Document:

EX-10.14

 Exhibit 10.14 

FORM OF HILTON GRAND VACATIONS INC. 

2016 EXECUTIVE DEFERRED COMPENSATION PLAN 

(Effective as of                     )

 HILTON GRAND VACATIONS INC. 

EXECUTIVE DEFERRED COMPENSATION PLAN 

TABLE OF CONTENTS 
  

							
	ARTICLE I TITLE AND DEFINITIONS	  	 	1	  
			
	 Section 1.1
	 	 Title
	  	 	1	  
			
	 Section 1.2
	 	 Definitions
	  	 	1	  
		
	ARTICLE II PARTICIPATION	  	 	5	  
		
	ARTICLE III DEFERRAL ELECTIONS	  	 	5	  
			
	 Section 3.1
	 	 Elections to Defer Compensation
	  	 	5	  
			
	 Section 3.2
	 	 Distribution Elections
	  	 	7	  
			
	 Section 3.3
	 	 Investment Elections
	  	 	8	  
			
	 Section 3.4
	 	 Subsequent Elections
	  	 	9	  
		
	ARTICLE IV DISTRIBUTION OPTION ACCOUNTS	  	 	9	  
			
	 Section 4.1
	 	 Compensation Deferrals
	  	 	9	  
			
	 Section 4.2
	 	 Company Contribution
	  	 	10	  
			
	 Section 4.3
	 	 Investment Return
	  	 	10	  
		
	ARTICLE V VESTING	  	 	10	  
			
	 Section 5.1
	 	 Compensation Deferral
	  	 	10	  
			
	 Section 5.2
	 	 Company Contribution
	  	 	10	  
		
	ARTICLE VI DISTRIBUTIONS	  	 	11	  
			
	 Section 6.1
	 	 Form and Timing of Distribution
	  	 	11	  
			
	 Section 6.2
	 	 Small Benefit Cashout
	  	 	12	  
			
	 Section 6.3
	 	 Payout
	  	 	12	  
			
	 Section 6.4
	 	 Financial Hardship of Participant
	  	 	13	  
			
	 Section 6.5
	 	 Permissible Distribution Event
	  	 	13	  
			
	 Section 6.6
	 	 Payment by Trust
	  	 	13	  
			
	 Section 6.7
	 	 Inability to Locate Participant
	  	 	14	  
		
	ARTICLE VII CHANGE IN CONTROL	  	 	14	  
		
	ARTICLE VIII DEATH BENEFITS	  	 	14	  
		
	ARTICLE IX CLAIMS PROCEDURES	  	 	14	  
			
	 Section 9.1
	 	 Claims
	  	 	14	  
			
	 Section 9.2
	 	 Appeal
	  	 	15	  

  
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	 Section 9.3
	 	 Authority
	  	 	15	  
		
	ARTICLE X ADMINISTRATION	  	 	15	  
			
	 Section 10.1
	 	 Administrator
	  	 	15	  
			
	 Section 10.2
	 	 Administrator Action
	  	 	16	  
			
	 Section 10.3
	 	 Powers and Duties of the Administrator
	  	 	16	  
			
	 Section 10.4
	 	 Construction and Interpretation
	  	 	17	  
			
	 Section 10.5
	 	 Information
	  	 	17	  
			
	 Section 10.6
	 	 Compensation, Expenses and Indemnity
	  	 	17	  
			
	 Section 10.7
	 	 Quarterly Statements
	  	 	17	  
		
	ARTICLE XI MISCELLANEOUS	  	 	18	  
			
	 Section 11.1
	 	 Unsecured General Creditor
	  	 	18	  
			
	 Section 11.2
	 	 Restriction Against Assignment
	  	 	18	  
			
	 Section 11.3
	 	 Withholding
	  	 	18	  
			
	 Section 11.4
	 	 Amendment, Modification, Suspension or Termination
	  	 	18	  
			
	 Section 11.5
	 	 Governing Law
	  	 	19	  
			
	 Section 11.6
	 	 Receipt or Release
	  	 	19	  
			
	 Section 11.7
	 	 Payments on Behalf of Persons Under Incapacity
	  	 	19	  
			
	 Section 11.8
	 	 Headings
	  	 	19	  

  
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 HILTON GRAND VACATIONS INC. 

2016 EXECUTIVE DEFERRED COMPENSATION PLAN 

WHEREAS, Hilton Grand Vacations Inc. hereby establishes a deferred compensation plan (the “Plan”), effective as of the Effective
Date, for deferrals with respect to Compensation to be earned or to be otherwise paid on or after the Effective Date, to provide supplemental retirement income benefits for a select group of management and highly compensated employees through
deferrals of base salary and bonus compensation and, to the extent applicable, Company contributions; and 
 WHEREAS, as of the Effective
Date, the account balances of certain participants in the Prior Plan were transferred to an Account under this Plan (the “Transferred Balances”). The Transferred Balances are balances deferred by “HGV Employees” under the Prior
Plan, and the time and form of payment of the Transferred Balances shall be the same under this Plan as under the Prior Plan. 
 NOW,
THEREFORE, the Plan is hereby established, on the terms and conditions hereinafter set forth: 
 ARTICLE I 

TITLE AND DEFINITIONS 

Section 1.1 Title. 

This Plan shall be known as the Hilton Grand Vacations Inc. 2016 Executive Deferred Compensation Plan. 

Section 1.2 Definitions. 

Whenever the following words and phrases are used in this Plan, with the first letter capitalized, they shall have the meanings specified
below. 
 “Administrator” shall mean the Person or Persons appointed by the Committee to administer the Plan in accordance with
Article X, or such Person or Person’s delegate. 
 “Base Salary Deferral” shall mean that portion of Base Salary as to which
an Eligible Employee has made an irrevocable election to defer receipt of until the date specified under the In-Service Distribution Option and/or as otherwise specified under this Plan. 

“Beneficiary” or “Beneficiaries” shall mean the Person or Persons, including a trustee, personal representative or other
fiduciary, last designated in writing by a Participant in accordance with procedures established by the Administrator to receive all of the benefits specified hereunder in the event of the Participant’s death. No Beneficiary designation shall
become effective until it is filed with the Administrator. If there is no Beneficiary designation in effect, or if there is no surviving designated Beneficiary, then the Participant’s surviving spouse shall be the Beneficiary. If there is no
surviving spouse to receive any benefits payable in accordance with the preceding sentence, the duly appointed and currently acting personal representative of the Participant’s estate (which shall include either the Participant’s probate

  
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estate or living trust) shall be the Beneficiary. In any case where there is no such personal representative of the Participant’s estate duly appointed and acting in that capacity within 90
days after the Participant’s death (or such extended period as the Administrator determines is reasonably necessary to allow such personal representative to be appointed, but not to exceed 180 days after the Participant’s death), then
Beneficiary shall mean the Person or Persons who can verify by affidavit or court order to the satisfaction of the Administrator that they are legally entitled to receive the benefits specified hereunder. In the event any amount is payable under the
Plan to a minor, payment shall not be made to the minor, but instead be paid (i) to that Person’s living parent(s) to act as custodian, (ii) if that Person’s parents are then divorced, and one parent is the sole custodial parent,
to such custodial parent, or (iii) if no parent of that Person is then living, to a custodian selected by the Administrator to hold the funds for the minor under the Uniform Transfers or Gifts to Minors Act in effect in the jurisdiction in
which the minor resides. If no parent is living and the Administrator decides not to select another custodian to hold the funds for the minor, then payment shall be made to the duly appointed and currently acting guardian of the estate for the minor
or, if no guardian of the estate for the minor is duly appointed and currently acting within 60 days after the date the amount becomes payable, payment shall be deposited with the court having jurisdiction over the estate of the minor. 

“Bonus Compensation Deferral” shall mean that portion of Bonus Compensation as to which an Eligible Employee has made an irrevocable
election to defer receipt of until the date specified under the In-Service Distribution Option and/or as otherwise specified under this Plan. 

“Change in Control” shall mean a “Change in Control” under the Company’s 2016 Omnibus Incentive Plan, as amended from
time to time, which also constitutes a “Change in Control” under Section 409A. 
 “Code” shall mean the Internal
Revenue Code of 1986, as amended. 
 “Committee” shall mean the Compensation Committee of the Board of Directors of the Company,
or if no such committee exists, the full Board of Directors of the Company. 
 “Company” shall mean Hilton Grand Vacations Inc.,
any successor corporation and each corporation which is a member of a controlled group of corporations (within the meaning of Section 414(b) of the Code) of which Hilton Grand Vacations Inc. is a component member. 

“Company Contribution” shall equal the amount described in Section 4.2, if any. 

“Compensation” shall mean the total salary paid to the Eligible Employee, including cash bonuses, in a Plan Year. An Eligible
Employee’s “Compensation” shall consist of the Eligible Employee’s “Base Salary” as in effect from time to time during a Plan Year and the Eligible Employee’s “Bonus Compensation” which shall equal the
amount of any cash incentive to be paid to an Eligible Employee under an incentive plan maintained by the Company and any other cash bonus of any kind. 

“Compensation Deferral” means that portion of Compensation as to which a Participant has made an irrevocable election to defer
receipt until the date specified under the In-Service Distribution Option and/or as otherwise specified under this Plan. 

  
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 “Disabled” or “Disability” shall mean that a Participant is disabled due to
sickness or injury which qualifies the Participant for disability payments under the Company’s long term disability plan. A Participant shall be considered totally and permanently disabled on the date the Participant qualifies for such long
term disability payments. 
 “Distribution Option” shall mean the two distribution options which are available under the Plan,
consisting of the Separation Distribution Option and the In-Service Distribution Option. 
 “Distribution Option Account” or
“Accounts” shall mean, with respect to a Participant, the Separation Distribution Account and/or the In-Service Distribution Account(s) established on the books of account of the Company, pursuant to Article IV, for each Participant. 

“Effective Date” shall mean the “Distribution Date” as defined in the Distribution Agreement by and among Hilton Worldwide
Holdings Inc., Park Hotels & Resorts Inc., and the Company, dated as of                     . 

“Eligible Employee” shall mean (i) officers of the Company at the Vice President level or higher, or (ii) Highly
Compensated Employees who are selected by the Administrator to participate in the Plan pursuant to Article II. 
 “Enrollment
Agreement” shall mean the authorization form which an Eligible Employee files with the Administrator to participate in the Plan and, with respect to the Plan Year in which the Effective Date occurs, the authorization form as in effect under the
Prior Plan. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

“Fund” or “Funds” shall mean one or more of the investments selected by the Administrator pursuant to Section 3.3(a).

 “HGV Employees” shall mean (i) any individual designated as an “HGV Employee” in the Employee Matters Agreement
by and between Hilton Worldwide Holdings Inc., Park Hotels & Resorts Inc., and the Company, dated as of
                        , and (ii) any individual who is an Eligible Employee and who commences employment with the Company
upon or following the date hereof. 
 “Highly Compensated Employee” shall mean an employee of the Company who the Administrator,
in its discretion, anticipates will receive Compensation in excess of the salary limitation contained in Section 401(a)(17) of the Code for the applicable Plan Year or who the Administrator otherwise determines to be a highly compensated
employee or member of a select group of management within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 

“In-Service Distribution Account” or “Accounts” shall mean the Account(s) maintained for a Participant to which
Compensation Deferrals and Company Contributions are credited pursuant to the In-Service Distribution Option. 
 “In-Service
Distribution Option” shall mean the Distribution Option pursuant to which benefits are payable in accordance with Article VI. 

  
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 “Investment Return” shall mean, for each Fund, an amount equal to the net investment
performance of such Fund on a given day, as determined by the Administrator. 
 “Key Employee” shall be defined in accordance with
Section 416(i) of the Code without regard to Section 416(i)(5) of the Code and shall generally mean (i) officers of the Company having annual compensation greater than $170,000 (adjusted for inflation and limited to 50 employees),
(ii) five percent owners, and (iii) one percent owners having annual compensation from the Company greater than $150,000, all as determined by the Administrator in a manner consistent with the regulations issued under Section 409A.

 “Participant” shall mean any Eligible Employee who elects to defer Compensation in accordance with Section 3.1. 

“Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint stock
company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity. 
 “Plan” shall mean
the Hilton Grand Vacations Inc. 2016 Executive Deferred Compensation Plan set forth herein, in effect as of the Effective Date, or as amended from time to time. 

“Plan Year” shall mean the 12 consecutive month period beginning on a January 1. 

“Prior Plan” shall mean the Hilton Hotels 2005 Executive Deferred Compensation Plan, as amended. 

“Retirement” shall mean a Participant’s Separation from Service (for reasons other than death) on or after the combination of
the Participant’s age and Years of Vesting Service equals at least 55. 
 “Section 409A” means Section 409A of the Code
and the treasury regulations promulgated thereunder. 
 “Separation Date” shall mean the date a Participant incurs a Separation
from Service. 
 “Separation Distribution Account” shall mean the Account maintained for a Participant to which Compensation
Deferrals and Company Contributions are credited pursuant to the Separation Distribution Option. 
 “Separation Distribution
Option” shall mean the Distribution Option pursuant to which benefits are payable in accordance with Article VI. 
 “Separation
from Service” shall mean a Participant’s separation from service with the Company within the meaning of Section 409A. 

“Unforeseeable Financial Emergency” shall mean: (i) a severe financial hardship to the Participant resulting from an illness or
accident of the Participant, the Participant’s spouse, beneficiary, or a dependent (as defined in Code Section 152(a)) of the Participant, loss of the 

  
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Participant’s property due to casualty, the imminent foreclosure of or eviction from the Participant’s primary residence, the need to pay medical expenses (including nonrefundable
deductibles) or prescription drug medications, the need to pay for funeral expenses of a spouse, beneficiary, or dependent, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the
Participant; or (ii) such other definition of “unforeseeable emergency” within the meaning of Code Section 409A(a)(2)(B)(ii). 

“Year of Vesting Service” shall mean a “Year of Vesting Service” as determined for purposes of the 401(k) defined
contribution savings plan in which such Participant participates or most recently participated. 
 ARTICLE II 

PARTICIPATION 
 Except as
otherwise expressly provided for herein, prior to December 31 of each Plan Year, the Administrator shall designate which Highly Compensated Employees shall become Eligible Employees for the following Plan Year. An Eligible Employee designated
as a Participant shall thereafter, unless otherwise determined by the Administrator, be eligible to make a Compensation Deferral for each Plan Year. Participation in the Plan shall be made conditional upon an Eligible Employee’s
acknowledgement, in writing or by making a deferral election under the Plan, that all decisions and determinations of the Administrator shall be final and binding on the Participant, the Participant’s beneficiaries and any other Person having
or claiming an interest under the Plan. 
 As of the Effective Date, each HGV Employee with respect to whom a Transferred Balance is
transferred to the Plan shall become a Participant in the Plan. 
 ARTICLE III 

DEFERRAL ELECTIONS 

Section 3.1 Elections to Defer Compensation. 

(a) Each Eligible Employee may elect to make a Compensation Deferral by filing with the Administrator an election that conforms to the
requirements set forth in this Article III, on an Enrollment Agreement provided by the Administrator, no later than December 31 of the Plan Year preceding the Plan Year for which the Compensation is to be earned and specifying whether the
Participant elects a Base Salary Deferral or a Bonus Compensation Deferral or a combination, the Distribution Option Accounts to which such amounts will be credited, the form and timing of distribution and such other information as the Administrator
shall require; provided, however, that for the Plan Year in which the Effective Date occurs, a deferral election under the Prior Plan shall be treated as a deferral election under this Section 3.1(a) and be given continuing effect under this
Plan after the Effective Date for the remainder of such Plan Year. 
 (i) Notwithstanding (a) above, if an Eligible Employee’s
Bonus Compensation is “performance-based compensation” as contemplated by Section 409A, the Administrator may allow the Eligible Employee to elect to defer all or a portion of such Eligible Employee’s Bonus Compensation for a
Plan Year at a time determined by the Administrator, which may be no less than six months before the end of the applicable Plan Year in which such Bonus Compensation is to be earned. 

  
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 (ii) The Eligible Employee shall elect to allocate such Eligible Employee’s Compensation
Deferrals (and any Company Contributions that may be credited with respect thereto) between the Distribution Options in whole percentage increments; provided that one hundred percent (100%) of such Deferrals (and Company Contributions) may be
allocated to one or the other of the Distribution Options. 
 (iii) The Administrator may establish minimum or maximum amounts that may be
deferred under this Section and may change such standards from time to time. Any such limits shall be communicated by the Administrator to the Participants prior to the commencement of a Plan Year. No Participant may have more than one Separation
Distribution Account. 
 (b) Notwithstanding anything herein to the contrary, no Eligible Employee shall be permitted to defer Compensation
which the Administrator reasonably determines is required to pay the Eligible Employee’s portion of payroll and other taxes and contributions towards benefits (including, but not limited to, medical, life, dental and disability) provided to the
Eligible Employee and such Eligible Employee’s dependents. 
 (c) Any Compensation Deferral made under Section 3.1(a) above shall
remain in effect and be irrevocable, notwithstanding any change in a Participant’s Compensation, for the entire Plan Year for which it is effective. A new Compensation Deferral election must be made for each Plan Year during which a Participant
wishes to defer Compensation. If a Participant elects to allocate all or a portion of such Participant’s Compensation Deferrals to an In-Service Distribution Account, that election will remain effective only for the Plan Year to which the
Enrollment Agreement relates. If the Participant does not elect an in-service distribution date for deferrals to the In-Service Distribution Account in a subsequent Plan Year, such deferrals shall automatically be allocated to the Participant’s
Separation Distribution Account. Compensation Deferral elections shall be made on an Enrollment Agreement filed with the Administrator by December 31 of a Plan Year (or such earlier date as may be designated by the Administrator) to make a
Compensation Deferral for Compensation to be earned on or after January 1 of the immediately following Plan Year. 
 (d) The
Administrator may, in its discretion, permit Eligible Employees who first become Eligible Employees after the beginning of a Plan Year, including Eligible Employees who become Eligible Employees because they are promoted or hired by the Company on
or after January 1 of a Plan Year to a position which has been designated by the Administrator as an Eligible Employee, to enroll in the Plan for that Plan Year by filing a completed and fully executed Enrollment Agreement as soon as
practicable following the date the Employee is notified that of such Employee’s eligibility but, in any event, within 30 days after such date. Notwithstanding the foregoing, however, any Enrollment Agreement executed by an Eligible Employee,
pursuant to this Section, to make a Compensation Deferral shall apply only to Compensation earned by the Eligible Employee after the date on which such Enrollment Agreement is filed. 

  
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 (e) All deferral elections under the Plan shall be made in accordance with Section 409A.

 Section 3.2 Distribution Elections. 

Subject to Section 3.4, in the Enrollment Agreement, each Eligible Employee shall select the form and the timing of payment with respect
to the Eligible Employee’s Compensation Deferral. An Eligible Employee’s deferral election under this Article III shall not be effective unless and until the Eligible Employee makes the required distribution elections under this
Section 3.2. Each Eligible Employee shall make the following form and timing of payment elections: 
 (a) Retirement. An Eligible
Employee shall elect the form of payment in which amounts credited to the Eligible Employee’s Distribution Option Accounts shall be paid where (i) the Eligible Employee’s Separation Date occurs on or after eligibility for Retirement
and (ii) the amount to be distributed from all of the Eligible Employee’s Distribution Option Accounts exceeds $100,000 (taking into account all deferrals made to all of the Eligible Employee’s Distribution Option Accounts). The
Eligible Employee may elect a lump sum, or quarterly, semi-annual or annual installments payable over 5, 10, 15 or 20 years. This form of payment election shall apply to all Compensation Deferrals credited on behalf of the Eligible Employee to such
Eligible Employee’s Separation Distribution Account in any Plan Year in which the Eligible Employee makes Compensation Deferrals under this Plan, subject to change only in accordance with Section 3.4 below. In the event the amount to be
distributed from a Participant’s Distribution Option Accounts upon a Separation from Service after eligibility for Retirement does not exceed $100,000 (taking into account all deferrals made to all of the Eligible Employee’s Distribution
Option Accounts) as determined under Section 6.2, the Participant’s Distribution Option Accounts shall be paid in a lump sum in accordance with Section 6.2 without regard to the Participant’s actual form of payment election. 

(b) In-Service Distribution. An Eligible Employee shall elect (i) the form of payment in which amounts credited to the
Eligible Employee’s In-Service Distribution Account, if applicable, shall be paid where the amount to be distributed exceeds $25,000 and (ii) the Plan Year in which such payment shall commence; provided that the Plan Year selected in
(ii) may not be prior to the third Plan Year following the Plan Year in which the Compensation Deferral is made, except as permitted under Section 3.6. The Eligible Employee may elect a lump sum, or quarterly, semi-annual or annual
installments payable over 2, 3, 4 or 5 years. This election shall apply only to the Compensation Deferrals credited on behalf of the Eligible Employee to the In-Service Distribution Account created pursuant to the Enrollment Form to which such
Compensation Deferrals relate, except to the extent changed pursuant to a subsequent election in accordance with Section 3.4 below. In the event the amount to be distributed from a Participant’s In-Service Distribution Account does not
exceed $25,000 as of the applicable distribution date, the Participant’s In-Service Distribution Account shall be paid in a lump sum in accordance with Section 6.2 without regard to the Participant’s actual form of payment
election(s). If a Participant incurs a Separation from Service prior to the in-service distribution date elected by the Participant with respect to the Participant’s In-Service Distribution Account, the Participant’s distribution election
with respect to such In-Service Distribution Account shall become invalid and distribution shall instead be made in accordance with the Participant’s elections under Section 3.2(a), 3.2(c) or 3.4, as applicable. 

  
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 (c) Separation from Service. 

An Eligible Employee shall elect the form of payment in which amounts credited to the Eligible Employee’s Separation Distribution Account,
if applicable, shall be paid where (i) the Eligible Employee’s Separation Date occurs prior to eligibility for Retirement, and (ii) the amount to be distributed from all of the Eligible Employee’s Distribution Option Accounts
exceeds $100,000 (taking into account all deferrals made to all of the Eligible Employee’s Distribution Option Accounts). The Eligible Employee may elect a lump sum or annual installments payable over 5 years. This election shall apply to all
Compensation Deferrals credited on behalf of the Eligible Employee to such Eligible Employee’s Separation Distribution Account in any Plan Year in which Compensation Deferrals are made under this Plan, subject to change only in accordance with
Section 3.4 below. In the event the amount to be distributed from a Participant’s Distribution Option Accounts upon a Separation from Service before eligibility for Retirement does not exceed $100,000 (taking into account all deferrals
made to all of the Eligible Employee’s Distribution Option Accounts) as determined under Section 6.2, the Participant’s Distribution Option Accounts shall be paid in a lump sum in accordance with Section 6.2 without regard to the
Participant’s actual form of payment election. 
 Section 3.3 Investment Elections. 

(a) At the time of making the deferral elections described in Section 3.1 and the distribution elections described in Section 3.2,
the Participant shall designate, in a manner prescribed by the Administrator, which Funds the Participant’s Accounts will be deemed to be invested in for purposes of determining the Investment Return to be credited to those Accounts. The Funds
shall be as selected by the Administrator from time to time and the Administrator may add, change, or delete Funds at any time. In making the designation pursuant to this Section 3.3, the Participant may specify that all or any whole percentage
of the Participant’s Accounts be deemed to be invested in one or more of the Funds. A Participant may change the designation made under this Section 3.3, in a manner prescribed by the Administrator, on any business day. Such change shall
be effective as soon as administratively feasible after it is received. 
 (b) If a Participant fails to elect a type of Fund under this
Section 3.3, he or she shall be deemed to have elected the Fund designated by the Administrator. 
 (c) Although the Participant may
designate the Funds according to Section 3.3(a) above, the Administrator shall select, from time to time, in its sole discretion, for each of the Funds described in Section 3.3(a) above, a commercially available mutual fund or contract or
an investment fund established with and administered by an investment manager selected by the Administrator. The Investment Return of each such commercially available mutual fund, contract or investment fund shall be used to determine the amount of
earnings to be credited to Participants’ Accounts under Article IV although nothing set forth in this Plan shall require an actual investment of monies in any such mutual fund or in any other Fund designated as a deemed investment vehicle for
Compensation Deferrals. 

  
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 Section 3.4 Subsequent Elections. 

The Administrator may establish rules allowing a Participant to make a subsequent election to postpone payment of Compensation Deferrals under
the Participant’s In-Service Distribution Account(s) and/or such Participant’s Separation Distribution Account, in accordance with the rules in this Section 3.4; provided that any such subsequent election shall be made in accordance
with the requirements of Section 409A and that no subsequent election may result in an impermissible acceleration of payment as described in Section 409A. The following rules shall apply to subsequent elections under the Plan: 

(a) With respect to Compensation Deferrals under an In-Service Distribution Account, a Participant may make a subsequent election to defer the
payment to a later Plan Year or to change the form of payment applicable to such In-Service Distribution Account; provided that (i) the subsequent election must be made at least 12 months prior to the January in which the first scheduled
payment was to occur, (ii) the subsequent election may not take effect until at least 12 months after the date on which the election is made, and (iii) except with respect to an election related to payment upon an Unforeseeable Financial
Emergency, the first payment with respect to which such election is made must be deferred for a period of not less than five years from the date such payment would otherwise have been made. 

(b) A Participant may make a subsequent election to change the form or time at which Compensation Deferrals credited to a Participant’s
Separation Distribution Account will be paid; provided that (i) the subsequent election may not take effect until at least 12 months after the date on which the election is made, and (ii) except with respect to an election related to
payment upon an Unforeseeable Financial Emergency or death, the first payment with respect to which such election is made must be deferred for a period of five years from the date such payment would have otherwise have been made. Participants shall
be permitted to make only one subsequent election to change the form or time of payment of their Separation Distribution Account. 

ARTICLE IV 
 DISTRIBUTION
OPTION ACCOUNTS 
 Section 4.1 Compensation Deferrals. 

(a) The Administrator shall establish and maintain separate Distribution Option Accounts with respect to a Participant. A Participant’s
Distribution Option Accounts may consist of a Separation Distribution Account and/or one or more In-Service Distribution Account(s), as elected by the Participant. Each Participant’s Distribution Option Accounts shall be further divided into
separate subaccounts (“subaccounts”), each of which corresponds to a Fund elected by the Participant pursuant to Section 3.3(a). 

(b) As soon as practicable after the end of each calendar month, the Administrator shall credit the subaccounts of the Participant’s
Distribution Option Account with an amount equal to the Base Salary and/or Bonus Compensation that would otherwise have been earned for such calendar month in accordance with the Distribution Option irrevocably elected by the Participant in the
Enrollment Agreement and in accordance with the Participant’s 

  
 9 

 
investment elections under Section 3.3(a). Any amount once taken into account as Base Salary and/or Bonus Compensation for purposes of this Plan shall not be taken into account thereafter.
The Participant’s Distribution Option Accounts shall be reduced by the amount of payments made by the Company to the Participant or the Participant’s Beneficiary pursuant to this Plan. 

(c) Transferred Balances. As of the Effective Date, a Participant’s account balances, if any, under the Prior Plan shall be
transferred to this Plan as follows: 
 (i) A Transferred Balance attributable to amounts credited to the Participant under the Prior
Plan shall be transferred to the Participant’s Account under this Plan, and credited to a Separation Distribution Account and/or In-Service Distribution Account (or other subaccount), as previously credited under the Prior Plan. Following the
transfer of a Transferred Balance, the Company shall be responsible under this Plan for the payment of all Transferred Balances. 
 (ii) The
Participant’s investment elections with respect to any Transferred Balance shall be mapped to the available investment options as directed by the Administrator. 

Section 4.2 Company Contribution. 

From time-to-time and in its sole discretion, the Committee may provide that Company Contributions be credited to some or all Participants,
according to the terms and conditions determined by the Committee. 
 Section 4.3 Investment Return. 

Each subaccount of a Participant’s Distribution Option Account shall, as of each business day, be credited with earnings and debited with
losses in an amount equal to that determined by multiplying the balance credited to such subaccount as of the previous day by the Investment Return for the corresponding Fund pursuant to Section 3.3(a). 

ARTICLE V 
 VESTING

 Section 5.1 Compensation Deferral. 

A Participant’s Compensation Deferral credited to the Participant’s Distribution Option Account shall be 100% vested at all times.

 Section 5.2 Company Contribution. 

(a) Unless otherwise specified by the Committee, Company Contributions credited to a Participant’s Distribution Option Account, if any,
will vest and become non-forfeitable in the following increments: (i) 25% upon the Participant’s completion of two Years of Vesting Service; (ii) an additional 25% (50% total) upon completion of three Years of Vesting Service;
(iii) an additional 25% (75% total) upon completion of four Years of Vesting Service; and (iv) the Distribution Option Account balance shall be fully vested and nonforfeitable in its entirety on and after the Participant’s completion
of five Years of Vesting Service. 

  
 10 

 (b) Notwithstanding Section 5.2(a) above, a Participant’s Distribution Option Account
balance shall be fully vested and nonforfeitable in its entirety should: (i) the Participant die while providing service to the Company, (ii) the Participant become Disabled while providing service to the Company, or (iii) there occur
a Change in Control. 
 (c) When a Participant incurs a Separation Date, the portion of the Company Contribution credited to such
Participant’s Distribution Option Account which is not vested shall immediately be forever forfeited to the Company, and the Company shall have no obligation to the Participant (or Beneficiary) with respect to such forfeited amount. 

ARTICLE VI 

DISTRIBUTIONS 
 Section
6.1 Form and Timing of Distribution. 
 (a) Subject to Section 6.2, in the case of a Participant whose Separation Date occurs
on or after eligibility for Retirement and the vested portion of the Participant’s Separation Distribution Account exceeds $100,000 (taking into account all deferrals made to the Participant’s Separation Distribution Account), the
Participant’s Separation Distribution Account shall be distributed in the form elected by the Participant pursuant to Sections 3.2 and 3.4, as applicable, and shall be paid, or commence to be paid, within 30 days following the end of the
twelfth full calendar month after the Participant has a Separation from Service, unless payment is deferred pursuant to Section 3.4. 

(b) Subject to Section 6.2 and to clauses (i) and (ii) below, in the case of a Participant who has not incurred a Separation
from Service and the vested portion of a Participant’s In-Service Distribution Account exceeds $25,000 (applied on an Account by Account basis), the vested portion of the Participant’s In-Service Distribution Account shall be paid to the
Participant within 30 days following the date elected by the Participant pursuant to Sections 3.2 and 3.4, as applicable; provided that if the amount to be distributed does not exceed $25,000, distribution shall be made in a lump sum in accordance
with Section 6.2. 
 (i) If the Participant’s Account is not fully vested in accordance with Article V when the In-Service
Distribution Account is to be paid, the non-vested portion at the date of first payment will automatically be transferred to the Participant’s Separation Distribution Account. 

(ii) If the Participant incurs a Separation from Service after distribution has commenced in accordance with this Section 6.1(b) but
prior to the date on which the Participant’s In-Service Distribution Account(s) is fully distributed, distribution of the remaining amounts held in the Participant’s In-Service Distribution Account(s) shall continue to be distributed in
accordance with the Participant’s election for such Participant’s In-Service Distribution Account. 

  
 11 

 (c) In the case of a Participant whose Separation Date occurs prior to the earliest date on which
the Participant is eligible for Retirement, other than by reason of death, and the vested portion of the Participant’s Distribution Option Accounts exceeds $100,000 (taking into account all deferrals made to the Participant’s Distribution
Option Accounts), the vested portion of a Participant’s Distribution Option Accounts shall be distributed in the form elected by the Participant pursuant to Sections 3.2 and 3.4, as applicable, and shall be paid or commence to be paid within 30
days following the end of the twelfth full calendar month after the Participant has a Separation from Service, unless payment is deferred pursuant to Section 3.4. Any unvested portion of any Distribution Option Account shall be forfeited in
accordance with Section 5.2. 
 Section 6.2 Small Benefit Cashout. 

(a) Notwithstanding any provision of the Plan or election by a Participant to the contrary, in the event the value of the vested portion of a
Participant’s Separation Distribution Account does not exceed $100,000 (taking into account all deferrals made to the Eligible Employee’s Separation Distribution Account) as of the date the Participant’s Account becomes distributable
in accordance with the terms of the Plan, then the vested portion of the Participant’s Account shall be paid in a lump sum within 30 days following the date the Participant’s Account becomes distributable. For purposes of the foregoing,
the Participant’s Account shall be valued as of the last business day of the month following the month in which the Participant’s Separation Date occurs. If the value at such time does not exceed $100,000, the Participant’s Account
shall be distributed in a lump sum within 30 days thereafter. 
 (b) Notwithstanding any provision of the Plan or election by a Participant
to the contrary, in the event the value of the vested portion of a Participant’s In-Service Distribution Account does not exceed $25,000 (applied on an Account by Account basis) as of the date the Participant’s Account becomes
distributable, then the vested portion of the Participant’s Account shall be paid in a lump sum within 30 days following the date the Participant’s Account becomes distributable. 

Section 6.3 Payout. 

(a) Unless otherwise specified in Section 6.1 or Section 6.2 hereof, any lump sum benefit payable under this Article VI shall be paid
in January of the Plan Year elected by the Participant pursuant to Sections 3.2(b) and 3.4, as applicable, in an amount equal to the vested value of the portion of such Distribution Option Account being distributed as of the business day the Funds
are deemed to be liquidated to make the payment. 
 (b) Installment payments, if any, payable under this Article VI shall commence in January
of the Plan Year elected by the Participant pursuant to Sections 3.2(b) and 3.4, as applicable, or otherwise at the time specified for payment under Sections 6.1(a) or 6.1(c), as applicable, in an amount equal to (i) the vested value of such
portion of such Distribution Option Account being distributed as of the business day the Funds are deemed to be liquidated to make the payment, divided by (ii) the number of installment payments elected by the Participant in the applicable
Enrollment Agreement with respect to an In-Service Distribution Account or in the distribution election form filed pursuant to Section 3.2 or 4.2(d) with respect to the 

  
 12 

 
Separation Distribution Account. The remaining installments shall be paid in an amount equal to (x) the vested value of such portion of the Distribution Option Account being distributed as
of the business day the Funds are deemed to be liquidated to make the payment divided by (y) the number of installments remaining. 

Section 6.4 Financial Hardship of Participant. 

(a) At any time prior to commencement of payment pursuant to this Article VI, a Participant may request payment to the Participant of all or a
portion of the amounts that the Participant has deferred under the Plan. The decision to approve or deny such a request shall be in the absolute discretion of the Administrator. However, such a request shall be approved only upon a finding that the
Participant has suffered an Unforeseeable Financial Emergency, and then only in an amount necessary to eliminate such Unforeseeable Financial Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after
taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause
severe financial hardship). In the event such a request is approved, payment of all or a portion of the amounts previously deferred by the Participant, with credited interest, to the extent approved by the Administrator, shall be made as soon as
practicable to the Participant. Amounts otherwise payable to a Participant hereunder shall be adjusted (as determined by the Administrator in its absolute discretion) to take into account such Unforeseeable Financial Emergency payment. The
Administrator shall administer hardship distribution requests consistently with Section 409A. 
 (b) If a Participant elects to take an
Unforeseeable Financial Emergency distribution prior to June 30 of any Plan Year, the Participant’s deferral election shall be cancelled for the Plan Year in which the distribution occurs with respect to all Base Salary and Bonus
Compensation not yet earned. If a Participant elects to take an Unforeseeable Financial Emergency distribution on or after June 30 of any Plan Year, the Participant’s deferral election shall be cancelled for the Plan Year in which such
distribution occurs with respect to all salary and bonuses not yet earned, and the Participant shall be suspended from participation in the Plan for the following Plan Year. If the Participant wishes to commence making a Compensation Deferral after
the period during which the Participant’s deferral election is cancelled pursuant to this Section 6.4(b), the Participant may make a new deferral election in accordance with the requirements of Section 3.1. 

Section 6.5 Permissible Distribution Event. 

Notwithstanding any provision of the Plan to the contrary, no distributions shall be made except upon a specified date or event as permitted
pursuant to Section 409A. 
 Section 6.6 Payment by Trust. 

The Company may cause the payment of benefits under this Plan to be made in whole or in part by the trustee of a trust designated by the
Committee (the “Trust”). The Administrator may direct the Trustee to pay the Participant’s or Beneficiary’s benefit at the time and in the amount described herein. In the event the amounts allocated to the Participant under the
Trust are not sufficient to provide the full amount of benefit payable to the Participant, the Company shall pay the remainder of such benefit. 

  
 13 

 Section 6.7 Inability to Locate Participant. 

In the event that the Administrator is unable to locate a Participant or Beneficiary within two years following the date the Participant was to
commence receiving payment, the entire amount allocated to the Participant’s Deferral Account and Company Contribution Account shall be forfeited. If, after such forfeiture, the Participant or Beneficiary later claims such benefit, such benefit
shall be reinstated without interest or earnings from the date payment was to commence pursuant to the Participant’s elections under Sections 3.2 and 3.4, as applicable. 

ARTICLE VII 
 CHANGE IN
CONTROL 
 In the event of a Change in Control, all Participants shall receive a distribution of 100% of the Participant’s
Distribution Option Accounts at the time of the distribution. Such distribution shall be made in a lump sum within 30 days following the date the Change in Control is consummated, in an amount equal to the value of such Distribution Option Accounts
as of the business day the Funds are deemed to be liquidated to make the payment. 
 ARTICLE VIII 

DEATH BENEFITS 
 Upon the
death of a Participant before the Participant’s Distribution Option Account(s) has been paid in full (either in a lump sum or installment payments), the Participant’s Beneficiary shall receive the balance of the Participant’s vested
Account as of the date of death, as adjusted by subsequent gains or losses prior to distribution, in the form of a lump sum payment as soon as reasonably practicable following the date of the Participant’s death (but in no event after
December 31 of the calendar year following the calendar year in which death occurs). 
 ARTICLE IX 

CLAIMS PROCEDURES 

Section 9.1 Claims. 

A Participant or, following the Participant’s death, a Beneficiary (collectively referred to in this section as “Claimant”) may
submit a claim for benefits under the Plan. Any claim for benefits under this Plan shall be made in writing to the Administrator. If such claim for benefits is wholly or partially denied, the Administrator shall, within 90 days after receipt of the
claim, notify the Claimant of the denial of the claim unless special circumstances require an extension of time for processing the claim, which extension shall not exceed 180 days from receipt of the claim. If such extension is required, written
notice of the extension shall be furnished to the Claimant prior to the termination of the initial 90-day period and shall indicate the special circumstances requiring an extension of time and the date by which the Administrator expects to render a
final decision. A notice of denial shall be in writing, shall be written in a manner calculated to be understood by the Claimant, and shall contain the specific reason or reasons for 

  
 14 

 
denial of the claim, a specific reference to the pertinent Plan provisions upon which the denial is based, a description of the additional material or information (if any) necessary to perfect
the claim, together with an explanation of why such material or information is necessary, and an explanation of the claims review procedure set forth below, including a statement of the Claimant’s right to bring a civil action under section
502(a) of ERISA following an adverse benefit determination on review. 
 Section 9.2 Appeal. 

Within 60 days after the receipt by a Claimant of a written notice of denial of a claim, the Claimant may file a written request with the
Administrator that it conduct a full and fair review of the denial of the claim for benefits. The Claimant, or duly authorized representative, shall receive, upon request and free of charge, reasonable access to, and copies of, all documents,
records and other information relevant to the Claimant’s claim for benefits. The Claimant, or duly authorized representative may also submit written comments, documents, records and other information relating to the claim for benefits, and the
review will take into account such items whether or not they were considered in the initial benefit determination. 
 The Administrator
shall deliver to the Claimant, or authorized representative, a written decision on the claim within 60 days after the receipt of the request for review, except that if there are special circumstances that require an extension of time, the 60-day
period may be extended to 120 days. If such extension is required, written notice shall be furnished to the Claimant, or authorized representative, prior to the termination of the initial 60-day period and shall indicate the special circumstances
requiring an extension of time and the date by which the final decision will be rendered. The decision shall be written in a manner calculated to be understood by the Claimant, include the specific reason or reasons for the decision, include a
statement that the Claimant is entitled to receive upon request and free of charge, access to and copies of all documents and other information relevant to the claim, contain a specific reference to the pertinent Plan provisions upon which the
decision is based, and include a statement describing any voluntary appeal procedures offered by the Plan and a statement of the Claimant’s right to bring an action under section 502(a) of ERISA. 

Section 9.3 Authority. 

The Administrator, in determining claims for benefits, shall have the complete discretion to review and determine related factual questions, to
construe the terms of the Plan, and to bind the Company with respect to the Plan. 
 ARTICLE X 

ADMINISTRATION 
 Section
10.1 Administrator. 
 The Plan shall be administered by the Administrator. The Administrator shall be appointed by, and serve at
the pleasure of, the Committee, provided that if no Administrator is designated, the Plan shall be administered by the Committee. The number of members comprising the Administrator shall be determined by the Committee which may from time to time
vary the number of members. A member of the Administrator may resign by delivering a written notice of resignation to the Committee. The Committee may remove any member by delivering a certified copy of its resolution of removal to such member.
Vacancies in the membership of the Administrator shall be filled promptly by the Committee. 

  
 15 

 Section 10.2 Administrator Action. 

The Administrator shall act at meetings by affirmative vote of a majority of the members of the Administrator. Any action permitted to be taken
at a meeting may be taken without a meeting if, prior to such action, a written consent to the action is signed by all members of the Administrator and such written consent is filed with the minutes of the proceedings of the Administrator. A member
of the Administrator shall not vote or act upon any matter which relates solely to such member as a Participant. Any member or members of the Administrator may execute any certificate or other written direction on behalf of the Administrator. 

Section 10.3 Powers and Duties of the Administrator. 

(a) The Administrator, on behalf of the Participants and their Beneficiaries, shall enforce the Plan in accordance with its terms, shall be
charged with the general administration of the Plan, and shall have all powers necessary to accomplish its purposes, including, but not by way of limitation, the following: 

(i) To select the mutual funds, contracts or investment funds to be the Funds in accordance with Section 3.3(b) hereof; 

(ii) To construe and interpret the terms and provisions of this Plan; reconcile any inconsistency in, correct any defect in and/or supply any
omission in the Plan; and to make factual determinations; 
 (iii) To compute and certify to the amount and kinds of benefits payable to
Participants and their Beneficiaries; 
 (iv) To maintain all records that may be necessary for the administration of the Plan; 

(v) To provide for the disclosure of all information and the filing or provision of all reports and statements to Participants, Beneficiaries
or governmental agencies as shall be required by law; 
 (vi) To make and publish such rules for the regulation of the Plan and procedures
for the administration of the Plan as are not inconsistent with the terms hereof; and 
 (vii) To appoint a plan administrator or any other
agent, and to delegate to them such powers and duties in connection with the administration of the Plan as the Administrator may from time to time prescribe. 

(viii) On behalf of the Company, to select those Highly Compensated Employees who shall be Eligible Employees. 

  
 16 

 Section 10.4 Construction and Interpretation. 

(a) The Administrator shall have full discretion to construe and interpret the terms and provisions of this Plan, which interpretation or
construction shall be final and binding on all parties, including but not limited to, the Company and any Participant or Beneficiary. The Administrator shall administer such terms and provisions in a uniform and nondiscriminatory manner and in full
accordance with any and all laws applicable to the Plan. 
 (b) Nothing contained in the Plan shall be construed to prevent the Company from
taking any action which is deemed by it to be appropriate or in its best interest. No Participant, Beneficiary, or other Person shall have any claim against the Company as a result of such action. Any decisions, actions or interpretations to be made
under the Plan by the Company or the Committee, or the Administrator acting on behalf of the Company, shall be made in its respective sole discretion, not as a fiduciary, need not be uniformly applied to similarly situated individuals and shall be
final, binding and conclusive on all Persons interested in the Plan. 
 Section 10.5 Information. 

To enable the Administrator to perform its functions, the Company shall supply full and timely information to the Administrator on all matters
relating to the Compensation of all Participants, their death, Disability, or other cause of termination, and such other pertinent facts as the Administrator may require. 

Section 10.6 Compensation, Expenses and Indemnity. 

(a) The Administrator is authorized at the expense of the Company to employ such legal counsel as it may deem advisable to assist in the
performance of its duties hereunder. Expenses and fees in connection with the administration of the Plan shall be paid by the Company. 
 (b)
To the extent permitted by applicable state law, the Company shall indemnify and save harmless the Administrator and each member thereof, the Committee and any delegate of the Administrator who is an employee of the Company against any and all
expenses, liabilities and claims, including legal fees to defend against such liabilities and claims arising out of their discharge in good faith of responsibilities under or incident to the Plan, other than expenses and liabilities arising out of
willful misconduct. This indemnity shall not preclude such further indemnities as may be available under insurance purchased by the Company or provided by the Company under any bylaw, agreement or otherwise, as such indemnities are permitted under
state law. 
 Section 10.7 Quarterly Statements. 

Under procedures established by the Administrator, a Participant shall receive a statement with respect to such Participant’s Accounts on
a quarterly basis as of each March 31, June 30, September 30 and December 31. 

  
 17 

 ARTICLE XI 

MISCELLANEOUS 
 Section
11.1 Unsecured General Creditor. 
 Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or
equitable rights, claims, or interest in any specific property or assets of the Company. No assets of the Company shall be held under any trust, or held in any way as collateral security for the fulfilling of the obligations of the Company under
this Plan. Any and all of the Company’s assets shall be, and remain, the general unpledged, unrestricted assets of the Company. The Company’s obligation under the Plan shall be merely that of an unfunded and unsecured promise of the
Company to pay money in the future, and the rights of the Participants and Beneficiaries shall be no greater than those of unsecured general creditors. 

Section 11.2 Restriction Against Assignment. 

The Company shall pay all amounts payable hereunder only to the Persons designated by the Plan and not to any other Persons. No part of a
Participant’s Accounts shall be liable for the debts, contracts, or engagements of any Participant, the Participant’s Beneficiary, or successors in interest, nor shall a Participant’s Accounts be subject to execution by levy,
attachment, or garnishment or by any other legal or equitable proceeding, nor shall any such Person have any right to alienate, anticipate, commute, pledge, encumber, or assign any benefits or payments hereunder in any manner whatsoever. If any
Participant, Beneficiary or successor in interest is adjudicated bankrupt or purports to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge any distribution or payment from the Plan, voluntarily or involuntarily, the
Administrator, in its discretion, may cancel such distribution or payment (or any part thereof) to or for the benefit of such Participant, Beneficiary or successor in interest in such mariner as the Administrator shall direct. 

Section 11.3 Withholding. 

There shall be deducted from each payment made under the Plan or any other compensation payable to the Participant (or Beneficiary) all taxes
which are required to be withheld by the Company in respect to such payment or this Plan. The Company shall have the right to reduce any payment (or compensation) by the amount of cash sufficient to provide the amount of said taxes. 

Section 11.4 Amendment, Modification, Suspension or Termination. 

The Committee or the Board of Directors of the Company may at any time, or from time to time, in its sole discretion amend or terminate the
Plan in any manner that the Committee or the Board of Directors of the Company deems appropriate, including amending or terminating outstanding deferral elections, if necessary or appropriate to comply with changes to applicable law, without the
consent of any Participant; provided, however, that no amendment shall reduce any benefits accrued under the terms of the Plan as of the date of amendment. In the event the Committee or the Board of Directors of the Company acts to terminate and
liquidate the Plan in accordance with Treasury regulations Section 1.409A-3(j)(4)(ix), distribution to Participant shall be made in accordance with Article 6, unless otherwise required in order to comply with Section 409A. 

  
 18 

 Section 11.5 Governing Law. 

This Plan shall be construed, governed and administered in accordance with the laws of the State of Delaware (including its statute of
limitations and all substantive and procedural law, and without regard to its conflict of laws provisions), except as to matters of federal law. 

Section 11.6 Receipt or Release. 

Any payment to a Participant or the Participant’s Beneficiary in accordance with the provisions of the Plan shall, to the extent thereof,
be in full satisfaction of all claims against the Administrator, the Company and the Trustee. The Administrator may require such Participant or Beneficiary, as a condition precedent to such payment, to execute a receipt and release to such effect.

 Section 11.7 Payments on Behalf of Persons Under Incapacity. 

In the event that any amount becomes payable under the Plan to a Person who, in the sole judgement of the Committee, is considered by reason of
physical or mental condition to be unable to give a valid receipt therefore, the Administrator may direct that such payment be made to any Person found by the Administrator, in its sole judgement, to have assumed the care of such Person. Any payment
made pursuant to such determination shall constitute a full release and discharge of the Administrator and the Company. 
 Section 11.8
Headings. 
 Headings and subheadings in this Plan are inserted for convenience of reference only and are not to be considered in
the construction of the provisions hereof. 

  
 19 

 IN WITNESS WHEREOF, the Company has caused this document to be executed by its duly authorized
officer to be effective on this                     , 2016. 

 

			
	HILTON GRAND VACATIONS INC.
		
	By:	 	  

	Its:EX-10.15

 Exhibit 10.15 
  

 
 July 6, 2016 

Mr. James Mikolaichik 
 [address] 

Dear Jim: 
 As you know, the Board of Directors of Hilton
Worldwide Holdings Inc. (“HWHI”) has announced its intent to spin off Hilton Grand Vacations Inc., its timeshare business, into a standalone public company (collectively with its subsidiaries, referred to as “HGV”) that will be
based in Orlando, Florida. This spin-off transaction (the “Spin-off”) is expected to occur in                         .

 As the expected Chief Executive Officer of HGV, I am pleased to offer you the position of Chief Financial Officer of HGV, subject to the terms and
conditions contained in this offer letter. In this role, you will be reporting to me. This is a full-time position and you will be expected to devote your full business time and attention to the performance of your duties in this role. 

Employment Start Date. Your first day of work in the role of Chief Financial Officer will be considered your “Employment Start Date” for
purposes of determining future seniority and benefits eligibility. We have planned for your Employment Start Date to be on or about August 1, 2016. Your employment will be for no set duration. Your legal employer will be Hilton Resorts
Corporation, HGV’s employer entity (“HRC”), and based in Orlando, Florida. We do not anticipate that this will change as a result of the Spin-off. 

Base Salary. Your starting annual base salary in your role as Chief Financial Officer will be $450,000, paid bi-weekly ($17,307.69 for each pay period
worked), less applicable taxes and withholdings. You will continue to be paid this annual base salary in your role as Chief Financial Officer of HGV for periods after the effective date of the Spin-off (the “Spin-off Date”), until changed
pursuant to a review. Your salary will be subject to annual review. 
 Annual Cash Incentive Plan. Subject to the terms of the current Hilton Annual
Incentive Plan (the “Hilton Plan”), for 2016 you will be entitled to receive a performance incentive bonus (the “2016 Incentive Bonus”) equal to 100% of your annual base salary, less applicable withholding, provided you remain
employed with HGV through December 31, 2016. This represents the target bonus amount for someone in your role under the terms of the current Hilton Plan, with no proration for the partial year of service. This 2016 Incentive Bonus payment will
be paid to you no later than March 15, 2017, provided you remain employed through and including the payment date (except as expressly provided for below). 

For 2017 and subsequent years, you will be eligible to participate in HGV’s annual bonus incentive plan (each, an “HGV Bonus Plan”) at a level
commensurate with your position as an executive with HGV. Your participation in the HGV Bonus Plan does not constitute a promise of payment. Your actual incentive payout will depend on HGV’s financial performance and management’s
assessment of your individual performance, and will be subject to the terms and conditions of the HGV Bonus Plan. Eligibility for participation in the HGV Bonus Plan will be subject to annual review. 

Sign-On Bonus. You will receive a sign-on bonus of $300,000, less applicable taxes and withholdings (the “Sign-on Bonus”). Of this bonus,
$10,000 is in consideration of COBRA expenses that you may incur in connection with your transition to employment with HGV. This Sign-on Bonus will be paid to you in the first payroll cycle that occurs thirty (30) days after your Employment
Start Date. In the event that, within twenty-four (24) months of your Employment Start Date, you voluntarily terminate your employment for any reason (except as expressly provided for below) or your employment is terminated for Cause by HGV,
you will be required to repay to HGV the full amount of the paid Sign-on Bonus within thirty (30) days of the date of your termination. 

  
 

 

 For purposes of this offer letter, “Cause” shall be defined to include, but not be limited to
(i) conviction of, or plea of nolo contendere to, a felony or crime involving moral turpitude; (ii) fraud on or misappropriation of any funds or property of HGV, any affiliate, customer or vendor; (iii) personal dishonesty,
incompetence, willful misconduct, willful violation of any law, rule or regulation (other than minor traffic violations or similar offenses), or breach of fiduciary duty which involves personal profit; (iv) willful misconduct or negligence in
connection with your duties or willful failure or refusal to perform your responsibilities in the best interests of HGV; (v) chronic use of alcohol, drugs or other similar substances which adversely affects your work performance;
(vi) violation of any material company rule, regulation, procedure or policy; or (vii) breach of any provision of any employment, non-disclosure, non-competition, non-solicitation or other similar agreement executed by you for the benefit
of HGV or of any material HGV policy, all as determined by the Board of Directors of HGV or its designee, which determination will be conclusive. 

Sign-On LTI Award. In addition, HGV’s management team will recommend that, subsequent to the Spin-off, as an initial sign-on incentive, the
Compensation Committee of the Board of Directors of HGV grant you a Long-Term Incentive award with an aggregate grant date value equal to $800,000, which will be based on the closing price of HGV’s common stock as of the grant date
(determined in accordance with HGV’s Stock Granting Policy then in effect). The aggregate grant date value will be awarded in the form of restricted stock units (“RSUs”). The RSUs will be subject to the terms and conditions of the HGV
Omnibus Stock Incentive Plan (“LTI Plan”) to be adopted by the Board of Directors of HGV subsequent to the Spin-off, and the applicable RSU award agreement. One-third of the RSUs will vest and become non-forfeitable on each of the first
three anniversaries of your Employment Start Date, provided in each case that you remain continuously employed by HGV through each applicable vesting date. Following the vesting of the RSUs, you will receive one share of HGV common stock for each
vested RSU (subject to tax withholding). 
 Other Long-Term Incentive Programs. Subject to approval by the Compensation Committee of the Board of
Directors of HGV, you will eligible to participate in an executive Long-Term Incentive (LTI) Program to be adopted by HGV following the Spin-off, in accordance with terms and conditions established by HGV’s Board of Directors, including any
applicable vesting period. HGV’s management team will recommend that, for 2017, the Compensation Committee of the Board of Directors of HGV grant you a Long-Term Incentive award with an aggregate grant date value equal to $675,000, which will
be based on the closing price of HGV’s common stock as of the grant date (determined in accordance with the HGV Stock Granting Policy then in effect). All annual grants will be subject to any applicable taxes and withholding. 

Severance Benefits. Beginning on your Employment Start Date, you will be eligible for severance benefits under the Hilton Executive Severance Plan (the
“Severance Plan”) at the level applicable to current Executive Vice Presidents of Hilton, upon an eligible termination of employment in accordance with the terms of the Severance Plan. Following the Spin-off, you will continue to be
eligible to receive severance benefits in accordance with the Severance Plan, on the same terms as if you continued to be eligible to participate in the Severance Plan until a qualifying termination of employment, until the earlier of (a) such
time as HGV adopts a severance benefit plan applicable to employees holding your title or position providing for severance benefits that are substantially similar, in the aggregate, to those provided under the Severance Plan (the “HGV Severance
Plan”), and (b) December 31, 2017. 
 In the event that the Spin-off does not occur by December 31, 2017, you will have the option to
voluntarily terminate your employment upon one months’ written notice and that termination will be treated as a resignation for Good Reason (as defined under the Severance Plan). In that event, if you resign for Good Reason, you will
(1) be permitted to retain your Sign-on Bonus without regard to repayment, (2) remain entitled to receive your 2016 Incentive Bonus, and (3) be entitled to severance benefits in accordance with the Severance Plan or HGV Severance
Plan, as applicable. In order to resign for Good Reason, you must provide written notice of such resignation prior to February 15, 2018 (or, if earlier, prior to the Spin-off Date if it occurs after December 31, 2017). 

Health & Welfare Benefits. Hilton provides a comprehensive package of benefits, including medical and prescription drug coverage, dental
coverage, vision coverage, life insurance, short- and long-term disability insurance and other offerings. If you are a full-time team member as defined by Hilton’s health and welfare benefits plan, you will be eligible to participate in the
plans once you have completed 90 days of employment with 

  
 

 

 
HGV. Enrollment must take place within the first 90 days of your employment with HGV for you to be eligible. Late enrollment (outside the initial 90-day period of your employment) will not be
accepted. If you have questions related to your enrollment, please contact Hilton’s HR Service Center at 1-877-442-4772. 
 Hilton 401(k) Savings
Plan. You may participate in a Hilton-sponsored 401(k) savings plan, normally after your first 90 days of employment. HGV may match a portion of your contributions in accordance with the applicable plan provisions. Eligibility requirements and
conditions of enrollment and coverage are subject to change and are set forth in the applicable plan documents. You may contact a local Human Resources representative for more information.

Deferred Compensation. Following the Spin-off, you will be eligible to participate in a deferred compensation plan sponsored by HGV, subject to the
applicable plan’s terms and conditions. 
 Relocation. Relocation benefits to your permanent location will be offered in accordance with the
Plan A of the Hilton Relocation Plan, which includes home sale and marketing assistance, home finding assistance, temporary living, home purchase assistance, reimbursement of relocation expenses, and moving of your household goods, provided that,
notwithstanding the terms of Plan A of the Hilton Relocation Plan, HGV has agreed to reimburse you for eligible home sale expenses for a home valued at up to $1,000,000. You will also receive Weichert Mobility’s VIP services, which will provide
you and your family with heightened personal assistance during the process of relocating and adjusting to the new location. The amounts reimbursed are not subject to a right to liquidation or exchange for another benefit. All reimbursements will be
paid by Hilton or HGV, as applicable, no later than December 31st of the year following the year the expense was incurred. 

Paid Time Off. HGV provides a generous program of paid time away from work, including paid time off (PTO) and paid holidays. You will accrue up to
twenty (20) days of PTO in your first year of employment, increasing to up to twenty-five (25) PTO days after completing one full year of employment, and higher PTO accrual levels with extended periods of service. HGV also offers ten
(10) paid holidays. 
 Business Travel and Employee Travel Program. You will travel in connection with your employment. HGV will reimburse you
for reasonable business expenses incurred in connection with your employment, upon presentation of documentation in accordance with Hilton or HGV’s applicable expense reimbursement policies for senior management. 

While employed, you will be eligible for complimentary and discounted room rates while travelling on personal travel, based on availability and in accordance
with the Hilton discount travel program terms.
 Contingent Offer. Your employment offer is contingent on presenting appropriate documentation
verifying authorization to work in the United States. 
 Hilton’s and HGV’s benefit offerings and other terms and conditions of employment are
subject to change or termination, with or without notice, before, in connection with, or following the Spin-off. In the event of differences between any documents relating to compensation and benefits, the terms of the applicable plan document will
control. 
 This offer letter supersedes any previous verbal or written offer that you may have received. This offer letter does not constitute an
employment contract. If you accept this offer and join the HGV team, you will be an at-will employee, which means that either HGV or you may terminate the employment relationship at any time, for any reason, with or without cause. As a
condition of your employment, you will be required to sign a Mutual Agreement to Arbitrate Claims. 
 We ask that, as you consider this offer, you take
special note that HGV expects its employees to hold themselves to the highest ethical standards. This expectation is exemplified by our corporate value of integrity and our corporate Code of Conduct, to which you will be introduced in
orientation. In that context, please observe that neither Hilton nor HGV hire people for the purpose of acquiring their former employer’s trade secrets, confidential information or proprietary information. By accepting this offer, you
acknowledge that you have returned or will return all property, including documents, memoranda, software or other material, containing information belonging to your current or former employer before starting your employment with HGV. You

  
 

 

 
further agree you will not bring such materials to our premises or otherwise use any such material in performing work for HGV. In addition, you must advise us about any restrictive covenants that
might apply to you during your employment with HGV. With acceptance, you confirm that you are free to perform work for HGV without breaching any other agreement(s) to which you are or may be bound. 

Please call Barbara Hollkamp, SVP, Human Resources at 407-722-3248 with any questions you might have after reviewing the terms of our offer. You may keep a
copy of this document for your records. 
 We have confidence that you can make a great contribution to our team during these exciting times at Hilton. 

Sincerely, 
 /s/ Mark Wang 

Mark Wang, 
 EVP & President, HGV 

********************************************************************************** 

I acknowledge receipt and acceptance of the offer of employment in this letter. By my signature below, I accept all terms and conditions set forth
above. In addition, I acknowledge and agree that, subject to the successful outcome of HGV’s background investigation process and confirmation of my eligibility to work in the United States, I will be employed on an at-will basis and that
any change to that status may only be made through an agreement in writing signed by HGV. In addition, my employment is contingent on the condition that I execute a Mutual Agreement to Arbitrate Claims, which should be executed in conjunction with
your acceptance of this employment offer. 
  

			
	Accepted:	 	 /s/ James Mikolaichik

		 	James Mikolaichik
		
	Date:	 	July 7, 2016

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