Document:

EX-4.(a)(iii)

 Exhibit 4(a)(iii) 

EXECUTION VERSION 
  

 
  

SHARE PURCHASE AGREEMENT 

by and among 

SUSTAINABLE LUXURY (BVI) LIMITED PARTNERSHIP (ACTING BY ITS GENERAL 

PARTNER, SUSTAINABLE LUXURY (BVI) LIMITED), 

SUSTAINABLE LUXURY HOLDINGS (BVI) LIMITED, 

and 
 INTER-CONTINENTAL
HOTELS CORPORATION 
 FEBRUARY 12, 2019 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 PURCHASE AND SALE OF COMPANY SHARES
	  	 	1	 
	 Section 1.01
	 	 Purchase and Sale of Company Shares
	  	 	1	 
	 Section 1.02
	 	 Purchase Price
	  	 	1	 
	 Section 1.03
	 	 Estimated Cash, Estimated Indebtedness, Estimated NWC and Estimated Transaction Expenses
	  	 	2	 
	 Section 1.04
	 	 The Closing Transactions
	  	 	2	 
	 Section 1.05
	 	 Final Cash, Final Indebtedness, Final NWC and Final Transaction Expenses
	  	 	3	 
	 Section 1.06
	 	 The Closing
	  	 	4	 
	 Section 1.07
	 	 Withholding
	  	 	4	 
		
	 ARTICLE 2 REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	5	 
	 Section 2.01
	 	 Organization and Power
	  	 	5	 
	 Section 2.02
	 	 Subsidiaries
	  	 	5	 
	 Section 2.03
	 	 Authorization; No Breach; Valid and Binding Agreement
	  	 	6	 
	 Section 2.04
	 	 Financial Statements
	  	 	6	 
	 Section 2.05
	 	 Absence of Certain Developments
	  	 	7	 
	 Section 2.06
	 	 No Undisclosed Liabilities
	  	 	9	 
	 Section 2.07
	 	 Real Property; Assets
	  	 	9	 
	 Section 2.08
	 	 Tax Matters
	  	 	9	 
	 Section 2.09
	 	 Contracts and Commitments
	  	 	11	 
	 Section 2.10
	 	 Intellectual Property; Company Software; IT Systems
	  	 	13	 
	 Section 2.11
	 	 Third Party IT Vendors
	  	 	15	 
	 Section 2.12
	 	 Litigation
	  	 	15	 
	 Section 2.13
	 	 Governmental Consents
	  	 	15	 
	 Section 2.14
	 	 Employee Benefit Plans
	  	 	16	 
	 Section 2.15
	 	 Labor and Employment
	  	 	17	 
	 Section 2.16
	 	 Insurance
	  	 	17	 
	 Section 2.17
	 	 Compliance with Laws; Permits
	  	 	18	 
	 Section 2.18
	 	 Environmental Matters
	  	 	19	 
	 Section 2.19
	 	 Affiliated Transactions
	  	 	19	 
	 Section 2.20
	 	 Brokerage
	  	 	19	 
		
	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
	  	 	19	 
	 Section 3.01
	 	 Organization and Power
	  	 	19	 
	 Section 3.02
	 	 Authorization; No Breach; Valid and Binding Agreement
	  	 	20	 
	 Section 3.03
	 	 Governmental Consents
	  	 	20	 
	 Section 3.04
	 	 Litigation
	  	 	20	 
	 Section 3.05
	 	 Brokerage
	  	 	20	 
	 Section 3.06
	 	 Solvency
	  	 	20	 

  
 - i - 

							
		
	 ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF THE SELLER
	  	 	21	 
	 Section 4.01
	 	 Organization
	  	 	21	 
	 Section 4.02
	 	 Authorization; No Breach; Valid and Binding Agreement
	  	 	21	 
	 Section 4.03
	 	 Ownership of Company Shares
	  	 	21	 
	 Section 4.04
	 	 Brokerage
	  	 	21	 
	 Section 4.05
	 	 Litigation
	  	 	21	 
		
	 ARTICLE 5 COVENANTS OF THE SELLER
	  	 	22	 
	 Section 5.01
	 	 Non-Solicitation;
No-Hire
	  	 	22	 
		
	 ARTICLE 6 COVENANTS OF THE PURCHASER
	  	 	22	 
	 Section 6.01
	 	 Access to Books and Records
	  	 	22	 
	 Section 6.02
	 	 Director and Officer Liability and Indemnification Matters; Seller and Company Release
	  	 	23	 
	 Section 6.03
	 	 Insurance Policy
	  	 	24	 
	 Section 6.04
	 	 New York Project Holdback Amount Release
	  	 	24	 
		
	 ARTICLE 7 INDEMNIFICATION
	  	 	25	 
	 Section 7.01
	 	 Survival of Representations, Warranties, Covenants and Agreements
	  	 	25	 
	 Section 7.02
	 	 Indemnification for the Benefit of the Purchaser Indemnified Parties
	  	 	25	 
	 Section 7.03
	 	 Indemnification by the Purchaser for the Benefit of the Seller Indemnified Parties
	  	 	27	 
	 Section 7.04
	 	 Mitigation
	  	 	27	 
	 Section 7.05
	 	 Defense of Claims
	  	 	27	 
	 Section 7.06
	 	 Determination of Loss Amount
	  	 	28	 
	 Section 7.07
	 	 Acknowledgment of the Purchaser
	  	 	29	 
		
	 ARTICLE 8 ADDITIONAL COVENANTS
	  	 	30	 
	 Section 8.01
	 	 Tax Matters
	  	 	30	 
	 Section 8.02
	 	 Confidentiality
	  	 	32	 
	 Section 8.03
	 	 Further Assurances
	  	 	33	 
	 Section 8.04
	 	 Provisions Respecting Legal Representation
	  	 	33	 
	 Section 8.05
	 	 Press Releases and Communications
	  	 	34	 
		
	 ARTICLE 9 DEFINITIONS
	  	 	35	 
	 Section 9.01
	 	 Definitions
	  	 	35	 
	 Section 9.02
	 	 Other Definitional Provisions
	  	 	43	 
	 Section 9.03
	 	 Cross-Reference of Other Definitions
	  	 	43	 
		
	 ARTICLE 10 MISCELLANEOUS
	  	 	46	 
	 Section 10.01
	 	 Expenses
	  	 	46	 
	 Section 10.02
	 	 Knowledge Defined
	  	 	46	 
	 Section 10.03
	 	 Notices
	  	 	46	 
	 Section 10.04
	 	 Assignment
	  	 	47	 
	 Section 10.05
	 	 Severability
	  	 	47	 
	 Section 10.06
	 	 References
	  	 	48	 
	 Section 10.07
	 	 Construction
	  	 	48	 

  
 - ii - 

							
	 Section 10.08
	 	 Amendment and Waiver
	  	 	48	 
	 Section 10.09
	 	 Complete Agreement
	  	 	48	 
	 Section 10.10
	 	 Third-Party Beneficiaries
	  	 	48	 
	 Section 10.11
	 	 Waiver of Trial by Jury
	  	 	49	 
	 Section 10.12
	 	 Purchaser Deliveries
	  	 	49	 
	 Section 10.13
	 	 Electronic Delivery
	  	 	49	 
	 Section 10.14
	 	 Counterparts
	  	 	49	 
	 Section 10.15
	 	 Governing Law
	  	 	49	 
	 Section 10.16
	 	 Consent to Jurisdiction
	  	 	50	 
	 Section 10.17
	 	 Specific Performance
	  	 	50	 
	 Section 10.18
	 	 Consents
	  	 	50	 
	 Section 10.19
	 	 Non-Recourse
	  	 	51	 
	 Section 10.20
	 	 Chengdu Receivable
	  	 	51	 

  
 - iii - 

 SHARE PURCHASE AGREEMENT 

THIS SHARE PURCHASE AGREEMENT (this “Agreement”), dated as of February 12, 2019, is made by and among: Sustainable
Luxury (BVI) Limited Partnership (acting by its general partner, Sustainable Luxury (BVI) Limited), a business company incorporated under the laws of the British Virgin Islands (the “Seller”); Sustainable Luxury Holdings (BVI)
Limited, a business company incorporated under the laws of the British Virgin Islands (the “Company”); and Inter-Continental Hotels Corporation, a Delaware corporation (the “Purchaser”). Capitalized terms used and
not otherwise defined herein have the meanings set forth in Article 9 below. 
 WHEREAS, the Seller owns 100% of the outstanding
ordinary shares of the Company (the “Company Shares”); 
 WHEREAS, subject to the terms of this Agreement, the Purchaser
desires to acquire from the Seller, and the Seller desires to sell to the Purchaser, all of the Company Shares; 
 WHEREAS, concurrently
with the execution and delivery of this Agreement, and as a condition and inducement to the willingness of the Purchaser to enter into this Agreement, each of the Employee Shareholders has separately executed a share transfer agreement with the
Purchaser (or its designee), pursuant to which each such Employee Shareholder shall transfer all of his or her Equity Interests in any Subsidiary of the Company to the Person designated by the Purchaser therein; 

WHEREAS, the respective board of directors, general partner or board of managers, as applicable, of the Purchaser, the Seller and the Company
have approved this Agreement and the transactions contemplated hereby, upon the terms set forth herein; and 
 NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1 
 PURCHASE
AND SALE OF COMPANY SHARES 
 Section 1.01    Purchase and Sale of Company Shares. On the terms
hereof, at the Closing, (a) the Seller shall sell, assign, transfer and convey to the Purchaser, and the Purchaser shall purchase and acquire from the Seller, all of the Company Shares, free and clear of any Liens and restrictions on transfer
(other than any restrictions under applicable securities laws), and (b) in consideration of the sale, assignment, transfer and conveyance of the Company Shares hereby and the covenants and agreements contained herein, the Purchaser shall
deliver to the Seller the consideration specified in Section 1.02. 

Section 1.02    Purchase Price. 

(a)    For purposes of this Agreement, the aggregate purchase price (the “Purchase Price”) to be paid for
the Company Shares shall be an amount equal to: (i) $300,000,000 (the “Base Consideration”), minus (ii) Final Indebtedness, minus (iii) the Escrow Amount, minus (iv) the New York Project
Holdback Amount, minus (v) the NWC Shortfall, if any, plus (vi) Final Cash, minus (vii) Final Transaction Expenses, plus (viii) the NWC Excess, if any. 

(b)    For purposes of this Agreement, the “Preliminary Purchase Price” shall be an amount equal to
(i) the Base Consideration, minus (ii) Estimated Indebtedness, minus (iii) the Escrow 

 
Amount, minus (iv) the New York Project Holdback Amount, minus (v) the Estimated NWC Shortfall, if any, plus (vi) Estimated Cash, minus (vii) the
Estimated Transaction Expenses, plus (viii) the Estimated NWC Excess, if any. 

Section 1.03    Estimated Cash, Estimated Indebtedness, Estimated NWC and Estimated Transaction Expenses.
Attached hereto as Exhibit A is: (a) the Company’s good faith estimate of (i) the amount of Cash as of 11:59 p.m. Eastern Time on the day immediately prior to the Closing Date (“Estimated Cash”); (ii)
the amount of Indebtedness which will be outstanding immediately prior to the Closing (“Estimated Indebtedness”); (iii) the amount of Transaction Expenses that will be unpaid as of immediately prior to the Closing (the
“Estimated Transaction Expenses”); and (iv) the NWC as of 11:59 p.m. Eastern Time on the day immediately prior to the Closing Date (“Estimated NWC”), and (b) a statement showing the calculation of the
Preliminary Purchase Price based on the foregoing. 
 Section 1.04    The Closing Transactions. Subject to
the terms and conditions set forth in this Agreement, the parties shall consummate the following transactions at the Closing: 

(a)    the Purchaser shall deliver to the Seller the Preliminary Purchase Price by wire transfer of immediately available
funds to the account set forth on Exhibit A; 
 (b)    the Purchaser shall deposit an amount equal to $1,500,000
(the “Escrow Amount”) into an escrow account (the “Escrow Account”) established pursuant to the terms and conditions of the certain escrow agreement, a copy of which is attached hereto Exhibit B (the
“Escrow Agreement”), dated as of even date herewith, by and among the Purchaser, the Seller and Citibank, N.A., as escrow agent (the “Escrow Agent”); 

(c)    the Seller shall deliver to the Purchaser a written instrument of transfer duly executed by the Seller; 

(d)    the Seller or the Company, as applicable, shall deliver to the Purchaser each of the following: 

(i)    a certified copy of the Organizational Documents of the Company; 

(ii)    copies of the resolutions duly adopted by the Company’s board of directors and the
Seller’s general partner authorizing the execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated hereby; 

(iii)    the Escrow Agreement, duly executed by the Escrow Agent and the Seller; 

(iv)    evidence that the Company’s engagement letter with Evercore Inc. has been assigned to the
Seller effective as of 11:59 p.m. prevailing Eastern Time on the Closing Date; 
 (v)    evidence that
the contracts set forth on Schedule 1.04(d)(v) have been assigned to the Company or a Subsidiary of the Company; and 

(vi)    duly executed resignation letters, dated as of the date of this Agreement and effective as of the
Closing, from each member of the board of directors, managers or equivalent governing body of each of the Persons set forth on Schedule 1.04(d)(vi). 

  
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 (e)    the Purchaser shall deliver to the Seller each of the following:

 (i)    a copy of the resolutions duly adopted by the Purchaser’s board of directors (or its
equivalent governing body) authorizing the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby; and 

(ii)    the Escrow Agreement, duly executed by the Escrow Agent and the Purchaser; and 

(f)    the Purchaser shall pay, on behalf of the Seller or the Company (as applicable), the Estimated Transaction Expenses
(including, for the avoidance of doubt, any bonuses or similar payments to employees of the Company or any of its Subsidiaries that constitute Transaction Expenses) to the payees set forth on Exhibit A, by wire transfer of immediately
available funds to the accounts set forth next to the name of the applicable payee set forth on Exhibit A. 

Section 1.05    Final Cash, Final Indebtedness, Final NWC and Final Transaction Expenses. 

(a)    As promptly as possible, but in any event within sixty (60) days after the Closing Date, the Purchaser will
deliver to the Seller a statement showing the calculation of (i) the amount of Cash as of 11:59 p.m. Eastern Time on the day immediately prior to the Closing Date, (ii) the amount of Indebtedness as of immediately prior to the Closing,
(iii) the amount of Transaction Expenses unpaid as of immediately prior to the Closing, and (iv) the amount of NWC as of 11:59 p.m. Eastern Time on the day immediately prior to the Closing Date (the “Preliminary
Statement”). If the Preliminary Statement is not delivered to the Seller by the 60th day following the Closing Date, Estimated Cash, Estimated Indebtedness, Estimated NWC and Estimated
Transaction Expenses shall become final and binding on the parties hereto. The Purchaser shall prepare the Preliminary Statement in good faith and the amount of Cash, Indebtedness, NWC and Transaction Expenses set forth therein shall be determined
in accordance with the definitions thereof set forth in this Agreement, and shall not include any changes in assets or liabilities or other changes as a result of purchase accounting adjustments, arising from or resulting as a consequence of the
transactions contemplated hereby or resulting solely by virtue of any actions taken at or after the Closing. After delivery of the Preliminary Statement, the Seller and its accountants shall be permitted reasonable access to review the
Company’s books and records and work papers related to the preparation of the Preliminary Statement. The Seller and its accountants may make reasonable inquiries of the Purchaser, the Company and their respective accountants regarding questions
concerning, or disagreements with, the Preliminary Statement arising in the course of their review thereof, and the Purchaser shall, and shall cause the Company to, cause any such accountants to reasonably cooperate with and respond reasonably
promptly to such inquiries. 
 (b)    If the Seller has any objections to the Preliminary Statement, the Seller shall
deliver to the Purchaser a written statement which (i) specifies those items or amounts in the Preliminary Statement with which the Seller disagrees, (ii) contains a reasonably detailed description of the reasons for its objections to each
such item or amount contained therein to the extent made available to the Seller, and (iii) sets out the Seller’s calculation of any amounts in the Preliminary Statement with which the Seller disagrees (an “Objections
Statement”). If an Objections Statement is not delivered to the Purchaser within thirty (30) days after delivery of the Preliminary Statement, the Preliminary Statement shall be final, binding and
non-appealable by the parties hereto. The Seller and the Purchaser shall negotiate in good faith to resolve any such objections identified in the Objections Statement, but if they do not reach a final
resolution within thirty (30) days after the delivery of the Objections Statement, the Seller and the Purchaser shall submit such dispute to Duff & Phelps Corporation (“Duff & Phelps”);
provided that if Duff & Phelps is unable or unwilling to serve in such capacity, the Seller and the Purchaser shall jointly select an alternative expert from a nationally recognized independent public accounting firm that is not the
independent auditor of any of the Purchaser, the Seller or the Company (Duff & Phelps or the Person so selected, as applicable, the “Neutral Auditor”). Each of the Seller and the Purchaser may furnish to the Neutral Auditor
such information and documents as it deems relevant, with copies of such submission and all such documents 

  
 3 

 
and information being concurrently given to the other party. The Neutral Auditor shall consider only those items and amounts which are identified in the Objections Statement as being items which
the Seller and the Purchaser are unable to resolve. The Seller and the Purchaser shall use their commercially reasonable efforts to cause the Neutral Auditor to resolve all disagreements as soon as practicable. Further, the Neutral Auditor’s
determination shall be based solely on the definitions of Cash, Indebtedness, Transaction Expenses and NWC, in each case, as calculated in accordance with the terms of this Agreement, and the supporting material provided by the Purchaser and the
Seller which are in accordance with the terms and procedures set forth in this Agreement (i.e., not on the basis of an independent review) and may not assign a value to any particular item greater than the greatest value for such item claimed by
either party in such party’s submission to the Neutral Auditor or less than the lowest value for such item claimed by either party in such party’s submission to the Neutral Auditor. The resolution of the dispute by the Neutral Auditor
shall be final, binding and non-appealable on the parties hereto. The costs and expenses of the Neutral Auditor shall be allocated between the Purchaser and the Seller based upon the percentage which the
portion of the contested amount not awarded to each party bears to the amount actually contested by such party. For example, if the Seller claims Cash is $1,000 greater than the amount determined by the Purchaser’s accountants, the Purchaser
contests only $500 of the amount claimed by the Seller, and the Neutral Auditor ultimately resolves the dispute by awarding the Seller $300 of the $500 contested, then the costs and expenses of the Neutral Auditor will be allocated 60% (i.e., 300
÷ 500) to the Purchaser and 40% (i.e., 200 ÷ 500) to the Seller. The amount of Cash, the amount of Indebtedness, the amount of NWC and the amount of unpaid Transaction Expenses as finally determined pursuant to
Section 1.05(a) and this Section 1.05(b) shall be referred to herein as “Final Cash”, “Final Indebtedness”, “Final NWC” and “Final
Transaction Expenses”. 
 (c)    If, after Final Cash, Final Indebtedness, Final NWC and Final Transaction
Expenses are determined pursuant to this Section 1.05, the Preliminary Purchase Price is less than the Purchase Price (such shortfall, the “Shortfall Amount”), then the Purchaser shall, within three
(3) Business Days after Final Cash, Final Indebtedness, Final NWC and Final Transaction Expenses become final and binding on the parties pursuant to this Section 1.05, make payment of the Shortfall Amount by wire
transfer in immediately available funds to the Seller. 
 (d)    If, after Final Cash, Final Indebtedness, Final NWC and
Final Transaction Expenses are determined pursuant to this Section 1.05, the Preliminary Purchase Price is greater than the Purchase Price (such excess, the “Excess Amount”), then the Seller shall, within
three (3) Business Days after Final Cash, Final Indebtedness, Final NWC and Final Transaction Expenses become final and binding on the parties pursuant to this Section 1.05, make payment of the Excess Amount to the
Purchaser by wire transfer of immediately available funds to the Purchaser. 
 (e)    The Purchaser agrees that the
purchase price adjustment provided for in this Section 1.05, and the dispute resolution provisions provided for in this Section 1.05, shall be the exclusive remedies for any adjustments to the
Purchase Price. 
 Section 1.06    The Closing. The parties shall cause the closing of the transactions
contemplated by this Agreement (the “Closing”) to take place at the offices of Kirkland & Ellis LLP located at 300 North LaSalle Street, Chicago, Illinois at 10:00 a.m. local time on the date hereof (the
“Closing Date”); provided that, in lieu of a physical Closing, the parties agree that all documentary Closing deliverables may be exchanged electronically pursuant to Section 10.03. The Closing shall
be deemed effective as of 12:01 a.m. Eastern Time on the Closing Date. 
 Section 1.07    Withholding. The
parties agree that no amounts are required to be withheld by applicable Law from any payments by the Purchaser under this Agreement. 

  
 4 

 ARTICLE 2 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to the Purchaser as follows, as of the date of this Agreement, except as set forth in the schedules
accompanying this Agreement (the “Disclosure Schedules”): 
 Section 2.01    Organization and
Power. The Company is a business company duly incorporated, validly existing and in good standing under the Laws of the British Virgin Islands. The Company has all requisite power and authority and all material authorizations, licenses and
permits necessary to own and operate its properties and to carry on its businesses as now conducted. The Company and each of its Subsidiaries is qualified to do business in every jurisdiction in which its ownership of property or provision of
services or the conduct of its businesses as now provided or conducted requires it to qualify, except where the failure to be so qualified would not have a Material Adverse Effect. 

Section 2.02    Subsidiaries. 

(a)    Except as set forth on the Subsidiaries Schedule, the Company does not have any Subsidiaries or own or hold,
directly or indirectly, any Equity Interest in any other Person. Each Subsidiary of the Company and, to the Company’s knowledge, each of the Company JVs is an entity duly organized, validly existing and in good standing under the Laws of the
jurisdiction of its formation and has all requisite power and authority and all material authorizations, licenses and permits necessary to own and operate its properties and to carry on its businesses as now conducted. The Company has delivered to
the Purchaser true and complete copies of all of the Organizational Documents of each Subsidiary of the Company and, to the Company’s knowledge, each Company JV, and all respective amendments thereto, as currently in effect. Except as made
available to the Purchaser in the Data Room, there are no minute books or other material corporate governance records of the Company or any Subsidiary of the Company. No Subsidiary of the Company and, to the Company’s knowledge, no Company JV,
is in breach in any material respect of any provision of its Organizational Documents. 
 (b)    The Subsidiaries
Schedule sets forth an accurate and complete list of each Subsidiary of the Company and each Company JV, including for each Subsidiary of the Company and (solely to the Company’s knowledge) each Company JV: (i) its name and
jurisdiction of organization; (ii) the number of shares of authorized capital stock or other Equity Interests of each class of its capital stock or other Equity Interests and (iii) the number of issued and outstanding shares of each class
of its capital stock or other Equity Interests, the names of the holders thereof, and the number of shares or other Equity Interests held by each such holder. All of the Company Shares and all of the Equity Interests of each Subsidiary of the
Company and, to the Company’s knowledge, each Company JV, have been duly authorized and are validly issued, fully paid and non-assessable. Except as set forth on the Subsidiaries Schedule, each
Subsidiary of the Company is wholly-owned and all of the Equity Interests of each of the Company JVs held by the Company or one of its Subsidiaries are owned, directly or indirectly, beneficially and of record by the Company or one of its
Subsidiaries, free and clear of any Liens other than transfer restrictions imposed thereon by applicable securities Laws. There are no (A) existing options, warrants, calls, rights or agreements to which the Company or any Subsidiary of the
Company is a party requiring, and there are no securities of any Subsidiary of the Company outstanding that upon conversion or exchange would require, the issuance of any Equity Interest of the Company or any Subsidiary of the Company or other
securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase any Equity Interest of the Company or any Subsidiary of the Company or bonds, debentures, notes or other instruments of Indebtedness for borrowed
money having the right to vote on any matters on which the holders of any Equity Interests of the Company or any Subsidiary of the Company may vote. None of the 

  
 5 

 
Company Shares, nor any Equity Interests of any Subsidiary of the Company, have been issued in violation of, or are subject to, any preemptive or subscription rights. There are no options,
offers, warrants, profits interests, conversion or exchange rights, call contracts or other rights granted by the Seller or the Company or any Subsidiary of the Company to subscribe for or to purchase from the Company or such Subsidiary of the
Company, or contracts obligating the Seller or the Company or any Subsidiary of the Company to issue, repurchase, redeem, transfer, dispose of or sell, capital stock, partnership or limited liability company interests or other Equity Interests in
the Company (whether debt, equity or a combination thereof or whether convertible into or exchangeable or exercisable for such securities) or obligating the Company or any Subsidiary of the Company to grant, extend or enter into any such contract.

 Section 2.03    Authorization; No Breach; Valid and Binding Agreement. 

(a)    The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the
transactions contemplated hereby have been duly and validly authorized by all requisite action and no other proceedings on the Company’s part are necessary to authorize the execution, delivery or performance of this Agreement. 

(b)    The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the
transactions contemplated hereby do not and will not violate, in any material respect, any provisions of the Company’s, any Company Subsidiary’s or, to the Company’s knowledge, any Company JV’s Organizational Documents. 

(c)    Except (i) as set forth on the Authorization Schedule or (ii) where the failure of any of the
following to be true would not have a Material Adverse Effect, the execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby do not and will not:
(A) conflict with, constitute a default under, result in a breach or violation of, or result in the creation of any Lien (other than Permitted Liens) upon any assets of the Company or its Subsidiaries; (B) violate or result in a breach of,
or constitute a default or require consent under or give rise to any right of termination, cancellation or acceleration of any right or obligation under, with or without the giving of notice, any provision of any Material Contract to which the
Company or any of its Subsidiaries is a party; or (C) violate or result in a breach of any Law or Permit applicable to the Company, any Subsidiary of the Company or, to the Company’s knowledge, any Managed Property. 

(d)    This Agreement has been duly executed and delivered by the Company and, assuming that this Agreement is a valid and
binding obligation of the other parties hereto, constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting
creditors’ rights and general principles of equity affecting the availability of specific performance and other equitable remedies. 

Section 2.04    Financial Statements. 

(a)    The Financial Statements Schedule consists of true and correct copies of the following financial statements
(the “Financial Statements”): (i) the consolidated balance sheet of the Company as of September 30, 2018 (the “Latest Balance Sheet”) and the related statements of income and cash flows for the nine-month period then ended; (ii) the Company’s audited consolidated balance sheet as of December 31, 2017 and the related statements of income and cash flows for the fiscal year then ended (which,
for the avoidance of doubt, excludes Raison d’Etre Holdings (BVI) Limited); and (iii) the audited consolidated balance sheet of Raison d’Etre Holdings (BVI) Limited as of December 31, 2017 and the related statements of income and
cash flows for the fiscal year then ended. The Financial Statements have been based upon the information contained in the Company’s books and records and, except as expressly set forth on the Financial Statements Schedule, have been
prepared in accordance with IFRS, consistently 

  
 6 

 
applied throughout the periods indicated, and present fairly in all material respects the financial condition and results of operations of the Company and its Subsidiaries as of the times and for
the periods referred to therein, subject in the case of the unaudited financial statements to (A) the absence of footnote disclosures and other presentation items and (B) changes resulting from normal
year-end adjustments. 
 (b)    Each of the Company, each of the Company’s
Subsidiaries and, to the Company’s knowledge, each of the Company JVs, maintains accurate books and records reflecting its assets and liabilities and maintains internal accounting controls which provide reasonable assurance that
(i) transactions are executed with management’s authorization, (ii) transactions are recorded as necessary to permit preparation of financial statements and to maintain accountability for the assets of the Company and its Subsidiaries
and of the Company JVs, in each case, in accordance with IFRS, (iii) access to assets of the Company and its Subsidiaries and of the Company JVs is permitted only in accordance with management’s authorization, and (iv) accounts, notes
and other receivables and inventory are recorded accurately in accordance with IFRS. 
 (c)    Part (C) of the
Financial Statements Schedule sets forth a correct and complete list of the each of the following liabilities of the Company and its Subsidiaries: (i) any key money commitment; (ii) any liability for capital expenditures in respect
of a Managed Property, including any financing, guarantee, hotel guarantee or similar funding obligation; (iii) any obligation to make any capital contribution to a Company JV; and (iv) any capital commitment or similar obligation to any
Leased Real Property in excess of $50,000 individually, or $200,000 in the aggregate. 
 Section 2.05    Absence
of Certain Developments. Since the date of the Latest Balance Sheet, there has not been any Material Adverse Effect. Except as set forth on the Developments Schedule and except as expressly contemplated by this Agreement, since the date
of the Latest Balance Sheet, (a) the business of the Company and its Subsidiaries has been conducted in all material respects in the ordinary course consistent with past practice, and (b) neither the Company nor any of its Subsidiaries has
taken any of the following actions: 
 (i)    effected any recapitalization, reclassification, stock or
unit dividend, stock or unit split or similar change in the capitalization of the Company and its Subsidiaries or made any non-cash distribution or paid any non-cash
dividend, in each case, with respect to its Equity Interests; 
 (ii)    amended in any material respect
its Organizational Documents; 
 (iii)    mortgaged, pledged or subjected to any Lien (other than a
Permitted Lien) any material asset; 
 (iv)    sold, assigned or transferred any material tangible
assets; 
 (v)    sold, assigned, transferred, licensed (other than licenses granted in the ordinary
course of business) or subjected to any Lien (other than a Permitted Lien) any Trademark or any other material Company Intellectual Property; 

(vi)    failed to make required filings to maintain the registration of any Trademark or any other material
Company Intellectual Property or otherwise allowed to lapse or abandoned any Trademark or any other material Company Intellectual Property; 

  
 7 

 (vii)    issued, sold, transferred or mortgaged, pledged
or subjected to any Lien, any of its Equity Interests, or issued or sold any warrants, options or other rights to acquire its Equity Interests; 

(viii)    made any capital investment in, or any loan to, any other Person, except (A) pursuant to any
contracts in existence as of the date hereof that are set forth on the Contracts Schedule or that are not required to be set forth on the Contracts Schedule pursuant to Section 2.09(a) or (B) for
advancement of trade credit to customers or expenses to employees or Hotel owners in the ordinary course of business; 

(ix)    made any capital expenditures or commitments therefor, except (A) pursuant to any contracts in
existence on the date hereof that are set forth on the Contracts Schedule or that are not required to be set forth on the Contracts Schedule pursuant to Section 2.09(a) or (B) pursuant to the capital
expenditure budget of the Company and its Subsidiaries provided to the Purchaser prior to the date hereof; 

(x)    made any change in any method of accounting or accounting practice or policy, except as required by
applicable Law or IFRS; 
 (xi)    made any material change to its cash management practices or its
policies, practices and procedures with respect to collection of accounts receivable, establishment of reserves for uncollectible accounts, accrual of accounts receivable, prepayment of expenses, payment of trade accounts payable, accrual of other
expenses or deferral of revenue; 
 (xii)    adopted, amended or terminated any collective bargaining
agreement or any material Plan or materially increased the compensation of, or employee benefits offered to, any employee of the Company or its Subsidiaries, except as required to comply with applicable Law or pursuant to the terms of any Plan in
effect on the date hereof; 
 (xiii)    hired any new, or terminated (other than for cause) any existing,
employee of the Company or its Subsidiaries, except in the ordinary course of business or, with respect to employees with annual compensation not exceeding $200,000, for employees whose employment is terminable by the Company or its Subsidiary at
will; 
 (xiv)    amended, waived any material rights under or otherwise modified in any material respect
any Material Contract, in each case, in any respect materially adverse to the Company or any of its Subsidiaries or terminated any Material Contract, other than any renewal in the ordinary course of business prior to or following the expiration of a
Material Contract; provided that such renewal is on terms no less favorable to the Company or its Subsidiary than the expiring Material Contract; 

(xv)    acquired (by merger, consolidation, acquisition of stock or assets or otherwise) any corporation,
partnership or other business organization or division thereof or any Equity Interest therein; 

(xvi)    settled any claims, actions, arbitrations, disputes or other proceedings that (A) involve
claims for money damages in excess of $50,000, individually, or $200,000, in the aggregate; (B) involve any allegations that the operations of the business of the Company or any of its Subsidiaries infringe, or may infringe, the Trademarks of
any Person; (C) involve any allegations of infringement by any Person of any Trademark of the Company or any of its Subsidiaries; or (D) would result in the Company or any of its Subsidiaries or the business of the Company and its
Subsidiaries being subject to any injunction or other equitable relief; or 

  
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 (xvii)    agreed or committed to do any of the
foregoing. 
 Section 2.06    No Undisclosed Liabilities. Except as set forth on the No Undisclosed
Liabilities Schedule, the Company and its Subsidiaries do not have any liabilities that, individually or in the aggregate, would be material to the business of the Company and its Subsidiaries, taken as a whole, based on or arising out of
actions, inactions, states of fact, events, transactions or occurrences prior to the date hereof, other than liabilities: (a) reflected in the Latest Balance Sheet; (b) incurred in the ordinary course of business consistent with past
practice after the date of the Latest Balance Sheet; (c) incurred under this Agreement or in connection with the transactions contemplated hereby; or (d) that are executory performance obligations under Material Contracts or under other
contracts to which the Company or any of its Subsidiaries is party that were entered into in the ordinary course of business and are not required to be set forth on the Contracts Schedule pursuant to Section 2.09(a),
excluding any such liabilities under such contracts resulting from or arising out of the breach thereof or penalty or default thereunder. 

Section 2.07    Real Property; Assets. 

(a)    The Company or one of its Subsidiaries owns all of the material tangible personal property shown to be owned by them
on the Latest Balance Sheet, free and clear of all Liens, except for Permitted Liens and, to the Company’s knowledge, all such tangible personal property is in normal operating condition and repair, ordinary wear and tear and repairs being
carried out in the ordinary course of business excepted. 
 (b)    The real property listed by address on the Real
Property Schedule (the “Leased Real Property”) constitutes all of the real property leased or otherwise subject to any similar occupancy arrangement by the Company and its Subsidiaries. The leases under which the Company or one
of its Subsidiaries leases the Leased Real Property, including any extensions or renewals of the terms thereof (the “Real Property Leases”) are valid and binding agreements in full force and effect, enforceable in accordance with
their terms, and the Company or one of its Subsidiaries holds a valid leasehold interest in the Leased Real Property to which each Real Property Lease relates, subject to proper authorization and execution of such Real Property Lease by any other
party thereto and the application of any bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the availability of specific performance and other equitable remedies. Neither the Company nor
any of its Subsidiaries is in default in any material respect under, or has received any notice of any default or any event that, with notice or lapse of time, or both, would constitute a default, by the Company or any of its Subsidiaries under, any
Real Property Lease. To the Company’s knowledge, no other party to a Real Property Lease is in default in any material respect under any Real Property Lease. The Company has delivered to the Purchaser true, correct and complete copies of each
Real Property Lease, along with all amendments, modifications and supplements thereto, and there are no actions, suits, proceedings, condemnation actions or investigations or eminent domain proceedings pending or, to the Company’s knowledge,
threatened against the Leased Real Property. The use of the Leased Real Property by the Company and its Subsidiaries complies in all material respects with all applicable Laws. 

(c)    Neither the Company nor any of its Subsidiaries owns any real property. 

Section 2.08    Tax Matters. Except as set forth on the Taxes Schedule: 

(a)    The Company and its Subsidiaries have filed all income Tax Returns and all other material Tax Returns that are
required to be filed by them (taking into account any applicable and properly 

  
 9 

 
obtained extensions of time to file) and such Tax Returns are correct and complete in all material respects. The Company and its Subsidiaries have timely paid or properly accrued all material
Taxes shown as due on such Tax Returns (except those that are being contested in good faith or that have been reserved for in accordance with IFRS and are reflected as a liability on the Latest Balance Sheet). All material Taxes that the Company and
its Subsidiaries are obligated to withhold from amounts owing to any employee, creditor or third party have been fully paid or properly accrued. All material liabilities for unpaid Taxes of the Company and its Subsidiaries as of the date of the
Latest Balance Sheet are reserved for or otherwise reflected as a liability on the Latest Balance Sheet. 
 (b)    No
material Tax audits or administrative or judicial Tax proceedings are pending or being conducted with respect to the Company or any of its Subsidiaries. Neither the Company nor any of its Subsidiaries has received from any taxing authority any
written notice of deficiency or proposed adjustment for any amount of material Tax that has not been fully paid or settled. Neither the Company nor any of its Subsidiaries has waived any statute of limitations in respect of material Taxes beyond the
date hereof or agreed to any extension of time beyond the date hereof with respect to a material Tax assessment or deficiency, which waiver or extension is still outstanding. 

(c)    Neither the Company nor any of its Subsidiaries (i) has been a member of an Affiliated Group filing a
consolidated U.S. federal income Tax Return or (ii) has any liability for the Taxes of any Person (other than the Company and its Subsidiaries) under any provision of federal, state, local or non-U.S.
Law, as a transferee or successor (other than as a result of being a member of a group, the common parent of which was the Company or any of its Subsidiaries) or by contract (other than ordinary course agreements, such as leases or loans, the
primary subject matter of which is not Taxes). 
 (d)    Neither the Company nor any of its Subsidiaries has distributed
stock of another Person, or has had its stock distributed by another Person, in a transaction within the two-year period ending on the date of this Agreement that was purported or intended to be governed in
whole or in part by Section 355 or 361 of the Code. 
 (e)    There are no Liens for Taxes (other than Permitted
Liens) upon any of the assets of the Company or any of its Subsidiaries. 
 (f)    Neither the Company nor any of its
Subsidiaries has participated in any “listed transaction” within the meaning of Section 1.6011-4 of the Treasury Regulations. 

(g)    The Company and each Subsidiary is, for U.S. federal income Tax purposes, treated as an association taxable as a
corporation and has not made any election to be treated as an association taxable as a corporation for such purposes within the past five years and, with respect to each Company JV, the Company has not made, and has not caused a Company JV to make,
any entity classification election under Section 301.7701-3(c) of the Treasury Regulations. 

(h)    Neither the Company nor any of its Subsidiaries will be required to include any material item of income in, or
exclude any material deduction from, a Tax Return for a Tax period beginning after the Closing as a result of any change in method of Tax accounting or agreement with any taxing authority made or entered into prior to the Closing, installment sale
or open transaction disposition made on or prior to the Closing or prepaid amount received on or prior to the Closing. 

(i)    The Company and each of its Subsidiaries is, and each has been since the time of its formation, resident for Tax
purposes in the country under the laws of which it has been formed, and will not be regarded as resident for Tax purposes in any other country or as carrying on business at or through a permanent establishment in any other country. 

  
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 (j)    Neither the Company nor any of its Subsidiaries is liable for any
Tax as the agent of any other person or business or constitutes a permanent establishment of any other person, business or enterprise for any Tax purpose. 

No representation or warranty is made in this Agreement with respect to the amount, sufficiency or usability of any net operating loss,
capital loss, Tax basis or other Tax attribute, or the availability of any Tax positions in periods after the Closing. 

Section 2.09    Contracts and Commitments. 

(a)    Except as set forth on the Contracts Schedule (such contracts required to be disclosed thereon, the
“Material Contracts”), neither the Company nor any of its Subsidiaries is party to or bound by any of the following (whether written or oral): 

(i)    bonus, pension, profit sharing, retirement or other form of deferred compensation plan, other than
as described in Section 2.14 or the Disclosure Schedules relating thereto; 

(ii)    contract, letter or agreement for the employment of any officer, individual employee or other
person on a full-time or consulting basis providing for base compensation in excess of $100,000 per year; 

(iii)    agreement, note, bond or indenture relating to the borrowing of money or to mortgaging, pledging
or otherwise placing a Lien (other than Permitted Liens) on any of the assets of the Company or any Subsidiary of the Company or that evidences any Indebtedness for borrowed money of the Company or of any Subsidiary of the Company; 

(iv)    agreement, note, bond or indenture relating to the lending of money to any Person by the Company or
any Subsidiary of the Company; 
 (v)    guaranty of any obligation for borrowed money or of the type
described on Part C of the Financial Statements Schedule; 
 (vi)    lease or agreement under
which it is lessee of, or holds or operates, any tangible personal property owned by any other Person for which the annual rental exceeds $50,000; 

(vii)    lease or agreement under which it is lessor of, or permits any third Person to hold or operate,
any of its tangible personal property; 
 (viii)    contract or group of related contracts with the same
party (other than standard purchase orders) for the purchase by the Company or any Subsidiary of the Company of products or services requiring annual payments in excess of $250,000 during the trailing twelve-month period ending on the date of the
Latest Balance Sheet and which is not terminable by the Company or such Subsidiary on notice of one (1) year or less to the counterparty or counterparties thereto; 

(ix)    contract or group of related contracts, other than Management Agreements, with any Person that
provides for annual revenues to the Company or any Subsidiary of the Company during the trailing twelve-month period ending on the date of the Latest Balance Sheet in excess of $500,000; 

  
 11 

 (x)    agreement relating to any completed material
business acquisition by the Company or any Subsidiary of the Company since January 1, 2015; 

(xi)    material license or agreement relating to the use by the Company or any Subsidiary of the Company
of any third-party Intellectual Property or to the use by any Person of any Company Intellectual Property; 

(xii)    contract which prohibits the Company or any of its Subsidiaries from freely engaging in any
business anywhere in the world; 
 (xiii)    Management Agreement or binding letter of intent in respect
of a Management Agreement contemplated to be entered into by the Company or one of its Subsidiaries; 

(xiv)    partnership, joint venture, franchise or other similar equity investment agreements with any
Person, other than the Company or any Subsidiary of the Company; 
 (xv)    agreement associated with
hedges, derivatives or other similar financial instruments; 
 (xvi)    agreement that requires the
Company or any of its Subsidiaries to pay any commission, finders’ fee, royalty or similar payment to any Person after the Closing, whether for transactions or otherwise, other than agreements for the licensing of standard, “off-the-shelf” software (and, with respect to those agreements marked with an asterisk in clause (a)(xvi) of the Contracts Schedule, which constitute the only
agreements required to be so scheduled in respect of projects that relate to executed Management Agreements, such schedule also sets forth the amounts so payable upon the reaching of milestones set out therein); or 

(xvii)    travel agency or performance marketing agreement, including agreements with online travel
agencies or other third-party intermediaries. 
 (b)    Except as set forth on the Contracts Schedule, with
respect to each Material Contract: (i) such Material Contract is a valid and binding agreement of the Company or such Subsidiary and, to the Company’s knowledge, of the other party or parties thereto, enforceable in accordance with its
terms, except as the enforcement thereof may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the availability of specific performance and other equitable remedies;
(ii) such Material Contract is in full force and effect; (iii) neither the Company nor such Subsidiary is in breach in any material respect of, or default in any material respect under, such Material Contract; (iv) neither the Company
nor such Subsidiary has received any notice of, and, to the Company’s knowledge, there are no facts or circumstances that would serve as the basis of, any default under such Material Contract that, with notice or lapse of time, would void such
Material Contract or permit termination, material modification or acceleration, as applicable, under such Material Contract; (v) to the Company’s knowledge, no other party is, in any material respect, in breach of or default under such
Material Contract or has repudiated any term of such Material Contract; and (vi) the Company or such Subsidiary has not received any notice of, and, to the Company’s knowledge, there are no facts or circumstances that would reasonably
serve as the basis for, any termination, cancellation or non-renewal with respect to such Material Contracts. 

(c)    Except as set forth on the Contracts Schedule, since January 1, 2015, there has been no alleged or
outstanding failure of a performance test to which the Company or any of the Subsidiaries of the Company is subject under any Material Contract. 

  
 12 

 (d)    The Company has made available to the Purchaser complete and
correct copies of all Material Contracts (including all amendments, modifications, supplements and side letters thereto). 

(e)    With respect to the guarantees given by the Company or any Subsidiary of the Company set forth on Part C of the
Financial Statements Schedule (each, a “Guaranteed Loan”), neither the Company nor any Subsidiary of the Company has received any notice of, and, to the Company’s knowledge, there are not facts or circumstances that would serve
as the basis of, any default under any Guaranteed Loan. The Company has made available to the Purchaser complete and correct copies of all underlying loan and security agreements related to any Guaranteed Loan (including all amendments,
modifications, supplements and side letters thereto). 
 Section 2.10    Intellectual Property; Company
Software; IT Systems. 
 (a)    The Intellectual Property Schedule contains a complete list of all material
unregistered Trademarks and all registered Intellectual Property (including domain names) or pending applications therefor for Patents and Copyrights owned or purported to be owned by the Company or any of its Subsidiaries (collectively, the
“Company Intellectual Property”). With respect to all Company Intellectual Property material to the Company or its Subsidiaries, (i) all necessary registrations, maintenance or annuity, and renewal, maintenance or other fees in
connection with the Company Intellectual Property have been made for each item of Company Intellectual Property as and when due; (ii) all necessary documents and certificates in connection with such Company Intellectual Property have been filed
with and all relevant fees have been paid to the relevant patent, copyright, trademark or other authorities in the United States or foreign jurisdictions, as the case may be, for the purposes of maintaining such Company Intellectual Property; and
(iii) all payments due and payable in respect of such listed registrations and applications have been paid in full. Except as set forth on the Intellectual Property Schedule, to the Company’s knowledge, there are no outstanding
deadlines of any patent, copyright or trademark office (or any analogous office or registry anywhere in the world) in relation to the Company Intellectual Property that will expire within three (3) months of the date of this Agreement. 

(b)    Except as set forth on the Intellectual Property Schedule: (i) the Company or one of its Subsidiaries
(A) is the sole and exclusive owner of all right, title and interest in each item of the Company Intellectual Property, free and clear of all Liens, except Permitted Liens, and (B) has the sole and exclusive right to bring actions for
infringement and misappropriation of the Company Intellectual Property; (ii) to the Company’s knowledge, neither the Company nor any of its Subsidiaries is currently infringing, misappropriating, diluting or otherwise violating the
Intellectual Property of any other Person; (iii) the registered Company Intellectual Property is valid and enforceable; (iv) to the Company’s knowledge, the Company Intellectual Property is not currently being infringed or
misappropriated by any Person in a manner that is reasonably likely to be material to the Company’s or any of its Subsidiaries’ businesses; (v) to the Company’s knowledge, the Company or one of its Subsidiaries owns or has the
right to use all Intellectual Property necessary for the operation of their respective businesses; (vi) there are no judgments, orders, decrees, other official determinations or contractual obligations that invalidate or limit the ownership or
enforceability of any of the Company Intellectual Property; and (vii) no action or proceeding is pending or, to the Company’s knowledge, threatened against the Company or any of its Subsidiaries that challenges the validity,
enforceability, registration, ownership or use of any of the Company Intellectual Property. Except as set forth on the Intellectual Property Schedule, no settlements, consents, covenants not to sue or
non-assertion assurances or releases have been entered into by the Company or its Subsidiaries or to which the Company or one of its Subsidiaries is bound that adversely affects the right or ability of the
Company or any of its Subsidiaries to own, make, use, transfer, encumber, assign, license, distribute, convey, sell or otherwise exploit any (x) Company Intellectual Property, (y) material unregistered Intellectual Property owned by the
Company or one of its Subsidiaries or (z) to the Company’s knowledge, Intellectual Proerpty otherwise necessary for the operation of the business of the Company and its Subsidiaries. 

  
 13 

 (c)    The execution, delivery and performance of this Agreement, the
consummation of the transactions contemplated hereby and the fulfillment of and the performance by the Seller and the Company of their respective obligations hereunder will not result in the loss, forfeiture, termination, invalidity or impairment
of, or give rise to a right of any Person to limit, terminate or consent to the continued use of, any rights of the Company and any of its Subsidiaries in any Intellectual Property material to Company or any of its Subsidiaries. 

(d)    The Company Intellectual Property will be owned by the Company or one of its Subsidiaries immediately following the
Closing on terms and conditions substantially similar to those of the ownership of the Company Intellectual Property by the Company and its Subsidiaries immediately prior to the Closing. 

(e)    Except as set forth on the Intellectual Property Schedule, since January 1, 2015 (or earlier, if not
presently resolved), neither the Company nor any of its Subsidiaries has received any written notice of infringement, misappropriation or dilution from any Person with respect to such Person’s Intellectual Property where the allegations in such
notice, if true, would reasonably be expected to be material to the Company or one of its Subsidiaries. 
 (f)    The
Company and its Subsidiaries take steps consistent with current industry standards and reasonable under the circumstances to protect their material trade secrets. 

(g)    Except as set forth on the Intellectual Property Schedule, the Company and its Subsidiaries have in place
commercially reasonable measures, consistent with current industry standards, to protect the confidentiality, integrity and security of the computers, servers, workstations, routers, hubs, switches, circuits, networks and other information
technology equipment used by the Company or its Subsidiaries (and all information and transactions stored or contained therein or transmitted thereby), including those used in the collection, processing, sharing, storing or the manipulation of
personal data (collectively, the “IT Systems”) against any unauthorized use, access, interruption, modification or corruption. Except as set forth on the Intellectual Property Schedule, since January 1, 2015, to the
Company’s knowledge, there has been no unauthorized access, use or intrusion, or breach of security, or failure, breakdown, performance reduction or other adverse event affecting the Company’s and its Subsidiaries’ IT Systems or, to
the Company’s knowledge, the IT systems of any third party vendor providing service to, for or on behalf of the Company or any of its Subsidiaries (each, a “Third Party IT Vendor”) that has caused or could reasonably be
expected to cause any: (i) substantial disruption of, or interruption in or to the use of, such IT Systems or the conduct of the business of the Company and its Subsidiaries; (ii) loss, destruction, damage or harm of or to the business of
the Company and its Subsidiaries; or (iii) liability of any kind to the business of the Company and its Subsidiaries. 

(h)    Each of the Company and its Subsidiaries has a policy requiring each employee or independent contractor to execute
confidentiality agreements in respect of Company Intellectual Property. Since January 1, 2015, all employees, agents, consultants, contractors or other Persons who have contributed to or participated in the creation or development (on behalf of
the Company and its Subsidiaries) of any material Company Intellectual Property have executed a confidentiality agreement with the Company or one of its Subsidiaries and: (i) are a party to a “work-for-hire” agreement under which the Company or one of its Subsidiaries is deemed to be the original owner/author of the copyrights described therein; (ii) are or were employees of the
Company or one of its Subsidiaries and created or developed such Company Intellectual Property within the scope of their employment; or (iii) have executed an assignment or an agreement to assign in favor of the Company or one of its
Subsidiaries of all of their right (including, 

  
 14 

 
if allowed under applicable law, all moral rights), title and interest in and to their Intellectual Property in such creation or development. To the Company’s knowledge, no current or former
employee or independent contractor of the Company or any of its Subsidiaries has entered into any agreement, contract, obligation, promise or undertaking (whether written or oral, express or implied) that restricts or limits in any way the scope of
the Company Intellectual Property or requires the employee or independent contractor to transfer, assign or disclose information concerning the Company Intellectual Property to any Person other than the Company or one of its Subsidiaries. 

(i)    The Company and its Subsidiaries have not licensed the Company Software to any third party other than Hotel
partners. The Company and its Subsidiaries exclusively own and possess the documentation and source code for the Company Software. The Company Software has not manifested any material operating problem that appears to be incapable of remediation in
the ordinary course of business. No Company Software that is licensed to Hotel partners contains, is derived from, or is distributed with, open source code that is licensed under any terms that impose a requirement or condition that any Company
Software or part thereof: (A) be disclosed or distributed in source code form; (B) be licensed for the purpose of making modifications or derivative works; or (C) be redistributable at no charge. 

(j)    The Social Media Accounts, Internet domain names and URLs under which the Company and its Subsidiaries operate are
registered in the name of the Company or one of its Subsidiaries, not in the name of any employee or third-party agent of the Company or any of its Subsidiaries, and (together with any content and other materials accessible and/or displayed
thereon), will to the Company’s knowledge, continue to operate and be accessible to Internet users immediately after the date of this Agreement. To the Company’s knowledge, the Company or one of its Subsidiaries has the right to control
and transfer all social media handles, user names and passwords for the Social Media Accounts, Internet domain names and URLs. The transactions contemplated by this Agreement will not result in either the loss or impairment of the Company’s or
its Subsidiaries’ ability to use, operate or maintain any Social Media Account or the breach of any terms of use, terms of service or other agreements or contracts applicable to such Social Media Accounts. 

Section 2.11    Third Party IT Vendors. To the Company’s knowledge, with respect to the business of the
Company and its Subsidiaries, the Company’s and its Subsidiaries’ Third Party IT Vendors are, and have been at all times in the last four (4) years, in compliance in all material respects with all applicable Privacy Laws. Neither
the Company nor any of its Subsidiaries has received any notice that, with respect to the business of the Company and its Subsidiaries, any of the Company’s or its Subsidiaries’ Third Party IT Vendors has failed to comply with applicable
Privacy Laws. 
 Section 2.12    Litigation. Except as set forth on the Litigation Schedule: there is
no civil, criminal or administrative charge, complaint, suit, arbitration, mediation or judicial proceeding of any nature (i) pending or, to the Company’s knowledge, threatened against the Company or any of its Subsidiaries or,
(ii) to the Company’s knowledge, pending or threatened against any Company JV, in each case, at law or in equity, before or by any Governmental Authority, which (A) individually seeks more than $50,000 in damages or which in the
aggregate seeks more than $200,000 in damages or (B) seeks as its principal remedy injunctive or other equitable relief, and the Company and its Subsidiaries and, to the Company’s knowledge, the Company JVs, are not subject to any
outstanding judgment, order or decree of any court or other Governmental Authority. To the Company’s knowledge, there is no felony criminal charge, or written allegation or notice of a claim thereof, against any owner of a Hotel that is a
Managed Property or developer of a Residence Project that is a Managed Property that relates to the ownership, operation or development of such Hotel or Residence Project. 

Section 2.13    Governmental Consents. No permit, consent, approval, authorization or other action of, or
declaration to or filing with, any Governmental Authority is required to be obtained by the Company or any of its Subsidiaries in connection with the execution, delivery or performance of this Agreement by the Company or the consummation of the
transactions contemplated hereby. 

  
 15 

 Section 2.14    Employee Benefit Plans. 

(a)    Except as listed on the Employee Benefits Schedule, the Company and its Subsidiaries do not maintain, sponsor
or contribute to, or have any obligation to contribute to, or have any liability with respect to, any material Plan. Each of the Plans that is intended to be qualified under Section 401(a) of the Code has received a favorable determination
letter from the Internal Revenue Service upon which it may rely or is a prototype plan that is entitled to rely on an opinion letter issued by the Internal Revenue Service to the prototype plan sponsor regarding qualification of the form of the
prototype plan and, to the Company’s knowledge, no event has occurred, whether by action or by failure to act with respect to such Plan, that has caused or could reasonably be expected to cause the loss of qualification of such Plan or the
imposition of any material penalty or Tax liability on the Company or its Subsidiaries. The Plans comply in form, and have been maintained and operated in compliance in all material respects, with their terms and applicable Law, including with the
requirements of the Code and ERISA. 
 (b)    With respect to the Plans, all required contributions have been made or
properly accrued in accordance with the provisions of each of the Plans, applicable Law and IFRS. Neither the Company nor any of its Subsidiaries contributes to, is required to contribute to, or otherwise participates in, or has any liability
(including on account of being a single employer under Section 414 of the Code with any other Person) with respect to, any plan subject to Section 412 of the Code, Section 302 of ERISA or Title IV of ERISA, including any
“multiemployer plan” (within the meaning of Sections 3(37) or 4001(a)(3) of ERISA). 
 (c)    The Company has
made available to the Purchaser true and complete copies of, to the extent applicable (and with respect to a foreign Plan, to the extent reasonably available), (i) the current Plan document, including all amendments and current trust documents and
administrative service agreements related thereto, (ii) the most recent determination letter received from the Internal Revenue Service regarding each Plan, if any, (iii) the most recent summary plan description, if any, required under
ERISA with respect to each Plan, and (iv) the three (3) most recent Form 5500 annual reports for each Plan. 

(d)    No proceeding has been asserted, instituted or, to the Company’s knowledge, threatened against any of the
Plans (other than routine claims for benefits and appeals of such claims) and no Plan is under, and neither the Company nor its Subsidiaries has received any notice of, an audit or investigation by the IRS, Department of Labor or any other
Governmental Authority, and no such completed audit, if any, has resulted in the imposition of any Tax or penalty on the Company or its Subsidiaries that remains unpaid. 

(e)    No Plan provides post-retirement health, welfare or life insurance benefits to any current or former employee of
the Company or its Subsidiaries, except as required under Section 4980B of the Code, Part 6 of Title I of ERISA or any other applicable Law. 

(f)    With respect to each Plan maintained outside the jurisdiction of the United States, including any such plan
required to be maintained or contributed to by applicable Law, custom or rule of the relevant jurisdiction and that is not maintained by a Governmental Authority: (i) all material employer and employee contributions required by Law or by the
terms of such Plan to have been made by the Company or its Subsidiaries have been made, or, if applicable, accrued in accordance with normal accounting practices; and (ii) each such Plan required to be registered by the Company or its
Subsidiaries has been registered and has been maintained in all material respects in good standing with applicable regulatory authorities. 

  
 16 

 (g)    The consummation of the transactions contemplated by this
Agreement, alone or in combination with any other event, will not accelerate the time of payment or vesting or increase the amount, or require the funding, of compensation or benefits due to any employee, director or other individual service
provider of the Company or its Subsidiaries (whether current, former or retired) or such Person’s beneficiaries, in each case under any Plan. 

(h)    No amount received (whether in cash or property or the vesting of property) as a result of the consummation of the
transactions contemplated by this Agreement by any employee, director or other service provider of the Company or its Subsidiaries under any Plan or otherwise will not be deductible by reason of Section 280G of the Code or will be subject to an
excise tax under Section 4999 of the Code. Neither the Company nor any of its Subsidiaries has any indemnity obligation on or after the date hereof for any Taxes imposed under Section 4999 or 409A of the Code (other than any such
obligation contained in any arrangement established by the Purchaser or any of its affiliates. 

Section 2.15    Labor and Employment. The Company has made available a true and complete list as of the date
hereof (which may be anonymized to the extent necessary to comply with applicable Data Privacy Laws) setting forth, for each corporate office employee of the Company and its Subsidiaries, such individual’s name, title, job location, employer,
hire date, full- or part-time status, annual salary or wage rate, most recent annual bonus received and current annual bonus opportunity. Except as set forth on the Labor and Employment Schedule, none of the Company or its Subsidiaries is a
party to any collective bargaining agreement, and, to the Company’s knowledge, no union organizing efforts are underway with respect to employees of the Company and its Subsidiaries. Except as set forth on the Labor and Employment
Schedule: (a) there are no material unfair labor practice charges, material unfair labor practice complaints, material labor arbitrations or material labor grievances pending, or, to the Company’s knowledge, threatened, against the
Company and its Subsidiaries; (b) there is no strike, slowdown, work stoppage or lockout, or, to the Company’s knowledge, threat thereof, by or with respect to any employees of the Company and its Subsidiaries; and (c) there are no
material charges, complaints, suits or proceedings against the Company or any of its Subsidiaries, alleging breach or violation in any material respect of any labor or employment Law. Since January 1, 2015, the Company and its Subsidiaries have
not engaged in any unfair labor practices within the meaning of the National Labor Relations Act. The Company and its Subsidiaries are in compliance in all material respects with all applicable Laws relating to employment and employment practices,
workers’ compensation, terms and conditions of employment, worker classification, worker safety, wages and hours, civil rights, human rights, discrimination, immigration, collective bargaining, and the Worker Adjustment and Retraining
Notification Act, 29 U.S.C. §2109 et seq. and the regulations promulgated thereunder. None of the Company or its Subsidiaries has any outstanding liability under the Worker Adjustment and Retraining Notification Act, 29 U.S.C. §2109 et
seq. or the regulations promulgated thereunder or any similar state Law, and none of the Company or its Subsidiaries has experienced a “mass layoff” or “plant closing” (within the meaning of the Worker Adjustment and Retraining
Notification Act) or incurred any liability under such statute during the past three (3) years. There have been no written claims submitted to the Company’s chief of human resources of harassment, discrimination, retaliatory act or similar
actions against any officer, director or other management-level employee of the Company or any of its Subsidiaries, at any time during the past four (4) years. Any individual who performs services for the Company or any of its Subsidiaries and
who is not treated as an employee for federal income tax purposes by the Company or its Subsidiaries is not an employee under applicable Law or for any purpose including, without limitation, for Tax withholding purposes or Plan participation
purposes. 
 Section 2.16    Insurance. The Insurance Schedule lists each material insurance policy
owned, held or maintained by the Company and its Subsidiaries. Each such insurance policy is in full force and effect, all premiums due thereon have been paid, no written notice of cancellation, termination or premium increase has been received with
respect to any such insurance policy and the Company and its 

  
 17 

 
Subsidiaries are not in material default with respect to its or their obligations under any such insurance policy. Except as set forth on the Insurance Schedule, there are no outstanding
claims under any insurance policy owned, held or maintained by the Company or any of its Subsidiaries. Except as set forth on the Insurance Schedule, the Company and its Subsidiaries do not maintain any
self-insurance or co-insurance programs. 

Section 2.17    Compliance with Laws; Permits. 

(a)    Except as set forth on the Compliance with Laws Schedule, the Company and its Subsidiaries are and since
January 1, 2015 have been in compliance in all material respects with all applicable Laws of all applicable Governmental Authorities (including the US Foreign Corrupt Practices Act of 1977, the US Sarbanes-Oxley Act of 2002, all Privacy Laws,
all Anti-Corruption Laws, all Anti-Money Laundering Laws, all Economic Sanctions Laws and all antitrust and competition Laws worldwide, in each case, as amended and including the rules and regulations thereunder). The Company, its Subsidiaries and,
to the Company’s knowledge, the Company JVs, have, since January 1, 2015, timely made all filings with all applicable Governmental Authorities required to be made by the Company, its Subsidiaries or the Company JVs under all applicable
Laws. Neither the Company, any Subsidiary of the Company nor, to the Company’s knowledge, any Company JV, has received any notice since January 1, 2015 alleging any material violation of any applicable Laws. 

(b)    To the Company’s knowledge, (i) none of the Company, the Subsidiaries of the Company, the Company JVs or
the owners of the Managed Properties has ever been the subject of any bribery, money laundering, anti-kickback or economic sanctions investigation by any Governmental Authority and (ii) none of the directors, officers, agents, employees or
other Persons acting on behalf of the Company, its Subsidiaries, the Company JVs or the owners of the Managed Properties, directly or indirectly, have taken any action, or failed to act, in a manner that would be a violation of any Anti-Corruption
Laws, Anti-Money Laundering Laws or Economic Sanctions Laws. Neither the Company or any of the Subsidiaries of the Company nor, to the Company’s knowledge, any of the Company JVs or the owners of the Managed Properties has, since
January 1, 2015, received any written notice of any facts or circumstances that would constitute a violation of any Anti-Corruption Laws, Anti-Money Laundering Laws or Economic Sanctions Laws. 

(c)    The Company, its Subsidiaries and, to the Company’s knowledge, the owners of, or the holders of the right to
use, the Managed Properties each possess all material permits, approvals, orders, authorizations, consents, licenses, certificates, franchises, exemptions of, or filings or registrations with, or issued by, any Governmental Authority necessary for
the operation of the business of the Company and its Subsidiaries (the “Permits”). All such Permits are in full force and effect in all material respects and there are no actions pending or, to the Company’s knowledge,
threatened by any Governmental Authority that seek the revocation, cancellation, suspension or material modification of any such Permit or that would affect the renewal thereof. Neither the Company nor any of its Subsidiaries is in default in any
material respect, and, to the Company’s knowledge, no condition exists that, with notice or lapse of time or both, would constitute a material default, under any such Permit. 

(d)    Except as set forth on the Compliance with Laws Schedule, the development, management, operation, marketing,
sale, rental program and implementation of each Residence Project that is a Managed Property are, to the Company’s knowledge, in compliance with all applicable Laws of the jurisdictions in which such Residence Project is located or marketed.

  
 18 

 Section 2.18    Environmental Matters. 

(a)    The Company and its Subsidiaries are in compliance in all material respects with all applicable Environmental
Requirements. 
 (b)    The Company and its Subsidiaries possess all material Permits required by Environmental
Requirements to operate the Leased Real Property and are in compliance in all material respects with such Permits. 

(c)    Neither the Company nor any of its Subsidiaries has received, since January 1, 2015, any written notice which
(i) alleges any actual or potential violation of, or noncompliance with, any Environmental Requirement or any Permit required by any Environmental Requirement, including with respect to any investigatory, remedial, natural resource, response,
removal or corrective obligation, (ii) relates to the Company and its Subsidiaries or the Leased Real Property, and (iii) the subject of which has not been resolved as of the date hereof. 

(d)    There are no suits or proceedings involving the actual or potential violation of, or noncompliance with, any
Environmental Requirement or any Permit required by any Environmental Requirement pending or, to the Company’s knowledge, threatened against the Company or any of its Subsidiaries. 

(e)    The Company and its Subsidiaries are not subject to any judgment, order or decree of any Governmental Authority
that is outstanding and was issued pursuant to Environmental Requirements. 
 Section 2.19    Affiliated
Transactions. Except as set forth on the Affiliated Transactions Schedule, neither the Seller, nor any Affiliate of the Seller (other than the Company or any Subsidiary of the Company), nor any officer or director thereof, nor to the
Company’s knowledge, any individual in any such officer’s or director’s immediate family (i) is a party to any agreement, contract, commitment or transaction with the Company, any of its Subsidiaries or, to the Company’s
knowledge, any of the Company JVs (each such agreement, contract, commitment or transaction, an “Affiliate Contract”) or (ii) has any interest in any material property (real or personal, tangible or intangible) owned or used by
the Company, any of its Subsidiaries or, to the Company’s knowledge, any of the Company JVs. The Company has made available to the Purchaser complete and correct copies of all Affiliate Contracts (including all amendments thereto). 

Section 2.20    Brokerage. Except as set forth on the Brokerage Schedule, there are no claims for, and
no Person shall be entitled to, brokerage commissions, finders’ fees or similar compensation in connection with the transactions contemplated by this Agreement based on any arrangement or agreement made by or on behalf of the Company or any of
its Subsidiaries for which the Purchaser, the Company or any of its Subsidiaries (or any of their Affiliates after the Closing) shall be liable. 

ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser represents and warrants to the Seller as follows, as of the date of this Agreement: 

Section 3.01    Organization and Power. The Purchaser is a corporation duly organized, validly existing and in good
standing under the Laws of the State of Delaware, with full power and authority to enter into this Agreement and perform its obligations hereunder. 

  
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 Section 3.02    Authorization; No Breach; Valid and Binding
Agreement. 
 (a)    The execution, delivery and performance of this Agreement by the Purchaser and the consummation
by the Purchaser of the transactions contemplated hereby have been duly and validly authorized by all requisite organizational action, and no other proceedings on the part of the Purchaser are necessary to authorize the execution, delivery or
performance of this Agreement. 
 (b)    The execution, delivery and performance of this Agreement by the Purchaser and
the consummation by the Purchaser of the transactions contemplated hereby do not and will not violate any provisions of the Purchaser’s Organizational Documents. 

(c)    The execution, delivery and performance of this Agreement by the Purchaser and the consummation by the Purchaser of
the transactions contemplated hereby do not and will not conflict with, constitute a default under, result in a breach or violation of or result in the creation of any Lien (other than Permitted Liens) upon any assets of the Purchaser under, any
material contract to which the Purchaser is party, except as would not have a material adverse effect on the Purchaser or its ability to consummate the transactions contemplated hereby. 

(d)    This Agreement has been duly executed and delivered by the Purchaser and, assuming that this Agreement is a valid
and binding obligation of the other parties hereto, constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting
creditors’ rights and general principles of equity affecting the availability of specific performance and other equitable remedies. 

Section 3.03    Governmental Consents. No permit, consent, approval or authorization of, or declaration to or
filing with, any Governmental Authority is required to be obtained by the Purchaser in connection with the execution, delivery or performance of this Agreement by the Purchaser or the consummation of the transactions contemplated hereby. 

Section 3.04    Litigation. There are no charges, complaints, suits or proceedings pending or, to the
Purchaser’s knowledge, threatened against the Purchaser, at law or in equity, before or by any Governmental Authority which would adversely affect the Purchaser’s performance under this Agreement or the consummation of the transactions
contemplated hereby. 
 Section 3.05    Brokerage. There are no claims for brokerage commissions,
finders’ fees or similar compensation in connection with the transactions contemplated by this Agreement based on any arrangement or agreement made by or on behalf of the Purchaser for which the Seller (or its Affiliates after the Closing)
shall be liable. 
 Section 3.06    Solvency. Assuming the representations and warranties set forth in
Article 2 and Article 4 are true and correct, immediately after giving effect to the transactions contemplated by this Agreement, the Company and its Subsidiaries will be able to pay their debts as they become due and shall own
property which has a fair saleable value greater than the amounts required to pay their debts (including a reasonable estimate of the amount of all contingent liabilities). Assuming the representations and warranties set forth in Article 2
and Article 4 are true and correct, immediately after giving effect to the transactions contemplated by this Agreement, the Company and its Subsidiaries shall have adequate capital to carry on its business. No transfer of property is being
made and no obligation is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of the Company and its Subsidiaries. 

  
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 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF THE SELLER 

The Seller represents and warrants to the Purchaser as follows, as of the date of this Agreement, except as set forth in the Disclosure
Schedules: 
 Section 4.01    Organization. The Seller is a limited partnership, duly formed, validly
existing and in good standing under the Laws of the British Virgin Islands, with full power and authority to enter into this Agreement and perform its obligations hereunder. 

Section 4.02    Authorization; No Breach; Valid and Binding Agreement. 

(a)    The execution, delivery and performance of this Agreement by the Seller and the consummation by the Seller of the
transactions contemplated hereby have been duly and validly authorized by all requisite action, and no other proceedings on the part of the Seller are necessary to authorize the execution, delivery or performance of this Agreement. 

(b)    The execution, delivery and performance of this Agreement by the Seller and the consummation by the Seller of the
transactions contemplated hereby do not and will not violate any provisions of the Seller’s Organizational Documents. 

(c)    The execution, delivery and performance of this Agreement by the Seller and the consummation by the Seller of the
transactions contemplated hereby do not and will not: (i) conflict with, constitute a default under, result in a breach or violation of, or result in the creation of any Lien upon the Company Shares under, the provisions of any material
contract to which the Seller is party or (ii) violate or result in a breach of any Law or Permit applicable to the Seller, except as would not have a material adverse effect on the Seller’s ability to perform its obligations under this
Agreement or to consummate the transactions contemplated hereby. 
 (d)    This Agreement has been duly executed and
delivered by the Seller and, assuming that this Agreement is a valid and binding obligation of the other parties hereto, constitutes a valid and binding obligation of the Seller, enforceable in accordance with its terms, except as enforceability may
be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the availability of specific performance and other equitable remedies. 

Section 4.03    Ownership of Company Shares. All of the Company Shares are owned beneficially and of record by
the Seller, free and clear of any Liens other than restrictions on transfer imposed thereon by applicable securities Laws. The Company Shares constitute the sole issued and outstanding Equity Interests of the Company. On the Closing Date, the Seller
shall transfer to the Purchaser good and marketable title to the Company Shares, free and clear of all Liens and restrictions on transfer, other than any restrictions on transfer imposed thereon by applicable securities Laws. 

Section 4.04    Brokerage. Except as set forth on the Brokerage Schedule, there are no claims for, and
no Person shall be entitled to, brokerage commissions, finders’ fees or similar compensation in connection with the transactions contemplated by this Agreement based on any arrangement or agreement made by or on behalf of the Seller or its
Affiliates for which the Purchaser, the Company or any of its Subsidiaries shall be liable. 
 Section
4.05    Litigation. There are no charges, complaints, suits, arbitrations, mediations or other legal proceedings pending or, to the Seller’s knowledge, threatened against the Seller, 

  
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at law or in equity, before or by any Governmental Authority which would materially adversely affect the Seller’s performance of its obligations under this Agreement, or the Seller’s
ability to consummate the transaction contemplated hereby. 
 ARTICLE 5 

COVENANTS OF THE SELLER 

Section 5.01    Non-Solicitation;
No-Hire. 
 (a)    From the Closing Date until the date which is three
(3) years from the Closing Date, the Seller shall not, and shall cause its Affiliates not to, cause, solicit, induce or encourage any Covered Employee to leave employment with the Company and its Subsidiaries or hire, employ or otherwise engage
any Covered Employee; provided that this Section 5.01 shall not prohibit (i) general solicitations of employment not specifically directed toward the employees of the Company and its Subsidiaries,
(ii) solicitations of employment or engagement of any former Covered Employee following the expiration of a six (6) month period after the voluntary resignation or termination of such Covered Employee’s employment with the Company or
its Subsidiaries or (iii) hiring, employing or otherwise engaging any person who is solicited under clauses (i) or (ii). “Covered Employees” means each of Neil Jacobs, Bernhard Bohnenberger, Gordon Drake, Guy Heywood, Anna
Bjurstam, Celeste How, Jeff Smith, Andrew Best, Omar Romero, Marie Giuge Perry, Elena Black and Aliya Khan. 

(b)    The Seller acknowledges that the restrictions contained in this Section 5.01 are
reasonable and necessary to protect the legitimate interests of the Purchaser and constitute a material inducement to the Purchaser to consummate the transactions contemplated by this Agreement. In the event that any covenant contained in this
Section 5.01 should ever be adjudicated to exceed the time, geographic, product or service, or other limitations permitted by applicable Law in any jurisdiction, then any court is expressly empowered to reform such
covenant, and such covenant shall be deemed reformed, in such jurisdiction to the maximum time, geographic, product or service, or other limitations permitted by applicable Law. The covenants contained in this Section 5.01
and each provision hereof are severable and distinct covenants and provisions. The invalidity or unenforceability of any such covenant or provision as written shall not invalidate or render unenforceable the remaining covenants or provisions hereof,
and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenant or provision in any other jurisdiction. 

ARTICLE 6 
 COVENANTS
OF THE PURCHASER 
 Section 6.01    Access to Books and Records. From and after the Closing, the
Purchaser shall, and shall cause the Company and its Subsidiaries to, provide the Seller and its representatives with reasonable access (for the purpose of examining and copying), during normal business hours, to the books and records of the Company
and its Subsidiaries with respect to periods or occurrences prior to or on the Closing Date in connection with any matter relating to or arising out of this Agreement or the transactions contemplated hereby or any other reasonable business purpose;
provided that (a) such access shall occur in such a manner as the Purchaser reasonably determines to be appropriate to protect the confidentiality of the books and records so requested and accessed, and (b) nothing herein shall require the
Purchaser to cause the Company or any Subsidiary of the Company to provide access to, or to disclose any information to, the Seller or any of the Seller’s representatives if such access or disclosure (x) would waive any legal privilege or (y)
would be in violation of applicable Laws or regulations of any Governmental Authority (including applicable antitrust and competition Laws) (provided that, in each of the foregoing clauses (x) and (y), the 

  
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parties shall cooperate with one another in good faith to determine a reasonable alternative means of providing the information or access requested by the Seller). Unless otherwise consented to
in writing by the Seller, until the later of (i) the seventh (7th) anniversary of the Closing Date or (ii) the date on which Taxes may no longer be assessed under the applicable statutes
of limitation, including any waivers or extensions thereof, the Purchaser shall not, and shall not permit the Company or any of its Subsidiaries to, destroy, alter or otherwise dispose of any of the books and records of the Company or any of its
Subsidiaries for any period prior to the Closing Date without first giving reasonable prior notice to the Seller and offering to surrender to the Seller such books and records or any portion thereof which the Purchaser, the Company or any of its
Subsidiaries may intend to destroy, alter or dispose of. 
 Section 6.02    Director and Officer Liability and
Indemnification Matters; Seller and Company Release. 
 (a)     For a period of six (6) years after the Closing,
the Purchaser shall not, and shall not permit the Company or any of its Subsidiaries to, amend, repeal or otherwise modify any provision in such entity’s Organizational Documents relating to the exculpation or indemnification of any managers,
directors and/or officers from the form of such provisions as of immediately prior to the Closing (unless required by Law), it being the intent of the parties that the managers, directors and officers of the Company and its Subsidiaries shall
continue to be entitled to such exculpation and indemnification to the fullest extent permitted by Law. 
 (b)    In
addition to the other rights provided for in this Section 6.02, from and after the Closing, the Company shall, and shall cause its Subsidiaries (each, a “D&O Indemnifying Party”) to, to the fullest
extent permitted by applicable Law, (i) indemnify and hold harmless (and release from any liability to the Purchaser, the Company or its Subsidiaries) the current and former managers, directors and officers of the Company and its Subsidiaries
(each such individual, a “D&O Indemnitee”) against all D&O Expenses, Losses, claims, damages, judgments or amounts paid in settlement (collectively, “D&O Costs”) in respect of any threatened, pending or
completed claim, action, suit or proceeding, whether criminal, civil, administrative or investigative, based on, arising out of, or relating to, the fact that such D&O Indemnitee is or was a manager, director or officer of the Company or any of
its Subsidiaries and arising out of acts or omissions occurring at or prior to the Closing (a “D&O Indemnifiable Claim”) (provided, that neither claims arising out of criminal, willful or grossly negligent acts or
omissions of D&O Indemnitees nor claims in respect of such acts or omissions brought by the Company or any of its Subsidiaries shall be D&O Indemnifiable Claims), and (ii) advance to such D&O Indemnitees all D&O Expenses
incurred in connection with any D&O Indemnifiable Claim (including in circumstances where the D&O Indemnifying Party has assumed the defense of such claim); in each case, as the indemnitor of first resort. Any D&O Indemnifiable Claim
shall continue until such D&O Indemnifiable Claim is disposed of or all judgments, orders, decrees or other rulings in connection with such D&O Indemnifiable Claim are fully satisfied. For the purposes of this
Section 6.02(b), “D&O Expenses” means attorneys’ fees and all other costs, charges and expenses paid or incurred in connection with investigating, defending, being a witness in, or participating in
(including on appeal), or preparing to defend, be a witness in, or participate in, any D&O Indemnifiable Claim. 

(c)    At the Closing, the Seller shall (as its own cost and expense), or shall cause the Company (at the Seller’s
cost and expense) to, obtain and fully pay for an irrevocable directors and officers liability “tail” insurance policy naming the D&O Indemnitees as direct beneficiaries with a claims period of at least six years from the Closing Date
from an insurance carrier with the same or better credit rating as the Company’s current insurance carrier with respect to directors’ and officers’ liability insurance, in an amount and scope at least as favorable as the
Company’s existing policies with respect thereto (the “D&O Tail Policy”). Subject to payment in full by the Seller of the premium for the D&O Tail Policy, the Purchaser shall not, and shall cause the Company not to,
cancel or change the D&O Tail Policy in any respect. 

  
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 (d)    In the event the Purchaser or the Company or any of its
Subsidiaries or any of their respective successors or assigns (i) consolidates with or merges into any other Person and shall not be the continuing or surviving corporation or entity in such consolidation or merger, or (ii) transfers all
or substantially all of its properties and assets to any Person, then, and in either such case, proper provision shall be made so that the successors and assigns of the Purchaser, the Company or such Subsidiary, as the case may be, shall assume the
obligations set forth in this Section 6.02. 
 (e)    Each of the D&O Indemnitees is an
express and intended third-party beneficiary of this Section 6.02 and shall be entitled to independently enforce the terms hereof as if such D&O Indemnitee was a party to this Agreement. 

(f)    Effective as of the Closing, the Seller (for itself and each of its Affiliates) (collectively, the “Seller
Related Parties”) forever waives, releases and discharges (and hereby agrees to cause each of its representatives to forever waive, release and discharge), with prejudice, the Company and each of its Subsidiaries from any and all claims,
causes of action, protests, suits, disputes, orders, obligations, debts, demands, proceedings, contracts, agreements, promises, liabilities, controversies, costs, expenses, fees (including attorneys’ fees), or damages of any kind, arising by
any means (including subrogation, assignment, reimbursement, operation of law or otherwise), whether known or unknown, suspected or unsuspected, accrued or not accrued, foreseen or unforeseen, or mature or unmature, related or with respect to, in
connection with, or arising out of, directly or indirectly, any event, fact, condition, circumstance, occurrence, act or omission relating to the Company and its Subsidiaries that was in existence (or that occurred or failed to occur) at or prior to
the Closing; provided, however, this Section 6.02(f) shall not be construed as releasing (i) any party from its obligations expressly set forth in this Agreement or in any ancillary agreement or
(ii) any right to indemnification in favor of, or limitation of liability of, a D&O Indemnitee pursuant to the Organizational Documents of the Company or any of its Subsidiaries or pursuant to the D&O Tail Policy. 

Section 6.03    Insurance Policy. The Purchaser shall not amend or agree to amend Section 7.02 of the
Buyer-Side Representations and Warranties Insurance Policy No. US00089365BL19A, issued by Indian Harbor Insurance Company without the prior written consent of the Seller. 

Section 6.04    New York Project Holdback Amount Release. 

(a)    Within five (5) Business Days of the occurrence of the New York Project Trigger Event, the Purchaser shall pay
the New York Project Holdback Amount to the Seller in immediately available funds by wire transfer to an account designated by the Seller in writing; provided, that the Purchaser shall be entitled to retain forever the New York Project
Holdback Amount, and the Purchaser shall have no further liability or obligation to the Seller in respect of the New York Project Holdback Amount, upon the occurrence (or failure to occur) of any of the following: 

(i)    the New York Hotel fails to open for day to day business pursuant to the terms of the New York
Management Agreement by October 1, 2021 (“Outside Date”); 
 (ii)    the New York
Management Agreement is terminated prior to a hotel management agreement non-disturbance agreement being entered into between the lender or syndicate that provides refinancing for the release of the Hotel (as
defined in the Operating Agreement of 76 Eleventh Hotel Member LLC, dated May 9, 2017 (the “Operating Agreement”)) component of the Project (as defined in the Operating Agreement) and/or the

  
 24 

 
Hotel Unit (as defined in the Operating Agreement) (the “Takeout Lender”) and “Operator” (as defined in the New York Management Agreement) in a form acceptable to
Operator (which shall require the Takeout Lender to honor the New York Management Agreement and not provide the Takeout Lender with additional rights to terminate the New York Management Agreement) (an “NDA”), for reasons other than
Operator’s default thereunder; or 
 (iii)    an NDA has not been entered into between the Takeout
Lender (or any lender providing refinancing of the Takeout Lender) and Operator in a form acceptable to Operator by April 1, 2022. 

(b)    If the New York Project Trigger Event has not occurred as of the Survival Period Termination Date, the Purchaser
and the Seller shall jointly instruct the Escrow Agent to release to the Purchaser the aggregate amount of funds remaining in the Escrow Account that are not the subject of a pending R&W Claim (the “Additional Amount”) and such
Additional Amount shall thereafter become a part of, and be dealt with as an addition to, the New York Project Holdback Amount. If the New York Project Trigger Event has occurred as of the Survival Period Termination Date, the Purchaser and the
Seller shall jointly instruct the Escrow Agent to release to the Seller the aggregate amount of funds remaining in the Escrow Account that are not the subject of a pending R&W Claim. 

ARTICLE 7 

INDEMNIFICATION 

Section 7.01    Survival of Representations, Warranties, Covenants and Agreements. The representations and
warranties contained in this Agreement or any certificate or instrument delivered in connection with this Agreement and all related claims for indemnification with respect thereto pursuant to this Article 7, shall survive the Closing solely
for the purposes of this Article 7 and shall terminate on the date which is twelve (12) months following the Closing Date (the “Survival Period Termination Date”), and no claim for indemnification hereunder for breach of
any such representations or warranties may be made following the Survival Period Termination Date. The covenants and agreements contained in this Agreement shall survive the Closing until fully performed in accordance with their terms. 

Section 7.02    Indemnification for the Benefit of the Purchaser Indemnified Parties. 

(a)    From and after the Closing (but subject to the provisions of this Article 7), the Seller shall indemnify the
Purchaser and any of its Affiliates and any of its and their respective officers, directors, managers, employees, agents, representatives, successors and permitted assigns (collectively, the “Purchaser Indemnified Parties”) for, and
shall hold them harmless against, any Losses incurred by the Purchaser Indemnified Parties to the extent relating to or arising out of or from any breach of any representation or warranty of the Company or the Seller set forth in Article 2 or
Article 4 or in any certificate or instrument delivered in connection herewith; provided that, (i) the Purchaser Indemnified Parties shall only be entitled to assert claims against and recover from the Escrow Amount in respect of
any such Losses, and (ii) except with respect to the representations and warranties set forth in Section 2.04(a) and the first sentence of Section 2.05 and for the word “material” in
the defined term “Material Contracts”, for purposes of this Section 7.02(a), any qualifications as to materiality or “Material Adverse Effect” or other similar materiality qualifications included in such
representation or warranty shall be disregarded for purposes of determining whether or not such breach has occurred and for purposes of calculating the amount of any Losses subject to indemnification hereunder. 

  
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 (b)    From and after the Closing (but subject to the provisions of this
Article 7), the Seller shall indemnify the Purchaser Indemnified Parties for, and shall hold them harmless against, any Losses incurred by the Purchaser Indemnified Parties to the extent relating to or arising out of or from any breach of any
covenant or agreement of the Seller set forth herein or in any certificate or instrument delivered in connection herewith. 

(c)    Except for a claim for indemnification pursuant to Section 7.02(a) (a “R&W
Claim”) in respect of a breach of a Fundamental Representation (a “Fundamental R&W Claim”) or a R&W Claim in respect of the representations and warranties set forth in Section 2.08, (a
“Tax R&W Claim”), no R&W Claim may be asserted by a Purchaser Indemnified Party against the Escrow Account unless and until the aggregate amount of Losses that would otherwise be payable hereunder from the Escrow Account
exceeds on a cumulative basis an amount equal to $1,500,000 (the “Deductible”), and then only in the amount by which such Losses exceed the Deductible; provided, that no individual R&W Claim or series of related
R&W Claims (other than Fundamental R&W Claims and Tax R&W Claims) may be asserted by a Purchaser Indemnified Party against the Escrow Account unless and until the aggregate amount of Losses that would be payable pursuant to such
individual R&W Claim or series of related R&W Claims exceeds an amount equal to $25,000 (the “Mini-Basket”) (it being agreed and understood that any such R&W Claim for
amounts less than the Mini-Basket shall also be disregarded in determining whether the Deductible has been met); provided, further, that the Purchaser Indemnified Parties shall not be entitled to
assert R&W Claims against, or recover Losses from, the Escrow Account in an aggregate amount in excess of $1,500,000. The Purchaser Indemnified Parties shall not be entitled to assert claims for indemnification against, or recover Losses from,
the Seller pursuant to Section 7.02(b) in an aggregate amount in excess of the proceeds actually received by the Seller hereunder. 

(d)    Except in the case of Fraud, recovery against the Escrow Account for claims under
Section 7.02(a), and against the Seller for claims under Section 7.02(b), constitutes the Purchaser Indemnified Parties’ sole and exclusive monetary recourse and remedy against the Seller or
any other Person for any and all Losses or other claims relating to or arising from this Agreement or the transactions contemplated hereby or any Exhibit, Disclosure Schedule or certificate or instrument delivered in connection herewith. 

(e)    Notwithstanding anything to the contrary contained in this Agreement, no Purchaser Indemnified Party shall have any
right to indemnification under Section 7.02(a) with respect to any Loss or alleged Loss to the extent such matter was reflected as a liability or reserve on the Latest Balance Sheet. Without limiting the generality of the
foregoing, indemnification for Tax R&W Claims shall be limited to Losses incurred with respect to Pre-Closing Tax Periods and, for the avoidance of doubt, there shall be no recovery for Taxes (or Losses
related to Taxes) that are attributable to any transactions outside the ordinary course of business occurring on the Closing Date but after the Closing (excluding, for the avoidance of doubt, transactions that are expressly contemplated by the
Agreement) or to Taxes resulting from any debt or equity financing of the Purchase Price or the Purchaser’s payment obligations under this Agreement. 

(f)    Without limiting the Purchaser’s rights pursuant to Section 10.17, the Purchaser
Indemnified Parties may not avoid the limitations on liability set forth in this Article 7 by seeking damages for breach of contract or tort or pursuant to any other theory of liability, and the Purchaser hereby waives (on behalf of itself
and the other Purchaser Indemnified Parties), from and after the Closing, to the fullest extent permitted under applicable Law, any and all rights, claims and causes of action that the Purchaser Indemnified Parties may have against any Seller
Indemnified Party relating (directly or indirectly) to the subject matter of this Agreement arising under or based upon any Law or otherwise (other than the rights to indemnification set forth in this Article 7). THE PURCHASER (ON BEHALF OF
ITSELF AND THE OTHER PURCHASER INDEMNIFIED PARTIES) EXPRESSLY WAIVES ALL RIGHTS AFFORDED 

  
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BY ANY STATUTE WHICH LIMITS THE EFFECT OF A RELEASE WITH RESPECT TO UNKNOWN CLAIMS. THE PURCHASER UNDERSTANDS THE SIGNIFICANCE OF THIS RELEASE OF UNKNOWN CLAIMS AND WAIVER OF STATUTORY PROTECTION
AGAINST A RELEASE OF UNKNOWN CLAIMS. THE PURCHASER (ON BEHALF OF ITSELF AND THE OTHER PURCHASER INDEMNIFIED PARTIES) ACKNOWLEDGES AND AGREES THAT THIS WAIVER IS AN ESSENTIAL AND MATERIAL TERM OF THIS AGREEMENT. IN NO EVENT SHALL THE FOREGOING
ACKNOWLEDGEMENTS OR WAIVERS BY THE PURCHASER BE DEEMED TO EXCLUDE LIABILITY FOR FRAUD (AS DEFINED HEREIN) COMMITTED BY THE SELLER OR THE COMPANY. 

(g)    All payments made from the Escrow Account shall be treated by the parties as an adjustment to the Purchase Price
under Article 1. Each of the parties hereto shall file all Tax Returns and take all other actions in a manner consistent with the foregoing, unless otherwise required by a final determination of a taxing authority to the contrary. 

Section 7.03    Indemnification by the Purchaser for the Benefit of the Seller Indemnified Parties. From and
after the Closing (but subject to the provisions of this Article 7), the Purchaser shall indemnify the Seller and each of its respective Affiliates and their respective officers, directors, partners, members, shareholders, managers,
employees, agents, representatives, successors and permitted assigns (collectively, the “Seller Indemnified Parties”) and hold them harmless against any Losses incurred by the Seller Indemnified Parties to the extent arising
from: (a) any breach of any representation, warranty, covenant or agreement by the Purchaser set forth herein or in any certificate or instrument delivered in connection herewith and (b) any breach of any covenant or agreement by the
Company or the Purchaser set forth herein or in any certificate or instrument delivered in connection herewith. Any indemnification payment by the Purchaser to the Seller Indemnified Parties pursuant to this Section 7.03
shall be effected by wire transfer of immediately available funds to an account or accounts designated by the Seller within fifteen (15) days after the determination thereof. Following the Closing, recovery against the Purchaser pursuant to
this Section 7.03 constitutes the Seller Indemnified Parties’ sole and exclusive monetary remedy for any and all Losses in respect of claims arising from the breaches described in clauses (a) and (b) of this
Section 7.03. 
 Section 7.04    Mitigation. To the extent required by applicable
Laws, the parties shall use commercially reasonable efforts within their control to mitigate any Losses or potential Losses; provided that the failure of any party to so mitigate shall only reduce the rights of such party to recover for Loss
under this Article 7 to the extent of the Losses that would have been avoided by such mitigation. 
 Section
7.05    Defense of Claims. Any Person making a claim for indemnification under Section 7.02 or Section 7.03 (an “Indemnitee”) shall notify the indemnifying party (or, if the Indemnitee is a
Purchaser Indemnified Party, the Seller) (such indemnifying party or the Seller, as applicable, an “Indemnitor”) of the claim in writing as promptly as reasonably practicable after receiving written notice of any action, lawsuit,
proceeding, investigation or other claim against it (if by a third party) or becoming aware of the facts giving rise to such claim (if not by a third party), describing the claim, the amount thereof (to the extent known and quantifiable) and the
basis thereof; provided, however, that failure to give such notification as promptly as reasonably practicable shall not affect the indemnification provided hereunder except to the extent the Indemnitor shall have been
prejudiced as a result of such failure. Any Indemnitor shall be entitled to participate in the defense of such action, lawsuit, proceeding, investigation or other claim giving rise to an Indemnitee’s claim for indemnification at such
Indemnitor’s expense and, at its option, shall be entitled to assume the defense thereof by appointing a nationally recognized counsel of its choosing to be the lead counsel in connection with such defense; provided that the Seller (as
Indemnitor) shall be entitled to assume such defense pursuant to this Section 7.05 only in the event that the amount then in the Escrow Account exceeds 50% of the Losses claimed in such action, lawsuit, proceeding, investigation or

  
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other claim at the time such action, lawsuit, proceeding, investigation or other claim arises; provided, further, that any Indemnitor shall continue to be entitled to assert any
limitation on any claims contained herein; provided, further, that the Indemnitee shall be entitled to participate in the defense of such claim and to employ counsel of its choice for such purpose (it being understood that the fees and
expenses of such separate counsel shall be borne by the Indemnitee (except where a conflict of interest, or differing defenses, between the Indemnitor and the Indemnitee exist (in the reasonable opinion of the Indemnitee’s counsel), in which
case, the reasonable fees and expenses of such separate counsel shall be borne by the Indemnitor)). If the Indemnitor shall control the defense of any such claim then the Indemnitor shall be entitled to settle such claim; provided that the
Indemnitor shall obtain the prior written consent of the Indemnitee (which consent shall not be unreasonably withheld, conditioned or delayed) before entering into any settlement of a claim or ceasing to defend such claim if, pursuant to or as a
result of such settlement or cessation, (i) injunctive or other equitable relief will be imposed against the Indemnitee, (ii) such settlement does not expressly and unconditionally release the Indemnitee from all liabilities and
obligations with respect to such claim, (iii) such settlement would involve any finding or admission of any violation of applicable Law or admission of any wrongdoing or (iv) such settlement would involve the payment of money damages that
exceed 100% of the amount of Losses for which indemnification is available hereunder. In all cases, the Indemnitee shall provide its reasonable cooperation with the Indemnitor in defense of claims or litigation, including by making employees,
information and documentation reasonably available. If the Indemnitor shall not assume the defense of any such action, lawsuit, proceeding, investigation or other claim, the Indemnitee may defend against such matter; provided that the
Indemnitee may not settle any such matter without the written consent of the Indemnitor (which consent shall not be unreasonably withheld, conditioned or delayed). The Seller shall be deemed the Indemnitor as such term is used herein in the case of
any claim with respect to which a Purchaser Indemnified Party is seeking indemnification under Section 7.02, and the Purchaser shall be the only Person entitled to assert (and shall act on behalf of all Indemnitees in the
case of) any claim with respect to which a Purchaser Indemnified Party is seeking indemnification under Section 7.02. 

Section 7.06    Determination of Loss Amount. The amount of any Loss subject to indemnification under Section
7.02 or Section 7.03 shall be calculated net of (i) any insurance proceeds or any cash indemnity, contribution or other similar payment recovered by an Indemnitee from any third party with respect thereto and (ii) any cash Tax Benefit
that is actually realized by an Indemnitee on account of such Loss prior to the time the applicable indemnity payment is made. A “Tax Benefit” for any Indemnitee means (x) any actual cash refund of Taxes paid or (y) the amount by
which such Indemnitee’s cumulative liability for Taxes through a taxable period (and for purposes of this Section 7.06, taking into account as the Indemnitee’s liability the cumulative liability for Taxes through the end of such
period of any consolidated, combined or other similar group of which the Indemnitee is a member), calculated by excluding the relevant amount of credit, deduction, or Loss, would exceed such Indemnitee’s actual liability for Taxes through such
period, calculated by taking into account the relevant amount of credit, deduction, or Loss, in each case computed at the highest marginal Tax rates applicable to the recipient of such benefit; provided, however, that in the case of a
Purchaser Indemnified Party, the relevant Tax Benefit, if any, shall be determined at the level of the Purchaser and shall take into account the reduction in the Purchaser’s ability to claim a credit for any foreign taxes paid or accrued by the
Company and its Subsidiaries (treating any such reduction as a cash tax payment) and any reduction in the “adjusted grossed up basis” (within the meaning of Section 1.338-5(a) of the Treasury Regulations) in the assets of Company and its
Subsidiaries as a consequence of any deemed adjustment to the Purchase Price arising in connection with the Loss and the indemnification therefore (25% of which reduction shall be deemed to be a Tax paid by the Purchaser as of the end of the taxable
period for which the determination of Tax Benefit is being made). In the event that an insurance or other recovery from a third party is received by any Indemnitee with respect to any Loss for which such Indemnitee has been indemnified hereunder,
then a refund equal to the aggregate amount of the recovery shall promptly, but in no event later than thirty (30) days after receipt thereof, be paid to the Indemnitor (or, if the Indemnitee is a Purchaser Indemnified Party, to the Seller). In no
event shall the Purchaser Indemnified Parties be entitled to recover or make a claim for punitive or exemplary damages unless actually paid to a third party. 

  
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 Section 7.07    Acknowledgment of the Purchaser. 

(a)    Subject to clause (b) below, the Purchaser acknowledges that in making its determination to proceed with the
transactions contemplated by this Agreement it has conducted to its satisfaction an independent investigation of the financial condition, results of operations, assets, liabilities, properties and projected operations of the Company and its
Subsidiaries, and the Purchaser has relied on the results of its own independent investigation and the representations and warranties of the Company and the Seller expressly and specifically set forth in Article 2 and Article 4, as
qualified by the Disclosure Schedules, and expressly disclaims any reliance on any other information or the absence thereof in entering into this Agreement. Such representations and warranties constitute the sole and exclusive representations and
warranties of or regarding the Seller and the Company and its Subsidiaries, to the Purchaser in connection with the transactions contemplated hereby, and the Purchaser understands, acknowledges and agrees that all other representations and
warranties of any kind or nature expressed or implied (including any relating to the future or historical financial condition, results of operations, assets or liabilities of the Company, or the quality, quantity or condition of the Company’s
and its Subsidiaries’ assets) are specifically disclaimed by the Seller and the Company. Neither the Seller nor the Company makes or provides, and the Purchaser hereby waives, any warranty or representation, express or implied, as to the
quality, merchantability, as for a particular purpose, or condition of the Company’s and its Subsidiaries’ assets or any part thereto. In connection with the Purchaser’s investigation of the Company and its Subsidiaries, the Purchaser
has received certain projections, including projected statements of operating revenues and income from operations of the Company and its Subsidiaries and certain business plan information. The Purchaser acknowledges that there are uncertainties
inherent in attempting to make such estimates, projections and other forecasts and plans, that the Purchaser is familiar with such uncertainties and that the Purchaser is taking full responsibility for making its own evaluation of the adequacy and
accuracy of all estimates, projections and other forecasts and plans so furnished to it, including the reasonableness of the assumptions underlying such estimates, projections and forecasts. Accordingly, the Purchaser hereby acknowledges that none
of the Seller, the Company or any of their respective direct or indirect Affiliates or representatives (or any of their directors, officers, employees, members, shareholders, managers, partners or agents) is making any representation or warranty
with respect to such estimates, projections and other forecasts and plans, including the reasonableness of the assumptions underlying such estimates, projections and forecasts. The Purchaser further agrees that none of the Seller, the Company or any
of their respective direct or indirect Affiliates or representatives (or any of their directors, officers, employees, members, shareholders, managers, partners or agents) will have or be subject to any liability to the Purchaser or any other Person
resulting from the distribution to the Purchaser, or the Purchaser’s use of, any such information, or any information, document or material made available to the Purchaser or its Affiliates or their respective, counsel, accountants,
consultants, advisors, agents or other representatives in “data rooms” and online “data sites,” in management interviews or in any other form in expectation or anticipation of the transactions contemplated by this
Agreement. The Purchaser hereby acknowledges and agrees that, except to the extent specifically set forth in Article 2 and Article 4, the Purchaser is acquiring the Company Shares on an “as is, where is” basis. 

(b)    Notwithstanding the foregoing, in no event shall the acknowledgments in Section 7.07(a)
by the Purchaser be deemed to exclude liability for Fraud committed by the Seller or the Company. 

  
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 ARTICLE 8 

ADDITIONAL COVENANTS 

Section 8.01    Tax Matters. The provisions of this Section 8.01 shall govern the
allocation of responsibility as between the Purchaser and the Company and its Subsidiaries, on the one hand, and the Seller, on the other hand, for certain Tax matters following the Closing: 

(a)    Responsibility for Filing Tax Returns. The Company shall prepare and file or cause to be prepared and filed,
all Tax Returns of the Company and its Subsidiaries for all Pre-Closing Tax Periods, the due date of which is after the Closing Date (in each case, to the extent not already filed prior thereto) at the sole
expense of the Company. All such Tax Returns shall be prepared in a manner that is consistent with the past custom and practice of the Company and its Subsidiaries except as may be required by applicable Tax Law. At least thirty (30) days prior
to the date on which each such Tax Return for a Pre-Closing Tax Period is due, the Purchaser shall submit such Tax Return (and all relevant work papers and other items required to understand such Tax Return or
other items as reasonably requested by the Seller) to the Seller for the Seller’s review, comment and consent, and the Purchaser shall make changes to such Tax Returns as are reasonably requested by the Seller prior to filing and shall not file
such Tax Returns without the Seller’s consent (not to be unreasonably withheld, conditioned or delayed). 

(b)    Books and Records; Cooperation. Each of the Purchaser and the Seller shall (i) provide the other party
with such assistance as may be reasonably requested in connection with the preparation, review of, filing or execution of any Tax Return (including, as necessary, executing and filing the Tax Returns described in
Section 8.01(a)) or any audit or other examination by any taxing authority or judicial or administrative proceeding relating to Taxes with respect to the Company and its Subsidiaries, or as a result of ownership of the
Company and its Subsidiaries, and including by executing any powers of attorneys or similar authorizations reasonably necessary to carry out the purposes of this Section 8.01, and (ii) retain, and provide the other
party with reasonable access to, all records or information that may be relevant to such Tax Return, audit, examination or proceeding and make employees available on a mutually convenient basis to provide additional information and explanation of
any material provided. The Purchaser shall, and shall cause the Company and its Subsidiaries to, retain all books and records with respect to Tax matters relating to any Pre-Closing Tax Period until the
expiration of the applicable statute of limitations (including any extensions thereof) for the respective taxable periods. 

(c)    Transfer Taxes. Each of the Seller and the Purchaser will pay fifty percent (50%) of any gross receipts,
transfer, documentary, registration, gains, real property transfer, sales, use, excise, stamp, conveyance Taxes or other similar Taxes imposed on the Company or its Subsidiaries or the Seller as a result of the transactions contemplated by this
Agreement (collectively, “Transfer Taxes”), and any penalties, interest or additions to Tax with respect to such Transfer Taxes. Notwithstanding the foregoing, no Tax imposed on the Company, its Subsidiaries, the Seller or the
Purchaser that is imposed on income, profit or gain of the Seller arising as a result of the transactions contemplated by this Agreement shall be considered a Transfer Tax and all such Tax imposed on the income, profit or gain of the Seller shall be
for the Seller’s sole account. Each party hereto shall use its commercially reasonable efforts to minimize the amount of such Transfer Taxes and to cooperate in the preparation, execution and filing of all Tax Returns and other documents
required in connection with such Transfer Taxes. The Seller agrees to cooperate with the Purchaser in the filing of any Tax Returns with respect to the Transfer Taxes, including promptly supplying any information in the Seller’s possession that
is reasonably necessary to complete such Tax Returns. 
 (d)    Intermediary Transaction Tax Shelter. The
Purchaser shall not take any action with respect to the Company or its Subsidiaries that would cause the transactions contemplated by this Agreement to constitute part of a transaction that is the same as, or substantially similar to, the
“Intermediary Transaction Tax Shelter” described in Internal Revenue Service Notices 2001-16 and 2008-111. 

  
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 (e)    Amendments, Elections, and Actions with respect to Pre-Closing Tax Periods. Without the prior written consent of the Seller, which consent shall not be unreasonably withheld (provided that, for the avoidance of doubt, it shall be reasonable for the Seller
to withhold such consent if the applicable action reasonably would increase the Seller’s (or any of its direct or indirect beneficial owners’) Tax liabilities under this Agreement), the Purchaser shall not, and shall not permit the Company
or any of its Subsidiaries to, (A) amend any Tax Return of the Company or any of its Subsidiaries relating to a Pre-Closing Tax Period or Straddle Period, (B) agree to waive or extend the statute of
limitations relating to any Taxes of the Company or any of its Subsidiaries for any Pre-Closing Tax Period, (C) make or change any election with respect to, or that has retroactive effect to, any Pre-Closing Tax Period of the Company or any of its Subsidiaries (except, for the avoidance of doubt, the Section 338(g) Elections or any other Tax election expressly contemplated to be made pursuant to this
Agreement), (D) enter into any voluntary disclosure program or otherwise voluntarily approach any taxing authority with respect to any Pre-Closing Tax Period of the Company or any of its Subsidiaries or
Taxes of the Company or any of its Subsidiaries attributable to a Pre-Closing Tax Period, or (E) file any ruling or request with any taxing authority that relates to Taxes or Tax Returns of the Company or
its Subsidiaries for a Pre-Closing Tax Period. 
 (f)    Section 338
Election. The Purchaser shall have the right, exercisable in its sole and absolute discretion, to make an election under Section 338(g) of the Code (or any similar provision under state, local, or
non-U.S. Law) with respect to the Company and each of its Subsidiaries and Company JVs (in the case of Company JVs, to the extent they are “target affiliates” within the meaning of
Section 338(h)(6) of the Code), in each case other than with respect to Sustainable Luxury USA Limited (the “Section 338(g) Elections”). 

(g)    Straddle Period Allocation. To the extent it is necessary for purposes of this Agreement to determine the
allocation of Taxes attributable to a Straddle Period, the amount of any Taxes based on or measured by income, sales, payroll or receipts of the Company and its Subsidiaries for the Pre-Closing Tax Period
shall be determined based on an interim closing of the books as of the close of business on the Closing Date (and for such purpose, (x) the taxable period of any partnership or other pass-through entity in which the Company or its Subsidiaries
hold a beneficial interest shall be deemed to terminate at such time and (y) the Transaction Tax Deductions shall, for the avoidance of doubt, be allocated to the Pre-Closing Tax Period to the extent
consistent with applicable Law), and the amount of other Taxes of the Company and its Subsidiaries for a Straddle Period that relates to the Pre-Closing Tax Period shall be deemed to be the amount of such
Taxes for the Straddle Period multiplied by a fraction, the numerator of which is the number of days in the Straddle Period ending on the Closing Date and the denominator of which is the number of days in the entire Straddle Period; provided,
however, that for purposes of such allocation, transactions occurring or actions taken on the Closing Date but after the Closing by the Purchaser or by, or with respect to, the Company or its Subsidiaries that are outside the ordinary course
of business and not expressly contemplated by this Agreement shall be treated as occurring after the Closing Date. 

(h)    Tax Refunds. The Seller shall be entitled to (i) any Tax refunds that are received by the Purchaser or
the Company or its Subsidiaries, plus any interests received with respect to such refunds, and (ii) any amounts credited against Tax for a taxable period ending after the Closing Date to which the Company and its Subsidiaries become entitled in
a Tax period ending after the Closing Date, in each case, that relate to a Pre-Closing Tax Period (except to the extent any such refund or credit arises as a result of a carryback of any deduction, loss or
credit from a taxable period ending after the Closing Date). The Purchaser shall pay over to the Seller any such refund within five (5) days after receipt of such refund or within five (5) days of filing of the Tax Return reflecting such
credit. The Purchaser shall request a refund 

  
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(rather than a credit against future Taxes) with respect to all Pre-Closing Tax Periods and use its reasonable best efforts to obtain and expedite the
receipt of any refund or credit to which the Seller is entitled under this Section 8.01(h). Notwithstanding anything in the foregoing to the contrary, any obligation of the Purchaser to pay any Tax refund or credit to the Seller under this
Section 8.01(h) shall be reduced, without duplication, by the amount, if any, Taxes of the Company or its Subsidiaries attributable to the Pre-Closing Tax Period that are actually paid by the Purchaser,
the Company or its Subsidiaries after the Closing Date (other than any such Taxes that were specifically included as a liability in Final NWC or Final Indebtedness or accrued for on the Latest Balance Sheet). 

(i)    Tax Contests. 

(i)    The Purchaser shall promptly (and in any event within ten (10) days) forward to the Seller all
written notifications and other communications from any taxing authority relating to any Tax liability or the amount or availability of any Tax asset of the Company or any of its Subsidiaries with respect to a
Pre-Closing Tax Period. 
 (ii)    The Seller shall have the
right to control any audit or examination by any taxing authority or any other judicial or administrative proceeding with respect to Taxes, initiate any claim for refund of Taxes, amend any Tax Return, and contest, resolve and defend against any
assessment for additional Taxes, notice of Tax deficiency or other adjustment of Taxes of the Company or any of its Subsidiaries or otherwise enforce the provisions set forth in this Section 8.01 (each, a “Tax
Matter”) for any Pre-Closing Tax Period; provided, however, that the Seller shall provide to the Purchaser (at the Purchaser’s expense) reasonable participation rights with respect
to so much of any such Tax Matter that is reasonably likely to affect the Tax liability of the Purchaser or the Company or any of its Subsidiaries for any taxable period beginning after the Closing Date. The Seller shall not enter into any
settlement of, or otherwise compromise, any such Tax Matter that would affect the liability of the Purchaser or the Company or any of its Subsidiaries for any Taxes, as to which the Seller would not be liable hereunder or as a matter of applicable
Law, without the prior written consent of the Purchaser, which consent shall not be unreasonably withheld, delayed or conditioned. 

(iii)    If, after receiving written notice of a Tax Matter, the Seller declines to exercise its control
rights pursuant to Section 8.01(i)(ii) with respect to such Tax Matter, the Purchaser shall control the conduct of such Tax Matter; provided, that Purchaser shall (w) keep the Seller apprised of
the status of such Tax Matter, including by giving the Seller advance notice of, and opportunity to attend, any in-person or telephonic meetings, (x) provide copies of any written correspondence or other
submissions received from a taxing authority with respect to such Tax Matter, (y) provide copies of any written correspondence to be provided to any taxing authority in connection with such Tax Matter to the Seller for the Seller’s review
and comment, with all reasonable comments of the Seller to be reflected in such correspondence or submission, and (z) not enter into any settlement of, or otherwise compromise, any such Tax Matter, without the prior written consent of the
Seller, which consent shall not be unreasonably withheld, delayed or conditioned. 
 (iv)    In the event
of any conflict between Article 7 hereof and this Section 8.01(i), this Section 8.01(i) shall control. 

Section 8.02    Confidentiality. The Confidentiality Agreement, dated August 25, 2017, by and between the Purchaser
and the Company (the “Confidentiality Agreement”) shall terminate upon the Closing. From and after the Closing for a period of five (5) years, the Seller shall not, and shall cause 

  
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its Affiliates not to, disclose any non-public information concerning the Company, the Subsidiaries of the Company, the Company JVs or the business of the
Company, the Subsidiaries of the Company and the Company JVs, including, for the avoidance of doubt, the Management Agreements and any financial information of the Company, its Subsidiaries or the Company JVs; provided, however, that
no such Person shall be prevented from making disclosures required by applicable Law (including in any Tax return) or in accordance with ordinary course reporting to such Person’s limited partners and legal, accounting, tax and other advisors.
The obligations of confidentiality in this Section 8.02 shall not apply to information that was or is obtained on a non-confidential basis from other sources not bound by an
obligation to the Company, its Subsidiaries or a Company JV, that was or is or becomes generally available to the public, that ceases to be a trade secret, that is developed without reference to such
non-public information concerning the Company, its Subsidiaries or the Company JVs or that is required to be disclosed to a Governmental Authority, including pursuant to applicable Law or by a Governmental
Authority; provided that in the event that the disclosure of such non-public information is so required by any applicable Law or Governmental Authority (other than in any Tax return), the
Seller will use commercially reasonable efforts to provide the Purchaser with prompt notice if permitted to do so by applicable Law or Governmental Authority so that the Purchaser may (at its own expense) seek an appropriate protective order or
similar relief and the Seller shall, upon request, and if permitted to do so by applicable Law or by such applicable Governmental Authority, use reasonable best efforts to assist the Purchaser in obtaining such a protective order or relief.
Disclosure of any non-public information pursuant to any such order or requirement of applicable Law or Governmental Authority shall not in and of itself be deemed to render such
non-public information public. 
 Section 8.03    Further
Assurances. From time to time, as and when requested by any party hereto and at such party’s expense, any other party shall execute and deliver, or cause to be executed and delivered, all such documents and instruments and shall take, or
cause to be taken, all such further or other actions as such requesting party may reasonably deem necessary or desirable to evidence and effectuate the transactions contemplated by this Agreement. 

Section 8.04    Provisions Respecting Legal Representation. 

(a)    Each of the parties to this Agreement hereby agrees, on its own behalf and on behalf of its directors, members,
partners, officers, employees and Affiliates, that Kirkland & Ellis LLP has served as counsel to the Seller, the Company and its Subsidiaries in connection with the negotiation, preparation, execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby, and that, following consummation of the transactions contemplated hereby, Kirkland & Ellis LLP (or any successor) may serve as counsel to the Seller or any director, member, partner,
officer, employee or Affiliate of the Seller, in connection with any litigation, claim or obligation arising out of or relating to this Agreement or the transactions contemplated by this Agreement, notwithstanding such prior representation of the
Company, and each of the parties hereto hereby consents thereto and waives any conflict of interest arising therefrom, and each of such parties shall cause any Affiliate thereof to consent to and waive any conflict of interest arising from such
representation. The Purchaser further agrees, on its own behalf and on behalf of its Affiliates, including the Company and its Subsidiaries following the Closing, that in the event the Seller assumes the defense of a third party claim brought
against the Company in accordance with Article 7 herein, notwithstanding that Kirkland & Ellis LLP may be representing the Company or such Subsidiary in connection with such third party claim, the Purchaser waives any claim of
conflict of interest with respect to Kirkland & Ellis LLP’s representation of the Seller in connection with any dispute between the Purchaser and Seller, including in connection with disputes under this Agreement, other than any
dispute related to the third party claim itself. Each of the parties to this Agreement hereby irrevocably acknowledges and agrees that all communications prior to the Closing between the Company and its Subsidiaries and the Seller, on the one hand,
and their external legal counsel, including Kirkland & Ellis LLP, on the other hand, made in connection with the negotiation, preparation, execution, delivery and 

  
 33 

 
performance under, or any dispute or proceeding arising out of or relating to, this Agreement, any agreements contemplated by this Agreement or the transactions contemplated hereby or thereby, or
any matter relating to any of the foregoing, are privileged communications between the Company and its Subsidiaries and Seller and such counsel (collectively, the “Seller Privileged Communications”) and are property of the Seller,
and from and after the Closing, neither the Purchaser, nor the Company nor any of its Subsidiaries nor any Person purporting to act on behalf of or through the Purchaser, the Company or any of its Subsidiaries, will seek to obtain such
communications, whether by seeking a waiver of the attorney-client privilege or through any other means. As to any such Privileged Communications prior to the Closing Date, the Purchaser and the Company and its Subsidiaries, together with any of
their respective Affiliates, successors or assigns, further agree that no such party may use or rely on any of the Privileged Communications in any action against or involving any of the parties hereto after the Closing. 

(b)    Each of the parties to this Agreement hereby agrees, on its own behalf and on behalf of its directors, members,
partners, officers, employees and Affiliates, that Freshfields Bruckhaus Deringer US LLP has served as counsel to the Purchaser in connection with the negotiation, preparation, execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby, and that, following consummation of the transactions contemplated hereby, Freshfields Bruckhaus Deringer US LLP (or any successor) may serve as counsel to the Purchaser, the Company and its Subsidiaries in
connection with any litigation, claim or obligation arising out of or relating to this Agreement or the transactions contemplated by this Agreement, notwithstanding such prior representation of the Purchaser, and each of the parties hereto hereby
consents thereto and waives any conflict of interest arising therefrom, and each of such parties shall cause any Affiliate thereof to consent to and waive any conflict of interest arising from such representation. The Seller further agrees, on its
own behalf and on behalf of its Affiliates, that in the event the Purchaser assumes the defense of a third party claim brought against the Company or any of its Subsidiaries in accordance with Article 7 herein, notwithstanding that
Freshfields Bruckhaus Deringer US LLP may be representing the Company or such Subsidiary in connection with such third party claim, the Seller waives any claim of conflict of interest with respect to Freshfields Bruckhaus Deringer US LLP’s
representation of the Purchaser in connection with any dispute between the Purchaser and Seller, including in connection with disputes under this Agreement, other than any dispute related to the third party claim itself. Each of the parties to this
Agreement hereby irrevocably acknowledges and agrees that all communications prior to the Closing between the Purchaser and its external legal counsel, including Freshfields Bruckhaus Deringer US LLP, made in connection with the negotiation,
preparation, execution, delivery and performance under, or any dispute or proceeding arising out of or relating to, this Agreement, any agreements contemplated by this Agreement or the transactions contemplated hereby or thereby, or any matter
relating to any of the foregoing, are privileged communications between the Purchaser and such counsel (collectively, the “Purchaser Privileged Communications”) and are property of the Purchaser, and from and after the Closing,
neither the Seller nor any of its Affiliates nor any Person purporting to act on behalf of or through the Seller or any of its Affiliates will seek to obtain such communications, whether by seeking a waiver of the attorney-client privilege or
through any other means. As to any such Purchaser Privileged Communications prior to the Closing Date, the Seller and its Affiliates, successors or assigns further agree that no such party may use or rely on any of the Purchaser Privileged
Communications in any action against or involving any of the parties hereto after the Closing. 
 Section
8.05    Press Releases and Communications. The parties hereto will, and will cause each of their Affiliates to, and will direct each of their respective representatives to, maintain the confidentiality of this Agreement
and will not issue, or cause the publication of, any public release or announcement concerning the transactions contemplated by this Agreement without the prior written consent of both the Purchaser and the Seller (such consent shall not be
unreasonably withheld, conditioned or delayed). Notwithstanding the foregoing, (a) the foregoing shall not restrict or prohibit any of the parties hereto from making any release or announcement required by applicable Law or the rules or regulations
of any securities exchange (in which case, to the extent practicable, the party hereto required to make the 

  
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release or announcement shall allow the other party hereto reasonable time to comment on or seek a protective order with respect to such release or announcement in advance of such issuance) and
(b) any party or any Affiliate of any party that is an investment fund may disclose this Agreement and/or the existence or terms of the transactions contemplated hereby to its Affiliates or to any current or potential investor in such
investment fund, who, in each case, are under an obligation to keep this Agreement and such terms confidential, in connection with fundraising, marketing, informational or reporting activities or otherwise in the ordinary course of such investment
fund’s business. Each party hereto shall be responsible for any breach of this Section 8.05 by its Affiliates or representatives. 

ARTICLE 9 

DEFINITIONS 

Section 9.01    Definitions. For purposes hereof, the following terms when used herein shall have the
respective meanings set forth below: 
 “Affiliate” of any particular Person means any other Person controlling, controlled
by or under common control with such particular Person, where “control” means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities,
contract or otherwise. 
 “Affiliated Group” means an affiliated group as defined in Section 1504 of the Code (or any
analogous combined, consolidated or unitary group defined under state, local or non-U.S. Law relating to income taxes). 

“Anti-Corruption Laws” means, collectively, (i) the US Foreign Corrupt Practices Act, the UK Bribery Act, the
International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 and Title III of the USA PATRIOT Act of 2001, in each case as amended, (ii) any other applicable Law of any jurisdiction that relates to bribery or corruption and
(iii) the rules and regulations issued or promulgated thereunder. 
 “Anti-Money Laundering Laws” means, collectively,
(i) the USA PATRIOT Act of 2001, (ii) the U.S. Money Laundering Control Act of 1986, (iii) any other applicable Law of any jurisdiction relating to money laundering, terrorist financing or transactions involving the proceeds of illegal
activities and (iv) any rules and regulations issues or promulgated thereunder. 
 “Business Day” means a day other
than Saturday, Sunday or any day on which banks located in any of the State of New York, the State of Georgia, London, England or the British Virgin Islands are authorized or obligated to close. 

“Cash” means all cash, cash equivalents and marketable securities held by the Company and its Subsidiaries, determined in
accordance with IFRS. For avoidance of doubt, Cash shall (i) be calculated net of issued but uncleared checks and drafts and (ii) include checks and drafts deposited for the account of the Company and its Subsidiaries but not yet reflected
as available proceeds in their accounts. 
 “Chengdu Receivable” means the outstanding receivable in the amount of
$1,935,712 million owed to the Company and its Subsidiaries with respect to Six Senses Qing Cheng Mountain located at Qing Cheng Mountain, Sichuan Province, China. 

“Code” means the Internal Revenue Code of 1986, as amended. 

  
 35 

 “Company Fundamental Representations” means the representations and
warranties contained in Section 2.01, Section 2.02, Section 2.03(a), Section 2.03(b), Section 2.03(d) and
Section 2.20. 
 “Company JVs” means any Person (other than a Subsidiary of the Company) in whom
the Company or one of its Subsidiaries owns an Equity Interest of less than a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof, including the Fiji JV and the Samui JV. 
 “Company Software” means the following, to the extent owned by
Company or one of its Subsidiaries: any computer software programs (whether in source code, object code, html code, executable code or other forms), including software compilations, software tool sets, compilers, higher level or
“proprietary” languages, algorithms, software systems (including purchased and in-house developed software), other information technology, and all versions, updates, corrections, enhancements, and
modifications thereto, and all related programming and user documentation, developer notes, comments, training materials and annotations thereto, all whether in source code, object code or human readable form, or any translation or modification
thereof that substantially preserves its original identity. 
 “Copyrights” means rights in: (a) all works of
authorship and other copyrightable subject matter, whether registered or unregistered, and whether or not published, and all translations, adaptations, compilations, combinations and derivative works thereof (including the exclusive right to use,
make recordings of, reproduce, modify, adapt, edit, enhance, maintain, support, market, sell, rent, sell for rental, sublicense, distribute copies of, publicly and privately, display and publicly and privately perform, exploit and exhibit the
copyrighted work and to prepare derivative works); (b) copyright applications and registrations including extensions and renewals thereof; and (c) foreign counterparts of any of the foregoing anywhere in the world, and all rights therein and
thereto. 
 “Economic Sanctions Laws” means any economic or financial sanctions administered by OFAC, the United States
Department of State, any other agency of the United States government, the government of the United Kingdom, the United Nations, the European Union or any member state thereof, or any other national economic sanctions authority. 

“Employee Shareholders” means each of Jantana Supakom, Thanasita Thonglua, Chotiseth Padhamanand and Bernhard Bohnenberger.

 “Environmental Requirements” means all applicable Laws concerning pollution or protection of the environment and/or
protection of the health and safety of natural persons from exposures to Hazardous Materials in the environment. 
 “Equity
Interests” means with respect to a Person (including, for the avoidance of doubt, the Company JVs), all of the shares, interests, participations or other equivalents (however designated) of or in such Person, whether voting or nonvoting,
including capital stock, partnership interests, membership interests, joint venture interests or other equity interests, and any option or warrant with respect thereto and any other right to acquire such interest and any securities or other rights
convertible into, or exercisable or exchangeable for, such interests. 
 “Estimated NWC Excess” means the amount by which
Estimated NWC is greater than NWC Target. 
 “Estimated NWC Shortfall” means the amount by which Estimated NWC is less than
NWC Target. 

  
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 “Fiji JV” means Island Grace (Fiji) Limited trading as Six Senses Fiji, a
New Zealand company registered in Fiji as a branch, as trustee of the assets and properties of a joint venture the interests of which the Company owns a proportional share of 7.25%. 

“Fraud” means knowing and intentional common law fraud by a party to this Agreement with respect to the representations and
warranties of such party set forth in this Agreement. 
 “Fundamental Representations” means the Company Fundamental
Representations, the Purchaser Fundamental Representations and the Seller Fundamental Representations. 
 “Governmental
Authority” means any governmental, regulatory or administrative body, agency or authority, any court or judicial authority, any arbitral tribunal or any other public authority, whether foreign, federal, state or local. 

“Hazardous Materials” means any toxic, infectious, carcinogenic, radioactive, ignitable, corrosive, reactive or caustic
substances, materials or chemicals (whether solids, liquids or gases) subject to regulation under any Environmental Requirement due to their deleterious characteristic(s), including petroleum. 

“Hotel” means any hotel, resort, spa, gym, health club, restaurant, café, bar, lounge, spa, wellness center, pool,
boutique, retail outlet, serviced apartment or other hospitality business, project or development. 
 “IFRS” means
international financial reporting standards as in effect from time to time, consistently applied throughout the periods presented. 

“Indebtedness” means, as of any particular time, the unpaid principal amount of, and accrued interest and prepayment
penalties on, (i) all indebtedness for borrowed money of the Company and its Subsidiaries, (ii) any indebtedness of the Company and its Subsidiaries evidenced by any note, bond, debenture or other debt security, (iii) any indebtedness
for the deferred purchase price of property or services or earn-out or similar payment with respect to which the Company and its Subsidiaries are liable, contingently or otherwise, as obligor or otherwise
(other than trade payables and other current liabilities incurred in the ordinary course of business), (iv) any indebtedness guaranteed in any manner by the Company and its Subsidiaries, (v) all obligations of the Company and its Subsidiaries
under leases that have been recorded by the Company as capital leases, (vi) liabilities arising out of any hedging, swap or similar arrangements, (vii) any indebtedness in respect of any and all unfunded defined benefit pension
obligations, including, without limitation, any such non-U.S. post-retirement items that are classified as such in the Financial Statements, (viii) capital contributions due and owing from the Company or
any of its Subsidiaries to any hotel project or any joint venture; (ix) the severance obligations identified on Schedule 1.05(a); (x) the unpaid Taxes of the Company and its Subsidiaries for the taxable period, or portion thereof, ending
on the Closing Date and the immediately preceding taxable period (which such amount shall (A) not be an amount less than zero, (B) include any Tax gross-up payment in respect of compensation paid or
payable to any Covered Employee (except to the extent such gross-up obligation has been taken into account as a liability in determining NWC), (C) exclude any liabilities in respect of deferred Taxes
established to reflect timing differences between book and Tax, (D) be computed in accordance with the past practice of the Company and its Subsidiaries in preparing their Tax Returns which, for the avoidance of doubt, means that Taxes shall
only be included for jurisdictions in which the Company or its Subsidiaries have previously filed Tax Returns and paid Taxes or jurisdictions in which the Company or its Subsidiaries first started doing business in the taxable period ending on the
Closing and (E) be reduced to take into account the (1) Transaction Tax Deductions (as provided in Section 8.01(g)) and (2) any pre-payments or overpayments of any
income Taxes, including any previous estimated Tax payments) and (xi) any indebtedness owing to the 

  
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Seller of any of its Affiliates (other than the Company and its Subsidiaries); provided that, notwithstanding the foregoing, “Indebtedness” shall not include any obligations or
liabilities of the Company and its Subsidiaries relating to or arising from the matters set forth on the Excluded Indebtedness Schedule. 

“Intellectual Property” means all of the following intellectual property rights in any jurisdiction throughout the world,
whether registered or unregistered, as applicable, and to the extent protectable under applicable Law: (i) Patents; (ii) Trademarks; (iii) Copyrights; (iv) Social Media Accounts; (v) mask works and industrial designs; (vi) Trade
Secrets & Proprietary Data; and (vii) Computer Software. 
 “Law” means any law, rule, regulation, judgment,
injunction, order, decree or other binding action or requirement of a Governmental Authority. 
 “Liens” means liens,
mortgages, pledges, security interests, charges and encumbrances. 
 “Losses” means, with respect to any Person, any
losses, liabilities, claims, expenses, obligations, damages, judgments, settlement payments, deficiencies, Taxes, penalties, fines, costs and expenses (including enforcement expenses and amounts paid in settlement, interest, court costs, costs of
investigations, fees and expenses of attorneys, accountants, financial advisors and other experts, and other expenses of litigation). 

“Management Agreement” means any management agreement, operating agreement, technical services or any other type of services
agreement, design agreement, rental program agreement, homeowner’s association or other similar agreement, maintenance, shared facilities or costs agreement, license or royalty agreement, CC&Rs, common interest or other similar agreement,
brokerage agreement, sales agreement, reservation agreement or other agreement, including any letters of intent, memorandums of understanding or other similar arrangements for any of the foregoing. 

“Managed Property” means any Hotel or Residence Project that is subject to a Management Agreement entered into by the Company
or any of its Subsidiaries or Affiliates. 
 “Material Adverse Effect” means any change, effect, event, occurrence, state
of facts or development that has, or would be reasonably likely to have, a material adverse effect on the financial condition or results of operations of the Company and its Subsidiaries, taken as a whole; provided, however, that none
of the following shall be deemed, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or will be, a Material Adverse Effect: any change, effect, event,
occurrence, state of facts or development attributable to (i) the negotiation, execution, announcement or pendency of the transactions contemplated by this Agreement, including the impact thereof on relationships, contractual or otherwise,
with, or actual or potential loss or impairment of, customers, suppliers, landlords, partners or employees (provided that this clause (i) shall not apply to the representations and warranties set out in
Section 2.03(c) and Section 4.02), or on revenue, profitability and cash flows; (ii) conditions affecting the industry in which the Company and its Subsidiaries participate, the U.S. or world
economy as a whole or the U.S. or global capital or financial markets in general or the markets in which the Company and its Subsidiaries operate; (iii) compliance with the terms of, or the taking of any action expressly required by, this
Agreement; (iv) the taking of any action, or failing to take any action, at the express, written request of the Purchaser, or the taking of any action by the Purchaser; (v) any change in applicable Laws or the interpretation thereof or the
taking of any action required to be taken by applicable Laws; (vi) any change in IFRS or changes resulting from a different set of accounting principles; (vii) any failure by the Company and its Subsidiaries to meet financial forecasts,
projections or estimates (but the reasons underlying such failure (unless such reasons are excluded by one of the other clauses of this definition) may be taken into account in determining whether a Material Adverse Effect has occurred, or would be
reasonably likely to occur); or (viii) national or international political or 

  
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social conditions, including the commencement, continuation or escalation of a war, material armed hostilities or other material international or national calamity or act of terrorism directly or
indirectly involving the United States of America or any other jurisdiction; except, in the case of clause (ii), (v), (vi) and (viii), to the extent that the Company and its Subsidiaries, taken as a whole, are disproportionately affected
thereby as compared with other participants in the industry in which the Company and its Subsidiaries participate generally (in which case, only the disproportionate impact shall be taken into account in the determination of Material Adverse
Effect hereunder). 
 “New York Management Agreement” means that certain Management Agreement, by and between Six Senses
Holdings US LLC and 76 Eleventh Avenue Property Owner LLC. 
 “New York Project Holdback Amount” means $3,500,000. 

“New York Project Trigger Event” means the occurrence of each of the following: (a) the Hotel (as defined in the New
York Management Agreement) is open to the public for business, (b) the initial term loan financing for the operation of Hotel (as defined in the New York Management Agreement) has been consummated and (c) an executed nondisturbance
agreement, reasonably acceptable to the Purchaser and which provides that the applicable lender has no additional rights to terminate the New York Management Agreement with the Company or its Affiliates other than in accordance with the termination
rights thereunder, has been received from each lender that is providing initial term loan financing for the operation of the Hotel (as defined in the New York Management Agreement) in connection with the the conveyance to 76 Eleventh Hotel Member
LLC of fee title to the hotel condominium unit (or any refinancing of such initial term loan financing). 
 “NWC” means
(i) the current assets of the Company and its Subsidiaries included in the calculation of NWC set forth on Schedule 1.05(a) (excluding, for the avoidance of doubt, Cash and deferred and current Tax assets and the Chengdu Receivable)
minus (ii) the current liabilities of the Company and its Subsidiaries included in the calculation of NWC set forth on Schedule 1.05(a) (excluding, for the avoidance of doubt, Indebtedness, Transaction Expenses and deferred and
current Tax liabilities), in each case determined on a consolidated basis in accordance with IFRS using the same accounting methods, policies, principles, practices and procedures, with consistent classifications, judgements and estimation
methodologies (including as to the establishment of reserves) as were used in the preparation of Schedule 1.05(a). 
 “NWC
Excess” means the amount by which Final NWC is greater than NWC Target. 
 “NWC Shortfall” means the amount by
which Final NWC is less than NWC Target. 
 “NWC Target” means $0. 

“OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury. 

“Organizational Documents” means any charter, certificate of formation, articles of incorporation, declaration of
partnership, articles of association, memorandum of association, bylaws, operating agreement, limited liability company agreement, partnership agreement or similar formation or governing documents and instruments of any Person. 

“Patents” means rights in all inventions, invention disclosures, discoveries and improvements (whether or not patentable),
issued patents and patent applications, (including utility models and provisional applications), patents, design patents, registered industrial designs and all other similar 

  
 39 

 
protection of inventions as recognized by applicable Law, in all countries of the world and all counterparts claiming priority therefrom, and all related continuations, continuations-in-part, divisionals, reexaminations, substitutions, extensions, or reissues thereof. 

“Permitted Liens” means (i) statutory liens for current Taxes or other governmental charges not yet delinquent or the
amount or validity of which are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with IFRS; (ii) mechanics’, carriers’, workers’, repairers’ and
similar statutory liens arising or incurred in the ordinary course of business for amounts which are not yet delinquent or the amount or validity of which are being contested in good faith by appropriate proceedings and for which adequate reserves
have been established in accordance with IFRS; (iii) zoning, entitlement, building and other land use regulations imposed by Governmental Authorities having jurisdiction over the Leased Real Property which (A) are not violated by the
current use and operation of the Leased Real Property or the operation of the business of the Company and its Subsidiaries and (B) do not, individually or in the aggregate, materially detract from the value of, or impair the use or operation
of, such Leased Real Property; (iv) covenants, conditions, restrictions, easements and other similar matters of record affecting title to the Leased Real Property which do not materially impair the occupancy or use of the Leased Real Property
for the purposes for which it is currently used in connection with the business of the Company and its Subsidiaries or materially detract from the value of such Leased Real Property; (v) matters which would be disclosed by an inspection or
accurate survey of each parcel of Leased Real Property; (vi) liens arising in the ordinary course of business under worker’s compensation, unemployment insurance, social security, retirement and similar legislation, in each case that are
not past due or delinquent; (vii) purchase money liens and liens securing rental payments under capital lease arrangements; and and (viii) non-exclusive licenses for Intellectual Property granted in
the ordinary course of business. 
 “Person” means an individual, a sole proprietorship, a partnership, a corporation, a
limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, any other business entity or any Governmental Authority. 

“Plan” means any “employee benefit plan” (as defined under Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”)) whether or not subject to ERISA, and any bonus, vacation, deferred compensation, pension, retirement, profit-sharing, thrift, savings, overtime, employee stock or equity ownership, stock
or equity bonus, stock or equity purchase, restricted stock, stock option, equity-based, incentive, retention, severance or change-in-control plans or any other benefit
plan, agreements (including employment, individual consulting and collective bargaining agreements), policies, programs or arrangements, in each case, whether written or unwritten, that are sponsored, maintained or contributed to, or required to be
contributed to, by the Company or any of its Subsidiaries, on behalf of any employee, director or other individual service provider of the Company or its Subsidiaries (in each case, whether current, former or retired) or their respective
beneficiaries or with respect to which the Company or any of its Subsidiaries has any liability on behalf of any such employee, director or other individual service provider or their respective beneficiaries, other than any “multiemployer
plan” (within the meaning of Sections 3(37) and 4001(a)(3) of ERISA). 
 “Pre-Closing
Tax Period” means any taxable periods ending on or before the Closing Date and the portion of any Straddle Period through the end of the Closing Date. 

“Privacy Laws” means all applicable Laws pertaining to (i) data security, cyber security and e-commerce, (ii) the collection, storage, use, access, disclosure, processing, security and transfer of personal data, including the European Union General Data Protection Regulation 2016/679, and
(iii) sales and marketing, including the CAN-SPAM Act of 2003, the Telephone Consumer Protection Act and the Telemarketing Sales Rule. 

  
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 “Purchaser Fundamental Representations” means the representations and
warranties contained in Section 3.01, Section 3.02(a), Section 3.02(b), Section 3.02(d) and Section 3.05. 

“Residence Project” means any, apartment, condominium, villa, timeshare or fractional interest development, vacation
ownership club or any other type of residential or quasi residential unit, development or project. 
 “Samui JV” means
SURF-Samui Pte. Ltd., a limited company incorporated under the laws of Singapore, of which the Company owns 49% of the total issued share capital. 

“Seller Fundamental Representations” means the representations and warranties contained in
Section 4.01, Section 4.02(a), Section 4.02(b), Section 4.02(d), Section 4.03 and
Section 4.04. 
 “Social Media Accounts” means all accounts, profiles, pages, feeds,
registrations and other presences of the Company and its Subsidiaries on or in connection with any: (i) social media or social networking websites or online services; (ii) blogs or microblogs; (iii) mobile applications;
(iv) photo, video or other content-sharing websites; (v) virtual game worlds or virtual social worlds; (vi) rating and review websites; (vii) wiki or other similar collaborative content websites; and (viii) message boards,
bulletin boards or other similar forums. 
 “Straddle Period” means any taxable period that includes (but does not end on)
the Closing Date. 
 “Subsidiary” means with respect to any Person, any corporation of which a majority of the total voting
power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of
the other Subsidiaries of such Person or a combination thereof, or any partnership, limited liability company, association or other business entity (other than a corporation) of which a majority of the partnership, limited liability company or other
similar ownership interest is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof. For purposes of this definition, a Person is deemed to have a
majority ownership interest in a partnership, limited liability company, association or other business entity (other than a corporation) if such Person is allocated a majority of the gains or losses of or dividends paid by such partnership, limited
liability company, association or other business entity or is or controls the managing director, managing member or general partner of such partnership, limited liability company, association or other business entity. 

“Tax” or “Taxes” means any federal, state, local or non-U.S. income,
gross receipts, franchise, estimated, alternative minimum, add-on minimum, sales, use, transfer, value added, excise, severance, stamp, customs, duties, real property, personal property, capital stock, social
security, unemployment, payroll, employee or other withholding, or other tax, including any interest, penalties or additions to tax or additional amounts in respect of the foregoing. 

“Tax Returns” means any return, report, claim for refund, information return or other document (including schedules or any
related or supporting information) filed or required to be filed with any Governmental Authority or other authority in connection with the determination, assessment or collection of any Tax or the administration of any Laws relating to any Tax. 

“Trade Secrets & Proprietary Data” means all trade secrets and all other confidential or proprietary
information and know-how, whether or not such trade secret has been reduced to a writing or other tangible form, including all documents and things embodying, incorporating or referring in any way

  
 41 

 
to such trade secret, including to the right to sue for past, present and future misappropriation or other violation of any trade secret, and any computer programs, proprietary information,
secret processes and other proprietary rights of every kind and nature and documentation thereof (including related papers, business models, blueprints, drawings, formulae, diaries, notebooks, specifications, designs, methods of production and
distribution and data processing software), as well as all customer data, including electronic or website versions, and user information collected by the Company or its Subsidiaries through its or their Social Media Accounts and all claims and
rights related thereto, in the United States and in foreign countries, that are owned, licensed, used, necessary for use or controlled in whole or in part by the Company and any of its Subsidiaries, and all information systems, programs, software
and documentation thereof (including all electronic data processing systems, cost data, compilations of information, copyrightable material, reports, databases and data collections, algorithms, software, business methods, process flow sheets,
customer lists, mailing lists, plans and reports or other similar confidential or proprietary data and information, program specifications, source codes, logs, input data and report layouts and formats, record file layouts, diagrams, functional
specifications and narrative descriptions, flow charts and other related material), and in each case all goodwill associated therewith. 

“Trademarks” means all United States and foreign trademarks, trade names, internet domain names, service marks, certification
marks, collective marks, logos, other source identifiers, designs and general intangibles of a like nature, whether registered or unregistered, and all registrations and applications for any of the foregoing, including, but not limited to:
(i) all extensions or renewals of any of the foregoing; (ii) all of the goodwill of the Seller, the Company and its Subsidiaries connected or associated with the use of and symbolized by the foregoing; and (iii) the right to sue for
past, present and future infringement or dilution of any of the foregoing or for any injury to goodwill. 
 “Transaction
Expenses” means all (a) fees and expenses of the Company and its Subsidiaries incurred in connection with or incident to the preparation, negotiation and execution of this Agreement and the consummation of the transactions contemplated
hereby, including legal, accounting, transaction, closing and investment banking fees, costs and expenses (including any such expenses incurred in pursuit of an alternative transaction with respect to the Company and its Subsidiaries) and
(b) transaction, sale, change in control, retention or any similar bonuses or similar payments (in each case, together with the employer portion of any payroll or other withholding Tax payable in connection therewith) that are due to any
employee, officer or director of the Company and its Subsidiaries directly as a result of the consummation of the transactions contemplated hereby pursuant to any agreement entered into by the Seller or, prior to the Closing, the Company or any of
its Subsidiaries (whether such payment is due on, prior to or after the Closing). 
 “Transaction Tax Deductions” means,
without duplication and regardless of the payor and whether or not paid prior to the Closing, to the extent deductible for U.S. federal or other applicable income Tax purposes, the sum of (a) transaction bonuses, change in control payments,
severance payments, retention payments or similar payments made by the Company and its Subsidiaries in connection with the transactions contemplated by this Agreement, (b) the fees, expenses and interest incurred by or on behalf of the Company
and its Subsidiaries with respect to the payment of Indebtedness (including, for the avoidance of doubt, amounts treated as interest for U.S. federal income tax purposes, any breakage fees or accelerated deferred financing fees, whether paid before,
at, or after the Closing, (c) without duplication of any amount included in another clause of this definition, the amount of the Transaction Expenses (whether paid prior to or following the Closing), (d) all fees, costs and expenses incurred by
the Company or any of its Subsidiaries in connection with or incident to this Agreement and the transactions contemplated hereby, including any such legal, accounting, transaction, closing and investment banking fees, costs and expenses,
(e) any employment or social security or similar Taxes with respect to the amounts set forth in the foregoing clause (a), (f) all capitalized costs and expenses (including all deferred financing fees) attributable to items described in clause
(i) of the definition of Indebtedness, in each case, in connection with the transactions 

  
 42 

 
contemplated by this Agreement, and (g) any other item, regardless of whether paid prior to Closing, that is reasonably expected to be deductible for U.S. federal, state, local or non-U.S. income tax purposes by the Company or any of its Subsidiaries, in each case, in connection with the transactions contemplated by this Agreement; provided, however, that no expense or other
item that is paid after the Closing shall be included in Transaction Tax Deductions that has not been included in Transaction Expenses, Final Indebtedness or Final NWC and reduced the Purchase Price. For the avoidance of doubt, the parties agree
that 70% of any success-based fees (including without limitation the fees payable to Evercore Inc.) are deductible for U.S. federal income tax purposes pursuant to Revenue Procedure 2011-29, 2011-18 IRB and are included in the calculation of Transaction Tax Deductions. 
 “Treasury
Regulations” means the Treasury Regulations promulgated under the Code. 
 Section 9.02    Other
Definitional Provisions. 
 (a)    Accounting Terms. Accounting terms which are not otherwise defined in this
Agreement have the meanings given to them under IFRS. To the extent that the definition of an accounting term defined in this Agreement is inconsistent with the meaning of such term under IFRS, the definition set forth in this Agreement will
control. 
 (b)    Successor Laws. Any reference to any particular Code section or any other Law will be
interpreted to include any revision of or successor to that section regardless of how it is numbered or classified. 

Section 9.03    Cross-Reference of Other Definitions. Each capitalized term listed below is defined in the
corresponding Section of this Agreement: 
  

			
	 Term
	  	Section No.
	 Affiliate Contract
	  	2.19
	 Agreement
	  	Preface
	 Base Consideration
	  	1.02(a)
	 Closing
	  	1.06
	 Closing Date
	  	1.06
	 Closing Statement
	  	1.04(f)
	 Company
	  	Preface
	 Company Intellectual Property
	  	2.10(a)
	 Company Shares
	  	Recitals
	 Confidentiality Agreement
	  	8.02
	 D&O Costs
	  	6.02(b)
	 D&O Expenses
	  	6.02(b)

  
 43 

			
	 Term
	  	Section No.
	 D&O Indemnifiable Claim
	  	6.02(b)
	 D&O Indemnifying Party
	  	6.02(b)
	 D&O Indemnitee
	  	6.02(b)
	 Data Room
	  	10.0
	 Deductible
	  	7.02(a)
	 Disclosure Schedules
	  	Article 2
	 Duff & Phelps
	  	1.05(b)
	 Electronic Delivery
	  	10.13
	 Escrow Account
	  	1.04(b)
	 Escrow Agent
	  	1.04(b)
	 Escrow Agreement
	  	1.04(b)
	 Escrow Amount
	  	1.04(b)
	 Estimated Cash
	  	1.03
	 Estimated Indebtedness
	  	1.03
	 Estimated Transaction Expenses
	  	1.03
	 Excess Amount
	  	1.05(d)
	 Final Cash
	  	1.05(b)
	 Final Indebtedness
	  	1.05(b)
	 Final Transaction Expenses
	  	1.05(b)
	 Financial Statements
	  	2.04
	 Fundamental R&W Claim
	  	7.02(c)
	 Guaranteed Loan
	  	2.09(e)
	 Indemnitee
	  	7.05
	 Indemnitor
	  	7.05
	 IT Systems
	  	2.10(g)

  
 44 

			
	 Term
	  	Section No.
	 Latest Balance Sheet
	  	2.04
	 Leased Real Property
	  	2.07(b)
	 Material Contracts
	  	2.09(a)
	 Mini-Basket
	  	7.02(a)
	 NDA
	  	6.04(b)
	 Neutral Auditor
	  	1.05(b)
	 Objections Statement
	  	1.05(b)
	 Outside Date
	  	6.04(a)
	 Permits
	  	2.17(c)
	 Pre-Closing Covenant
	  	7.01
	 Preliminary Purchase Price
	  	1.02(b)
	 Preliminary Statement
	  	1.03
	 Purchase Price
	  	1.02(a)
	 Purchaser
	  	Preface
	 Purchaser Indemnified Parties
	  	7.02(a)
	 Purchaser Privileged Communications
	  	8.04(b)
	 R&W Claim
	  	7.02(a)
	 Real Property Leases
	  	2.07(b)
	 Section 338(g) Elections
	  	8.01(f)
	 Seller
	  	Preface
	 Seller Indemnified Parties
	  	7.03
	 Seller Privileged Communications
	  	8.04(a)
	 Seller Related Parties
	  	6.02(f)
	 Shortfall Amount
	  	1.05(b)
	 Survival Period Termination Date
	  	7.01

  
 45 

			
	 Term
	  	Section No.
	 Tax Benefit
	  	7.06
	 Tax Matters
	  	8.01(i)(ii)
	 Tax R&W Claim
	  	7.02(c)
	 Third Party IT Vendor
	  	2.10(g)
	 Transfer Taxes
	  	8.01(c)

 ARTICLE 10 

MISCELLANEOUS 

Section 10.01    Expenses. Except as otherwise expressly provided herein, the Seller, on the one hand, and the
Purchaser, on the other hand, shall pay all of their own expenses (including attorneys’ and accountants’ fees and expenses) in connection with the negotiation of this Agreement, the performance of their obligations hereunder and the
consummation of the transactions contemplated by this Agreement; provided that the Purchaser and the Seller shall each bear 50% of the fees and expenses of the Escrow Agent. 

Section 10.02    Knowledge Defined. For purposes of this Agreement, the “Company’s knowledge”
and the “Seller’s knowledge”, in each case as used herein, shall mean the actual knowledge after reasonable inquiry of any of Gordon Drake, Krishnan P. or Neil Jacobs; provided that, with respect to any representation or
warranty set forth herein concerning a Company JV or a Managed Property (or a Residence Project that is a Managed Property or a Hotel that is a Managed Property), the “Company’s knowledge” shall mean the actual knowledge, without any
duty of inquiry, of any of Gordon Drake, Krishnan P. or Neil Jacobs. 
 Section 10.03    Notices. All
notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (a) when personally delivered, (b) the Business Day
following the day on which the same has been delivered to a reputable national overnight delivery service (charges prepaid) or (c) the third (3rd) Business Day following the day on which the
same is sent by certified or registered mail, postage prepaid. Notices, demands and communications, in each case to the respective parties, shall be sent to the applicable address set forth below, unless another address has been previously specified
in writing by the recipient party to the sending party: 
 Notices to the Purchaser or to the Company: 

Inter-Continental Hotels Corporation 

InterContinental Hotels Group 

3 Ravinia Drive, Suite 100 

Atlanta, GA 30346 
 United
States of America 
 Attention: Robert Chitty, SVP, Capital Investments & Transactions 

  
 46 

 with a copy (which shall not constitute notice) to: 

Inter-Continental Hotels Corporation 

InterContinental Hotels Group 

3 Ravinia Drive, Suite 100 

Atlanta, GA 30346 
 United
States of America 
 Attention: Paul Huang, Vice President and Associate General Counsel 

with a copy (which shall not constitute notice, and may be delivered by e-mail for convenience to the addressees set out below)
to: 
 Freshfields Bruckhaus Deringer US LLP 

601 Lexington Avenue 
 31st Floor 
 New York, NY 10022 

Attention:     Matthew F. Herman 

  Paul K. Humphreys 

Email:           matthew.herman@freshfields.com 

  paul.humphreys@freshfields.com 

Notices to the Seller: 

Sustainable Luxury (BVI) Limited Partnership 

c/o Pegasus Partners V International Holdings, L.P. 

99 River Road 
 Cos Cob, CT
06807 
 Attention: Daniel Stencel 

with a copy (which shall not constitute notice, and may be delivered by e-mail for convenience to the addressees set out below) to:

 Kirkland & Ellis LLP 

300 N. LaSalle 
 Chicago,
Illinois 60654 
 Attention: Michael D. Paley, P.C. 

Email: michael.paley@kirkland.com 

Section 10.04    Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and permitted assigns, except that neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned or delegated by either the Purchaser or the
Company without the prior written consent of the Seller, or by the Seller without the prior written consent of the Purchaser. Notwithstanding the immediately preceding sentence, the Purchaser may, without the prior written consent of the Seller,
(i) assign or transfer its rights under this Agreement to any lender as collateral security and (ii) upon notice to the Seller, assign all or any portion of this Agreement to one or more of its Affiliates; provided, however,
that in each of the foregoing clauses (i) and (ii), no such assignment or transfer shall relieve the Purchaser of its obligations hereunder. Any attempted assignment or transfer in violation of this Section 10.04 shall
be null and void. 
 Section 10.05    Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this 

  
 47 

 
Agreement is held to be prohibited by or invalid under applicable Law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder
of such provision or the remaining provisions of this Agreement. 
 Section 10.06    References. The table
of contents and the section and other headings and subheadings contained in this Agreement and the Exhibits and Disclosure Schedules hereto are solely for the purpose of reference, are not part of the agreement of the parties hereto, and shall not
in any way affect the meaning or interpretation of this Agreement or any Exhibit or Disclosure Schedule hereto. All references to days or months shall be deemed references to calendar days or months. All references to “$” shall be deemed
references to United States dollars. Unless the context otherwise requires, any reference to a “Section,” “Exhibit” or “Disclosure Schedule” shall be deemed to refer to a section of this Agreement, exhibit to this
Agreement or a schedule to this Agreement, as applicable. The words “hereof,” “herein” and “hereunder” and words of similar import referring to this Agreement refer to this Agreement as a whole and not to any particular
provision of this Agreement. 
 Section 10.07    Construction. The language used in this Agreement shall be
deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any Person. The specification of any dollar amount or the inclusion of any item in the representations
and warranties contained in this Agreement or the Disclosure Schedules or Exhibits hereto is not intended to imply that the amounts, or higher or lower amounts, or the items so included, or other items, are or are not required to be disclosed
(including whether such amounts or items are required to be disclosed as material or threatened) or are within or outside of the ordinary course of business. Neither party shall use the fact of the inclusion of any item in this Agreement or the
Disclosure Schedules or Exhibits in any dispute or controversy between the parties as to whether any obligation, item or matter not described or included in this Agreement or in any Disclosure Schedule or Exhibit is or is not required to be
disclosed or is within or outside of the ordinary course of business for purposes of this Agreement. The information contained in this Agreement and in the Disclosure Schedules and Exhibits hereto is disclosed solely for purposes of this Agreement,
and no information contained herein or therein shall be deemed to be an admission by any party hereto to any third party of any matter whatsoever (including any violation of Law or breach of contract). The Disclosure Schedules have been arranged for
purposes of convenience in separately titled sections corresponding to sections of this Agreement; however, each section of the Disclosure Schedules shall be deemed to incorporate by reference all information disclosed in any other section of the
Disclosure Schedules where the applicability of the information set forth in such other section is reasonably apparent from the face of such disclosure. Capitalized terms used in the Disclosure Schedules and not otherwise defined therein have the
meanings given to them in this Agreement. 
 Section 10.08    Amendment and Waiver. Any provision of this
Agreement or the Disclosure Schedules or Exhibits hereto may be amended only in a writing signed by the Purchaser, the Company and the Seller. No waiver of any provision hereunder, or any breach, default or misrepresentation hereunder, shall be
valid unless the same shall be in writing and signed by the party making such waiver, and no such waiver shall extend to or affect in any way any other provision or prior or subsequent breach, default or misrepresentation. 

Section 10.09    Complete Agreement. This Agreement, the agreements and other instruments entered into in
connection herewith and the documents referred to herein (including the Confidentiality Agreement) contain the complete agreement between the parties hereto and supersede any prior understandings, agreements or representations by or between the
parties, written or oral, which may have related to the subject matter hereof or thereof in any way. 
 Section
10.10    Third-Party Beneficiaries. Section 6.02 is intended for the benefit of, and shall be enforceable by, the D&O Indemnitees as a third-party beneficiary. Section 7.03 is intended for the 

  
 48 

 
benefit of, and shall be enforceable by, the Seller Indemnified Parties. Section 10.19 is intended for the benefit of, and shall be enforceable by, the Seller
Affiliates. Except as otherwise expressly provided herein, nothing expressed or referred to in this Agreement will be construed to give any Person other than the parties to this Agreement, the D&O Indemnitees (to the extent set forth in
Section 6.02), the Seller Indemnified Parties (with respect to Section 7.03) and the Seller Affiliates (with respect to Section 10.19) any legal or equitable right,
remedy, or claim under or with respect to this Agreement or any provision of this Agreement. 

Section 10.11    Waiver of Trial by Jury. THE PARTIES TO THIS AGREEMENT EACH HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO
IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE AND REGARDLESS OF WHICH PARTY INITIATES SUCH ACTION OR PROCEEDING.
THE PARTIES TO THIS AGREEMENT EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE A COPY OF THIS AGREEMENT WITH ANY
COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE IRREVOCABLE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

Section 10.12    Purchaser Deliveries. The Purchaser agrees and acknowledges that all documents or other items
made available in the Company’s “Project Oasis” electronic data room located at Merrill Datasite (the “Data Room”) prior to 5:00 P.M. New York time on February 9, 2019, shall be deemed to have been delivered or
made available, as the case may be, to the Purchaser for all purposes hereunder. 
 Section 10.13    Electronic
Delivery. This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and any amendments hereto or thereto, to the extent delivered by means of a facsimile machine or electronic mail (any such delivery,
an “Electronic Delivery”), shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered
in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party
hereto or to any such agreement or instrument shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a
defense to the formation of a contract, and each such party forever waives any such defense, except to the extent such defense relates to lack of authenticity or lack of Electronic Delivery. 

Section 10.14    Counterparts. This Agreement may be executed in multiple counterparts, any one of which need
not contain the signature of more than one party, but all such counterparts taken together shall constitute one and the same instrument. 

Section 10.15    Governing Law. All issues and questions concerning the construction, validity, interpretation and
enforceability of this Agreement and the Exhibits and Disclosure Schedules hereto shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or
provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. 

  
 49 

 Section 10.16    Consent to Jurisdiction. SUBJECT TO THE
PROVISIONS OF SECTION 1.05 (WHICH SHALL GOVERN ANY DISPUTE ARISING THEREUNDER), THE PARTIES AGREE THAT JURISDICTION AND VENUE IN ANY SUIT, ACTION, OR PROCEEDING BROUGHT BY ANY PARTY PURSUANT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY SHALL PROPERLY AND EXCLUSIVELY LIE IN THE CHANCERY COURT OF THE STATE OF DELAWARE, AND ANY STATE APPELLATE COURT THEREFROM WITHIN THE STATE OF DELAWARE (OR, IF THE CHANCERY COURT OF THE STATE OF DELAWARE DECLINES TO ACCEPT JURISDICTION OVER A
PARTICULAR MATTER, ANY STATE OR FEDERAL COURT WITHIN THE STATE OF DELAWARE). EACH PARTY ALSO AGREES NOT TO BRING ANY SUIT, ACTION OR PROCEEDING, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY OTHER COURT
(OTHER THAN UPON THE APPEAL OF ANY JUDGMENT, DECISION OR ACTION OF ANY SUCH COURT LOCATED IN DELAWARE OR, AS APPLICABLE, ANY FEDERAL APPELLATE COURT THAT INCLUDES THE STATE OF DELAWARE WITHIN ITS JURISDICTION). BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH PARTY IRREVOCABLY SUBMITS TO THE JURISDICTION OF SUCH COURTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY WITH RESPECT TO SUCH SUIT, ACTION OR PROCEEDING. THE PARTIES IRREVOCABLY AGREE THAT VENUE WOULD BE PROPER IN SUCH COURT, AND
HEREBY WAIVE ANY OBJECTION THAT ANY SUCH COURT IS AN IMPROPER OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH SUIT, ACTION OR PROCEEDING. EACH OF THE PARTIES FURTHER IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN SECTION 10.03 OF THIS AGREEMENT. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

Section 10.17    Specific Performance. The parties hereto agree that irreparable damage, for which monetary
relief, even if available, would not be an adequate remedy, would occur in the event that any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached, including if the parties hereto fail to take
any action required of them hereunder to consummate the transactions contemplated by this Agreement. It is accordingly agreed that (i) the parties hereto shall be entitled to an injunction or injunctions, specific performance or other equitable
relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the courts described in Section 10.16 without proof of damages or posting a bond or other form of security, this
being in addition to any other remedy to which they are entitled under this Agreement and (ii) the right of specific performance and other equitable relief is an integral part of the transactions contemplated by this Agreement and without that
right, none of the parties hereto would have entered into this Agreement. The parties hereto agree not to assert that a remedy of specific performance or other equitable relief is unenforceable, invalid, contrary to law or inequitable for any
reason, and not to assert that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise have an adequate remedy at law. Notwithstanding anything herein to the contrary, in no event shall this
Section 10.17 be used, alone or together with any other provision of this Agreement, to require the Company to remedy any breach of any representation or warranty of the Company made herein. 

Section 10.18    Consents. The Purchaser acknowledges that certain consents to the transactions contemplated by
this Agreement may be required from parties to contracts, leases, licenses or other agreements to which the Company and its Subsidiaries are party (including the contracts set forth on the Contracts Schedule and the Real Property
Leases set forth on the Real Property Schedule) and such consents may not have been obtained. The Purchaser (on behalf of itself and the other Purchaser Indemnified Parties) agrees and acknowledges that the Seller and the Company shall have
no liability whatsoever to the Purchaser Indemnified Parties (and the Purchaser Indemnified Parties shall not be entitled to assert any claims against the Escrow Account) arising out of or relating to the failure to obtain any 

  
 50 

 
consents that may have been or may be required in connection with the transactions contemplated by this Agreement or because of the default, acceleration or termination of any such contract,
lease, license or other agreement as a result thereof. Nothing in this Section 10.18 shall limit in any way any of the Seller’s representations and warranties (or the right to recover for breach thereof pursuant to
Article 7) contained in Article 4, or limit the Company’s representations and warranties (or the right to recover for breach thereof pursuant to Article 7) contained in Article 2. 

Section 10.19    Non-Recourse. All proceedings (whether in contract or
in tort, in law or in equity) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made in or in connection with this Agreement or
as an inducement to enter into this Agreement), may be made only against the Persons that are expressly identified as parties hereto. Each party hereby acknowledges and agrees that no recourse under this Agreement or any documents or instruments
delivered in connection with this Agreement shall be had against, and no personal liability shall attach to, the former, current or future direct or indirect equityholders, directors, officers, employees, incorporators, agents, attorneys,
representatives, Affiliates, members, managers, general or limited partners or assignees of the Seller or any former, current or future direct or indirect equityholder, director, officer, employee, incorporator, agent, attorney, representative,
general or limited partner, member, manager, Affiliate, agent, assignee or representative of any of the foregoing (collectively (but not including the Company), the “Seller Affiliates”), through the Seller or otherwise, whether by
or through attempted piercing of the corporate, partnership, limited partnership or limited liability company veil, by or through a claim by or on behalf of the Purchaser against any Seller Affiliate by the enforcement of any assessment or by any
legal or equitable action, by virtue of any Law, or otherwise and each party hereto waives and releases all such liabilities, claims and obligations against any such Seller Affiliate. In the event that any provision of this Agreement provides that a
party hereto shall cause its Affiliates and/or representatives to take any action (or refrain from taking any action) or otherwise purports to be binding on such party’s Affiliates and/or representatives, such party shall be liable for any
breach of such provision by any such Affiliate or representative. 
 Section 10.20    Chengdu Receivable.
From and after the Closing, the Purchaser and the Company shall use commercially reasonable efforts to collect the Chengdu Receivable in full. The Purchaser shall cause the Company and its Subsidiaries to remit to the Seller any amounts collected on
the Chengdu Receivable (less any Tax suffered in respect thereof) at any time. It is further understood and agreed that any payments made to the Company or any of its Subsidiaries under the Management Agreement re Evason Qing Cheng Mountain, dated
as of 16 July 2010, by and among between Sarppasamphat Limited, Jin Rui Tong Investment Management Co. Ltd. Chengdu and Jin Ruit Tong Industrial Co. Ltd. Chengdu (as novated to Sustainable Luxury Mauritius Limited), or any other ancillary
agreement relating to Six Senses Qing Cheng Mountain located at Qing Cheng Mountain, Sichuan Province, China from and after the Closing shall be deemed to be applied to the Chengdu Receivable until it is paid in full. On the first anniversary of the
Closing, to the extent the Chengdu Receivable has not been paid in full, the Seller shall have the right to notify the Purchaser that it desires to have the Company assign the Chengdu Receivable, including all rights to collect thereunder, to the
Seller (or its designee); provided that such notice must be delivered to the Purchaser on or prior to the 30th day following the first anniversary of the Closing. 

* * * * 

  
 51 

 IN WITNESS WHEREOF, the parties hereto have executed this Share Purchase Agreement on the
day and year first written above. 
  

			
	COMPANY:
	
	SUSTAINABLE LUXURY HOLDINGS (BVI) LIMITED
		
	By:	 	 /s/Gordon Drake

	Name:	 	 Gordon Drake

	Its:	 	 Chief Financial Officer

	
	SELLER:
	
	SUSTAINABLE LUXURY (BVI) LIMITED PARTNERSHIP (ACTING BY ITS GENERAL PARTNER, SUSTAINABLE LUXURY (BVI) LIMITED)
		
	By:	 	 /s/Daniel Stencel

	Name:	 	 Daniel Stencel

	Its:	 	 Authorised Signatory

	
	PURCHASER:
	
	INTER-CONTINENTAL HOTELS CORPORATION
		
	By:	 	 /s/Robert Chitty

	Name:	 	 Robert Chitty

	Its:	 	 Senior Vice Presidenteca-ex1044_2054.htm

 

Exhibit 10.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OMNIBUS INCENTIVE PLAN OF ENCANA CORPORATION

 

Effective from February 13, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OMNIBUS INCENTIVE PLAN OF ENCANA CORPORATION

(Effective from February 13, 2019)

1.Preamble and Definitions

	
1.1
	
Purpose of the Plan.

	
 
	
(a)
	
The principal purposes of the Plan are:

	
 
	
(i)
	
to promote a proprietary interest in the Corporation among employees and directors;

	
 
	
(ii)
	
to promote an alignment of interests among employees, directors and shareholders of the Corporation;

	
 
	
(iii)
	
to provide a long-term incentive element in overall compensation of employees and directors;

	
 
	
(iv)
	
to associate a portion of eligible employees’ and directors’ compensation with the performance of the Corporation; and

	
 
	
(v)
	
to attract and retain employees and directors with the knowledge, experience and expertise required by the Corporation.

	
1.2
	
Definitions.

In the Plan, the following terms shall have the meanings respectively set forth below:

	
 
	
(a)
	
“Affiliate” means any corporation, partnership or other entity in which the Corporation, directly or indirectly, has a majority ownership interest or which controls, or is under common control with, the Corporation.

	
 
	
(b)
	
“Applicable Exchange” means the TSX or the NYSE as specified in the Participant’s respective Grant Agreement, or, if the Shares are not listed on the TSX or the NYSE, as applicable, such other stock exchange on which the Shares are listed, or if the Shares are not listed on any stock exchange, then on the over-the-counter market.

	
 
	
(c)
	
“Applicable Law” means any applicable provision of law, domestic or foreign, including, without limitation, applicable securities legislation, together with all regulations, rules, policy statements, rulings, notices, orders or other instruments promulgated thereunder, and the listing standards of the Applicable Exchange.

	
 
	
(d)
	
“Award” means a Stock Option, SAR, RSU, PSU, Restricted Stock or Other Share-Based Award granted pursuant to the terms of this Plan.

	
 
	
(e)
	
“Blackout Expiry Date” has the meaning set forth in Section 5.5 of this Plan.

	
 
	
(f)
	
“Blackout Period” means a trading blackout period imposed by the Corporation under the Corporation’s Securities Trading and Insider Reporting Policy (as amended, supplemented or replaced by the Corporation from time to time).

 

Omnibus Incentive Plan of Encana Corporation

(Effective from February 13, 2019)

	
 
	
(g)
	
“Board” means the Board of Directors of the Corporation.

	
 
	
(h)
	
“Business Combination” has the meaning set forth in Section 10.2(b) of this Plan.

	
 
	
(i)
	
“Change in Control” has the meaning set forth in Section 10.2 of this Plan.

	
 
	
(j)
	
“Change in Control Value” has the meaning set forth in Section 10.1(a)(ii) of this Plan.

	
 
	
(k)
	
“CIC Cause” means, unless otherwise provided in a Grant Agreement, (i) “cause” as defined in any Individual Agreement to which the Participant is a party as of the Date Employment Ceases, or (ii) if there is no such Individual Agreement or if it does not define “cause”: (A) conviction of, or plea of guilty or nolo contendere (or its equivalent) by, the Participant for committing an indictable offence in Canada, a felony under U.S. federal law or the law of the state in which such action occurred, or a similar level of offence in the jurisdiction in which such action occurred; (B) willful and deliberate failure on the part of the Participant in the performance of his or her employment duties in any material respect that remains uncured thirty (30) days after receipt of written notice from the Corporation specifying in reasonable detail the alleged failure; (C) dishonesty in the course of fulfilling the Participant’s employment duties that results in material harm to the Corporation; or (D) a material violation of the Corporation Policies. For purposes of this Plan, any determination by the Committee as to whether CIC Cause exists shall be subject to de novo review.

	
 
	
(l)
	
“CIC Vested Awards” has the meaning set forth in Section 10.1(a) of this Plan.

	
 
	
(m)
	
“Code” means the United States Internal Revenue Code of 1986, as amended from time to time, and any successor thereto, the Treasury Regulations thereunder and other relevant interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference to any specific section of the Code shall be deemed to include such regulations and guidance, as well as any successor provision of the Code.

	
 
	
(n)
	
“Commission” means the U.S. Securities and Exchange Commission or any successor agency.

	
 
	
(o)
	
“Committee” means the Committee referred to in Section 2.1 of this Plan.

	
 
	
(p)
	
“Corporate Transaction” has the meaning set forth in Section 3.6 of this Plan.

	
 
	
(q)
	
“Corporation” means Encana Corporation, a corporation amalgamated under the laws of Canada, and any successor corporation whether by amalgamation, merger or otherwise.

	
 
	
(r)
	
“Corporation Policies” means, at a particular time, the applicable policies, plans and practices of the Corporation or an Affiliate, as applicable, which employs the Participant, as published on the Corporation’s or an Affiliate’s, as applicable, internal website or as otherwise communicated to Participants from time to time.

Page 2 of 25

Omnibus Incentive Plan of Encana Corporation

(Effective from February 13, 2019)

	
 
	
(s)
	
“Date Employment Ceases” means:

	
 
	
(i)
	
as it applies to an employee of the Corporation or an Affiliate:

	
 
	
(A)
	
in the case of involuntary Termination of Service initiated by the Corporation or an Affiliate for CIC Cause or cause (as determined by the Corporation or the Affiliate, as applicable, in its sole discretion, which shall include, among other factors, provisions (i) and (ii) of a CIC Cause), the date written notification of dismissal from employment is delivered to the Participant;

	
 
	
(B)
	
in the case of involuntary Termination of Service initiated by the Corporation or an Affiliate for any reason other than for CIC Cause or cause (as determined by the Corporation or the Affiliate, as applicable, in its sole discretion, which shall include, among other factors, provisions (i) and (ii) of a CIC Cause), the date identified in the written notification of Termination of Service delivered to the Participant as the termination, end or departure date and, where such dates are so referred to, the earlier thereof, or, where such dates are not identified in the written notification, the date written notification of dismissal from employment is delivered to the Participant;

	
 
	
(C)
	
in the case where the Participant is employed by an Affiliate that experiences a Disaffiliation, the effective date of such Disaffiliation as determined by the Corporation; or

	
 
	
(D)
	
in the case of any other Termination of Service to which Sections 1.2(s)(i)(A), 1.2(s)(i)(B) or 1.2(s)(i)(C) does not apply, the last date the Participant is, for the purposes of receiving his regular salary, on the payroll of the Corporation or an Affiliate; and

	
 
	
(ii)
	
as it applies to a director of the Corporation, the date upon which the Participant ceases to be a director of the Corporation.

	
 
	
(t)
	
“Disability” means the Participant’s physical or mental incapacity that prevents the Participant from substantially fulfilling his duties and responsibilities on behalf of the Corporation or an Affiliate, and in respect of which the Participant commences receiving disability benefits under the Corporation’s or an Affiliate’s short-term or long-term disability plan, as applicable, in respect of such incapacity.

	
 
	
(u)
	
“Disaffiliation” means an Affiliate’s ceasing to be an Affiliate for any reason (including as a result of a public offering, or a spinoff or sale by the Corporation, of the stock of the Affiliate) or a sale of a division of the Corporation and its Affiliates. 

	
 
	
(v)
	
“Effective Date” has the meaning set forth in Section 12.1 of this Plan.

	
 
	
(w)
	
“Eligible Individuals” means directors, officers and employees (including without limitation, any officer or employee who is a director) of the Corporation or any of its Affiliates, and prospective directors, officers and employees who have accepted offers of employment or directorship from the Corporation or its Affiliates.

Page 3 of 25

Omnibus Incentive Plan of Encana Corporation

(Effective from February 13, 2019)

	
 
	
(x)
	
“Exchange Act” means the United States Securities Exchange Act of 1934, as amended from time to time, and any successor thereto.

	
 
	
(y)
	
“Fair Market Value” means, with respect to any particular date, except as otherwise determined by the Committee, the volume-weighted average (rounded to two decimal places) of the trading price per Share on the Applicable Exchange designated in the Grant Agreement during the five Trading Days immediately preceding the particular date, as reported by such source as the Committee may select. If there is no regular public trading market for such Common Shares, the Fair Market Value of the Common Shares shall be determined by the Committee in good faith and, to the extent applicable, such determination shall be made in a manner that satisfies Sections 409A and Sections 422(c)(1) of the Code.

	
 
	
(z)
	
“Family Leave” means, a period during which, pursuant to the Corporation Policies or Applicable Law, the Participant is considered to be on family leave, compassionate care leave or other similar leave to care for another person, and does not provide employment services to the Corporation or an Affiliate.

	
 
	
(aa)
	
“Full Value Award” means any Award other than a Stock Option or SAR.

	
 
	
(bb)
	
“Good Reason” means (i) “Good Reason” as defined in any Individual Agreement to which the Participant is a party as of the Date Employment Ceases, or (ii) if there is no such Individual Agreement or if it does not define Good Reason, and the Participant holds the title of “Vice-President” or above as of immediately prior to the Change in Control, the occurrence of any of the following on or after the Change in Control, unless the Participant shall have given express written consent thereto: (A) a material diminution in the scope of the Participant’s duties or responsibilities from those in effect immediately prior to the Change in Control, provided that any change in the Participant’s duties or responsibilities resulting solely from the fact that the Corporation is no longer publicly traded, or no longer the ultimate parent company of its affiliated group, due to the Change in Control shall not be deemed to be a material diminution in the scope of the Participant’s duties or responsibilities; (B) a reduction in the Participant’s annual base salary as in effect immediately prior to the Change in Control; (C) a material reduction in the Participant’s short-term or long-term incentive compensation opportunity (measured based on Grant Date fair value of any equity-based awards) in effect immediately prior to the Change in Control; (D) the failure by the Corporation or an Affiliate to pay the Participant (1) any portion of the Participant’s then current compensation, except pursuant to an across-the-board compensation deferral similarly affecting other such employees with the same title as the Participant or otherwise at the same level in the Corporation’s organization and required by Applicable Law, or (2) any installment of deferred compensation at the time such installment is due under any deferred compensation program of the Corporation or an Affiliate; or (E) a requirement that the Participant be based more than 50 miles from where the Participant is based immediately prior to the Change in Control, except for: (1) required travel on the Corporation’s or Affiliate’s business to an extent substantially consistent with the Participant’s business travel obligations in the ordinary course of business immediately prior to the Change in Control; or (2) if the Participant has been relocated or repatriated by the Corporation or an Affiliate prior to the Change in Control, such relocation as may be required by Applicable Law or performed in accordance with an agreement (whether written or unwritten) 

Page 4 of 25

Omnibus Incentive Plan of Encana Corporation

(Effective from February 13, 2019)

	
 
		
entered into between the Corporation (or an Affiliate) and the Participant prior to the Change in Control; provided, that, a Participant may only resign for Good Reason under this clause (ii) if the Participant has provided written notice to the Corporation and, if the Participant is employed by an Affiliate, such Affiliate, of the event or circumstance alleged to constitute Good Reason within ninety (90) days following the initial existence thereof, the Corporation or Affiliate, as applicable, has failed to cure such event or circumstance within thirty (30) days after receipt of such notice, and the Participant resigns within thirty (30) days after the expiration of such cure period. If the Participant is not covered by clause (i) or (ii) above, then Good Reason shall not be applicable to such Participant.

	
 
	
(cc)
	
“Grant Agreement” means a written or electronic agreement between the Corporation and the Participant setting forth the terms and conditions of a specific Award.

	
 
	
(dd)
	
“Grant Date” means the date upon which the Committee grants an Award to an Eligible Individual, as stated in the Eligible Individual’s Grant Agreement. Where the Corporation determines to grant an Award on a date which is within a Blackout Period or where, for any reason: (i) a grant of an Award would otherwise fall on a day that is within a Blackout Period; or (ii) the Fair Market Value of the grant of an Award would otherwise be calculated using a Trading Day that is within a Blackout Period, then the Grant Date shall automatically occur and be effective on the sixth Trading Day immediately following the end of such Blackout Period to permit the Fair Market Value to be determined based on Trading Days which occur immediately following the end of any of such Blackout Period.

	
 
	
(ee)
	
“Incentive Stock Option” means any Stock Option designated in the applicable Grant Agreement as an “incentive stock option” within the meaning of Section 422 of the Code, and that in fact so qualifies.

	
 
	
(ff)
	
“Incumbent Board” has the meaning set forth in Section 10.2(c) of this Plan.

	
 
	
(gg)
	
“Individual Agreement” means an employment, offer letter, change in control or similar agreement between a Participant and the Corporation or Affiliate. If a Participant is party to both an employment, offer letter, or similar agreement and a Change in Control agreement, the employment, offer letter, or similar agreement shall be the relevant “Individual Agreement” prior to a Change in Control, and the Change in Control agreement shall be the relevant “Individual Agreement” on and after a Change in Control.

	
 
	
(hh)
	
“Inducement Award” has the meaning set forth in Section 2.1(b)(ix) of this Plan.

	
 
	
(ii)
	
“Military Leave” means a period during which, pursuant to the Corporation Policies or Applicable Law, the Participant is considered to be on a military leave and does not provide employment services to the Corporation or an Affiliate.

	
 
	
(jj)
	
“Non-qualified Stock Option” means any Stock Option that is not an Incentive Stock Option.

	
 
	
(kk)
	
 “NYSE” means the New York Stock Exchange. 

Page 5 of 25

Omnibus Incentive Plan of Encana Corporation

(Effective from February 13, 2019)

	
 
	
(ll)
	
“Other Share-Based Award” means an award granted to a Participant under Section 9 of this Plan.

	
 
	
(mm)
	
“Outstanding Corporation Common Stock” has the meaning set forth in Section 10.2(a) of this Plan.

	
 
	
(nn)
	
“Outstanding Corporation Voting Securities” has the meaning set forth in Section 10.2(a) of this Plan.

	
 
	
(oo)
	
“Paid Leave of Absence” means in respect of a Participant, a period of time during which, pursuant to the Corporation Policies or Applicable Law, the Participant is considered to be on an approved leave of absence and continues to receive his salary from, but does not provide employment services to, the Corporation or an Affiliate.

	
 
	
(pp)
	
“Participant” means an Eligible Individual to whom an Award is or has been granted, provided that persons who are Eligible Individuals by virtue of being prospective directors, officers or employees shall only become Participants if they actually commence providing services to the Corporation or an Affiliate.

	
 
	
(qq)
	
“Performance Criteria” means, the performance criteria as determined by the Committee as being applicable to a grant of certain Awards under the Plan, and as set forth in the applicable Grant Agreement, which may include, but is not limited to, the attainment of specified levels of one or more of the following measures: share price, earnings (whether based on earnings before taxes, earnings before interest and taxes or earnings before interest, taxes, depreciation and amortization), earnings per share, return on equity, return on assets or operating assets, relative total shareholder return, net debt, debt ratios, asset quality or portfolio, efficiency ratio, liquidity, balance sheet strength, net income, cash flow (before or after dividends), cash flow per share (before or after dividends), revenue growth, margin growth, return on capital, capital allocation, cost control, profit, production or commodity mix, in each case with respect to the Corporation or any one or more Affiliates, divisions, business units or business segments thereof, either in absolute terms or relative to the performance of one or more other companies (including an index covering multiple companies).

	
 
	
(rr)
	
“Performance Period” means, the particular designated period of time in respect of which the Performance Criteria is assessed and may be determined by the Committee to be satisfied in order for such Award to vest pursuant to the terms set forth in the applicable Grant Agreement.

	
 
	
(ss)
	
“Period of Absence” means, with respect to a Participant, a period of time throughout which the Participant is on a Family Leave, Military Leave, Paid Leave of Absence, an unpaid leave of absence of 31 days or less approved by the Corporation or Affiliate, as applicable, or is experiencing a Disability, but does not include a period of time throughout which the Participant is on an Unpaid Leave of Absence.

	
 
	
(tt)
	
“Person” has the meaning set forth in Section 10.2(a) of this Plan.

Page 6 of 25

Omnibus Incentive Plan of Encana Corporation

(Effective from February 13, 2019)

	
 
	
(uu)
	
“Plan” means this Omnibus Incentive Plan of Encana Corporation, including any schedules or appendices hereto, as amended from time to time.

	
 
	
(vv)
	
“Prior Plan Awards” has the meaning set forth in Section 3.2 of this Plan.

	
 
	
(ww)
	
“Prior Plans” means, as applicable, the Encana Corporation Employee Stock Option Plan, the Encana Corporation Employee Stock Appreciation Rights Plan, the Performance Share Unit Plan for Employees of Encana Corporation, the Restricted Share Unit Plan for Employees of Encana Corporation and the Restricted Share Unit Plan for Directors of Encana Corporation, in each case including any schedules or appendices thereto, as amended from time to time.

	
 
	
(xx)
	
“PSU” means a performance share unit Award granted to a Participant under this Plan that is represented by a bookkeeping entry on the books of the Corporation or an Affiliate, the value of which shall be determined in accordance with this Plan and the applicable Grant Agreement.

	
 
	
(yy)
	
“Replaced Award” has the meaning set forth in Section 10.1(a) of this Plan.

	
 
	
(zz)
	
“Replacement Award” has the meaning set forth in Section 10.1(a) of this Plan.

	
 
	
(aaa)
	
“Restricted Stock” means an Award of Shares granted to a Participant under Section 6 of this Plan.

	
 
	
(bbb)
	
“Restriction Period” has the meaning set forth in Section 6.3(b) of this Plan.

	
 
	
(ccc)
	
“Retirement” has the meaning set forth in the applicable Grant Agreement.

	
 
	
(ddd)
	
“RSU” means a restricted share unit Award granted to a Participant under this Plan that is represented by a bookkeeping entry on the books of the Corporation or an Affiliate, the value of which shall be determined in accordance with this Plan and the applicable Grant Agreement.

	
 
	
(eee)
	
“SAR” means a stock appreciation right Award granted to a Participant under this Plan that is represented by a bookkeeping entry on the books of the Corporation or an Affiliate, the value of which shall be determined in accordance with this Plan and the applicable Grant Agreement.

	
 
	
(fff)
	
“Section 16(b)” has the meaning set forth in Section 11 of this Plan.

	
 
	
(ggg)
	
“Section 409A Amount” means any Award, cash or Shares provided or to be provided or held pursuant to this Plan or a Grant Agreement that: (a) are provided or are to be provided to a U.S. Participant; and (b) constitute a deferral of compensation subject to section 409A of the Code.

	
 
	
(hhh)
	
“Share” means a common share in the capital of the Corporation and such other share as may be substituted for it as a result of amendments to the articles of the Corporation, arrangement, re-organization or otherwise, including any rights that form a part of the common share or substituted share. 

Page 7 of 25

Omnibus Incentive Plan of Encana Corporation

(Effective from February 13, 2019)

	
 
	
(iii)
	
“Specified Period” means (i) for a Participant who is an executive officer of the Corporation as of immediately prior to the Change in Control, 24 months, (ii) for a Participant who is not an executive officer of the Corporation and holds the title of “Vice-President” or above as of immediately prior to the Change in Control, 18 months, and (iii) for any Participant not covered by clauses (i) and (ii), 12 months, in each case, inclusive of the date on which the Change in Control occurs, or, in each case, such longer period specified in the Grant Agreement or as provided for in any Individual Agreement to which the Participant is a party as of the Date Employment Ceases.

	
 
	
(jjj)
	
“Stock Option” means a stock option Award granted to a Participant under Section 5 of this Plan that is represented by a bookkeeping entry on the books of the Corporation or an Affiliate, the value of which shall be determined in accordance with this Plan and the applicable Grant Agreement.

	
 
	
(kkk)
	
“Term” means the maximum period during which a Stock Option or SAR may remain outstanding, subject to earlier termination upon Termination of Service or otherwise, as specified in the applicable Grant Agreement.

	
 
	
(lll)
	
“Termination Date” has the meaning set forth in Section 5.5 of this Plan.

	
 
	
(mmm)
	
“Termination of Service” means an event by which the Participant ceases to be an employee or director of the Corporation or an Affiliate, as applicable, but, for greater certainty, shall not include the commencement by the Participant of a Period of Absence or an Unpaid Leave of Absence in accordance with the provisions hereof. Except for periods of leave as set out above or as otherwise provided in an Individual Agreement or Grant Agreement or as expressly required by applicable employment standards legislation, a Participant shall cease to be a Participant for purposes of the Plan when the Participant ceases to perform actual and active services for the Corporation or an Affiliate and no period of notice that is or ought to have been given under applicable law in respect of the termination of employment will be taken into account in determining when a Participant ceases to be a Participant for purposes of the Plan or in determining any entitlement under the Plan. Notwithstanding the foregoing provisions of this definition, with respect to any Award that constitutes a Section 409A Amount, the U.S. Participant holding such Award shall not be considered to have experienced a “Termination of Service” unless the U.S. Participant has experienced a “separation from service” within the meaning of Section 409A of the Code (a “Separation from Service”).

	
 
	
(nnn)
	
“Trading Day” means any date on which the Applicable Exchange is open for the trading of Shares and on which Shares are actually traded.

	
 
	
(ooo)
	
“TSX” means the Toronto Stock Exchange.

	
 
	
(ppp)
	
“Unpaid Leave of Absence” means in respect of a Participant, a period of time during which, pursuant to the Corporation Policies or Applicable Law, the Participant is considered by the Corporation or an Affiliate, as applicable, to be on an approved leave of absence and does not continue to receive his salary from, or provide services to, the Corporation or an Affiliate, as applicable, which, for the purposes of this Plan, shall be deemed to commence on the 32nd day following the day on which the Participant commences such approved, unpaid leave, as 

Page 8 of 25

Omnibus Incentive Plan of Encana Corporation

(Effective from February 13, 2019)

	
 
		
communicated in writing to the Participant by the Corporation or an Affiliate, as applicable, in accordance with the Corporation Policies or Applicable Law.

	
 
	
(qqq)
	
“U.S. Participant” means a Participant who is a citizen or permanent resident of the United States for purposes of the Code or a Participant for whom compensation under this Plan would otherwise be subject to United States federal income taxation under the Code.

2.ADMINISTRATION

	
2.1
	
Committee.

	
 
	
(a)
	
This Plan shall be administered by the Human Resources and Compensation Committee of the Board or such other committee of the Board as the Board may from time to time designate, which committee shall be composed of not less than two directors and shall be appointed by and serve at the pleasure of the Board. All references in this Plan to the “Committee” refer to the Human Resources and Compensation Committee of the Board, unless a separate committee has been designated or authorized consistent with the foregoing. 

	
 
	
(b)
	
Subject to the terms and conditions of this Plan, the Committee shall have absolute authority:

	
 
	
(i)
	
to select the Eligible Individuals to whom Awards may from time to time be granted;

	
 
	
(ii)
	
to determine whether and to what extent Incentive Stock Options, Non-qualified Stock Options, SARs, RSUs, PSUs, Restricted Stock, Other Share-Based Awards or any combination thereof are to be granted hereunder;

	
 
	
(iii)
	
to determine the number of Shares to be covered by each Award granted hereunder;

	
 
	
(iv)
	
to approve the form of any Grant Agreement and determine the terms and conditions of any Award granted hereunder, including, but not limited to, the exercise price (subject to Section 5.3 of this Plan), any vesting condition, restriction or limitation (which may be related to the performance of the Participant, the Corporation or any Affiliate), treatment on Termination of Service, and any vesting acceleration or forfeiture waiver regarding any Award and the Shares relating thereto, based on such factors as the Committee shall determine; 

	
 
	
(v)
	
to modify, amend or adjust the terms and conditions of any Award (subject to Sections 5.3 and 5.4 of this Plan), at any time or from time to time, including, but not limited to, Performance Criteria;

	
 
	
(vi)
	
to determine to what extent and under what circumstances Shares and other amounts payable with respect to an Award shall be deferred either automatically or at the election of a Participant;

Page 9 of 25

Omnibus Incentive Plan of Encana Corporation

(Effective from February 13, 2019)

	
 
	
(vii)
	
to determine under what circumstances an Award may be settled in cash or Shares (or a combination thereof);

	
 
	
(viii)
	
to determine, as a term of an Award, that an Award may be subject to cancellation by the Corporation, or the amount of the benefit realized by a Participant on exercise of or settlement of an Award (including the sale of underlying Shares) may be subject to repayment to the Corporation, in the event of misconduct or in other circumstances, including pursuant to the Corporation’s Incentive Clawback Compensation Policy;

	
 
	
(ix)
	
to adopt, alter and repeal such administrative rules, guidelines and practices governing this Plan as it shall from time to time deem advisable;

	
 
	
(x)
	
to grant Awards under this Plan that are intended to qualify for the employment inducement award exception under Section 303A.08 of the New York Stock Exchange Listed Company Manual or Section 613(c) of the TSX Company Manual (each such Award, an “Inducement Award”);

	
 
	
(xi)
	
to establish any “blackout” period that the Committee in its sole discretion deems necessary or advisable (in addition to any Blackout Period as defined herein);

	
 
	
(xii)
	
to interpret the terms and provisions of this Plan and any Award issued under this Plan (and any Grant Agreement relating thereto);

	
 
	
(xiii)
	
to decide all other matters that must be determined in connection with an Award; and

	
 
	
(xiv)
	
to otherwise administer this Plan.

	
2.2
	
Procedures.

	
 
	
(a)
	
The Committee may act only by a majority of its members then in office, except that the Committee may, except to the extent prohibited by Applicable Law or the listing standards of the Applicable Exchange, allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time.

	
 
	
(b)
	
Any authority granted to the Committee may be exercised by the full Board. To the extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control.

	
2.3
	
Discretion of the Committee. Any determination made by the Committee or pursuant to delegated authority under the provisions of this Plan with respect to any Award shall be made in the sole discretion of the Committee or such delegate at the time of the grant of the Award or, unless in contravention of any express term of this Plan, at any time thereafter. All decisions made by the Committee or any appropriately delegated person pursuant to the provisions of this Plan shall be final, binding and conclusive on all persons, including the Corporation, Participants and Eligible Individuals.

Page 10 of 25

Omnibus Incentive Plan of Encana Corporation

(Effective from February 13, 2019)

	
2.4
	
Cancellation or Suspension. Subject to Section 5.4 hereof, the Committee shall have full power and authority to determine whether, to what extent and under what circumstances any Award shall be canceled or suspended.

	
2.5
	
Grant Agreements. The terms and conditions of each Award, as determined by the Committee, shall be set forth in a written (or electronic) Grant Agreement, which shall be delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable following, the grant of such Award. The effectiveness of an Award shall be subject to the Participant’s acceptance of the applicable Grant Agreement within the time period specified in the Grant Agreement, unless otherwise provided in the Grant Agreement. Grant Agreements may be amended only in accordance with Section 12.3 hereof.

	
2.6
	
Minimum Vesting Period. Except for Awards granted to Participants who are non-employee directors of the Corporation, Grant Agreements shall not provide for a designated vesting period of less than one year.

3.SHARES SUBJECT TO PLAN

	
3.1
	
Plan Maximums. The maximum number of Shares that may be issued from treasury or purchased in the open market and delivered to Participants pursuant to Awards, including Incentive Stock Options, granted under this Plan shall be 30,000,000. Shares made available under this Plan in respect of Awards may, subject to the terms of the Grant Agreement in respect of an Award, be issued from treasury or purchased in the open market or otherwise, at the sole discretion of the Committee. 

	
3.2
	
Prior Plans. On and after the Effective Date, subject to the terms of the Grant Agreement in respect of an Award, including amendments thereto, no new Awards may be granted under the Prior Plans, it being understood that Awards outstanding under any such Prior Plans prior to the Effective Date (“Prior Plan Awards”) shall remain in full force and effect under the applicable Prior Plans according to their respective terms; provided that the Committee may amend any such Prior Plan Awards on or after the Effective Date to cause such Prior Plan Awards to become subject to, and settled pursuant to, the terms of the Plan and each Prior Plan Award so amended shall retain its original grant date for purposes of applying the terms of the Plan. For the avoidance of doubt, all remaining available Shares under any Prior Plans that are not the subject of Prior Plan Awards will automatically and immediately cease to be available under such Prior Plan at the Effective Date of this Plan. 

	
3.3
	
Individual Limits. No Awards shall be granted to any Participant if, at the time of such grant, such grant could result in the number of Shares: (a) issued to Corporation “insiders” (as such term is defined for the purposes of Section 613 of TSX Company Manual) in any one year period, or (b) issuable to Corporation “insiders” (as such term is defined for the purposes of Section 613 of TSX Company Manual), at any time, in each case, pursuant to the exercise of Options issued under the Plan, or when combined with all other “securities-based compensation arrangements” (as defined by the TSX Company Manual) exceeding 10% of the issued and outstanding Shares. Participants who are non-employee directors of the Corporation shall not be granted Awards if, at the time of such grant, such grants in aggregate could result in the number of Shares issued to all non-employee directors of the Corporation exceeding 1% of the issued and outstanding Shares, and, during any one year period, no individual Participant who is a non-employee director of 

Page 11 of 25

Omnibus Incentive Plan of Encana Corporation

(Effective from February 13, 2019)

		
the Corporation may be granted Awards covering Shares with an aggregate Grant Date Fair Market Value in excess of US$800,000, of which no more than US$100,000 of the Grant Date Fair Market Value may be comprised of Stock Options or SARs.

	
3.4
	
Rules for Calculating Shares Issued. To the extent that any Award is forfeited, terminates, expires or lapses instead of being exercised, or any Award is settled for cash, the Shares subject to such Awards will not be counted as Shares issued pursuant to Awards granted under this Plan. If the exercise price of any Stock Option or SAR and/or the tax withholding obligations relating to any Stock Option or SAR are satisfied by delivering Shares (either actually or through a signed document affirming the Participant’s ownership and delivery of such Shares) or the Corporation withholding Shares relating to such Award, the gross number of Shares subject to the Stock Option or SAR shall nonetheless be deemed to have been issued under this Plan. If the tax withholding obligations relating to any Full Value Award are satisfied by delivering Shares (either actually or through a signed document affirming the Participant’s ownership and delivery of such Shares) or the Corporation withholding Shares relating to such Full Value Award, the net number of Shares subject to the Award after payment of the tax withholding obligations shall be deemed to have been issued under this Plan.

	
3.5
	
Inducement Awards. Shares subject to Inducement Awards shall not reduce the number of Shares available for issuance under this Plan.

	
3.6
	
Adjustment Provisions.

	
 
	
(a)
	
In the event of a merger, arrangement, consolidation, acquisition of property or shares, share rights offering, liquidation, disposition for consideration of the Corporation’s direct or indirect ownership of an Affiliate (including by reason of a Disaffiliation), or similar event affecting the Corporation or any of its Affiliates (each, a “Corporate Transaction”), the Committee or the Board may in its discretion make such substitutions or adjustments as it deems appropriate and equitable to: (i) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under this Plan; (ii) the number and kind of Shares or other securities subject to outstanding Awards; and (iii) the exercise price of outstanding Awards.

	
 
	
(b)
	
In the event of a share dividend, share split, reverse share split, reorganization, share combination, or recapitalization or similar event affecting the capital structure of the Corporation, or a Disaffiliation, separation or spinoff, in each case without consideration, or other extraordinary dividend of cash or other property to the Corporation’s shareholders, the Committee or the Board shall make such substitutions or adjustments as it deems appropriate and equitable to: (i) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under this Plan; (ii) the number and kind of Shares or other securities subject to outstanding Awards; and (iii) the exercise price of outstanding Awards.

	
 
	
(c)
	
In the case of Corporate Transactions, such adjustments may include: (i) the cancellation of outstanding Awards in exchange for payments of cash, property or a combination thereof having an aggregate value equal to the value of such Awards, as determined by the Committee or the Board in its sole discretion (it being understood that in the case of a Corporate Transaction with respect to which holders of Shares receive consideration other than publicly traded equity securities 

Page 12 of 25

Omnibus Incentive Plan of Encana Corporation

(Effective from February 13, 2019)

	
 
		
of the ultimate surviving entity, any such determination by the Committee that the value of a Stock Option or SAR shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such Stock Option or SAR shall conclusively be deemed valid); (ii) the substitution of other property (including cash or other securities of the Corporation and securities of entities other than the Corporation) for the Shares subject to outstanding Awards; and (iii) in connection with any Disaffiliation, arranging for the assumption of Awards, or replacement of Awards with new awards based on other property or other securities (including other securities of the Corporation and securities of entities other than the Corporation), by the affected Affiliate, or division or by the entity that controls such Affiliate, or division following such Disaffiliation (as well as any corresponding adjustments to Awards that remain based upon Corporation securities).

	
 
	
(d)
	
The Committee may adjust the Performance Criteria applicable to any Awards to reflect any items that are unusual in nature or occur infrequently, impact of charges for restructurings, discontinued operations, and/or the cumulative effects of accounting or tax changes, each as defined in generally accepted accounting principles, as identified in the Corporation’s financial statements, notes to the financial statements, management’s discussion and analysis or other of the Corporation’s filings with the Commission.

	
 
	
(e)
	
Any adjustments made pursuant to this Section 3.6 to Awards that constitute Section 409A Amounts shall be made in compliance with the requirements of Section 409A of the Code; and any adjustments made pursuant to this Section 3.6 to Awards that do not constitute Section 409A Amounts shall be made in such a manner as to ensure that after such adjustments, either (i) the Awards continue to not constitute Section 409A Amounts or (ii) such adjustments do not result in the imposition of any penalty taxes under Section 409A of the Code in respect of such Awards.

	
 
	
(f)
	
Any adjustment under this Section 3.6 need not be applied uniformly to all Participants.

	
 
	
(g)
	
All adjustments under this Section 3.6 shall be subject to applicable rules and policies of the TSX and NYSE.

4.ELIGIBILITY

Awards may be granted under this Plan to Eligible Individuals; provided, however, that Incentive Stock Options may be granted only to employees of the Corporation and its subsidiaries (within the meaning of Section 424(f) of the Code).

5.STOCK OPTIONS AND SARS

	
5.1
	
Types of Stock Options. Stock Options may be granted in the form of Incentive Stock Options or Non-qualified Stock Options. The Grant Agreement for a Stock Option shall indicate whether the Stock Option is intended to be an Incentive Stock Option or a Non-qualified Stock Option.

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5.2
	
Nature of Stock Options. A Stock Option shall entitle a Participant to purchase one or more Shares upon payment of an exercise price as described in Section 5.4, subject to such terms and conditions as may be set out in the Plan and the applicable Grant Agreement.

	
5.3
	
Nature of SARs. SARs may be granted as a separate Award or in conjunction with a Stock Option. Upon the exercise of a SAR, the Participant shall be entitled to receive an amount equal to the product of (i) the excess of the closing price of one Share on the Applicable Exchange designated in the Grant Agreement on the last trading day preceding the date of exercise of the SAR, over the exercise price of the applicable SAR, multiplied by (ii) the number of Shares in respect of which the SAR has been exercised, and if such SAR is to be settled in Shares, by dividing such amount by the closing price of one Share on the Applicable Exchange designated in the Grant Agreement on the last trading day preceding the date of exercise of the SAR. The applicable Grant Agreement shall specify whether such payment is to be made in cash or Shares or shall reserve to the Committee or the Participant the right to make that determination prior to or upon the exercise of the SAR. In the case of a SAR granted in conjunction with a Stock Option, the Participant shall have the right to surrender the Stock Option and exercise the related SAR or to exercise the Stock Option, in which case the related SAR shall immediately terminate and no payment shall be made or Shares issued in respect thereof.

	
5.4
	
Exercise Price. The exercise price per Share subject to a Stock Option or SAR shall be determined by the Committee and set forth in the applicable Grant Agreement and shall not be less than the Fair Market Value of a Share on the applicable Grant Date. In no event may any Stock Option or SAR granted under this Plan be amended, other than pursuant to Section 3.6, to decrease the exercise price thereof, be cancelled in exchange for cash or other Awards or in conjunction with the grant of any new Stock Option or SAR with a lower exercise price, or otherwise be subject to any action that would be treated, under the Applicable Exchange listing standards or for accounting purposes, as a “repricing” of such Stock Option or SAR, unless such amendment, cancellation, or action is approved by the Corporation’s shareholders.

	
5.5
	
Term. The Term of each Stock Option and each SAR shall be fixed by the Committee, but no Stock Option or SAR shall be exercisable more than 10 years after its Grant Date. Notwithstanding the foregoing, if the date on which a Stock Option or SAR is meant to terminate, expire or lapse (the “Termination Date”) occurs during a Blackout Period applicable to the relevant Participant, or within 10 business days after the expiry of a Blackout Period applicable to the relevant Participant, then the Termination Date for that Option or SAR shall be the date that is the tenth business day after the expiry date of the Blackout Period (the “Blackout Expiry Date”). This Section 5.5 applies to all Stock Options or SARs outstanding under this Plan. The Blackout Expiry Date for a Stock Option or SAR may not be amended by the Board of Directors or the Committee without the approval of the holders of Shares in accordance with Section 12.3 of the Plan.

	
5.6
	
Exercisability; Method of Exercise. Except as otherwise provided herein, Stock Options and SARs shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee. Subject to the provisions of this Section 5, Stock Options and SARs may be exercised, in whole or in part in accordance with the methods and procedures established by the Committee in the Grant Agreement or otherwise.

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5.7
	
Delivery; Rights of Shareholders. A Participant shall not be entitled to delivery of Shares pursuant to the exercise of a Stock Option or SAR until the exercise price therefor has been fully paid and applicable taxes have been withheld. Except as otherwise provided in Section 5.11, a Participant shall have all of the rights of a shareholder of the Corporation holding Shares that is subject to such Stock Option or SAR (including, if applicable, the right to vote the applicable Shares), when the Participant (i) has given written notice of exercise, (ii) if requested, has given the representation described in Section 14.1 and (iii) in the case of a Stock Option, has paid in full for such Shares.

	
5.8
	
Non-transferability of Stock Options and SARs. No Stock Option or SAR shall be transferable by a Participant other than, for no value or consideration, (i) by will or by the laws of descent and distribution; or (ii) in the case of a Non-qualified Stock Option or SAR, as otherwise expressly permitted by the Committee including, if so permitted, pursuant to a transfer to such Participant’s family members, whether directly or indirectly or by means of a trust or partnership or otherwise (for purposes of this Plan, unless otherwise determined by the Committee, “family member” shall have the meaning given to such term in General Instructions A.1(a)(5) to Form S-8 under the Securities Act of 1933, as amended, and any successor thereto). Any Stock Option or SAR shall be exercisable, subject to the terms of this Plan, only by the Participant, the guardian or legal representative of the Participant, or any person to whom such Stock Option is transferred pursuant to this Section 5.8, it being understood that the term “holder” and “Participant” include such guardian, legal representative and other transferee; provided, however, that the term “Termination of Service” shall continue to refer to the Termination of Service of the original Participant.

	
5.9
	
Termination of Service; Other Events. The effect of a Participant’s Termination of Service, including due to the Participant’s death or Retirement, Period of Absence or Unpaid Leave of Absence on his or her Stock Options and SARs shall be set forth in the applicable Grant Agreement.

	
5.10
	
Additional Rules for Incentive Stock Options. Notwithstanding any other provision of this Plan to the contrary, no Stock Option that is intended to qualify as an Incentive Stock Option may be granted to any Eligible Individual who, at the time of such grant, owns Shares possessing more than 10% of the total combined voting power of all Shares, unless at the time such Stock Option is granted the exercise price is at least 110% of the Fair Market Value of a Share and such Stock Option by its terms is not exercisable after the expiration of five years from the date such Stock Option is granted. In addition, the aggregate Fair Market Value of the Shares (determined at the time a Stock Option for the Share is granted) for which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year, under all of the incentive stock option plans of the Corporation, may not exceed US$100,000. To the extent a Stock Option that, by its terms, was intended to be an Incentive Stock Option exceeds this US$100,000 limit, the portion of the Stock Option in excess of such limit shall be treated as a Non-qualified Stock Option.

	
5.11
	
Dividends and Dividend Equivalents. Dividends (whether paid in cash or Shares) and dividend equivalents may not be paid or accrued on Stock Options or SARs; provided that Stock Options and SARs may be adjusted under certain circumstances in accordance with the terms of Section 3.6 hereof.

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6.RESTRICTED STOCK 

	
6.1
	
Administration. Shares of Restricted Stock are actual Shares issued to a Participant and may be awarded either alone or in addition to other Awards granted under this Plan. The Committee shall determine the Eligible Individuals to whom and the time or times at which grants of Restricted Stock will be awarded, the number of Shares to be awarded to any Eligible Individual, the conditions for vesting, the time or times within which such Awards may be subject to forfeiture and any other terms and conditions of the Awards, in addition to those contained in Section 6.3.

	
6.2
	
Book Entry Registration or Certificated Shares. Shares of Restricted Stock shall be evidenced in such manner as the Committee may deem appropriate, including book-entry registration or issuance of one or more stock certificates registered in the name of the Participant and bearing an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award. 

	
6.3
	
Terms and Conditions. Shares of Restricted Stock shall be subject to the following terms and conditions and such other terms and conditions as are set forth in the applicable Grant Agreement (including the vesting or forfeiture provisions applicable upon a Termination of Service):

	
 
	
(a)
	
The Committee shall, prior to or at the time of grant, condition (A) the vesting of an Award of Restricted Stock upon the continued service of the applicable Participant, or (B) the grant or vesting of an Award of Restricted Stock upon the achievement of Performance Criteria or the achievement of Performance Criteria and the continued service of the applicable Participant. The conditions for grant or vesting and the other provisions of Restricted Stock Awards (including any applicable Performance Criteria) need not be the same with respect to each recipient. 

	
 
	
(b)
	
Subject to the provisions of this Plan and the applicable Grant Agreement, during the period, if any, set by the Committee, commencing with the date of such Restricted Stock Award for which such vesting restrictions apply (the “Restriction Period”), and until the expiration of the Restriction Period, the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber Shares of Restricted Stock.

	
6.4
	
Rights of a Shareholder. Except as provided in this Section 6 and the applicable Grant Agreement, the applicable Participant shall have, with respect to the Shares of Restricted Stock, all of the rights of a shareholder of the Corporation holding the class or series of Common Shares that is the subject of the Restricted Stock, including the right to receive any dividends (subject to Section 14.5 below) and, subject to TSX approval, the right to vote the Shares. 

	
6.5
	
Termination of Service; Other Events. The effect of a Participant’s Termination of Service, including due to the Participant’s death or Retirement, Period of Absence or Unpaid Leave of Absence on his or her Restricted Stock shall be set forth in the applicable Grant Agreement.

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7.RESTRICTED SHARE UNITS

	
7.1
	
Nature of Awards. RSUs are Awards denominated in Shares that will be settled, subject to the terms and conditions of the RSUs, in a specified number of Shares or an amount of cash equal to the Fair Market Value of a specified number of Shares, in the sole discretion of the Committee. 

	
7.2
	
Terms and Conditions. RSUs shall be subject to the following terms and conditions and such other terms and conditions as are set forth in the applicable Grant Agreement (including the vesting or forfeiture provisions applicable upon a Termination of Service): 

	
 
	
(a)
	
The Committee shall, prior to or at the time of grant, condition the vesting of RSUs upon the continued service of the applicable Participant. The conditions for grant or vesting and the other provisions of RSUs need not be the same with respect to each Participant. An Award of RSUs shall be settled as and when the RSUs vest, at a later time specified by the Committee in the applicable Grant Agreement, or, if the Committee so permits, in accordance with an election of the Participant.

	
 
	
(b)
	
The Grant Agreement for RSUs shall specify whether, to what extent and on what terms and conditions the applicable Participant shall be entitled to receive payments corresponding to the dividends payable on the Common Shares (subject to Section 14.5 below).

	
7.3
	
Rights of a Shareholder. A Participant to whom RSUs are awarded shall have no rights as a shareholder with respect to the Shares represented by the RSUs unless and until Shares are actually delivered to the Participant in settlement thereof.

	
7.4
	
Termination of Service; Other Events. The effect of a Participant’s Termination of Service, including due to the Participant’s death or Retirement, Period of Absence or Unpaid Leave of Absence on his or her RSUs shall be set forth in the applicable Grant Agreement.

8.PERFORMANCE SHARE UNITS

Sections 7.1 through 7.4 shall apply to Awards of PSUs, mutatis mutandis. The Performance Criteria to be achieved during any Performance Period and the length of the Performance Period shall be determined by the Committee upon the grant of each PSU. The conditions for grant or vesting and the other provisions of PSUs (including any applicable Performance Criteria) need not be the same with respect to each recipient. PSUs may be paid in cash or Shares, in the sole discretion of the Committee.

9.OTHER SHARE-BASED AWARDS

Subject to applicable rules and policies of the TSX and NYSE (including, for greater certainty, any exchange or shareholder approval requirements), the Committee may grant equity-based or equity-related awards not otherwise described herein in such amounts and subject to such terms and conditions consistent with the terms of this Plan as the Committee shall determine. Without limiting the generality of the preceding sentence, each such Other Share-Based Award may (i) involve the transfer of actual Shares to Participants, either at the time of grant or thereafter, or payment in cash or otherwise of amounts based on the value of Shares, (ii) be subject to performance-based and/or 

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service-based conditions, (iii) be in the form of phantom stock, deferred share units or other awards denominated in, or with a value determined by reference to, a number of Shares that is specified at the time of the grant of such award, and (iv) be designed to comply with Applicable Laws of jurisdictions other than the United States or Canada.

10.CHANGE IN CONTROL PROVISIONS

	
10.1
	
General. The provisions of this Section 10 shall, subject to Section 3.6, apply notwithstanding any other provision of this Plan to the contrary, except to the extent the Committee specifically provides otherwise in a Grant Agreement.

	
 
	
(a)
	
In the event of a Change in Control, all such Awards credited to the Participant immediately prior to such Change in Control shall vest immediately prior to the time of such Change in Control (“CIC Vested Awards”), except to the extent that an Award meeting the requirements set out below in this Section 10.1(a) (such award, a “Replacement Award”) is provided to the Participant to replace such Award (each Award intended to be replaced by a Replacement Award, a “Replaced Award”) effective on or immediately after the time of such Change in Control. An award shall meet the requirements of this Section 10.1(a) (and hence qualify as a Replacement Award) if (i) it has a value equal to the value of the Replaced Award as of the date of the Change in Control determined with reference to the Change in Control Value of the Award comprising the Replaced Award and the fair market value of the securities underlying the Replacement Award, (ii) it relates to publicly traded equity securities of (A) the Corporation, (B) the entity surviving the Corporation following the Change in Control or (C) the parent company of such surviving entity, (iii) it contains terms relating to vesting that are substantially identical to those of the Replaced Award (except that for any Replaced Award that is performance-based, the Replacement Award shall be subject solely to time-based vesting for the remainder of the applicable Performance Period (or such shorter period as determined by the Committee) and the level of achievement of the Performance Criteria in respect of the applicable Performance Period shall be deemed to be the greater of (x) the median Performance Criteria and (y) the level of achievement of the Performance Criteria applicable to a Performance Period as determined by the Committee no later than the date of the Change in Control, taking into account performance through the latest date preceding the Change in Control as to which performance can, as a practical matter, be determined (but no later than the end of the Performance Period)), and (iv) its other terms and conditions are not less favorable to the Participant than the terms and conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent Change in Control) as of the date of the Change in Control. Without limiting the generality of the foregoing, a Replacement Award may take the form of a continuation of the applicable Replaced Award if the requirements of the preceding sentence are satisfied. If a Replacement Award is granted, the Replaced Award shall not immediately vest upon the Change in Control giving rise to the replacement. The determination whether the conditions of this Section 10.1(a) are satisfied shall be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion. All Awards that become CIC Vested Awards pursuant to this Section 10.1(a) shall be paid as follows:

	
 
	
(i)
	
as soon as practicable, and in any event within 30 days, following a Change in Control, (i) to the extent a Participant’s CIC Vested Award is expressed 

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in dollar value form, the Participant shall receive a cash payment equal to such dollar value, and (ii) subject to clause (iii) below with respect to Stock Options, to the extent a Participant's CIC Vested Award  is expressed by reference to a number of units or Shares, the Participant shall receive in cash or property (or a combination thereof), as may be determined by the Board or the Committee, a payment equal to (a) the number of Shares with respect to which the CIC Vested Award relates (determined, except as otherwise provided in the applicable Grant Agreement, in accordance with clause (ii) below for performance-based CIC Vested Awards) at the time of the Change in Control (rounded up to the nearest whole number), multiplied by (b) the price at which the Shares are valued for the purpose of the transaction or series of transactions giving rise to the Change in Control, or if there is no such transaction or transactions, the simple average of the closing price per Share on the Applicable Exchange on each day in the 30-day period ending on the date of the Change in Control (as applicable, the “Change in Control Value”);

	
 
	
(ii)
	
for each CIC Vested Award that is performance-based, the level of achievement of the Performance Criteria in respect of the applicable Performance Period shall be deemed to be the greater of (x) the median Performance Criteria and (y) the level of achievement of the Performance Criteria applicable to a Performance Period as determined by the Committee no later than the date of the Change in Control, taking into account performance through the latest date preceding the Change in Control as to which performance can, as a practical matter, be determined (but no later than the end of the Performance Period); 

	
 
	
(iii)
	
with respect to Awards of Stock Options, in the event of a Change in Control, CIC Vested Awards together with previously vested but unexercised Stock Options outstanding immediately prior to the Change of Control may be exercised effective as of the time of the Change of Control provided that, for reasons of administrative convenience, the Participant submits an exercise election no later than three business days prior to the effective time of the Change of Control (or within such other period as may be specified by the Committee, acting reasonably); and

	
 
	
(iv)
	
with respect to any Section 409A Amount (i) if the Change in Control constitutes a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation, as such terms are used in Section 409A of the Code and related regulations (a “409A Change of Control”), such Section 409A Amount shall be paid at the time specified in Section 10.1(a)(i) to the extent that such payment does not result in the application of any tax or penalty under Section 409A, and (ii) if the Change in Control does not constitute a 409A Change of Control, or payment at the time specified in Section 10.1(a)(i) would result in the application of any tax or penalty under Section 409A, such Section 409A Amount shall in all events be paid during the calendar year or years in which such amount would have been paid had there been no Change in Control.

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(b)
	
Notwithstanding any other provision of this Plan to the contrary, upon the Participant’s Termination of Service by the Corporation or an Affiliate, as applicable, without CIC Cause, or by the Participant for Good Reason, within the Specified Period following a Change in Control, all Replacement Awards held by such Participant shall vest in full and be paid or, become exercisable (if applicable), in full as soon as practicable, and in any event within 30 days, following such Termination of Service; provided that if the Replacement Award is a Section 409A Amount, and the Change in Control is not a 409A Change in Control, then such Replacement Award shall in all events be paid during the calendar year or years in which it would have been paid had there been no Change in Control.

	
10.2
	
Definition of Change in Control. For purposes of this Plan, a “Change in Control” shall be deemed to have occurred if:

	
 
	
(a)
	
any individual, partnership, firm, corporation, association, trust, unincorporated organization or other entity, or any persons acting jointly or in concert with the foregoing (each, a “Person”), is or becomes the beneficial owner directly or indirectly of 30% or more of either (A) the then-outstanding Shares (the “Outstanding Corporation Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Corporation Voting Securities”); provided, however, that, for purposes of this Section 10.2(a), the following acquisitions of shares or other voting securities of the Corporation shall not constitute a Change in Control: (i) any acquisition directly from the Corporation; (ii) any acquisition made by the Corporation; (iii) any acquisition by any employee plan (or related trust) sponsored or maintained by the Corporation or any of its subsidiaries; or (iv) any acquisition pursuant to a transaction that complies with Sections 10.2(b)(1), 10.2(b)(2) and 10.2(b)(3);

	
 
	
(b)
	
consummation of a reorganization, merger, arrangement, statutory share exchange or consolidation or similar transaction involving the Corporation or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Corporation, or the acquisition of assets or securities of another entity by the Corporation or any of its subsidiaries (each, a “Business Combination”), in each case unless, immediately following such Business Combination, (1) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Corporation Common Stock and the Outstanding Corporation Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Corporation or all or substantially all of the Corporation’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Corporation Common Stock and the Outstanding Corporation Voting Securities, as the case may be, (2) no Person (excluding any entity resulting from such Business Combination or any employee plan (or related trust) of the Corporation or of such entity resulting from such Business Combination) 

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beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such entity, except to the extent that such ownership existed prior to the Business Combination, and (3) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board (as defined below) at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination;

	
 
	
(c)
	
individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Corporation’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person or entity other than the Board; or

	
 
	
(d)
	
approval by the shareholders of the Corporation of a complete liquidation or dissolution of the Corporation.

	
 
	
(e)
	
For the purposes of this definition:

	
 
	
(i)
	
the term “acting jointly or in concert” shall be interpreted in accordance with Section 1.9 of National Instrument 62-104 Take-Over Bids and Issuer Bids, as amended; and

	
 
	
(ii)
	
and the term “beneficial ownership” shall be interpreted in accordance with Sections 5 and 6 of the Securities Act (Alberta) and “beneficial owner” shall have a corresponding meaning, except that for purposes of this Plan, options and convertible securities granted by the Corporation to employees, officers or directors shall not be included in determining the percentage of beneficial ownership of any Person.

	
11.
	
Section 16(b); Section 409A

	
11.1
	
The provisions of this Plan are intended to ensure that no transaction under this Plan is subject to (and all such transactions will be exempt from) the short-swing profit recovery rules of Section 16(b) of the Exchange Act (“Section 16(b)”). Accordingly, the composition of the Committee shall be subject to such limitations as the Board deems appropriate to permit transactions pursuant to this Plan to be exempt (pursuant to Rule 16b-3 promulgated under the Exchange Act) from Section 16(b), and no delegation of authority by the Committee shall be permitted if such delegation would cause any such transaction to be subject to (and not exempt from) Section 16(b). 

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11.2
	
This Plan is intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom and, with respect to amounts that are subject to Section 409A of the Code, it is intended that this Plan be administered in all respects in accordance with Section 409A of the Code. Each payment under any Award that constitutes non-qualified deferred compensation subject to Section 409A of the Code shall be treated as a separate payment for purposes of Section 409A of the Code. In no event may a U.S. Participant, directly or indirectly, designate the calendar year of any payment to be made under any Award that constitutes non-qualified deferred compensation subject to Section 409A of the Code. Notwithstanding any other provision of this Plan or any Grant Agreement to the contrary, if a U.S. Participant is a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Corporation), amounts that constitute “non-qualified deferred compensation” subject to Section 409A of the Code that would otherwise be payable by reason of a U.S. Participant’s Separation from Service during the six-month period immediately following such Separation from Service shall instead be paid or provided on the first business day following the date that is six months following the U.S. Participant’s Separation from Service. If the U.S. Participant dies following the Separation from Service and prior to the payment of any amounts delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of the U.S. Participant’s estate within 30 days following the date of the U.S. Participant’s death.

12.TERM AND AMENDMENTS

	
12.1
	
Effectiveness. This Plan is effective as of February 13, 2019, contingent upon approval by the Corporation’s shareholders at its 2019 annual meeting of shareholders (the “Effective Date”).

	
12.2
	
Termination. This Plan may be terminated at any time by the Board in whole or in part and will terminate on the tenth anniversary of the Effective Date. Awards outstanding as of such date shall not be affected or impaired by the termination of this Plan. 

	
12.3
	
Amendments. Subject to Section 5.4 and this Section 12.3, the Board or the Committee may, at any time and from time to time, amend, alter, or discontinue this Plan or amend the terms of any Award theretofore granted, without approval of the holders of a majority of Shares present and voting in person or by proxy at a meeting of holders of Shares, provided, however, that:

	
 
	
(a)
	
approval of the holders of a majority of Shares present and voting in person or by proxy at a meeting of holders of Shares, shall be obtained for any:

	
 
	
(i)
	
increase to the maximum number of Shares issuable pursuant to Awards granted under the Plan as set out in Section 3.1;

	
 
	
(ii)
	
amendment that would reduce the exercise price of an outstanding Stock Option or SAR (or any other similar entitlement granted pursuant to the Plan as an Other Share Based Award) (including a cancellation and reissue constituting a reduction of the exercise price); 

	
 
	
(iii)
	
amendment to extend the maximum term of any Award granted under the Plan;

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(iv)
	
amendment to permit the transfer or assignment of Awards beyond what is contemplated by Section 14.8;

	
 
	
(v)
	
amendment to increase the limits on non-employee director participation as stated in Section 3.3; 

	
 
	
(vi)
	
amendment that removes or exceeds the insider participation limit contained in Section 3.3;

	
 
	
(vii)
	
amendment to the Plan’s amendment provisions contained in this Section 12.3; or

	
 
	
(viii)
	
amendment for which the applicable rules or policies of any Applicable Exchange listing standards or any Applicable Law, shareholder approval is required;

unless the change to the Plan or an Award results from the application of Section 3.6 of the Plan; and

	
 
	
(b)
	
the consent of the Participant is obtained for any amendment, alteration or discontinuation which adversely alters or impairs the rights of the Participant with respect to a previously granted Award.

	
12.4
	
Compliance with Laws. Notwithstanding the provisions of this Section 12, should changes be required to the Plan by any securities commission, stock exchange or other governmental or regulatory body of any jurisdiction to which the Plan or the Corporation now is or hereafter becomes subject, or otherwise to comply with Applicable Law, including Section 409A of the Code, Applicable Exchange listing standards or accounting rules, such changes shall be made to the Plan as are necessary to conform with such requirements and, if such changes are approved by the Board, the Plan, as amended, shall be filed with the records of the Corporation and shall remain in full force and effect in its amended form as of and from the date of its adoption by the Board. 

13.UNFUNDED STATUS OF PLAN

It is intended that this Plan constitute an “unfunded” plan. The Committee may authorize the creation of trusts or other arrangements to meet the obligations created under this Plan to deliver Shares or make payments; provided, however, that unless the Committee otherwise determines, the existence of such trusts or other arrangements is consistent with the “unfunded” status of this Plan.

14.GENERAL PROVISIONS

	
14.1
	
Conditions for Issuance. The Committee may require each person purchasing or receiving Shares pursuant to an Award to represent to and agree with the Corporation in writing that such person is acquiring the Shares without a view to the distribution thereof. The certificates for such Shares may include any legend that the Committee deems appropriate to reflect any restrictions on transfer. Notwithstanding any other provision of this Plan or agreements made pursuant thereto, the Corporation shall not be required to issue or deliver any Shares (whether in certificated or book-entry form) under this Plan prior to fulfillment of all of the following conditions: (i) listing or approval for listing upon 

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notice of issuance, of such Shares on the Applicable Exchange; (ii) any registration or other qualification of such Shares of the Corporation under any state or federal law or regulation, or the maintaining in effect of any such registration or other qualification that the Committee shall, in its absolute discretion upon the advice of counsel, deem necessary or advisable; and (iii) obtaining any other consent, approval, or permit from any state or federal governmental agency that the Committee shall, in its absolute discretion determine to be necessary or advisable. 

	
14.2
	
Additional Compensation Arrangements. Nothing contained in this Plan shall prevent the Corporation or any Affiliate from adopting other or additional compensation arrangements for its employees or directors.

	
14.3
	
No Contract of Service. This Plan shall not constitute a contract of employment, and adoption of this Plan shall not confer upon any employee or director any right to continued employment, nor shall it interfere in any way with the right of the Corporation or any Affiliate to terminate the employment of any employee, or the right of shareholders of the Corporation to remove any director, at any time. 

	
14.4
	
Required Taxes. No later than the date as of which an amount first becomes includible in the gross income of a Participant for federal, provincial, state, local or foreign income or employment or other tax purposes with respect to any Award under this Plan, such Participant shall pay to the Corporation, or make arrangements satisfactory to the Corporation regarding the payment of, any federal, provincial, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. Unless otherwise determined by the Corporation and set out in the Grant Agreement for the relevant Award, and except with respect to Stock Options held by Participants who are subject to tax under the Income Tax Act (Canada), withholding obligations may be settled with Shares, including Shares that are part of the Award that gives rise to the withholding requirement, having a fair value determined in accordance with applicable tax laws and policies on the date of withholding equal to the amount required to be withheld for tax purposes, all in accordance with such procedures as the Committee establishes. The obligations of the Corporation under this Plan shall be conditional on such payment or arrangements, and the Corporation and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to such Participant. The Committee may establish such procedures as it deems appropriate, including making irrevocable elections, for the settlement of withholding obligations with Shares. 

	
14.5
	
Dividends and Dividend Equivalents. Any dividends or dividend equivalents credited with respect to any Award will be subject to the same time and/or performance-based vesting conditions applicable to such Award and shall, if vested, be delivered or paid at the same time as such Award.

	
14.6
	
Designation of Death Beneficiary. The Committee shall establish such procedures as it deems appropriate for a Participant to designate a beneficiary to whom any amounts payable in the event of such Participant’s death are to be paid or by whom any rights of such eligible Individual, after such Participant’s death, may be exercised.

	
14.7
	
Governing Law and Interpretation. This Plan and all Awards made and actions taken hereunder shall be governed by and construed in accordance with the laws of the Province of Alberta, without reference to principles of conflict of laws, and the federal laws of Canada, as applicable. The captions of this Plan are not part of the provisions hereof and 

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shall have no force or effect. Whenever the words “include,” “includes” or “including” are used in this Plan, they shall be deemed to be followed by the words “but not limited to” and the word “or” shall be understood to mean “and/or” where the context so requires. Each Participant shall acknowledge and agree (and shall be conclusively deemed to have so acknowledged and agreed by participating in the Plan) that the Participant will, at all times, act in strict compliance with Applicable Law and all other laws and any policies of the Corporation applicable to the Participant in connection with the Plan including, without limitation, furnishing to the Corporation all information and undertakings as may be required to permit compliance with Applicable Law. Such laws, regulations, rules and policies shall include, without limitation, those governing “insiders” or “reporting issuers” as those terms are construed for the purposes of applicable securities laws, regulations and rules.

	
14.8
	
Non-Transferability. Unless otherwise provided in the Plan, Awards under this Plan are not transferable except by will or by laws of descent and distribution (or otherwise for estate settlement purposes).

	
14.9
	
Administration Costs. The Corporation will be responsible for all costs relating to the administration of the Plan, including for greater certainty, and unless otherwise determined by the Committee, brokerage fees and other administration or transaction costs relating to the transfer, sale or other disposition of Shares on behalf of the Participant that have been held by the Participant in the Participant’s account with the Plan’s service provider since initial distribution of Shares to the Participant pursuant to the Plan.

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