Document:

Separation and Transition Agreement, dated as of May 5, 2008

 Exhibit 10.20 
 SEPARATION AND TRANSITION AGREEMENT 
 THIS SEPARATION AND TRANSITION AGREEMENT (the
“Agreement”) is entered into as of May 5, 2008 (the “Effective Date”), by and among Global Hyatt Corporation and Hyatt Corporation, each a Delaware corporation (together with each of its successors and assigns
sometimes singularly or collectively referred to herein as the “Company”), and Kirk Rose (“Executive”). 
 RECITALS 
 WHEREAS, the Executive has been employed by the Company or its predecessor since September 7, 1999, and currently
serves the Company as its principal financial officer with the title of Senior Vice President – Finance; 
 WHEREAS, Executive and the
Company have agreed that Executive will voluntarily resign from his employment with the Company on May 15, 2008 (the “Resignation Date”); 
 WHEREAS, the Company desires to provide for an orderly transition of Executive’s duties and responsibilities and Executive desires to assist the Company in obtaining an orderly transition; and 
 WHEREAS, Executive and the Company have negotiated and reached an agreement with respect to all rights, duties and obligations arising between them,
including, but in no way limited to, any rights, duties and obligations that have arisen or might arise out of or are in any way related to Executive’s continued employment with the Company and the conclusion of that employment; 
 NOW THEREFORE, in consideration of the covenants and mutual promises recited below, the parties agree as follows: 
 1. Duties. During the period beginning on the Effective Date and ending on the earlier of: (a) a date mutually agreed to by the
Executive and the Company, (b) a date determined by the Company and communicated to the Executive with no less than seven (7) days advance written notice, (c) the date of the Executive’s death or permanent disability or
(d) May 15, 2008 (such period referred to as the “Transition Period”), the Executive shall assist the Company with respect to matters relating to the Superior Bank matter, issuance of corporate bonds and/or other financing
transactions, issuance of quarterly financial statements issued during the Transition Period, and the search for and hiring of a Treasurer and transition of duties and responsibilities to a Chief Financial Officer of the Company, if applicable
during the Transition Period. 
 2. Compensation. In recognition of the Executive’s contributions to the Company and as
consideration for the release and the other promises of Executive contained in this Agreement, which shall be deemed to include Executive’s agreement to faithfully discharge the duties and remain in the employ of the Company as described above
through the last day of the Transition Period, and provided, further, that Executive timely signs and returns this Agreement and the release attached as Exhibit A hereto, and timely signs and returns the identical general release, pursuant to
Paragraph 8 below, the Company will provide Executive with the following compensation and benefits: 
 (a) Base Salary and Benefit Plan
Participation. During the Transition Period, the Executive will continue to (i) receive his Base Salary as in effect on the Effective Date and (ii) participate in the Company’s retirement and welfare benefit plans, perquisite
programs, expense reimbursement and vacation policies, as such plans, programs and policies may be in effect from time to time. 

 (b) 2008 Annual Bonus. For his service in calendar year 2008, through and including
May 15, 2008, Executive shall receive a pro-rated bonus in the amount of $107,000.00 (One Hundred Seven Thousand Dollars), which amount shall be paid to Executive in one lump sum by no later than five calendar days following the Resignation
Date. 
 (c) Severance Payment. The Company agrees to pay Executive severance in the amount of $1,400,000.00 (one Million Four
Hundred Thousand Dollars) (“Severance Payment”). The Severance Payment will be paid to Executive in one lump sum by no later than five calendar days following the Resignation Date. 
 (d) Stock Appreciation Rights (“SARs”). Executive will not receive a 2008 SARs Award. With respect to the 2006 and 2007 SARs
Awards (“Prior Awards”) made to Executive under the Global Hyatt Long Term Incentive Plan (the “GHLTIP”), Executive agrees that such Awards are cancelled as of the date of this Agreement. In consideration of such cancellation,
Executive shall be entitled to a lump-sum cash payment equal to the sum of (a) the “Spread” (as defined below) with respect to 50% of the number of SARs granted to Executive in 2006 (such percentage being the percentage of 2006 SARs
that would be vested as of the 2008 vesting date and reflects 103, 125 SARs), plus (b) the “Spread” (as defined below) attributable to 25% of the 2007 SARs (such percentage being the percentage of the 2007 SARs that would be vested as
of the 2008 vesting date and reflects 12,750 SARs). For this purpose, the Spread is the amount by which the Share Value as of December 31, 2008, as defined and determined in accordance with the GHLTIP, exceeds the Base Value of $24.95 with
respect to the 2006 SARs and $31.40 with respect to the 2007 SARs. In the event the Share Value does not exceed the applicable Base Value, then the Spread with respect to those SARs shall be zero. It is anticipated that the December 31, 2008
Share Value will be determined and communicated to GHLTIP participants on or about March 31, 2009. The lump sum cash payment, if any, required under this Section 2(d) shall be made to Executive on or before the later of April 30, 2009
or 30 days after the determination and communication of the December 31, 2008 Share Value to the GHLTIP participants assuming that this Agreement is executed and in full force and effect as of any such payment date. 
 (e) Payment of Accrued Vacation. Within fifteen days following the Resignation Date, the Company shall pay Executive the full amount of the 33.25
days of accrued but untaken vacation pay owing Executive as of the Resignation Date. 
 3. No Additional Entitlements.
Executive understands and acknowledges that he will have no further entitlements, other than (a) those recited in this Agreement and (b) accrued rights and entitlements that have vested as of the Resignation Date under the Company’s
plans. The Company will provide a Benefits Summary to Executive on or before the Resignation Date. Executive 

  

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understands and agrees that benefits payable to Executive under the Company’s nonqualified deferred compensation plans will be paid in December 2008 and
the Company acknowledges and agrees that time is of the essence with respect to the payment of such amounts in December 2008. 
 4.
Withholding. All payments required to be made by the Company hereunder to the Executive shall be subject to withholding of such amounts relating to taxes as the Company may reasonably determine it should withhold pursuant to any
applicable law or regulation. 
 5. Section 409A Compliance. It is intended that any amounts payable under this Agreement
and the Company’s and Executive’s exercise of authority or discretion hereunder shall comply with the provisions of Internal Revenue Code Section 409A and the treasury regulations and guidance thereunder (“Section 409A”) so
as not to subject the Executive to the payment of interest and tax penalty which may be imposed under Section 409A. Notwithstanding anything contained herein to the contrary, if, at the Executive’s separation from service,
(a) Executive is a specified employee as defined in Section 409A. Notwithstanding anything contained herein to the contrary, if, at the Executive’s separation from service, (a) Executive is a specified employee as defined in
Section 409A and (b) any of the payments or benefits provided hereunder constitute deferred compensation under Section 409A, the, and only to the extent required by such provisions, the date of payment of such payments or benefits
otherwise provided shall be delayed for a period of six (6) months following the separation from service. 
 6. Post-Resignation
Services. Executive Agrees that he will be available to Company after the Resignation Date to provide information and reasonable support for the Superior Bank matter and other matters in respect of which Executive has information
(“Post-Resignation Services”). For the period of May 15, 2008 through November 30, 2008, the Company will pay to Executive $76,923.07 per month for six and one-half months (a total of $500,000) for Post Resignation Services. The
Company shall reimburse Executive for reasonable out-of-pocket expenses incurred by Executive in performing Post-Resignation Services in accordance with the Company’s expense reimbursement policies and pay such compensation to Executive as the
Company and Executive shall mutually agree with respect to any such services performed after November 30, 2008. The Company understands that Executive will be seeking and may obtain alternative employment after the Resignation Date and that
Post-Resignation Services will be provided at times reasonably convenient for Executive. For a period of three months after the Resignation Date, the Company will provide Executive with an office and appropriate support services, such as computer,
Blackberry, telephone, travel assistance for Company business, but not including a dedicated administrative assistant. 
 7. Execution
of Agreement; Release of Claims. The payments and benefits to the Executive pursuant to this Agreement are contingent upon (i) the Executive executing and delivering to the Company this Agreement and a release of claims in the form
attached to this Agreement as Attachment A (the “Release”) by 6:00 p.m. (CDT) on May 5, 2008, and (ii) the Executive executing and delivering to the Company on May 15, 2008, a release of claims in substantially the
same form as the Release, effective as of that date. 
  

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 8. Non-Reliance. Executive represents to the Company and the Company represents to
Executive that in executing this Agreement they do not rely and have not relied upon any representation or statement not set forth herein made by the other or by any of the other’s agents, representatives or attorneys with regard to the subject
matter, basis or effect of this Agreement, or otherwise. 
 9. Assignability. The rights and benefits under this Agreement are
personal to Executive and such rights and benefits shall not be subject to assignment, alienation or transfer, except to the extent such rights and benefits are lawfully available to the estate or beneficiaries of Executive upon death. The Company
may assign this Agreement to any parent, affiliate or subsidiary or any entity which at any time whether by merger, purchase, or otherwise acquires all or substantially all of the assets, stock or business of the Company. 
 10. Confidentiality, Intellectual Property, Non-Solicitation and Non-Disparagement. The Company and Executive acknowledge and agree that,
except as modified by the superseding provisions below, the provisions of the Confidentiality, Intellectual Property, Non-solicitation and Non-disparagement Agreement (the “Confidentiality Agreement”) to which Executive is a party (a copy
of which is attached hereto as Exhibit B) shall continue to apply to the Company and Executive as if fully set forth in this Agreement and that the commitments on confidentiality shall also apply to the provisions of Sections 2 and 6 of this
Agreement and to any information received by Executive while providing Post-Resignation Services. In consideration of the compensation described in Section 2 hereof and the Company’s commitments hereunder, the Confidentiality Agreement is
clarified and modified by this Agreement as set forth above and as follows: 
 (a) Confidentiality. Following the Transition Period,
Executive acknowledges and agrees that references in the Confidentiality Agreement and herein to “affiliates” of the Company include, but are not limited to, the Pritzker family (including its members and trusts established by or for the
benefit of members of the Pritzker family), the Pritzker family business interests, including The Pritzker Organization, and the directors, officers, trustees and employees of each such business interest. 
 (b) Non-Solicitation. Executive further agrees that the provisions of Section 3 of the Confidentiality Agreement relating to non-solicitation
of employees shall apply for a period of twenty-four months following termination of his employment and shall be modified and expanded to include Executive’s agreement not to, directly or indirectly, induce, solicit, or attempt to persuade any
employee or individual who is, or at any time during the six-month period ending on the date of Executive’s termination of employment was, such an employee of the Company or its subsidiaries or affiliates, to accept employment with a Company,
organization or other association at which Executive is then employed, provided, however, that: 
 (i) The scope of the
non-solicitation set forth in this Section 10(b) shall be limited to employees for whom Executive had supervisory responsibility, daily interaction in the performance of his duties or about whom Executive had confidential personnel information
including but not limited to performance reviews or advancement potential evaluations, and shall be further limited to exclude clerical employees; and 
  

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 (ii) The non-solicitation provisions set forth in this Section 10(b) shall not apply
to any individual described in this Section 10(b) who has voluntarily resigned from the Company or whose employment was terminated buy the Company, or any of its affiliates, and seeks employment with an organization at which Executive is
employed. 
 (c) Non-Disparagement. At all times prior to and after the Effective Date, Executive will not disparage, place in a false
light or criticize, orally, in writing, or by action, gesture or innuendo, the business, products, policies, decisions, directors, officers or employees of the Company or any of its operating divisions or affiliates to any person. The Company also
agrees that none of its officers will disparage, place in a false light or criticize Executive to any person or entity either orally, in writing, or by action, gesture or innuendo. The obligations of this Section 10(c) shall survive the
expiration of this Agreement. 
 (d) Non-Competition. In addition, during the period from the date hereof through November 30,
2008, the Executive agrees he will not become associated with a Competitor. For purposes of this Section 10(d): (i) a “Competitor” means Marriott International, Starwood Hotels & Resorts Worldwide, Inc., Hilton Hotels
Corporation, InterContinental Hotels Group PLC or any of their respective affiliates and successors; and (ii) the Executive shall be considered to have become “associated with a Competitor” if the Executive becomes directly or
indirectly involved as an owner, principal, employee, officer, director, independent contractor, representative, stockholder, financial backer, agent, partner, advisor, lender, or in any other individual or representative capacity with a Competitor.
Notwithstanding the foregoing, the Executive may make and retain investments in less than one percent of the equity of any Competitor, if such equity is listed on a national securities exchange or regularly traded in an over-the-counter market.

 11. Entire Agreement. Executive acknowledges and agrees that this Agreement includes the entire agreement and understanding
between the parties and supercedes any prior agreements, written or oral, with respect to the subject matter hereof, including the termination of Executive’s employment after the Effective Date and all amounts to which Executive shall be
entitled whether during the Transition Period or thereafter. 
 12. Severability/Reasonable Alteration. In the event that any
part or provision of this Agreement shall be held to be invalid or unenforceable by a court of competent jurisdiction, the remaining provisions thereof shall nevertheless continue to be valid and enforceable as though the invalid or unenforceable
part or provision had not been included therein. Further, in the event that any part or provision hereof shall be declared by a court of competent jurisdiction to exceed the maximum time period, scope or activity restriction that such court deems
reasonable and enforceable, then the parties expressly authorize the court to modify such part or provision so that it may be enforced to the maximum extent permitted by law. 
 13. No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by Executive and the Company to
express their mutual intent, and no rule of strict construction will be applied against Executive or the Company. 
 14.
Insurance. The Company presently maintains general liability insurance on an occurrence basis which covers the professional activities of employed lawyers and accountants of the Company. The Company will continue to provide such
coverage for the past activities of Executive to the same extent as such coverage is provided with respect to the past activities of other former employed lawyers and accountants of the Company 
  

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 15. Applicable Law, Venue and Jurisdiction. This Agreement shall be governed by and
construed in accordance with the laws of the State of Illinois, without regard to conflicts of laws principles, rules or statutes of any jurisdiction. The exclusive venue for any litigation between Executive and the Company for any dispute arising
out of this Agreement or relating in any way to Executive’s employment with the Company shall be the state or federal courts located in Cook County, Illinois, and Employee hereby consents to any such court’s exercise of personal
jurisdiction over Executive for such purpose. 
 16. Counterparts and Facsimiles. This Separation and Transition Agreement may
be executed in several counterparts, each of which shall be deemed as an original, but all of which together shall constitute one and the same instrument; signed copies of this Separation and Transition Agreement may be delivered by .pdf, .jpeg or
fax and will be accepted as an original. 
 17. Notice. Any notice to be given hereunder shall be in writing and shall be
deemed given when mailed by certified mail, return receipt requested, addressed as follows: 
 To Executive at: 
 403 North Vine 
 Hinsdale, Illinois 60521

 To the Company at: 
 Global
Hyatt Corporation 
 Hyatt Center 
 71 South Wacker Drive 
 12th Floor 
 Chicago,
Illinois 60606 
 Attn: General Counsel 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Separation and Transition Agreement
as of the date and year first set forth above. 
  

			
	GLOBAL HYATT CORPORATION
		
	By:	 	 /s/ Mark S. Hoplamazian

	Its:	 	 President and Chief Executive Officer

	
	HYATT CORPORATION
		
	By:	 	 /s/ Mark S. Hoplamazian

	Its:	 	 President and Chief Executive Officer

	
	EXECUTIVE
	
	 /s/ Kirk Rose

  

 7 

 Exhibit A 
 GENERAL RELEASE OF ALL CLAIMS 
 1. For valuable consideration, the adequacy of which is hereby
acknowledged, the undersigned (“Executive”), for himself, his spouse, heirs, administrators, children, representatives, executors, successors, assigns, and all other persons claiming through Executive, if any (collectively,
“Releasers”), does hereby release, waive, and forever discharge Global Hyatt Corporation and Hyatt Corporation (collectively, “Company”), and the Company’s subsidiaries, parents, affiliates, related
organizations, and stockholders, and their respective affiliates (including trustees and beneficiaries of trust, stockholders), employees, officers, directors, attorneys, successors, and assigns or each of the foregoing (collectively, the
“Releasees”) from, and does fully waive any obligations of Releasees to Releasers for, any and all liability, actions, charges, causes of action, demands, damages, or claims for relief, remuneration, sums of money, accounts or
expenses, the Separation and Transition Agreement between the Company and the Executive (the “Separation and Transition Agreement”), with respect to which this is the Release referred to in Paragraph 7 thereof, and any claims under
any Stock Appreciation Rights agreements between Executive and the Company, and any action arising in tort including libel, slander, defamation or intentional infliction of emotional distress, and claims under any federal, state or local statute
including Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866 and 1871 (42 U.S.C. § 1981), the National Labor Relations Act, the Fair Labor Standards Act, the Americans with Disabilities Act of 1990, the Rehabilitation Act
of 1973, the Illinois Human Rights Act, or the discrimination or employment laws of any state or municipality, and/or any claims under any express or implied contract which Releasers may claim existed with Releasees. This also includes a release by
Executive of any claims for breach of contract, wrongful discharge and all claims for alleged physical or personal injury, emotional distress relating to or arising out of Executive’s employment with Company or the termination of that
employment; and any claims under the WARN Act or any similar law, which requires, among other things, that advance notice be given of certain work force reductions. This release and waiver does not apply to any claims or rights that may arise after
the date Executive signs this General Release. The foregoing release does not apply to (a) any claims or rights for compensation, benefits, indemnification and any other surviving rights now existing under the Separation and Transition
Agreement, the organization documents of the Company or any other agreement providing for indemnification regardless of when any claim is filed, or (b) any claims or rights under directors and officers liability insurance. 
 2. Excluded from this release and waiver are any claims which cannot be waived by law, including but not limited to the right to participate in an
investigation conducted by certain government agencies. Executive does, however, waive Executive’s right to any monetary recovery should any agency (such as the Equal Employment Opportunity Commission) pursue any claims on Executive’s
behalf. Executive represents and warrants that Executive has not filed any complaint, charge, or lawsuit against the Releasees with any government agency or any court. 
 3. Executive agrees never to sue Releasees in any forum for any claim covered by the above waiver and release language. If Executive violates this General Release by suing Releasees, other than as set forth in
Section 1 hereof, Executive shall be liable to the Company for its reasonable attorneys’ fees and other litigation costs incurred in defending against such a suit. 
  

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 4. Executive acknowledges and recites that: 
 (a) Executive has executed the Separation and Transition Agreement and this General Release knowingly and voluntarily; 
 (b) Executive has read and understands the Separation and Transition Agreement and this General Release in its entirety; 
 (c) Executive has been advised and directed orally and in writing (and this subparagraph (c) constitutes such written direction) to seek legal
counsel and any other advice he wishes with respect to the terms of the Separation and Transition Agreement and this General Release before executing it; and 
 (d) Executive’s execution of the Separation and Transition Agreement and this General Release has not been forced by any employee or agent of the Company, and Executive has had an opportunity to negotiate about
the terms of the Separation and Transition Agreement and this General Release. 
 5. This General Release shall be governed by the internal
laws (and not the choice of laws) of the State of Illinois, except for the application of pre-emptive Federal law. 
 PLEASE READ THIS
AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 
  

									
	Date:	  	  
	  		 	Executive:	  	  

  

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 Exhibit B 
 CONFIDENTIALITY, INTELLECTUAL PROPERTY, 
 NON-SOLICITATION & NON-DISPARAGEMENT AGREEMENT 

This Confidentiality, Intellectual Property, Nin-solicitation and Non-disparagement Agreement (this “Agreement”) is entered into by
and among Global Hyatt Corporation, a Delaware corporation (“Global Hyatt”), Hyatt Corporation, a Delaware corporation and subsidiary of Global Hyatt (“Employer”), and Susan Smith (“Employee”).

 WHEREAS, Employee is currently employer by Employer; 
 WHEREAS, Employee has access to confidential and proprietary information of Global Hyatt, its subsidiaries and its affiliates; 
 WHEREAS, the Board of Directors of Global Hyatt has adopted the Global Hyatt Corporation Long-Term Incentive Plan (the “LTIP”), and the Administrator of the LTIP has determined that it is in the best
interest of Global Hyatt to make grants of Stock Appreciation Rights (as defined in the LTIP, the “SARs”) to Employee; and 
 WHEREAS, the grant of SARs to Employee is conditioned upon Employee’s execution and delivery of this Agreement. 
 NOW,
THEREFORE, in consideration of Employee’s employment, the grant of SARs to Employee, the mutual promises and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows: 
 Employee’s employment with Employer results and will result in Employee’s exposure and
access to confidential and proprietary information including, but not limited to, financial information, investment opportunities, investment positions, business plans and strategies, business track record, acquisition information, prospect
information, due diligence files, sales plans, marketing plans, information concerning actual and prospective customers and suppliers, pricing information, personnel information, trade secrets, and other secret or confidential operational,
management, personnel, financial, accounting, marketing or tax information of Global Hyatt Corporation, its subsidiaries and affiliates, and any compilations thereof relating to the business or operations of Global Hyatt, its subsidiaries and
affiliates (“Confidential Information”) which information is of great value to Global Hyatt. Confidential Information shall not be deemed to include information that otherwise is or has become generally available to the public
(without breach of this Agreement), or as to which Employee obtained knowledge from sources other than Global Hyatt or any of its subsidiaries or affiliates, or any of the directors, managers, officers or employees thereof (provided that such source
is not bound by a confidentiality agreement with Global Hyatt or any of its subsidiaries or affiliates). 
 During Employee’s employment
with Global Hyatt or any of its subsidiaries or affiliates, Employee agrees that Employee shall at all times hold in confidence, keep secret and inviolate and not make available, divulge, disclose, or communicate in any manner whatsoever to anyone
any such Confidential Information, or use any such Confidential Information for any purpose other than in the 

  

 B-1 

 
performance of Employee’s job duties and on Global Hyatt’s or any of its subsidiaries’ or affiliates’ behalf. Following Employee’s
employment with Global Hyatt or any of its subsidiaries or affiliates, Employee shall not, at any time, make available, divulge, disclose, or communicate in any manner whatsoever to anyone any such Confidential Information, or use any such
Confidential Information for any purpose unless authorized to do so in writing by Global Hyatt’s Chief Executive Officer or unless required to do so by a governmental authority by law or subpoena or judicial process, in which case Employee will
give Global Hyatt immediate advance notice of such disclosure, including a copy of any subpoena or other document legally requiring Employee to make any otherwise prohibited disclosure, prior to making any such disclosure, so that Global Hyatt shall
have the opportunity if it so desires to seek a protective order or other appropriate remedy. 
 2. From the time that Employee became
employed by Employer, up to and including the effective termination date of Employee’s employment with Global Hyatt or any of its subsidiaries, any and all inventions, improvements, methodologies and discoveries including, but not limited to,
processes, data, lists, systems, products, development materials, operating manuals, analytical tools, and computer programs discovered, developed, or learned by Employee, in whole or in part, that relate to Global Hyatt’s business are the sole
and absolute property of Global Hyatt and are “works made for hire” as that term is defined in the copyright laws of the United States. Employee acknowledges and agrees that Global Hyatt is the sole and absolute owner of all patents,
copyright, trademarks or other property rights to all such inventions, improvements, methodologies and discoveries. To the extent that any of those items are determined not to constitute works made for hire, Employee agrees that Employee’s
signature on this Agreement constitutes an assignment (without any further consideration) to Global Hyatt for any and all of Employee’s respective copyrights and other rights, title, and interest in and to all such items. The foregoing
provisions of this Section 2 do not apply to an invention for which no equipment, supplies, facilities or trade secret information of Global Hyatt was used and which was developed entirely on Employee’s own time, unless: (a) the
invention relates (i) directly to the business of Global Hyatt or (ii) to Global Hyatt’s actual or demonstrably anticipated research and development, or (b) the invention results from any work performed by Employee for Global
Hyatt. 
 3. Employee agrees that while Employee is employed by Global Hyatt or any of its subsidiaries or affiliates, and for a period of
one year beginning on the date that Employee’s employment with Global Hyatt or any of its subsidiaries or affiliates terminates, regardless of the reason for such termination, Employee will not, directly or indirectly, induce, solicit, or
attempt to persuade any employee of Global Hyatt or any of its subsidiaries or affiliates to terminate his or her employment with Global Hyatt or any of its subsidiaries or affiliates. In the event that Employee is found by a court of competent
jurisdiction to have violated this Section 3, the time period in this Section that restricts Employee’s activity shall be extended for one day for each day that Employee is found to have been violating this Section, up to a maximum of one
additional year. 
 4. Employee agrees that Employee shall not, at any time, disparage Global Hyatt or any of its respective subsidiaries,
affiliates, directors, officers, or employees. 
  

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 5. Upon Global Hyatt’s demand, but no later than the effective date of the termination of
Employee’s employment with Global Hyatt or any of its subsidiaries or affiliates, Employee will immediately return to Global Hyatt all of its property including, but not limited to, all of Global Hyatt’s, its subsidiaries’ and
affiliates’ documents, files, forms, notes, records, charts, keys, credit cards, computer hardware, cell phones, personal digital assistants, blackberries and other electronic devices, computer software and all copies thereof. Employee’s
duty to return such property extends to all locations where Employee has stored or maintained such property. 
 6. Employee acknowledges and
agrees that any breach by Employee of any of the provisions of this Agreement will cause Global Hyatt to suffer immediate and irreparable harm for which damages are an inadequate remedy and are difficult to calculate. Accordingly, Employee agrees
that if Employee violates any provision of this Agreement, without limiting any other available legal or equitable remedy (including the recovery of monetary damages), Global Hyatt will be entitled to an order from a court of competent jurisdiction
(without the need to post bond or other security) to temporarily and preliminarily enjoin Employee from violating the provisions of this Agreement. Employee further agrees that should Global Hyatt successfully demonstrate in a court of competent
jurisdiction that Employee has breached any provision of this Agreement, Global Hyatt shall be entitled to recover its attorneys’ fees and costs from Employee that Global Hyatt expended in enforcing this Agreement. 
 7. Employee acknowledges and agrees that this Agreement is not intended to be and shall not be construed as an express or implied employment contract to
provide services for a specific duration of time or that limits any potential basis for termination. 
 8. Global Hyatt’s waiver of a
breach by Employee of any provision of this Agreement or failure to enforce any such provision with respect to Employee shall not operate or be construed as a waiver of any subsequent breach of such provision or of any breach of any other provision.
No act or omission of Global Hyatt shall constitute a waiver of any of its rights hereunder except for a written waiver signed by Global Hyatt’s Chief Executive Officer. 
 9. If for any reason any provision of this Agreement shall be deemed by a court of competent jurisdiction to be unreasonable or otherwise unenforceable,
it is the purpose and intent of Global Hyatt and Employee that the court of competent jurisdiction modify or limit such provisions or restrictions so that, as modified or limited, such prohibitions or restrictions may be enforced to the fullest
extent possible, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  

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 10. Other than as set forth in Section 9 above, this Agreement may not be amended except by written
agreement executed by both Employee and Global Hyatt’s Chief Executive Officer. 
 11. This Agreement is enforceable by Global Hyatt and
its affiliates and subsidiaries and may be assigned or transferred by Global Hyatt to, and upon such assignment or transfer, shall be binding upon and inure to the benefit of, any parent, subsidiary, affiliate, or other related entity of Global
Hyatt or any entity which at any time, whether by merger, purchase, or otherwise, acquires all or substantially all of the assets, stock or business of Global Hyatt. Employee may not assign any of Employee’s rights or obligations under this
Agreement. 
 12. This Agreement will be governed by the internal laws of the State of Illinois without regard to its conflicts or choice of
law rules. 
 13. This Agreement embodies the entire agreement and understanding between Global Hyatt and Employee with regard to the matters
described herein and supersedes any and all prior and/or contemporaneous agreements and understandings, oral or written. The provisions of this Agreement shall survive any termination of Employee’s employment regardless of the reason for such
termination. 
 14. Employee acknowledges and agrees that Employee is entering this Agreement voluntarily and that Employee has had an
opportunity to review this Agreement with counsel. 
 AGREED TO AND ACCEPTED: 
  

									
	Kirk Rose	 		 	GLOBAL HYATT CORPORATION
				
	  
	 		 	By:	 	  

	Date:	 	  
	 		 	Name:	 	
		 		 		 	Its:	 	
					
		 		 		 	Date:	 	  

				
		 		 		 	HYATT CORPORATION
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Its:	 	
					
		 		 		 	Date:	 	  

  

 B-4Gaming Space Lease Agreement, dated as of February 1, 1997

 Exhibit 10.32 
 GAMING SPACE LEASE AGREEMENT 
 This Gaming Space Lease Agreement (Agreement) is entered into as of
the 1st day of February, 1997, by and between HYATT EQUITIES, L.L.C., a Delaware limited liability company (“Landlord”), and HCC CORPORATION, a Nevada corporation (“Tenant”). 
 RECITALS 
 Landlord is the
owner of the Hyatt Regency Lake Tahoe Resort & Casino (excluding any Gaming FF&E, as defined below) located in Incline Village, Nevada, and more particularly described on Exhibit A (Hyatt Tahoe); and 
 Tenant owns all gaming furniture, fixtures and equipment used in the operation of and located in the casino within the Hyatt Tahoe (Gaming FF&E) and
desires to lease the casino space within the Hyatt Tahoe. 
 NOW, THEREFORE, in consideration of the foregoing premises, the terms,
conditions, and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by both parties, the parties agree as follows: 
 1. Lease of Premises. Landlord leases to Tenant, and Tenant leases from Landlord, a portion of the Hyatt Tahoe consisting of approximately
21,819 square feet as depicted on Exhibit B (Premises). 
 2. Lease Term, Rent and Options. The term (Initial Term) of this
Agreement shall commence on February 1, 1997 and shall terminate on January 31, 2002, all under the terms, rents and conditions as set forth below. Tenant shall have the option to renew this Agreement for two (2) successive periods of
five (5) years each for the applicable rental payments set forth in this Agreement and otherwise on the same terms and conditions provided in this Agreement (Renewal Options). Tenant may exercise each of its Renewal Options by written notice to
Landlord 180 days prior to the expiration of the then current term (the Initial Term, along with any exercised Renewal Options, are collectively referred to herein as the Term). 
 2.1 
 (a) During the Initial
Term, Tenant shall pay Landlord base rent in the amount of Four Hundred Eighty Three Thousand Three Hundred Thirty Three Dollars ($483,333) per month in advance; 
 (b) During the portion of the Term in which each Renewal Option is in effect Tenant shall pay Landlord monthly base rent in advance equal
to the then-fair market rent (Fair Market Rent) as determined by the procedure set forth in Section 2.5 below. 
 2.2 All
payments due under this Agreement shall be sent to Landlord by United States Mail, postage prepaid, addressed to Hyatt Equities, L.L.C., 200 West Madison, Suite 3800, Chicago, Illinois 60606, Attn: Harold S. Handelsman; 

 2.3 Payments of base rent and Operating Expenses billed to Tenant on or before the last day of the
immediately preceding month shall be due by the 10th day of each month during the Term; 
 2.4 In the event Tenant fails to pay by the 15th
day of each month the base rent due for such month and Operating Expenses billed to Tenant on or before the last day of the immediately preceding month , Landlord, at its option, may assess a late charge of Two Thousand Dollars ($2,000) per day
until the monthly base rent and billed Operating Expenses, and any late charges, are paid; and 
 2.5 Landlord and Tenant shall agree to
negotiate in good faith to determine Fair Market Rent. If Landlord and Tenant fail to agree as to Fair Market Rent by the one hundred and twentieth (120th) day prior to the commencement of any Renewal Option which Tenant has exercised in
accordance with the terms of this Agreement, then the parties shall submit the matter to arbitration as set forth in this Section 2.5. In the event that arbitration is required the arbitrator (Arbitrator) shall be Paul A. Bible (Bible),
or if Bible is unable to serve, the senior partner of the law firm with which Bible was most recently associated (or any successor thereto). The Arbitrator shall proceed with all reasonable dispatch to determine the Fair Market Rent and shall notify
the parties of his decision not later than the sixtieth (60th) day prior to the commencement of the applicable Renewal Option. Any decision reached under this Section 2.5 shall be in writing and in duplicate, one counterpart thereof
to be delivered to each of the parties to this Agreement. The decision of the Arbitrator shall be binding, final and conclusive on the parties; provided that Tenant may withdraw its exercise of the applicable Renewal Option within ten (10) days
of its receipt of the decision of the Arbitrator. The arbitration fees shall be divided equally between Landlord and Tenant. 
 3.
Operating Expenses. Tenant shall pay when due all Operating Expenses (as defined below). For the purposes of this Agreement, “Operating Expenses” shall be defined as all costs and expenses related to the operation of the Hyatt
Tahoe casino, including, but not limited to, all real and personal property taxes and assessments, all gaming and business license fees or taxes, all other federal, state and local taxes incurred as the result of Tenant’s operations under this
Agreement, all utilities consumed or used in or upon the Premises, all employee wages and payroll taxes incurred during the Term, all equipment leases related to the Premises, costs of inventory, insurance, legal and accounting expenses, payment of
settled or compromised claims and payment of judgments. Operating Expenses which are not paid directly by Tenant and are paid by Landlord for the benefit of Tenant shall be allocated between Landlord and Tenant as determined in good faith by
Landlord (which determination shall be binding absent manifest error) and shall also include all amounts billed from time to time by Landlord to Tenant for miscellaneous building maintenance and other services rendered to Tenant or for the benefit
of the Premises. Landlord shall provide to Tenant such supporting documentation regarding the allocation of Operating Expenses as Tenant may reasonably request from time to time. 
 4. Use of Premises. Tenant shall have the right to use and occupy the Premises for all lawful purposes in connection with the operation of
a casino, and the Premises shall not be used for any unlawful purpose or in any manner that may damage or depreciate the Premises. Tenant shall have the exclusive right to conduct gaming operations at the Premises during the Term and as provided by
law. Tenant shall conduct its operations in and from the Premises under the present name unless Landlord shall otherwise consent in 

  

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writing. Tenant may engage a manager to manage the Premises, provided that (i) such manager is also the manager of the remainder of the Hyatt Tahoe, and
(ii) such manager is authorized by all appropriate governmental authorities to manage and operate the Premises in accordance with the terms of this Agreement. 
 5. Maintenance of the Premises. 
 5.1 Tenant agrees that, from and after the date that
possession of the Premises is delivered to Tenant, and until the end of the Term, it will keep the Premises neat and clean and maintained in good order, condition and repair, including, without limitation, the exterior and interior portions of all
doors, windows and plate glass surrounding the Premises, all plumbing and sewage facilities within the Premises, fixtures and interior walls, floors, ceilings, signs (including exterior signs where permitted), and all wiring, electrical systems,
sprinkler systems within the Premises, interior building appliances and similar equipment. Tenant shall repaint, refurbish and remodel the Premises and any part and portion thereof from time to time to assure that the Premises are kept in a
tenantable and attractive condition throughout the term of this Agreement comparable to the present condition. Tenant further agrees that the Premises shall be kept in a clean, sanitary and safe condition in accordance with the laws of the State of
Nevada and ordinances of Washoe County, and in accordance with all directions, rules and regulations of the Health Officer, Fire Marshall, Building Inspector and other proper officers of the governmental agencies having jurisdiction over the
Premises. 
 5.2 Tenant shall not make alterations, improvements and/or additions to the Premises without first obtaining, in each instance,
the prior written consent of Landlord, except that Tenant may make, at its own expense, nonstructural alterations to the interior of the Premises so long as the alterations do not decrease the value of the Premises and provided, however, that any
alteration shall be (a) made in accordance with all applicable laws, and (b) completed in a good and first-class workmanlike manner. 
 6. Surrender of Possession. At the conclusion of this Agreement (whether by termination upon default, expiration or otherwise), Tenant covenants to peacefully surrender possession of the Premises to Landlord. At that time,
Tenant shall repair any damage to the Premises, and shall leave the Premises in good and clean condition (ordinary wear and tear excepted). 
 7. Employee Costs. Landlord and Tenant acknowledge that Hyatt Tahoe Casino Management, Inc. (the “Manager”) will be the manager of the Premises and of the hotel associated therewith (the “Hotel”) pursuant
to separate management agreements of even date herewith. Landlord and Tenant further acknowledge that the employees working at the Premises and at the Hotel are, for administrative convenience, employees of Tenant. Each of Landlord and Tenant agree
that the costs and expenses of all such employees, including compensation, wages, fringe benefits and other related costs (collectively, “Employee Costs”) will be allocated between the operations of the Premises and the operations of the
Hotel by the Manager upon a reasonable basis and that the Manager will, upon request, provide both Landlord and Tenant with evidence of the basis of such allocations. The allocation by Manager of Employee Costs to the Hotel and the Premises shall be
deemed to constitute Total Compensation (as defined in the management 

  

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agreements for the Premises and Hotel) for the Hotel and Premises, respectively, and shall be paid from the operation of the Premises and the Hotel pursuant
to the terms of the applicable management agreement. The allocations of Employee Costs made by the Manager will be final and binding upon Landlord and Tenant in the absence of manifest error. In addition, expenses which are incurred on behalf of
both the Premises and the Hotel, other than Employee Costs, may be paid out of the operations of the Premises by Tenant and out of the operations of the Hotel by Landlord, each on behalf of the other, and in any such event, similar allocations will
be made by the Manager on like basis and with like effect. 
 8. Right of Entry. Landlord may, at all reasonable times, enter
the Premises for the purpose of making repairs or alterations as are necessary or proper for the safety, protection, preservation or improvement of the Premises or any part thereof, and may authorize anyone else to do so, without first obtaining the
consent of Tenant; provided, however, that any repairs or alterations shall be (a) made in accordance with all applicable laws, and (b) completed in a good and first-class workmanlike manner. 
 9. Quiet Enjoyment. Landlord covenants and agrees that Tenant, if in compliance with all conditions, terms, rules, regulations and
covenants contained in this Agreement, shall and may, at all times during the Term, peaceably and quietly have, hold and enjoy the Premises without hindrance from Landlord, but in all respects subject to the terms and conditions set forth in this
Agreement. 
 10. Risk of Loss. In the event that the Premises are damaged or destroyed by fire, wind storm or other casualty
without fault on the part of Tenant, Landlord may, at its option, restore or replace the Premises in substantially the same condition within a period of three (3) months unless prevented by causes beyond Landlord’s control. During that
period, an adjustment to the rental shall be made commensurate with the time necessary for repair or rebuilding. In the event that Landlord elects not to repair or restore the Premises, Landlord shall notify Tenant within forty-five (45) days
after the damage or loss, and this Agreement shall terminate, and all rights and privileges hereunder shall cease. 
 11. Fixtures and
Furnishings. All additions, improvements, furniture, fixtures and equipment which may be made or installed by Landlord upon the Premises prior to and during the term of this Agreement shall remain upon the Premises. Tenant may retain and
place within the Premises the Gaming FF&E, which shall remain the property of Tenant and Tenant shall be entitled to remove all of the Gaming FF&E from the Premises at the termination of this Agreement, provided that Tenant has made all
required payments to Landlord under the terms of this Agreement. 
 12. Liability Insurance. During the term of this Agreement,
and any extensions thereof, Tenant shall purchase, procure and/or maintain public liability insurance applicable to the Premises complying with the requirements of Section 8 of the management agreement dated as of the date hereof
(Management Agreement) pertaining to the Hyatt Tahoe executed by Landlord and Hyatt Tahoe Casino Management Inc., a Nevada corporation, as amended from time to time. Tenant shall be deemed to have complied with the requirements of this Section if
insurance applicable to the Premises in the coverages and amounts set forth above is provided pursuant to the Management Agreement, whether or not such insurance is based on self-insurance or the inclusion of the Hyatt Tahoe in 

  

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blanket policies of insurance as provided in Section 8 of the Management Agreement. Tenant shall reimburse Landlord for Tenant’s
proportionate share of any insurance provided under the Management Agreement. 
 13. Operation of Business. Tenant shall
operate the business conducted on the Premises in accordance with sound business practices and the past practices of Tenant. Tenant shall assume and be responsible for all liabilities and expenses created or generated by Tenant’s operation of
its business upon the Premises. Tenant further agrees to indemnify and hold Landlord harmless from any claim of any kind, character or nature resulting from Tenant’s occupation and use of the Premises. 
 14. Signs. Tenant shall have the right to post reasonable signs on the Premises which might facilitate Tenant’s business. 

15. Access to Premises and Parking. 
 15.1 Landlord hereby agrees to allow Tenant, its agents, employees, customers, subtenants, assignees and their customers to cross the Hyatt Tahoe for purposes of ingress to and egress from the Premises. Tenant shall further have the right
to a reasonable number of parking spaces upon the Hyatt Tahoe for Tenant, its agents, employees, customers, subtenants, assignees and their customers, but Landlord shall retain control over the method and manner of parking. 
 15.2 Landlord hereby retains and reserves unto itself, and its successors and assigns, for the benefit of Landlord and its employees, agents, guests,
patrons and others having business relations with Landlord, the right to enter upon any portions of the Premises for the purpose of ingress and egress to other portions of the Hyatt Tahoe. 
 16. Utilities and Telephones. Landlord shall provide, or cause to be provided to or for the use of the Premises, all utilities, including
but not limited to gas, electricity and water, and other building services necessary for the operation of the Premises in accordance with terms of this Agreement. Landlord and Tenant agree that Landlord shall not be responsible for providing
separate meters for Tenant’s utilities and such charges shall be allocated to the Premises by Landlord in accordance with Section 3 above. 
 17. Default, Remedies, and Termination. Any of the following occurrences, conditions, or acts shall constitute an “event of default” under this Agreement: 
 17.1 If Tenant (i) defaults in making payment when due of any base rent or Operating expenses and the default continues for ten (10) days after
Landlord gives written notice to Tenant specifying the default and demanding that it be cured; or (ii) fails to maintain in good standing and in full force and effect, free from restriction or suspension (other than suspensions for a period not
to exceed three days) all necessary governmental approvals and licenses as required pursuant to Section 18 below (whether held by Tenant or any manager of the Premises); or (iii) defaults in the observance or performance of any
other provision of this Agreement and the default continues for fifteen (15) days after Landlord gives written notice to Tenant specifying the default and demanding that it be cured; 
  

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 17.2 If Tenant files a petition in bankruptcy, for reorganization or for an arrangement under the
bankruptcy code or any similar federal or state law, is adjudicated a bankrupt or becomes insolvent, is unable to meet its obligations as they become due, or takes any corporate action in furtherance of any of the foregoing; or 
 17.3 If a petition or answer is filed proposing the adjudication of Tenant as a bankrupt or the reorganization of Tenant under the bankruptcy code or any
similar federal or state law, and (i) Tenant consents to the filing thereof, or (ii) the petition or answer is not discharged or denied within sixty (60) days after its filing. 
 If there exists any event of default, Landlord may (i) terminate this Agreement and take possession of the Premises, in which event the all base
rent and Operating Expenses shall immediately become due and be payable up to the time of termination; (ii) relet the Premises, or any part or parts of it, either in Landlord’s name or otherwise, for a term or terms which may, at
Landlord’s option, be less than or exceed the remaining Term; (iii) recover from Tenant on a monthly basis, as liquidated damages for Tenant’s failure to observe and perform its covenants under this Agreement, the deficiency between
the base rent and Operating Expenses hereby reserved and/or agreed to be paid and the net amount, if any, of the rents set forth in any subsequent lease or leases for the Premises for each month of the period which would otherwise have constituted
the balance of the term of this Agreement; and (iv) exercise all other rights and remedies available at law or in equity. In computing liquidated damages, there shall be added to the deficiency all reasonable expenses that Landlord may incur in
connection with reletting, such as brokerage and preparation for reletting. All remedies provided for in this Agreement shall be cumulative and not alternative, and pursuit of one remedy shall not bar pursuit of any other remedy. 
 Landlord may make all alterations, repairs, replacements, and decorations to the Premises that it considers advisable and necessary for the purpose of
reletting the Premises. Such action by Landlord shall not be construed to release Tenant from its liability under this Agreement. Landlord shall use reasonable efforts to mitigate all damages and to relet the Premises if there is any event of
default by Tenant. 
 18. Permits, Licenses, Illegal Activities. It is agreed that Tenant or any manager engaged by Tenant in
accordance with the terms of this Agreement, at Tenant’s own expense, shall secure and maintain in good standing any and all necessary government permits and/or licenses necessary for the operation of Tenant’s business at or on the
Premises. During the term of this Agreement and any extensions thereof, the Premises shall not be used for any illegal activity or purpose, nor shall any nuisance, public or private, be permitted or committed on or about the Premises. 
 19. Assignment and Subleasing. This Agreement shall be binding on and shall be for the benefit of the parties hereto and their respective
successors and assigns; provided, however, that this Agreement may not be assigned or transferred by Tenant without the prior written consent of Landlord and any purported assignment by Tenant which is not consented to in writing by Landlord as
required herein shall be null and void and of no force and effect. Tenant shall have the right to sublet the Sports and Race Book in accordance with Nevada law; provided that any such subletting shall not relieve Tenant of any of its obligations
hereunder. 
  

 -6- 

 20. Condemnation. If the whole or substantially all of the Premises shall be taken by any
public authority under the power of eminent domain, this Agreement shall be terminated as of the day of possession by the public authority, and base rent shall be paid up to the day of possession. For purposes of this paragraph, “substantially
all” of the Premises shall be deemed to have been taken if the remaining property cannot be practically used by Tenant for its stated purposes. In the event of a taking of a whole or substantially all of the Premises, Landlord shall be entitled
to all awards in connection with the taking of the Premises. If there is a partial condemnation of the Premises so that Tenant can continue to use the Premises for its intended purpose, Tenant shall be entitled to an equitable adjustment of the base
rent and Operating Expenses due under this Agreement, and any partial condemnation award shall be the sole property of Landlord. 
 21.
Attorneys’ Fees. If any party brings legal action for the enforcement of this Agreement, or because of an alleged dispute, breach, default, or misrepresentation in connection with any of the conditions of this Agreement, the successful
or prevailing party shall be entitled to recover reasonable attorneys’ fees, interest, and other costs incurred in the action or proceeding, in addition to any other relief to which the party may be entitled. 
 22. Counterparts. This Agreement may be executed in any number of counterparts, or by different parties in different counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument, and in making proof hereof, it shall not be necessary to produce or account for more than one counterpart. 
 23. Miscellaneous. This Agreement sets forth the entire agreement between the parties concerning the Premises and no other promises,
agreements or understandings between them shall be binding unless set forth in writing and signed by both parties. The parties agree that the covenants, conditions and agreements set forth herein shall be binding upon and enure to the benefit of the
parties, their heirs, executors, administrators, successors and assigns. The parties acknowledge and agree that their respective interests, rights and obligations under this Agreement are mutually dependent and are all part of a single, integrated
transaction which is not and shall not be severable in any respect or circumstance. If, however, any portion of this Agreement should ever be declared invalid for any reason, such invalidity shall not affect the remaining provisions of the
Agreement. The parties further agree that this Agreement shall be construed and governed in accordance with the laws of the State of Nevada. 
 In the event of a conflict between the terms of this Agreement and the terms of the Casino Management Agreement of even date herewith between Hyatt Tahoe and Tenant, the terms of this Agreement shall govern for all purposes. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 -7- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
above written. 
  

			
	Landlord:
	
	HYATT EQUITIES, L.L.C.
		
	By:	 	 /s/ Harold Handelsman

	Its:	 	Vice President
	
	Tenant:
	
	HCC CORPORATION
		
	By:	 	 /s/ Kenneth Posner

	Its:	 	Vice President

  

 -8- 

 EXHIBIT A 
 DESCRIPTION OF LAND 
 All that property situated in the County of Washoe, State of Nevada, more particularly
described as follows: 
 PARCEL 1 
 Commencing at
the United States Government Meander corner of Lake Tahoe common to Sections 22 and 23, Township 16 North, Range 18 East, M. D. B. & M., from which the section corner common to Sections 14, 15, 22 and 23, bears North 0°50’ East
(original Government survey bearing North) a distance of 3372.60 feet; thence North 57°10’04” West along the Meander line of Lake Tahoe (being identical with the line of the original Government Survey bearing North 58°00’
West), a distance of 1378.75 feet to the Southwest corner of the parcel of land described in Parcel 1 in the deed to Rene Gaubert and wife, recorded in Book 431, File No. 268346, Deed Records; thence continuing North 57°l0’04”
West along said Meander line of Lake Tahoe 306.98 feet to the true point of beginning of this description; thence continuing North 57°10’04” West along said Meander line of Lake Tahoe 511.63 feet; thence leaving said Meander line North
20°35’35” East 497.68 feet to the Southern line of said Nevada State Highway No. 28; thence South 69°24’25” East 500.00 feet along the Southerly line of said Nevada State Highway 28; thence South 20 35’35”
West 606.14 feet to the true point of beginning. 
 PARCEL 2 
 Commencing at the United States Government Meander corner of Lake Tahoe common to Sections 22 and 23, Township 16 North, Range 18 East, M. D. B. & M., from which the section corner common to Sections 14, 15,
22 and 23 bears North 0°50’ East (original Government Survey bearing North) a distance of 3372.60 feet; thence North 57°10’04” West along the Meander line of Lake Tahoe (being identical with the line of the original Government
Survey bearing North 58°00’ West) a distance of 1378.75 feet to the Southwest corner of the parcel of land described in Parcel 1 in the deed to Rene Gaubert and wife, recorded in Book 431, File No. 268346, Deed Records; thence
continuing North 57°10’04” West along said Meander line of Lake Tahoe 306.98 feet to the true point of beginning of this description; thence continuing North 57°10’04” West along said Meander line of Lake Tahoe 511.63
feet; thence leaving said Meander line South 20°35’35” West 77.07 feet, more or less, to Lake Tahoe; thence Southeasterly along Lake Tahoe to a line drawn South 20°35’35” West from the true point of beginning; thence
North 20°35’35” East 102.02 feet, more or less, to the true point of beginning. 
 EXCEPTING THEREFROM any portion of said land lying below the
natural, ordinary, high water line of said Lake Tahoe. 
 PARCEL 3 
 Commencing at the intersection of the Western line of Lot 1 in Block A with the Northern line of Nevada State Highway No. 28, as said lot, block and
highway are shown on the map of MILL CREEK ESTATES, WASHOE COUNTY, NEVADA, filed in the office of the County Recorder of Washoe County, State of Nevada, on October 27, 1960; thence North 69°24’25” West along said 

  

 Exhibit A – page 1 

 
Northern line of Nevada State Highway No. 28, a distance of 592.07 feet to the true point of beginning; thence North 69°24’25” West along
said Northern line of Nevada State Highway No. 28 a distance of 619.97 feet; thence North 37°48’16” East 1159.50 feet; thence South 64°04’50” East 344.47 feet; thence Southeasterly on the arc of a curve to the right with
a radius of 1030.00 feet and tangent to the preceding course, a distance of 449.42 feet; thence South 39°04’50” East and tangent to the preceding arc a distance of 85.00 feet; thence Southeasterly, Southerly and Southwesterly on the
arc of a curve to the right with a radius of 40.00 feet and tangent to the preceding course a distance of 62.83 feet; thence South 50°55’10” West and tangent to the preceding arc a distance of 888.83 feet; thence Southwesterly,
Westerly and Northwesterly on the arc of a curve to the right with a radius of 150.00 feet and tangent to the preceding course, a distance of 156.22 feet to the true point of beginning. Situated in the E-1/2 of Section 22, Township 16 North,
Range 18 East, M. D. B. & E. 
  

 Exhibit A – page 2 

 EXHIBIT B 

 

 

 AMENDMENT TO GAMING SPACE LEASE AGREEMENT 
 THIS AMENDMENT TO GAMING SPACE LEASE AGREEMENT (this “Amendment”) is entered into as of June 30, 2004, but effective as of
January 1, 2004, by and between HYATT EQUITIES, L.L.C., a Delaware limited liability company (“Landlord”) and HCC CORPORATION, a Nevada corporation (“Tenant”). 
 RECITALS 
 WHEREAS, Landlord
and Tenant entered into that certain Gaming Space Lease Agreement dated as of February 1, 1997 (the “Original Lease”); and 
 WHEREAS, Landlord and Tenant desire to amend the Original Lease as provided herein. 
 NOW, THEREFORE, in
consideration of the premises, covenants, conditions and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows: 
 1. Incorporation. The foregoing recitals are hereby incorporated into and made a part of this Amendment. All capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to them in the Original Lease. 
 2. Amendments to Original Lease. 
  

	 	A.	Paragraph 1 of Section 2 and the entirety of Section 2.1 of the Original Lease shall be deleted and replaced with the following: 

 2. Lease Term, Rent and Options. The term (the “Initial Term”) of this Agreement commenced on February 1, 1997, and shall
terminate on December 31, 2008, in accordance with the terms, rents and conditions as set forth below. Tenant shall have the option to renew this Agreement for three (3) successive periods of one (1) year (each, a “Renewal
Term”) for the applicable rental payments set forth in this Agreement and otherwise on the same terms and conditions provided in this Agreement (the “Renewal Options”). Tenant may exercise each of its Renewal Options by providing
Landlord with written notice ninety (90) days prior to the expiration of the then current term. The Initial Term and any exercised Renewal Term are collectively referred to herein as the “Term”. 
 2.1 
  

	 	(a)	 Initial Rent. During the calendar year commencing January 1, 2004, Tenant shall pay Landlord rent in the amount of One Hundred and Fifty Thousand
Dollars ($150,000) per month (the “Initial Rent”) in the manner prescribed in Section 2.2 below. The Initial Rent shall be increased annually by the CPI 

	 	 
Adjustment at the beginning of each calendar year thereafter (the “Rent Adjustment Date”). As used herein, the term “CPI Adjustment”
shall mean the increase, if any, in the Consumer Price Index for United States City Averages for All Urban Consumers, All Items, published from time to time by the United States Bureau of Labor Statistics (1982-84 = 100) (“CPI”) as of the
applicable Rent Adjustment Date as compared to the CPI of the immediately preceding Rent Adjustment Date. If the CPI is discontinued or is unavailable or is substantially revised, a comparable index agreeable to Landlord and Tenant reflecting the
changes in the cost of living or the purchasing power of the consumer dollar, published by any governmental agency or recognized authority shall be used in place thereof. 

  

	 	(b)	Renewal Rent. During each Renewal Term, if applicable, Tenant shall pay Landlord rent in the manner prescribed in Section 2.2 below in an amount equal to the
previous calendar year’s Initial Rent or Renewal Rent, as applicable, as increased by the CPI Adjustment (the “Renewal Rent”). Upon Tenant’s election to exercise a Renewal Option, either party may request that the Renewal Rent be
adjusted to reflect the then fair market rental value of the Premises as determined by a real estate appraiser selected by Landlord familiar with the fair market rental values for casino space in the Lake Tahoe, Nevada area. The Renewal Rent shall
be determined not later than sixty (60) days prior to the commencement of the applicable Renewal Term. The decision of the real estate appraiser shall be binding, final and conclusive on the parties; provided, however, Tenant may
withdraw its exercise of the applicable Renewal Option within ten (10) days of its receipt of the appraiser’s determination of the adjusted Renewal Rent. The fees associated with the real estate appraisal shall be divided equally between
Landlord and Tenant unless a real estate appraisal shall have already been obtained during the prior five (5) year period, in which case, the fees associated with the real estate appraisal shall be borne by the party requesting the real estate
appraisal. 

  

	 	(c)	All references to Initial Rent and Renewal Rent shall be collectively referred to herein as “base rent”. 

  

	 	B.	Section 2.2 of the Original Lease shall be deleted in its entirety and replaced with the following: 

 “Prior to February 1, 2005, all payments due under this Agreement shall be sent to Landlord by United States Mail, postage
prepaid, addressed to Hyatt Equities, L.L.C., 200 West Madison, Suite 3900, Chicago, Illinois 60606, Attn: Finance Department. As of February 1, 2005 and for the remainder of the Term, all payments due under this Agreement shall be sent to
Landlord by United States Mail, postage prepaid, addressed to Hyatt Equities, L.L.C., Hyatt Center, 71 South Wacker Drive, Chicago, Illinois 60606, Attn: Finance Department.” 
  

 2 

	 	C.	Section 2.5 of the Original Lease shall be deleted in its entirety. 

  

	 	D.	Section 3 of the Original Lease sets forth Tenant’s obligations with respect to the payment of certain Operating Expenses. The Original Lease is hereby modified to exclude
the following from the definition of “Operating Expenses”: (i) all real property taxes and assessments; (ii) costs of property and general liability insurance; and (iii) all utilities consumed or used in or upon the
Premises, all of which exclusions shall be paid by Landlord, subject to good faith allocation between Landlord and Tenant in accordance with Section 3. 

  

	 	E.	The following language is hereby added to the end of Section 5.1 of the Original Lease: “Landlord shall pay for all costs associated with the maintenance of (i) the
exterior of the Premises and (ii) the heating and air conditioning equipment servicing the Premises.” 

  

	 	F.	Section 7 of the Original Lease shall be deleted in its entirety and replaced with the following: 

 “7. Employee Costs. Landlord and Tenant acknowledge that the employees working at the Premises are employees of Tenant and that all
costs and expenses of all such employees, including compensation, wages, fringe benefits and other related costs (collectively, the “Employee Costs”) shall be borne by Tenant. ” 
  

	 	G.	The following language is hereby added as Section 24 to the Original Lease: 

 “24. Landlord’s Termination Right. Notwithstanding anything to the contrary contained herein, Landlord shall have the right to terminate this Agreement upon thirty (30) days’ prior
written notice to Tenant in connection with a sale, transfer or other assignment of Landlord’s interest in the Hyatt Regency Lake Tahoe Resort Spa and Casino. In such event, Tenant shall be entitled to remove all Gaining FF&E from the
Premises, provided Tenant has made all required payments to Landlord under the terms of this Agreement, and Tenant shall peacefully surrender possession of the Premises to Landlord in accordance with Section 6 above.” 
  

 3 

 3. Reaffirmation. Except as otherwise provided in this Amendment, all other terms and conditions of the
Original Lease shall remain unchanged and the Original Lease shall remain in full force and effect. In the event that the terms and conditions of the Original Lease are inconsistent with the terms and conditions of this Amendment, the terms and
conditions of this Amendment shall prevail. 
 4. Counterparts. This Amendment may be executed in multiple counterparts, each of which shall be
deemed an original and all of which, when taken together, shall constitute one instrument. 
 5. Entire Agreement. The Original Lease, as
modified by this Amendment, constitutes the entire agreement and understanding between the parties and supercedes all prior agreement and understanding, both written and oral, between the parties with respect to the subject matter hereof.

 6. Governing Law. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of Nevada.

 [signature page follows] 
  

 4 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date and year first written above.

  

			
	LANDLORD:
	
	HYATT EQUITIES, L.L.C., a Delaware limited liability company
		
	By:	 	 /s/ Kirk Rose

	Name:	 	 Kirk Rose

	Its:	 	 Vice President and Treasurer

	
	TENANT:
	
	HCC CORPORATION, a Nevada corporation
		
	By:	 	 /s/ Peter Liguori

	Name:	 	 Peter Liguori

	Its:	 	 Vice President and Treasurer

  

 5 

			
	 

  
	  	Stephen G. Haggerty
 Global Head
 Real Estate and
 Development
  
 71 South Wacker Drive        
 Chicago, IL 60606
  
 Tel: 312.780.5833
 Fax: 312.780.5282

 August 4, 2009 
  

	RE:	Gaming Space Lease Agreement dated February 1, 1997, as amended by that certain Amendment to Gaming Space Lease Agreement dated June 30, 2004 and as further amended by
that certain Amendment #2 to Gaming Space Lease Agreement dated July 25, 2005 (collectively, the “Original Lease”) by and between Hyatt Equities, L.L.C. (“Landlord”) and HCC Corporation (“HCC”)
and that certain Casino Facilities Agreement dated June 30, 2004, as amended by that certain Amendment #1 to Casino Facilities Agreement (Lake Tahoe) dated July 25, 2005 and as further modified by that certain Memorandum of 2006 Casino
Services and Fees dated December 31, 2005 (collectively, “Facilities Agreement”) by and between Hyatt Corporation (“Hyatt”) and HCC 

 To Whom It May Concern: 
 Pursuant to the above-referenced Original Lease, Landlord leased to HCC and HCC
leased from Landlord certain space commonly known as the Hyatt Regency Lake Tahoe Casino (the “Tahoe Casino”) in Lake Tahoe, Nevada. The Original Lease expired by its terms on December 31, 2008. However, the parties
mutually agreed to extend the term of the Original Lease, and to revise other certain terms and provisions thereof, via an Amended and Restated Casino Lease (“Amended Lease”). The Amended Lease is currently under negotiation
pending determination of the rent to be paid by HCC during the term of such Amended Lease. 
 In addition, pursuant to the above-referenced
Facilities Agreement, Hyatt provides to HCC and HCC purchases from Hyatt various services in connection with the operation of the Tahoe Casino. The term of the Facilities Agreement was to expire on the earliest of (a) termination of the
Facilities Agreement as set forth in Section 4.2 thereof, (b) termination or expiration of the Original Lease and (c) termination or expiration of that certain Casino Management Agreement dated February 1, 1997 by and between HCC
and Hyatt Tahoe Casino Management, Inc. The parties mutually agreed to update the Facilities Agreement in conjunction with their negotiation of the Amended Lease, and an updated Facilities Agreement is also currently under negotiation. 

This letter is to confirm and acknowledge the parties’ agreement that during the pendency of their negotiations to finalize the Amended Lease and
the updated Facilities Agreement, the parties have continued to, and shall continue to, conduct themselves pursuant to the terms of the Original Lease and Facilities Agreement; except as follows:, 1) during the course of the negotiations, HCC
has paid to Landlord $186,687.50 monthly through May 31, 2009, and 2) HCC has paid to Hyatt all amounts invoiced pursuant to the Facilities Agreement through May 31, 2009. The parties further confirm and acknowledge that the final
rent as determined under the Amended Lease and any payment owed to either party pursuant to the updated Facilities Agreement shall be subject to reconciliation at the close of negotiations and pursuant to those respective documents. 

 Kindly acknowledge your agreement with the foregoing by signing this letter, in duplicate, and returning
a fully executed original to my attention. 
 Sincerely, 
  

			
	HYATT EQUITIES, L.L.C.
		
	By:	 	/s/ Stephen G. Haggerty
	Name:	 	Stephen G. Haggerty
	Its:	 	SVP—Real Estate Development

 Acknowledged and agreed as of this 4 day of August, 2009: 
  

			
	HCC CORPORATION
		
	By:	 	/s/ Peter Liguori
	Name:	 	Peter Liguori
	Its:	 	President

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