Document:

Exhibit

Exhibit 10.28
HYATT INTERNATIONAL HOTELS
RETIREMENT PLAN

	
			
	SECTIONS
	PAGE

	 
	 
	 

	1
	Definitions
	2

	2
	Participation
	7

	3
	Contributions
	9

	4
	Retirement
	11

	5
	Amount of Retirement Benefit
	12

	6
	In the Event of Disability
	14

	7
	In the Event of Death
	15

	8
	In the Event of Termination of Employment
	17

	9
	Benefit Withholding
	20

	10
	Miscellaneous
	21

	11
	Termination and Merger
	26

	12
	Amendment
	28

	13
	Adoption of Plan by Successor
	 29

	14
	Transfer of Benefit Rights
	30

SECTION 1
Definitions

In addition to the definitions contained in the governing Trust Deed, the following words and phrases, as used herein, shall have the following meanings, unless a different meaning is plainly required by the context: 

		
	1.1
	“Administrator” means the person, firm or organisation appointed by the Companies with the approval of the Trustee to carry out such duties as the Companies shall decide to ensure the proper administration of this Plan.

		
	1.2
	“Affiliated United States Hotel Chain” means Hotels managed, leased or owned by Hyatt Hotels Corporation.

		
	1.3
	“Approved Currencies” means United States Dollars (USD), Great British Pounds (GBP), Euros (EUR), Swiss Francs (CHF), Japanese Yen (JPY), Australian Dollars (AUD) and any other currency as approved by the Trustee and the Committee from time to time.

		
	1.4
	“Associated Employer” shall have the meaning set out in the governing Trust Deed.

		
	1.5
	“Committee” shall have the meaning set out in the governing Trust Deed. 

		
	1.6
	“Company or Companies” shall have the meaning set out in the governing Trust Deed.

		
	1.7
	“Compensation” for Participants shall mean the United States Dollar amount or equivalent as declared to the Trustee by the Companies of Benefit Compensation as computed below:-

		
	(a)
	Benefit Compensation definitions for Group 1 and Group 2 General Managers and Managers are as follows:

		
	(i)
	Benefit Compensation definitions will be based on the Hotel Grade rather than individual compensation.

		
	(ii)
	Hotel Grade means a hotel will be categorised as either Grade 1, Grade 2 or Grade 3 as determined by the Companies.

		
	(iii)
	The Companies shall determine the Benefit Compensation applicable to the Grade of Hotel, which shall be adjusted periodically based on determining factors. Division, Area and Regional allowances will be added to Benefit Compensation at gross. Payments under the Hotel Incentive Compensation Programme are excluded from Benefit Compensation.

		
	(iv)
	Exclusions to Gross Compensation salary will be payments under the Hotel Incentive Compensation Programme. Housing, food, hardship and other similar type allowances shall not be considered compensation. 

		
	(b)
	Group 1, Group 2, Group 3 and Division Office Personnel paid on a net basis, but not employed by a Hotel, shall have their net Compensation (excluding annual Incentive Compensation Plan bonus) grossed up for the purpose of computing Benefit Compensation, by (forty three per cent) 43% for all Participants joining on or after January 1st 2015 and by (sixty per cent) 60% for all other Participants.

		
	(c)
	Compensation for Participants other than those subject to (a) through (d) as indicated above, will mean the U.S. dollar amount or equivalent as declared to the Trustee of the basic annual salary (inclusive 

of local, not Incentive Compensation Plan bonus if applicable by law or custom) plus any division, area or region allowance. If any part of Compensation is paid on a net of tax basis, that part shall be grossed up for computing Benefit Compensation, by (forty three per cent) 43% for all Participants joining on or after January 1st 2015 and by (sixty per cent) 60% for all other Participants. Housing, food, hardship and other similar type allowances shall not be considered compensation.

		
	(d)
	In addition Compensation for Division Office Personnel who are Directors and above in regional offices shall include annual Incentive Compensation Plan bonus.

		
	1.8
	“Contributions” means the monetary amounts payable into the Plan in respect of each Participant by each Associated Employer and Company as decided by the Companies excluding any amounts paid as a 2008 Discretionary Bonus.

		
	1.9
	"Designated Beneficiary" means the person or persons notified to the Trustee or its agent by a Participant as the Beneficiary to receive any benefits from this Plan arising on the death of the Participant and in this context may include the trustee or trustees of a trust or settlement of which the Beneficiary is a beneficiary.

		
	1.10
	“Credited Employment” means the period of employment of a Participant with an Associated Employer or Company since the last date of hire, plus service with such other predecessor employer as decided by the Companies. The transfer of a Participant from the employment of one Associated Employer or Company to the employment of another Associated Employer or Company shall not constitute a break in Credited Employment.

		
	1.11
	“Disability” means the incapacity of a Participant through illness or injury to such an extent that it gives rise to the Participant receiving an income benefit from the Long Term Disability Plan.

		
	1.12
	“Early Retirement Date” means the date on which a Participant’s Credited Employment ends due to termination of employment, provided such date is not earlier than the Participant’s 50th birthday and before his Normal Retirement Date.

    
		
	1.13
	“Executive” means an employee designated as such by the Companies and who receives from an Associated Employer or Company compensation other than a pension, retainer or fee under contract for special services.

		
	1.14
	"Inactive Participant" means a person who ceases to be eligible to remain a Participant of the Plan in accordance with Rule 2.3.

		
	1.15
	“Investment Manager” shall have the meaning set out in the governing Trust Deed.

		
	1.16
	“Long Term Disability Plan” means The Hyatt International Hotels Long Term Disability Plan or such similar plan serving the same purpose as may be in force from time to time.

		
	1.17
	“Normal Retirement Date” means the first day of the month coincident with or next following a Participant’s 60th birthday.

		
	1.18
	“Notification Document” means the document prescribed from time to time by the Trustee and the Administrator for the purposes of enrolling an eligible Participant in the Plan.

		
	1.19
	“Participant” means an Executive who has been admitted to participation of the Plan in accordance with these Rules. 

		
	1.20
	“Plan” for the purposes of these rules means The Hyatt International Hotels Retirement Plan as herein embodied.

		
	1.21
	“Plan Year” means the 12 month period that commenced on January 1st, 1980 and each 12 month period thereafter.

		
	1.22
	“Postponed Retirement Date” means the date a Participant eventually retires from Credited Employment after his Normal Retirement Date.

		
	1.23
	“Retirement Account” means the value of a Participant’s account under the Plan at any time and shall consist of Contributions and Voluntary Contributions and the 2008 Discretionary Bonus, if awarded to the Participant, paid into the Plan for or on his behalf, interest and/or investment earnings thereon or related thereto and any additional amounts awarded by the Trustee from the Surplus or other general funds of the Plan.

		
	1.24
	“Surplus” means the amount by which the assets of the Plan exceed its liabilities as determined by the Administrator at the end of each calendar month.

		
	1.25
	“Trustee” means the trustee or trustees appointed under the governing Trust Deed.

		
	1.26
	“Vested Interest” means the portion of a Participant’s Retirement Account in which he has accrued inalienable rights.

		
	1.27
	“Voluntary Contributions” means the monetary amounts paid into the Plan from time to time on behalf of a Participant either (a) as a personal contribution from his own resources or (b) from payroll reduction or deduction, which amounts shall increase his Retirement Account without any liability on any Associated Employer or Company to increase its Contribution.

		
	1.28
	“Ex-Spouse” means an individual in respect of whom an Ex-Spouse Retirement Account has been established in accordance with Sub-Section 10.13.

		
	1.29
	“Ex-Spouse Participant” is an Ex-Spouse who is also a Participant.

		
	1.30
	“Ex-Spouse Retirement Account” means the amount defined in Sub-Section 10.13.

		
	1.31
	“Relevant Date” means the date of effect of the Benefit Sharing Order in respect of a Benefit Debit Member.

		
	1.32
	“Benefit Debit” means a debit arising from a Benefit Sharing Order.

		
	1.33
	“Benefit Debit Member” means a Participant whose benefits have been permanently reduced by a Benefit Debit.

		
	1.34
	“Ex-Spouse’s Vested Interest” means the portion of an Ex-Spouse Retirement Account upon which inalienable rights have been conferred on the Ex-Spouse.

		
	1.35
	“Benefit Sharing Order” means any legally binding order, agreement or equivalent provision provided to the Trustee and the Advisory Committee with the sole intent of splitting a Participant’s benefits following a divorce.

		
	1.36
	“2008 Discretionary Bonus” means the monetary amount payable into the Plan in respect of specified Participants by the Companies and as decided by the Companies. 

SECTION 2
Participation

		
	2.1
	Eligibility: An Executive shall be eligible to become a Participant from the first of the month coincident with or next following his appointment as an Executive, provided he is not resident in the Bailiwick of Guernsey.

		
	2.2
	Participation: A Participant is enrolled by his Associated Employer or Company automatically upon becoming eligible to participate in the Plan. The Associated Employer or Company will send the Notification Document to the Trustee and the Administrator at the end of each calendar month confirming the enrolment of any new Participants in the Plan.

Participation in the Plan shall require each Associated Employer or Company to pay the Contributions required from time to time in respect of the Participant effective from the eligible date of entry into the Plan as advised in the Notification Document.

The Participant is required to make his investment selection on-line through the Administrator’s website in accordance with the provisions detailed in clause 10.5 (a). Alternatively, if no fund selection is made by the Participant, Contributions will be invested in the Plan’s default fund as agreed by the Trustee and the Committee, from time to time.

Any Executive who has previously been an employee of an Associated Employer or Company  and who subsequently becomes a Participant  shall be treated for the purposes of determining his entitlements under the Plan as if the employment was continuous, provided the period of non-employment by an Associated Employer or Company does not exceed five (5) years. Under such circumstances Credited Employment shall include such prior period of employment. The Executive will also have any balance in his Retirement Account re-instated which was forfeited due to the Participant not being fully vested upon terminating his initial Participation in the Plan.

		
	2.3
	Change of Status: A person shall cease to be eligible to remain a Participant of the Plan if his status as an Executive ceases whilst remaining in the employment of an Associated Employer or Company, or if his employment is transferred to the Affiliated United States Hotel Chain, or if he becomes a United States Citizen or Green Card Holder or for any other reason as determined by the Committee. Such a person shall become an Inactive Participant with effect from the date of the event occurring.

The liability of the Associated Employer or Company to pay Contributions into the Plan in respect of an Inactive Participant shall cease as of the date the person becomes an Inactive Participant. 

Upon the Trustee receiving notice from the relevant Company’s Regional Office or other authority within the Hyatt Group, any non-vested portion of the Retirement Account of any Participant who becomes a United States Citizen or Green Card Holder will be transferred to a Plan approved by the Trustee for such purpose.

The vested portion of the Retirement Plan for Participants who become United States Citizens or Green Card Holders or the entire Retirement Account of any other Inactive Participant shall be held under the Plan provided he remains in the employment of an Associated Employer or Company or of the Affiliated United States Hotel Chain. With the agreement of the Trustees and the Companies such an Inactive Participant may be treated as having terminated employment and may be treated under Section 8.

If an Inactive Participant shall later become eligible to be a full Participant, Contributions shall be payable by the Associated Employer or Company from the subsequent date of eligibility to become a full Participant.

SECTION 3

Contributions

		
	3.1
	Contributions: Each Associated Employer and Company shall pay or cause to be paid Contributions into the Plan in respect of each full Participant of such amount as shall be determined by the Companies from time to time and in such manner and frequency as the Trustee shall determine.

		
	3.2
	Contribution Schedule: 

		
	(a)
	Effective January 1st, 1990 each Associated Employer and Company shall pay Contributions in respect of each full Participant according to the following schedule, with the applicable percentage being applied to the Compensation prevailing from time to time:-

	
								
	Accrued Years of Credited Employment

	Age of Participant
	1 - 4
	5 - 9
	10 - 14
	15 - 19
	20 - 24
	25 - 29
	30+

	Under 30
	5%
	5.5%
	6%
	0
	0
	0
	0

	30 - 34
	6%
	6.5%
	7%
	7.5%
	0
	0
	0

	35 - 39
	7%
	7.5%
	8%
	8.5%
	9%
	0
	0

	40 - 44
	8%
	8.5%
	9%
	9.5%
	10%
	11%
	0

	45 - 49
	9%
	9.5%
	10%
	11%
	12%
	13%
	14%

	50 - 54
	11%
	12%
	13%
	14%
	15%
	16%
	17%

	55+
	18%
	18%
	18%
	18%
	19%
	20%
	21%

For the purpose of determining the applicable percentage from this schedule in respect of any Participant, his age and period of Credited Employment shall be calculated monthly. The Contributions payable for the ensuing month shall be the monetary amount determined by applying the appropriate percentage to one twelfth of the Participant’s annual Compensation. 

		
	(b)
	Effective January 1st, 2015, in respect of a Participant whose contribution percentage under 3.2(a) exceeds 10% at January 1st, 2015, the relevant Associated Employer or Company shall pay Contributions with the applicable percentage at January 1st, 2015 being applied to Compensation prevailing from time to time. No subsequent adjustment shall be made to the contribution percentage.

		
	(c)
	Effective January 1st, 2015, in respect of a Participant whose contribution percentage under 3.2(a) is at or below 10% at January 1st, 2015, the relevant Associated Employer or Company shall pay Contributions at the rate of 10% of Compensation prevailing from time to time. No subsequent adjustment shall be made to the contribution percentage.

		
	(d)
	In respect of any Participant joining on or after January 1st, 2015, the relevant Associated Employer or Company shall pay Contributions at the rate of 10% of Compensation prevailing from time to time, subject to a maximum contribution in a single calendar year of USD30,000 (thirty thousand United 

States Dollars) or such other amount as shall be notified by the Companies to the Trustee on an annual basis.

		
	(e)
	The Companies shall have the power in respect of any Associated Employer or Company (by giving notice to the Trustee) to offset, against the Contributions payable in accordance with this Section 3 in respect of Participants employed by said Associated Employer or Company, contributions payable under local country plans in respect of said Participants in respect of the same Compensation.

		
	3.3
	Contributions from Surplus: Contributions payable from time to time in accordance with Section 3.2 may be offset from the Surplus, as decided by the Trustee.

		
	3.4
	Voluntary Contributions: Each Participant, including Inactive Participants who are not United States Citizens or Green Card Holders shall have the free option to pay personal Voluntary Contributions on such basis and with such regularity as may be permitted from time to time by the Companies and the Trustee. 

Such Voluntary Contributions may be paid direct to the Administrator, subject to Trustee Approval, in which circumstances the Trustee must be furnished with such information and / or documentation proving the origin of such funds as the Trustee shall in its discretion determine, or via the Associated Employer or Company by payroll reduction or deduction.

Each Participant shall have the right at any time to request payment of part or the entire portion of his Retirement Account secured by his Voluntary Contributions. Approval of such request shall be at the discretion of the Trustee.

		
	3.5
	Payment of Contributions: The Companies and the Trustee shall use their best endeavours to ensure all Contributions payable by an Associated Employer are paid when due and in a timely fashion.

A Participant’s Retirement Account shall be credited with the Contributions as and when received into the Plan, and the Companies and Trustee shall not be liable to the Participant for any non-payment or delayed payment of Contributions.

		
	3.6
	Payment of Tax on Contributions: Tax assessed on an Associated Employer on Contributions paid or payable by an Associated Employer in respect of a Participant shall either be deducted by an Associated Employer from the Contributions before such Contributions are paid into the Plan or if such Contributions have already been paid into the Plan, without deduction of tax, then the same may be recovered by an Associated Employer from the Trustee and debited by the Trustee to the Retirement Account of the Participant in question.

SECTION 4

Retirement

		
	4.1
	Early Retirement: If a Participant retires from Credited Employment on his Early Retirement Date he shall be entitled to benefits from this Plan in accordance with the terms of Section 8 of these Rules.

		
	4.2
	Normal Retirement: If a Participant retires from Credited Employment on his Normal Retirement Date he shall be entitled to benefits from this Plan in accordance with the terms of Section 5 of these Rules.

		
	4.3
	Postponed Retirement: If a Participant remains in Credited Employment past his Normal Retirement Date, Contributions in accordance with Section 3 of these Rules shall continue to be paid up to his Postponed Retirement Date. On his retirement on his Postponed Retirement Date a Participant shall be entitled to benefits from this Plan in accordance with the terms of Section 5 of these Rules.

SECTION 5
Amount of Retirement Benefit

		
	5.1
	Retirement Benefit: The benefit payable to a Participant treated as retiring on his Normal or Postponed Retirement Date shall be the cash value realised on liquidation of the whole of his Retirement Account. If the Participant is a Benefit Debit Member the benefit payable to a surviving Ex-Spouse shall be the cash value realised on liquidation of the whole of the Ex-Spouse Retirement Account.

		
	5.2
	Payment of Benefit: The benefit payable to a Participant or Ex-Spouse under Section 5.1 of these Rules shall be payable in lump sum form by wire transfer or such other form as the Trustee shall agree, subject only to any withholding for tax which the Trustee may from time to time be required to enforce.

The Participant or Ex-Spouse shall be personally accountable for any tax liability arising from the payment of this benefit.

		
	5.3
	Optional Forms of Benefit: In lieu of a benefit payment in accordance with Section 5.2 of these Rules a Participant or Ex-Spouse may elect to apply part or all of the lump sum benefit to secure:-

		
	(a)
	an annuity payable for the lifetime of the Participant or Ex-Spouse

		
	(b)
	an annuity payable for the lifetime of the Participant or Ex-Spouse, and continuing in full or in part to a named dependant upon the death of the Participant or Ex-Spouse or

		
	(c)
	an annuity payable in such other form as may be requested by the Participant or Ex-Spouse and agreed by the Trustee.

Upon receiving such request from a Participant or Ex-Spouse, the Trustee shall arrange through the Administrator for quotations to be obtained from suitable insurance companies for consideration by the Participant or Ex-Spouse. Any annuity contracts effected by the Participant or Ex-Spouse shall be the property of the Participant or Ex-Spouse and shall be outside this Plan, and the Trustee shall have no further liability or responsibility with respect to such annuity.

		
	5.4
	Discharge of Liability: Payment of benefit made in accordance with Section 5.2 and/or Section 5.3 of these Rules shall be full and complete discharge to the Trustee of any further liability to the Participant or Ex-Spouse from this Plan.

SECTION 6
In the event of disability

		
	6.1
	Treatment: In the event a Participant suffers Disability he shall be treated as a full Participant during the period of continuous Disability until the earlier of his death or Normal Retirement Date.

		
	6.2
	End of Disability: If the Disability of a Participant ends due to recovery or the cessation for any reason of income benefit payments from the Long Term Disability Plan before Early Retirement Date or Normal Retirement Date, and the Participant’s Credited Employment ceases, the Participant shall be treated as terminated and be entitled to benefits from this Plan in accordance with Section 8.

 
		
	6.3
	Contributions: The Associated Employer or Company shall cease to be liable to pay Contributions in respect of a Participant suffering Disability as from the date income payments commence under the Long Term Disability Plan, and for so long as Disability continues. 

The Long Term Disability Plan shall pay the Contributions otherwise payable by the Associated Employer or Company direct into the Plan based on the Compensation of the Participant at the date Disability commenced, up to a maximum of seven percent (7%) of a Participant’s Benefit Compensation.

For any claims established before June 1st 2012, such claims shall continue to be paid on the applicable basis as agreed previously by the Associated Employer or Company.

SECTION 7

In the event of death

		
	7.1
	In Service: If a Participant dies while in Credited Employment (whether or not Contributions are payable) a lump sum benefit shall be payable equal to the realisable cash value of one hundred percent (100%) of the Participant’s Retirement Account under the Plan excluding the realisable cash value of the 2008 Discretionary Bonus if awarded to the Participant. If the Participant is also a Benefit Debit Member a lump sum benefit shall also be payable to a surviving Ex-Spouse equal to one hundred percent (100%) of the Ex-Spouse Retirement Account.

		
	7.2
	After Retirement: If a Participant dies after retirement on his Early Retirement Date, Normal Retirement Date or Postponed Retirement Date, a lump sum benefit shall be payable equal to the realisable cash value of any vested balance still remaining in the Participant’s Retirement Account under the Plan. If the Participant is also a Benefit Debit Member a lump sum benefit shall also be payable to a surviving Ex-Spouse equal to one hundred percent (100%) of the Ex-Spouse Retirement Account.

		
	7.3
	After Termination of Credited Employment: If a Participant dies after cessation of Credited Employment and with a Retirement Account calculated and held under the Plan in accordance with the provisions of Sections 8.2 and 8.3 of these Rules, a lump sum benefit shall be payable equal to the realisable cash value of any balance still remaining in the said Retirement Account under the Plan. If the Participant is also a Benefit Debit Member a lump sum benefit shall also be payable to a surviving Ex-Spouse equal to one hundred percent (100%) of the Ex-Spouse Retirement Account.

		
	7.4
	Payment of Benefit to a Designated Beneficiary: The lump sum benefit payable on death in accordance with Sections 7.1, 7.2 or 7.3 of these Rules in respect of the Participant’s Retirement Account shall be payable to the Participant’s Designated Beneficiary.

If the name of a Designated Beneficiary has not been lodged with the Trustee or the Designated Beneficiary so lodged is deemed invalid by the Trustee, the lump sum benefit shall be paid to a beneficiary or beneficiaries selected by the Trustee from among the natural objects of a Participant’s bounty, his dependants or his estate. Any determination so made by the Trustee shall be binding and conclusive upon all members of the above described classes and upon the estate of the Participant.

		
	7.5
	Payment of Benefit to an Ex-Spouse: Following the death of a Benefit Debit Member a lump sum benefit in respect of the Ex-Spouse Retirement Account shall be payable to the surviving Ex-Spouse.

		
	7.6
	Payment of Benefit following death of Ex-Spouse: In the event of the death of an Ex-Spouse prior to the payment of any benefit, a lump sum benefit shall be payable equal to one hundred percent (100%) of the Ex-

Spouse Retirement Account. Such benefit shall be payable to the Ex-Spouse’s Designated Beneficiary in accordance with Sub-Section 7.4, by substitution of the word Ex-Spouse” for “Participant”.

SECTION 8
In the event of termination of employment

		
	8.1
	Termination: In the event a Participant’s Credited Employment ceases other than through the circumstances set out in 2.3 or death or retirement at Normal Retirement Date or Postponed Retirement Date a benefit entitlement shall arise in accordance with Section 8.2 of these Rules.

		
	8.2
	Benefit Entitlement: Unless otherwise directed by the Companies, the benefit entitlement of the Participant and, in the event that the Participant is also a Benefit Debit Member, the Ex-Spouse in accordance with Section 8.1 of these Rules shall be equal respectively to the Vested Interest of the Participant and the Ex-Spouse Vested Interest earned at the date Credited Employment ceased, in accordance with the following:-

		
	(a)
	With the exception of where the Vested Interest of a Participant is determined by reference to the schedules referred to at clause 8.2(b) below, for the purposes of assessing the Vested Interest applying in respect of Contributions paid into the Plan and any portion of Surplus added to the Participant’s Retirement Account, the following schedule shall apply:-

	
		
	Accrued Years of Credited Employment
	Vested Interest

	Less than 2
	0%

	at least 2 but less than 3
	25%

	at least 3 but less than 4
	50%

	at least 4 but less than 5
	75%

	5 or more
	100%

		
	(b)
	The schedules included in Appendix One have been included for the purposes of assessing the Vested Interest applied in respect of those Participants whose Retirement Account is made up partially or wholly from benefits accrued whilst participating in either the Restricted Deferred Incentive Compensation Plan II and / or the Hyatt Hotels Corporation Deferred Incentive Plan.

		
	(c)
	The portion of the Participant’s Retirement Account related to Voluntary Contributions shall always accrue a 100% Vested Interest and the portion of the Participant’s Retirement Account related to the 2008 Discretionary Bonus, if awarded, shall always accrue a zero percent (0%) Vested Interest.

		
	(d)
	The Ex-Spouse Vested Interest shall be assessed by applying the percentages derived from 8.2(a) and 8.2(b) to the value of the Ex-Spouse Retirement Account at the date Credited Employment ceased.

		
	8.3
	Payment of Benefit: 

 
		
	(a)
	In the event of a Participant leaving Credited Employment in accordance with 8.1:-

		
	(i)
	Subject to the Participant making an election under 8.3(a)(iv), at any time, should the value of the Participant’s vested employer Contributions calculated in accordance with the applicable vesting schedule detailed in clause 8.2 (a) and (b) (“Vested Employer Contributions”) be equal to or less than USD35,000 (thirty five thousand United States Dollars) or any other amount as agreed between the Trustee and the Guernsey Income Tax Authorities from time to time (the “Guernsey Income Tax Authorities’ limit”) the Trustee shall pay to the Participant a lump sum equivalent to the Participant’s Vested Interest.

Subject to the Participant making an election under 8.3(a)(iv), if the Participant leaving employment has not yet reached age 50 and the value of the Participant’s Vested Employer Contributions exceeds the Guernsey Income Tax Authorities’ limit, the benefit entitlement shall remain upon trust within the Plan to be paid to the Participant at age 50, or earlier if the benefit entitlement should subsequently fall below the Guernsey Income Tax Authorities’ limit or otherwise at Normal Retirement Date (as the Trustee may determine).

In the event that the participant leaving employment is also a Benefit Debit Member the benefit entitlement to a surviving Ex-Spouse shall be paid at the same time as the benefit entitlement to the Benefit Debit Member.

		
	(ii)
	between the ages of 50-60 years, provided the Participant’s Vested Employer Contributions exceeds the Guernsey income Tax Authorities’ limt the Participant may elect in respect of his entitlement calculated in accordance with 8.2(a) and 8.2(b) of the Rules:-

		
	(a)
	to receive his benefit entitlement upon leaving employment; or

		
	(b)
	to leave all of his benefit entitlement upon trust within the Plan until Normal Retirement Date. 

		
	(c)
	to make an election under 8.3(a)(iv)

If the Participant elects to leave his benefit entitlement upon Trust to be paid at Normal Retirement Date the Participant may subsequently request payment prior to Normal Retirement 

Date. If this Participant is also a Benefit Debit Member then the Ex-Spouse may request payment at any time up to the date on which the Participant ultimately receives payment.

		
	(iii)
	Any benefit entitlement calculated in accordance with 8.2(c) of the Rules shall be paid to the Participant on request but not later than the date of payment of the entitlement under 8.2(a).

		
	(iv)
	The Participant may elect in writing to have his Vested Interest in his Retirement Account transferred to any plan in accordance with 14.3

		
	8.4
	Non Entitlement: No Participant shall have any entitlement to that portion of his Retirement Account in which he has not accrued a Vested Interest. No Ex-Spouse shall have any entitlement to that portion of the Ex-Spouse Retirement Account to the extent that the Benefit Debit Member has not accrued a Vested Interest in the corresponding Retirement Account.

		
	8.5
	Discharge of Liability: Payment made in accordance with Section 8.3 of these Rules shall be full and complete discharge to the Trustee of any further liability to the Participant or Ex-Spouse from this Plan.

		
	8.6
	Payment of Tax: A Participant whose benefit entitlement has been retained upon trust to be paid at Normal Retirement Date or earlier may request payment at any time of an amount equal to any tax assessed on the Participant’s benefit entitlement.

SECTION 9
Benefit Withholding

		
	9.1
	Tax: The Trustee shall withhold from any benefit payment any income or other tax imposed in any jurisdiction it may be required to deduct in accordance with any regulations as may be imposed upon this Plan from time to time.

The Trustee shall account to the appropriate authorities for any income or other tax withheld and shall advise the Participant of the details and amount of the withholding.

		
	9.2
	Other Deductions: The Trustee shall not be able to deduct any other amounts from a Participant’s entitlement to cover any debt, lien or other amount owed or due an Associated Employer or Company without the express written authorization of a Participant, except as provided for in accordance with Section 14 of these Rules.

		
	9.3
	Disclosure of Information: The Trustee may at any time disclose any information concerning the Plan, any Participant, or any benefits payable under the plan to any tax authority, regulatory or governmental body for 

any purpose and may also provide any tax authority regulatory or governmental body with such undertaking as they think are necessary for the purposes of the Plan.

SECTION 10
Miscellaneous

		
	10.1
	Construction of Plan: The validity of the Plan and of any of the provisions thereof shall be determined under and shall be construed according to the laws of Guernsey.

Titles to sections and headings are for general information only and the Plan is not to be construed by reference thereto, unless the context determines otherwise.

The use of the masculine pronoun shall include the feminine gender whenever appropriate.

		
	10.2
	Currency of Payment: All benefits from the Plan are payable in any one of the Approved Currencies as agreed by the Trustee and the Committee from time to time. The Trustee accepts no liability for any loss to a Participant’s Retirement Account following conversion of assets to the Participant’s elected currency.

		
	10.3
	Identity of Payee: The determination of the Trustee as to the identity of the proper payee of any benefit under the Plan and the amount of such benefit properly payable shall be conclusive, and payment in accordance with such determination shall constitute a complete discharge of all obligations on account of such benefit.

		
	10.4
	Increasing Participants’ Retirement Accounts: In the event the Trustee determines a part or all of the Surplus shall be applied to increasing Participants’ Retirement Accounts, the following provisions shall apply:-

		
	(a)
	the Trustee shall determine the amount and manner by which each Participant’s Retirement Account shall be increased having regard for equity of treatment as between one Participant and another

		
	(b)
	the increase shall be calculated upon and be awarded to that portion of each Participant’s Retirement Account attributable to Contributions paid by an Associated Employer or Company.

		
	10.5
	Investment of Plan Assets: 

		
	(a)
	Subject to clause 10.5 (b), each Participant will be personally responsible for determining the manner in which his Retirement Account will be invested. The Participant will be able to invest the balance of his Retirement Account among a variety of professionally managed funds made available by the Trustee at 

their discretion following consultation with the Committee, including equity, fixed income, cash and possibly funds invested in other asset classes. Participants will have the ability to reallocate their Retirement Account balance among the menu of funds available with a frequency and on such terms as are determined by the Trustee.

		
	(b)
	In the absence of any direction from the Participant under clause 10.5 (a), the Participant’s Retirement Account shall be invested in the default fund(s) as agreed by the Trustee and Committee, from time to time. 

		
	(c)
	Ex-Spouses will have the same responsibility for determining the manner in which their Retirement Account will be invested as identified in clause 10.5 (a). The terms of 10.5 (b) also apply to any Ex-Spouse’s Retirement Account.

		
	(d)
	The Trustee shall be responsible for the investment of all other assets of  the Plan, including the Plan’s Surplus. 

The Trustee shall cause such investments and assets of the Plan (whether placed direct by the Participant, the Ex-Spouse or by the Trustee) to be held for the absolute benefit of the Participants according to their Vested Interests in their Retirement Accounts.

The Trustee shall not be liable, individually or collectively, for any loss of or depreciation in the assets of the Plan provided that any such loss or depreciation is not due to wilful act, neglect or default.

		
	10.6
	Non-alienation of Benefits: No benefit payable under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, except to the extent defined in Sub-Section 10.14 of these Rules and any such action shall be void and of no effect; nor shall any such benefit be in any manner liable for or subject to the debts, contracts, liabilities, engagements or torts of the person entitled to such benefit, except as specifically provided in the Plan. If any person entitled to receive any benefit under the Plan shall become bankrupt, or be declared insolvent, or make a general assignment for the benefit of creditors, or attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge any benefit, except as specifically provided in the Plan, then such benefit in the discretion of the Trustee, shall cease and terminate. In that event, the Trustee shall hold such payments or apply the benefit or any part thereof to or for such person, his spouse, children, or other dependants, or any of them, in such manner and in such proportions as the Trustee shall in its sole discretion determine.

		
	10.7
	Non Vested Interest: In the event a benefit payment paid or payable to a Participant in accordance with the provisions of Section 5 or Section 8 of these Rules represents less than one hundred percent (100%) Vested Interest, the difference shall be retained in the Plan to form part of the Surplus of the Plan.

		
	10.8
	Participants’ Entitlement to Surplus: No Participant shall have any entitlement to any portion of the Surplus until such portion shall have been transferred to his Retirement Account and then only in accordance with his Vested Interest.

		
	10.9
	Payment Due to an Incompetent: If the Trustee determines that any person to whom a payment is due in accordance with these Rules is incompetent to act by reason of age or physical or mental disability, the Trustee shall have power to cause the payments becoming due to such person to be made to another for the benefit of the incompetent, without responsibility of the Trustees to see to the application of such payment. Payments made pursuant to such power shall operate as a complete discharge to the Trustees of liabilities under this Plan.

		
	10.10
	Plan Not a Condition of Employment: The adoption and maintenance of this Plan shall not be deemed to constitute a contract between any Associated Employer or Company and any Participant, or to be consideration for, or an inducement or condition of, the employment of any person. Nothing herein contained shall be deemed to give any Participant the right to be retained in the employment of an Associated Employer or Company or to interfere with the right of any Associated Employer or Company to discharge any Participant at any time.

		
	10.11
	Source of Payments: All benefits payable or provided by the Plan shall be paid from the assets of the Plan according to the amounts allocated to each Participant’s Retirement Account.

		
	10.12
	Surplus: As of the end of each Calendar Month, the Trustee or the Administrator on behalf of the Trustee shall cause a calculation to be made of the assets and liabilities of the Plan as of that date. The amount by which the assets exceed the liabilities shall be deemed to be the Surplus existing as of the end of the Calendar Month in question.

The Trustee shall have complete discretion over the use of the Surplus and its application or proportions thereof in any or all of the following ways:

		
	(a)
	retaining a reserve to meet liabilities (actual or potential) in accordance with the provisions of the governing Trust Deed

		
	(b)
	increasing Participants’ Retirement Accounts

		
	(c)
	meeting expenses related to the operation, communication, management and development of the Plan

(d)    retaining a general contingency reserve
		
	a
	

		
	(e)
	offsetting Contributions payable by Associated Employers and Companies

		
	(f)
	for any other purpose deemed reasonable and defensible taking account of the general intent and purpose of this Plan.

		
	10.13
	Benefit Splitting on Divorce: In the event that a Participant shall present the Trustee and Committee with a Benefit Sharing Order, the Participant shall be designated a Benefit Debit Member. The Trustee shall take all reasonable steps to ensure that a Benefit Debit is calculated in accordance with the Benefit Sharing Order. The Retirement Account of the Benefit Debit Member shall be reduced at the Relevant Date by the amount of the Benefit Debit and a separate Ex-Spouse Retirement Account established in respect of the Ex-Spouse in an amount equal to the Benefit Debit. The Trustee shall inform the Participant and the Ex-Spouse of the amount of the Benefit Debit and of the resultant Retirement Account and Ex-Spouse Retirement Account. If the Ex-Spouse is an Ex-Spouse Participant, the Ex-Spouse Retirement Account may at the discretion of the Trustee be combined with the existing Retirement Account of the Ex-Spouse Participant.

		
	10.14
	Time Limit for payment of benefit: No person to or in respect of whom any benefit is payable under the Plan shall be entitled to claim the payment of any such benefit more than six years after the payment of the benefit has fallen due if the reason for the non-payment of benefit or part thereof (as the case may be) within the said period of six years was the failure of any person to make any claim and the lack of any knowledge by the Trustee of the existence or whereabouts of that person.

SECTION 11
Termination and merger

		
	11.1
	Ceasing to be an Associated Employer: In the event an Associated Employer shall cease to be an Associated Employer for the purposes of this Plan, said Associated Employer shall cease to participate in this Plan and shall cease to pay Contributions from a date agreed between the Companies and the Associated Employer. Participants employed by the Associated Employer and in respect of whom Credited Employment is not continued with another Associated Employer or Company shall be entitled to benefits from this Plan determined in accordance with the provisions of Section 8 of these Rules as though Credited Employment had ended on the date the Associated Employer’s participation in this Plan ceased.

		
	11.2
	Associated Employer ceasing to Participate: With the approval of the Companies each Associated Employer may terminate its participation in this Plan while remaining an Associated Employer, in respect of some or all Participants of the Associated Employer in question. The Companies shall have the right to terminate any Associated Employer’s participation in this Plan while said Associated Employer remains an Associated Employer.

In the event the participation in this Plan is terminated by or in respect of an Associated Employer as regards some or all Participants of the said Associated Employer, all such Participants of the said Associated Employer (and in respect of whom Credited Employment is not continued with another Associated Employer) shall be treated as Inactive Participants in line with Rule 2.3.

		
	11.3
	All Associated Employers and Companies ceasing to Participate: In the event participation in this Plan is terminated by or in respect of all Associated Employers and Companies, the Companies shall decide whether the Plan shall be continued as a closed Plan with no further Contributions or new Participants, or whether the Plan shall be wound up. The entitlements of Participants and the disposal of the assets of the Plan shall be in accordance with whichever of the following the Companies decide:

		
	a)
	Closed Plan: in the event the Companies shall decide to continue the Plan as a closed Plan, the provisions of Section 11.2 of these Rules shall be applied.

		
	b)
	Wound up Plan: in the event the Companies shall decide to wind up and terminate the Plan, all Participants shall have immediate entitlement to their Retirement Accounts on the basis all Participants shall be treated as having a one hundred percent (100%) Vested Interest.

The Trustee with the approval of the Companies shall determine in what manner extent and proportions the Surplus determined on wind up of this Plan shall be used for any or all of the following purposes:

		
	a)
	    meeting expenses of the Companies, the Trustee or its agents related to winding up the Plan

		
	i)
	meeting outstanding expenses of the Administrator

		
	ii)
	increasing Participants’ Retirement Accounts following the generalities of Section 10.4 of these Rules

		
	iii)
	making a payment to the Companies or any Associated Employer,

		
	iv)
	making a payment to any other plan operated or participated in by the Companies for the general benefit of Participants

		
	v)
	for any other purpose deemed reasonable and defensible taking account of the general intent and purpose of this Plan.

		
	11.4
	Merger, Consolidation or Transfer: The Companies shall have the right to merge, consolidate with or transfer the obligations of this Plan into any other plan operated by or on behalf of the Companies or participated in by the Companies. In the event of such merger, consolidation or transfer each Participant of this Plan shall be entitled to a benefit under the other plan as of the date of merger, consolidation or transfer which shall be at least equal to the value of the benefit he would have been entitled to from this Plan determined in accordance with Section 8 of these Rules as if his Credited Employment was deemed to have ended on the date of merger, consolidation or transfer.

No merger, consolidation or transfer shall reduce a Participant’s entitlement without the written consent of the Participant. 
SECTION 12
Amendment

		
	12.1
	Power to Amend: The Companies reserve the right to modify, alter or amend the Plan hereunder at any time and from time to time to any extent that it may deem advisable. Such amendments shall be set forth in a deed or an instrument in writing, duly executed on behalf of the Companies and by the Trustee, as an alteration to these Rules.

		
	12.2
	Non-Reduction in Accrued Benefits: No such modification, alteration or amendment to the Plan shall reduce or adversely affect the benefits accrued to Participants in accordance with their Vested Interests without the written consent of such Participants.

SECTION 13
Adoption of Plan by Successor

		
	13.3
	Associated Employer: A successor to the business of any Associated Employer by whatever form or manner resulting, may request designation from the Companies as an Associated Employer for the purposes of the Plan and if so designated may adopt and continue to participate in the Plan.

		
	13.4
	Company: A successor to the business of a Company, by whatever form or manner resulting, may adopt and continue the Plan by a deed executed by such successor, the remaining original Companies and the Trustee provided such successor shall have the same business relationship with the remaining original Companies and Associated Companies as existed with the company succeeded. Such successor shall succeed to all rights, powers, duties and obligations held by the Company under these Rules.

		
	13.3
	Credited Employment: The Credited Employment of any Participant who is continued in the employ of any successor adopting this Plan in accordance with the provisions of Section 13.1 or Section 13.2 of these Rules shall not be deemed to have been terminated or severed for the purposes of this Plan.

SECTION 14
Transfer of Benefit rights

		
	14.1
	Transfer Rights: Subject to the approval of the Committee in respect of employer paid Contributions received from any other Plan operated by the Company or an Associated Employer, the Trustee shall permit the transfer of benefit rights into or out of the Plan in accordance with the provisions set out in this Section 14 of the Rules.

		
	14.2
	Transfer in: A Participant may transfer or arrange to be transferred into the Plan a cash sum in respect of benefit rights earned under a previous employer’s plan or any other plan operated by the Company or an Associated Employer.

The cash sum received, if not in United States Dollars, shall be converted to United States Dollars at the expense of the Participant. The cash sum received shall be applied to the Participant’s Retirement Account on whichever of the following bases is appropriate:

		
	(a)
	As a Voluntary Contribution if the payment is received from a previous employer’s plan;

		
	(b)
	As an employer paid Contribution if the payment is received from any other plan operated by the Company or an Associated Employer, save that any portion of the payment received attributable to the Participant’s own Contributions shall be treated as a Voluntary Contribution.

		
	14.3
	Transfer Out: A Participant entitled to a benefit from this Plan in accordance with Section 5.1 or Section 8 of these Rules may request the Vested Interest in his Retirement Account be transferred to any plan capable and empowered to receive a payment in respect of his Vested Interest.

The payment to be made to the new plan shall be cash value in any one of the Approved Currencies as elected by the Participant, realised in liquidation of the Participant’s Vested Interest in his Retirement Account.

		
	14.4
	Agreement: A Participant shall be required to signify his agreement to the terms of any transfer of benefit rights in writing to the Trustee, in such form as the Trustee shall determine.

APPENDIX ONE
VESTING SCHEDULES

Restricted Deferred Incentive Compensation Plan II:

Instalment Pay-out Period: For elections in force prior to December 31st 2005, Instalment Payment Period means a number of annual instalments as elected by the Participant, provided the instalments are completed by the age of 60 for the Participant. In the event of Death, instalments will be converted to a lump sum payment to the beneficiary or the estate of the Participant if there is no beneficiary. 

Payment Date: The payment date shall be the later of (i) within ninety (90) days following the date of the Participant’s first Distribution Event, or (ii) the six month anniversary of the Participant’s first Distribution Event, if the Participant’s employment is terminated for cause as determined by the applicable Employer in its sole discretion, all amounts otherwise payable to or on account of the Participant under the Plan shall be immediately forfeited.

Vesting:

	
			
	Age 
	Years of Service
	% of Account to be paid

	Less than 55, if termination is due to resignation of Employee
	Not Applicable
	0% of Account

	55 or greater
	Less than 5 years
	0% of Account

	55
	5 or more
	50% of Account

	56
	6 or more
	60% of Account

	57
	7 or more
	70% of Account

	58
	8 or more
	80% of Account

	59
	9 or more
	90% of Account

	60
	10 or more
	100% of Account

	Any age if terminated by the Company without cause or due to Death or Disability
	Not Applicable
	100% of Account

Hyatt Hotels Corporation Deferred Incentive Plan:

Awards made in 2008 or prior: A Participant will become one hundred percent (100%) vested in his Retirement Account on April 1st of the year in which the Participant will complete five (5) Years of Service. The Participant will be one hundred percent (100%) vested in his Retirement Account if he either dies or has a Disability prior to his termination of employment with the Company. However, a Participant will be zero percent (0%) vested in his Retirement Account and shall forfeit his entire Retirement Account balance, regardless of his number of Years in Service, on the 

date that he terminates employment with the Company if his employment is terminated for cause, as determined by the Company in its sole discretion, or he engages in conduct which violates any terms or conditions of his employment, including terms and conditions relating to competition and disclosure of confidential information after termination of employment.

Awards made in 2009: A Participant will become twenty five percent (25%) vested in each year’s Award on each of the first four (4) anniversaries from the date of the Award, which is deemed to the April 1st of the calendar year in which the Award is credited to the Retirement Account of the Participant. For example, an Award credited to a Participant’s Retirement Account in the year 2009 (based on 2008 performance), will be twenty five percent (25%) vested on April 1st 2010, fifty percent (50%) vested on April 1st 2011, seventy five percent (75%) vested on April 1st 2012 and one hundred percent (100%) vested on April 1st 2013.Exhibit

Exhibit 10.29

SECOND AMENDED AND RESTATED HYATT CORPORATION
DEFERRED COMPENSATION PLAN

(Effective January 1, 2015)

CH\2012204.3

TABLE OF CONTENTS
	
					
	 
	 
	Page
	

	ARTICLE 1
	

	DEFINITIONS
	1
	

	1.1
	

	In General
	1
	

	1.2
	

	Account
	2
	

	1.3
	

	Associated Employer
	2
	

	1.4
	

	Beneficiary
	2
	

	1.5
	

	Board    
	2
	

	1.6
	

	Change Election
	2
	

	1.7
	

	Claimant
	2
	

	1.8
	

	Code
	2
	

	1.9
	

	Committee
	2
	

	1.10
	

	Company
	2
	

	1.11
	

	Compensation
	2
	

	1.12
	

	Contribution Rate
	2
	

	1.13
	

	Deferred Amount
	2
	

	1.14
	

	Deferral Election
	2
	

	1.15
	

	Disability
	2
	

	1.16
	

	Discretionary Employer Credit
	3
	

	1.17
	

	Distribution Election
	3
	

	1.18
	

	Distribution Event
	3
	

	1.19
	

	Effective Date
	3
	

	1.20
	

	Employee
	3
	

	1.21
	

	Employer
	3
	

	1.22
	

	Employer Credit
	3
	

	1.23
	

	ERISA
	3
	

	1.24
	

	Grandfathered Benefits
	3
	

	1.25
	

	Installment Payout Period
	3
	

	1.26
	

	Investment Fund
	3
	

	1.27
	

	Leave of Absence
	3
	

	1.28
	

	Non-Grandfathered Benefits
	4
	

	1.29
	

	Participant
	4
	

	1.30
	

	Payday
	4
	

	1.31
	

	Payment Date
	4
	

	1.32
	

	Plan
	4
	

	1.33
	

	Plan Administrator
	4
	

	1.34
	

	Plan Year
	4
	

	1.35
	

	Prior Plan Accounts
	4
	

	1.36
	

	Rules of the Plan
	4
	

	1.37
	

	Separation from Service
	4
	

	1.38
	

	Specified Employee
	5
	

	
					
	1.39
	

	Unforeseeable Emergency
	5
	

	1.40
	

	Year of Service
	5
	

	 
	 
	 

	ARTICLE 2
	

	PARTICIPATION
	5
	

	2.1
	

	Eligibility
	5
	

	2.2
	

	Inactive Participants
	5
	

	2.3
	

	Rehires
	5
	

	 
	 
	 

	ARTICLE 3
	

	PARTICIPANT ELECTIONS
	6
	

	3.1
	

	Deferral Elections
	6
	

	3.2
	

	Distribution Elections
	6
	

	3.3
	

	Initial Elections
	7
	

	3.4
	

	Prior Plan Elections
	7
	

	3.5
	

	Transferred Benefits
	7
	

	 
	 
	 

	ARTICLE 4
	

	EMPLOYER CREDITS    
	8
	

	4.1
	

	Employer Credits
	8
	

	4.2
	

	Amount of Employer Credit
	8
	

	4.3
	

	Discretionary Employer Credits
	8
	

	4.4
	

	Employment Transfers
	8
	

	 
	 
	 

	ARTICLE 5
	

	ACCOUNTS
	9
	

	5.1
	

	Participant Accounts
	9
	

	5.2
	

	Account
	9
	

	5.3
	

	Account Adjustment
	9
	

	 
	 
	 

	ARTICLE 6
	

	VESTING
	10
	

	6.1
	

	Vesting
	10
	

	6.2
	

	Transferred Amounts and Prior Plan Account Balances
	10
	

	 
	 
	 

	ARTICLE 7
	

	INVESTMENT FUNDS
	10
	

	7.1
	

	Investment Funds
	10
	

	7.2
	

	Participant Investment Election
	10
	

	7.3
	

	Investments
	11
	

	 
	 
	 

	ARTICLE 8
	

	DISTRIBUTION EVENTS
	11
	

	8.1
	

	Distribution Events
	11
	

	8.2
	

	Change Elections
	11
	

	 
	 
	 

	ARTICLE 9
	

	PAYMENTS
	11
	

	
					
	9.1
	

	Payments
	11
	

	9.2
	

	Installments
	12
	

	9.3
	

	Unforeseeable Emergency
	12
	

	 
	 
	 

	ARTICLE 10
	

	ADMINISTRATION
	13
	

	10.1
	

	Plan Administrator
	13
	

	10.2
	

	Bookkeeping
	13
	

	10.3
	

	Plan Administrator’s Discretion
	13
	

	10.4
	

	Liability
	13
	

	 
	 
	 

	ARTICLE 11
	

	AMENDMENT AND TERMINATION
	14
	

	11.1
	

	Amendment
	14
	

	11.2
	

	Section 409A
	14
	

	11.3
	

	Termination
	14
	

	 
	 
	 

	ARTICLE 12
	

	CLAIMS PROCEDURES
	15
	

	12.1
	

	Claims Procedures
	15
	

	12.2
	

	Claims
	15
	

	12.3
	

	Appeal
	16
	

	12.4
	

	Decision
	16
	

	 
	 
	 

	ARTICLE 13
	

	MISCELLANEOUS    
	16
	

	13.1
	

	Notices
	16
	

	13.2
	

	Source of Benefits
	16
	

	13.3
	

	FICA and Other Taxes
	17
	

	13.4
	

	Plan Not Contract of Employment
	17
	

	13.5
	

	Applicable Law
	17
	

	13.6
	

	Non-Alienation
	17
	

	13.7
	

	Adoption by Employers
	18
	

	13.8
	

	Gender and Number
	18
	

SECOND AMENDED AND RESTATED
HYATT CORPORATION DEFERRED COMPENSATION PLAN
(Effective January 1, 2015)

Hyatt Corporation, a Delaware corporation or its parent, subsidiaries or affiliates (the “Company”), established: (1) the Hyatt Corporation Matched Savings Plan (“MSP”), effective September 1, 1993; (2) the Hyatt Corporation Key Management Deferred Savings Plan (“DSP”), effective February 1, 1989, and amended and restated January 1, 1995; (3) the Hyatt Corporation Restricted Deferred Incentive Compensation Plan, effective February 1, 1991, as amended (“RDICP”); (4) the Hyatt Corporation Restricted Deferred Incentive Compensation Plan II, effective February 1, 1997, as amended (“RDICP II”); (5) the Global Hyatt Corporation Deferred Incentive Plan, effective January 1, 2006, as amended (“GHDIP”); (6) the Hyatt International Hotels Restricted Deferred Incentive Compensation Plan, effective January 1, 1984, as amended (“International RDICP”); and (7) the Hyatt International Corporation Restricted Deferred Incentive Compensation Plan II, effective January 1, 2004, as amended (“International RDICP II”); (collectively, the “Prior Plans”) for the benefit of Eligible Employees. The MSP and DSP were amended, restated and merged to form the Hyatt Corporation Deferred Compensation Plan (the “Plan”), effective December 14, 2007. All or a portion of the RDICP, RDICP II, GHDIP, International RDICP and International RDICP II were amended, restated and merged into the Plan, effective May 3, 2010 in a manner in which the provisions of the Prior Plans in effect on October 3, 2004 with respect to those Prior Plan benefits that were earned and vested within the meaning of Treas. Reg. §§1.409A-6(a) as of December 31, 2004, as well as the interest earned thereon (“Grandfathered Benefits”) were preserved or not materially modified within the meaning of Treas. Reg. §§1.409A-6(a)(1) and (4) on or after October 3, 2004.  The Plan is hereby further amended and restated, and such amendment and restatement is intended to materially modify the Grandfathered Benefits by allowing additional installment payment elections on such Grandfathered Benefits and such amendment and restatement is intended to make such Grandfathered Benefits subject to and be in compliance with Section 409A of the Code.

As were the Prior Plans, this Plan is a nonqualified deferred compensation plan that permits certain eligible Employees of the Employers to elect to defer Compensation otherwise payable to them. The Plan is unfunded and is maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. The Plan is not intended to qualify under Code Section 401(a), or be subject to Parts 2, 3 or 4 of Title I of ERISA.

ARTICLE 1 DEFINITIONS

1.1In General. Whenever the following terms are used in the Plan with the first letter capitalized, they shall have the meanings specified below unless the context clearly indicates otherwise.
1.2Account. “Account” of a Participant means his individual account, if any, established in accordance with Article 5.

1.3Associated Employer. “Associated Employer” has the meaning set forth on Appendix A.

1.4Beneficiary. “Beneficiary” means the person or persons designated by a Participant, in 

the manner established by the Plan Administrator and in accordance with the Rules of the Plan, to receive payments under the Plan in the event of his death. No Beneficiary designation or change of Beneficiary shall become effective until received and acknowledged by the Plan Administrator. In the event a Participant does not properly designate a Beneficiary, his Plan benefits shall be paid in the following order of priority: (a) to his surviving spouse, if any,
(b) to his surviving children in equal shares, or (c) to the legal representative of his estate.

		
	1.5
	Board. “Board” means the Board of Directors of the Company.

1.6Change Election. “Change Election” means an election to modify a Distribution Election (or any other Change Election) made in accordance with Section 3.2.

1.7Claimant. “Claimant” means a Participant or Beneficiary who believes he is being denied a benefit under the Plan to which he is entitled.

		
	1.8
	Code. “Code” means the Internal Revenue Code of 1986, as amended.

1.9Committee. “Committee” means the Hyatt Hotels Corporation Benefits Committee.

		
	1.10
	Company.  “Company” means Hyatt Corporation.

1.11Compensation. “Compensation” means the base or regular cash salary payable to a Participant by his Employer, including incentives or bonuses and any such amounts which are not includible in the Participant’s gross income under Code Sections 125 or 401(k).

1.12Contribution Rate. “Contribution Rate” means the amount of the Employer Credit to be allocated to a Participant’s Account for that Plan Year.

1.13Deferred Amount. “Deferred Amount” means Compensation that the Participant has elected to defer pursuant to a Deferral Election and that, in the absence of such Deferral Election, would be payable to the Participant on a Payday.

1.14Deferral Election. “Deferral Election” means the Participant’s election, made in accordance with Article 3, that specifies the Deferred Amount for the Participant’s Account.

1.15Disability. “Disability” means that the Participant is either (a) deemed to be disabled in accordance with the Employer’s long-term disability insurance program, provided that the definition of disability applied under such disability insurance program complies with the requirements of Code Section 409A, or (b) if the Participant is not covered by an Employer’s long-term disability insurance program, then the Participant is determined to be totally disabled by the Social Security Administration.

1.16Discretionary Employer Credit. “Discretionary Employer Credit” means the amount that may be credited to a Participant’s Account under Section 4.3.

1.17Distribution Election. “Distribution Election” means the Participant’s election, made (i) in accordance with Article 3, or (ii) with respect to amounts transferred from the Prior Plans made under the terms of the Prior Plans, in each case that specifies the form of distribution for the Participant’s Account.

1.18Distribution Event. “Distribution Event” has the meaning attributed to such term in 

Article 8.

1.19Effective Date. The “Effective Date” is December 14, 2007, unless otherwise provided.

1.20Employee. “Employee” means any person who renders services to an Employer in the status of an employee, as that term is defined in Code Section 3121(d).

1.21Employer. “Employer” means the Company and each other entity, which has adopted the Plan with the Company’s consent and is listed in Appendix A.

1.22Employer Credit. “Employer Credit” means the Employer Credit and the Discretionary Employer Credit that may be credited to a Participant’s Account under Section 4.1

1.23ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

1.24Grandfathered Benefits. “Grandfathered Benefits” has the meaning attributed to such term in the Preamble. On and after January 1, 2015, Grandfathered Benefits will be subject to Section 409A of the Code.

1.25Installment Payout Period. “Installment Payout Period” means a period of two (2), three (3), four (4), five (5), six (6), seven (7), eight (8), nine (9) or ten (10) years, commencing on the Payment Date. For Distribution Elections made under the DSP in effect prior to the Effective Date or distribution elections under other Prior Plans made prior to April 1, 2010, the Installment Payout Period also means a period as specified in Appendix B.

1.26Investment Fund. “Investment Fund” means one of the investment funds designated by the Plan Administrator at the time of reference.

1.27Leave of Absence. “Leave of Absence” means a period during which the Participant is on military leave, sick leave, or other bona fide leave of absence (such as temporary employment by the government) if:

		
	a.
	the period of such leave does not exceed six months; or

b.if the period is longer than six months, the Participant’s right to reemployment with the Employer is protected either by statute or by contract.

c.If the period of leave exceeds six months and the Participant’s right to reemployment is not provided either by statute or by contract, then the employment relationship is deemed to terminate on the first date immediately following such six- month period.

1.28Non-Grandfathered Benefits. “Non-Grandfathered Benefits” means the portion of benefits in a Participant’s Account not attributable to Grandfathered Benefits.

1.29Participant. “Participant” means an Employee designated by the Plan Administrator, in its sole discretion, to be eligible for participation in the Plan and who elects to participate in this Plan.

1.30Payday. “Payday” means the established day for the payment of Compensation to Participant.

1.31Payment Date. “Payment Date” means the date on which payment is made to a Participant under the Plan, which shall be the later of (i) within ninety (90) days following the date of the Participant’s first Distribution Event, as determined by the Plan Administrator, ((ii) the six month anniversary of the Participant’s first Distribution Event, if the Participant is a Specified Employee; (iii) as noted in Appendix B for certain Prior Plan account balances, as applicable; or (iv) if the Participant has filed a Change Election on the date specified in the Change Election, subject to the requirements of subsection 3.2(b) and Section 8.2. If the Participant has elected installment distributions, the Payment Date refers to the date on which the first installment is to be distributed. For purposes of determining the applicable period under Section 3.2 (b)(iii), the Payment Date if determined under clause (i) of this definition (and each such definition contained in Appendix B) shall be the Distribution Event.

		
	1.32
	Plan. “Plan” means the Hyatt Corporation Deferred Compensation Plan.

1.33Plan Administrator. “Plan Administrator” means the Committee. If no Committee is in existence, then Plan Administrator means the Company.

		
	1.34
	Plan Year. “Plan Year” means the calendar year.

1.35Prior Plan Accounts. “Prior Plan Accounts” means the account established by the Plan Administrator under this Plan to which all amounts transferred from a Prior Plan shall be credited.

1.36Rules of the Plan. “Rules of the Plan” means the administrative rules established from time to time by the Plan Administrator in its sole discretion.

1.37Separation from Service. “Separation from Service” means the termination of the Participant’s services to the Company and all Employers as determined in accordance with Treas. Reg. §1.409A-1(h), whether voluntarily or involuntarily, other than by reason of death or Disability. The Plan Administrator shall have full and final authority, which shall be exercised
in its discretion and in accordance with Treas. Reg. Section 1.409A-1(h), to determine conclusively whether and when an Employee has had a Separation from Service.

1.38Specified Employee. “Specified Employee” means an employee meeting the definition of Specified Employee as defined by Code §409A.

1.39Unforeseeable Emergency. “Unforeseeable Emergency”, as determined by the Plan Administrator, means a severe financial hardship to the Participant resulting from (a) an illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary, or the Participant’s dependent (as defined in Treas. Reg. Section 1.409A-3(i)(3)(i)), (b) loss of the Participant’s property due to casualty, (c) the need to pay for the funeral expenses of the Participant’s spouse, Beneficiary, or dependent (as defined above), (d) the need to pay for medical expenses, including nonrefundable deductibles, and (e) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant as determined in accordance with Treas. Reg. Sec. 1.409A-3(i)(3).

1.40Year of Service. “Year of Service” with respect to a Participant as of any date means the number of his continuous full years of employment with an Employer or an Affiliate.

ARTICLE 2 PARTICIPATION

2.1Eligibility. The Plan Administrator will select those Employees eligible to participate in the Plan from the class of Employees who:

a.are members of a select group of management or highly compensated within the meaning of section 401(a)(1) of ERISA; and

		
	b.
	have completed 90 continuous days of employment with an Employer.

Notwithstanding the foregoing, each participant in the Prior Plans shall automatically be a Participant in this Plan and shall continue as a Participant in the Plan until such individual receives a distribution of their entire Prior Plan Accounts as well as their Account under this Plan, if any. Effective January 1, 2016 an Employee who becomes eligible to participate in the Plan shall become a Participant only as of the January 1 next following the date such Employee meets the criteria for eligibility.

2.2Inactive Participants. When a Participant ceases to provide services to any Employer as an Employee, he shall no longer be entitled to defer further amounts or be eligible for Employer Credits or Discretionary Employer Credits. When a Participant ceases to be eligible to participate in the Plan, then in the next following Plan Year he shall not be entitled to defer amounts or be eligible for Employer Credits or Discretionary Employer Credits. However, in either case, his Account will continue to be adjusted for investment experience in accordance with Article 6, and he shall remain a Participant with respect to his Account until it is fully distributed.

2.3Rehires. An Employee who was a Participant in the Plan, incurred a Separation from Service and is later rehired by an Employer may not re-commence participation in the Plan
until the second anniversary of his or her initial Separation from Service. Effective January 1, 2016 a rehired Employee may only recommence participation in the Plan beginning in the first calendar year following the second anniversary of his or her initial Separation from Service.

ARTICLE 3 PARTICIPANT ELECTIONS

		
	3.1
	Deferral Elections.

(a)In general. Each active Participant may make a Deferral Election pursuant to which he elects to defer an amount of his Compensation that otherwise would be payable to him for services to be rendered beginning in the next calendar year. Such election shall be irrevocable as of the day immediately preceding the next calendar year. Notwithstanding the foregoing, no Participant may elect to defer Compensation in an amount that would prevent the Participant or the Employer from satisfying its employment tax contribution or withholding requirements under any applicable state or Federal law, and the Participant’s employee benefit plan contribution requirements.

(b)Modifications. Once made, the Deferral Election will continue until modified or revoked. The Participant may revoke or modify his Deferral Election only with respect to Compensation to be deferred beginning in a subsequent Plan Year. Such modified Deferral Election shall be irrevocable on the day immediately before such subsequent Plan Year.

(c)Deferral Crediting. Each Participant’s Account shall be credited with the amount deferred 

by the Participant as soon as practicable after the date on which such Compensation would have been paid to the Participant but in no event later than thirty
(30) days after the last day of the month in which the amount is deducted from the Participant’s paycheck.

		
	3.2
	Distribution Elections.

a.In general. Each Participant shall file a Distribution Election prior to the first day of the Plan Year in which deferrals are made on his behalf under the Plan (or under the transition rules of Code Section 409A, prior to January 1, 2009). Such election shall be irrevocable as of the day immediately preceding the next calendar year. Distribution Elections made under the Prior Plans with respect to Grandfathered Benefits and non- Grandfathered Benefits shall be applicable under this Plan. Accordingly, a Participant may have a Distribution Election (or Change Election) on file with respect to his Account under this Plan, as well as with respect to each Prior Plan Account and with respect to Grandfathered Benefits and non-Grandfathered Benefits under the Prior Plans, as applicable.

b.Modifications. A Participant may modify his Distribution Election (or any Change Election) with respect to the form of payment of his Account or Prior Plan Accounts (other than the GHDIP), by filing a Change Election in accordance with the Rules of the Plan and the following criteria:
		
	i.
	The Change Election must be made at least 12 months prior to the Distribution Event date;

		
	ii.
	The Change Election shall have no effect until at least 12 months after the date on which the Change Election is filed with the Administrator; and

		
	iii.
	The commencement of payments under the Change Election must be at least five (5) years after the Payment Date applicable under the Distribution Election (or Change Election) being modified (unless the modified election is with respect to benefits payable upon death or Disability, in accordance with Sections 8.1(a) or (b)).

A Participant’s Change Election shall not be considered to be made until the date on which the election becomes irrevocable. A Change Election shall become irrevocable no later than the date that is 12 months prior to the Payment Date applicable under the Distribution Election or Change Election being modified.

3.3Initial Elections. Notwithstanding the provisions of Sections 3.1 and 3.2, if after a Plan Year has commenced, an Employee first becomes a Participant (and does not participate in and has not for 24 months participated in any other nonqualified deferred compensation account balance plan that must be aggregated with the Plan pursuant to Code Section 409A), then the provisions of this Section 3.3 shall apply. For such Participant to make a Deferral Election with respect to Compensation earned in the same calendar year that the Employee becomes a Participant, the Participant’s initial Deferral Election and Distribution Election must be filed on a date that is not later than 30 days following the date the Participant first becomes eligible to participate in the Plan. The Deferral Election and Distribution Election will become irrevocable on the date that is 30 days following the date of initial eligibility. Such elections shall only be effective with respect to a Participant’s Compensation earned after the election becomes irrevocable. If a Participant fails to make a Deferral Election within 30 days of initial eligibility to participate, then such Participant may make a Deferral Election only with respect to Compensation earned in subsequent calendar years, in accordance with Sections 3.1 and 3.2.

3.4Prior Plan Elections.  Notwithstanding any provisions to the contrary, Participant deferral elections and distribution elections made prior to the Effective Date under the Prior Plans with respect to either non-Grandfathered Benefits or Grandfathered Benefits shall remain in effect as Deferral Elections and Distribution Elections for purposes of this Plan until modified or revoked in accordance with subsections 3.1(b) and 3.2(b) and Section 8.2.

3.5Transferred Benefits. From time to time the Plan Administrator may accept transfers of benefits and amounts into this Plan from other non-qualified deferred compensation plans maintained by an Employer or an Affiliate with respect to a Participant. All amounts transferred shall be designated as “Transferred Amounts” and shall be credited to a Prior Plan Account established for such Participant under the Plan. Each individual with Transferred Amounts pursuant to this Section 3.5 shall be a Participant in this Plan. A Participant’s election as to the time and form of payment for such Transferred Amounts shall be governed by the deferral election in effect under the transferor plan; provided, however, that with respect to Transferred Amounts transferred in 2007 or 2008, such Participant shall elect prior to December
31, 2008 (i) the form of payment of his Account in accordance with Sections 3.2 and 3.3, and (ii) the investment of his Account in accordance with Section 7.2. Notwithstanding the foregoing, in no event shall a Participant be eligible to elect in accordance with this Section 3.5, to have any Transferred Amount transferred in 2007 or 2008 paid in the same year of such transfer.

ARTICLE 4
EMPLOYER CREDITS

4.1Employer Credits. Subject to such limitations as the Plan Administrator may impose, for each Plan Year, the Company shall establish one or more Contribution Rates for Participants. Contribution Rates may be established at different levels for different Participants for any Plan Year, and may be established on an individual basis, for employment positions, or for categories or classes of Participants.

At such time as the Plan Administrator shall provide, the Plan Administrator shall credit an Employer Contribution to the Account of each Participant who has completed one Year of Service with the Employers or the Affiliates and who:

		
	(a)
	was employed by an Employer on the last working day of that Plan Year;

(b)had a Separation from Service after attaining age 65 or attaining age 55 and completing at least 10 Years of Service;

		
	(c)
	became Disabled; or

		
	(d)
	died while in the employ of an Employer during such Plan Year.

4.2Amount of Employer Credit. Each such Participant’s Employer Credit shall equal to the product of (a) the portion of the Participant’s Deferred Amount which his Employer, in its sole discretion, designates as eligible for an Employer Credit, and (b) the Contribution Rate applicable to that Participant. Any Employer Credit to be credited to any Participant’s Account shall be credited as of the date determined by the Committee.

4.3Discretionary Employer Credits. Each Employer may, from time to time and in its sole 

and absolute discretion, award a Discretionary Employer Credit to any Participant, in any amount that such Employer determines. Any Discretionary Employer Credit to be credited to any Participant’s Account under this Section shall be credited as of the date determined by the Committee. Discretionary Employer Credits may be awarded at different rates for different Participants for any Plan Year, and may be established on an individual basis, for employment positions, or for categories or classes of Participants.

4.4Employment Transfers. If during a Plan Year a Participant transfers from one employment position, category or class to another, and such transfer results in a change in the Contribution Rate and Discretionary Employer Credit rate applicable to the Participant, then upon any benefit crediting pursuant to this Section 4, such Participant shall be credited in accordance with the Employer Credit rates applicable to him as of January 1 of that year.
The Participant’s Deferral Election shall remain in effect for all amounts credited to the Participant’s Account regardless of the applicable Employer Credit rate.

ARTICLE 5 ACCOUNTS

5.1Participant Accounts. The Plan Administrator shall maintain, or cause to be maintained, an Account in the name of each Participant, which may include Transferred Amounts for each Participant who was a participant in a Prior Plan in the form of a Prior Plan Account. A Participant’s Account may be further divided into additional subaccounts, at the discretion of the Plan Administrator. The existence of an Account or bookkeeping entries for a Participant or Beneficiary does not create, suggest or imply that a Participant or Beneficiary has a beneficial interest in any asset of any Employer.

5.2Account. Each Participant’s Account shall reflect the sum of the following amounts:

		
	a.
	his Deferred Amount;

		
	b.
	his share of Employer Credits;

		
	c.
	his share of Discretionary Employer Credits; and

d.his Transferred Amounts from the Prior Plans or any other plan under Section 3.5, if any, excluding the MSP or DSP, unless it is an Employer Credit.

Each Account shall be adjusted in accordance with Section 5.3. The Plan Administrator may establish additional Account categories or sub-accounts as it deems necessary or advisable.

		
	5.3
	Account Adjustment. Each Participant’s Account shall be credited or debited

with:

a.the amount of Compensation deferred pursuant to a Deferral Election, and amounts attributable to Employer Credits;

b.the amount of interest, earnings, gains or losses of the Investment Fund that would have accrued to the amounts allocated to such Investment Fund had such amounts been invested in such Investment Funds during the relevant period;

c.any hypothetical expenses, determined in the sole discretion of the Plan Administrator, charged to the Participant’s Account for such period; and

		
	d.
	any withdrawal or distribution.

ARTICLE 6 VESTING

6.1Vesting. Except as provided in Section 6.2, Participants shall be fully vested in all amounts held in their individual Accounts. Notwithstanding the foregoing, upon a Participant’s termination for cause (as defined in the DSP), forfeiture of Grandfathered Benefits earned and vested under the DSP shall be determined under the terms of the DSP in effect as of October 3, 2004.

6.2Transferred Amounts and Prior Plan Account Balances. At the time of transfer, the Plan Administrator may subject Prior Plan Account balances to such vesting schedule or provisions as the Plan Administrator may determine in its sole discretion, including, but not limited to those noted in Appendix B; provided, however, that the Plan Administrator may not subject to any Prior Plan Accounts that were previously vested to a new vesting schedule without the consent of the Participant.

ARTICLE 7
INVESTMENT FUNDS

7.1Investment Funds. The Plan Administrator shall designate one or more Investment Funds to be available under the Plan. Each Participant shall be entitled to direct the investment of amounts credited to his Account in the Investment Funds in accordance with the Rules of the Plan. The Plan Administrator has designated that an Investment Fund will consist of interests in Hyatt Hotels Corporation Class A Common Stock (“Hyatt Stock”), subject to eligibility requirements, pricing and other limitations set forth in the Rules of the Plan. The Plan Administrator will determine if such election in Hyatt Stock may be revoked or modified as determined by the Rules of the Plan and the Company’s insider trading policy as in effect from time to time.

7.2Participant Investment Election. A Participant may, in accordance with the Rules of the Plan, elect to have the amounts credited to his Account allocated to any one or more of the Investment Funds in such proportions as are permitted by the Plan Administrator or to change any prior investment election. Any Participant investment election shall remain in effect until revoked or modified by the Participant.

a.If amounts credited to an Account are allocated to more than one Investment Fund, changes in proportions due to investment results shall not require any automatic reallocation between Investment Funds.

b.If a Participant fails or declines to make an investment election under this Article, then the amounts credited to the Participant’s Account shall be deemed invested in one or more of the Investment Funds, as directed by the Plan Administrator as the default Investment Fund(s).

c.Until distributed, a Participant’s Account shall be deemed to remain invested in the Participant’s elected or designated Investment Funds.

7.3Investments. Notwithstanding the election by Participants of certain Investment Funds and the adjustment of their Accounts based on those elections, the Plan does not require, and no trust or 

other instrument maintained in connection with the Plan shall require, that any assets or amounts which are set aside in trust or otherwise for the purpose of paying Plan benefits shall actually be invested in the investment alternatives selected by Participants.  Participants may instead be credited with earnings equivalents attributable to Investment Fund performance, equal to the hypothetical earnings and losses, and less hypothetical expenses.

ARTICLE 8
DISTRIBUTION EVENTS

8.1Distribution Events. The amounts credited to Participant’s Account shall become payable on his Payment Date following the earliest of the following events:

		
	(a)
	the Participant’s Death;

		
	(b)
	the Participant’s Disability;

		
	(c)
	the Participant’s Separation from Service;

(d)the date as of which the Company terminates the Plan in accordance with Section 11.3; (collectively, the “Distribution Events”); or

		
	(e)
	the date provided in Appendix B for any Prior Plan Accounts.

Upon the occurrence of the earliest of the foregoing events, payments to the Participant or the Beneficiary shall commence on his Payment Date in accordance with Article 9.

8.2Change Elections. If a Participant files a Change Election, and Participant’s Account would otherwise become payable under Section 8.1(c) (upon Separation from Service) or (e) (such other date as provided in Appendix B for Prior Plan Accounts) absent such Change Election, then the portion of Participant’s Account for which such Change Election is made shall become payable on the Payment Date set forth in the Change Election, which shall not be earlier than the ninety (90) day period following the fifth anniversary of the Participant’s Separation from Service or such other date as provided in Appendix B for Prior Plan Accounts subject to such Change Election. If more than one Change Election is made then the portion of the Participant’s Account subject to such subsequent Change Election shall become payable on the Payment Date specified in the subsequent Change Election, which shall not be earlier than the fifth anniversary of the Payment Date specified in the Change Election being modified.

ARTICLE 9 PAYMENTS

9.1Payments. Except as provided in Section 9.3 of the Plan, upon the Participant’s Payment Date, any amounts payable under the Plan shall be paid in a lump sum or in substantially equal annual installments over the Installment Payment Period, in accordance with the Participant’s Distribution Election or Change Election, as applicable. Installment payments shall be treated as a single payment for purposes of Code Section 409A.
In any situation in which the Plan Administrator is unable to determine the method of payment because of incomplete, unclear or uncertain Participant instructions or if no Distribution Election is on file, then any amounts in the Participant’s Account will be paid in a lump sum upon the Participant’s Payment Date.

If a Participant’s Account contains Hyatt Stock, then the number of shares of Hyatt Stock in the Participant’s Account as of the Payment Date will be determined and the shares of Hyatt Corporation Class A common stock will be distributed to the Participant by depositing it into the Participant’s individual brokerage account at the current administrator of the Plan, subject to the Plan’s withholding of the number of shares of Hyatt Stock to meet tax obligations as noted in Section 13.3.

		
	9.2
	Installments.

(a)The amount of any installment payment to be paid is to be determined by dividing:

(i)the balance of his Account subject to the Distribution Election or Change Election, as of the last day of the immediately preceding calendar quarter, by

		
	(ii)
	the remaining number of installments to be paid.

(b)If the Participant dies, either before or after installment payments commence, the balance credited to the Account subject to a Distribution Election or Change Election shall be paid to the Beneficiary in a lump sum on the Payment Date.

		
	9.3
	Unforeseeable Emergency.

a.Notwithstanding the provisions of Section 8.1 or any election of the Participant to the contrary, in the event of an Unforeseeable Emergency, the Participant may elect to receive a distribution of all or a part of his Account pursuant to the terms of this Section.

b.In the event that the Participant is eligible for a distribution under this Section 9.3 and for distributions under the Prior Plans with respect to Grandfathered Benefits, then distributions shall first be made from the Participant’s Accounts not including Grandfathered Benefits under this Plan and then from Grandfathered Benefits.

c.The Participant shall file a request for a distribution on account of Unforeseeable Emergency in accordance with the Rules of the Plan. The request shall indicate the nature of the Unforeseeable Emergency, the amount of financial hardship incurred by the Participant as well as whether or not the hardship may be relieved through insurance, cessation of Compensation deferrals, or through the disposition of other assets. The Plan Administrator, in its sole discretion, shall determine whether or not the Participant satisfies the requirements for a distribution due to an Unforeseeable Emergency.

d.If the Plan Administrator determines that a Participant qualifies for a distribution on account of an Unforeseeable Emergency, then the amount to be distributed to the
Participant shall not exceed an amount necessary to satisfy the hardship resulting from the Unforeseeable Emergency, plus an amount necessary to pay taxes reasonably anticipated as a result of such distribution, all as determined in the sole discretion of the Plan Administrator after taking into account the extent to which the Participant could satisfy the hardship through reimbursement or compensation by insurance, cessation of Compensation deferrals, or by liquidation of the Participant’s assets and as otherwise required by Code Section 409A.

e.If a Participant receives a distribution under this Section, his Deferral Election shall 

automatically terminate as soon as administratively practicable. Such Participant, if eligible to participate in the Plan pursuant to Article 2, may make a Deferral Election for a subsequent Plan Year in accordance with Article 3.

ARTICLE 10 ADMINISTRATION

10.1Plan Administrator. The Board may appoint an individual or committee to act as the Plan Administrator. In the event no Plan Administrator is appointed, the Company shall act as Plan Administrator. Any committee appointed by the Board as Plan Administrator shall consist of three or more persons who shall serve at the pleasure of the Board. In the event a committee is appointed as Plan Administrator, at all meetings of such committee, a majority of the members of such committee shall constitute a quorum and the act of a majority of the members present at any meeting at which there shall be a quorum shall be the act of the committee and the committee may authorize any one or more of its members to execute any document or otherwise act on behalf of the Plan Administrator.

10.2Bookkeeping. The books, records and accounts to be maintained for the purposes of the Plan shall be maintained by the Company at its expense and subject to the supervision and control of the Plan Administrator. The expenses of administering the Plan shall be paid by the Employers and the Participants, as determined by the Plan Administrator in its sole discretion from time to time.

10.3Plan Administrator’s Discretion. The Plan Administrator shall have the power to take all action necessary or appropriate in connection with the general administration of the Plan. Without limiting the generality of the foregoing, the Plan Administrator may interpret the Plan, determine any facts or resolve any questions relevant to the Plan’s administration, and in connection therewith, remedy and correct any ambiguities, inconsistencies or omissions of the Plan, and appoint and authorize one or more agents and/or independent contractors to perform any of the required functions and responsibilities of the Plan Administrator. Any such actions taken or determinations made by the Plan Administrator shall be conclusive and binding on all persons. The Plan Administrator may require the Participant to furnish such information and submit such documents, records, elections and notices, on forms to be provided by the Plan Administrator, as it shall require in order to administer the Plan. Benefits shall be paid only if the Plan Administrator has determined that the Participant is entitled to them.

10.4Liability. Neither the Company, the Board, the Employers, an individual or member of a committee duly appointed as Plan Administrator, nor any officer or Employee shall
be liable to any person for any action taken or omitted in connection with the formation or administration of this Plan unless attributable to its or his own fraud or willful misconduct.

ARTICLE 11
AMENDMENT AND TERMINATION

11.1Amendment. The Plan may be amended in whole or in part from time to time by the Board, provided that the Committee, acting by majority, may make minor or administrative amendments to the Plan or adopt, amend Rules of the Plan. No amendment shall reduce the amount then credited to or otherwise adversely affect a Participant’s Account without the consent of the Participant or his Beneficiaries who would be affected by such action.

11.2Section 409A. Notwithstanding any provision to the contrary in the Plan or the Distribution Election, if the Participant is deemed at the time of his Separation from Service to be a 

Specified Employee, to the extent delayed commencement of any portion of the benefits to which Participant is entitled under this Plan is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of Participant’s benefits shall not be paid prior to the earlier of (a) the expiration of the six-month period measured from the date of the Participant’s Separation from Service or (b) the date of the Participant’s death. Upon the expiration of the applicable Code Section 409A(a)(2)(B)(i) deferral period, all payments deferred pursuant to this Section 11.2 shall be paid in a lump sum to the Participant, and any remaining payments due under the Plan shall be paid as otherwise provided herein and in the applicable Distribution Election.

To the extent applicable, this Plan shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder. If the Company determines that any compensation or benefits payable under this Plan do not comply with Code Section 409A and related Department of Treasury guidance, the Company shall amend this Plan or take such other actions as the Company deems necessary or appropriate to comply with the requirements of Code Section 409A.

		
	11.3
	Termination.

a.While the Plan is intended as a permanent program, the Board shall have the right at any time to declare the Plan terminated completely as to any or all Employers, or as to any division, facility or other operational unit thereof.  Discharge or layoff of Employees of an Employer or any unit thereof without such a declaration shall not result in a termination of the Plan.

b.If the Company terminates the Plan, then all other nonqualified deferred compensation account balance plans that must be aggregated under Code Section 409A with the Plan shall be terminated as well, and all amounts credited to each Participant’s Account shall be distributed in accordance with Treas. Reg. Section 1.409A-3(j)(4)(ix).

c.Any Employer may cease its participation in the Plan at any time, provided that the Employer has made adequate provisions for any amount payable by it under the terms of the Plan in effect on the date it ceases its participation. If an Employer resolves to cease being a participating employer in the Plan, then each Participant’s Account
shall be paid in accordance with Article 9. However, if the Employer terminates the Plan and either (a) does not maintain other nonqualified deferred compensation plans that must be aggregated with the Plan under Code Section 409A or (b) all other nonqualified deferred compensation plans that must be aggregated with the Plan under Code Section 409A are terminated as well, then all amounts credited to each Participant’s Account shall be distributed in accordance with Treas. Reg. Section 1.409A-3(j)(4)(ix).

ARTICLE 12
CLAIMS PROCEDURES

12.1Claims Procedures. Any Participant or Beneficiary of a deceased Participant (such Participant or Beneficiary being referred to below as “Claimant”) may file a written request for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within sixty (60) days after such notice was received by the Claimant. The claim must state with particularity the determination desired by the Claimant. All other claims must be made within one hundred eighty (180) days of the date on which the event that caused the claim to arise occurred. The claim must state with 

particularity the determination desired by the Claimant.

Benefits will be paid only if the Plan Administrator determines that the Claimant is entitled to them. A Participant has 90 days following the denial of a claim for benefits in which to file a lawsuit with respect to the denial. However, no action at law or in equity shall be brought for any benefits under the Plan until the appeal rights herein provided have been exhausted and the Plan benefits requested in such appeal have been denied in whole or in part.

12.2Claims. The Plan Administrator shall reply to the Claimant within 90 days of receipt of the claim. The Plan Administrator may extend the reply period for an additional 90 days for reasonable cause, and if the reply period is extended, will notify the Claimant of the length of and the reason for the extension.

If the claim is accepted, then the Plan Administrator shall notify the Claimant that the Plan Administrator’s requested determination has been made, and that the claim has been allowed in full. If the claim is denied in whole or in part, then the Plan Administrator shall adopt a written opinion, using language calculated to be understood by the Claimant, setting forth:

		
	a.
	The specific reason or reasons for such denial;

b.The specific reference to pertinent provisions of the Plan on which such denial is based;

c.A description of any additional material or information necessary for the Claimant to perfect his claim and an explanation why such material or such information is necessary;

d.Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; and
		
	e.
	The time limits for requesting a review under the Plan’s claim procedures.

12.3Appeal. Within 60 days after the receipt by the Claimant of the written opinion described above, the Claimant (or the Claimant’s duly authorized representative) may request in writing that the Plan Administrator review the Plan Administrator’s determination. Such request must be addressed to the Plan Administrator. The Claimant or his duly authorized representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Plan Administrator. If the Claimant does not request a review of the Plan Administrator’s determination by the Plan Administrator of the Company within such 60 day period, he shall be barred and estopped from challenging the Plan Administrator’s determination.

12.4Decision. Within 60 days after the Plan Administrator’s receipt of a request for review, the Plan Administrator will review the original determination and any additional pertinent materials. After considering all materials presented by the Claimant, the Plan Administrator will render a written opinion, written in a manner calculated to be understood by the Claimant, setting forth the specific reasons for the decision and containing specific references to the pertinent provisions of this Plan on which the decision is based. If special circumstances require that 60-day time period be extended, the Plan Administrator will so notify the Claimant and will render the decision as soon as possible, but no later than 120 days after receipt of the request for review.

ARTICLE 13 MISCELLANEOUS

13.1Notices. Any notice or document required to be given to or filed with the Plan Administrator shall be considered to be given or filed if mailed by registered or certified mail, postage prepaid, to the Plan Administrator, at the Company’s principal executive offices.

		
	13.2
	Source of Benefits.

a.The Company maintains a grantor trust (the “Trust”) in connection with the Plan and will make contributions to the Trust in accordance with the terms of the trust agreement (the “Trust Agreement”).

b.Any payment of benefits by the Trust shall be in satisfaction of the corresponding obligations of the Employers under the Plan. Notwithstanding the establishment of the Trust, and any contributions made by the Employers to the Trust, the Employers shall remain obligated to make all payments of benefits attributable to their respective Employees under the Plan, except to the extent such payments are made by the Trust in accordance with the Trust Agreement.

c.The obligations of the Employers under the Plan shall be unfunded and unsecured, and nothing contained in this Plan shall be construed as providing for assets to be held in trust or escrow or any other form of segregation of the assets of the Employers for the benefit of any Participant or any other person or persons to whom benefits are to be paid pursuant to the terms of the Plan. The interest of any Participant or any other person hereunder shall be limited to the right to receive the benefits as set
forth in the Plan. To the extent that a Participant or any other person acquires a right to receive benefits under the Plan, such rights shall be no greater than the rights of an unsecured general creditor of the Employers.

		
	13.3
	FICA and Other Taxes.

a.For each Plan Year in which a Participant’s Account is credited with Compensation deferrals, the Employer shall withhold from that portion of the Participant’s Compensation that is not being deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes on such deferred Compensation. If necessary, the Plan Administrator may reduce the Participant’s Deferral Election in order to comply with this Section 13.3.

b.When a Participant’s Account is credited with Employer Credits or a benefit transferred pursuant to Section 3.5, the Employer shall withhold from the Participant’s Compensation that is not deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes on such amounts. Notwithstanding the foregoing, the Plan Administrator may, in its discretion, instead accept a cash payment from the Participant or reduce the Participant’s Account in an amount necessary to satisfy the Participant’s share of FICA and other employment taxes.

c.The Employer, or the trustee of the Trust, shall withhold from any payments made to a Participant under this Plan all Federal, state and local income, employment and other taxes required to be withheld by the Employer, or the trustee of the Trust, in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Employer and the trustee of the Trust.

		
	d.
	Any reduction or acceleration of payment under the Plan pursuant to this Section

13.3 shall be administered in accordance with Treas. Reg. Section 1.409A-3(j)(4)(vi).

13.4Plan Not Contract of Employment. Neither the action of the Company in establishing or maintaining the Plan, nor any action taken by the Employers, the Board, the Plan Administrator or any individual or member of the Committee, nor any provision of the Plan shall give a Participant any right to be retained as an Employee. The Plan does not constitute a contract of employment, and nothing in the Plan will give any Employee or Participant the right to be retained in the employ of any Employer, or any right or claim to any benefit under the Plan, except to the extent specifically provided under the terms of the Plan.

13.5Applicable Law. The laws of the State of Illinois shall govern in resolving any questions arising under the Plan.

13.6Non-Alienation. Benefits payable to any person under the Plan may not be voluntarily or involuntarily assigned, alienated, pledged or subject to attachment, anticipation, garnishment, levy, execution or other legal or equitable process except to the extent required by a domestic relations order that is issued under a state domestic relations law (including a community property law) that is not preempted by ERISA or except by will or the laws of descent and distribution. Notwithstanding any other provision of the Plan to the contrary, such
domestic relations order may permit distribution of the entire vested portion of the Participant’s Account which is payable to the Participant’s spouse or former spouse, in a lump sum payment as soon as practicable after the Plan Administrator receives an acceptable order, without regard to whether the Participant would himself be entitled under the terms of the Plan to withdraw or receive a distribution of such amount at that time.

13.7Adoption by Employers. The Plan may, with the written consent of the Company, be adopted by any other corporation, partnership, joint venture or other employer, whether or not a member of a controlled group with the Company.

13.8Gender and Number. Where the context admits, words in any gender shall include any other gender, words in the singular shall include the plural and the plural shall include the singular.
Appendix A
Each of the following entities is an Employer as described in Section 1.19 of the Plan: Hyatt Hotels Corporation
Hyatt Corporation
Hyatt International Corporation Hyatt Foreign Employment Services
Hyatt Louisiana, LLC, as agent of DTRS New Orleans, LLC, d/b/a Hyatt Regency New Orleans
Hyatt Hotels Corp of Kansas Marion Reservations Center, LLC Select Hotels Group, LLC
Hyatt Shared Service Center, L.L.C. Hyatt Hotels of Florida, Inc.
Hyatt LACSA Services, Inc. Harborside Hotel, LLC CPM 

Seattle Hotels, L.L.C.
Hyatt of Latin America and Caribbean, L.L.C. Kawailoa Development

In addition, each international hotel covered under a management agreement with the Company or an Employer listed above and each hotel covered under a franchise agreement with the Company or an Employer listed above (an “Associated Employer”) shall be treated as an Employer for purposes of the Plan, except that no Compensation payable by an Associated Employer shall be eligible for deferral under the Plan, and no Associated Employer shall be required to make contributions to the Plan. An Associated Employer shall be treated as an Employer only for so long as the Associated Employer continues to employ a Participant and have a management or franchise agreement with the Company or another Employer (other than an Associated Employer).
Appendix B
INSTALLMENT PAYOUT PERIODS, PAYMENT DATES AND VESTING
Notwithstanding anything contained in the Plan to the contrary, the provisions of this Appendix B shall govern the Installment Payout Period, Payment Dates and Vesting of all Transferred Amounts credited to a Participant’s Prior Plan Accounts. Provisions of this Appendix B shall govern the Prior Plan Accounts in the event that there are any inconsistencies between the main Plan document and this Appendix B.

DSP

Installment Payout Period

For Distribution Elections made under the DSP prior to the Effective Date (December 14, 2007), the Installment Payout Period means a period of up to fifteen (15) years. Modifications are subject to the provisions of subsection 3.2(b) and Section 8.2.

Payment Date

See subsection 1.31 Vesting
See subsection 6.1

RDICP

INSTALLMENT PAYOUT PERIOD

For Distribution Elections made by the Participant under the RDICP prior to April 1, 2010, the Installment Payment Period means a period of up to fifteen (15) years. Modifications are subject to the provisions of subsection 3.2(b) and Section 8.2.

Payment Date

The Payment Date shall be the later of: (i) within ninety (90) days following the date of the Participant’s first Distribution Event, (ii) the six month anniversary of the Participant’s first Distribution Event, if the Participant is a Specified Employee; or (iii) attainment of age 55 with at least 10 years of 

service with an Employer.

Vesting

All Participants are fully vested. Notwithstanding the foregoing provision, if a Participant’s employment is terminated for cause as determined by the applicable Employer in its sole discretion, all amounts otherwise payable to or on account of the Participant under the Plan shall be immediately forfeited.

RDICP II

Installment Payout Period

For Distribution Elections made by the Participant under the RDICP prior to April 1, 2010, the Installment Payment Period means a period of up to fifteen (15) years. Modifications are subject to the provisions of subsection 3.2(b) and Section 8.2.

Payment Date

The Payment Date shall be the later of: (i) within ninety (90) days following the date of the Participant’s first Distribution Event, or (ii) the six month anniversary of the Participant’s first Distribution Event, if the Participant is a Specified Employee. Modifications are subject to subsection 3.2(b) and Section 8.2.

Vesting
	
		
	Age
	% of Account to be Paid

	Less than 55
	0% of Account

	55
	50% of Account

	56
	60% of Account

	57
	70% of Account

	58
	80% of Account

	59
	90 % of Account

	60
	100% of Account

	Any Age if terminated by the Company without cause or due to Death or Disability
	100% of Account

Notwithstanding the foregoing provision, if a Participant’s employment is terminated for cause as determined by the applicable Employer in its sole discretion, all amounts otherwise payable to or on account of the Participant under the Plan shall be immediately forfeited.
GHDIP

Installment Payment Period

Not Applicable

Payment Date

See subsection 1.31

Vesting

All Participants are fully vested.
International RDICP

INSTALLMENT PAYOUT PERIOD

For Distribution Elections made by the Participant under the RDICP prior to April 1, 2010, the Installment Payment Period means a period of up to fifteen (15) years. Modifications are subject to the provisions of subsection 3.2(b) and Section 8.2.

Payment Date

The Payment Date shall be the later of: (i) within ninety (90) days following the date of the Participant’s first Distribution Event, (ii) the six month anniversary of the Participant’s first Distribution Event, if the Participant is a Specified Employee; or (iii) attainment of age 55 with at least 10 years of service with an Employer.

Vesting

All Participants are fully vested. Notwithstanding the foregoing provision, if a Participant’s employment is terminated for cause as determined by the applicable Employer in its sole discretion, all amounts otherwise payable to or on account of the Participant under the Plan shall be immediately forfeited.

International RDICP II Installment Payout Period
For elections in force prior to December 31, 2005, Installment Payment Period means a number of annual installments as elected by the Participant, provided the installments are completed by the age of 60 for the Participant. In the event of Death, installments will be converted to a lump sum payment to the beneficiary or the estate of the Participant if there is no beneficiary. Modifications are subject to subsection 3.2(b) and Section 8.2.

Payment Date

The Payment Date shall be the later of: (i) within ninety (90) days following the date of the Participant’s first Distribution Event, or (ii) the six month anniversary of the Participant’s first Distribution Event, if the Participant is a Specified Employee.

Vesting

	
			
	Age
	Years of Service
	% of Account to Be Paid

	Less than 55, if termination is due to resignation of
Employee
	Not Applicable
	0% of Account

	55 or greater
	Less than 5
	0% of Account

	55
	5 or more
	50% of Account

	56
	6 or more
	60% of Account

	Age
	Years of Service
	% of Account to Be Paid

	57
	7 or more
	70% of Account

	58
	8 or more
	80% of Account

	59
	9 or more
	90 % of Account

	60
	10 or More
	100% of Account

	Any Age if terminated by the Company without
cause or due to Death or Disability
	Not Applicable
	100% of Account

Notwithstanding the foregoing provision, if a Participant’s employment is terminated for cause as determined by the applicable Employer in its sole discretion, all amounts otherwise payable to or on account of the Participant under the Plan shall be immediately forfeited.

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