Document:

EX-10.5

 Exhibit 10.5 

[Blackstone Letterhead] 
 October
24, 2016 
 Hilton Worldwide Holdings Inc. 
 7930 Jones Branch
Drive, Suite 1100 
 McLean, Virginia 22102 
 Park Hotels &
Resorts Inc. 
 1600 Tysons Boulevard, Suite 1000 
 McLean,
Virginia 22102 
 Ladies and Gentlemen: 
 On the date of this
letter, the undersigned (the “Blackstone Sellers”), certain affiliates thereof and HNA Tourism Group Company Limited, a company formed under the laws of and incorporated in the People’s Republic of China (“HNA
Tourism”), are entering into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with respect to the sale by the Blackstone Sellers, on a pro rata basis, of 247,500,000 shares of common stock (“HLT Common
Stock”) of Hilton Worldwide Holdings Inc. (“Hilton”) to HNA Tourism, subject to adjustment as described therein.
 The Blackstone
Sellers understand that Hilton has determined to separate Hilton into three separate, publicly traded companies. The Blackstone Sellers further understand that, among other steps, to effect such separation: 

 

	(a)	Hilton intends to distribute (the “Park Distribution”) 100% of the shares of common stock (the “Park Common Stock”) of Park Hotels & Resorts Inc. (“Park”) to the
shareholders of Hilton pursuant to a registration statement on Form 10, including the information statement, as amended or supplemented, of Park, filed with the Securities and Exchange Commission on June 2, 2016, as amended, under the
Securities Exchange Act of 1934, as amended, and the exhibits included as part of that registration statement; and 

  

	(b)	Hilton intends to distribute (the “HGV Distribution”) 100% of the shares of common stock (the “HGV Common Stock”) of Hilton Grand Vacations Inc. (“HGV”) to the
shareholders of Hilton pursuant to a registration statement on Form 10, including the information statement, as amended or supplemented, of HGV, filed with the Securities and Exchange Commission on June 2, 2016, as amended, under the Securities
Exchange Act of 1934, as amended, and the exhibits included as part of that registration statement.

 Hilton Worldwide Holdings Inc. 

Park Hotels & Resorts Inc. 
 October 24, 2016 

 Page
 2
 
  
 The Blackstone Sellers understand
that Hilton intends that the Park Distribution and the HGV Distribution (collectively, the “Distributions”) will each be effective at 6:01 p.m., New York time, on the date of the Distributions (the “Distribution Effective
Time”). Effective the day following the Distributions, the Blackstone Sellers further understand that Park intends to elect to qualify as a real estate investment trust (a “REIT”) under the United States Internal
Revenue Code of 1986, as amended (the “Code”).
 The closing of the transactions contemplated by the Stock Purchase Agreement (the
“SPA Closing”) may occur before or after the Distribution Effective Time. In either event, and unless the Distributions have been abandoned by Hilton, following the SPA Closing and Distributions, it is anticipated that HNA
Tourism will own an equivalent percentage of the number of outstanding shares of HLT Common Stock, Park Common Stock and HGV Common Stock. 
 The Blackstone
Sellers understand that, simultaneous with the execution of the Stock Purchase Agreement, each of Hilton, Park and HGV is entering into a separate Stockholders Agreement and Registration Rights Agreement with HNA Tourism providing for certain
rights and obligations of the parties, including with respect to corporate governance, voting, stock transfers and registration of shares of HLT Common Stock, Park Common Stock and HGV Common Stock acquired by HNA Tourism pursuant to the Stock
Purchase Agreement and the Distributions. 
 The Blackstone Sellers understand that, subject to certain exceptions, all of the hotels owned by Park will be
leased to taxable REIT subsidiaries of Park (or subsidiaries thereof), and those taxable REIT subsidiaries (or subsidiaries thereof) will engage Hilton (or subsidiaries thereof) to manage those hotels. For the rents paid by the taxable REIT
subsidiaries to Park to qualify as “rents from real property” under Section 856(d)(8)(B) of the Code, Hilton must qualify as an “eligible independent contractor,” within the meaning of Section 856(d)(9)(A) of the Code. 

The Blackstone Sellers understand that, for Hilton to be an eligible independent contractor with respect to Park, the following stock ownership requirements
must be satisfied: 
  

	(a)	Hilton must not own, directly or indirectly (taking into account certain constructive ownership rules set forth in the Code and related regulations), more than 35% of the shares of Park; and 

 

	(b)	Not more than 35% of the total combined voting power of the Hilton stock (or 35% of the total shares of all classes of Hilton stock) can be owned, directly or indirectly, by one or more persons owning 35% or more of the
shares of Park (taking into account certain constructive ownership rules set forth in the Code and related regulations). 

 The Blackstone
Sellers understand that Hilton and Park only have common stock outstanding. The Blackstone Sellers further understand that, since both the HLT Common Stock and, following the Distributions, the Park Common Stock will be regularly traded on an
established securities market, only persons who own, directly or indirectly, more than 5% of the HLT 

 Hilton Worldwide Holdings Inc. 

Park Hotels & Resorts Inc. 
 October 24, 2016 

 Page
 3
 
  
 Common Stock and more than 5% of the
Park Common Stock are taken into account as owning any of such stock for purposes of applying the 35% limitation set forth in subparagraph (b) above (but all of such stock is considered outstanding in order to compute the denominator for purposes of
determining the applicable percentage of ownership). 
 The Blackstone Sellers acknowledge that none of Hilton, Park or HGV would enter into the respective
Stockholders Agreement or Registration Rights Agreement, or take other actions contemplated by the Stock Purchase Agreement, if it adversely affected the desirability (including the expected tax attributes) or timing of the Distributions, including
the qualification of Hilton or its subsidiaries as an “eligible independent contractor” within the meaning of Section 856(d)(9)(A) of the Code, the qualification of rents paid by the taxable REIT subsidiaries to Park as “rents from
real property” under Section 856(d)(8)(B) of the Code, or the ability of Park to qualify as a REIT under the Code. The Blackstone Sellers also acknowledge that for Hilton to qualify as an eligible independent contractor, for rents paid by
the taxable REIT subsidiaries of Park to qualify as rents from real property and for Park to qualify as a REIT under the Code effective the day following the Distributions, (i) the Blackstone Restructuring Steps (as defined in the waiver letter
attached hereto as Exhibit A from the Blackstone Entities (as defined in the Waiver Letter) to Hilton and Park, dated as the of the date hereof (the “Waiver Letter”)) must occur prior to 11:59 pm on the date of the Distribution and (ii)
(x) if the Distribution occurs after the satisfaction of certain closing conditions related to the sale of shares of HLT Common Stock contemplated by the Stock Purchase Agreement occurs, the Blackstone Sellers will be required to sell shares of HLT
Common Stock to third parties other than HNA Tourism and its affiliates on or prior to the date of the Distribution and (y) if the Distributions occur before the satisfaction of certain closing conditions related to the sale, the Blackstone Sellers
will be required to sell shares of HLT Common Stock and Park Common Stock to third parties other than HNA Tourism and its affiliates prior to the satisfaction of such closing conditions, as well as shares of HGV Common Stock, in each case, in
compliance with the stockholders agreement by and among Hilton, HGV and certain Blackstone Entities, to be entered into on or about the date of the Distributions in substantially the form attached hereto as Exhibit B (the “Stockholders
Agreement”). In order to assure Hilton and Park that the Blackstone Sellers shall sell such additional shares of HLT Common Stock, Park Common Stock and HGV Common Stock, as applicable, the Blackstone Sellers are entering into this letter
agreement.
 The Blackstone Sellers hereby, jointly and severally, agree that: 

1. All of the Blackstone Restructuring Steps will be completed by 11:59 pm on the date of the Distribution. 

2. If the satisfaction of the closing conditions in Section 7.01(b), (c) and (d) to the Stock Purchase Agreement (the “Trigger Date”) occurs
prior to the Distribution Effective Time, the Blackstone Sellers will sell or otherwise transfer, on a pro rata basis, on or prior to the date of the Distribution, enough HLT Common Stock (which, as of the date hereof, the parties hereto expect to
be equal to approximately 54,000,000 shares of HLT Common Stock) to a sufficiently diverse group of holders so that, as of 11:59 pm on the date of the Distribution, the Blackstone Sellers 

 Hilton Worldwide Holdings Inc. 

Park Hotels & Resorts Inc. 
 October 24, 2016 

 Page
 4
 
  
 and any other Blackstone Entities (as
defined below) and any transferees from such entities, together with HNA Tourism and its affiliates (assuming the consummation of the SPA Closing and that the Purging Distribution (as defined below) has occurred in accordance with the assumptions
described below), will not, collectively, be considered to own, directly or indirectly, more than 33.9% of HLT Common Stock and more than 33.9% of the Park Common Stock (taking into account only the Blackstone Sellers and any other Blackstone
Entities as well as any transferees from such entities that own, directly or indirectly, more than 5% of HLT Common Stock and Park Common Stock as determined in accordance with the relevant provisions of the Code related to the qualification of
Hilton as an eligible independent contractor as described above and in the Waiver Letter). 
 As used herein, the term “Blackstone Entities” means
all of the BX Hilton Holdco Entities, the BX Hilton REIT Holdco Entities, the BX Hilton REIT Upper Tier Holdco Entities, the BX Hilton Funds, the BX Hilton REIT Funds, the BX Hilton Upper Tier Entities, and the Blackstone Funds. The definition
of each of these entities is as set forth in the Waiver Letter. 
 For purposes of this letter agreement, “indirect” ownership includes
ownership (i) through an agent or nominee or (ii) pursuant to Section 318(a) of the Code (as modified by Section 856(d)(5) of the Code) (as set forth in the Waiver Letter). 

3. If the Trigger Date occurs after the Distribution Effective Time, the Blackstone Sellers will sell or otherwise transfer, on a pro rata basis prior to
the Trigger Date, enough HLT Common Stock and Park Common Stock, ratably, to a sufficiently diverse group of holders so that, as of the Trigger Date, the Blackstone Sellers and any other Blackstone Entities and any transferees from such entities,
together with HNA Tourism and its affiliates (assuming the consummation of the SPA Closing and that the Purging Distribution has occurred, if it has not yet occurred as of the Trigger Date, in accordance with the assumptions described below), will
not, collectively, be considered to own, directly or indirectly, more than 33.9% of HLT Common Stock or more than 33.9% of Park Common Stock (taking into account only the Blackstone Sellers and any other Blackstone Entities as well as any
transferees from such entities that own, directly or indirectly, more than 5% of HLT Common Stock and Park Common Stock as determined in accordance with the relevant provisions of the Code related to the qualification of Hilton as an eligible
independent contractor as described above and in the Waiver Letter), and in effecting such sales will also comply with any related requirements to dispose of shares of HGV Common Stock under the Stockholders Agreement. For the avoidance of
doubt, the Blackstone Sellers may comply with the covenant set forth above in this paragraph 3 by selling or otherwise transferring HLT Common Stock prior to the date of the Distributions rather than selling or otherwise transferring Park Common
Stock directly following the Distributions. 
 4. The Blackstone Sellers understand that it is contemplated that in connection with the Distributions,
Park will make a distribution to its shareholders of approximately $800 million, payable in no less than 20% cash with the remaining in stock, with the shareholders having the right to elect either cash or stock and with the distribution prorated to
the extent that the cash or stock elected by all shareholders exceeds the amount of such form of consideration available in 

 Hilton Worldwide Holdings Inc. 

Park Hotels & Resorts Inc. 
 October 24, 2016 

 Page
 5
 
  
 the distribution, in order to satisfy
the requirement that, at the end of its first taxable year as a REIT, Park have no earnings and profits accumulated in a non-REIT year (the “Purging Distribution”). The Blackstone Sellers will elect to receive all cash in the Purging
Distribution. 
 For purposes of applying the undertakings in paragraph 2 above, it will be assumed as follows with respect to the Purging Distribution: (i)
the SPA Closing will occur prior to the record date for the Purging Distribution and HNA Tourism and its affiliates elect to receive and will in fact only receive, stock of Park in the Purging Distribution, (ii) all other Park stockholders,
including all Blackstone Sellers and any other Blackstone Entities and other persons or entities whose ownership of Park Common Stock would be attributed to the Blackstone Entities, will receive stock and cash in the 80/20 proportion, adjusted
to take into account stock that would be received by HNA Tourism and its affiliates in clause (i), (iii) the amount of the Purging Distribution will be $800 million, and (iv) the aggregate equity value of Park at the time of the Purging Distribution
is $5.7 billion. 
 For purposes of applying the undertakings in paragraph 3 above, it will be assumed as follows with respect to the Purging Distribution
if it has not yet occurred as of the Trigger Date: (i) if the record date for the Purging Distribution has occurred as of the Trigger Date, all Park stockholders, including all Blackstone Sellers and any other Blackstone Entities and other persons
or entities whose ownership of Park Common Stock would be attributed to the Blackstone Entities, will receive stock and cash in the proportion to be paid by Park in the Distribution as declared by Park prior to the record date, and (ii) if the
record date for the Purging Distribution has not occurred as of the Trigger Date, the assumptions set forth in the preceding paragraph shall apply, adjusted as appropriate if the Purging Distribution has been declared prior to the Trigger Date.

If the Trigger Date occurs after the Distribution Effective Time and the Blackstone Sellers have not sold or otherwise transferred a sufficient amount of HLT
Common Stock to satisfy the requirements of paragraph 3 above as of the Distribution Effective Time, each of Hilton and Park hereby agree that it shall not, at any time on or prior to the earlier of (i) the date on which the Blackstone Sellers have
sold or otherwise transferred sufficient amounts of HLT Common Stock and Park Common Stock to comply with the requirements of paragraph 3 above or (ii) the Trigger Date, redeem or repurchase any of its stock. 

This letter agreement shall automatically terminate upon the earlier to occur of: (i) the public announcement by Hilton of the abandonment of the
Distributions or (ii) the termination of the Stock Purchase Agreement. 
 This letter agreement shall be governed by and construed in accordance with the
laws of the State of Delaware, without regard to principles of conflicts of laws thereof. In any judicial proceeding involving any dispute, controversy or claim between the parties arising out of or relating to this letter agreement, each of
the parties, by execution and delivery of this letter agreement, unconditionally accepts and consents to the exclusive jurisdiction and venue of the Delaware Court of Chancery and any state appellate court therefrom within the State of

 Hilton Worldwide Holdings Inc. 

Park Hotels & Resorts Inc. 
 October 24, 2016 

 Page
 6
 
  
 Delaware (or, if the Delaware Court
of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware), including but not limited to the in personam and subject matter jurisdiction of those courts, or if jurisdiction over the
matter is vested exclusively in federal courts, the United States District Court for the District of Delaware, and the appellate courts to which orders and judgments thereof may be appealed, waives any objections to such jurisdiction on the grounds
of venue or forum non conveniens, the absence of in personam or subject matter jurisdiction and any similar grounds or any other manner permitted by law, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this
letter agreement. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT. 

Each of the Blackstone Sellers, on the one hand, and Hilton and Park, on the other hand, acknowledge and agree that in the event of any breach of any of their
respective obligations under this letter agreement, the other parties would be irreparably harmed and could not be made whole by monetary damages. Each of the parties hereto accordingly agrees to waive the defense in any action for specific
performance that a remedy at law would be adequate and agree that each party, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of the other parties’ obligations under
this letter agreement without the posting of bond. 
 If a Blackstone Sellers transfers HLT Common Stock, Park Common Stock or HGV Common Stock to one or
more of their affiliates, such Blackstone Seller shall cause each such affiliate to execute a joinder to this letter agreement immediately upon receipt of such shares and such affiliate shall become a “Blackstone Seller” for purposes of
this letter agreement.
 This letter agreement may be amended, supplemented or otherwise modified and the observance of any term hereof may be waived only
by a written instrument executed by each party hereto. Neither the failure nor delay on the part of any party hereto to exercise any right, remedy, power or privilege under this letter agreement shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to
any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.
 This letter agreement and any
amendment hereto may be signed in any number of separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one agreement (or amendment, as applicable). 

[Remainder of Page Intentionally Left Blank] 

 
			
	Sincerely,
	
	HLT Holdco II LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director
	
	HLT Holdco III LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director
	
	HLT BREH VI Holdco LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director
	
	HLT BREP VI.TE.2 Holdco LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director
	
	HLT BREH Intl II Holdco LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director

 [Signature Page to EIK Side Letter] 

 
			
	HLT A23 BREH VI Holdco LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director
	
	HLT A23 Holdco LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director

 [Signature Page to EIK Side Letter] 

 Acknowledged and Agreed: 

Hilton Worldwide Holdings Inc. 
  

			
	By:	 	 /s/ Kevin J. Jacobs

	Name:	 	Kevin J. Jacobs
	Title:	 	Chief Financial Officer
	
	 Park Hotels & Resorts Inc.

		
	By:	 	 /s/ Sean Dell’Orto

	Name:	 	Sean Dell’Orto
	Title:	 	Senior Vice President

 [Signature Page to EIK Side Letter]EX-10.6

 Exhibit 10.6 

[Blackstone Letterhead] 

October 24, 2016 
 Hilton Worldwide Holdings
Inc. 
 7930 Jones Branch Drive, Suite 1100 
 McLean, Virginia
22102 
 Hilton Grand Vacations Inc. 
 6355 MetroWest
Boulevard, Suite 180 
 Orlando, Florida 32835 
 Ladies and
Gentlemen: 
 On the date of this letter, the undersigned (the “Blackstone Holders”), certain affiliates thereof, and HNA Tourism Group
Company Limited, a company formed under the laws of and incorporated in the People’s Republic of China (“HNA Tourism”), are entering into a Stock Purchase Agreement (the “HNA Stock Purchase Agreement”) with
respect to the sale by the Blackstone Holders of shares of common stock (“HLT Common Stock”) of Hilton Worldwide Holdings Inc. (“Hilton”) to HNA Tourism, subject to adjustment as described therein. 

The Blackstone Holders understand that Hilton has determined to separate Hilton into three separate, publicly traded companies. The Blackstone Holders further
understand that, among other steps, to effect such separation: 
 (a) Hilton intends to distribute (the “Park Distribution”)
100% of the shares of common stock (the “Park Common Stock”) of Park Hotels & Resorts Inc. (“Park”) to the shareholders of Hilton pursuant to a registration statement on Form 10, including the information
statement, as amended or supplemented, of Park, filed with the Securities and Exchange Commission on June 2, 2016, as amended, under the Securities Exchange Act of 1934, as amended, and the exhibits included as part of that registration
statement; and 
 (b) Hilton intends to distribute (the “HGV Distribution”) 100% of the shares of common stock (the
“HGV Common Stock”) of Hilton Grand Vacations Inc. (“HGV”) to the shareholders of Hilton pursuant to a registration statement on Form 10, including the information statement, as amended or supplemented, of HGV,
filed with the Securities and Exchange Commission on June 2, 2016, as amended, under the Securities Exchange Act of 1934, as amended, and the exhibits included as part of that registration statement. 

The Blackstone Holders understand that Hilton intends that the HGV Distribution and Park Distribution (each, a “Distribution” and
collectively, the “Distributions”) will each qualify as a tax-free distribution within the meaning of Section 355 of the Internal Revenue Code of 1986, as amended (the “Code”). The closing of the transactions
contemplated by the HNA Stock Purchase Agreement (the “SPA Closing”) may occur before or after the Distribution Date. 

 The Blackstone Holders understand that, simultaneous with the execution of the HNA Stock Purchase Agreement, each
of Hilton, Park and HGV is entering into a separate Stockholders Agreement and Registration Rights Agreement with HNA Tourism providing for certain rights and obligations of the parties, including with respect to corporate governance, voting, stock
transfers and registration of shares of HLT Common Stock, Park Common Stock and HGV Common Stock acquired by HNA Tourism pursuant to the HNA Stock Purchase Agreement and the Distributions. 

The Blackstone Holders acknowledge that none of Hilton, Park or HGV would enter into the respective Stockholders Agreement or Registration Rights Agreement,
or take other actions contemplated by the HNA Stock Purchase Agreement, if it adversely affected the desirability (including the expected tax attributes) or timing of the Distributions, including if it adversely affected the qualification of the
Distributions as tax-free within the meaning of Section 355 of the Code. The Blackstone Holders acknowledge that a Distribution will not be tax-free under Section 355 of the Code if (i) the Distribution is considered to be used
principally as a device for the distribution of earnings and profits within the meaning of Section 355(a)(1)(B) of the Code or (ii) Section 355(e) of the Code applies to the Distribution. 

It is the intention of the Blackstone Holders and Hilton and HGV to enter into a Stockholders Agreement, substantially in the form attached hereto as Exhibit
A (the “Tax Stockholders Agreement”), prior to the closing of the Distributions to ensure that the Distributions will not be taxable under Section 355(e) of the Code or the device provisions of Section 355(a)(1)(B) of the Code.
All capitalized terms used but not defined in this letter agreement have the meaning ascribed thereto in the Tax Stockholders Agreement. 
 The Blackstone
Holders, Hilton, and HGV hereby agree that the final form of the Tax Stockholders Agreement, if entered into between the parties, will provide as follows: 

1. The Blackstone-HGV Percentage Shift Limit, the Blackstone-HLT Percentage Shift Limit, and the Blackstone-PK Percentage Shift Limit will be
(i) 40.66% if the SPA Closing has not occurred as of the Distribution Date and (ii) 15.65% if the SPA Closing has occurred as of the Distribution Date. If, after the date of this letter agreement but prior to the Distribution Date, the
Blackstone Holders have disposed of shares of HLT Common Stock in one or more transactions other than the disposition pursuant to the HNA Stock Purchase Agreement, the limit described in the preceding sentence will be reduced by the percentage of
HLT Common Stock that is the subject of such disposition or dispositions. 
 2. The HGV Percentage Shift Limit and HLT Percentage Shift
Limit shall be 8.34%. 
 The Blackstone Holders, Hilton, and HGV hereby agree that the final form of the Tax Matters Agreement described in the registration
statements on Form 10 relating to the Distributions, if entered into by Hilton, HGV and Park and Hilton Domestic Operating Company Inc., shall contain provisions applicable to Park that are substantially similar to those contained in the Tax
Stockholders Agreement applicable to Hilton and HGV. 
 This letter agreement shall be governed by and construed in accordance with the laws of the State of
Delaware, without regard to principles of conflicts of laws thereof. 

 This letter agreement shall automatically terminate upon the earlier to occur of: (i) the public
announcement by Hilton of the abandonment of the Distributions and (ii) December 31, 2017. 
 This letter agreement may be amended, supplemented
or otherwise modified and the observance of any term hereof may be waived only by a written instrument executed by each party hereto. Neither the failure nor delay on the part of any party hereto to exercise any right, remedy, power or privilege
under this letter agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. 

This letter agreement and any amendment hereto may be signed in any number of separate counterparts, each of which shall be deemed an original, but all of
which taken together shall constitute one agreement (or amendment, as applicable). 

 Sincerely, 

 

			
	HLT Holdco II LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:  	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director
	
	HLT Holdco III LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:  	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director
	
	HLT BREH VI Holdco LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:  	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director
	
	HLT BREP VI.TE.2 Holdco LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:  	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director
	
	HLT BREH Intl II Holdco LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:  	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director
	
	HLT A23 BREH VI Holdco LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:  	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director
	
	HLT A23 Holdco LLC
		
	By:	 	 /s/ Tyler S. Henritze

	Name:  	 	Tyler S. Henritze
	Title:	 	Vice President, Secretary and Senior Managing Director

 Acknowledged and Agreed: 
  

			
	Hilton Worldwide Holdings Inc.
		
	By:	 	 /s/ Kevin J. Jacobs

			
	Name:	 	  Kevin J. Jacobs

			
	Title:	 	Chief Financial Officer
	
	Hilton Grand Vacations Inc.

			
		
	By:	 	 /s/ Mark Wang

			
	Name:	 	  Mark Wang

			
	Title:	 	Chief Executive Officer

 EXHIBIT A 

TAX STOCKHOLDERS AGREEMENT 

 FORM OF TAX STOCKHOLDERS AGREEMENT 

 
  
  

 
  
  

STOCKHOLDERS AGREEMENT 

by and among 
 HILTON
WORLDWIDE HOLDINGS INC., 
 HILTON GRAND VACATIONS INC., 

and 
 the Blackstone
Holders 
 (as defined herein) 

Dated as of [●] 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	 	2	  
		
	 Section 1.1         Definitions
	  	 	2	  
	 Section 1.2         References; Interpretation
	  	 	8	  
	 Section 1.3         Effective Time
	  	 	9	  
		
	 ARTICLE II SECTION 355(e) RESTRICTIONS
	  	 	9	  
		
	 Section 2.1         General
	  	 	9	  
	 Section 2.2         Exceptions for Applicable Percentage,
Safe Harbor VIII and Unqualified 355(e) Opinion
	  	 	10	  
	 Section 2.3         Blackstone Ownership Shift due to
Issuance
	  	 	10	  
	 Section 2.4         Special Rule
	  	 	11	  
		
	 ARTICLE III DEVICE RESTRICTIONS
	  	 	11	  
		
	 Section 3.1         General
	  	 	11	  
	 Section 3.2         Exceptions for In Parallel and
Unqualified Device Opinion
	  	 	11	  
		
	 ARTICLE IV ADDITIONAL RULES
	  	 	12	  
		
	 Section 4.1         Plan of Reorganization and Blackstone
Restructuring
	  	 	12	  
	 Section 4.2         Representation of Blackstone
Representative
	  	 	12	  
	 Section 4.3         Joint and Several Liability
	  	 	12	  
	 Section 4.4         Margin Loan
	  	 	12	  
	 Section 4.5         Reallocation Event
	  	 	12	  
	 Section 4.6         Cooperation
	  	 	13	  
	 Section 4.7         Effect of Rulings and Opinion on
Section 355(e) Calculations
	  	 	13	  
	 Section 4.8         Repurchases
	  			
		
	 ARTICLE V MISCELLANEOUS
	  	 	13	  
		
	 Section 5.1         Counterparts
	  	 	13	  
	 Section 5.2         Survival
	  	 	13	  
	 Section 5.3         Notices
	  	 	13	  
	 Section 5.4         Waivers
	  	 	14	  
	 Section 5.5         Assignment
	  	 	14	  
	 Section 5.6         Successors and Assigns
	  	 	14	  
	 Section 5.7         Termination and Amendment
	  	 	14	  
	 Section 5.8         No Circumvention
	  	 	15	  
	 Section 5.9         Subsidiaries
	  	 	15	  
	 Section 5.10       Third Party Beneficiaries
	  	 	15	  
	 Section 5.11       Title and Headings
	  	 	15	  
	 Section 5.12       Schedules
	  	 	15	  

  
 i 

					
	 	  	Page	 
	 Section 5.13       Specific Performance
	  	 	15	  
	 Section 5.14       Governing Law
	  	 	15	  
	 Section 5.15       Consent to Jurisdiction
	  	 	16	  
	 Section 5.16       Waiver of Jury Trial
	  	 	16	  
	 Section 5.17       Force Majeure
	  	 	16	  
	 Section 5.18       Interpretation
	  	 	16	  
	 Section 5.19       Changes in Law
	  	 	17	  
	 Section 5.20       Severability
	  	 	17	  
	 Section 5.21       No Waiver
	  	 	17	  
	 Section 5.22       No Duplication; No Double Recovery
	  	 	17	  
	 Section 5.23       No Recourse
	  	 	17	  
		
	 Schedules
	  			
		
	 Schedule
I                   List of Blackstone Entities
	  			
	 Schedule
II                  Description of Blackstone Restructuring
	  			

  

  
 ii 

 STOCKHOLDERS AGREEMENT 

THIS STOCKHOLDERS AGREEMENT (this “Agreement”) is made and entered into as of the day of [●], by and among Hilton
Worldwide Holdings Inc., a Delaware corporation (“HLT”), Hilton Grand Vacations Inc., a Delaware corporation (“HGV”), and the Blackstone Holders (as defined herein). Each of HLT, HGV and each Blackstone Holder
is sometimes referred to herein as a “Party” and collectively, as the “Parties”. Each of HLT, HGV and Park Hotels & Resorts Inc., a Delaware corporation (“PK”), is sometimes referred to herein
as a “Spinoff Party” and collectively, as the “Spinoff Parties”. 
 WITNESSETH: 

WHEREAS, the Board of Directors of HLT (the “Board”) has determined that it is appropriate, desirable and in the best
interests of HLT and its stockholders to separate HLT into three separate, publicly traded companies, one for each of (i) the HLT Retained Business (as defined herein), which shall be owned and conducted, directly or indirectly, by HLT, (ii) the
Ownership Business (as defined herein), which shall be owned and conducted, directly or indirectly, by PK (which will elect to be a REIT (as defined herein)), and (iii) the Timeshare Business (as defined herein), which shall be owned and conducted,
directly or indirectly, by HGV; 
 WHEREAS, in order to effect such separation, the Board has determined that it is appropriate, desirable
and in the best interests of HLT and its stockholders (i) to enter into a series of transactions after giving effect to which (A) HLT and/or one or more of its Subsidiaries (as defined herein) will, collectively, own all of the HLT Retained Assets
(as defined herein) and assume (or retain) all of the HLT Retained Liabilities (as defined herein), (B) PK and/or one or more of its Subsidiaries will, collectively, own all of the Ownership Assets (as defined herein) and assume (or retain) all of
the Ownership Liabilities (as defined herein) and (C) HGV and/or one or more of its Subsidiaries will, collectively, own all of the Timeshare Assets (as defined herein) and assume (or retain) all of the Timeshare Liabilities (as defined herein) and
(ii) for HLT to distribute to the holders of its common stock, par value $0.01 per share (“HLT Common Stock”), on a pro rata basis (in each case without consideration being paid by such stockholders) (A) all of the outstanding
shares of common stock, par value $0.01 per share, of PK (the “PK Common Stock”), and (B) all of the outstanding shares of common stock, par value $0.01 per share, of HGV (the “HGV Common Stock”) (such transactions
as they may be amended or modified from time to time, collectively, the “Plan of Reorganization”); and 
 WHEREAS, it is
the intention of the Parties that each of the distributions by HLT of all of the PK Common Stock (the “PK Distribution”) and HGV Common Stock (the “HGV Distribution” and together with the PK Distribution, the
“External Distributions”) qualifies as a tax-free distribution within the meaning of Section 355 of the Internal Revenue Code of 1986, as amended (the “Code”). 

NOW, THEREFORE, in consideration of the foregoing and the terms, conditions, covenants and provisions of this Agreement, each of the Parties
mutually covenant and agree as follows: 

 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings: 

(1) “Acquisition” means an “acquisition” for purposes of Section 355(e) of the Code of stock of the applicable
Spinoff Party, or issuance by a Spinoff Party of any options or other instruments that grant the holder a right (including if such Spinoff Party has a right to settle the obligation with property other than stock of such Spinoff Party) to complete
such an acquisition. The terms “Acquire” and “Acquired” have a corresponding meaning. For purposes of determining whether and to what extent a transaction shall be taken into account for purposes of this definition,
any recapitalization or other action resulting in a shift of voting power or any redemption or repurchase of shares of stock shall be treated as an indirect acquisition of shares of stock by the benefitted or non-exchanging stockholders. 

(2) “Additional Blackstone Entity” means any Blackstone Entity designated as an Additional Blackstone Entity on Schedule I
hereto. 
 (3) “Affiliate” means a Person that directly, or indirectly, through one or more intermediaries, controls, or is
controlled by, or is under common control with, a specified Person. A Person shall be deemed to control another Person if such first Person possesses, directly or indirectly, the power to direct, or cause the direction of, the management and
policies of such other Person, whether through the ownership of voting securities, by contract or otherwise. For purposes hereof, none of the Spinoff Parties or their respective Subsidiaries shall be considered an “Affiliate” of any of the
other Parties or their respective Subsidiaries (determined on the same basis). For the avoidance of doubt, for purposes hereof, neither The Blackstone Group L.P. (nor any of its Affiliates) shall be considered an “Affiliate” of any of the
Spinoff Parties or their respective Subsidiaries. 
 (4) “Agreement” has the meaning set forth in the preamble hereto. 

(5) “Ancillary Agreement” has the meaning set forth in the Distribution Agreement. 

(6) “Big Four Accounting Firm” means each of Deloitte & Touche LLP, Ernst & Young LLP, KPMG LLP, and
PricewaterhouseCoopers LLP. 
 (7) “Blackstone Acquisition” has the meaning set forth in Section 2.1(a). 

(8) “Blackstone Applicable Percentage” means, with respect to a Spinoff Party, the percentage shift in ownership equal to the
greater of (a) the percentage determined by dividing (i) the value of all shares of such Spinoff Party (as of immediately after the Distribution) transferred in one or more Dispositions of stock of such Spinoff Party occurring on or after the
Distribution Date by (ii) the value of all outstanding stock of such Spinoff Party as of immediately after the Distribution, or (b) the percentage determined by dividing (i) the total combined voting power of all shares of such Spinoff Party (as of
immediately after the 

  
 2 

 
Distribution) transferred in one or more Dispositions of stock of such Spinoff Party occurring on or after the Distribution Date by (ii) the total combined voting power of all outstanding stock
of such Spinoff Party as of immediately after the Distribution. The amount set forth in (a)(ii) or (b)(ii) shall be reduced by any redemption or repurchase (directly or indirectly) by a Spinoff Party (or any of its Subsidiaries) of HLT Common
Stock, PK Common Stock or HGV Common Stock, as applicable, following the Distribution and prior to the last such Disposition (with such reduction calculated in the case of (a)(ii) by using the value of the applicable stock as of immediately after
the Distribution). This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and the Treasury Regulations promulgated thereunder and shall be interpreted accordingly by the Parties in good
faith. 
 (9) “Blackstone Entity” means any of the entities listed on Schedule I hereto and any successors thereto.

 (10) “Blackstone-HGV Applicable Percentage” means the Blackstone Applicable Percentage with respect to HGV. 

(11) “Blackstone-HGV Percentage Shift Limit” means [●]%, as adjusted from time to time by mutual written consent of the
Blackstone Representative and HGV or under Section 2.3 or Section 4.5; provided, however, that the sum of the Blackstone-HGV Percentage Shift Limit and the HGV Percentage Shift Limit immediately after such adjustments must equal such
sum immediately before such adjustments; provided further, that if the Blackstone Representative has actual knowledge that the HGV Applicable Percentage exceeds the HGV Percentage Shift Limit, the Blackstone-HGV Percentage Shift Limit
shall be reduced by such excess (without prejudice to any rights or remedies any Blackstone Holder or any other Party may have). 

(12) “Blackstone-HLT Applicable Percentage” means the Blackstone Applicable Percentage with respect to HLT. 

(13) “Blackstone-HLT Percentage Shift Limit” means [●]%, as adjusted from time to time by mutual written consent of the
Blackstone Representative and HLT or under Section 2.3 or Section 4.5; provided, however, that the sum of the Blackstone-HLT Percentage Shift Limit and the HLT Percentage Shift Limit immediately after such adjustments must equal such
sum immediately before such adjustments; provided further, that if the Blackstone Representative has actual knowledge that the HLT Applicable Percentage exceeds the HLT Percentage Shift Limit, the Blackstone-HLT Percentage Shift Limit
shall be reduced by such excess (without prejudice to any rights or remedies any Blackstone Holder or any other Party may have). 
 (14)
“Blackstone Holder” means any Blackstone Entity designated as a Blackstone Holder on Schedule I hereto.1 

(15) “Blackstone-PK Applicable Percentage” means the Blackstone Applicable Percentage with respect to PK. 

 

	1 	Blackstone Holders to be the holders of the Spinoff Parties’ stock immediately following the Distribution (and after giving effect to the Blackstone Restructuring). 

  
 3 

 (16) “Blackstone-PK Percentage Shift Limit” means [●]%, as adjusted from
time to time in connection with an adjustment to PK Applicable Percentage pursuant to the terms of the Tax Matters Agreement or under Section 5.4(f) or (g) of the Tax Matters Agreement; provided, however, that the sum of the
Blackstone-PK Percentage Shift Limit and the PK Percentage Shift Limit immediately after such adjustments must equal such sum immediately before such adjustments; provided further, that if the Blackstone Representative has actual
knowledge that the PK Applicable Percentage exceeds the PK Percentage Shift Limit, the Blackstone-PK Percentage Shift Limit shall be reduced by such excess. 

(17) “Blackstone Representative” means [●]. 

(18) “Blackstone Restructuring” has the meaning set forth in Section 4.1. 

(19) “Board” has the meaning set forth in the recitals hereto. 

(20) “Code” has the meaning set forth in the recitals hereto. 

(21) “Delaware Courts” has the meaning set forth in Section 5.15. 

(22) “Disposition” has the meaning set forth in Section 2.1(a). The terms “Dispose” and
“Disposed” have a corresponding meaning. 
 (23) “Distribution” or “Distributions” means,
individually or collectively, the Internal Distributions and the External Distributions. 
 (24) “Distribution Agreement”
means the Distribution Agreement by and among HLT, PK, HGV and OpCo dated as of [●]. 
 (25) “Distribution Date”
means the date on which the Distributions to holders of record of shares of HLT Common Stock of the HGV Common Stock and the PK Common Stock owned by HLT are effectuated pursuant to the Distribution Agreement. 

(26) “Effective Time” has the meaning set forth in the Distribution Agreement. 

(27) “External Distributions” has the meaning set forth in the recitals hereto. 

(28) “HGV” has the meaning set forth in the recitals hereto. 

(29) “HGV Applicable Percentage” means the percentage shift in ownership equal to the greater of (a) the percentage
determined by dividing (i) the value of all shares of HGV stock (as of immediately after the Distribution) Acquired pursuant to one or more Issuances of HGV stock occurring on or after the Distribution Date by (ii) the value of all outstanding stock
of HGV as of immediately after the Distribution, or (b) the percentage determined by dividing (i) the total combined voting power of all shares of HGV stock (as of immediately after the Distribution) Acquired pursuant to one or more Issuances of HGV
stock occurring on or after the Distribution Date by (ii) the total combined voting power of all outstanding stock of HGV as of immediately after the Distribution. The amount set forth in (a)(ii) or (b)(ii) shall be reduced by any redemption or
repurchase (directly or indirectly) by HGV (or its Subsidiaries) of HGV 

  
 4 

 
Common Stock following the Distribution and prior to the last such Issuance (with such reduction calculated in the case of (a)(ii) by using the value of the applicable stock as of immediately
after the Distribution). This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and the Treasury Regulations promulgated thereunder and shall be interpreted accordingly by the Parties in
good faith. 
 (30) “HGV Common Stock” has the meaning set forth in the recitals hereto. 

(31) “HGV Distribution” has the meaning set forth in the recitals hereto. 

(32) “HGV Group” has the meaning set forth in the Distribution Agreement. 

(33) “HGV Percentage Shift Limit” means [●]% , as adjusted from time to time by mutual written consent of the
Blackstone Representative and HGV or under Section 2.3 or Section 4.5; provided, however, that the sum of the Blackstone-HGV Percentage Shift Limit and the HGV Percentage Shift Limit immediately after such adjustments must equal such
sum immediately before such adjustments; provided further, that if HGV has actual knowledge that the Blackstone-HGV Applicable Percentage exceeds the Blackstone-HGV Percentage Shift Limit, the HGV Percentage Shift Limit shall be
reduced by such excess (without prejudice to any rights or remedies HGV or any other Party may have). 
 (34) “HLT” has the
meaning set forth in the preamble of this Agreement. 
 (35) “HLT Applicable Percentage” means the percentage shift in
ownership equal to the greater of (a) the percentage determined by dividing (i) the value of all shares of HLT stock (as of immediately after the Distribution) Acquired pursuant to one or more Issuances of HLT stock occurring on or after the
Distribution Date by (ii) the value of all outstanding stock of HLT as of immediately after the Distribution, or (b) the percentage determined by dividing (i) the total combined voting power of all shares of HLT stock (as of immediately after the
Distribution) Acquired pursuant to one or more Issuances of HLT stock occurring on or after the Distribution Date by (ii) the total combined voting power of all outstanding stock of HLT as of immediately after the Distribution. The amount set
forth in (a)(ii) or (b)(ii) shall be reduced by any redemption or repurchase (directly or indirectly) by HLT (or its Subsidiaries) of HLT Common Stock following the Distribution and prior to the last such Issuance (with such reduction calculated in
the case of (a)(ii) by using the value of the applicable stock as of immediately after the Distribution). This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and the Treasury Regulations
promulgated thereunder and shall be interpreted accordingly by the Parties in good faith. 
 (36) “HLT Common Stock” has
the meaning set forth in the Distribution Agreement. 
 (37) “HLT Group” has the meaning set forth in the Distribution
Agreement. 
 (38) “HLT Percentage Shift Limit” means [●]% , as adjusted from time to time by mutual written consent
of the Blackstone Representative and HLT or under Section 2.3 or Section 4.5; provided, however, that the sum of the Blackstone-HLT Percentage Shift Limit and the HLT Percentage Shift Limit immediately after such adjustments must equal
such sum 

  
 5 

 
immediately before such adjustments; provided further, that if HLT has actual knowledge that the Blackstone-HLT Applicable Percentage exceeds the Blackstone-HLT Percentage Shift
Limit, the HLT Percentage Shift Limit shall be reduced by such excess (without prejudice to any rights or remedies HLT or any other Party may have). 

(39) “HLT Retained Assets” has the meaning set forth in the Distribution Agreement. 

(40) “HLT Retained Business” has the meaning set forth in the Distribution Agreement. 

(41) “HLT Retained Liabilities” has the meaning set forth in the Distribution Agreement. 

(42) “In Parallel” describes one or more Dispositions by a Blackstone Entity if and only if such Dispositions (i) result in
the disposition of proportionate or almost proportionate amounts of HLT Common Stock, PK Common Stock and HGV Common Stock (e.g., a sale by a Blackstone Entity of 5% of its HLT stock would require a sale by such Blackstone Entity (or its parallel
Additional Blackstone Entity) of 5% of its (or such parallel Additional Blackstone Entity’s) PK stock and 5% of its HGV stock), (ii) commenced at the same time and as part of the same plan, (iii) completed within a single taxable year of
such Blackstone Entity, and (iv) all in the same form of transaction, for example, all in the form of a sale or all in the form of a distribution. The determination of whether one or more Dispositions by a Blackstone Entity are In Parallel shall be
made taking into account only those shares of HLT Common Stock, PK Common Stock and HGV Common Stock owned by such Blackstone Entity on the Distribution Date. For the avoidance of doubt, one or more Dispositions shall not fail to meet the
requirements of (i) solely because such Dispositions include, in addition to a proportionate or almost proportionate amount of PK Common Stock owned on the Distribution Date, an amount of PK Common Stock received in the Purging Distribution. 

(43) “Internal Distributions” has the meaning set forth in the Tax Matters Agreement. 

(44) “IRS” means the United States Internal Revenue Service or any successor thereto, including, but not limited to its
agents, representatives, and attorneys. 
 (45) “Issuance” has the meaning set forth in Section 2.1(b). 

(46) “Issuer” has the meaning set forth in Section 2.1(b). 

(47) “Law” means any U.S. or non-U.S. federal, national, supranational, state, provincial, local or similar statute, law,
ordinance, regulation, rule, code, administrative pronouncement, order, requirement or rule of law (including common law), or any income tax treaty. 

(48) “Margin Loan Agreement” means that certain Margin Loan Agreement dated as of June 30, 2014 among HLT Holdco III LLC, as
borrower, the Margin Loan Lenders party thereto, and Morgan Stanley Bank International Limited, as Administrative Agent and any related security agreements, control agreements, issuer agreements and guarantees, in each case as amended, supplemented
or modified from time to time. 

  
 6 

 (49) “Margin Loan Collateral” has the meaning given to the term
“Collateral” in the Margin Loan Agreement. 
 (50) “Margin Loan Event of Default” has the meaning given to the
term “Event of Default” in the Margin Loan Agreement. 
 (51) “Margin Loan Lender” has the meaning given to the
term “Lender” in the Margin Loan Agreement. 
 (52) “Ownership Assets” has the meaning set forth in the Tax
Matters Agreement. 
 (53) “Ownership Business” has the meaning set forth in the Distribution Agreement. 

(54) “Ownership Liabilities” has the meaning set forth in the Distribution Agreement. 

(55) “Party” has the meaning set forth in the preamble hereto. 

(56) “Person” means any natural person, firm, individual, corporation, business trust, joint venture, association, company,
limited liability company, partnership, or other organization or entity, whether incorporated or unincorporated, or any governmental entity. 

(57) “PK” has the meaning set forth in the recitals hereto. 

(58) “PK Applicable Percentage” has the meaning set forth in the Tax Matters Agreement. 

(59) “PK Distribution” has the meaning set forth in the recitals hereto. 

(60) “PK Percentage Shift Limit” has the meaning set forth in the Tax Matters Agreement. 

(61) “PK Common Stock” has the meaning set forth in the recitals hereto. 

(62) “Plan of Reorganization” has the meaning set forth in the recitals hereto. 

(63) “Purging Distribution” means any distribution made by PK in order to comply with the requirements of Section
857(a)(2)(B) of the Code. 
 (64) “Qualified Tax Advisor” means any Big Four Accounting Firm or any law firm of nationally
recognized standing. 
 (65) “Reallocation Event” means any Acquisition during the Restricted Period of the stock of a
Spinoff Party (other than a Disposition or an Issuance) that could reasonably be viewed as increasing the ownership shift with respect to such Spinoff Party for purposes of Section 355(e) of the Code, taking into account any available safe harbors
under Treasury Regulations Section 1.355-7 (and the amount of such increase, the “Reallocation Event Reduction”). This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and the
Treasury Regulations promulgated thereunder and shall be interpreted accordingly by the Parties in good faith. 

  
 7 

 (66) “REIT” means a “real estate investment trust” within the meaning
of Section 856(a) of the Code. 
 (67) “Reorganization Slide Deck” has the meaning set forth in the Tax Matters Agreement.

 (68) “Restricted Period” means the two-year period beginning on the Distribution Date. 

(69) “Spinoff Party” has the meaning set forth in the preamble hereto. 

(70) “Subsidiary” has the meaning set forth in the Distribution Agreement. 

(71) “Tax Matters Agreement” means that certain Tax Matters Agreement by and among HLT, PK, HGV and Hilton Domestic
Operating Company Inc., a Delaware corporation, dated as of [●]. 
 (72) “Timeshare Assets” has the meaning set forth
in the Tax Matters Agreement. 
 (73) “Timeshare Business” has the meaning set forth in the Distribution Agreement. 

(74) “Timeshare Liabilities” has the meaning set forth in Distribution Agreement. 

(75) “Unqualified 355(e) Opinion” means, with respect to a Disposition, Blackstone Acquisition, Issuance or Reallocation
Event, an unqualified “will” opinion (or, with respect to Issuance or Reallocation Event, in either case with respect to which HLT delivers the opinion, a “will” or “should” opinion) of a Qualified Tax Advisor addressed
to HLT and in form and substance reasonably satisfactory to HLT, without substantive qualifications, to the effect that such Disposition, Blackstone Acquisition, Issuance (including any future Issuance of stock pursuant to an option or other
instrument that grants the holder a right (including if the Issuer has a right to settle the obligation with property other than stock of such Issuer) to complete an Acquisition) or Reallocation Event will not be part of a plan (or series of related
transactions) within the meaning of Section 355(e) of the Code involving the Distributions. 
 (76) “Unqualified Device
Opinion” means, with respect to a Disposition, an unqualified “will” opinion of a Qualified Tax Advisor addressed to HLT, in form and substance reasonably satisfactory to HLT, without substantive qualifications, to the effect that
such Disposition will not cause any of the Distributions to be considered to be used principally as a device for the distribution of earnings and profits within the meaning of Section 355(a)(1)(B) of the Code, taking into account the facts and
circumstances as they exist at that time, including the existence of prior dispositions, if any, and any planned or intended transactions as of such time. 

(77) “U.S.” means the United States of America. 

Section 1.2 References; Interpretation. 

  
 8 

 (a) Terms not otherwise defined herein shall have the meaning ascribed to them in the
Distribution Agreement. References in this Agreement to any gender include references to all genders, and references to the singular include references to the plural and vice versa. Unless the context otherwise requires, the words
“include”, “includes”, and “including” when used in this Agreement shall be deemed to be followed by the phrase “without limitation”. Unless the context otherwise requires, references in this Agreement to
Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement. Unless the context otherwise requires, the words “hereof”, “hereby”, and
“herein” and words of similar meaning when used in this Agreement refer to this Agreement in its entirety and not to any particular Article, Section or provision of this Agreement. Unless the context otherwise requires, the word
“stock” or “shares” refers to any equity interests of the applicable entity for U.S. federal income tax purposes and any references to a Person include a reference to any successor to such Person. 

Section 1.3 Effective Time. 

(a) The agreements contained herein, including, but not limited to, the certain restrictions on the transfer and other actions with respect to
HLT Common Stock, PK Common Stock and HGV Common Stock shall be effective upon the Distribution Date. 
 ARTICLE II 

SECTION 355(e) RESTRICTIONS 

Section 2.1 General. 

(a) During the Restricted Period, (i) the Blackstone Holders shall not, and shall cause the other Blackstone Entities not to, permit any
person to sell, transfer or otherwise dispose of interests in any Blackstone Entity unless such disposition is described in Treasury Regulations Section 1.355-7(d)(7)(i) and (ii) the Blackstone Holders shall not, and shall cause the other Blackstone
Entities not to, directly or indirectly dispose of any HLT Common Stock, PK Common Stock or HGV Common Stock, including through the issuance of an interest in any Blackstone Entity (any such sale, transfer or disposition described in (i) or (ii), a
“Disposition”); provided, however, that no transaction entered into by a Spinoff Party shall constitute a Disposition. During the Restricted Period, the Blackstone Holders shall not, and shall cause the other
Blackstone Entities not to, Acquire any HLT stock, PK stock or HGV stock (such Acquisition, a “Blackstone Acquisition”); provided that the foregoing shall not be applicable to any Acquisition resulting from action by a
Spinoff Party or a Subsidiary thereof. 
 (b) During the Restricted Period, neither HLT nor HGV (each, an “Issuer”) may
issue any of its stock or take any action with respect to its stock that would cause an Acquisition (including redemptions or repurchases), or issue any options or other instruments that grant the holder a right (including if such Issuer has a right
to settle the obligation with property other than stock of such Issuer) to complete an Acquisition (any such issuance or other transaction, an “Issuance”); provided that, HGV shall have no right to enforce this Section
2.1(b) against HLT. 

  
 9 

 Section 2.2 Exceptions for Applicable Percentage, Safe Harbor VIII and Unqualified 355(e)
Opinion. 
 (a) Applicable Percentage. Notwithstanding Section 2.1, but subject to Article III, 

(i) a Disposition of HLT Common Stock shall be permitted if, immediately after such Disposition, the Blackstone-HLT Applicable Percentage
will be less than or equal to the Blackstone-HLT Percentage Shift Limit; 
 (ii) a Disposition of PK Common Stock shall be permitted if,
immediately after such Disposition, the Blackstone-PK Applicable Percentage will be less than or equal to the Blackstone-PK Percentage Shift Limit; 

(iii) a Disposition of HGV Common Stock shall be permitted if, immediately after such Disposition, the Blackstone-HGV Applicable Percentage
will be less than or equal to the Blackstone-HGV Percentage Shift Limit; 
 (iv) an Issuance by HLT shall be permitted if, immediately
after such Issuance, the HLT Applicable Percentage will be less than or equal to the HLT Percentage Shift Limit; and 
 (v) an Issuance by
HGV shall be permitted if, immediately after such Issuance, the HGV Applicable Percentage will be less than or equal to the HGV Percentage Shift Limit. 

(b) Safe Harbor VIII. Notwithstanding Section 2.1(b), an Issuance shall be permitted where such Issuance (or the related issuance
of stock in the case of an option issuance) is described in Treasury Regulations Section 1.355-7(d)(8) (other than an Issuance made in connection with a merger or other acquisition transaction by a third party of the relevant Issuer’s stock;
provided, that no Issuance will be deemed to be connected with an acquisition pursuant to a secondary sale for cash of Issuer stock by one or more Blackstone Entities in a public offering). 

(c) Unqualified 355(e) Opinion. Notwithstanding Section 2.1, but subject to Article III, a Disposition, Blackstone Acquisition or
Issuance, as the case may be, shall be permitted if the Blackstone Representative (in the case of a Disposition or Blackstone Acquisition) or Issuer (in the case of an Issuance) provides an Unqualified 355(e) Opinion to HLT; provided,
further, that in the case of an Issuance of stock pursuant to an exercise of an option or other instrument that grants the holder a right (including if the Issuer has a right to settle the obligation with property other than stock of such
Issuer) to complete such an acquisition, such Issuance shall be permitted if the Issuer provided an Unqualified 355(e) Opinion to HLT in respect of the Issuance of such option or other instrument. 

Section 2.3 Blackstone Ownership Shift due to Issuance. During the Restricted Period, if a proposed Issuance is a redemption or
repurchase, then, immediately before such Issuance, (i) the Blackstone-HLT Percentage Shift Limit or Blackstone-HGV Percentage Shift Limit (as applicable) shall be increased or decreased (but not below the Blackstone-HLT

  
 10 

 
Applicable Percentage or Blackstone-HGV Applicable Percentage, respectively, as of immediately before such Issuance) such that the number of shares permitted to be Disposed of under Section
2.2(a)(i) or (a)(iii) remains unchanged immediately after such Issuance (other than to reflect shares of the relevant Issuer actually redeemed or repurchased from the Blackstone Entities pursuant to such Issuance), and (ii) the HLT Percentage Shift
Limit or HGV Percentage Shift Limit (as applicable) shall be decreased (in the case of an increase in clause (i), but not below the HLT Applicable Percentage or HGV Applicable Percentage, respectively, as of immediately before such Issuance) or
increased (in the case of a decrease in clause (i)) by the amount set forth in clause (i). If clause (ii) calls for a reduction in the HLT Percentage Shift Limit or HGV Percentage Shift Limit (as applicable) and the amount of such reduction
would be limited by the parenthetical therein, then, notwithstanding any other provision of this Agreement (including Section 2.2(c)), the relevant Issuer shall not undertake such Issuance without the written consent of the Blackstone
Representative; provided that in the event the Blackstone Representative so consents, the amount of the increase set forth in (i) shall not exceed the amount of the decrease set forth in clause (ii). For the avoidance of doubt, an Issuance
that satisfies the requirements of this Section 2.3 remains subject to the provisions of this Agreement, including, without limitation, Sections 2.1(b) and 2.2(a)(iv) and (a)(v). For the avoidance of doubt, if a proposed Issuance is not consummated,
the Blackstone-HLT Percentage Shift Limit and HLT Percentage Shift Limit, or Blackstone-HGV Percentage Shift Limit and HGV Percentage Shift Limit, as applicable shall not be adjusted pursuant to this Section 2.3 as a result of such proposed
Issuance. 
 Section 2.4 Special Rule. For purposes of calculating the Blackstone Applicable Percentage, HLT Applicable Percentage or
HGV Applicable Percentage, any Disposition or Issuance which is permitted pursuant to Section 2.2(b) or (c) shall be disregarded. 

ARTICLE III 
 DEVICE
RESTRICTIONS 
 Section 3.1 General. During the Restricted Period, the Blackstone Holders shall cause the Blackstone Entities not
to directly or indirectly dispose of HLT Common Stock, PK Common Stock or HGV Common Stock. 
 Section 3.2 Exceptions for In Parallel and
Unqualified Device Opinion. 
 (a) In Parallel. Notwithstanding Section 3.1, but subject to Article II, one or more
Dispositions shall be permitted if such Dispositions are In Parallel. 
 (b) Unqualified Device Opinion. Notwithstanding Section 3.1,
but subject to Article II, a Disposition shall be permitted if the Blackstone Representative provides an Unqualified Device Opinion to HLT. 

  
 11 

 ARTICLE IV 

ADDITIONAL RULES 
 Section
4.1 Plan of Reorganization and Blackstone Restructuring. For the avoidance of doubt, this Agreement does not impose any restrictions of any kind on the consummation of the transactions set forth in the Plan of Reorganization, the
Reorganization Slide Deck or that certain series of transactions described in Schedule II hereto and as they may be amended from time to time (collectively, the “Blackstone Restructuring”). 

Section 4.2 Representation of Blackstone Representative. Each of the Blackstone Holders represents and warrants to HLT and HGV
that (i) the ultimate indirect ownership of HLT Common Stock, PK Common Stock and HGV Common Stock held by each Blackstone Entity will remain unchanged as a result of the Blackstone Restructuring and (ii) the transactions comprising the Blackstone
Restructuring are tax-free for U.S. federal income tax purposes. 
 Section 4.3 Joint and Several Liability. The Blackstone
Holders shall be jointly and severally liable for all of their respective obligations pursuant to Article II and Article III of this Agreement. 

Section 4.4 Margin Loan. Notwithstanding anything to the contrary herein, this Agreement shall not impose any restrictions of any
kind on a Disposition resulting from the exercise by any Margin Loan Lender of its right to foreclosure or similar enforcement action on any of the Margin Loan Collateral following the occurrence of a Margin Loan Event of Default; provided that such
foreclosure or similar enforcement action shall increase the Blackstone-HLT Applicable Percentage, Blackstone-PK Applicable Percentage and/or Blackstone-HGV Applicable Percentage, as applicable. Notwithstanding the foregoing, if the Blackstone
Representative or a Spinoff Party provides an Unqualified 355(e) Opinion with respect to such foreclosure or similar enforcement action to HLT, such foreclosure or similar enforcement action shall not increase the relevant Blackstone Applicable
Percentage. 
 Section 4.5 Reallocation Event. Upon a Reallocation Event with respect to HLT stock or HGV stock, the Blackstone
Representative, on the one hand, and the relevant Spinoff Party, on the other, shall use reasonable efforts to allocate the Reallocation Event Reduction to and reduce the Blackstone-HLT Percentage Shift Limit and/or HLT Percentage Shift Limit, or
Blackstone-HGV Percentage Shift Limit and/or HGV Percentage Shift Limit, as applicable. If the Blackstone Representative and the relevant Spinoff Party do not agree on an allocation, the Reallocation Event Reduction shall first be allocated to and
reduce the relevant HLT Percentage Shift Limit or HGV Percentage Shift Limit (but not below the HLT Applicable Percentage or HGV Applicable Percentage, respectively, as of the time of the Reallocation Event). Any excess Reallocation Event Reduction
shall be allocated to and reduce the relevant Blackstone-HLT Percentage Shift Limit or Blackstone-HGV Percentage Shift Limit (but not below the Blackstone-HLT Applicable Percentage or Blackstone-HGV Applicable Percentage, respectively, as of the
time of the Reallocation Event). For the avoidance of doubt, the sum (immediately before the Reallocation Event) of the Blackstone-HLT Percentage Shift Limit and HLT Percentage Shift Limit, or Blackstone-HGV Percentage Shift Limit and HGV Percentage

  
 12 

 
Shift Limit, as applicable, shall equal the sum (immediately after the Reallocation Event), of the Reallocation Event Reduction plus the Blackstone-HLT Percentage Shift Limit and HLT Percentage
Shift Limit, or Blackstone-HGV Percentage Shift Limit and HGV Percentage Shift Limit, as applicable. Notwithstanding anything to the contrary in this Section 4.5, if the Blackstone Representative or the relevant Spinoff Party provides an Unqualified
355(e) Opinion with respect to a purported Reallocation Event to HLT, such purported Reallocation Event shall not constitute a Reallocation Event. 

Section 4.6 Cooperation. The Parties shall reasonably cooperate (and, in the case of HLT and HGV, cause the members of the HLT
Group and the HGV Group, respectively, to reasonably cooperate) in obtaining any Unqualified Device Opinion or Unqualified 355(e) Opinion (including making reasonable representations required in connection with any such opinion), including by
maintaining and making available to each other all records necessary in connection with such opinions and making employees available on a mutually convenient basis to provide additional information or explanation of any material provided hereunder.

 Section 4.7 Effect of Rulings and Opinion on Section 355(e) Calculations. For purposes of computing the (a) HLT Applicable
Percentage, (b) HGV Applicable Percentage, (c) Blackstone-HLT Applicable Percentage, (d) Blackstone-HGV Applicable Percentage, (e) Blackstone-PK Applicable Percentage or (f) Reallocation Event Reduction, any calculation of the shift of ownership of
one or more of the Spinoff Parties under Section 355(e) shall take into account (i) any IRS private letter ruling received by one or more of the Spinoff Parties and/or the Blackstone Entities and (ii) any unqualified “will” opinion of a
Qualified Tax Advisor (or, with respect to an opinion delivered by HLT, “should” opinion) addressed to HLT and in form and substance reasonably satisfactory to HLT, without substantive qualifications, in each case addressing the manner in
which the calculation of such shift is performed. 
 ARTICLE V 

MISCELLANEOUS 
 Section
5.1 Counterparts. This Agreement may be executed in more than one counterpart, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the
Parties and delivered to the other Parties. 
 Section 5.2 Survival. Except as otherwise contemplated by this Agreement or the
Distribution Agreement, all covenants and agreements of the Parties contained in this Agreement shall survive the Distribution Date and remain in full force and effect in accordance with their applicable terms. 

Section 5.3 Notices. All notices, requests, claims, demands, and other communications under this Agreement shall be in English,
shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile with receipt confirmed (followed by delivery of an original via
overnight courier service), or by registered or certified mail (postage prepaid, 

  
 13 

 
return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 5.3):

 To HLT: 
 Hilton Worldwide
Holdings Inc. 
 7930 Jones Branch Drive, Suite 1100 

McLean, Virginia 22102 
 Attn:
General Counsel 
 Facsimile: [(703) 883-6188] 

To HGV: 
 Hilton Grand Vacations
Inc. 
 6355 MetroWest Boulevard, Suite 180 

Orlando, Florida 32835 
 Attn:
General Counsel 
 Facsimile: [●] 

To the Blackstone Holders: 

[            ] 

345 Park Avenue 
 New York, New
York 
 Attn: [●] 

Facsimile: [●] 
 Section
5.4 Waivers. Any consent required or permitted to be given by any Party to the other Parties under this Agreement shall be in writing and signed by the Party giving such consent and shall be effective only against such Party. 

Section 5.5 Assignment. This Agreement may not be assigned without the express prior written consent of the other parties hereto,
and any attempted assignment, without such consents, will be null and void; provided, however, that, (i) without the prior written consent of HLT or HGV, a Blackstone Entity may assign this Agreement to an Affiliate that becomes
a party hereto and (ii) this Agreement shall be assignable in whole in connection with a merger or consolidation or the sale of all or substantially all the assets of a Party hereto so long as the resulting, surviving or transferee entity assumes
all the obligations of the relevant Party hereto by operation of law or pursuant to an agreement in form and substance reasonably satisfactory to the other Parties to this Agreement. 

Section 5.6 Successors and Assigns. The provisions of this Agreement and the obligations and rights hereunder shall be binding
upon, inure to the benefit of and be enforceable by (and against) the Parties and their respective successors and permitted transferees and assigns. 

Section 5.7 Termination and Amendment. This Agreement may not be terminated or amended except by an agreement in writing signed by a
duly authorized 

  
 14 

 
representative of each of HLT, HGV and the Blackstone Representative (on behalf of the Blackstone Holders). HLT and HGV agree not to amend Sections 5.4, 9.3 or 13.10 of the Tax Matters Agreement
(or the relevant definitions used in such Sections), or grant any waivers with respect thereto, without the written consent of the Blackstone Representative (on behalf of the Blackstone Holders). 

Section 5.8 No Circumvention. The Parties agree not to directly or indirectly take any actions, act in concert with any Person who
takes an action, or cause or allow any Subsidiary of such Party to take any actions (including the failure to take a reasonable action) such that the resulting effect is to materially undermine the effectiveness of any of the provisions of this
Agreement, the Distribution Agreement or any Ancillary Agreement. 
 Section 5.9 Subsidiaries. Each of the Parties shall cause
to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any Subsidiary of such Party or by any entity that becomes a Subsidiary of such Party on and after the Effective
Time, to the extent such Subsidiary remains a Subsidiary of the applicable Party. 
 Section 5.10 Third Party Beneficiaries. This
Agreement is solely for the benefit of the Parties and should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement;
provided that the Blackstone Holders shall be jointly and severally liable for any losses, costs, expenses, damages, claims and other liabilities (including reasonable attorneys’ fees) incurred by PK or any of its Affiliates
arising, directly or indirectly, from or in connection with any breach by any Blackstone Holder of its obligations hereunder. 
 Section
5.11 Title and Headings. Titles and headings to sections herein are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

Section 5.12 Schedules. Any Schedules shall be construed with and as an integral part of this Agreement to the same extent as if
the same had been set forth verbatim herein. 
 Section 5.13 Specific Performance. In the event of any actual or threatened default
in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party who is or is to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement,
in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach, including monetary damages, may be
inadequate compensation for any loss and that the Parties may be irreparably harmed as a result. Accordingly, any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing
or posting of any bond with such remedy are waived by the Parties to this Agreement. 
 Section 5.14 Governing Law. This Agreement
shall be governed by and construed in accordance with the Laws of the State of Delaware without reference to any choice-of-law or conflicts of law principles that would result in the application of the laws of a different jurisdiction. 

  
 15 

 Section 5.15 Consent to Jurisdiction. Each of the Parties irrevocably submits to the
exclusive jurisdiction of (a) the Court of Chancery of the State of Delaware and any appeals court thereof or (b) if such court does not have subject matter jurisdiction, any other state or federal court located within the County of New Castle in
the State of Delaware and any appeals court thereof (the courts referred to in clauses (a) and (b), the “Delaware Courts”), for the purposes of any suit, action, or other proceeding to compel arbitration or for provisional relief in
aid of arbitration or to prevent irreparable harm, and to the non-exclusive jurisdiction of the Delaware Courts for the enforcement of any award issued thereunder. Each of the Parties further agrees that service of any process, summons, notice, or
document by U.S. registered mail to such Party’s respective address set forth above shall be effective service of process for any action, suit, or proceeding in the Delaware Courts with respect to any matters to which it has submitted to
jurisdiction in this Section 5.15. Each of the Parties irrevocably and unconditionally waives any objection to the laying of venue of any action, suit, or proceeding arising out of this Agreement or the transactions contemplated hereby in the
Delaware Courts, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 5.16 Waiver of Jury Trial. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.16. 

Section 5.17 Force Majeure. No Party (or any Person acting on its behalf) shall have any liability or responsibility for failure
to fulfill any obligation (other than a payment obligation) under this Agreement so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered, or delayed as a consequence of circumstances of Force
Majeure (as defined in the Distribution Agreement). A Party claiming the benefit of this provision shall, as soon as reasonably practicable after the occurrence of any such event: (a) notify the other applicable Parties of the nature and extent
of any such Force Majeure condition and (b) use due diligence to remove any such causes and resume performance under this Agreement as soon as feasible. 

Section 5.18 Interpretation. The Parties have participated jointly in the negotiation and drafting of this Agreement. This
Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted. 

  
 16 

 Section 5.19 Changes in Law. 

(a) Any reference to a provision of the Code, Treasury Regulations, or a Law of another jurisdiction shall include a reference to any
applicable successor provision or Law. 
 (b) If, due to any change in applicable Law or regulations or their interpretation by any court of
Law or other governing body having jurisdiction subsequent to the date hereof, performance of any provision of this Agreement or any transaction contemplated hereby shall become impracticable or impossible, the Parties hereto shall use their
commercially reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such provision. 

Section 5.20 Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The Parties shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

Section 5.21 No Waiver. No failure to exercise and no delay in exercising, on the part of any Party, any right, remedy, power or
privilege hereunder shall operate as a waiver hereof or thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. No waiver shall be effective unless it is in writing and is signed by the Party asserted to have granted such waiver. 

Section 5.22 No Duplication; No Double Recovery. Nothing in this Agreement is intended to confer to or impose upon any Party a
duplicative right, entitlement, obligation, or recovery with respect to any matter arising out of the same facts and circumstances. 

Section 5.23 No Recourse. This Agreement may only be enforced against, and any claims or cause of action that may be based upon,
arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as parties hereto and no past, present or future Affiliate, director,
officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney or representative of any party hereto or any of the foregoing shall have any liability for any obligations or liabilities of the parties to this Agreement or for
any claim based on, in respect of, or by reason of, the transactions contemplated hereby. 
 [Remainder of Page Intentionally Left
Blank] 

  
 17 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed the day and year
first above written. 
  

	
	HILTON WORLDWIDE HOLDINGS INC.
	
	 
	Name:
	Title:
	
	 HILTON GRAND VACATIONS INC.

	
	 
	 Name:

	Title:
	
	 [Blackstone Holders]

	
	 
	Name:
	Title:

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