor provision.

**2.41** "**Restricted Period**" shall have the meaning set forth in **Section 10.2**.

**2.42** "**Restricted Shares**" means Shares awarded to a Grantee pursuant to **Section 10**.

**2.43** "**SAR Price**" shall have the meaning set forth in **Section 9.1**.

**2.44** "**Securities Act**" means the Securities Act of 1933, as amended, as now in effect or as hereafter amended.

**2.45** "**Service**" means service qualifying a Grantee as a Service Provider to the Company or an Affiliate. Unless otherwise provided in the applicable Award Agreement, a Grantee's change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues to be a Service Provider to the Company or an Affiliate. Subject to the preceding sentence, any determination by the Committee whether a termination of Service shall have occurred for purposes of the Plan shall be final, binding and conclusive. If a Service Provider's employment or other service relationship is with an Affiliate and the applicable entity ceases to be an Affiliate, a termination of Service shall be deemed to have occurred when such entity ceases to be an Affiliate unless the Service Provider transfers his or her employment or other service relationship to the Company or any other Affiliate.

**2.46** "**Service Provider**" means an Employee, officer, or director of the Company or an Affiliate, or a consultant or adviser (who is a natural person) to the Company or an Affiliate currently providing services to the Company or an Affiliate.

**2.47** "**Shares**" means common shares in the capital of the Company, with a par value of EUR 0.10 per share, or any security which Shares may be changed into or for which Shares may be exchanged as provided in **Section 17.1**.

**2.48** "**Share Appreciation Right**" or "**SAR**" means a right granted to a Grantee pursuant to **Section 9**.

**2.49** "**Stock Exchange**" means an established national or regional stock exchange.

**2.50** "**Share Unit**" means a bookkeeping entry representing the equivalent of one (1) Share awarded to a Grantee pursuant to **Section 10** that (a) is not subject to vesting or (b) is subject to time-based vesting, but not to performance-based vesting. A Share Unit may also be referred to as a restricted share unit.

**2.51** "**Subsidiary**" means any corporation (other than the Company) or non-corporate entity with respect to which the Company owns, directly or indirectly, fifty percent (50%) or more of the total combined voting power of all classes of stock, membership interests or other ownership interests of any class or kind ordinarily having the power to vote for the directors, managers or other voting members of the governing body of such corporation or non-corporate entity. In addition, any other entity may be designated by the Committee as a Subsidiary, *provided* that (a) such entity could be considered as a subsidiary according to generally accepted accounting principles in the United States of America, and (b) in the case of an Award of Options or Share Appreciation Rights, such Award would be considered to be granted in respect of "service recipient stock" under Code Section 409A; *provided further* that, with respect to Incentive Stock Options, the term "Subsidiary" shall include only an entity that qualifies under Section 424(f) of the Code as a "subsidiary corporation" with respect to the Company.

**2.52** "**Substitute Award**" means an Award granted upon assumption of, or in substitution for, outstanding awards previously granted under a compensatory plan by a business entity acquired or to be acquired by the Company or an Affiliate or with which the Company or an Affiliate has combined or will combine.

**2.53** "**Ten Percent Shareholder**" means a natural person who owns more than ten percent (10%) of the total combined voting power of all classes of outstanding voting securities of the Company, the Company's parent (if any) or any of the Company's Subsidiaries. In determining share ownership, the attribution rules of Code Section 424(d) shall be applied.

**2.54** "**Unrestricted Shares**" shall have the meaning set forth in **Section 11**.

**2.55** "**Voting Shares**" means, with respect to any Person, Capital Stock of any class or kind ordinarily having the right to vote for the election of directors, managers or other voting members of the governing body of such Person.

**3.** **ADMINISTRATION OF THE PLAN** 

**3.1 Committee**.

**3.1.1 Powers and Authorities**.

The Committee shall administer the Plan and shall have such powers and authorities related to the administration of the Plan as are consistent with the Company's articles of association and bylaws and Applicable Laws. Without limiting the generality of the foregoing, the Committee shall have full power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award or any Award Agreement, and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and provisions of the Plan which the Committee deems to be necessary or appropriate to the administration of the Plan, any Award or any Award Agreement, including, without limitation, correcting any defects or omissions or reconciling any ambiguities or inconsistencies in the Plan or any Award thereunder. All such actions and determinations shall be made by (a) the affirmative vote of a majority of the members of the Committee present at a meeting at which a quorum is present, or (b) the unanimous consent of the members of the Committee executed in writing in accordance with the Company's articles of association and bylaws and Applicable Laws. Unless otherwise expressly determined by the Board, the Committee shall have the authority to interpret and construe all provisions of, and decide all disputes arising in connection with, the Plan, any Award and any Award Agreement, and any such interpretation or construction, and any other determination contemplated to be made under the Plan or any Award Agreement, by the Committee shall be final, binding and conclusive whether or not expressly provided for in any provision of the Plan, such Award or such Award Agreement.

In the event that the Plan, any Award or any Award Agreement provides for any action to be taken by the Board or any determination to be made by the Board, such action may be taken or such determination may be made by the Committee constituted in accordance with this **Section 3.1** if the Board has delegated the power and authority to do so to such Committee.

**3.1.2 Composition of Committee**.

The Committee shall be a committee composed of not fewer than two directors of the Company designated by the Board to administer the Plan. Each member of the Committee shall be (i) a "Non-Employee Director" within the meaning of Rule 16b-3 under the Exchange Act, (ii) if applicable, an "outside director" within the meaning of Code Section 162(m)(4)(C)(i) and (iii) an independent director in accordance with the rules of any Stock Exchange on which the Shares are listed; *provided* that any action taken by the Committee shall be valid and effective whether or not members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership set forth in this **Section 3.1.2** or otherwise provided in any charter of the Committee. Without limiting the generality of the foregoing, the Committee may be the Compensation Committee of the Board or a subcommittee thereof if the Compensation Committee of the Board or such subcommittee satisfies the foregoing requirements.

**3.1.3 Other Committees**.

The Board also may appoint one or more committees of the Board, each composed of one or more directors of the Company who need not be Outside Directors, which may administer the Plan with respect to Grantees who are not "officers" as defined in Rule 16a-1(f) under the Exchange Act or directors of the Company, may grant Awards under the Plan to such Grantees, and may determine all terms of such Awards, subject to the requirements of Rule 16b-3 under the Exchange Act, Code Section 162(m) (if applicable) and the rules of any Stock Exchange on which the Shares are listed.

**3.2 Board**.

The Board from time to time may exercise any or all of the powers and authorities related to the administration and implementation of the Plan, as set forth in **Section 3.1** and other applicable provisions of the Plan, as the Board shall determine, consistent with the Company's articles of association and bylaws and Applicable Laws.

**3.3 Terms of Awards**.

**3.3.1 Committee Authority**.

Subject to the other terms and conditions of the Plan, the Committee shall have full and final authority to:

(a) designate Grantees;

(b) determine the type or types of Awards to be made to a Grantee;

(c) determine the number of Shares to be subject to an Award;

(d) establish the terms and conditions of each Award (including the Option Price of any Option or the purchase price for Restricted Shares), the nature and duration of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the Shares subject thereto, the treatment of an Award in the event of a Change in Control (subject to applicable agreements), and any terms or conditions that may be necessary to qualify Options as Incentive Stock Options;

(e) prescribe the form of each Award Agreement evidencing an Award; and

(f) subject to the limitation on repricing in **Section 3.4**, amend, modify or supplement the terms of any outstanding Award, which authority shall include the authority, in order to effectuate the purposes of the Plan but without amending the Plan, to make Awards or to modify outstanding Awards made to eligible natural persons who are foreign nationals or are natural persons who are employed outside the United States to reflect differences in local law, tax policy, or custom, *provided* that, notwithstanding the foregoing, no amendment, modification or supplement of the terms of any outstanding Award shall, without the consent of the Grantee thereof, impair such Grantee's rights under such Award.

The Committee shall have the right, in its discretion, to make Awards in substitution or exchange for any award granted under another compensatory plan of the Company, an Affiliate, or any business entity acquired or to be acquired by the Company or an Affiliate or with which the Company or an Affiliate has combined or will combine.

**3.3.2 Forfeiture; Recoupment**.

The Committee may reserve the right in an Award Agreement to cause a forfeiture of the gain realized by a Grantee with respect to an Award thereunder on account of actions taken by, or failed to be taken by, such Grantee in violation or breach of or in conflict with any (a) employment agreement, (b) non-competition agreement, (c) agreement prohibiting solicitation of Employees or clients of the Company or an Affiliate, (d) confidentiality obligation with respect to the Company or an Affiliate, (e) Company policy or procedure, (f) other agreement, or (g) any other obligation of such Grantee to the Company or an Affiliate, as and to the extent specified in such Award Agreement. The Committee may annul an outstanding Award if the Grantee thereof is an Employee of the Company or an Affiliate and is terminated for Cause as defined in the Plan or the applicable Award Agreement or for "cause" as defined in any other agreement between the Company or such Affiliate and such Grantee, as applicable.

Any Award granted pursuant to the Plan shall be subject to mandatory repayment by the Grantee to the Company to the extent the Grantee is, or in the future becomes, subject to (a) any Company "clawback" or recoupment policy that is adopted to comply with the requirements of any Applicable Law, rule or regulation, or otherwise, or (b) any law, rule or regulation which imposes mandatory recoupment, under circumstances set forth in such law, rule or regulation.

**3.4 No Repricing.**

Except in connection with a corporate transaction involving the Company (including, without limitation, any share dividend, distribution (whether in the form of cash, Shares, other securities or other property), share split, extraordinary cash dividend, recapitalization, Change in Control, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities or similar transaction), the Company may not: (a) amend the terms of outstanding Options or SARs to reduce the exercise price of such outstanding Options or SARs; (b) cancel outstanding Options or SARs in exchange for or substitution of Options or SARs with an exercise price that is less than the exercise price of the original Options or SARs; or (c) cancel outstanding Options or SARs with an exercise price above the current share price in exchange for cash or other securities. Notwithstanding the foregoing, in no event may the Committee grant Options in replacement of Options previously granted under this Plan or any other compensation plan of the Company or cancel an outstanding Option in exchange for cash or other Awards (other than cash or other Awards with a value equal to the excess of the Fair Market Value of the Shares subject to such Option at the time of cancellation over the exercise or grant price for such Shares), or may the Committee amend outstanding Options (including amendments to adjust an Option price) unless such replacement or adjustment would not be deemed to be a repricing under the rules of any Stock Exchange on which the Shares are listed.

**3.5 Deferral Arrangement**.

The Committee may permit or require the deferral of any payment pursuant to any Award into a deferred compensation arrangement, subject to such rules and procedures as it may establish, which may include provisions for the payment or crediting of interest or Dividend Equivalent Rights and, in connection therewith, provisions for converting such credits into Share Units and for restricting deferrals to comply with hardship distribution rules affecting tax-qualified retirement plans subject to Code Section 401(k)(2)(B)(IV), *provided* that no Dividend Equivalent Rights may be granted in connection with, or related to, an Award of Options or SARs. Any such deferrals shall be made in a manner that complies with Code Section 409A, including, if applicable, with respect to when a Separation from Service occurs as defined under Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalties that may be imposed on a Grantee by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.

**3.6 No Liability**.

No member of the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Award or Award Agreement.

**3.7 Registration; Share Certificates**.

Notwithstanding any provision of the Plan to the contrary, the ownership of the Shares issued under the Plan may be evidenced in such a manner as the Committee, in its sole discretion, deems appropriate, including by book-entry or direct registration (including transaction advices) or the issuance of one or more share certificates with the understanding that any ownership of Shares is mandatorily registered in the Company's shareholders register.

**4.** **SHARES SUBJECT TO THE PLAN** 

**4.1 Number of Shares Available for Awards**.

Subject to adjustment pursuant to **Section 17**, and subject to further authorization by the general meeting of shareholders, the maximum number of Shares available for issuance under the Plan shall be four million (4,000,000) Shares. Such Shares may be authorized and unissued Shares or treasury Shares or any combination of the foregoing, as may be determined from time to time by the Board or by the Committee. Any of the Shares available for issuance under the Plan may be used for any type of Award under the Plan, and any or all of the Shares available for issuance under the Plan shall be available for issuance pursuant to Incentive Stock Options.

**4.2 Share Usage**.

Shares covered by an Award shall be counted as of the Grant Date for purposes of calculating the number of shares available for issuance under **Section 4.1**. The maximum number of shares issuable under a Performance Share grant shall be counted against the share issuance limit set forth in **Section 4.1** as of the Grant Date, but such number shall be adjusted to equal the actual number of shares issued upon settlement of the Performance Shares to the extent different from such maximum number of shares. If any Shares covered by an Award are not purchased or are forfeited or expire, or if an Award otherwise terminates without delivery of any Shares subject thereto or is settled in cash in lieu of Shares, then the number of Shares counted against the aggregate number of Shares available under the Plan with respect to such Award shall, to the extent of any such forfeiture, termination, or expiration again be available for making Awards under the Plan. The number of Shares available for issuance under the Plan will not be increased by the number of Shares (i) tendered, withheld, or subject to an Award granted under the Plan surrendered in connection with the purchase of Shares upon exercise of an Option, (ii) that were not issued upon the net settlement or net exercise of a Share-settled SAR granted under the Plan, (iii) deducted or delivered from payment of an Award granted under the Plan in connection with the Company's tax withholding obligations as provided in **Section 18.3**, or (iv) purchased by the Company with proceeds from Option exercises.

**5.** **TERM; AMENDMENT AND TERMINATION** 

**5.1 Term**.

The Plan shall terminate automatically ten (10) years after the Effective Date and may be terminated on any earlier date as provided in **Section 5.2**.

**5.2 Amendment and Termination**.

The Board may, at any time and from time to time, amend, suspend or terminate the Plan as to any Shares as to which Awards have not been made. The effectiveness of any amendment to the Plan shall be contingent on approval of such amendment by the Company's shareholders to the extent so provided by the Board or required by Applicable Laws (including the rules of any Stock Exchange on which the Shares are then listed). No amendment, suspension or termination of the Plan shall impair rights or obligations under any Award theretofore made under the Plan without the consent of the Grantee thereof.

**6.** **AWARD ELIGIBILITY AND LIMITATIONS** 

**6.1 Eligible Grantees**.

Subject to this **Section 6**, Awards may be made under the Plan to (i) any Service Provider, as the Committee shall determine and designate from time to time and (ii) any other individual whose participation in the Plan is determined to be in the best interests of the Company by the Committee.

**6.2 Limitation on Shares Subject to Awards and Cash Awards**.

(a) the maximum number of Shares subject to Options or SARs that may be granted under the Plan in a calendar year to any person eligible for an Award under **Section 6**, other than a Non-Employee Director of the Company, is one million two hundred thousand (1,200,000) Shares;

(b) the maximum number of Shares that may be granted under the Plan, other than pursuant to Options or SARs, in a calendar year to any person eligible for an Award under **Section 6**, other than a Non-Employee Director of the Company, is one million two hundred thousand (1,200,000) Shares;

(c) the maximum Fair Market Value of Shares that may be granted under the Plan pursuant to Awards in a calendar year to any Non-Employee Director of the Company is five hundred thousand dollars ($500,000); and

(d) the maximum amount that may be paid as a cash-settled Performance-Based Award for a Performance Period of twelve (12) months or less to any person eligible for an Award shall be three million dollars ($3,000,000) and the maximum amount that may be paid as a cash-settled Performance-Based Award for a Performance Period of greater than twelve (12) months to any person eligible for an Award shall be nine million dollars ($9,000,000).

The preceding limitations in this **Section 6.2** are subject to adjustment as provided in **Section 17**.

**6.3 Stand-Alone, Additional, Tandem and Substitute Awards**.

Subject to **Section 3.4**, Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, (a) any other Award, (b) any award granted under another plan of the Company, an Affiliate, or any business entity that has been a party to a transaction with the Company or an Affiliate, or (c) any other right of a Grantee to receive payment from the Company or an Affiliate. Such additional, tandem and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award, or for an award granted under another plan of the Company, an Affiliate, or any business entity that has been a party to a transaction with the Company or an Affiliate, the Committee shall require the surrender of such other Award or award under such other plan in consideration for the grant of such substitute or exchange Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash payments under other plans of the Company or an Affiliate. Notwithstanding **Section 8.1** and **Section 9.1**, but subject to **Section 3.4**, the Option Price of an Option or the SAR Price of a SAR that is a Substitute Award may be less than one hundred percent (100%) of the Fair Market Value of a Share on the original Grant Date; *provided* that such Option Price or SAR Price is determined in accordance with the principles of Code Section 424 for any Incentive Stock Option and in a manner consistent with Code Section 409A for any other Option or SAR.

**6.4 Minimum Vesting Period**.

Except with respect to a maximum of five percent (5%) of the share issuance limit set forth in **Section 4.1**, and except as otherwise provided in **Section 17**, no Award shall provide for vesting which is any more rapid than vesting on the one (1) year anniversary of the Grant Date or, with respect to Awards that vest upon the attainment of performance goals, a Performance Period that is less than twelve (12) months.

**7.** **AWARD AGREEMENT** 

**7.1 Award Agreement**.

Each Award granted pursuant to the Plan shall be evidenced by an Award Agreement, which shall be in such form or forms as the Committee shall from time to time determine. Award Agreements employed under the Plan from time to time or at the same time need not contain similar provisions, but shall be consistent with the terms of the Plan. Each Award Agreement evidencing an Award of Options shall specify whether such Options are intended to be Non-qualified Share Options or Incentive Stock Options, and, in the absence of such specification, such Options shall be deemed to constitute Non-qualified Share Options.

**7.2 Forfeiture Events**.

The Committee may specify in an Award Agreement that the Grantee's rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but shall not be limited to, termination of employment for Cause, termination of the Grantee's provision of Services to the Company and/or its Affiliates, violation of material Company and/or Affiliate policies, breach of noncompetition, confidentiality, or other restrictive covenants that may apply to the Grantee, or other conduct by the Grantee that is detrimental to the business or reputation of the Company and/or its Affiliates.

**8.** **TERMS AND CONDITIONS OF OPTIONS** 

**8.1 Option Price**.

The Option Price of each Option shall be fixed by the Committee and stated in the Award Agreement evidencing such Option. Except in the case of Substitute Awards, the Option Price of each Option shall be at least the Fair Market Value of one (1) Share on the Grant Date; *provided* that in the event that a Grantee is a Ten Percent Shareholder, the Option Price of an Option granted to such Grantee that is intended to be an Incentive Stock Option shall be not less than one hundred ten percent (110%) of the Fair Market Value of one (1) Share on the Grant Date. In no case shall the Option Price of any Option be less than the par value of a Share.

**8.2 Vesting**.

Subject to **Sections 8.3** and **17.3**, each Option granted under the Plan shall become exercisable at such times and under such conditions as shall be determined by the Committee and stated in the Award Agreement, in another agreement with the Grantee or otherwise in writing.

**8.3 Term**.

Each Option granted under the Plan shall terminate, and all rights to purchase Shares thereunder shall cease, upon the expiration of ten (10) years from the Grant Date of such Option, or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated in the Award Agreement relating to such Option; *provided* that in the event that the Grantee is a Ten Percent Shareholder, an Option granted to such Grantee that is intended to be an Incentive Stock Option shall not be exercisable after the expiration of five (5) years from its Grant Date; and *provided, further,* that, to the extent deemed necessary or appropriate by the Committee to reflect differences in local law, tax policy, or custom with respect to any Option granted to a Grantee who is a foreign national or is a natural person who is employed outside the United States, such Option may terminate, and all rights to purchase Shares thereunder may cease, upon the expiration of such period longer than ten (10) years from the Grant Date of such Option as the Committee shall determine. Notwithstanding the foregoing, if the term of an Option (other than in the case of an Incentive Stock Option) would expire at a time when trading in the Shares is prohibited by the Company's insider trading policy (or Company-imposed "blackout period"), then the term shall automatically be extended until the 30th day following the expiration of such prohibition.

**8.4 Termination of Service**.

Each Award Agreement with respect to the grant of an Option shall set forth the extent to which the Grantee thereof, if at all, shall have the right to exercise such Option following termination of such Grantee's Service. Such provisions shall be determined in the sole discretion of the Committee, need not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service.

**8.5 Limitations on Exercise of Option**.

Notwithstanding any other provision of the Plan, in no event may any Option be exercised, in whole or in part, after the occurrence of an event referred to in **Section 17** which results in the termination of such Option.

**8.6 Method of Exercise**.

Subject to the terms of **Section 12** and **Section 18.3**, an Option that is exercisable may be exercised by the Grantee's delivery to the Company or its designee or agent of notice of exercise on any business day, at the Company's principal office or the office of such designee or agent, on the form specified by the Committee and in accordance with any additional procedures specified by the Committee. Such notice shall specify the number of Shares with respect to which such Option is being exercised and shall be accompanied by payment in full of the Option Price of the Shares for which such Option is being exercised plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required to withhold with respect to the exercise of such Option.

**8.7 Rights of Holders of Options**.

Unless otherwise stated in the applicable Award Agreement, a Grantee or other person holding or exercising an Option shall have none of the rights of a shareholder of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the Shares subject to such Option, to direct the voting of the Shares subject to such Option, or to receive notice of any meeting of the Company's shareholders) until the Shares subject thereto are fully paid and issued to such Grantee or other person. Except as provided in **Section 17**, no adjustment shall be made for dividends, distributions or other rights with respect to any Shares subject to an Option for which the record date is prior to the date of issuance of such Shares.

**8.8 Delivery of Shares**.

Promptly after the exercise of an Option by a Grantee and the payment in full of the Option Price with respect thereto, such Grantee shall be entitled to receive such evidence of such Grantee's ownership of the Shares subject to such Option as shall be consistent with **Section 3.7**.

**8.9 Transferability of Options**.

Except as provided in **Section 8.10**, during the lifetime of a Grantee of an Option, only such Grantee (or, in the event of such Grantee's legal incapacity or incompetency, such Grantee's guardian or legal representative) may exercise such Option. Except as provided in **Section 8.10**, no Option shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution.

**8.10 Family Transfers**.

If authorized in the applicable Award Agreement and by the Committee, in its sole discretion, a Grantee may transfer, not for value, all or part of an Option which is not an Incentive Stock Option to any Family Member. For the purpose of this **Section 8.10**, a transfer "not for value" is a transfer which is (a) a gift, (b) a transfer under a domestic relations order in settlement of marital property rights or (c) unless Applicable Laws do not permit such transfer, a transfer to an entity in which more than fifty percent (50%) of the voting interests are owned by Family Members (and/or the Grantee) in exchange for an interest in such entity. Following a transfer under this **Section 8.10**, any such Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to such transfer, and the Shares acquired pursuant to such Option shall be subject to the same restrictions with respect to transfers of such Shares as would have applied to the Grantee thereof. Subsequent transfers of transferred Options shall be prohibited except to Family Members of the original Grantee in accordance with this **Section 8.10** or by will or the laws of descent and distribution. The provisions of **Section 8.4** relating to termination of Service shall continue to be applied with respect to the original Grantee of the Option, following which such Option shall be exercisable by the transferee only to the extent, and for the periods specified, in **Section 8.4**.

**8.11 Limitations on Incentive Stock Options**.

An Option shall constitute an Incentive Stock Option only (a) if the Grantee of such Option is an Employee of the Company or any corporate Subsidiary, (b) to the extent specifically provided in the related Award Agreement and (c) to the extent that the aggregate Fair Market Value (determined at the time such Option is granted) of the Shares with respect to which all Incentive Stock Options held by such Grantee become exercisable for the first time during any calendar year (under the Plan and all other plans of the Company and its Affiliates) does not exceed one hundred thousand dollars ($100,000). Except to the extent provided in the regulations under Code Section 422, this limitation shall be applied by taking Options into account in the order in which they were granted.

**8.12 Notice of Disqualifying Disposition**.

If any Grantee shall make any disposition of Shares issued pursuant to the exercise of an Incentive Stock Option under the circumstances provided in Code Section 421(b) (relating to certain disqualifying dispositions), such Grantee shall notify the Company of such disposition within ten (10) days thereof.

**9.** **TERMS AND CONDITIONS OF SHARE APPRECIATION RIGHTS** 

**9.1 Right to Payment and Grant Price**.

A SAR shall confer on the Grantee to whom it is granted a right to receive, upon exercise thereof, the excess of (x) the Fair Market Value of one (1) Share on the date of exercise over (y) the per share exercise price of such SAR (the "**SAR Price**") as determined by the Committee. The Award Agreement for a SAR shall specify the SAR Price, which shall be no less than the Fair Market Value of one (1) Share on the Grant Date of such SAR. SARs may be granted in tandem with all or part of an Option granted under the Plan or at any subsequent time during the term of such Option, in combination with all or any part of any other Award or without regard to any Option or other Award; *provided* that a SAR that is granted subsequent to the Grant Date of a related Option must have a SAR Price that is no less than the Fair Market Value of one (1) Share on the Grant Date of such SAR.

**9.2 Other Terms**.

The Committee shall determine, on the Grant Date or thereafter, the time or times at which and the circumstances under which a SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future Service requirements), the time or times at which SARs shall cease to be or become exercisable following termination of Service or upon other conditions, the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which Shares shall be delivered or deemed to be delivered to Grantees, whether or not a SAR shall be granted in tandem or in combination with any other Award, and any and all other terms and conditions of any SAR.

**9.3 Term**.

Each SAR granted under the Plan shall terminate, and all rights thereunder shall cease, upon the expiration of ten (10) years from the Grant Date of such SAR or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated in the Award Agreement relating to such SAR.

**9.4 Transferability of SARS**.

Except as provided in **Section 9.5**, during the lifetime of a Grantee of a SAR, only the Grantee (or, in the event of such Grantee's legal incapacity or incompetency, such Grantee's guardian or legal representative) may exercise such SAR. Except as provided in **Section 9.5**, no SAR shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution.

**9.5 Family Transfers**.

If authorized in the applicable Award Agreement and by the Committee, in its sole discretion, a Grantee may transfer, not for value, all or part of a SAR to any Family Member. For the purpose of this **Section 9.5**, a transfer "not for value" is a transfer which is (a) a gift, (b) a transfer under a domestic relations order in settlement of marital property rights or (c) unless Applicable Laws do not permit such transfer, a transfer to an entity in which more than fifty percent (50%) of the voting interests are owned by Family Members (and/or the Grantee) in exchange for an interest in such entity. Following a transfer under this **Section 9.5**, any such SAR shall continue to be subject to the same terms and conditions as were in effect immediately prior to such transfer, and Shares acquired pursuant to a SAR shall be subject to the same restrictions on transfers of such Shares as would have applied to the Grantee or such SAR. Subsequent transfers of transferred SARs shall be prohibited except to Family Members of the original Grantee in accordance with this **Section 9.5** or by will or the laws of descent and distribution.

**10.** **TERMS AND CONDITIONS OF RESTRICTED SHARES AND SHARE UNITS** 

**10.1 Grant of Restricted Shares or Share Units**.

Awards of Restricted Shares and Share Units may be made for consideration or for no consideration, other than the par value of the Shares.

**10.2 Restrictions**.

At the time a grant of Restricted Shares or Share Units is made, the Committee may, in its sole discretion, (a) establish a period of time (a "**Restricted Period**") applicable to such Restricted Shares or Share Units and (b) prescribe restrictions in addition to or other than the expiration of the Restricted Period, including the achievement of corporate or individual performance goals, which may be applicable to all or any portion of such Restricted Shares or Share Units as provided in **Section 14**. Awards of Restricted Shares and Share Units may not be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the Restricted Period or prior to the satisfaction of any other restrictions prescribed by the Committee with respect to such Awards.

**10.3 Registration**.

Pursuant to **Section 3.7**, to the extent that ownership of Restricted Shares is evidenced by a book-entry registration or direct registration (including transaction advices), such registration, to the extent not held through a depositary, shall be notated to evidence the restrictions imposed on such Award of Restricted Shares under the Plan and the applicable Award Agreement.

**10.4 Rights of Holders of Restricted Shares**.

Unless the Committee otherwise provides in an Award Agreement, holders of Restricted Shares shall have the right to vote such Restricted Shares and the right to receive any dividends declared or paid with respect to such Restricted Shares. The Committee may provide that any dividends paid on Restricted Shares must be reinvested in Shares, which may or may not be subject to the same vesting conditions and restrictions as the vesting conditions and restrictions applicable to such Restricted Shares. The Company and a Grantee of Restricted Shares which vest or are earned based upon the achievement of performance goals shall agree in an Award Agreement that dividends paid on such Restricted Shares shall not be deemed vested unless the performance goals for such Restricted Shares are achieved, and if such performance goals are not achieved, the Grantee shall promptly forfeit and repay to the Company any such dividend payments. All share distributions, if any, received by a Grantee with respect to Restricted Shares as a result of any share split, share dividend, combination of share, or other similar transaction shall be subject to the vesting conditions and restrictions applicable to such Restricted Shares.

**10.5 Rights of Holders of Share Units**.

**10.5.1 Voting and Dividend Rights**.

Holders of Share Units shall have no rights as shareholders of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the Shares subject to such Share Units, to direct the voting of the Shares subject to such Share Units, or to receive notice of any meeting of the Company's shareholders). The Committee may provide in an Award Agreement evidencing a grant of Share Units that the holder of such Share Units shall be entitled to receive, upon the Company's payment of a cash dividend on its outstanding Shares, a cash payment for each such Share Unit which is equal to the per-share dividend paid on such Shares. Dividends paid on Share Units which vest or are earned based upon the achievement of performance goals shall not vest unless such performance goals for such Share Units are achieved, and if such performance goals are not achieved, the Grantee of such Share Units shall promptly forfeit and repay to the Company such dividend payments. Such Award Agreement also may provide that such cash payment shall be deemed reinvested in additional Share Units at a price per unit equal to the Fair Market Value of a Share on the date on which such cash dividend is paid. Such cash payments paid in connection with Share Units which vest or are earned based upon the achievement of performance goals shall not vest unless such performance goals for such Share Units are achieved, and if such performance goals are not achieved, the Grantee of such Share Units shall promptly forfeit and repay to the Company such cash payments.

**10.5.2 Creditor's Rights**.

A holder of Share Units shall have no rights other than those of a general unsecured creditor of the Company. Share Units represent unfunded and unsecured obligations of the Company, subject to the terms and conditions of the applicable Award Agreement.

**10.6 Termination of Service**.

Unless the Committee otherwise provides in an Award Agreement, in another agreement with the Grantee or otherwise in writing after such Award Agreement is entered into, but prior to termination of Grantee's Service, upon the termination of such Grantee's Service, any Restricted Shares or Share Units held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of such Restricted Shares or Share Units, the Grantee thereof shall have no further rights with respect thereto, including any right to vote such Restricted Shares or any right to receive dividends with respect to such Restricted Shares or Share Units.

**10.7 Purchase of Restricted Shares and Shares Subject to Share Units**.

The Grantee of an Award of Restricted Shares or vested Share Units shall be required, to the extent required by Applicable Laws, to purchase such Restricted Shares or the Shares subject to such vested Share Units from the Company at a purchase price equal to the greater of (x) the aggregate par value of the Shares represented by such Restricted Shares or such vested Share Units or (y) the purchase price, if any, specified in the Award Agreement relating to such Restricted Shares or such vested Share Units. Such purchase price shall be payable in a form provided in **Section 12**.

**10.8 Delivery of Shares**.

Upon the expiration or termination of any Restricted Period and the satisfaction of any other conditions prescribed by the Committee, including but not limited to any delayed delivery period, the restrictions applicable to Restricted Shares or Share Units settled in Shares shall lapse, and, unless otherwise provided in the applicable Award Agreement, a book-entry or direct registration (including transaction advices) or a share certificate evidencing ownership of such Shares shall, consistent with **Section 3.7**, be issued, free of all such restrictions, to the Grantee thereof or such Grantee's beneficiary or estate, as the case may be. Neither the Grantee, nor the Grantee's beneficiary or estate, shall have any further rights with regard to a Share Unit once the Shares represented by such Share Unit have been delivered in accordance with this **Section 10.8**.

**11.** **TERMS AND CONDITIONS OF UNRESTRICTED SHARE AWARDS AND OTHER EQUITY-BASED AWARDS** 

**11.1 Unrestricted Shares Awards**.

Subject to **Section 6.4**, the Committee may, in its sole discretion, grant (or sell at the par value of a Share or at such other higher purchase price as shall be determined by the Committee) an Award to any Grantee pursuant to which such Grantee may receive Shares free of any restrictions ("**Unrestricted Shares**") under the Plan. Unrestricted Shares Awards may be granted or sold to any Grantee as provided in the immediately preceding sentence in respect of past Service or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform future Service, to the Company or an Affiliate or other valid consideration, or in lieu of, or in addition to, any cash compensation due to such Grantee.

**11.2 Other Equity-Based Awards**.

The Committee may, in its sole discretion, grant Awards in the form of Other Equity-Based Awards, as deemed by the Committee to be consistent with the purposes of the Plan. Awards granted pursuant to this **Section 11.2** may be granted with vesting, value and/or payment contingent upon the achievement of one or more performance goals. The Committee shall determine the terms and conditions of Other Equity-Based Awards at the Grant Date or thereafter. Unless the Committee otherwise provides in an Award Agreement, in another agreement with the Grantee, or otherwise in writing after such Award Agreement is issued, upon the termination of a Grantee's Service, any Other Equity-Based Awards held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of any Other Equity-Based Award, the Grantee thereof shall have no further rights with respect to such Other Equity-Based Award.

**12.** **FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES** 

**12.1 General Rule**.

Payment of the Option Price for the Shares purchased pursuant to the exercise of an Option or the purchase price, if any, for Restricted Shares shall be made in cash or in cash equivalents acceptable to the Company.

**12.2 Surrender of Shares**.

Alternatively, to the extent that the applicable Award Agreement so provides and subject to the Company having sufficiently distributable reserves at the date of exercise, the Grantee may elect in writing to have Shares withheld by the Company from the Shares otherwise to be received upon exercise of his or her Options, with such withheld Shares having an aggregate Fair Market Value on the date of exercise equal to the aggregate Option Price of the Shares to be issued to the Grantee. The Options thus not exercised will be forfeited and the Company shall charge the par value of the Shares to be issued to the Grantee against its freely distributable reserves. Payment of the Option Price for Shares purchased pursuant to the exercise of an Option or the purchase price, if any, for Restricted Shares may be made all or in part through the tender or attestation to the Company of Shares, which shall be valued, for purposes of determining the extent to which such Option Price or purchase price has been paid thereby, at their Fair Market Value on the date of such tender or attestation.

**12.3 Cashless Exercise**.

To the extent permitted by Applicable Laws and to the extent the Award Agreement so provides, payment of the Option Price for Shares purchased pursuant to the exercise of an Option may be made all or in part by delivery (on a form acceptable to the Committee) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell Shares and to deliver all or part of the proceeds of such sale to the Company in payment of such Option Price and any withholding taxes described in **Section 18.3**.

**12.4 Other Forms of Payment**.

To the extent the Award Agreement so provides and/or unless otherwise specified in an Award Agreement, payment of the Option Price for Shares purchased pursuant to exercise of an Option or the purchase price, if any, for Restricted Shares may be made in any other form that is consistent with Applicable Laws, including by withholding Shares that would otherwise vest or be issuable in an amount equal to the Option Price or purchase price and the required tax withholding amount.

**13.** **TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS** 

**13.1 Dividend Equivalent Rights**.

A Dividend Equivalent Right is an Award entitling the recipient thereof to receive credits based on cash distributions that would have been paid on the Shares specified in such Dividend Equivalent Right (or other Award to which such Dividend Equivalent Right relates) if such Shares had been issued to and held by the recipient of such Dividend Equivalent Right as of the record date. A Dividend Equivalent Right may be granted hereunder to any Grantee, *provided* that no Dividend Equivalent Rights may be granted in connection with, or related to, an Award of Options or SARs. The terms and conditions of Dividend Equivalent Rights shall be specified in the Award Agreement therefor. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently (with or without being subject to forfeiture or a repayment obligation) or may be deemed to be reinvested in additional Shares, which may thereafter accrue additional Dividend Equivalent Rights (with or without being subject to forfeiture or a repayment obligation), as specified in an Award Agreement. Any such reinvestment shall be at the Fair Market Value thereof on the date of such reinvestment. Dividend Equivalent Rights may be settled in cash or Shares or a combination thereof, in a single installment or in multiple installments, all as determined in the sole discretion of the Committee. A Dividend Equivalent Right granted as a component of another Award may provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other Award, and that such Dividend Equivalent Right shall expire or be forfeited or annulled under the same conditions as such other Award. A Dividend Equivalent Right granted as a component of another Award also may contain terms and conditions which are different from the terms and conditions of such other Award, *provided* that Dividend Equivalent Rights credited pursuant to a Dividend Equivalent Right granted as a component of another Award which vests or is earned based upon the achievement of performance goals shall not vest unless such performance goals for such underlying Award are achieved, and if such performance goals are not achieved, the Grantee of such Dividend Equivalent Rights shall promptly forfeit and repay to the Company payments made in connection with such Dividend Equivalent Rights.

**13.2 Termination of Service**.

Unless the Committee otherwise provides in an Award Agreement, in another agreement with the Grantee, or otherwise in writing after such Award Agreement is issued, a Grantee's rights in all Dividend Equivalent Rights shall automatically terminate upon such Grantee's termination of Service for any reason.

**14.** **TERMS AND CONDITIONS OF PERFORMANCE-BASED AWARDS** 

**14.1 Grant of Performance-Based Awards**.

Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Performance-Based Awards to a Grantee in such amounts and upon such terms as the Committee shall determine.

**14.2 Value of Performance-Based Awards**.

Each grant of a Performance-Based Award shall have an actual or target number of Shares or initial value that is established by the Committee at the time of grant. The Committee shall set performance goals in its discretion which, depending on the extent to which they are achieved, shall determine the value and/or number of Shares subject to a Performance-Based Award that will be paid out to the Grantee thereof.

**14.3 Earning of Performance-Based Awards**.

Subject to the terms of the Plan, in particular **Section 14.6.3**, after the applicable Performance Period has ended, the Grantee of Performance-Based Awards shall be entitled to receive a payout on the number of the Performance-Based Awards or value earned by such Grantee over such Performance Period.

**14.4 Form and Timing of Payment of Performance-Based Awards**.

Payment of earned Performance-Based Awards shall be made in the manner described in the applicable Award Agreement as determined by the Committee. Subject to the terms of the Plan, the Committee, in its sole discretion, may pay earned Performance-Based Awards in the form of cash or Shares (or a combination thereof) equal to the value of such earned Performance-Based Awards and shall pay the Awards that have been earned at the close of the applicable Performance Period, or as soon as reasonably practicable after the Committee has determined that the performance goal or goals relating thereto have been achieved; *provided* that, unless specifically provided in the Award Agreement for such Awards, such payment shall occur no later than the 15th day of the third month following the end of the calendar year in which such Performance Period ends. Any Shares paid out under such Performance-Based Awards may be granted subject to any restrictions deemed appropriate by the Committee. The determination of the Committee with respect to the form of payout of such Performance-Based Awards shall be set forth in the Award Agreement therefor.

**14.5 Performance Conditions**.

The right of a Grantee to exercise or receive a grant or settlement of any Performance-Based Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions. If and to the extent required under Code Section 162(m), any power or authority relating to an Award intended to qualify under Code Section 162(m) shall be exercised by the Committee and not by the Board.

**14.6 Performance-Based Awards Granted to Designated Covered Employees**.

If and to the extent that the Committee determines that a Performance-Based Award to be granted to a Grantee should constitute "qualified performance-based compensation" for purposes of Code Section 162(m), the grant, exercise and/or settlement of such Award shall be contingent upon achievement of pre-established performance goals and other terms set forth in this **Section 14.6**. Neither the Company nor any officer or director of the Company shall be liable for the failure of a Performance-Based Award to satisfy Code Section 162(m).

**14.6.1 Performance Goals Generally**.

The performance goals for Performance-Based Awards shall consist of one or more business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this **Section 14.6**. Performance goals shall be objective and shall otherwise be designed to meet the requirements of Code Section 162(m), including the requirement that the level or levels of performance targeted by the Committee result in the achievement of performance goals being "substantially uncertain." The Committee may determine that such Awards shall be granted, exercised and/or settled upon achievement of any single performance goal or of two (2) or more performance goals. Performance goals may differ for Awards granted to any one Grantee or to different Grantees.

**14.6.2 Timing For Establishing Performance Goals**.

Performance goals for any Performance-Based Award shall be established not later than the earlier of (a) 90 days after the beginning of any Performance Period applicable to such Award, and (b) the date on which twenty-five percent (25%) of any Performance Period applicable to such Award has expired, or at such other date as may be required or permitted for compensation payable to a Covered Employee to constitute Performance-Based Compensation.

**14.6.3 Payment of Awards; Other Terms**.

Payment of Performance-Based Awards shall be in cash, Shares, or other Awards, including an Award that is subject to additional Service-based vesting, as determined in the sole discretion of the Committee. The Committee may, in its sole discretion, reduce the amount of a payment otherwise to be made in connection with such Awards. The Committee shall specify the circumstances in which such Performance-Based Awards shall be paid or forfeited in the event of termination of Service by the Grantee prior to the end of a Performance Period or settlement of such Awards. In the event payment of the Performance-Based Award is made in the form of another Award subject to Service-based vesting, the Committee shall specify the circumstances in which the payment Award will be paid or forfeited in the event of a termination of Service.

**14.6.4 Performance Measures**.

The performance goals upon which the payment or vesting of a Performance-Based Award to a Covered Employee that is intended to qualify as Performance-Based Compensation may be conditioned shall be limited to the following Performance Measures, with or without adjustment (including pro forma adjustments):

(a) Funds from operations, including adjusted funds from operations;

(b) net earnings or net income;

(c) operating earnings;

(d) pretax earnings;

(e) earnings per share;

(f) share price, including growth measures and total shareholder return;

(g) earnings before interest and taxes;

(h) earnings before interest, taxes, depreciation and/or amortization;

(i) earnings before interest, taxes, depreciation and/or amortization as adjusted to exclude any one or more of the following:

· share-based compensation expense;

· income from discontinued operations;

· gain on cancellation of debt;

· debt extinguishment and related costs;

· restructuring, separation and/or integration charges and costs;

· reorganization and/or recapitalization charges and costs;

· impairment charges;

· gain or loss related to investments;

· sales and use tax settlement; and

· gain on non-monetary transaction.

(j) sales or revenue growth, whether in general, by type of product or service, by type of customer or by type of property;

(k) gross or operating margins;

(l) return measures, including return on assets, capital, investment, equity, sales or revenue;

(m) cash flow, including:

· operating cash flow;

· free cash flow, defined as earnings before interest, taxes, depreciation and/or amortization (as adjusted to exclude any one or more of the items that may be excluded pursuant to the Performance Measure specified in clause (h) above) less capital expenditures;

· levered free cash flow, defined as free cash flow less interest expense;

· cash flow return on equity; and

· cash flow return on investment;

(n) productivity ratios;

(o) expense targets;

(p) market share;

(q) financial ratios as provided in credit agreements of the Company and its subsidiaries;

(r) working capital targets;

(s) completion of acquisitions of businesses or companies;

(t) completion of divestitures and asset sales;

(u) customer satisfaction

(v) employee satisfaction; or

(w) any combination of the foregoing business criteria.

Performance under any of the foregoing Performance Measures (a) may be used to measure the performance of (i) the Company and its Subsidiaries and other Affiliates as a whole, (ii) the Company, any Subsidiary, and/or any other Affiliate or any combination thereof, or (iii) any one or more business units of the Company, any Subsidiary, and/or any other Affiliate, as the Committee, in its sole discretion, deems appropriate and (b) may be compared to the performance of one or more other companies or one or more published or special indices designated or approved by the Committee for such comparison, as the Committee, in its sole discretion, deems appropriate. In addition, the Committee, in its sole discretion, may select performance under the Performance Measure specified in clause (f) above for comparison to performance under one or more stock market indices designated or approved by the Committee. The Committee also shall have the authority to provide for accelerated vesting of any Performance-Based Award based on the achievement of performance goals pursuant to the Performance Measures specified in this **Section 14**.

**14.6.5 Evaluation of Performance**.

The Committee may provide in any Performance-Based Award that any evaluation of performance may include or exclude any of the following events that occur during a Performance Period: (a) asset write-downs; (b) litigation or claims, judgments or settlements; (c) the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results; (d) any reorganization or restructuring events or programs; (e) extraordinary, non-core, non-operating or non-recurring items; (f) acquisitions or divestitures; (g) foreign exchange gains and losses; (h) tax valuation allowance reversals; (i) impairment expense; and (j) environmental expense. To the extent such inclusions or exclusions affect Awards to Covered Employees that are intended to qualify as Performance-Based Compensation, such inclusions or exclusions shall be prescribed in a form that meets the requirements of Code Section 162(m) for deductibility.

**14.6.6 Adjustment of Performance-Based Compensation**.

The Committee shall have the sole discretion to adjust Awards that are intended to qualify as Performance-Based Compensation, either on a formula or discretionary basis, or on any combination thereof, as the Committee determines consistent with the requirements of Code Section 162(m) for deductibility.

**14.6.7 Committee Discretion**.

In the event that Applicable Laws change to permit Committee discretion to alter the governing Performance Measures without obtaining shareholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining shareholder approval, *provided* that the exercise of such discretion shall not be inconsistent with the requirements of Code Section 162(m). In addition, in the event that the Committee determines that it is advisable to grant Awards that shall not qualify as Performance-Based Compensation, the Committee may make such grants without satisfying the requirements of Code Section 162(m) and base vesting on Performance Measures other than those set forth in **Section 14.6.4**.

**14.6.8 Status of Awards Under Code Section 162(m)**.

It is the intent of the Company that Performance-Based Awards under **Section 14.6** granted to persons who are designated by the Committee as likely to be Covered Employees within the meaning of Code Section 162(m) and the regulations promulgated thereunder shall, if so designated by the Committee, constitute "qualified performance-based compensation" within the meaning of Code Section 162(m). Accordingly, the terms of **Section 14.6**, including the definitions of Covered Employee and other terms used therein, shall be interpreted in a manner consistent with Code Section 162(m). If any provision of the Plan or any agreement relating to any such Performance-Based Award does not comply or is inconsistent with the requirements of Code Section 162(m), such provision shall be construed or deemed amended to the extent necessary to conform to such requirements.

**15.** **PARACHUTE LIMITATIONS** 

If any Grantee is a "disqualified individual," as defined in Code Section 280G(c), then, notwithstanding any other provision of the Plan or of any other agreement, contract, or understanding heretofore or hereafter entered into by such Grantee with the Company or an Affiliate, except an agreement, contract, or understanding that expressly addresses Code Section 280G or Code Section 4999 (an "**Other Agreement**"), and notwithstanding any formal or informal plan or other arrangement for the direct or indirect provision of compensation to the Grantee (including groups or classes of Grantees or beneficiaries of which the Grantee is a member), whether or not such compensation is deferred, is in cash, or is in the form of a benefit to or for the Grantee (a "**Benefit Arrangement**"), any right of the Grantee to any exercise, vesting, payment, or benefit under the Plan shall be reduced or eliminated:

(a) to the extent that such right to exercise, vesting, payment, or benefit, taking into account all other rights, payments, or benefits to or for the Grantee under the Plan, all Other Agreements, and all Benefit Arrangements, would cause any exercise, vesting, payment, or benefit to the Grantee under the Plan to be considered a "parachute payment" within the meaning of Code Section 280G(b)(2) as then in effect (a "**Parachute Payment**"); and

(b) if, as a result of receiving such Parachute Payment, the aggregate after-tax amounts received by the Grantee from the Company under the Plan, all Other Agreements, and all Benefit Arrangements would be less than the maximum after-tax amount that could be received by the Grantee without causing any such payment or benefit to be considered a Parachute Payment.

The Company shall accomplish such reduction by first reducing or eliminating any cash payments (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated vesting of Performance-Based Awards, then by reducing or eliminating any accelerated vesting of Options or SARs, then by reducing or eliminating any accelerated vesting of Restricted Shares or Share Units, then by reducing or eliminating any other remaining Parachute Payments.

**16.** **REQUIREMENTS OF LAW** 

**16.1 General**.

The Company shall not be required to offer, sell or issue any Shares under any Award, whether pursuant to the exercise of an Option or SAR or otherwise, if the offer, sale or issuance of such Shares would constitute a violation by the Grantee, the Company or an Affiliate, or any other person, of any provision of Applicable Laws, including any federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion, that the listing, registration or qualification of any Shares subject to an Award upon any securities exchange or under any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the offering, issuance, sale or purchase of Shares in connection with any Award, no Shares may be offered, issued or sold to the Grantee or any other person under such Award, whether pursuant to the exercise of an Option or SAR or otherwise, unless such listing, registration or qualification shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the date of termination of such Award. Without limiting the generality of the foregoing, upon the exercise of any Option or any SAR that may be settled in Shares or the delivery of any Shares underlying an Award, unless a registration statement under the Securities Act is in effect with respect to the Shares subject to such Award, the Company shall not be required to offer, sell or issue such Shares unless the Committee shall have received evidence satisfactory to it that the Grantee or any other person exercising such Option or SAR or accepting delivery of such shares may acquire such Shares pursuant to an exemption from registration under the Securities Act. Any determination in this connection by the Committee shall be final, binding, and conclusive. The Company may register, but shall in no event be obligated to register, any Shares or other securities issuable pursuant to the Plan pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause the exercise of an Option or a SAR or the issuance of Shares or other securities issuable pursuant to the Plan or any Award to comply with any Applicable Laws. As to any jurisdiction that expressly imposes the requirement that an Option or SAR that may be settled in Shares shall not be exercisable until the Shares subject to such Option or SAR are registered under the securities laws thereof or are exempt from such registration, the exercise of such Option or SAR under circumstances in which the laws of such jurisdiction apply shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption.

**16.2 Rule 16b-3**.

During any time when the Company has a class of equity security registered under Section 12 of the Exchange Act, it is the intention of the Company that Awards pursuant to the Plan and the exercise of Options and SARs granted hereunder that would otherwise be subject to Section 16(b) of the Exchange Act shall qualify for the exemption provided by Rule 16b-3 under the Exchange Act. To the extent that any provision of the Plan or action by the Committee does not comply with the requirements of such Rule 16b-3, such provision or action shall be deemed inoperative with respect to such Awards to the extent permitted by Applicable Laws and deemed advisable by the Committee, and shall not affect the validity of the Plan. In the event that such Rule 16b-3 is revised or replaced, the Board may exercise its discretion to modify the Plan in any respect necessary or advisable in its judgment to satisfy the requirements of, or to permit the Company to avail itself of the benefits of, the revised exemption or its replacement.

**17.** **EFFECT OF CHANGES IN CAPITALIZATION** 

**17.1 Changes in Shares**.

If the number of outstanding Shares is increased or decreased or the Shares are changed into or exchanged for a different number of Shares or kind of Capital Stock or other securities of the Company on account of any recapitalization, reclassification, share split, reverse share split, spin-off, combination of shares, exchange of shares, share dividend or other distribution payable in Capital Stock, or other increase or decrease in Shares effected without receipt of consideration by the Company occurring after the Effective Date, the number and kinds of shares for which grants of Options and other Awards may be made under the Plan, including the share limits set forth in **Section 6.2**, shall be adjusted by the Committee in the manner and to the extent it considers appropriate and equitable to the Grantees and consistent with the terms of the Plan. In addition, the number and kind of Shares for which Awards are outstanding shall be adjusted by the Committee in the manner and to the extent it considers appropriate and equitable to the Grantees and consistent with the terms of the Plan so that the proportionate interest of the Grantee therein immediately following such event shall, to the extent practicable, be the same as immediately before such event. Any such adjustment in outstanding Options or SARs shall not change the aggregate Option Price or SAR Price payable with respect to Shares that are subject to the unexercised portion of such outstanding Options or SARs, as applicable, but shall include a corresponding proportionate adjustment in the per share Option Price or SAR Price, as the case may be. The conversion of any convertible securities of the Company shall not be treated as an increase in Shares effected without receipt of consideration. Notwithstanding the foregoing, in the event of any distribution to the Company's shareholders of securities of any other entity or other assets (including an extraordinary dividend, but excluding a non-extraordinary dividend, declared and paid by the Company) without receipt of consideration by the Company, the Board or the Committee constituted pursuant to **Section 3.1.2** shall, in such manner as the Board or the Committee deems appropriate, adjust (a) the number and kind of shares subject to outstanding Awards and/or (b) the aggregate and per share Option Price of outstanding Options and the aggregate and per share SAR Price of outstanding SARs as required to reflect such distribution.

**17.2 Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control**.

Subject to **Section 17.3**, if the Company shall be the surviving entity in any reorganization, merger or consolidation of the Company with one or more other entities which does not constitute a Change in Control, any Option or SAR theretofore granted pursuant to the Plan shall pertain to and apply to the securities to which a holder of the number of Shares subject to such Option or SAR would have been entitled immediately following such reorganization, merger or consolidation, with a corresponding proportionate adjustment of the per share Option Price or SAR Price so that the aggregate Option Price or SAR Price thereafter shall be the same as the aggregate Option Price or SAR Price of the Shares remaining subject to the Option or SAR as in effect immediately prior to such reorganization, merger, or consolidation. Subject to any contrary language in an Award Agreement or in another agreement with the Grantee, or otherwise set forth in writing, any restrictions applicable to such Award shall apply as well to any replacement Shares received by the Grantee as a result of such reorganization, merger or consolidation. In the event of any reorganization, merger or consolidation of the Company referred to in this **Section 17.2**, Performance-Based Awards shall be adjusted (including any adjustment to the Performance Measures applicable to such Awards deemed appropriate by the Committee) so as to apply to the securities that a holder of the number of Shares subject to the Performance-Based Awards would have been entitled to receive immediately following such reorganization, merger or consolidation.

**17.3 Change in Control in which Awards are not Assumed**.

Except as otherwise provided in the applicable Award Agreement or in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change in Control in which outstanding Options, SARs, Restricted Shares, Share Units, Dividend Equivalent Rights or Other Equity-Based Awards are not being assumed or continued, the following provisions shall apply to such Award, to the extent not assumed or continued:

(a) in each case with the exception of Performance-Based Awards, all outstanding Restricted Shares shall be deemed to have vested, all Share Units shall be deemed to have vested and the Shares subject thereto shall be deemed delivered, and all Dividend Equivalent Rights shall be deemed to have vested and the Shares subject thereto shall be deemed delivered, immediately prior to the occurrence of such Change in Control, and either of the following two actions shall be taken:

(i) fifteen (15) days prior to the scheduled consummation of such Change in Control, all Options and SARs outstanding hereunder shall become immediately exercisable and shall remain exercisable for a period of fifteen (15) days, which exercise shall be effective upon such consummation; or

(ii) the Committee may elect, in its sole discretion, to cancel any outstanding Awards of Options, SARs, Restricted Shares, Share Units and/or Dividend Equivalent Rights and pay or deliver, or cause to be paid or delivered, to the holder thereof an amount in cash or securities having a value (as determined by the Committee acting in good faith), in the case of Restricted Shares or Share Units and Dividend Equivalent Rights (for Shares subject thereto), equal to the formula or fixed price per share paid to holders of Shares pursuant to such Change in Control and, in the case of Options or SARs, equal to the product of the number of Shares subject to such Options or SARs (the "Award Shares") multiplied by the amount, if any, by which (x) the formula or fixed price per share paid to holders of Shares pursuant to such transaction exceeds (y) the Option Price or SAR Price applicable to such Award Shares; provided that if the Option Price or SAR Price applicable to such Award Shares exceed the formula or fixed price per share paid to holders of Shares pursuant to such transaction then such Options and SARs shall be cancelled for no consideration.

(b) For Performance-Based Awards, if less than half of the Performance Period has lapsed, such Awards shall be treated as though target performance has been achieved. If at least half the Performance Period has lapsed, actual performance to date shall be determined as of a date reasonably proximal to the date of consummation of the Change in Control as determined by the Committee in its sole discretion, and that level of performance thus determined shall be treated as achieved immediately prior to occurrence of the Change in Control. For purposes of the preceding sentence, if, based on the discretion of the Committee, actual performance is not determinable, the Awards shall be treated as though target performance has been achieved. After application of this **Section 17.3(b)**, if any Awards arise from application of this **Section 17**, such Awards shall be settled under the applicable provision of **Section 17.3(a)**.

(c) Other Equity-Based Awards shall be governed by the terms of the applicable Award Agreement.

With respect to the Company's establishment of an exercise window, (A) any exercise of an Option or SAR during the fifteen (15)-day period referred to above shall be conditioned upon the consummation of the applicable Change in Control and shall be effective only immediately before the consummation thereof, and (B) upon consummation of any Change in Control, the Plan and all outstanding but unexercised Options and SARs shall terminate. The Committee shall send notice of an event that shall result in such a termination to all natural persons and entities who hold Options and SARs not later than the time at which the Company gives notice thereof to its shareholders.

**17.4 Change in Control in which Awards are Assumed**.

Except as otherwise provided in the applicable Award Agreement or in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change in Control in which outstanding Options, SARs, Restricted Shares, Share Units, Dividend Equivalent Rights or Other Equity-Based Awards are being assumed or continued, the following provisions shall apply to such Award, to the extent assumed or continued:

The Plan and the Options, SARs, Restricted Shares, Share Units, Dividend Equivalent Rights and Other Equity-Based Awards granted under the Plan shall continue in the manner and under the terms so provided in the event of any Change in Control to the extent that provision is made in writing in connection with such Change in Control for the assumption or continuation of such Options, SARs, Restricted Shares, Share Units, Dividend Equivalent Rights and Other Equity-Based Awards, or for the substitution for such Options, SARs, Restricted Shares, Share Units, Dividend Equivalent Rights and Other Equity-Based Awards of new common share options, share appreciation rights, restricted shares, common share units, dividend equivalent rights and other equity-based awards relating to the shares of a successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any consideration that is not common shares) and option and share appreciation rights exercise prices.

**17.5 Adjustments**

Adjustments under this **Section 17** related to Shares or other securities of the Company shall be made by the Committee, whose determination in that respect shall be final, binding and conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share. The Committee may provide in the applicable Award Agreement at the time of grant, in another agreement with the Grantee, or otherwise in writing at any time thereafter with the consent of the Grantee, for different provisions to apply to an Award in place of those provided in **Sections 17.1, 17.2, 17.3 and 17.4**. This **Section 17** shall not limit the Committee's ability to provide for alternative treatment of Awards outstanding under the Plan in the event of a change in control event involving the Company that is not a Change in Control.

**17.6 No Limitations on Company**.

The making of Awards pursuant to the Plan shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part of its business or assets (including all or any part of the business or assets of any Subsidiary or other Affiliate) or engage in any other transaction or activity.

**18.** **GENERAL PROVISIONS** 

**18.1 Disclaimer of Rights**.

No provision in the Plan or in any Award or Award Agreement shall be construed to confer upon any individual the right to remain in the employ or Service of the Company or an Affiliate, or to interfere in any way with any contractual or other right or authority of the Company or an Affiliate either to increase or decrease the compensation or other payments to any natural person or entity at any time, or to terminate any employment or other relationship between any natural person or entity and the Company or an Affiliate. In addition, notwithstanding anything contained in the Plan to the contrary, unless otherwise stated in the applicable Award Agreement, in another agreement with the Grantee, or otherwise in writing, no Award granted under the Plan shall be affected by any change of duties or position of the Grantee thereof, so long as such Grantee continues to provide Service. The obligation of the Company to pay any benefits pursuant to the Plan shall be interpreted as a contractual obligation to pay only those amounts provided herein, in the manner and under the conditions prescribed herein. The Plan and Awards shall in no way be interpreted to require the Company to transfer any amounts to a third-party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the terms of the Plan.

**18.2 Nonexclusivity of the Plan**.

Neither the adoption of the Plan nor the submission of the Plan to the shareholders of the Company for approval shall be construed as creating any limitations upon the right and authority of the Board to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to a class or classes of individuals or specifically to a particular individual or particular individuals) as the Board in its discretion determines desirable.

**18.3 Withholding Taxes**.

The Company or an Affiliate, as the case may be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any federal, state, or local taxes of any kind required by law to be withheld with respect to the vesting of or other lapse of restrictions applicable to an Award or upon the issuance of any Shares upon the exercise of an Option or pursuant to any other Award. At the time of such vesting, lapse, or exercise, the Grantee shall pay in cash to the Company or an Affiliate, as the case may be, any amount that the Company or such Affiliate may reasonably determine to be necessary to satisfy such withholding obligation; *provided* that if there is a same-day sale of Shares subject to an Award, the Grantee shall pay such withholding obligation on the day on which such same-day sale is completed. Subject to the prior approval of the Company or an Affiliate, which may be withheld by the Company or such Affiliate, as the case may be, in its sole discretion, the Grantee may elect to satisfy such withholding obligation, in whole or in part, (a) by causing the Company or such Affiliate to withhold Shares otherwise issuable to the Grantee or (b) by delivering to the Company or such Affiliate Shares already owned by the Grantee. The Shares so withheld or delivered shall have an aggregate Fair Market Value equal to such withholding obligation. The Fair Market Value of the Shares used to satisfy such withholding obligation shall be determined by the Company or such Affiliate as of the date on which the amount of tax to be withheld is to be determined. A Grantee who has made an election pursuant to this **Section 18.3** may satisfy such Grantee's withholding obligation only with Shares that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements. The maximum number of Shares that may be withheld from any Award to satisfy any federal, state or local tax withholding requirements upon the exercise, vesting, or lapse of restrictions applicable to any Award or payment of Shares pursuant to such Award, as applicable, may not exceed such number of Shares having a Fair Market Value equal to the maximum statutory amount required by the Company or the applicable Affiliate to be withheld and paid to any such federal, state or local taxing authority with respect to such exercise, vesting, lapse of restrictions, or payment of Shares. Notwithstanding **Section 2.20** or this **Section 18.3**, for purposes of determining taxable income and the amount of the related tax withholding obligation pursuant to this **Section 18.3**, for any Shares subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be sold pursuant to the terms of the related Award Agreement, the Fair Market Value of such shares shall be the sale price of such shares on such date (or if sales of such shares are effectuated at more than one sale price, the weighted average sale price of such shares on such date), so long as such Grantee has provided the Company, or its designee or agent, with advance written notice of such sale. In such case, the percentage of Shares withheld shall be no greater than the applicable maximum withholding rate.

**18.4 Captions**.

The use of captions in the Plan or any Award Agreement is for convenience of reference only and shall not affect the meaning of any provision of the Plan or such Award Agreement.

**18.5 Construction**.

Unless the context otherwise requires, all references in the Plan to "including" shall mean "including without limitation."

**18.6 Other Provisions**.

Each Award granted under the Plan may contain such other terms and conditions not inconsistent with the Plan as may be determined by the Committee, in its sole discretion.

**18.7 Number and Gender**.

With respect to words used in the Plan, the singular form shall include the plural form and the masculine gender shall include the feminine gender, as the context requires.

**18.8 Severability**.

If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction.

**18.9 Governing Law**.

The validity and construction of the Plan and the instruments evidencing the Awards hereunder shall be governed by, and construed and interpreted in accordance with, the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan and the instruments evidencing the Awards granted hereunder to the substantive laws of any other jurisdiction, including but not limited to the granting and/or issuance of Options and Shares being governed by Dutch law.

**18.10 Section 409A of the Code**.

The Company intends to comply with Code Section 409A, or an exemption to Code Section 409A, with regard to Awards hereunder that constitute nonqualified deferred compensation within the meaning of Code Section 409A. To the extent that the Company determines that a Grantee would be subject to the additional twenty percent (20%) tax imposed on certain nonqualified deferred compensation plans pursuant to Code Section 409A as a result of any provision of any Award granted under the Plan, such provision shall be deemed amended to the minimum extent necessary to avoid application of such additional tax. The nature of any such amendment shall be determined by the Committee. No payment that constitutes deferred compensation under Section 409A of the Code that would otherwise be made under the Plan or an Award Agreement upon a termination of Service will be made or provided unless and until such termination is also a "separation from service," as determined in accordance with Section 409A of the Code. Notwithstanding the foregoing or anything elsewhere in the Plan or an Award Agreement to the contrary, if a Grantee is a "specified employee" as defined in Section 409A of the Code at the time of termination of Service with respect to an Award, then solely to the extent necessary to avoid the imposition of any additional tax under Section 409A of the Code, the commencement of any payments or benefits under the Award shall be deferred until the date that is six (6) months plus one (1) day following the date of the Grantee's termination of Service or, if earlier, the Grantee's death (or such other period as required to comply with Section 409A). In no event whatsoever shall the Company be liable for any additional tax, interest or penalties that may be imposed on a Grantee by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.

**19.** **EFFECTIVE DATE AND SHAREHOLDER APPROVAL** 

The Plan shall be effective as of the Effective Date, subject to approval of the Plan by the Company's shareholders within one year of the Effective Date. Upon approval of the Plan by the shareholders of the Company as set forth above, all Awards made under the Plan on or after the Effective Date shall be fully effective as if the shareholders of the Company had approved the Plan on the Effective Date. If the shareholders fail to approve the Plan within one year after the Effective Date, any Awards made hereunder shall be null and void and of no effect.

## Exhibit 4.2

**Exhibit 4.2**

**FIRST AMENDMENT TO PLAYA HOTELS & RESORTS N.V. 2017 OMNIBUS INCENTIVE PLAN**

**WHEREAS**, Playa Hotels & Resorts N.V. (the "<u>Company</u>") maintains the Playa Hotels & Resorts N.V. 2017 Omnibus Incentive Plan (the "<u>Plan</u>");

**WHEREAS**, pursuant to Section 5.2 of the Plan, the Board of Directors of the Company (the "<u>Board</u>") may amend the Plan at any time; provided that, amendments to the Plan must be approved by the Company's shareholders if and to the extent required by applicable laws;

**WHEREAS**, the Board desires to provide the Company with greater flexibility to determine the Fair Market Value of the Shares for purposes of determining taxable income and the amount of the related tax withholding obligation in connection with the vesting of Awards;

**WHEREAS**, the Board desires to amend the Plan to effectuate the foregoing change, as set forth in this first amendment to the Plan (this "<u>First Amendment</u>");

**WHEREAS**, pursuant to Section 5.2 of the Plan, shareholder approval is not required in order to adopt the First Amendment; and

**WHEREAS**, capitalized terms used in this First Amendment but not defined herein shall have the meaning given to them in the Plan.

**NOW, THEREFORE**, the Board hereby amends the Plan, effective as of February 21, 2019, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The last paragraph of Section 2.20 of the Plan is hereby deleted and replaced in its entirety with the following:

Notwithstanding this **Section 2.20** or **Section 18.3**, for purposes of determining taxable income and the amount of the related tax withholding obligation pursuant to **Section 18.3**, the Fair Market Value will be determined by the Company using any reasonable method; *provided*, further, that the Company shall determine the Fair Market Value of Shares due in connection with sales, by or on behalf of a Grantee, of such Shares subject to an Award to pay the Option Price, SAR Price, and/or any tax withholding obligation on the same date on which such Shares may first be sold pursuant to the terms of the applicable Award Agreement (including broker-assisted cashless exercises of Options and Stock Appreciation Rights, as described in **Section 12.3**, and sell-to-cover transactions) in any manner consistent with applicable provisions of the Code, including but not limited to using the sale price of such Shares on such date (or if sales of such Shares are effectuated at more than one sale price, the weighted average sale price of such Shares on such date) as the Fair Market Value of such Shares, so long as such Grantee has provided the Company, or its designee or agent, with advance written notice of such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The last two sentences of Section 18.3 of the Plan are hereby deleted in their entirety.

Except as specifically provided in and modified by this First Amendment, the Plan is in all other respects hereby ratified and confirmed and references to the Plan shall be deemed to refer to the Plan as modified by this First Amendment, effective as of February 21, 2019.

---

| | |
|:---|:---|
| **PLAYA HOTELS & RESORTS N.V.** | **PLAYA HOTELS & RESORTS N.V.** |
| By: | /s/ Bruce D. Wardinski |
|  | Name: Bruce D. Wardinski |
|  | Title: Chairman & CEO |

---

## Exhibit 4.3

**Exhibit 4.3**

**SECOND AMENDMENT TO PLAYA HOTELS & RESORTS N.V. 2017 OMNIBUS INCENTIVE PLAN**

**WHEREAS**, Playa Hotels & Resorts N.V. (the "<u>Company</u>") maintains the Playa Hotels & Resorts N.V. 2017 Omnibus Incentive Plan, as amended (the "<u>Plan</u>");

**WHEREAS**, pursuant to Section 5.2 of the Plan, the Board of Directors of the Company (the "<u>Board</u>") may amend the Plan at any time; provided that, amendments to the Plan must be approved by the Company's shareholders if and to the extent required by applicable laws (the "<u>Shareholder Approval</u>");

**WHEREAS**, the Board desires to increase the number of common shares in the capital of the Company, with a par value of EUR 0.10 per share, reserved for issuance under the Plan (the "<u>Share Increase</u>") by 8,000,000 Shares;

**WHEREAS**, the Board desires to amend the Plan to provide for the Share Increase, as set forth in this second amendment to the Plan (this "<u>Second Amendment</u>"), effective upon receipt of the Shareholder Approval;

**WHEREAS**, pursuant to Section 5.2 of the Plan, in order to effectuate the Share Increase, the Shareholder Approval must be obtained; and

**WHEREAS**, capitalized terms used in this Second Amendment but not defined herein shall have the meaning given to them in the Plan.

**NOW, THEREFORE**, the Board hereby amends the Plan, effective upon receipt of the Shareholder Approval, as follows:

1. Section 4.1 of the Plan is hereby deleted and replaced in its entirety with the following:

**4.1 Number of Shares Available for Awards.**

Subject to adjustment pursuant to **Section 17**, and subject to further authorization by the general meeting of shareholders, the maximum number of Shares available for issuance under the Plan shall be twelve million (12,000,000) Shares. Such Shares may be authorized and unissued Shares or treasury Shares or any combination of the foregoing, as may be determined from time to time by the Board or by the Committee. Any of the Shares available for issuance under the Plan may be used for any type of Award under the Plan, and any or all of the Shares available for issuance under the Plan shall be available for issuance pursuant to Incentive Stock Options.

Except as specifically provided in and modified by this Second Amendment, the Plan is in all other respects hereby ratified and confirmed and references to the Plan shall be deemed to refer to the Plan as modified by this Second Amendment, effective upon receipt of the Shareholder Approval.

---

| | |
|:---|:---|
| **PLAYA HOTELS & RESORTS N.V.** | **PLAYA HOTELS & RESORTS N.V.** |
| By: | /s/ Bruce D. Wardinski |
| Name: | Bruce D. Wardinski |
| Title: | Chairman & CEO |

---

## Exhibit 4.4

**Exhibit 4.4**

**THIRD AMENDMENT TO PLAYA HOTELS & RESORTS N.V. 2017 OMNIBUS INCENTIVE PLAN**

**WHEREAS**, Playa Hotels & Resorts N.V. (the "<u>Company</u>") maintains the Playa Hotels & Resorts N.V. 2017 Omnibus Incentive Plan (the "<u>Plan</u>");

**WHEREAS**, pursuant to Section 5.2 of the Plan, the Board of Directors of the Company (the "<u>Board</u>") may amend the Plan at any time; provided that, amendments to the Plan must be approved by the Company's shareholders if and to the extent required by applicable laws;

**WHEREAS**, the Board desires to provide the Company with greater flexibility to determine the Fair Market Value of the Shares for purposes of determining taxable income and the amount of the related tax withholding obligation in connection with the vesting of Awards;

**WHEREAS**, the Board desires to amend the Plan to effectuate the foregoing change, as set forth in this third amendment to the Plan (this "<u>Third Amendment</u>");

**WHEREAS**, pursuant to Section 5.2 of the Plan, shareholder approval is not required in order to adopt the Third Amendment; and

**WHEREAS**, capitalized terms used in this Third Amendment but not defined herein shall have the meaning given to them in the Plan.

**NOW, THEREFORE**, the Board hereby amends the Plan, effective as of February 9, 2023, as follows:

1. The last paragraph of Section 2.20 of the Plan is hereby deleted and replaced in its entirety with the following:

Notwithstanding this **Section 2.20** or **Section 18.3**, for purposes of determining taxable income and the amount of the related tax withholding obligation pursuant to **Section 18.3**, the Fair Market Value will be determined by the Company using any reasonable method; *provided*, *however*, that for any Shares subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be sold pursuant to the terms of the applicable Award Agreement, the Fair Market Value of such shares will be the sale price of such shares on such date (or if sales of such shares are effectuated at more than one sale price, the weighted average sale price of such shares on such date).

Except as specifically provided in and modified by this Third Amendment, the Plan is in all other respects hereby ratified and confirmed and references to the Plan shall be deemed to refer to the Plan as modified by this Third Amendment, effective as of February 9, 2023.

---

| | |
|:---|:---|
| **PLAYA HOTELS & RESORTS N.V.** | **PLAYA HOTELS & RESORTS N.V.** |
| By: | /s/ Bruce D. Wardinski |
|  | Name: Bruce D. Wardinski |
|  | Title: Chairman & CEO |

---

## Exhibit 4.5

**Exhibit 4.5**

**FOURTH AMENDMENT TO PLAYA HOTELS & RESORTS N.V. 2017 OMNIBUS INCENTIVE PLAN**

**WHEREAS**, Playa Hotels & Resorts N.V. (the "<u>Company</u>") maintains the Playa Hotels & Resorts N.V. 2017 Omnibus Incentive Plan, as amended (the "<u>Plan</u>");

**WHEREAS**, pursuant to Section 5.2 of the Plan, the Board of Directors of the Company (the "<u>Board</u>") may amend the Plan at any time; provided that, amendments to the Plan must be approved by the Company's shareholders if and to the extent required by applicable laws (the "<u>Shareholder Approval</u>");

**WHEREAS**, the Board desires to increase the number of common shares in the capital of the Company, with a par value of EUR 0.10 per share, reserved for issuance under the Plan (the "<u>Share Increase</u>") by twelve million (12,000,000) Shares;

**WHEREAS**, the Board desires to amend the Plan to provide for the Share Increase, as set forth in this fourth amendment to the Plan (this "<u>Fourth Amendment</u>"), effective upon receipt of the Shareholder Approval;

**WHEREAS**, pursuant to Section 5.2 of the Plan, in order to effectuate the Share Increase, the Shareholder Approval must be obtained; and

**WHEREAS**, capitalized terms used in this Fourth Amendment but not defined herein shall have the meaning given to them in the Plan.

**NOW, THEREFORE**, the Board hereby amends the Plan, effective upon receipt of the Shareholder Approval, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 4.1 of the Plan is hereby deleted and replaced in its entirety with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Number of Shares Available for Awards.**

Subject to adjustment pursuant to **Section 17**, and subject to further authorization by the general meeting of shareholders, the maximum number of Shares available for issuance under the Plan shall be twenty-four million (24,000,000) Shares. Such Shares may be authorized and unissued Shares or treasury Shares or any combination of the foregoing, as may be determined from time to time by the Board or by the Committee. Any of the Shares available for issuance under the Plan may be used for any type of Award under the Plan, and any or all of the Shares available for issuance under the Plan shall be available for issuance pursuant to Incentive Stock Options.

Except as specifically provided in and modified by this Fourth Amendment, the Plan is in all other respects hereby ratified and confirmed and references to the Plan shall be deemed to refer to the Plan as modified by this Fourth Amendment, effective upon receipt of the Shareholder Approval.

---

| | |
|:---|:---|
| **PLAYA HOTELS & RESORTS N.V.** | **PLAYA HOTELS & RESORTS N.V.** |
| By: | /s/ Bruce D. Wardinski |
| Name: | Bruce D. Wardinski |
| Title: | Chairman and CEO |

---

## Exhibit 4.6

**Exhibit 4.6**

**FIFTH AMENDMENT TO PLAYA HOTELS & RESORTS N.V. 2017 OMNIBUS INCENTIVE PLAN**

**WHEREAS**, Playa Hotels & Resorts N.V. (the "<u>Company</u>") maintains the Playa Hotels & Resorts N.V. 2017 Omnibus Incentive Plan, as amended (the "<u>Plan</u>");

**WHEREAS**, pursuant to Section 5.2 of the Plan, the Board of Directors of the Company (the "<u>Board</u>") may amend the Plan at any time; provided that, amendments to the Plan must be approved by the Company's shareholders if and to the extent required by applicable laws;

**WHEREAS**, the Board desires to provide the Company with greater flexibility to determine the Fair Market Value of the Shares for purposes of determining taxable income and the amount of the related tax withholding obligation in connection with the vesting of Awards;

**WHEREAS**, the Board desires to effectuate the foregoing change, as set forth in this fifth amendment to the Plan (this "<u>Fifth Amendment</u>");

**WHEREAS**, pursuant to Section 5.2 of the Plan, shareholder approval is not required in order to adopt the Fifth Amendment; and

**WHEREAS**, capitalized terms used in this Fifth Amendment but not defined herein shall have the meaning given to them in the Plan.

**NOW, THEREFORE**, the Board hereby amends the Plan, effective as of September 12, 2024, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The last paragraph of Section 2.20 of the Plan is hereby deleted and replaced in its entirety with the following:

Notwithstanding this Section 2.20 or Section 18.3, for purposes of determining taxable income and the amount of the related tax withholding obligation pursuant to Section 18.3, the Fair Market Value will be determined by the Company using any reasonable method.

Except as specifically provided in and modified by this Fifth Amendment, the Plan is in all other respects hereby ratified and confirmed and references to the Plan shall be deemed to refer to the Plan as modified by this Fifth Amendment, effective as of September 12, 2024.

---

| | |
|:---|:---|
| **PLAYA HOTELS & RESORTS N.V.** | **PLAYA HOTELS & RESORTS N.V.** |
| By: | /s/ Bruce D. Wardinski |
| Name: | Bruce D. Wardinski |
| Title: | Chairman and CEO |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | | |
|:---|:---|:---|
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 |  |  |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | 330 North Wabash Avenue<br> Suite 2800 | 330 North Wabash Avenue<br> Suite 2800 |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Chicago, Illinois 60611 | Chicago, Illinois 60611 |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Tel: +1.312.876.7700 Fax: +1.312.993.9767 | Tel: +1.312.876.7700 Fax: +1.312.993.9767 |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | www.lw.com | www.lw.com |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | FIRM / AFFILIATE OFFICES | FIRM / AFFILIATE OFFICES |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Austin | Milan |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Beijing | Munich |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Boston | New York |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Brussels | Orange County |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Century City | Paris |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Chicago | Riyadh |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Dubai | San Diego |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Düsseldorf | San Francisco |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Frankfurt | Seoul |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Hamburg | Silicon Valley |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Hong Kong | Singapore |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Houston | Tel Aviv |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | London | Tokyo |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Los Angeles | Washington, D.C. |
| <br> ![](tm2517654d1_ex5-1img001.jpg)<br>June 11, 2025<br>Hyatt Hotels Corporation<br> 150 North Riverside Plaza, 8th Floor<br> Chicago, IL 60606 | Madrid |  |

---

Re: <u>Registration Statement on Form S-8 with respect to 392,000 shares of Class A Common Stock, par value $0.01 per share</u>

To the addressee set forth above:

We have acted as counsel to Hyatt Hotels Corporation, a Delaware corporation (the "***Company***"), in connection with the registration by the Company of up to 392,000 shares of Class A common stock, par value $0.01 per share (the "***Shares***"), issuable pursuant to awards granted under the Playa Hotels & Resorts N.V. 2017 Omnibus Incentive Plan, as amended (the "***Plan***"), that will be assumed by the Company. The Shares are included in a registration statement on Form S–8 under the Securities Act of 1933, as amended (the "***Act***"), filed with the Securities and Exchange Commission (the "***Commission***") on June 11, 2025 (the "***Registration Statement***"). This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or related prospectus, other than as expressly stated herein with respect to the issue of the Shares.

As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently verified such factual matters. We are opining herein as to the General Corporation Law of the State of Delaware (the "***DGCL***"), and we express no opinion with respect to any other laws.

Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the Shares shall have been duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the recipient and have been issued by the Company against payment therefor (not less than par value) in the circumstances contemplated by the Plan, assuming in each case that the individual issuances, grants or awards under the Plan have been duly authorized by all necessary corporate action of the Company and duly issued, granted or awarded and exercised in accordance with the requirements of the DGCL and the Plan (and the agreements and awards duly adopted thereunder and in accordance therewith), the issue and sale of the Shares will have been duly authorized by all necessary corporate action of the Company, and the Shares will be validly issued, fully paid and nonassessable. In rendering the foregoing opinion, we have assumed that the Company will comply with all applicable notice requirements regarding uncertificated shares provided in the DGCL.

June 11, 2025

![](tm2517654d1_ex5-1img002.jpg)

This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

---

| |
|:---|
| Sincerely, |
| /s/ Latham & Watkins LLP |

---

## Exhibit 23.2

**Exhibit 23.2**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our reports dated February 13, 2025, relating to the consolidated financial statements and financial statement schedule of Hyatt Hotels Corporation and subsidiaries ("the Company") and the effectiveness of the Company's internal control over financial reporting, appearing in the Annual Report on Form 10-K of the Company for the year ended December 31, 2024.

/s/ Deloitte & Touche LLP

Chicago, Illinois

June 11, 2025

## Exhibit 23.3

**Exhibit 23.3**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of Hyatt Hotels Corporation of our reports dated February 25, 2025, relating to the financial statements of Playa Hotels & Resorts N.V. and the effectiveness of Playa Hotels & Resorts N.V.'s internal control over financial reporting, appearing in the Current Report on Form 8-K of Hyatt Hotels Corporation filed on March 17, 2025.

/s/ Deloitte & Touche LLP

McLean, VA

June 11, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Hyatt Hotels Corp**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Class A Common Stock, $0.01 par value per share | Other | 392000 | $131.07 | $51379440.00 | 0.0001531 | $7866.19 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $51379440.00  |  | $7866.19  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $7866.19  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (1) In accordance with Rule 416 under the Securities Act of 1933, as amended, this registration statement shall be deemed to cover any additional securities that may from time to time be offered or issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. (2) Represents an additional 392,000 shares of Class A common stock available for future issuance under the Playa Hotels & Resorts N.V. 2017 Omnibus Incentive Plan, as amended. (3) Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and 457(h) of the Securities Act of 1933, as amended, and based upon the average of the high and low prices of the Registrant's Class A common stock as reported on The New York Stock Exchange on June 5, 2025. (4) The Registrant does not have any fee offsets.