Document:

SUPPLY AGREEMENT DATED AS OF JULY 1, 2010

 Exhibit 10.20 

SUPPLY AGREEMENT 

This Supply Agreement (this “Agreement”), dated as of July 1, 2010, is made by and between Helix
BioMedix, Inc., a Delaware corporation, with its principal office at 22118
20th Ave. S.E., Suite 204, Bothell, WA 98021
(“Manufacturer”), and NuGlow Cosmaceuticals, LLC, a California limited liability company, with it principal office at 3028 Motor Avenue, Los Angeles, CA 90064 (“Customer”). 

RECITALS 

A. Manufacturer is engaged in the development, manufacture and marketing of products for tissue repair, skin care and dermatology
markets. 
 B. Customer intends to establish a line of skin care products to sell in the Market. 

C. Customer desires to purchase the skin care Products identified on Schedule A, including custom packaging of these Products,
from Manufacturer, and Manufacturer desires to provide Customer with such Products. 
 AGREEMENTS 

NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement, Manufacturer and Customer hereby agree as
follows: 
 1. Definitions 

As used herein: 

1.1 Products 

The term “Products” means proprietary skin care products of Manufacturer identified on Schedule A, which may be
revised from time to time in accordance with Section 5. 
 1.2 Field 

The term “Field” means human topical skin care applications of the Products for beauty and cosmetic and over-the-counter uses
such as acne and sunscreen preparations only, and excluding ***. 
 1.3 Territory 

The term “Territory” means world. 

1.4 Market 

The term “Market” means (i) Customer’s internet direct response network; (ii) catalogs (including internet
catalogs); (iii) mailers mailed directly to home shopping consumers within the Territory; (iv) newspaper and periodical print advertisements placed in publications that are circulated only within the Territory; (v) telemarketing
programs administered by, or on behalf of, Customer within the Territory; (vi) radio or television advertisements of radio or television stations that originate broadcasts within the Territory and retail stores. 

Confidential treatment has been requested for portions of this Exhibit. This Exhibit omits the information subject to the confidential treatment
request. Omissions are designated as ***. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 
  

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 2. Customer Relationship 

2.1 Supply and Purchase of Products 

Subject to the terms and conditions of this Agreement, Manufacturer agrees to sell to Customer, and Customer agrees to purchase from
Manufacturer, all requirements for Products listed in Schedule A for resale by Customer only (i) in the Market, (ii) in the Territory and (iii) for use in the Field. 

2.2 Oversight Committee 

An oversight committee shall be established for purposes of reviewing and advising Customer with respect to Customer’s Product
marketing efforts, which committee shall be comprised of one member of Customer’s management, one member of Manufacturer’s marketing management, and one member of Manufacturer’s Board of Directors. 

3. Expenses 

Manufacturer shall not be obligated to pay to Customer, its agents or employees, any commission, compensation, reimbursement or other
similar payment whatsoever. Customer shall be solely responsible for and shall pay all costs, expenses and charges incurred or payable in connection with the marketing and distribution of the Products it sells and any other performance of Customer
under this Agreement. All Product returns shall be handled as set forth in Section 8 of Schedule B. 
 4. Purchase of Products by
Customer 
 4.1 Terms and Conditions 

All sales of Products by Manufacturer to Customer shall be subject to, and governed by, the terms and conditions of this Agreement and
Manufacturer’s Standard Terms & Conditions of Sale (the “Terms of Sale”), a copy of which is attached hereto as Schedule B and is incorporated herein by this reference. In the event of any conflict between such Terms
of Sale and this Agreement, this Agreement shall prevail. The terms and condition of this Agreement, including such Terms of Sale, shall supersede the terms and conditions of any purchase order, acknowledgment or similar document at any time
submitted by Customer. 
 4.2 Pricing 

All Products shall be sold to Customer at the prices set forth in Manufacturer’s pricing schedule attached hereto as Schedule
C, which prices shall be effective through March 31, 2012. Prices may be increased once annually thereafter by Manufacturer to cover Manufacturer’s increased out-of-pocket costs and expenses incurred in the manufacture and supply of
the Products; provided, however, that no such price increase shall exceed 10%. *** 
 4.3 Payments 

Except as provided in Section 4.4 below, Customer shall pay to Manufacturer (i) 50% of the applicable Product purchase price at
the time of order placement and the balance within thirty (30) days after the order is shipped by Manufacturer and (ii) any of Manufacturer’s charges for artwork setup within thirty (30) days of Customer’s receipt of
Manufacturer’s invoice therefor. Any late payments shall bear interest at the rate of 12% per year, or the maximum permitted by applicable law, whichever is less. In addition, any amount under this Agreement not paid within sixty
(60) days after due and payable hereunder shall constitute default under the terms of this Agreement. 
  

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 4.4 Initial Order 

Within thirty (30) days of the execution of this Agreement, Customer shall deliver to Manufacturer a purchase order for at least ***
of Products (taking into consideration minimum batch sizes for Product manufacturing), for delivery in the third calendar quarter of 2010. At the time Customer places this initial purchase order, Customer shall pay to Manufacturer 50% of the
applicable Product purchase price and 100% of Manufacturer’s charges for artwork setup (including, but not limited to, silk-screening and printing from Customer’s dye-lines), and the balance shall be paid within thirty (30) days after
the Products specified in Customer’s initial purchase order have been shipped by Manufacturer. Notwithstanding anything contained in this Agreement to the contrary, both Manufacturer’s charges for artwork setup and the 50% payment of
Customer’s initial order are non-refundable. 
 4.5 Subsequent Orders 

Each Bioactive HXBM peptide Product must be ordered in quantities of not less than 5,000 units. Each Product not containing Bioactive HXBM
peptide must be ordered in quantities of not less than the number of units determined by Manufacturer’s minimum batch sizes, which are available upon request. 

4.6 Purchase of Requirements 

Customer shall purchase and accept from Manufacturer, and Manufacturer shall supply to Customer from the list of Products identified in
Schedule A for skin care products to be sold or used in the Market in the Territory for use in the Field. 
 4.7
Minimum Lead Time 
 Manufacturer shall have a minimum of ninety (90) days to deliver Products to Customer after receipt
of each respective purchase order and mutually approved artwork as described in Section 6.1. 
 4.8 Forecast

 Customer shall, on a quarterly basis, provide Manufacturer with a non-binding rolling twelve (12) month forecast of
its requirements for Products; provided, however, that Customer shall provide weekly forecasts to Manufacturer during the first 90 days of the term of this Agreement in which Customer tests consumer demand for the Products. 

5. Product Changes; New Products 

5.1 Discontinuation of Products 

Manufacturer may at any time in its sole discretion make changes to, or discontinue the sale of, any of the Products. Manufacturer shall
give Customer 180 days prior written notice of any planned Product discontinuance and 90 days prior written notice of any significant change in or to a Product. 

5.2 New or Enhanced Products 

Upon a request by Customer to have Manufacturer develop a new product or an enhancement of an existing Product, the parties shall
negotiate the terms and conditions for such development and the purchase and sale of such new product(s) or Product enhancement(s), which terms and conditions shall be memorialized in a work order signed by each party and attached to this Agreement.
Manufacturer shall have the first right to develop and supply any new skin care product for Customer. 
  

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 6. Certain Obligations of Customer 

6.1 Packaging 

Manufacturer shall package the Products in packaging supplied by Manufacturer. Customer shall be entitled to review and approve Product
packaging and decoration. Customer may, at its expense, supply Manufacturer with mutually agreed upon Customer artwork (including, but not limited to, dye-lines) for decorating/labeling the Products. Customer is solely responsible for any resulting
delay in Product delivery due to the review process or provision of final artwork. Customer is solely responsible for ensuring that Product artwork complies with the requirements set forth in Sections 6.3 and 6.5. 

6.2 Restrictions on Sale, Use and Reformulation 

Customer shall not market, sell or use the Products (i) outside the Territory, (ii) other than for use in the Field and
(iii) other than in the Market. Customer shall not sell or transfer any Products to a party that the Customer knows or has reason to know intends to directly or indirectly market, sell or use the Products (i) outside the Territory,
(ii) other than for use in the Field and (iii) other than in the Market. Customer shall not reformulate or alter the composition of any of the Products. The rights granted to Customer hereunder are nonexclusive. 

6.3 Use of Names/Advertising 

Customer shall not use the name of Manufacturer or its trade names, trademarks, logos or any equivalent thereof in any publicity or
advertising, or in any other manner whatsoever, without the prior written consent of Manufacturer. All rights to Manufacturer’s trade names, trademarks, logos and other industrial and/or intellectual property, including, without limitation, all
intellectual property rights in and to the Products, shall remain the exclusive property of Manufacturer. Customer’s advertising and literature for HXBM peptide Products must include the patent numbers and Manufacturer’s HXBM peptide
designation in the copy such that it is displayed but does not materially alter the piece. 
 6.4 Efforts 

Customer shall use its best efforts to actively market and promote the sales of Products in the Market in the Territory for use in the
Field. Customer shall maintain a competent marketing business plan for such purposes and shall maintain active contact on a regular basis with potential customers. 

6.5 Professional Conduct 

Customer shall at all times (a) conduct business in a manner that reflects favorably on the Products and the good name, goodwill and
reputation of Manufacturer, (b) avoid deceptive, misleading or unethical practices that are detrimental to Manufacturer, the Products or the public and (c) refrain from making false or misleading representations, advertisements or claims
with regard to the Products or Manufacturer. 
 7. Termination 

7.1 Term 

Unless earlier terminated as provided herein or by mutual agreement of the parties, the term of this Agreement will continue until
June 30, 2013, and will automatically renew for successive one-year terms unless notice to terminate is provided at least sixty (60) days prior to the applicable termination date. 

 

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 7.2 Termination for Breach 

Upon any material breach of any provision of this Agreement by a party (the “Breaching Party”), including, without limitation,
any failure by Customer to comply with the purchase requirements set forth in Section 4.6, the other party (the “Non-Breaching Party”) shall have a right to give written notice thereof (“Notice of Default”) to the Breaching
Party. If the Breaching Party does not cure such material breach within sixty (60) days after the date of the Notice of Default, the Non-Breaching Party shall have the right to terminate this Agreement by a second written notice (“Notice
of Termination”) to the Breaching Party. If the Non-Breaching Party sends a Notice of Termination to the Breaching Party, this Agreement will automatically terminate on the date of such Notice of Termination. 

7.3 Termination for Bankruptcy 

To the extent permitted by applicable law, each party shall have the right to immediately terminate this Agreement by giving written
notice to the other party, in the event the other party: (i) provides notice of its intent to file (or does actually file without providing said notice) a petition in bankruptcy; (ii) attempts to make an assignment hereof for the benefit
of creditors or otherwise; (iii) discontinues or dissolves its business; or (iv) if a receiver is appointed for it. 

7.4 Effect of Termination 

Upon termination or expiration of this Agreement for any reason, (i) the rights granted to Customer hereunder shall immediately
terminate and (ii) nothing herein shall be construed to release any party from any obligation that matured prior to the effective date of such termination, including, without limitation, Customer’s obligation to pay any amounts owing at
the time of such termination or expiration. 
 7.5 Survival 

Manufacturer shall deliver all Products for which purchase orders were accepted prior to termination or expiration of this Agreement,
unless the basis of termination is failure or inability to pay Manufacturer as set forth in the Notice of Termination. Sections 3, 4.3, 6.3, 6.5, 7.4, 7.5, 11, 12 and 14 of this Agreement shall survive the termination or expiration of this
Agreement. 
 8. Compliance with Laws 

Customer shall at all times comply with all applicable laws and regulations in the performance of this Agreement. 

9. Assignment 
 This
Agreement may not be assigned or transferred by Customer, either voluntarily or by operation of law (including by virtue of a change of control of Customer), without Manufacturer’s prior written consent, which consent cannot be unreasonably
withheld, nor shall the duties of Customer hereunder be delegated in whole or in part. Any such assignment, transfer or delegation shall be of no force or effect. This Agreement shall be binding upon and inure to the benefit of the parties, their
successors and assigns. 
 10. Insurance 

At all times that Customer is purchasing Products from Manufacturer, Manufacturer and Customer shall each maintain an aggregate of at
least $2 million in product liability and umbrella insurance coverage that names the other party as an additional insured and shall provide the other party with at least 45 days prior written notice of the expiration or cancellation of any such
insurance. 
  

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 11. Confidentiality 

The parties acknowledge that they will exchange confidential information with respect to each other’s business and the Products. In
consideration of and as a condition to being furnished such information, each party shall, during the term of this Agreement and for two years after the termination or expiration of this Agreement, treat any information received from the other
party, whether before or after the date of this Agreement, including but not limited to any notes, analyses, compilations, studies, reports, memoranda, records, data, formulas, inventions, patents, intellectual property, production processes,
manufacturing methods, business methods, specifications, designs, business plans, referral and business sources, customer lists, other trade secrets and know-how, which contain or otherwise reflect such information, as secret, confidential, and
proprietary of the disclosing party and shall not disclose or use such information without the prior written consent of the disclosing party for any purpose except as expressly permitted under this Agreement. Notwithstanding the foregoing, each
party shall have the right to disclose confidential information as required by law. 
 12. Non-Solicitation 

During the term of this Agreement and for a period of twelve months after the expiration or termination of this Agreement, each of the
parties agrees that it will not engage, either as a consultant, employee, officer or director, any individual employed or previously employed by the other party. 

13. Notices 
 All
notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when personally delivered, sent by registered or certified mail, return receipt
requested, postage prepaid, or by private overnight mail service (e.g. Federal Express) or sent by FAX, with receipt confirmed, to the party at the address set forth below or to such other address as either party may hereafter give notice of in
accordance with the provisions hereof. Notices shall be deemed given on the sooner of the date actually received or the third business day after sending. 
  

			
	 If to Manufacturer:
	  	 Helix BioMedix
 Attn:
President
 22118
20th Ave SE # 204

Bothell, WA 98021 USA
 T: 425.402.8400

F: 425.806.2999

		
	 If to Customer:
	  	 NuGlow Cosmacueticals LLC

3028 Motor Ave
 Los Angeles, CA 90064

T: 310.837.1572
 F:
310.933.4112

 14. Governing Law 

This Agreement shall be governed by the laws of the state of Washington. Customer shall not make any claim or institute any litigation
against Manufacturer in connection with this Agreement except in King County, Washington. In case of any dispute or claim arising under this Agreement or with respect to any sale of Products, Customer hereby irrevocably consents to the jurisdiction
of the state and Federal courts in the state of Washington. In the event of any proceeding to recover amounts owing, the prevailing party shall be paid all its costs and expenses including attorneys’ fees. The parties acknowledge and agree that
any breach of this Agreement will cause irreparable harm to the non-breaching party, which shall entitle the non-breaching party to injunctive relief in addition to all other available legal remedies. 

 

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 15. Vendor/Vendee Relationship 

During the term of this Agreement, the relationship between Manufacturer and Customer is that of vendor and vendee. Neither Customer nor
its agents or employees shall under any circumstances be deemed agents or representatives of Manufacturer, and nothing contained in this Agreement shall be construed in any manner whatsoever as creating a partnership or agency between Manufacturer
and Customer. Neither party shall have any right to enter into any contract or other commitment in the name of the other party or to otherwise bind the other party. 

16. Miscellaneous 
 The
headings or titles in this Agreement are for the purposes of reference only and shall not in any way affect the interpretation or construction hereof. Attachments hereto are hereby incorporated herein and made a part of this Agreement. The failure
at any time to enforce any of the terms, provisions or conditions of this Agreement shall not constitute or be construed as a waiver of the same, and any single or partial exercise of any right under this Agreement shall not preclude any further or
other exercise of the same or the exercise of any other right. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes and cancels all prior and contemporaneous agreements, claims,
representations and understandings of the parties in connection with such subject matter. This Agreement shall not be modified or amended except by written agreement signed on behalf of Customer and Manufacturer by their respective duly authorized
representatives. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives as of the date set
forth above. 
  

									
	Helix BioMedix, Inc. 	 		 	NuGlow Cosmaceuticals, LLC 
					
	By	 	 /s/ R. Stephen Beatty
	 		 	By	 	 /s/ Steven Sheiner

	Name	 	R. Stephen Beatty	 		 	Name	 	Steven Sheiner
	Title	 	President	 		 	Title	 	Managing Member

  

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 SCHEDULE A 

Product List 

(to be modified from time to time by mutual agreement) 

 

	
	***

  

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 SCHEDULE B 

Manufacturer’s Standard Terms & Conditions of Sale 

1. Agreement. These Terms & Conditions of Sale (“Terms of Sale”) govern all purchase and sale transactions
between Manufacturer and Customer involving Products supplied by Manufacturer. Manufacturer and Customer will not be bound by, and specifically object to, any term, condition or other provision which is different from or in addition to the
provisions of this Agreement which is proffered by either party in any purchase order, receipt, acceptance, confirmation, correspondence, or otherwise, unless both parties specifically agree to such provision in a written instrument signed by the
parties. 
 2. Acceptance. Manufacturer shall deliver to Customer and Customer shall accept and pay for all Products
ordered by Customer pursuant to an order which has been accepted by Manufacturer, insofar as such Product complies with specifications. All orders are subject to acceptance by Manufacturer either in writing or by shipping Product. Manufacturer may
accept any order in full or in part, and Manufacturer’s shipment of less than all Product ordered shall constitute acceptance only as to those quantities of Product shipped. 

3. Firm Orders. Customer may not modify, rescind or cancel any order, in whole or in part, without Manufacturer’s written
consent. 
 4. Taxes. Prices do not include sales, excise, use or other taxes, duties or fees now in effect or hereafter
levied which Manufacturer may be required to pay, excluding Manufacturer’s local, state or Federal income taxes, or collect in connection with the sale of Product to Customer; all such taxes, duties and fees shall be for the account of Customer
who shall promptly pay Manufacturer upon demand. 
 5. Delivery. Manufacturer shall use commercially reasonable efforts
to meet any delivery date specified in the Orders. If Manufacturer cannot meet the specified delivery date, Manufacturer shall promptly notify Customer of the delay and take all reasonable steps to expedite delivery. Unless otherwise specified by
Manufacturer, Product shall be delivered to Customer F.O.B. Manufacturer’s warehouse, Bothell, Washington or other Manufacturer manufacturing facility. Title to and risk of loss of any Product shall pass to Customer on delivery. If Customer
requests shipments and /or deliveries in separate lots, Customer shall be responsible for excess shipping charges, in any. Customer is responsible for all transportation costs, including, but not limited to, shipping charges, premiums for freight
insurance, inspection fees, customs, duties, import or export fees, assessments, and all other reasonable costs incurred in transporting the Product to the destination. Customer shall be responsible for prosecuting any claims against any carrier
arising from or relating to shipment. Manufacturer will reasonably cooperate with Customer with respect to such claims prosecution at Manufacturer’s sole cost and expense. 

6. Right to Payment. Manufacturer may accept any check or payment in any amount without prejudice to Manufacturer’s right to
recover the balance of the amount due or to pursue any other right or remedy. All amounts payable under this Agreement are denominated in United State Dollars, and Customer shall pay all such amounts in lawful money of the United States unless
expressly agreed otherwise. 
 7. Inspection. Customer shall promptly inspect shipments of Product upon receipt and
either accept or reject them for failure to conform to applicable packaging specifications. Manufacturer shall pay any expenses related to the return of any Product that is rejected for failure to conform to applicable packaging specifications upon
the prompt written notice of rejection of non-conforming Product. Customer shall be deemed to have accepted the Product if Customer fails to give written notice of rejection within ten (10) days of delivery of Product. 

 

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 8. Warranty and Disclaimer; Returns and Limitation of Remedy. Manufacturer warrants
that all Products sold to Customer pursuant to this Agreement, at the time of delivery to Customer, shall be substantially in accordance with the applicable specifications for the Product in effect at the time of sale by Manufacturer to Customer.
Manufacturer further warrants that all Products manufactured by Manufacturer for Customer shall comply with all then-applicable U.S. federal and state laws and regulations and shall be free and clear of all liens and encumbrances. This warranty is
conditioned upon Customer giving Manufacturer written notice of any non-conformance within seventy-five (75) days after delivery of the Product. This warranty shall not apply to any Product that (a) has been altered by unauthorized
personnel, or (b) has been misused, abused, damaged or handled contrary to Manufacturer Product storage and transportation guidelines after delivery. MANUFACTURER MAKES NO OTHER WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, WITH RESPECT TO
ANY PRODUCT, INCLUDING WARRANTIES OF MERCHANTABLIITY OR FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT OR WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING, USAGE OF TRADE OR SAMPLES PREVIOUSLY SUPPLIED. Manufacturer’s
obligation and liability under this warranty is limited, at Customer’s option, to (a) repair or replacement of any non-conforming Product, which shall be returned to Manufacturer pursuant to Manufacturer’s then-current returns policy
and procedures, or (b) repayment or credit of the Product’s purchase price. Manufacturer shall be under no obligation to accept the return of nonconforming Product contrary to this provision, or to accept return of Product that conforms to
the applicable specifications for such Product. MANUFACTURER SHALL NOT BE LIABLE TO CUSTOMER FOR ANY INDIRECT, SPECIAL, RELIANCE, INCIDENTAL OR CONSEEQUENTIAL LOSS OR DAMAGES. MANUFACTURER’S LIABILITY FOR ANY CLAIM FOR LOSS, DAMAGE OR EXPENSE
SHALL IN NO EVENT EXCEED THE PURCHASE PRICE OF THE PRODUCT INVOLVED. 
 9. Force Majeure. Manufacturer shall not be
responsible or liable for any losses or damages caused by any delay or failure to provide Product hereunder due to strikes, differences with workers or other labor disputes, war, insurrection, revolution, terrorism, riots, commotions, disorders,
fires, floods, acts of God, embargoes, governmental authorizations and instructions, governmental restrictions or other acts or delays of governmental authorities, unavailability of power supplies, unavailability of materials or any other cause
beyond its control. 
  

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 SCHEDULE C 

Pricing 
  

					
	 Product Size
	  	 Product Name
	  	Price
			
	***	  		  	
		  		  	
		  		  	

  

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 11Employment Letter, dated as of  May 3, 2007

 Exhibit 10.3 

May 3, 2007 

Personal & Confidential 

Mr. Stephen Haggerty 
 (Via E-Mail)

 Dear Steve: 
 On behalf of Hyatt
Corporation, I am pleased to offer you the position of Executive Vice President—Real Estate and Development, Global Hyatt Corporation, subject to your review and agreement with the terms set forth in this offer. 

 

	 Position: 
	Executive Vice President—Real Estate and Development Global Hyatt Corporation 

  

	 Reports To: 
	President and CEO, Global Hyatt Corporation 

  

	 Start Date: 
	To be determined, but no later than June 8, 2007 

  

	 Salary: 
	$525,000 on an annualized basis. Your next merit increase review will occur in March 2008. 

  

	 Bonus: 
	The 2007 bonus amount will be prorated for a partial year. The minimum guaranteed bonus amount for 2007 will be the prorated amount relating to an annual bonus of 50% of Salary. The bonus level
for 2008 and beyond will not be guaranteed and will be based on the bonus plan applicable to this position. The 2007 bonus potential associated with this position is 50% (target) and up to 65% (for superior financial and personal performance) of
Salary and is calculated based on achievement of budgeted Company EBITDA (30%); achievement of function- or business line-specific performance (30%) and personal goals (40%). Based on a review underway at this time, it is expected that the
target bonus for this position will increase from 50% of Salary to something in the range of 60%—70% of Salary. The potential bonus will likely include a range that would be 30 points above and below the target based on performance. Therefore,
for example, if the target bonus were 65% of Salary, the minimum would be 35% and the maximum would be 95% of Salary. 

  

	 Equity Participation: 
	 An initial grant of Stock Appreciation Rights (“SAR”) underlying which 

 
there is 100,000 shares of common stock of Global Hyatt Corporation. The SARs are subject to four-year ratable vesting and other terms and conditions reflected in the Global Hyatt Corporation
Long-Term Incentive Plan (“LTIP”) and the applicable Award Agreement. Common stock of Global Hyatt Corporation shall be subject to the terms and conditions, including transfer restrictions, set forth in the stockholders’ agreement
applicable to LTIP participants. The Base Value for such SAR grant will be determined by a third party valuation. It is expected that there will be annual grants of SARs for this position in amounts that would be determined based on performance and
the annual grants are expected to be in amounts reflecting value (as determined using Black-Scholes or similar method as determined with reference to the accounting for such awards) that would be 1.0x Salary or higher. 

 

	 Benefits: 
	As an associate of Hyatt, you will receive the following benefits, subject to participant eligibility on the first day of the month after 90 days of employment: 

 

	 	•	 	 Medical and Dental insurance Hyatt will reimburse you for COBRA coverage during the waiting period, if needed 

 

	 	•	 	 Life Insurance 

  

	 	•	 	 401(k) and Retirement Savings Plan 

  

	 	•	 	 Disability coverage 

  

	 	•	 	 Vacation benefit—you will be entitled to three (3) weeks of vacation 

You will immediately be eligible for: 
  

	 	•	 	 Automobile allowance of $800 per month 

  

	 	•	 	 Monthly parking in Chicago, if needed 

  

	 	•	 	 Executive Dining Room privileges 

Details relating to your benefit package will be provided under separate cover. 

 

	 Deferred Savings Plan: 
	You will also be eligible to participate in our Key Management Deferred Savings Plan the first of the month following 90 days. This plan allows you to defer up to $50,000, plus all or a portion
of your annual bonus, on an annual pre-tax basis. After one full calendar year of service, this plan matches your contributions dollar for dollar on the first $12,000 provided that you are an active employee on December 31 of each year.
Specific details of the Key Management Deferred Savings Plan will be made available to you upon your eligibility date. 

  

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	 Relocation: 
	Reasonable relocation costs will be paid by Global Hyatt Corporation upon receipt of invoices relating to relocation expenses. Global Hyatt Corporation agrees to reimburse you for the period
between your acceptance of this offer and July 15, 2007 for rent for your current home in England as well as school tuition and related costs that are currently being paid by your employer to the extent not otherwise covered by your current
employer. Your current estimate is that these amounts would likely be in the range of £10,000 - £15,000 per month. 

  

	 Signing Bonus: 
	A signing bonus of $225,000 will be paid within 15 days of the start date. This is provided to offset other costs of relocation in addition to the reimbursement of direct relocation costs and
selected foregone long-term incentive amounts. 

  

	 Termination: 
	If your employment is terminated without Cause between the date on which you begin your employment with Global Hyatt Corporation and the fourth anniversary of that date and you execute a general
release of claims in a form reasonably satisfactory of Global Hyatt Corporation, you will be entitled to two years of base salary and certain medical benefits (subject to mitigation in the event that the Employee secures medical benefits following
Employee’s separation from Global Hyatt Corporation). If the termination without Cause occurs after the fourth anniversary of the inception of your employment with Global Hyatt Corporation, then you will be entitled to one year of base salary
and the other benefits noted. Following such one-year period, Employee will be entitled to enroll in COBRA accordance with applicable law. “Cause” shall mean (a) your engagement in gross negligence or willful misconduct in the
performance of your material duties or material responsibilities; (b) your material breach of any agreement relating to your employment that remains uncured for 14 days; or (c) your conviction of, or entering a plea of nolo
contendere to, a felony. 

  

	 Other: 
	As a condition to your employment with Global Hyatt Corporation, you will be asked to execute agreements relating to Confidentiality, Intellectual Property, Non-Solicitation and
Non-Disparagement; T&E Policy; Internet Use Policy and background check. Completion of the Ethics Statement and Conflicts Questionnaire, and other hiring forms. 

 

	 Acceptance: 
	As required by law, you will need to provide proof of identity and work authorization. In addition, your offer is pending satisfactory reference checks and background verification. Please sign
and return the enclosed authorization form. Failure to meet any of these contingencies will render you ineligible for employment. 

Although we hope that your employment with us is mutually satisfactory, please note that your employment at Global Hyatt Corporation is
“at will.” This means that you may resign from 
  

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Global Hyatt Corporation at any time with or without cause, and Global Hyatt Corporation has the right to terminate this employment relationship with or without Cause at any time. Neither this
letter nor any other communication, either written or oral, should be construed as a contact of employment for any particular duration. 

I am very excited about the prospect of you joining the team and I assure you that the others with whom you have interacted here feel the
same way. Please feel free to call me at (312) 953-5554 with any questions. 
 Sincerely, 

 

			
	 /s/ Mark S. Hoplamazian
	 	
	 Mark S. Hoplamazian
 President
and CEO
	 	

  

			
	Acknowledged:	 	
		
	 /s/ Stephen Haggerty
	 	
	Stephen Haggerty	 	

  

			
	 Date:
	 	May 7, 2007

  

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