Document:

Employment Letter - Mr. Mark S. Hoplamazian

 Exhibit 10.17 
  

					
	

	  		  	 Hyatt Hotels Corporation
 71 South Wacker Drive
 Chicago, IL 60606
 312-780-5816
 Fax: 312-780-5282

 July 30, 2009 
 CONFIDENTIAL 
 Mark S. Hoplamazian 
 c/o
Hyatt Hotels Corporation 
 71 South Wacker Drive, 12th Floor 
 Chicago, Illinois 60606

 Dear Mark: 
 This letter agreement will set forth the terms of
your employment as President and Chief Executive Officer of Hyatt Hotels Corporation (“Hyatt” or the “Company”), commencing August 1, 2009 (the “Effective Date”), and shall supersede and
replace the Employment Agreement dated November 27, 2006 between you and Hyatt (the “Prior Agreement”), except as specifically set forth in this letter agreement. 
  

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

			
		
	Term:	  	From the Effective Date through December 31, 2012. Notice by the Company or you to extend the term of your employment with the Company beyond December 31, 2012 must be delivered to the
other party in writing on or before June 30, 2012. Any agreement to extend the term of your employment with the Company will set forth the terms and conditions of any such extension and executed by you and on behalf of the
Company.
		
	Base Salary:	  	From and after August 1, 2009, your base salary will be $950,000 on an annualized basis (payable in accordance with the Company normal payroll of base salary to senior executives), less required
tax and other authorized withholdings. Your salary will be reviewed annually by the Compensation Committee of the Board (the “Committee”) and may be increased at their discretion.
		
	 Incentive
 Eligibility:
	  	For calendar year 2009 and thereafter, your target incentive will be 150% of your base salary if target performance is achieved and up to 300% of base salary at maximum performance. For the
avoidance of doubt you are not entitled to any minimum incentive award. All incentive payments will be subject to the terms and conditions of the Hyatt Incentive Plan for the year.
		
	 Annual Equity
 Participation:
	  	For the 2010 year and thereafter, you will be eligible for annual grants under the Amended and Restated Global Hyatt Long Term Incentive Plan (as amended and restated from time to time,
“LTIP”) similar to other senior executives of Hyatt; provided that all LTIP grants for services relating to calendar year 2012 shall be made no later than December 31, 2012 unless the term of your employment with the Company is
extended beyond December 31, 2012 as provided above. Such annual LTIP grants currently take the form of stock appreciation rights (“SARs”) and/or restricted stock units (“RSUs”) and vest pro rata annually over the
vesting period determined by the Committee (as Administrator of the LTIP), however, in the future such vesting may be, in part, performance based as determined by the Committee. Beginning with calendar year 2010, your annual grants will be targeted
to have a grant date fair value (as determined under FAS 123R) equal to 350% of your base salary.
		
	 Additional
 Equity Grant:
	  	Upon the Effective Date you will receive an additional equity grant with a grant date fair value (as determined under FAS 123R) equal to $1,662,500 split equally between SARs and RSUs. Such
grants will be made under the LTIP, and will both vest  1/4 on
the first, second, third and fourth anniversary dates of the Effective Date. The base price on the SARs shall be equal to the Share Value, as defined in the LTIP.
		
	LTIP:	  	All SAR and RSU grants, whether annual or supplemental, will be subject to the terms and conditions set forth in the LTIP (including the class of

  

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		  	 shares available) and the applicable award agreements approved by the Committee; provided that to the extent your employment with the Company
terminates for any reason other than cause (as defined in the Severance Plan) prior to full vesting of any of your LTIP awards, such awards will continue to vest and be exercisable and payable as if your employment continued so long as you (a)
provide a general release of claims against the Company in such form as the Company may reasonably require and (b) you do not engage in Competition (as defined below). If you do not provide a general release of claims against the Company, you revoke
or violate such release or you engage in Competition with the Company, then you will forfeit any LTIP awards which were not vested upon your termination of employment.
  

For this purpose “Competition” shall mean the provision of services as an employee, contractor, director, advisor, or in any other capacity, or
ownership, directly or indirectly for or with a Competitor, as determined in the sole discretion of the Committee; provided, however, you will not be deemed to be engaged in Competition by reason of your ownership of less than 5% of any public
company that is a Competitor, whether directly or indirectly. A “Competitor” shall mean any enterprise a principal business of which is the ownership, management and/or development of hotels, resorts and/or timeshares and fractional
properties in any geographic area in which the Company is then conducting or planning to conduct such business, and which actively competes with the Company for customers, as determined in the sole discretion of the Committee.
  
 To the extent that Hyatt’s common stock is not publicly traded, any shares of Hyatt common
stock received upon exercise of the SARs or upon settlement of the RSUs will be subject to the terms and conditions, including transfer restrictions, set forth in the Amended and Restated Stockholders’ Agreement applicable to LTIP participants
(as amended from time to time).

		
	Benefits:	  	 As an employee of Hyatt you will receive the following benefits at the level and under terms which, in the aggregate are substantially equivalent to
those provided from time to time to the Company’s senior executive officers generally:
  
 •        Medical and Dental insurance
  
 •        Life
Insurance
  
 •        401(k) and Retirement Savings Plan
  
 •        Disability Coverage
  
 •        Vacation benefits
  
 •        Automobile lease in accordance with Hyatt’s policies for
officers

  

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		  	 •        Monthly parking in Hyatt Center
  
 •        Executive Dining Room privileges for you and your business guests
  
 •        Deferred Compensation Plan
  
 •        Executive Medical Plan
  
 All our benefit plans and programs are subject to change or termination at any time at the discretion of the Committee or the Board.

		
	 Termination;
 Severance;
 Change of
 Control:
	  	Upon termination of your employment with the Company your rights to any severance will be determined under the Severance Plan (or, if applicable, the Company’s Change in Control Plan, as in
effect and as amended from time to time (the “CiC Policy”)) applicable to your position, if any, as in effect at such time.
		
	 Restrictive
 Covenants:
	  	You will be bound by the restrictive covenants set forth in your LTIP award agreements and in your Confidentiality, Intellectual Property, Non-Solicitation and Non-Disparagement Agreement
(“CIPN&N Agreement”).
		
	 Prior
 Agreement:
	  	Sections 5.1 (Stock Appreciation Rights) and Section 5.2 (Restricted Stock Units) will survive the termination of the Prior Agreement.
		
	Legal Costs:	  	You will be responsible for any legal costs associated with this letter agreement.
		
	Indemnification:	  	You shall be indemnified to the maximum extent provided under the indemnification provisions for officers and directors of the Company set forth in the Company’s Certificate of
Incorporation and Bylaws.
		
	Other:	  	As a condition of your continued employment with Hyatt, you confirm that you have signed or will agree to execute to a CIPN&N Agreement and the Company’s Code of Business Conduct and
Ethics. In addition, you will be bound by all company policies to the extent that they apply to senior executives of the Company, including, the T&E Policy, the Internet Use Policy, the Compensation Recovery Policy, the Share Ownership
Guidelines, the Severance Plan and the CiC Policy.

 Please note that your employment at Hyatt is “at will.” This means that you may resign from Hyatt at any
time with or without cause, and Hyatt has the right to terminate your employment with or without cause at any time subject to the terms of any Company polices applicable to your position at the time of termination, including, without limitation, the
Severance Policy and the CiC Policy. Neither this letter agreement nor any other communication, either written or oral, should be construed as a contract of employment for any particular duration. This letter agreement supersedes and replaces all
prior written and oral communication on employment related subjects, including the Prior Agreement (except as otherwise expressly provided in this letter agreement). 
  

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 Please sign and date this letter agreement in the space indicated and return it to my attention to evidence your
understanding and agreement to the terms set forth herein. 
  

	
	Sincerely,
	
	/s/ Thomas J. Pritzker
	Thomas J. Pritzker
	Chairman of the Board of Directors
	Hyatt Hotels Corporation

  

	
	 Acknowledged and Agreed:

	
	 /s/ Mark S. Hoplamazian

	Mark S. Hoplamazian
	
	Date: July 30, 2009

  

 5Employment Letter -  Mr. Harmit J. Singh

 Exhibit 10.18 
  

					
	

	 	Mark S. Hoplamazian
	 	President & Chief Executive Officer
	 	  
 Global Hyatt Corporation

	 	Hyatt Center
	 	71 South Wacker Drive, 12th Floor
	 	Chicago, IL 60606
	 	  
 Telephone: 
	 	  
 (312) 780-5400

	 	Fax:	 	(312) 780-5282
	 	E-Mail:	 	mark.hoplamazian@hyatt.com

 June 9, 2008 
 Personal & Confidential 
 Mr. Harmit Singh 
 (Via E-Mail) 
 Dear Harmit: 
 On behalf of Hyatt Corporation, I am pleased to offer you the position of Chief Financial Officer, Global Hyatt Corporation, subject to your review and agreement with
the terms set forth in this offer and subject to the satisfactory completion of reference checks and other pre-employment screening. 
  

			
	Position:	  	Chief Financial Officer – Global Hyatt Corporation. You will also have the title of Executive Vice President – Global Hyatt Corporation. Please note that the title of Executive Vice
President is not expected to be used in external communications (i.e., business cards, stationery) as is consistent with our title use for other senior GHC officers.
		
	Reports To:	  	President and CEO, Global Hyatt Corporation
		
	Start Date:	  	To be determined, but no later than July 31, 2008.
		
	Salary:	  	$550,000 on an annualized basis. Your next merit increase review will occur along with the other senior officers in March 2009.
		
	Bonus:	  	Your target bonus for 2008 is 80% of Salary. Our 2008 Bonus Plan provides for a range of possible payouts of 50% of target (40% of Salary) if threshold performance is achieved and up to 150%
of target (120% of Salary) at maximum performance. Your actual bonus will be calculated based on achievement of budgeted Company EBITDA, achievement of function- or business line- specific performance and personal goals and will be payable as
provided under the 2008 Bonus Plan. Your 2008 bonus amount will be prorated for a partial year, subject to a minimum guaranteed bonus payment for 2008 of $200,000. Bonuses and the terms of any bonus plans for 2009 and beyond are not
guaranteed.

 Mr. Harmit Singh 
 June 9, 2008 
 Page 2 
  

			
	Equity Participation:	  	An initial special grant of Restricted Stock Units (“RSU”) (the “Initial Grant”) will be made within 30 days of your Start Date. The Initial Grant will be subject to a
four-year vesting schedule as follows:
		
		  	 •        First anniversary of Start Date – 10%

		
		  	 •        Second anniversary of Start Date – 25%

		
		  	 •        Third anniversary of Start Date – 25%

		
		  	 •        Fourth anniversary of Start Date – 40%

		
		  	An additional grant of 15,670 RSUs (the “Supplemental Grant”) will be made within 30 days of your Start Date and will vest 10% per annum on each anniversary of your Start
Date.
		
		  	The Initial Grant and the Supplemental Grant will be made under the Global Hyatt Long Term Incentive Plan (“GHLTIP”) and will subject to the terms and conditions set forth in the
GHLTIP and the applicable Award Agreements. The common stock of Global Hyatt Corporation underlying the RSUs will be subject to the terms and conditions, including transfer restrictions, set forth in the Amended and Restated Stockholders’
Agreement applicable to GHLTIP participants.
		
		  	As provided in the GHLTIP, the reference fair market value per share is determined by an annual third party valuation, currently conducted by Duff & Phelps. Based on the most recent
valuation of $29.09 per share as of December 31, 2007, the value of your Initial Grant is $727,250 and of your Supplemental Grant is approximately $455,840 for a total of approximately $1,183,090.
		
		  	It is expected that there will be annual grants of RSUs and Stock Appreciation Rights (SARs) for this position commencing in 2009 (applicable to 2008 service). 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 approximately 1.5x Salary. For illustrative purposes, based on the Salary level
noted above ($500,000) and the Black-Scholes valuation utilized this past year, and assuming that all of the GHLTIP awards were in the form of SARs, the implied grant would be approximately 74,632 SARs with a grant value of approximately $2.2
million (=74,632 x $29.09 stock price). The GHLTIP awards in 2008 were a mix of SARs (2/3 of total GHLTIP value delivered) and RSUs (1/3 of total GHLTIP value delivered) for the senior-most

 Mr. Harmit Singh 
 June 9, 2008 
 Page 3 
  

			
		  	executives at Global Hyatt Corporation and we expect that grants in the future will also be a mix of SARs and RSUs. The GHLTIP potential for key positions will be reviewed from time to time
with reference to third party benchmarks and, therefore, is subject to change. It is also possible that awards may be made other than on an annual basis.
		
	Benefits:	  	As an associate of Global Hyatt Corporation, you will receive the following benefits, participant eligibility for which commences on the first day of the first full month following your
completion of 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

		
		  	 •        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 “Plan”) beginning with the first full month following your completion of 90 days of
employment. Currently, 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. This plan is in addition to, not in lieu of, a
401(k) program under which there is matching up to the limit allowed by applicable rules. As with all of our benefit plans and programs, this Plan is subject to change or termination at any time at the discretion of Global Hyatt.

 Mr. Harmit Singh 
 June 9, 2008 
 Page 4 
  

			
	Relocation:	  	Reasonable relocation costs will be paid by Global Hyatt upon receipt of invoices relating to relocation expenses as further outlined in the attached letter and exhibit.
		
	Signing Bonus:	  	A signing bonus of $1,080,000 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 short and long-term incentive amounts. The signing bonus will be subject to repayment on a pro rata basis in the event you terminate your employment prior to the first anniversary of your Start Date other than a termination by
you for Good Reason (as defined below). If you terminate your employment for Good Reason, then you will not be required to repay any of the Signing Bonus. “Good Reason” means, without your written consent, (a) a change in your title,
position or lines of direct reporting responsibility (b) any other material adverse change in the nature of your duties or responsibilities, (c) failure by Global Hyatt Corporation to pay or provide you with any of the Base Salary, Bonus or other
compensation, or a benefits specified in this offer letter or any other material breach by Global Hyatt Corporation of the terms of this offer letter, or (d) the relocation of your primary office as assigned to you by Global Hyatt Corporation to a
location more than 50 miles from Global Hyatt Corporation’s corporate headquarters on your Start Date.
		
	Termination:	  	Global Hyatt Corporation has undertaken a review of its severance policies for its senior executives. This review is expected to be completed prior to March 31, 2009. In the event your
employment is terminated by Global Hyatt Corporation without Cause (as defined below) or by you for Good Reason you will be entitled to (A) continuation of certain medical benefits for a period of one year following termination (subject to
mitigation in the event that you secure medical benefits following your separation from Global Hyatt Corporation) and (B)(i) if such termination occurs prior to the third anniversary of your Start Date, severance policy of Global Hyatt Corporation
for its senior executives, but not less than $2,000,000 or (ii) if such termination occurs following the third anniversary of your Start Date, severance pay in accordance with the then prevailing severance policy of Global Hyatt Corporation for its
senior executives, but not less than $1,000,000. Following the one-year period after the date of a termination without Cause, you will be entitled to enroll in COBRA in accordance with applicable law. “Cause” shall mean (a) your engagement
in gross negligence or willful misconduct in the performance

 Mr. Harmit Singh 
 June 9, 2008 
 Page 5 
  

			
		  	of your material duties or material responsibilities; (b) your failure after written notice to perform your duties or your material breach of any agreement relating to your employment that in
other case remains uncured for 14 days after notice to you of such failure or breach; or (c) your conviction of, or entering a plea of nolo contender to, a felony. In the event your employment is terminated by Global Hyatt Corporation without
Cause or by you for Good Reason, in addition to cash severance you will also be deemed to vest in the next tranche of the Initial Grant scheduled to vest in the one year period following the date of termination.
		
	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. Prior to your Start Date you will be required to complete our Code of Business Conduct and Ethics acknowledgment, 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 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 contract of employment for any particular duration. This letter supersedes and replaces all prior written or oral communication on
employment-related subjects. 

 Mr. Harmit Singh 
 June 9, 2008 
 Page 6 
 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) 780-5400 with any questions. 
  

	
	Sincerely,
	
	/s/ Mark S. Hoplamazian
	Mark S. Hoplamazian
	President and CEO
	
	Acknowledged and agreed:
	
	/s/ Harmit Singh
	Harmit Singh
	
	Date: 6/11/08

					
	

	 	Mark S. Hoplamazian
	 	President & Chief Executive Officer
	 	  
 Global Hyatt Corporation

	 	Hyatt Center
	 	71 South Wacker Drive, 12th Floor
	 	Chicago, IL 60606
	 	  
 Telephone: 
	 	  
 (312) 780-5400

	 	Fax:	 	(312) 780-5282
	 	E-Mail:	 	mark.hoplamazian@hyatt.com

 May 30, 2008 
 Harmit
Singh 
 Dear Harmit: 
 Global Hyatt Corporation has proposed to
advance to you or pay on your behalf relocation expenses in connection with your move to Chicago. These expenses will include: 
  

	 	•	 	 Rental lease cancellation (if necessary) 

	 	•	 	 Home sale assistance (please see attached details) 

	 	•	 	 Transportation of one vehicle via carrier 

	 	•	 	 Temporary housing 

	 	•	 	 House hunting trips to Chicago 

	 	•	 	 Return visits to family (as approved by Mark Hoplamazian) 

	 	•	 	 Movement of household goods with pack and unpack 

	 	•	 	 Temporary storage of household goods 

	 	•	 	 Reimbursement of relocation food and accommodation expenses 

 These amounts will be funded to you or on your behalf to facilitate your move to begin your new employment. By signing this agreement, you specifically acknowledge that if for any reason your employment is voluntarily terminated by you
within the first year of your employment, the unamortized portion of these expenses must be repaid to Global Hyatt Corporation. 
 So that there will be no
future misunderstanding, you also specifically acknowledge that nothing in this letter constitutes a contract of employment for a particular period of time. You recognize that your employment is “at will” and may be terminated either by
yourself or by Global Hyatt Corporation with or without cause at any time. 
 The sole purpose of this letter is to document the scope of activities that
constitute relocation and the commitment to advance money to you or paid on your behalf for moving or relocation expenses and to specify the conditions upon which some of these funds might have to be repaid by you to Global Hyatt Corporation.

 If the foregoing is satisfactory to you, please signify so by executing the original copy of this letter and returning it
to my attention. 
 Should you have any questions, please feel free to contact me at (312) 780-5400. 
 Sincerely, 
 Mark Hoplamazian 
 President and CEO 
  

			
	
	Agreed and Accepted:
		
	Name:	 	 
		
	Date:	 	 

 Hyatt Corporation 
 Home Sale Assistance Details 
  

	I.	For the purpose of finding a home, related covered expenses include: 

  

	 	•	 	 Lodging 

	 	•	 	 Meals 

	 	•	 	 Laundry 

	 	•	 	 Tips 

	 	•	 	 Rental car during your home search 

	 	•	 	 Local and long distance telephone charges directly relating to the move 

  

	II.	Home Sales Assistance 

  

	  	It is your responsibility to sell your current home personally or through a licensed Real Estate Broker. Hyatt will reimburse you for the following costs: 

 

	 	1.	Real Estate Commissions up to the lesser of five percent (5%) of the actual selling price, up to five percent (5%) of the original price, or up to five percent (5%) of four (4)
times the employee’s new salary at the time of transfer, whichever is the lesser amount. 

	 	2.	Attorney’s fees 

	 	3.	Deed preparation fees 

	 	4.	Revenue stamps 

	 	5.	Transfer taxes—state, country, or local 

	 	6.	Title fees 

	 	7.	Exterminator report 

	 	8.	Mortgage prepayment penalties of up to one-half (1/2) month’s pay 

  

	III.	Reimbursement for the following expenses are excluded: 

  

	 	1.	Loan origination fees 

	 	2.	FHA or VA penalty points 

	 	3.	Points 

	 	4.	Any normal “buyer closing costs” that have been agreed to be paid by the seller, such as: 

  

	 	a.	Appraisal fees 

	 	b.	Credit reports 

	 	c.	Loan application 

	 	d.	Hazard insurance 

  

	IV.	Duplicate Housing Assistance 

  

	  	If you purchase or leases of new residence before your old residence has been sold or rented, Hyatt will reimburse you for the following expenses of the old residence for a maximum
of three (3) months: 

	 	1.	Two-thirds (2/3) of Mortgage Interest Payments 

	 	2.	Two-thirds (2/3) of Real Estate Taxes 

	 	3.	Duplicate insurance charges 

	 	4.	Utility charges for heat, water, electricity, and gas 

 Note: If it
is necessary for you to obtain a Bridge Loan to provide for a down payment on a new residence, Hyatt will reimburse you for as much as three (3) months interest.

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