Document:

Employment Letter Agreement - Mr. Mark S. Hoplamazian

 Exhibit 10.2 

 

									
	

	 		 		 		 	 Hyatt Hotels Corporation
 71 South Wacker Drive
 Chicago, IL 60606

312-780-5816
 Fax:
312-780-5282

 December 12, 2012 
 Mark S. Hoplamazian 
 c/o Hyatt Hotels Corporation 

71 South Wacker Drive, 12th Floor 

Chicago, Illinois 60606 
 Dear Mark: 

This letter agreement will set forth the terms of your employment as President and Chief Executive Officer of Hyatt Hotels Corporation
(“Hyatt” or the “Company”), commencing January 1, 2013 (the “Effective Date”), and shall supersede and replace the letter agreement between you and Hyatt dated July 30, 2009 (the
“Prior Agreement”). 
  

			
	 Position:
	  	President and Chief Executive Officer.
		
	 Board:
	  	For so long as you are the President and Chief Executive Officer of the Company, the Company will use commercially reasonable efforts to nominate you for re-election as a director
prior to the end of your term. If you are not re-elected to the Board, you will be entitled to terminate your employment with the rights and entitlements available to you under the Company’s Corporate Office Severance Plan (as may be in effect
and amended from time to time, the “Severance Plan”) (or, if applicable, the Company’s Executive Change in Control Plan, as in effect and as amended from time to time (the “CiC Policy”)) as if your employment
was terminated by the Company without Cause (as defined in the Severance Plan).
		
	 Reporting:
	  	You will report to the Board.
		
	 Scope:
	  	You will devote substantially all of your business time and attention to the business and affairs of the Company as reasonably necessary to fulfill your duties and responsibilities
hereunder. You will be permitted to (a) engage in civic, philanthropic or similar activities and teach or speak at educational or civic institutions or organizations, which activities, you will disclose to the Company upon the written request of the
Chairman of the Board (the “Chairman”), from time to time, (b) manage your personal affairs and investments, and (c) engage in other activities consented to in advance by the Chairman; provided, that in the reasonable determination
of the Chairman or his designee (which may be the Board or a committee of the Board), such activities under clauses (a), (b) and (c) of this do not, interfere materially with your duties and responsibilities under this letter
agreement.

			
		
	 Term:
	  	From the Effective Date through December 31, 2015, at which time your employment under the terms of this letter agreement will renew automatically each year as of
January 1 for one year (each a “renewal year”), unless prior written notice of such nonrenewal is given by either party by June 30th of the renewal year.
		
	 Base Salary:
	  	Your base salary will be $1,015,000 on an annualized basis (payable in accordance with the Company normal payroll of base salary to senior executives), less required tax and other
authorized withholdings. Your salary will be reviewed annually by the Compensation Committee of the Board (the “Committee”) and is subject to adjustment at its discretion.
		
	 Incentive

Eligibility:
	  	You will be eligible for a target incentive of 150% of your base salary (“target incentive”) if target performance is achieved, with a maximum of 225% of base
salary at maximum performance. The Committee may change the target incentive and maximum incentive in its discretion; provided that your annual total compensation opportunity (base salary plus annual target incentive) after such change shall not be
less than your total compensation opportunity prior to such change. For the avoidance of doubt you are not entitled to any minimum incentive award. All incentive payments will be subject to the terms and conditions of the Hyatt Hotels Corporation
Executive Incentive Plan (as may be in effect and amended from time to time or any successor plan thereto).
		
	 Annual Equity

Participation:
	  	You will remain eligible for annual grants under the Amended and Restated Hyatt Hotels Corporation Long Term Incentive Plan (as amended and restated from time to time, or any
successor equity plan maintained by the Company “LTIP”) similar to other senior executives of Hyatt. Such annual LTIP grants currently take the form of stock appreciation rights (“SARs”), restricted stock units
(“RSUs”) and/or restricted stock. RSUs and SARs generally vest pro rata annually over the vesting period determined by the Committee (as Administrator of the LTIP), but RSUs and restricted stock may also vest based on performance as
determined by the Committee. Your annual grant is targeted to have a grant date fair value (as determined under FASB (ASC) Topic 718, Compensation-Stock Compensation) of $4,500,000 and is subject to change at the discretion of the Compensation
Committee.
		
	 Special Equity

Award:
	  	Upon accepting the terms set forth in this letter, you will be granted a one-time equity award with a grant date fair value (as determined under FASB (ASC) Topic 718,
Compensation-Stock Compensation) of $1,500,000 to be delivered in Restricted Stock Units. This award will vest ratably annually over four years and be governed by a Restricted Stock Unit Award Agreement to be entered into by you and the Company, in
the form Restricted Stock Unit Award Agreement previously filed with the SEC.

  
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	 LTIP:
	  	 All SAR, RSU and restricted stock grants (other than any grants that vest based on performance and are intended to be “qualified
performance based compensation” under 162(m) of the Internal Revenue Code), whether annual or supplemental, will be subject to the terms and conditions set forth in the LTIP and the applicable award agreements approved by the Committee;
provided that to the extent your employment with the Company terminates for any reason other than Cause (as defined in the Severance Plan) prior to full vesting of any of your LTIP awards, such awards will continue to vest and become exercisable and
payable as if your employment continued so long as you (a) provide a general release of claims against the Company in such form as the Company may reasonably require and (b) you do not engage in Competition (as defined below). If you do not provide
a general release of claims against the Company within fifty (50) days following your termination of employment, you revoke or violate such release or you engage in Competition with the Company, then you will forfeit any LTIP awards which were not
vested upon your termination of employment.
  
 For this purpose
“Competition” shall mean the provision of services as an employee, contractor, director, advisor, or in any other capacity, or ownership, directly or indirectly for or with a Competitor, as determined in the sole discretion of the
Committee; provided, however, you will not be deemed to be engaged in Competition by reason of your ownership of less than 5% of any public company that is a Competitor, whether directly or indirectly. A “Competitor” shall mean any
enterprise a principal business of which is the ownership, management and/or development of hotels, resorts and/or timeshares and fractional properties in any geographic area in which the Company is then conducting or planning to conduct such
business, and which actively competes with the Company for customers, as determined in the sole discretion of the Committee.

		
	 Benefits:
	  	 As an employee of Hyatt you will receive the following benefits at the level and under terms which, in the aggregate are substantially
equivalent to those provided from time to time to the Company’s senior executive officers generally:
  

•   Medical and Dental insurance

 
 •   Life
Insurance
  

•   401(k) and Retirement Savings Plan

 
 •   Disability
Coverage
  

•   Vacation benefits

 
 •   Monthly parking in
Hyatt Center
  

•   Executive Dining Room privileges for you and your business guests

 
 •   Deferred
Compensation Plan
  
 All our benefit plans and programs are subject to change
or termination at any time at the discretion of the Committee or the Board.

  
 3 

			
		
	 Termination;

Severance;

Change of
 Control:
	  	Upon termination of your employment with the Company your rights to any severance will be determined under the Severance Plan (or, if applicable, the CiC Policy) applicable to your
position, if any, as in effect at such time.
		
	 Restrictive

Covenants:
	  	You will be bound by the restrictive covenants set forth in your LTIP award agreements and in your Confidentiality, Intellectual Property, Non-Solicitation and Non-Disparagement
Agreement (“CIPN&N Agreement”).
		
	 Legal Costs:
	  	You will be responsible for any legal costs associated with this letter agreement.
		
	 Indemnification:
	  	You shall be indemnified to the maximum extent provided under the indemnification provisions for officers and directors of the Company set forth in the Company’s Certificate of
Incorporation and Bylaws.
		
	 Other:
	  	As a condition of your continued employment with Hyatt, you confirm that you have signed the CIPN&N Agreement and the Company’s Code of Business Conduct and Ethics. In
addition, you will be bound by all Company policies to the extent that they apply to senior executives of the Company, including, the T&E Policy, the Internet Use Policy, the Compensation Recovery Policy, the Share Ownership Guidelines, the
Severance Plan, the CiC Policy, and the Compensation Recovery Policy (including as such policy may be amended to reflect the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act).

 Please note that your employment at Hyatt is “at will.” This means that you may resign from Hyatt at any time
with or without cause, and Hyatt has the right to terminate your employment with or without cause at any time subject to the terms of any Company policies applicable to your position at the time of termination, including, without limitation, the
Severance Policy and the CiC Policy. Neither this letter agreement nor any other communication, either written or oral, should be construed as a contract of employment for any particular duration. This letter agreement supersedes and replaces all
prior written and oral communication on employment related subjects, including the Prior Agreement. 
 Please sign and date this letter
agreement in the space indicated and return it to my attention to evidence your understanding and agreement to the terms set forth herein. 

Sincerely, 
 Thomas J. Pritzker 

Chairman of the Board of Directors 
 Hyatt Hotels
Corporation 
  

									
	Acknowledged and Agreed:	 		 		 	
		 		 		 		 	
	  
 /s/ Mark S.
Hoplamazian
	 		 		 		 	
	Mark S. Hoplamazian	 		 		 		 	                             
                   Date: December 12, 2012

  

  
 4Exhibit 10.24

 Exhibit 10.24 

FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT 
 This FIRST AMENDMENT (this “Amendment”), dated as of September         , 2007, by and among Integrated Electrical Services, Inc., a Delaware
corporation (“Company”), and the stockholders signatories hereto, amends that certain Registration Rights Agreement dated as of May 12, 2006 (the “Registration Rights Agreement”) by and among the Company and
the stockholders party thereto. 
 W I T N E S S E T H : 

WHEREAS, the parties hereto wish to amend the terms of the Registration Rights Agreement, as set forth herein; and; 

WHEREAS, capitalized terms used herein without definition shall have the respective meaning assigned to such terms in the Registration
Rights Agreement. 
 NOW THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto
agree as follows: 
 1. Amendment to Definition of “Additional Holders”. The definition of “Additional
Holders” is hereby amended and restated as follows: 
 “‘Additional Holders’ shall mean (a) any
Affiliate of any Holder who acquires Common Stock or Other Securities and (b) the Permitted Assignees of Registrable Securities who, from time to time, acquire Registrable Securities from a Holder or Holders and own Registrable Securities at
the relevant time, agree to be bound by the terms hereof and become Holders for purposes of this Agreement.” 
 2.
Holders. Without limitation on any party which may acquire Registrable Securities in the future and become party to the Registration Rights Agreement, the following are Holders for purposes of the Registration Rights Agreement: 

Tontine Capital Partners, L.P. 
 Tontine Partners, L.P. 
 Tontine Overseas Associates, L.L.C. 

Tontine Overseas Fund, Ltd. 
 Tontine Capital Overseas Master Fund, L.P. 
 Jeffrey L. Gendell 

3. Ratification of Agreement. Except as amended hereby, the Registration Rights Agreement shall remain in full force and effect
and is hereby ratified and confirmed. 

 4. Counterparts. This Amendment may be executed in any number of counterparts, each
of which shall be deemed to be an original, but all of which, when taken together, shall constitute one and the same instrument. 

[Remainder of Page Intentionally Left Blank] 

  
 2 

 IN WITNESS WHEREOF, the undersigned have
executed this Amendment to the Registration Rights Agreement as of the date first written above. 
  

			
	COMPANY
	
	INTEGRATED ELECTRICAL SERVICES, INC.
		
	By:	 	 /s/ Curt L. Warnock

		 	Name: Curt L. Warnock
		 	Title: Senior Vice President
	
	HOLDERS
	
	TONTINE CAPITAL PARTNERS, L.P.
	TONTINE PARTNERS, L.P.
	TONTINE OVERSEAS ASSOCIATES, L.L.C.
	TONTINE OVERSEAS FUND, LTD.
	TONTINE CAPITAL OVERSEAS MASTER FUND, L.P.
	JEFFREY L. GENDELL
		
	By:	 	 /s/ Jeffrey L. Gendell

		 	Jeffrey L. Gendell, individually, and as managing member of Tontine Capital Management, L.L.C., general partner of Tontine Capital Partners, L.P., and as managing member of
Tontine Management, L.L.C., general partner of Tontine Partners, L.P., and as managing member of Tontine Overseas Associates, L.L.C., the investment adviser to Tontine Overseas Fund, Ltd., and as managing member of Tontine Capital Overseas GP,
L.L.C., general partner of Tontine Capital Overseas Master Fund, L.P.

 Signature Page to First Amendment 

  
 3

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