Document:

EX-10.12

 Exhibit 10.12 

Confidential Treatment Requested by Retail Value Inc. RVI-411. 

Pursuant to 17 C.F.R. Section 200.83. 

DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT 

This Director and Officer Indemnification Agreement, dated as of
,             20     (this “Agreement”), is made by and between Retail Value Inc., an Ohio corporation (the
“Company”), and                          (“Indemnitee”). 

RECITALS: 
 A. Section
1701.59 of the ORC provides that the business and affairs of a corporation shall be managed by or under the direction of its board of directors. 

B. By virtue of the managerial prerogatives vested in the directors and officers of an Ohio corporation, directors and officers act as
fiduciaries of the corporation and its shareholders. 
 C. Thus, it is critically important to the Company and its shareholders that the
Company be able to attract and retain the most capable persons reasonably available to serve as directors and officers of the Company. 
 D.
In recognition of the need for corporations to be able to induce capable and responsible persons to accept positions in corporate management, Ohio law authorizes (and in some instances requires) corporations to indemnify their directors and
officers, and further authorizes corporations to purchase and maintain insurance for the benefit of their directors and officers. 
 E.
Indemnification by a corporation serves the dual policies of (1) allowing corporate officials to resist unjustified lawsuits, secure in the knowledge that, if vindicated, the corporation will bear the expense of litigation and
(2) encouraging capable women and men to serve as corporate directors and officers, secure in the knowledge that the corporation will absorb the costs of defending their honesty and integrity. 

F. Lawsuits challenging the judgment and actions of directors and officers of corporations are frequent, and the high costs of defending those
lawsuits, and the related threat to directors’ and officers’ personal assets have made individuals less willing to undertake the responsibilities imposed on corporate directors and officers. 

G. Recent federal legislation and rules adopted by the Securities and Exchange Commission and the national securities exchanges have imposed
additional disclosure and corporate governance obligations on directors and officers of public companies and have exposed such directors and officers to new and substantially broadened civil liabilities. 

H. These legislative and regulatory initiatives have also exposed directors and officers of public companies to a significantly greater risk
of criminal proceedings, with attendant defense costs and potential criminal fines and penalties. 
 I. Under Ohio law, a director’s
and officer’s right to be reimbursed for the costs of defense of criminal actions does not depend upon the merits of the claims asserted against the director or officer and indemnification of the director or officer against criminal fines is
permitted if the director or officer satisfies the applicable standard of conduct. 

 Confidential Treatment Requested by Retail Value Inc. RVI-412. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 J. Indemnitee is a director and officer of the Company and Indemnitee’s willingness to
serve in such capacity is predicated, in substantial part, upon the Company’s willingness to indemnify Indemnitee in accordance with the principles reflected above, to the fullest extent permitted by the laws of the state of Ohio, and upon the
other undertakings set forth in this Agreement. 
 K. Therefore, in recognition of the need to provide Indemnitee with substantial
protection against personal liability, in order to procure Indemnitee’s continued service as a director and officer of the Company and to enhance Indemnitee’s ability to serve the Company in an effective manner, and in order to provide
such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to any provisions relating to indemnification included in the Constituent Documents, any change in the composition of
the Board or any change-in-control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification
of and the advancement of Expenses to Indemnitee as set forth in this Agreement and for the continued coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies. 

L. In light of the considerations referred to in the preceding recitals, it is the Company’s intention and desire that the provisions of
this Agreement be construed liberally, subject to their express terms, to maximize the protections to be provided to Indemnitee hereunder. 

AGREEMENT: 
 NOW,
THEREFORE, the parties hereby agree as follows: 
 1. Certain Definitions. In addition to terms defined elsewhere herein,
including Section 22, the following terms have the following meanings when used in this Agreement: 
 (a)
“Board” means the Board of Directors of the Company. 
 (b) “Change in Control” means the
occurrence of any of the following: 
 (i) the Board or shareholders of the Company approve a consolidation or merger in which the Company
is not the surviving corporation, the sale of substantially all of the assets of the Company, or the liquidation or dissolution of the Company; 

(ii) any person or other entity (other than the Company or a Subsidiary or any Company employee benefit plan (including any trustee of any
such plan acting in its capacity as trustee)) purchases any Shares (or securities convertible into Shares) pursuant to a tender or exchange offer without the prior consent of the Board, or becomes the beneficial owner of securities of the Company
representing 20% or more of the voting power of the Company’s outstanding securities without the prior consent of the Board; 
 (iii)
during any two-year period, individuals who at the beginning of such period constitute the entire Board cease to constitute a majority of the Board, unless the election or the nomination for election of each
new director is approved by at least two-thirds of the directors then still in office who were directors at the beginning of that period; or 

 Confidential Treatment Requested by Retail Value Inc. RVI-413. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 (iv) a record date is established for determining shareholders of the Company entitled to
vote upon (A) a merger or consolidation of the Company with another real estate investment trust, partnership, corporation or other entity in which the Company is not the surviving or continuing entity or in which all or a substantial part of
the outstanding shares are to be converted into or exchanged for cash, securities or other property, (B) a sale or other disposition of all or substantially all of the assets of the Company or (C) the dissolution of the Company. 

(c) “Claim” means (i) any threatened, asserted, pending or completed claim, demand, action, suit or proceeding,
whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; and (ii) any threatened, pending or completed inquiry or investigation, whether made, instituted or
conducted by the Company or any other person, including any federal, state or other governmental entity, that Indemnitee determines might lead to the institution of any such claim, demand, action, suit or proceeding. 

(d) “Constituent Documents” means the Company’s articles of incorporation and code of regulations. 

(e) “Controlled Affiliate” means any corporation, limited liability company, partnership, joint venture, trust or
other entity or enterprise, whether or not for profit, that is directly or indirectly controlled by the Company. For purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct
or cause the direction of the management or policies of an entity or enterprise, whether through the ownership of voting securities, through other voting rights, by contract or otherwise; provided that direct or indirect beneficial ownership
of capital stock or other interests in an entity or enterprise entitling the holder to cast 20% or more of the total number of votes generally entitled to be cast in the election of directors (or persons performing comparable functions) of such
entity or enterprise shall be deemed to constitute “control” for purposes of this definition. 
 (f)
“Disinterested Director” means a director of the Company who is not and was not a party to or threatened with the Claim in respect of which indemnification is sought by Indemnitee. 

(g) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

(h) “Expenses” means attorneys’ and experts’ fees and expenses and all other costs and expenses paid or
payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to investigate, defend, be a witness in or participate in (including on appeal), any Claim. 

(i) “Incumbent Directors” means the individuals who, as of the date hereof, are directors of the Company and any
individual becoming a director subsequent to the date hereof whose election, nomination for election by the Company’s shareholders, or appointment, 

 Confidential Treatment Requested by Retail Value Inc. RVI-414. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 
was approved by a vote of at least two-thirds of the then Incumbent Directors (either by a specific vote or by approval of the proxy statement of the
Company in which such person is named as a nominee for director, without objection to such nomination); provided, however, that an individual shall not be an Incumbent Director if such individual’s election or appointment to the Board occurs as
a result of an actual or threatened election contest (as described in Rule 14a-12(c) of the Exchange Act) with respect to the election or removal of directors or other actual or threatened solicitation of
proxies or consents by or on behalf of a person other than the Board. 
 (j) “Indemnifiable Claim” means any Claim
based upon, arising out of or resulting from (i) any actual, alleged or suspected act or failure to act by Indemnitee in his or her capacity as a director, officer, employee or agent of the Company or as a director, officer, employee, member,
manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise, whether or not for profit, as to which Indemnitee is or was serving at the request of the Company as a
director, officer, employee, member, manager, trustee or agent, (ii) any actual, alleged or suspected act or failure to act by Indemnitee in respect of any business, transaction, communication, filing, disclosure or other activity of the
Company or any other entity or enterprise referred to in clause (i) of this sentence, or (iii) Indemnitee’s status as a current or former director, officer, employee or agent of the Company or as a current or former director, officer,
employee, member, manager, trustee or agent of the Company or any other entity or enterprise referred to in clause (i) of this sentence or any actual, alleged or suspected act or failure to act by Indemnitee in connection with any obligation or
restriction imposed upon Indemnitee by reason of such status. In addition to any service at the actual request of the Company, for purposes of this Agreement, Indemnitee shall be deemed to be serving or to have served at the request of the Company
as a director, officer, employee, member, manager, trustee or agent of another entity or enterprise if Indemnitee is or was serving as a director, officer, employee, member, manager, trustee or agent of such entity or enterprise and (i) such
entity or enterprise is or at the time of such service was a Controlled Affiliate, (ii) such entity or enterprise is or at the time of such service was an employee benefit plan (or related trust) sponsored or maintained by the Company or a
Controlled Affiliate, or (iii) the Company or a Controlled Affiliate directly or indirectly caused or authorized Indemnitee to be nominated, elected, appointed, designated, employed, engaged or selected to serve in such capacity. 

(k) “Indemnifiable Losses” means any and all Losses relating to, arising out of or resulting from any Indemnifiable
Claim. 
 (l) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company (or any subsidiary) or Indemnitee in any matter material to either such party (other than with respect to matters concerning
Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other named (or, as to a threatened matter, reasonably likely to be named) party to the Indemnifiable Claim giving rise to a claim
for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of
interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

 Confidential Treatment Requested by Retail Value Inc. RVI-415. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 (m) “Losses” means any and all Expenses, damages, losses,
liabilities, judgments, fines, penalties (whether civil, criminal or other) and amounts paid in settlement, including all interest, assessments and other charges paid or payable in connection with or in respect of any of the foregoing. 

(n) “Notification Date” means the date of receipt by the Company of written notice from Indemnitee advising the
Company of the final disposition of the applicable Indemnifiable Claim or portion thereof to which such Indemnifiable Losses are related, out of which such Indemnifiable Losses arose or from which such Indemnifiable Losses resulted. 

(o) “ORC” means the Ohio Revised Code. 

(p) “Other Indemnity Provisions” means, collectively, (i) the Constituent Documents, (ii) the substantive
laws of Ohio, and (iii) any other contract to which both Indemnitee and the Company (or a Subsidiary of the Company) are a party. 

(q) “Shares” means the Common Shares, par value $0.10 per share, of the Company. 

(r) “Standard of Conduct Determination” means a determination of whether Indemnitee has satisfied any applicable
standard of conduct under Ohio law that is a legally required condition precedent to indemnification of Indemnitee under this Agreement against Indemnifiable Losses relating to, arising out of or resulting from an Indemnifiable Claim. 

(s) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with
the Company if each of the corporations (other than the last corporation in the unbroken chain) owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in that chain. 

(t) “Undertaking” means a sworn request for advancement of Expenses substantially in the form of Exhibit A attached
hereto, with the blanks therein appropriately completed and the proper selection made for the execution of Part A and Part B therein as set forth in Section 3(b). 

2. Indemnification Obligation. Subject to Section 7, the Company shall indemnify, defend and hold harmless Indemnitee, to
the fullest extent permitted or required by the laws of the State of Ohio in effect on the date hereof or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all
Indemnifiable Claims and Indemnifiable Losses; provided, however, that, except as provided in Section 4 and Section 21, Indemnitee shall not be entitled to indemnification pursuant to
this Agreement in connection with any Claim (i) initiated by Indemnitee against the Company or any director or officer of the Company unless the Company has joined in or consented to the initiation of such Claim or (ii) in which judgment
is rendered against Indemnitee for an accounting of profits made from the purchase or sale of securities of the Company pursuant to the provisions of Section 16(b) of the Exchange Act. 

 Confidential Treatment Requested by Retail Value Inc. RVI-416. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 3. Advancement of Expenses Incurred with Respect to Indemnifiable Claims. 

(a) Indemnitee shall have the right to advancement by the Company prior to the final disposition of any Indemnifiable Claim of any and all
Expenses relating to, arising out of or resulting from any Indemnifiable Claim paid or incurred by Indemnitee or which Indemnitee determines are reasonably likely to be paid or incurred by Indemnitee. Subject to
Section 3(b), Indemnitee’s right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within five business days after any
request by Indemnitee, the Company shall, in accordance with such request (but without duplication), (i) pay such Expenses on behalf of Indemnitee, (ii) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or
(iii) reimburse Indemnitee for such Expenses; provided that Indemnitee shall repay, without interest any amounts actually advanced to Indemnitee that, at the final disposition of the Indemnifiable Claim to which the advance related, were in
excess of amounts paid or payable by Indemnitee in respect of Expenses relating to, arising out of or resulting from such Indemnifiable Claim. For purposes of this Section 3, the determination of when a “final
disposition” of any Indemnifiable Claim will be deemed to occur or have occurred shall be made by the person or entity that has or will make any required Standard of Conduct Determination with respect to such Indemnifiable Claim
pursuant to Section 7(b) or Section 7(c). 
 (b) For purposes of obtaining payments of
Expenses in advance of final disposition of any Indemnifiable Claim, Indemnitee shall submit to the Company an Undertaking averring that Indemnitee has reasonably incurred or will reasonably incur actual Expenses in defending an Indemnifiable Claim.
The Undertaking need not be secured and the Company must accept the Undertaking without reference to Indemnitee’s ability to repay the Expenses. Unless at the time of Indemnitee’s act or omission at issue, the Constituent Documents
prohibit such advances by specific reference to ORC Section l701.13(E)(5)(a) or unless the only liability asserted against Indemnitee in the subject action, suit or proceeding is pursuant to ORC Section 1701.95, Indemnitee shall be eligible to
execute Part A of the Undertaking by which Indemnitee undertakes to: (i) repay such amount if it is proved by clear and convincing evidence in a court of competent jurisdiction that Indemnitee’s action or failure to act involved an act or
omission undertaken with deliberate intent to cause injury to the Company or undertaken with reckless disregard for the best interests of the Company; and (ii) reasonably cooperate with the Company concerning the action, suit, proceeding or
claim. In all cases, Indemnitee shall be eligible to execute Part B of the Undertaking by which Indemnitee undertakes to repay such amount if it ultimately is determined that Indemnitee is not entitled to be indemnified by the Company under this
Agreement or otherwise. In the event that Indemnitee is eligible to and does execute both Part A and Part B of the Undertaking, the Expenses which are paid by the Company pursuant thereto shall be required to be repaid by Indemnitee only if
Indemnitee is required to do so under the terms of both Part A and Part B of the Undertaking. In no event shall Indemnitee’s right to the payment, advancement or reimbursement of Expenses pursuant to this Section 3 be
conditioned upon any undertaking that is less favorable to Indemnitee than, or that is in addition to, the undertakings set forth in Exhibit A. 

4. Indemnification for Expenses Incurred with Respect to Certain Claims Made by Indemnitee. Without limiting the generality or
effect of the foregoing, the Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse 

 Confidential Treatment Requested by Retail Value Inc. RVI-417. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 
Indemnitee for, or advance to Indemnitee, within five business days of such request, any and all Expenses paid or incurred by Indemnitee or which Indemnitee determines are reasonably likely to be
paid or incurred by Indemnitee in connection with any Claim made, instituted or conducted by Indemnitee for (a) indemnification or payment, advancement or reimbursement of Expenses by the Company under any provision of this Agreement, or under
any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Indemnifiable Claims, and/or (b) recovery under any directors’ and officers’ liability insurance policies maintained by the Company,
regardless in each case of whether Indemnitee ultimately is determined to be entitled to such indemnification, reimbursement, advance or insurance recovery, as the case may be; provided, however, that Indemnitee shall return, without
interest, any such advance of Expenses (or portion thereof) which remains unspent at the final disposition of the Claim to which the advance related. 

5. Partial Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a
portion of any Indemnifiable Loss, but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 

6. Procedure for Notification. To obtain indemnification under this Agreement in respect of an Indemnifiable Claim or
Indemnifiable Loss, Indemnitee shall submit to the Company a written request, including a brief description (based upon information then available to Indemnitee) of such Indemnifiable Claim or Indemnifiable Loss. If, at the time of the receipt of
such request, the Company has directors’ and officers’ liability insurance in effect under which coverage for such Indemnifiable Claim or Indemnifiable Loss is potentially available, the Company shall give prompt written notice of such
Indemnifiable Claim or Indemnifiable Loss to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and
copies of all subsequent correspondence between the Company and such insurers regarding the Indemnifiable Claim or Indemnifiable Loss, in each case substantially concurrently with the delivery or receipt thereof by the Company. The failure by
Indemnitee to timely notify the Company of any Indemnifiable Claim or Indemnifiable Loss shall not relieve the Company from any liability hereunder unless, and only to the extent that, the Company did not otherwise learn of such Indemnifiable Claim
or Indemnifiable Loss and such failure results in forfeiture by the Company of substantial defenses, rights or insurance coverage. 
 7.
Determination of Right to Indemnification. 
 (a) Circumstances in Which No Standard of Conduct Determination is Required. To the
extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Indemnifiable Claim or any portion thereof or in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be
indemnified against all Indemnifiable Losses relating to, arising out of or resulting from such Indemnifiable Claim in accordance with Section 2 and no Standard of Conduct Determination shall be required. 

(b) Standard of Conduct Determination Prior to a Change in Control. To the extent that (i) the provisions of
Section 7(a) are inapplicable to an Indemnifiable Claim that shall have been finally disposed of and (ii) a Change in Control shall not have occurred, or a Change 

 Confidential Treatment Requested by Retail Value Inc. RVI-418. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 
in Control shall have occurred but Indemnitee shall have requested that the Standard of Conduct Determination be made pursuant to this Section 7(b), any Standard of
Conduct Determination shall be made (A) by a majority vote of a quorum consisting of the Disinterested Directors, (B) if the Disinterested Directors so direct, by a majority vote of a committee of Disinterested Directors designated by a
majority vote of all Disinterested Directors, or (C) if such quorum of Disinterested Directors is not available or if a majority of such a quorum so directs, by Independent Counsel in a written opinion addressed to the Board, a copy of which
shall be delivered to Indemnitee. 
 (c) Standard of Conduct Determination Following a Change in Control. To the extent that
(i) the provisions of Section 7(a) are inapplicable to an Indemnifiable Claim that shall have been finally disposed of and (ii) a Change in Control shall have occurred and Indemnitee shall not have requested that
the Standard of Conduct Determination be made pursuant to Section 7(b), the Standard of Conduct Determination shall be made by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be
delivered to Indemnitee. 
 (d) Cooperation by Indemnitee. Indemnitee will cooperate with the person or persons making such Standard
of Conduct Determination pursuant to Section 7(b) or Section 7(c), including providing to such person or persons, upon reasonable advance request, any documentation or information which is not
privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such Standard of Conduct Determination. The Company shall indemnify and hold harmless Indemnitee against and, if requested
by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within five business days of such request, any and all costs and expenses (including attorneys’ and experts’ fees and expenses) incurred by Indemnitee in so
cooperating with the person or persons making such Standard of Conduct Determination. 
 (e) Timing of Standard of Conduct
Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 7(b) or Section 7(c) to be made as promptly as
practicable. If (i) the person or persons empowered or selected under Section 7(b) or Section 7(c) to make the Standard of Conduct Determination shall not have made a determination within 30
days after the later of (A) the Notification Date and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, that is permitted under the provisions of Section 7(g)
to make such determination and (ii) Indemnitee shall have fulfilled his/her obligations set forth in the first sentence of Section 7(d), then Indemnitee shall be deemed to have satisfied the applicable standard of
conduct; provided that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person or persons making such Standard of Conduct Determination in good faith
requires such additional time for the obtaining or evaluation or documentation and/or information relating thereto. 
 (f) Timing of
Payment. If (i) Indemnitee shall be entitled to indemnification hereunder against any Indemnifiable Losses pursuant to Section 7(a), (ii) no determination of whether Indemnitee has satisfied any applicable standard
of conduct under Ohio law is a legally required condition precedent to indemnification of Indemnitee hereunder against any Indemnifiable Losses, or (iii) Indemnitee has been determined or deemed pursuant to
Section 7(b), 

 Confidential Treatment Requested by Retail Value Inc. RVI-419. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 
Section 7(c) or Section 7(e) to have satisfied any applicable standard of conduct under Ohio law which is a legally required condition
precedent to indemnification of Indemnitee hereunder against any Indemnifiable Losses, then the Company shall pay to Indemnitee, within five business days after the later of (x) the Notification Date and (y) the earliest date on which the
applicable criterion specified in clause (i), (ii) or (iii) of this Section 7(f) shall have been satisfied, an amount equal to the amount of such Indemnifiable Losses. 

(g) Selection of Independent Counsel. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to
Section 7(b), the Independent Counsel shall be selected by the Board of Directors, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Standard of Conduct
Determination is to be made by Independent Counsel pursuant to Section 7(c), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of
the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five business days after receiving written notice of selection from the other, deliver to the other a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of “Independent Counsel” set forth in
Section 1(l), and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written
objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit
and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative
Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences and clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of
the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 7(g) to make the Standard of Conduct
Determination shall have been selected within 30 days after the Company gives its initial notice pursuant to the first sentence of this Section 7(g) or Indemnitee gives its initial notice pursuant to the second sentence of
this Section 7(g), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the
other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person or firm selected by the court or by such other person as the court shall designate, and the person or firm with respect to whom all
objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent
Counsel’s determination pursuant to Section 7(b) or Section 7(c). 
 8.
Presumption of Entitlement. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct, and the Company may overcome such
presumption only by its adducing clear and convincing evidence to the contrary. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by Indemnitee in the 

 Confidential Treatment Requested by Retail Value Inc. RVI-420. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 
state or federal courts in Ohio. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct shall
be a defense to any Claim by Indemnitee for indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct. 

9. No Other Presumption. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether
with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or that indemnification hereunder is otherwise
not permitted. 
 10. Non-Exclusivity. The rights of Indemnitee hereunder will be in
addition to any other rights Indemnitee may have under any Other Indemnity Provisions; provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity
Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement
as of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt any amendment to any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee’s right to
indemnification under this Agreement or any Other Indemnity Provision. 
 11. Liability Insurance and Funding. For the
duration of Indemnitee’s service as a director and/or officer of the Company, and thereafter for so long as Indemnitee shall be subject to any pending or possible Indemnifiable Claim, the Company shall use commercially reasonable efforts
(taking into account the scope and amount of coverage available relative to the cost thereof) to cause to be maintained in effect policies of directors’ and officers’ liability insurance providing coverage for directors and/or officers of
the Company that is at least substantially comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’ liability insurance. The Company shall provide Indemnitee with a copy of all
directors’ and officers’ liability insurance policies in effect from time to time. Without limiting the generality or effect of the two immediately preceding sentences, the Company shall not discontinue or significantly reduce the scope or
amount of coverage from one policy period to the next (i) without the prior approval thereof by a majority vote of the Incumbent Directors, even if less than a quorum, or (ii) if at the time that any such discontinuation or significant
reduction in the scope or amount of coverage is proposed there are no Incumbent Directors, without the prior written consent of Indemnitee (which consent shall not be unreasonably withheld or delayed). In all policies of directors’ and
officers’ liability insurance obtained by the Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits, subject to the same limitations, as are accorded to the Company’s
directors and officers most favorably insured by such policy. The Company may, but shall not be required to, create a trust fund, grant a security interest or use other means, including a letter of credit, to ensure the payment of such amounts as
may be necessary to satisfy its obligations to indemnify and advance expenses pursuant to this Agreement. 

 Confidential Treatment Requested by Retail Value Inc. RVI-421. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 12. Subrogation. In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the related rights of recovery of Indemnitee against other persons or entities (other than Indemnitee’s successors), including any entity or enterprise referred to in clause
(i) of the definition of “Indemnifiable Claim” in Section 1(j). Indemnitee shall execute all papers reasonably required to evidence such rights (all of Indemnitee’s reasonable Expenses,
including attorneys’ fees and charges, related thereto to be reimbursed by or, at the option of Indemnitee, advanced by the Company). 

13. No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in
respect of any Indemnifiable Losses to the extent Indemnitee has otherwise actually received payment (net of Expenses incurred in connection therewith) under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise
(including from any entity or enterprise referred to in clause (i) of the definition of “Indemnifiable Claim” in Section 1(j)) in respect of such Indemnifiable Losses otherwise indemnifiable
hereunder. 
 14. Defense of Claims. The Company shall be entitled to participate in the defense of any Indemnifiable Claim or
to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee; provided that if Indemnitee believes, after consultation with counsel selected by Indemnitee, that (a) the use of counsel chosen by the Company to
represent Indemnitee would present such counsel with an actual or potential conflict, (b) the named parties in any such Indemnifiable Claim (including any impleaded parties) include both the Company and Indemnitee and Indemnitee shall conclude
that there may be one or more legal defenses available to Indemnitee that are different from or in addition to those available to the Company, or (c) any such representation by such counsel would be precluded under the applicable standards of
professional conduct then prevailing, then Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any particular Indemnifiable Claim) at the Company’s expense.
The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Indemnifiable Claim effected without the Company’s prior written consent. The Company shall not, without the
prior written consent of Indemnitee, effect any settlement of any threatened or pending Indemnifiable Claim to which Indemnitee is, or could have been, a party unless such settlement solely involves the payment of money and includes a complete and
unconditional release of Indemnitee from all liability on any claims that are the subject matter of such Indemnifiable Claim. Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed settlement; provided that
Indemnitee may withhold consent to any settlement that does not provide a complete and unconditional release of Indemnitee. 
 15.
Successors and Binding Agreement. (a) The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the
Company, by agreement in form and substance satisfactory to Indemnitee and his or her counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such
succession had taken place. This Agreement shall be binding upon and inure to the benefit of the Company and any successor to the Company, including any person acquiring directly or indirectly all or substantially all of the business or assets of
the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the “Company” for purposes of this Agreement), but shall not otherwise be assignable or
delegatable by the Company. 

 Confidential Treatment Requested by Retail Value Inc. RVI-422. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 (b) This Agreement shall inure to the benefit of and be enforceable by Indemnitee’s
personal or legal representatives, executors, administrators, heirs, distributees, legatees and other successors. 
 (c) This Agreement is
personal in nature and neither of the parties hereto shall, without the consent of the other, assign or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Section 15(a) and
Section 15(b). Without limiting the generality or effect of the foregoing, Indemnitee’s right to receive payments hereunder shall not be assignable, whether by pledge, creation of a security interest or otherwise,
other than by a transfer by Indemnitee’s will or by the laws of descent and distribution, and, in the event of any attempted assignment or transfer contrary to this Section 15(c), the Company shall have no liability to
pay any amount so attempted to be assigned or transferred. 
 16. Notices. For all purposes of this Agreement, all
communications, including notices, consents, requests or approvals, required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission
(with receipt thereof orally confirmed), or five business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid or one business day after having been sent for next day delivery by a
nationally recognized overnight courier service, addressed to the Company (to the attention of the Secretary of the Company) and to Indemnitee at the applicable address shown on the signature page hereto, or to such other address as any party may
have furnished to the other in writing and in accordance herewith, except that notices of changes of address will be effective only upon receipt. 

17. Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by and
construed in accordance with the substantive laws of the State of Ohio, without giving effect to the principles of conflict of laws of such State. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the state and
federal courts in Ohio for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the state or federal courts in
Ohio. 
 18. Validity. If any provision of this Agreement or the application of any provision hereof to any person or
circumstance is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstance shall not be affected, and the provision so held to be invalid, unenforceable
or otherwise illegal shall be reformed to the extent, and only to the extent, necessary to make it enforceable, valid or legal. In the event that any court or other adjudicative body shall decline to reform any provision of this Agreement held to be
invalid, unenforceable or otherwise illegal as contemplated by the immediately preceding sentence, the parties thereto shall take all such action as may be necessary or appropriate to replace the provision so held to be invalid, unenforceable or
otherwise illegal with one or more alternative provisions that effectuate the purpose and intent of the original provisions of this Agreement as fully as possible without being invalid, unenforceable or otherwise illegal. 

 Confidential Treatment Requested by Retail Value Inc. RVI-423. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 19. Prior Agreements. This Agreement shall supersede any and all prior
indemnification agreements between the Company and Indemnitee. 
 20. Miscellaneous. No provision of this Agreement may be
waived, modified or discharged unless such waiver, modification or discharge is agreed to in writing signed by Indemnitee and the Company. No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any
condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or
otherwise, expressed or implied with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement. 

21. Legal Fees and Expenses. It is the intent of the Company that Indemnitee not be required to incur legal fees and or other
Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be
extended to Indemnitee hereunder. Accordingly, without limiting the generality or effect of any other provision hereof, if it should appear to Indemnitee that the Company has failed to comply with any of its obligations under this Agreement
(including its obligations under Section 3) or in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other
action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, the Company irrevocably authorizes Indemnitee from time to time to retain counsel of Indemnitee’s
choice, at the expense of the Company as hereafter provided, to advise and represent Indemnitee in connection with any such interpretation, enforcement or defense, including the initiation or defense of any litigation or other legal action, whether
by or against the Company or any director, officer, shareholder or other person affiliated with the Company, in any jurisdiction. Notwithstanding any existing or prior attorney-client relationship between the Company and such counsel, the Company
irrevocably consents to Indemnitee’s entering into an attorney-client relationship with such counsel, and in that connection the Company and Indemnitee agree that a confidential relationship shall exist between Indemnitee and such counsel.
Without respect to whether Indemnitee prevails, in whole or in part, in connection with any of the foregoing, the Company will pay and be solely financially responsible for any and all attorneys’ and related fees and expenses incurred by
Indemnitee in connection with any of the foregoing. 
 22. Certain Interpretive Matters. Unless the context of this Agreement
otherwise requires, (a) “it” or “its” or words of any gender include each other gender, (b) words using the singular or plural number also include the plural or singular number, respectively, (c) the terms
“hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Agreement, (d) the terms “Article,” “Section,” “Annex” or “Exhibit” refer to the specified
Article, Section, Annex or Exhibit of or to this Agreement, (e) the terms “include,” “includes” and “including” will be deemed to be followed by the words “without limitation” (whether or not so
expressed), (f) the word “or” is disjunctive but not exclusive, and (g) descriptive headings of the Sections 

 Confidential Treatment Requested by Retail Value Inc. RVI-424. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 
and subsections of this Agreement are inserted for convenience only and will not control or affect the meaning or construction of any of the provisions of this Agreement. Whenever this Agreement
refers to a number of days, such number will refer to calendar days unless business days are specified and whenever action must be taken (including the giving of notice or the delivery of documents) under this Agreement during a certain period of
time or by a particular date that ends or occurs on a non-business day, then such period or date will be extended until the immediately following business day. As used herein, “business day” means
any day other than Saturday, Sunday or a United States federal holiday. 
 23. Counterparts. This Agreement may be executed in
one or more counterparts, each of which will be deemed to be an original but all of which together shall constitute one and the same agreement. 

[Signatures Appear On Following Page] 

 Confidential Treatment Requested by Retail Value Inc. RVI-425. 

Pursuant to 17 C.F.R. Section 200.83. 
  

 IN WITNESS WHEREOF, Indemnitee has executed, and the Company has caused its duly authorized
representative to execute, this Agreement as of the date first above written. 
  

			
	 RETAIL VALUE INC.
 3300
Enterprise Parkway
 Beachwood, Ohio 44122

		
	By	 	  

		 	Name:
		 	Title:
	
	[INDEMNITEE]
	[Address]
	
	  

	[Indemnitee]EX-10.1

 Exhibit 10.1 

SHAREHOLDER AGREEMENT 

THIS SHAREHOLDER AGREEMENT (this “Agreement”), dated as of May 31, 2018, is made by and among PLAYA HOTELS &
RESORTS N.V., a limited liability company (naamloze vennootschap) organized under the laws of the Netherlands, having its corporate seat at Amsterdam and its registered address at Prins Bernhardplein 200, 1097 JB Amsterdam, the
Netherlands, registered with the Dutch trade register under number: 67450628 (the “Company”), JCSD TRUSTEE SERVICES LIMITED, a company incorporated under the laws of Jamaica and having its registered office at 40 Harbour Street in
the City and Parish of Kingston (“JCSD”), and X FUND PROPERTIES LIMITED, a company incorporated under the laws of Jamaica and having its registered office at 28-48 Barbados Avenue, Kingston 5 in the Parish of Saint Andrew, Jamaica
(“X Fund Properties”) (JCSD and X Fund Properties are herein collectively called the “Designating Shareholder”). 

RECITALS 
 WHEREAS, the
Company and the Designating Shareholder have entered into that certain Share Exchange Implementation Agreement, dated as of February 26, 2018 (the “Transaction Agreement”), pursuant to which the Designating Shareholder is
contributing to a subsidiary of the Company a portfolio of all-inclusive resorts in Jamaica, two adjacent developable land sites and a management contract for an
all-inclusive resort (the “Transaction”); 
 WHEREAS, in accordance with the terms
of the Transaction Agreement, at the Company’s annual general meeting of shareholders held on May 10, 2018, the Company conditionally nominated for election to the board of directors of the Company (the “Board”) two
individuals, Richard Byes and Christopher Zacca, as non-executive directors, who were selected by the Designating Shareholder; 

WHEREAS, at the annual general meeting of shareholders held on May 10, 2018, Richard Byles and Christopher Zacca were elected by the
general meeting of shareholders of the Company to serve as non-executive directors of the Company for a term beginning on the consummation of the Transaction and ending immediately after the annual general
meeting of shareholders of the Company to be held in 2019; 
 WHEREAS, as of the date hereof, the Transaction has been consummated and the
election of Richard Byles and Christopher Zacca as non-executive directors of the Company has become effective; and 

WHEREAS, the Designating Shareholder and the Company desire to enter into this Agreement in connection with the Transaction in order to
establish various arrangements with respect to the governance of the Company effective as of the consummation of the Transaction. 

 NOW, THEREFORE, the parties hereto, in consideration of the foregoing, the mutual covenants and
agreements hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, hereby agree as follows: 

ARTICLE I. 
 DEFINITIONS 

SECTION 1.1    Definitions. The following capitalized terms used but not otherwise defined herein have the meanings set forth
below: 
 “Affiliate” means, with respect to any Person, (i) any other Person directly or indirectly controlling,
controlled by or under common control with such first Person, (ii) any other Person owning or controlling 25.0% or more of the outstanding voting securities or beneficial interests of such first Person, and (iii) any officer, director,
trustee, general partner or managing member of such first Person. Terms such as “affiliated” and other correlative terms shall have corresponding meanings. 

“Agreement” has the meaning set forth in the Preamble. 

“Articles” means the Articles of Association of the Company, as such Articles of Association may be amended, restated or
otherwise modified from time to time pursuant to their terms. 
 “Board” has the meaning set forth in the Recitals. 

“CEO Director” means the CEO of the Company (uitvoerende bestuurder) in his or her capacity as a Director. 

“Company” has the meaning set forth in the Preamble. 

“Designated Director” means any person designated to be a Director by the Designating Shareholder pursuant to
Section 2.2(a). 
 “Designating Shareholder” has the meaning set forth in the Preamble. 

“Director” means a member of the board of directors of the Company. 

“Exchange” has the meaning set forth in Section 2.1. 

“Governmental Entity” means any court, governmental, regulatory or administrative agency or commission or other governmental
authority or instrumentality, domestic or foreign, or other body having governmental, quasi-governmental or adjudicatory powers or any (public or private) arbitrator or arbitral body. 

“JCSD” has the meaning set forth in the Preamble. 

“Mr. Wardinski” means Bruce D. Wardinski, a U.S. National, with an address at c/o Playa Management USA,
3950 University Drive, Suite 301, Fairfax, Virginia 22030. 
 “NAI” has the meaning set forth in
Section 5.6. 
 “Permitted Holder” means, with respect to any Person, any Affiliate of such
Person. 

  
 2 

 “Permitted Transfer” means a mortgage, charge, pledge, lien or other security interest
granted to any security trustee to secure obligations under any of the Secured Bonds. 
 “Person” means any individual,
partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, association or unincorporated organization, or any other form of business or professional entity, but shall not include a Governmental Entity.

 “SEC” means the United States Securities and Exchange Commission. 

“Secured Bonds” means (i) the X Fund Properties Limited Fixed Secured Bonds (No. 2) due 2018- 2056; (ii) the X Fund Properties
Limited Fixed Secured Bonds due 2018 - 2020; (iii) the Sagicor Real Estate X Fund Senior Secured Notes due 2018 - 2021 and (iv) any bond or notes issued to replace or redeem any of the foregoing bonds or notes. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Shareholder Meeting” means any meeting or written resolution in lieu of a meeting of the holders of Shares, as applicable,
and any other Person with meeting rights, in each case held or resolved in accordance with the Articles and Book 2 of the Netherlands Civil Code. 

“Shares” means shares in the capital of the Company, par value EUR 0.10 per share. 

“Transaction” has the meaning set forth in the Recitals. 

“Transaction Agreement” has the meaning set forth in the Recitals. 

“Transfer” means, with respect to any Shares, every absolute or conditional method of transferring a legal or equitable,
record or beneficial, direct or indirect ownership (including through the transfer of capital stock of any Person that holds, or controls any Person that holds, such interest) of such Shares, or a part thereof, whether voluntarily, involuntarily, or
by operation of law (including a change in beneficiaries or trustees of a trust) and including directly or indirectly selling, assigning, transferring, conveying, giving away, pledging, mortgaging, or otherwise creating, incurring or assuming any
encumbrance with respect to, such interest other than a Permitted Transfer. 
 “X Fund Properties” has the meaning set
forth in the Preamble. 
 ARTICLE II. 

BOARD OF DIRECTORS 
 SECTION
2.1    Composition of Board. As of the date hereof, the Board is composed of twelve (12) Directors, consisting of eleven (11) non-executive directors and
Mr. Wardinski, as the CEO Director. The non-executive directors of the Company shall be nominated by the Board in accordance with the Articles, this Agreement and the shareholder agreement, dated as of
March 10, 2017, by and among the Company. Playa Four Pack, L.L.C., Cabana Investors B.V., HI Holdings Playa B.V. and TPG Pace Sponsor, LLC. As of the date hereof, each of the Directors, other than the CEO Director, is an “Independent
Director” within the meaning of the 

  
 3 

 
listing rules of the applicable exchange (initially Nasdaq) on which the Shares are then listed (the “Exchange”). The size of the Board shall be subject to increase or reduction
in accordance with the Articles; provided that no such reduction shall reduce the number of Directors that the Designating Shareholder is entitled to nominate pursuant to this Agreement. 

SECTION 2.2    Nomination of Directors. 

(a)    Beginning with the annual Shareholders Meeting to be held in 2019: 

(i) so long as the Designating Shareholder and its Permitted Holders hold more than 18,000,000 Shares (as adjusted for stock splits, stock
dividends, reclassification and the like) as of the relevant Registration Date (as defined in the Articles) in respect of a Shareholders Meeting, the Company shall include two (2) persons designated by the Designating Shareholder as members of
the slate of Board nominees proposed by the Board for election by the Company’s shareholders at the annual Shareholders Meeting and, subject to the Board’s fiduciary duties, shall recommend that the Company’s shareholders vote in
favor of the election of both such nominees; and 
 (ii) if the Designating Shareholder and its Permitted Holders hold more than
10,000,000 Shares (as adjusted for stock splits, stock dividends, reclassification and the like) and 18,000,000 or fewer Shares (as adjusted for stock splits, stock dividends, reclassification and the like) as of the relevant Registration Date (as
defined in the Articles) in respect of a Shareholders Meeting, the Company shall include one (1) person designated by the Designating Shareholder as a member of the slate of Board nominees proposed by the Board for election by the
Company’s shareholders at the annual Shareholders Meeting and, subject to the Board’s fiduciary duties, shall recommend that the Company’s shareholders vote in favor of the election of such nominee. 

(b)    For purposes of this Agreement, Shares that are subject to any swap or other arrangement that transfers, in whole
or in part, any of the economic consequences of ownership of the Shares to any Person other than the Designating Shareholder or its Permitted Holders shall not be counted for purposes of calculating the number of Shares held by the Designating
Shareholder. 
 (c)    The Board shall not withdraw any nomination or, subject to the Board’s fiduciary duties,
recommendation required under Section 2.2(a), unless the Designating Shareholder delivers to the Board a written request for such withdrawal. Further, (i) for any Shareholders Meeting of the Company’s shareholders
for the election of members of the Board, the Board shall not nominate, in the aggregate, a number of nominees greater than the number of members of the Board, (ii) subject to the Board’s fiduciary duties, the Board shall not recommend the
election of any other person to a position on the Board for which a Designated Director has been nominated, and (iii) the Company shall use commercially reasonable efforts to cause each Designated Director to be elected to the Board. If elected
to the Board, each Designated Director will hold his or her office as a member of the Board for such term as is provided in the Articles, or until his or her death, resignation or removal from the Board or until his or her successor has been duly
elected and qualified in accordance with the provisions of this Agreement, the Articles and applicable law. 

  
 4 

 (d)    If the ownership of outstanding Shares by the Designating Shareholder
and its Permitted Holders falls below any threshold set forth in Section 2.2(a) above, the number of Directors that the Designating Shareholder shall be entitled to designate for nomination at any Shareholders Meeting for
the election of members of the Board held (or given) after such time shall be reduced to such number that does not exceed the number that the Designating Shareholder is then entitled to designate for nomination pursuant to
Section 2.2(a), and the Designating Shareholder shall cause one or more, as applicable, of the applicable Designated Directors to resign as of the date that is the earlier of the end of such Director’s term and one
month from the date on which the ownership of Shares fell below the applicable threshold if the nominating committee of the Board requests the resignation of such Designated Directors, and the number of directors that the Designating Shareholder
shall be entitled to so designate shall be forever so reduced, even if the Designating Shareholder or its Permitted Holders shall subsequently acquire additional Shares. For the avoidance of doubt, if the ownership of outstanding Shares by the
Designating Shareholder and its Permitted Holders falls below any threshold set forth in Section 2.2(a) above after the filing of the Company’s proxy statement relating to the election of the Designated Directors but
before the Shareholders Meeting with respect to the election of such Designated Directors, the Board shall be entitled, in its sole discretion, to remove from the slate of Board nominees one or more Designated Directors so that the number of
Designated Directors subject to election at the Shareholders Meeting does not exceed the number of Directors that the Designating Shareholder is then entitled to designate for nomination pursuant to Section 2.2(a). 

(e)    The Designating Shareholder shall cause any of its Designated Directors to resign promptly from the Board if such
Designated Director, as determined by the Board in good faith after consultation with outside legal counsel, (i) is prohibited or disqualified from serving as a director of the Company under any rule or regulation of the SEC, the Exchange, or
by applicable law, (ii) has engaged in acts or omissions constituting a breach of the Designated Director’s fiduciary duties to the Company or its shareholders, (iii) has engaged in acts or omissions that involve intentional
misconduct or an intentional violation of law or (iv) has engaged in any transaction involving the Company from which the Designated Director derived an improper personal benefit that was not disclosed to the Board prior to the authorization of
such transaction; provided, however, that, subject to the limitations set forth in Section 2.2(a), the Designating Shareholder shall have the right to replace such resigning Designated Director with a new Designated
Director, such newly named Designated Director to be appointed promptly to the Board in place of the resigning Designated Director in the manner set forth in the Company’s governing documents for filling vacancies on the Board. Nothing in this
paragraph (e) or elsewhere in this Agreement shall confer any third-party beneficiary or other rights upon any person designated hereunder as a Designated Director, whether during or after such person’s service on the Board. 

  
 5 

 (f)    For so long as the Designating Shareholder has the right to designate
at least one (1) Designated Director for nomination to the Board pursuant to Section 2.2(a) above, the Board shall fill vacancies created by reason of death, removal or resignation of any Designated Director promptly
upon request by the Designating Shareholder and only as directed by the Designating Shareholder, subject to the terms and conditions set forth in Section 2.2(a) above and Sections 2.2(g) and 2.2(h) below. 

(g)    The Designating Shareholder shall only designate a person to be a Designated Director (i) who the Designating
Shareholder believes in good faith has the requisite skill and experience to serve as a director of a publicly-traded company, (ii) who is not prohibited from or disqualified from serving as a director of the Company pursuant to any rule or
regulation of the SEC, the Exchange, or applicable law, (iii) who meets the independence standards established by the Exchange, and (iv) with respect to whom no event required to be disclosed pursuant to Item 401(f) of Regulation S-K of the 1934 Act has occurred. In the event that the members of the Board object to the nomination, election or appointment of any Designated Director to the Board pursuant to the terms of this
Section 2.2(g), the Board shall nominate or appoint, as applicable, another individual designated by the Designating Shareholder as the Designating Shareholder’s Designated Director nominated for election to the Board, who meets the
criteria set forth in this Section 2.2(g) and Section 2.2(h). 
 (h)    Notwithstanding anything
to the contrary in this Section 2.2, nothing shall prevent the Directors from acting in accordance with their respective fiduciary duties or applicable law or stock exchange requirements. The Board shall have no obligation to nominate,
elect or appoint any Designated Director if such nomination, election or appointment would violate applicable law or Exchange requirements or result in a breach by the Board of its fiduciary duties to its shareholders; provided,
however, that the foregoing shall not affect the right of the Designating Shareholder to designate an alternative individual as the Designating Shareholder’s Designated Director nominated for election to the Board, subject to the other
terms, conditions and provisions in this Article II. 
 (i)    The Designating Shareholder shall exercise its
voting rights as a holder of Shares of the Company in order (insofar as it is able to do so through the exercise of such rights) to give full effect to the terms of this Agreement, including (i) to vote in favor of the election of any person
nominated by the Designating Shareholder to be a Director, if the election of such person is recommended by the Board, (ii) to prevent the Articles from being amended in a manner inconsistent with this Agreement, (iii) to dismiss the
Designating Shareholder’s designee Director who has not timely resigned as required pursuant to the terms of this Agreement and (iv) to hold any necessary meetings of the holders of Shares (or execute and deliver consents in lieu of
meetings of holders of Shares), and approve any resolutions at such meetings, that are necessary to effect the terms of this Agreement. 
 (j)    Non-employee Directors shall receive customary director compensation, as established by the Board. All Directors shall be reimbursed for reasonable and customary travel and lodging
expenses upon submission of proper receipts. 

  
 6 

 ARTICLE III. 

OTHER COVENANTS 
 SECTION
3.1    Coordination. The Designating Shareholder agrees to communicate in advance, and consult in good faith, with the Company (i) as to its proposed Transfer of Shares that would or would reasonably be expected to
constitute a change of control under the Company’s or its subsidiaries’ loan, credit or other debt facilities in place from time to time and (ii) with respect to the execution of the Designating Shareholder’s monetization
objectives. Notwithstanding anything to the contrary in this Agreement, each party hereto may purchase or otherwise acquire, or sell or otherwise dispose of, Shares of the Company in its sole discretion. 

SECTION 3.2    Confidentiality. To the extent that the information and other material furnished under or in
connection with this Agreement by or on behalf of the Company (in any case, whether furnished before, on or after the date hereof) constitutes or contains confidential business, financial or other information of the Company, the Designating
Shareholder or its Affiliates, each party hereto covenants for itself and its directors, officers, employees and shareholders that it shall use due care to prevent its officers, directors, partners, employees, counsel, accountants and other
representatives from disclosing such information to Persons other than to their respective authorized employees, counsel, accountants, advisers, shareholders, partners, limited partners or members (or proposed shareholders, partners, limited
partners or members or advisers of such persons), and other authorized representatives, in each case, so long as such Person agrees to keep such information confidential in accordance with the terms hereof; provided, however, that the
Company and the Designating Shareholder may disclose or deliver any information or other material disclosed to or received by such Person should such Person be advised by its counsel that such disclosure or delivery is required by law, regulation or
judicial or administrative order or process and in any such instance the Person, as the case may be, making such disclosure shall use commercially reasonable efforts to consult with the Company prior to making any such disclosure. Notwithstanding
the foregoing, the Designating Shareholder will be permitted to disclose any information or other material disclosed to or received by them hereunder and not be required to provide the aforementioned notice, if such disclosure is in connection with
or in pursuance of (a) a routine audit by a regulatory or self-regulatory authority that maintains jurisdiction over such Person, or (b) the enforcement of any right or remedy relating to this Agreement, or (c) the disclosure rules or
requirements of the Jamaica Stock Exchange. For purposes of this Section 3.2, “due care” means at least the same level of care that the applicable Person would use to protect the confidentiality of its own
sensitive or proprietary information. This Section 3.2 shall not apply to information that is or becomes publicly available (other than to a Person who by breach of this Agreement has caused such information to become
publicly available). This Section 3.2 shall survive termination of this Agreement (in whole or in part). 

SECTION 3.3    No Conflicting Agreements. For so long as this Agreement remains in effect, neither the Company nor
the Designating Shareholder shall enter into any shareholder agreement or arrangement of any kind with any Person with respect to any Shares or other securities, or otherwise act or agree to act in concert with any Person with respect to any Shares
or other securities, to the extent such agreement, arrangement, or concerted act would controvert 

  
 7 

 
or otherwise be inconsistent, in any material respect, with the provisions of this Agreement. To the extent permitted by law, the terms of this Agreement shall, among the parties hereto, prevail
over the terms of the Articles to the extent the terms of the Articles and this Agreement conflict. 
 SECTION
3.4    Further Assurances. Subject to any confidentiality limitations set forth in Section 3.2, each party hereto shall take such further action as any other party hereto reasonably may request,
all at the requesting party’s sole cost and expense, in obtaining any consent, approval, authorization or clearance that the Company or the Designating Shareholder may need to obtain from a Person or a Governmental Entity in connection with the
business or operations of the Company (including any sales of the assets of the Company or its Subsidiaries as contemplated hereby) or any Affiliate of such Person, including providing all necessary information, documentation and communications to
such Person or Governmental Entity, as the case may be; provided that no party hereto shall be required (a) to provide confidential business information, (b) to submit to any restriction or modification, (c) to agree to sell
any assets or (d) to take any other action, in each case, with respect to the business or operations of such party and its Affiliates. In furtherance of the foregoing, each of the Company and the Designating Shareholder agrees to execute and
deliver all such further documents and do all acts and things that from time to time may reasonably be required to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement. 

ARTICLE IV. 
 TERM 

SECTION 4.1    Term. All provisions of this Agreement shall terminate upon the expiration of the term or the death,
resignation or removal of the Designated Director or Designated Directors appointed at the last Shareholder Meeting held prior to such date on which the Designating Shareholder is no longer entitled to nominate Directors under
Section 2.2. If the ownership of outstanding Shares by the Designating Shareholder and its Permitted Holders falls below the number of Shares set forth in
Section 2.2(a) above required for the Designating Shareholder to be entitled to nominate at least one Director, this Agreement shall immediately terminate and the Designating Shareholder shall no longer have any rights,
duties or obligations under this Agreement. The Company waives its rights under articles 6:265 to 6:272 inclusive of the Dutch Civil Code to rescind (ontbinden) or demand in legal proceedings the rescission (ontbinding), in whole or in
part, of this Agreement. 
 ARTICLE V. 

MISCELLANEOUS 
 SECTION
5.1    Waiver. No waiver by a party hereto shall be effective unless made in a written instrument duly executed by the party against whom such waiver is sought to be enforced, and only to the extent set forth in such
instrument. Neither the waiver by any of the parties hereto of a breach or a default under any of the provisions of this Agreement, nor the failure of any of the parties, on one or more occasions, to enforce any of the provisions of this Agreement
or to exercise any right or privilege hereunder shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights or privileges hereunder. 

  
 8 

 SECTION 5.2    Notices. Any notice or communication required or
permitted hereunder shall be in writing and either delivered personally, telegraphed, emailed or telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to
be given and received (a) when so delivered personally, (b) upon receipt of an appropriate electronic answerback or confirmation when so delivered by telegraph or telecopy (to such number specified below or another number or numbers as
such Person may subsequently designate by notice given hereunder), (c) when sent, with no mail undeliverable or other rejection notice, if sent by email, or (d) five (5) Business Days after the date of mailing to the address set forth on
Schedule 1 attached to this Agreement or to such other address or addresses as the applicable Person may hereafter designate by notice given hereunder. 

SECTION 5.3    Rules of Construction. 

(a)    Each of the parties hereto acknowledges that it has been represented by counsel of its choice throughout all
negotiations that have preceded the execution of this Agreement and that it has executed the same with the advice of said independent counsel. Each party and its counsel cooperated in the drafting and preparation of this Agreement and the documents
referred to herein, and any and all drafts relating thereto exchanged between the parties shall be deemed the work product of the parties and may not be construed against any party by reason of its preparation. Accordingly, any rule of law or any
legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted it is of no application and is hereby expressly waived. 

(b)    All references in this Agreement to Schedules, Sections, subsections and other subdivisions refer to the
corresponding Schedules, Sections, subsections and other subdivisions of this Agreement unless expressly provided otherwise. Titles appearing at the beginning of any Sections, subsections or other subdivisions of this Agreement are for convenience
only, do not constitute any part of such Sections, subsections or other subdivisions, and shall be disregarded in construing the language contained therein. The words “this Agreement”, “herein”,
“hereby”, “hereunder” and “hereof” and words of similar import, refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The words “this
Section”, “this subsection” and words of similar import, refer only to the Sections or subsections hereof in which such words occur. The word “including” (in its various forms) means “including,
without limitation”.    Pronouns in masculine, feminine or neuter genders shall be construed to state and include any other gender and words, terms and titles (including terms defined herein) in the singular form shall
be construed to include the plural and vice versa, unless the context otherwise expressly requires. Unless the context otherwise requires, all defined terms contained herein shall include the singular and plural and the conjunctive and disjunctive
forms of such defined terms. Unless the context otherwise requires, all references to a specific time shall refer to New York, New York time. 

SECTION 5.4    Counterparts. 

This Agreement may be executed in two (2) or more counterparts (including by electronic means), all of which shall be considered one and the same
agreement and shall become effective when signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. 

  
 9 

 SECTION 5.5    Entire Agreement; Third Party Beneficiaries. This
Agreement (together with all Schedules and any other documents and instruments referred to herein) constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the
subject matter hereof. This Agreement is not intended to confer upon any Person other than the parties hereto any rights or remedies hereunder. 

SECTION 5.6    Governing Law; Jurisdiction. This Agreement is
governed by and should be construed in accordance with Dutch law. The Parties agree that any dispute in connection with this Agreement or any agreement resulting therefrom shall be exclusively and finally settled in accordance with the Arbitration
Rules of the Netherlands Arbitration Institute (Nederlands Arbitrage Instituut) (the “NAI”) in force as of the date hereof. The arbitral proceedings and all documents delivered to or by the arbitrators shall be
conducted in English. The place of arbitration shall be Amsterdam. The arbitral tribunal shall comprise three arbitrators. Each Party shall appoint one arbitrator and the NAI shall appoint a third arbitrator who shall be the chairman of the
arbitration tribunal. If a Party has not appointed an arbitrator within thirty (30) calendar days of having requested or received notice of the arbitration, such arbitrator shall be appointed by the NAI. The arbitral tribunal shall decide the
controversy in accordance with the rules of Dutch law. The Parties shall not be precluded from applying for injunctive relief in summary proceedings (kort geding) before any competent court instead of arbitrators. The
arbitration panel may only award damages as provided for under the terms of this Agreement, it being understood that the word “damages” in this Agreement shall have the meaning as defined in Article 6:96 of the Dutch Civil Code, but
excluding consequential damages, indirect damages, loss of opportunity and punitive damages. The arbitration award must be in writing, must provide in reasonable detail the reasoning of the award and must be issued within a six (6) months
period as of the date in which the last of the arbitrators accepted the appointment. In the event of any conflict between the rules of the NAI and any provisions of this Agreement, this Agreement shall govern. 

SECTION 5.7    Headings and Interpretation. All section and subsection headings in this Agreement are for
convenience of reference only and are not intended to qualify the meaning, construction or scope of any of the provisions hereof. 
 SECTION
5.8    Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by the Designating Shareholder (whether by operation of law or otherwise) without the prior written
consent of the Company; provided, however, that the rights of the Designating Shareholder may be assigned by the Designating Shareholder to a Permitted Holder thereof; provided, further, that such Permitted Holder agrees
in writing to be bound by and subject to the terms and conditions of this Agreement. This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties hereto and their
respective successors and assigns. Any purported assignment in violation of this Section 5.8 shall be void. 

SECTION 5.9    Amendment or Modification of Agreement. This Agreement may be amended or modified from time
to time only by a written instrument executed and agreed to by 

  
 10 

 
the Company and the Designating Shareholder; provided that if a higher percentage or the unanimous consent of all parties hereto is required pursuant to the laws of The Netherlands, then
such higher percentage or unanimous consent shall be required. 
 SECTION 5.10    Saving Clause. If any provision
of this Agreement, or the application of such provision to any Person or circumstance, is held invalid, the remainder of this Agreement, or the application of such provision to Persons or circumstances other than those as to which it is held
invalid, shall not be affected thereby. If the operation of any provision of this Agreement would contravene the provisions of any applicable law, such provision shall be void and ineffectual. In the event that applicable law is subsequently amended
or interpreted in such a way to make any provision of this Agreement that was formerly invalid valid, such provision shall be considered to be valid from the effective date of such interpretation or amendment. 

SECTION 5.11    Representations. Each of the parties hereto, as to itself only, represents that this Agreement has
been duly authorized and executed by it and that all necessary corporate actions have been taken by it in order for this Agreement to be enforceable against it under all applicable laws. Each party hereto, as to itself only, further represents that
all Persons signing this Agreement on such party’s behalf have been duly authorized to do so. 
 SECTION
5.12    Specific Performance. The parties hereto agree that irreparable damage would occur in the event the provisions of this Agreement were not performed in accordance with the terms hereof, and that the Designating
Shareholder and the Company shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity. 

[Signature Page Follows] 

  
 11 

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

			
	DESIGNATING SHAREHOLDER:
	
	X FUND PROPERTIES LIMITED
		
	By:	 	 /s/ Richard Byles

	Name:	 	Richard Byles
	Title:	 	Director
		
	By:	 	 /s/ Christopher Zacca

	Name:	 	Christopher Zacca
	Title:	 	Director
	
	JCSD TRUSTEE SERVICES LIMITED
		
	By:	 	 /s/ Marlene Street Forrest

	Name:	 	Marlene Street Forrest
	Title:	 	Director
		
	By:	 	 /s/ Kadyll McNaught-Hermiff

	Name:	 	Kadyll McNaught-Hermiff
	Title:	 	Seccretary

  
 [Signature Page to
Shareholder Agreement] 

 
			
	THE COMPANY:
	
	PLAYA HOTELS & RESORTS N.V.
		
	By:	 	 /s/ Bruce D. Wardinski

	Name:	 	Bruce D. Wardinski
	Title:	 	Chief Executive Officer and CEO Director

  
 [Signature Page to
Shareholder Agreement] 

 SCHEDULE 1 

Notices 
 If to the Company: 

Playa Hotels & Resorts N.V. 

c/o Playa Management USA LLC 

3950 University Drive, Suite 301 

Fairfax, VA 22030 
 Attention:
Bruce D. Wardinski 
 with a copy to (which copy shall not constitute notice): 

Playa Hotels & Resorts N.V. 

1560 Sawgrass Corporate Parkway, Suite 310 

Fort Lauderdale, FL 33323 

Attention: General Counsel 
 If to the
Designating Shareholder: 
 Sagicor Life Jamaica Limited 

28-48 Barbados Avenue 

Kingston 5 
 Jamaica 

Attention: Mrs. Janice Grant-Taffe 

Email: Janice_GrantTaffe@sagicor.com 

with a copy to: 
 Patterson Mair
Hamilton 
 Temple Court 
 85
Hope Road 
 Kingston 6 

Jamaica 
 Attention: Trevor
Patterson 
 Email: tpatterson@pmhlaw.net 

  
 Schedule 1 - 1

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