Document:

EX-10.2

 Exhibit 10.2 

TAX MATTERS AGREEMENT 

by and among 
 HILTON
WORLDWIDE HOLDINGS INC., 
 PARK HOTELS & RESORTS INC., 

HILTON GRAND VACATIONS INC., and 

HILTON DOMESTIC OPERATING COMPANY INC. 

Dated as of
                         

 TABLE OF CONTENTS 

 

					
	 	 	 	  	Page
	ARTICLE I DEFINITIONS AND INTERPRETATION	  	2
			
	 Section 1.1
	 	Definitions	  	2
	 Section 1.2
	 	References; Interpretation	  	13
	 Section 1.3
	 	Effective Time	  	14
		
	ARTICLE II PREPARATION AND FILING OF TAX RETURNS	  	14
			
	 Section 2.1
	 	Responsibility of HLT to Prepare and File Tax Returns	  	14
	 Section 2.2
	 	Responsibility of Parties to Prepare and File PK Straddle Income Tax Returns and HGV Straddle Income Tax Returns	  	15
	 Section 2.3
	 	Responsibility of Parties to Prepare and File Post-Distribution Income Tax Returns and Non-Income Tax Returns	  	16
	 Section 2.4
	 	Time of Filing Tax Returns	  	17
	 Section 2.5
	 	Costs and Expenses	  	17
		
	ARTICLE III RESPONSIBILITY FOR PAYMENT OF TAXES	  	17
			
	 Section 3.1
	 	Responsibility for Payment of Taxes	  	17
	 Section 3.2
	 	Reimbursement of Straddle Income Taxes and Restructuring Taxes	  	17
	 Section 3.3
	 	Timing of Payments of Taxes	  	17
		
	ARTICLE IV REFUNDS, CARRYBACKS AND AMENDED TAX RETURNS	  	18
			
	 Section 4.1
	 	Refunds	  	18
	 Section 4.2
	 	Carrybacks	  	18
	 Section 4.3
	 	Amended Tax Returns	  	18
		
	ARTICLE V DISTRIBUTION TAXES	  	19
			
	 Section 5.1
	 	Liability for Distribution Taxes	  	19
	 Section 5.2
	 	Definition of Fault for Distribution Purposes	  	19
	 Section 5.3
	 	Limits on Proposed Acquisition Transactions and Other Transactions During Restricted Period	  	20
	 Section 5.4
	 	Certain Limitations on PK with Respect to its Stock	  	21
	 Section 5.5
	 	IRS Ruling, Tax Representation Letters, and Tax Opinions; Consistency	  	23
	 Section 5.6
	 	Timing of Payment of Taxes	  	23
	 Section 5.7
	 	Protective Section 336(e) Elections	  	23
		
	ARTICLE VI INDEMNIFICATION	  	24
			
	 Section 6.1
	 	Indemnification Obligations of HLT	  	24
	 Section 6.2
	 	Indemnification Obligations of PK	  	24

  
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	 	 	 	  	Page
	 Section 6.3
	 	Indemnification Obligations of HGV	  	25
	 Section 6.4
	 	Protected REITs	  	25
		
	ARTICLE VII PAYMENTS	  	26
			
	 Section 7.1
	 	Payments	  	26
	 Section 7.2
	 	Treatment of Payments made Pursuant to Tax Matters Agreement	  	26
	 Section 7.3
	 	Payments Net of Tax Benefit Actually Realized and Tax Cost	  	27
		
	ARTICLE VIII AUDITS	  	27
			
	 Section 8.1
	 	Notice	  	27
	 Section 8.2
	 	Audits	  	27
	 Section 8.3
	 	Payment of Audit Amounts	  	29
		
	ARTICLE IX COOPERATION AND EXCHANGE OF INFORMATION	  	30
			
	 Section 9.1
	 	Cooperation and Exchange of Information	  	30
	 Section 9.2
	 	Retention of Records	  	31
	 Section 9.3
	 	Tax Opinions	  	32
		
	ARTICLE X ALLOCATION OF TAX ATTRIBUTES AND OTHER TAX MATTERS	  	32
			
	 Section 10.1
	 	Allocation of Tax Attributes	  	32
	 Section 10.2
	 	Allocation of Tax Items	  	32
		
	ARTICLE XI DEFAULTED AMOUNTS	  	33
			
	 Section 11.1
	 	General	  	33
		
	ARTICLE XII DISPUTE RESOLUTION	  	33
			
	 Section 12.1
	 	Negotiation	  	33
	 Section 12.2
	 	Mediation	  	33
	 Section 12.3
	 	Confidentiality	  	34
	 Section 12.4
	 	Continuity of Performance	  	34
		
	ARTICLE XIII MISCELLANEOUS	  	34
			
	 Section 13.1
	 	Counterparts	  	34
	 Section 13.2
	 	Survival	  	34
	 Section 13.3
	 	Notices	  	34
	 Section 13.4
	 	Waivers	  	35
	 Section 13.5
	 	Assignment	  	35
	 Section 13.6
	 	Successors and Assigns	  	35
	 Section 13.7
	 	Termination and Amendment	  	35
	 Section 13.8
	 	No Circumvention	  	35
	 Section 13.9
	 	Subsidiaries	  	36

  
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	 	 	 	  	Page
	 Section 13.10
	 	Third Party Beneficiaries	  	36
	 Section 13.11
	 	Title and Headings	  	36
	 Section 13.12
	 	Schedules	  	36
	 Section 13.13
	 	Specific Performance	  	36
	 Section 13.14
	 	Governing Law	  	36
	 Section 13.15
	 	Consent to Jurisdiction	  	36
	 Section 13.16
	 	Waiver of Jury Trial	  	37
	 Section 13.17
	 	Force Majeure	  	37
	 Section 13.18
	 	Interpretation	  	37
	 Section 13.19
	 	Changes in Law	  	37
	 Section 13.20
	 	Severability	  	37
	 Section 13.21
	 	Tax Sharing Agreements	  	38
	 Section 13.22
	 	Exclusivity	  	38
	 Section 13.23
	 	No Waiver	  	38
	 Section 13.24
	 	No Duplication; No Double Recovery	  	38

 Schedules 
  

			
		
	Schedule 2.3	 	List of Certain Allocations of Non-Income Taxes
		
	Schedule 8.3(b)	 	List of Specified Audit Taxes

  
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 TAX MATTERS AGREEMENT 

THIS TAX MATTERS AGREEMENT (this “Agreement”) is made and entered into as of the day of
                        , by and among Hilton Worldwide Holdings Inc., a Delaware corporation (“HLT”), Park
Hotels & Resorts Inc., a Delaware corporation (“PK”), Hilton Grand Vacations Inc., a Delaware corporation (“HGV”) and Hilton Domestic Operating Company Inc., a Delaware corporation
(“OpCo”). Each of HLT, PK, HGV and OpCo is sometimes referred to herein as a “Party” and, collectively, as the “Parties”. 

WITNESSETH: 
 WHEREAS,
HLT, acting through its direct and indirect Subsidiaries, currently conducts a number of businesses, including (i) the HLT Retained Business (as defined herein), (ii) the Ownership Business (as defined herein) and (iii) the Timeshare
Business (as defined herein); 
 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, which shall be owned and conducted, directly or
indirectly, by HLT, (ii) the Ownership Business, 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, 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”); 

WHEREAS, it is the intention of the Parties that (i) each of the contributions by PK of Assets to, and the assumption of Liabilities by,
OpCo and HGV (each such contribution, an “Internal Contribution” and together, the “Internal Contributions”) together with the corresponding distribution by PK of all of the OpCo common stock and the HGV Common
Stock, respectively, qualifies as a reorganization within the meaning of Sections 368(a)(1)(D) and 355 of the Internal Revenue Code of 1986, as amended (the “Code”) (each such distribution, an “Internal
Distribution” and together, the “Internal Distributions”), (ii) the use by PK of the Cash Proceeds (as defined herein) from OpCo qualifies under Section 361(b) of the Code such

 
that no gain is recognized upon receipt of the Cash Proceeds by PK in connection with any Internal Contribution, (iii) the Debt Exchanges (as defined herein) qualify as distributions and
exchanges of “qualified property” within the meaning of Section 361(c) of the Code, (iv) the distribution by HGV of Cash Proceeds to HLT qualifies first as a payment in respect of Tax liabilities allocable to HGV or one of its
Subsidiaries under Treasury Regulations Section 1.1552-1(b) (or any corresponding provisions under U.S. state or local Law), in each case to the extent of any such Tax liabilities, and second as as a distribution under Section 301 of the
Code from HGV to HLT, (v) any distribution by OpCo of Cash Proceeds to Hilton Worldwide Finance LLC, a Delaware limited liability company (“HWF”) qualifies as a distribution under Section 301 of the Code from OpCo to HLT,
(vi) any distribution by PK of Cash Proceeds to HWF qualifies first as a payment in respect of Tax liabilities allocable to PK or one of its Subsidiaries under Treasury Regulations Section 1.1552-1(b) (or any corresponding provisions under
U.S. state or local Law), in each case to the extent of any such Tax liabilities, and second as a distribution under Section 301 of the Code from PK to HLT and (vii) 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 Code (collectively, the “Intended Tax Treatment”); and 
 WHEREAS, in connection with the Plan of
Reorganization, the Parties desire to set forth their agreement on the rights and obligations with respect to handling and allocating Taxes and related matters. 

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 PK, or issuance
by PK of any options or other instruments that grant the holder a right (including if PK has a right to settle the obligation with property other than PK stock) to complete such an acquisition. The terms “Acquire” and “Acquired”
has 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) “Active Business” means each of (a) the Ownership Business, the HLT Retained Business and the Timeshare Business, in
each case taken as a whole, (b) the Select Hotels Business taken as a whole (or any hotel included therein) and (c) the Hotel Laundry Business taken as a whole (or any laundry facility included therein). 

  
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 (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 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 Party or its Subsidiaries. 
 (4) “Agreement” has the meaning set forth in the preamble
hereto. 
 (5) “Agreement Dispute” has the meaning set forth in Section 12.1. 

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

(7) “Assets” has the meaning set forth in the Distribution Agreement. 

(8) “Audit” means any audit, assessment of Taxes, other examination by or on behalf of any Taxing Authority (including
notices), proceeding, or appeal of such a proceeding relating to Taxes, whether administrative or judicial, including proceedings relating to competent authority determinations initiated by a Party or any of its Subsidiaries. 

(9) “Audit Management Party” means the Party responsible for administering and controlling an Audit pursuant to
Section 8.2(a)(i) or (b)(ii). 
 (10) “Audit Representative” means the chief tax officer of each Party (or such other
officer of a Party that may be designated by that Party’s Chief Financial Officer from time to time). 
 (11) “Big Four
Accounting Firm” means each of Deloitte & Touche LLP, Ernst & Young LLP, KPMG LLP, and PricewaterhouseCoopers LLP. 

(12) “Blackstone Entity” has the meaning set forth in the Stockholders Agreement. 

(13) “Blackstone-PK Applicable Percentage” has the meaning set forth in the Stockholders Agreement. 

(14) “Blackstone-PK Percentage Shift Limit” has the meaning set forth in the Stockholders Agreement. 

(15) “Blackstone Representative” has the meaning set forth in the Stockholders Agreement. 

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

(17) “Business Day” means any day other than a Saturday, Sunday or a day on which banks are required to be closed in New
York, New York. 

  
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 (18) “Cash Proceeds” means (i) the cash proceeds received by PK as partial
consideration for the Internal Contribution to OpCo, (ii) the cash proceeds received by HWF from OpCo after the Internal Distribution of OpCo stock, (iii) any cash proceeds received by HWF from PK before the PK Distribution as part of the
Plan of Reorganization and (iv) the cash proceeds received by HLT from HGV before the HGV Distribution, as the context requires. 

(19) “Claiming Party” has the meaning set forth in Section 11.2(b). 

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

(21) “Debt Exchanges” means (i) OpCo issuing debt instruments to PK as partial consideration for the Internal
Contribution to OpCo and PK using such debt instruments to satisfy some or all of the debt owed by PK to Hilton HHonors Worldwide, L.L.C., and (ii) HGV issuing debt instruments to PK as partial consideration for the Internal Contribution to HGV
and PK using such debt instruments to satisfy some or all of the mortgage debt owed by PK and secured by a hotel in Bonnet Creek, Florida. 

(22) “Delaware Courts” has the meaning set forth in Section 13.15. 

(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) “Distribution
Taxes” mean any and all U.S. federal, state and local Income Taxes required to be paid by or imposed on a Party or any of its Affiliates resulting from, or directly arising in connection with, the failure of any Internal Contribution, any
Distribution, any receipt of Cash Proceeds, or any Debt Exchange to qualify for the Intended Tax Treatment (or the failure to qualify under or the application of corresponding provisions of the Laws of U.S. state or local jurisdictions). 

(27) “Due Date” means the date (taking into account all valid extensions) upon which a Tax Return is required to be filed
with or Taxes are required to be paid to a Taxing Authority, whichever is applicable. 
 (28) “Effective Time” has the
meaning set forth in the Distribution Agreement. 
 (29) “Escrow Account” has the meaning set forth in Section 6.4.

 (30) “Expense Amount” has the meaning set forth in Section 6.4. 

(31) “Expense Amount Accountant’s Letter” has the meaning set forth in Section 6.4. 

  
 4 

 (32) “Expense Amount Tax Opinion” has the meaning set forth in Section 6.4.

 (33) “External Distribution” has the meaning set forth in the recitals hereto. 

(34) “Fault for Distribution Purposes” has the meaning set forth in Section 5.2. 

(35) “Final Determination” means the final resolution of liability for any Tax for any taxable period, by or as a result of:

 (a) a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed to a court
other than the Supreme Court of the United States; 
 (b) a final settlement with the IRS, a closing agreement or accepted offer in
compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the Laws of other jurisdictions, which resolves the liability for the Taxes addressed in such agreement for any taxable period; 

(c) any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all periods during which such
refund or credit may be recovered by the jurisdiction imposing the Tax; or 
 (d) any other final disposition, including by reason of the
expiration of the applicable statute of limitations. 
 (36) “Group” means the HLT Group, the PK Group, or the HGV Group.

 (37) “HGV” has the meaning set forth in the preamble hereto. 

(38) “HGV Allocable Audit Portion” means the amount, determined by HLT in its good faith discretion, equal to the product of
(a) the amount of any Taxes attributable to a Pre-Distribution Tax Period or the portion of a Straddle Tax Period ending on the Distribution Date that are not reported on a Tax Return filed for such periods, and (b) a fraction (i) the
numerator of which is the additional Taxes that would be due and payable determined on a separate basis for the Timeshare Assets or the Timeshare Business, and (ii) the denominator of which is the sum of the additional Taxes that would be due
and payable determined on a separate basis for each of the HLT Retained Assets or the HLT Retained Business, the Ownership Assets or the Ownership Business, and the Timeshare Assets or the Timeshare Business, respectively. For purposes of this
determination, any Distribution Taxes, Specified Audit Taxes or Restructuring Taxes incurred shall be deemed not to have been incurred, regardless of which entity incurs such Taxes. 

(39) “HGV Common Stock” has the meaning set forth in the recitals hereto. 

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

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

  
 5 

 (42) “HGV Straddle Income Tax Returns” means any Income Tax Return required
under applicable Law to be filed by any member of the HGV Group for a Straddle Tax Period. 
 (43) “HLT” has the meaning
set forth in the preamble hereto. 
 (44) “HLT Allocable Audit Portion” means the amount, determined by HLT in its good
faith discretion, equal to the product of (a) the amount of any Taxes attributable to a Pre-Distribution Tax Period or the portion of a Straddle Tax Period ending on the Distribution Date that are not reported on a Tax Return filed for such
periods, and (b) a fraction (i) the numerator of which is the additional Taxes that would be due and payable determined on a separate basis for the HLT Retained Assets or the HLT Retained Business, and (ii) the denominator of which is
the sum of the additional Taxes that would be due and payable determined on a separate basis for each of the HLT Retained Assets or the HLT Retained Business, the Ownership Assets or the Ownership Business, and the Timeshare Assets or the Timeshare
Business, respectively. For purposes of this determination, any Distribution Taxes, Specified Audit Taxes or Restructuring Taxes incurred shall be deemed not to have been incurred, regardless of which entity incurs such Taxes. 

(45) “HLT Combined Income Tax Return” means any U.S. federal, state, local or foreign consolidated, combined, unitary or
similar Income Tax Return that actually includes, by election or otherwise, one or more members of the HLT Group together with one or more members of either the PK Group or the HGV Group. 

(46) “HLT Common Stock” has the meaning set forth in the recitals hereto. 

(47) “HLT Group” has the meaning set forth in the Distribution Agreement. 

(48) “HLT Retained Assets” has the meaning set forth in the Distribution Agreement and shall include any Assets owned leased
or licensed by HLT or its current or prior Subsidiaries at any time (whether or not owned, leased or licensed by HLT or its Subsidiaries at or prior to the Effective Time) that related primarily to, were used primarily in, or arose primarily from,
the HLT Retained Business. 
 (49) “HLT Retained Business” has the meaning set forth in the Distribution Agreement. 

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

(51) “HLT Straddle Income Tax Returns” means any Income Tax Return required under applicable Law to be filed by any member of
the HLT Group for a Straddle Tax Period. 
 (52) “Hotel Laundry Business” means the component of the Ownership Business
involving the management and operation of commercial laundry facilities servicing hotels, located in Portage, Indiana, Piscataway, New Jersey and Portland, Oregon. 

(53) “HWF” has the meaning set forth in the recitals hereto. 

  
 6 

 (54) “Implementing Agreement” means any agreement the primary purpose of which
is to implement one or more steps described in the Reorganization Slide Deck. 
 (55) “Income Taxes” mean: 

(a) all Taxes based upon, measured by, or calculated with respect to (i) net income or profits (including, but not limited to, any
capital gains, minimum tax or any Tax on items of tax preference, but not including sales, use, real, or personal property, gross or net receipts, value added, excise, leasing, transfer or similar Taxes), or (ii) multiple bases (including, but
not limited to, corporate franchise, doing business and occupation Taxes) if one or more bases upon which such Tax is determined is described in clause (a)(i) above; and 

(b) all U.S., state, local or non-U.S. franchise Taxes. 

(56) “Income Tax Returns” mean all Tax Returns that relate to Income Taxes. 

(57) “Indemnified Party” means the Party which is or may be entitled pursuant to this Agreement to receive any payments
(including reimbursement for Taxes or costs and expenses) from another Party or Parties to this Agreement. 
 (58) “Indemnifying
Party” means the Party which is or may be required pursuant to this Agreement to make indemnification or other payments (including reimbursement for Taxes and costs and expenses) to another Party to this Agreement. 

(59) “Intended Tax Treatment” has the meaning set forth in the recitals hereto. 

(60) “Internal Contribution” has the meaning set forth in the recitals hereto. 

(61) “Internal Distribution” has the meaning set forth in the recitals hereto. 

(62) “IRS” means the United States Internal Revenue Service or any successor thereto, including, but not limited to its
agents, representatives, and attorneys. 
 (63) “IRS Ruling” means that certain IRS private letter ruling, dated
February 24, 2016, delivered to HLT and addressing, among other things, certain issues relevant to the tax-free treatment of the Distributions, together with the requests submitted to the IRS for such private letter ruling and any supplemental
materials submitted to the IRS relating thereto. 
 (64) “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. 

(65) “LIBOR” has the meaning set forth in the Distribution Agreement. 

(66) “Losses” has the meaning assigned to the term “Indemnifiable Losses” in the Distribution Agreement. 

  
 7 

 (67) “Majority of the Parties” means the consent of at least two of the Parties.

 (68) “Negotiation Period” has the meaning set forth in Section 12.1. 

(69) “Non-Income Tax Returns” mean all Tax Returns other than Income Tax Returns. 

(70) “Nonqualifying Income” shall mean any amount that is treated as gross income for purposes of Section 856 of the
Code and which is not Qualifying Income. 
 (71) “OpCo” has the meaning set forth in the preamble hereto. 

(72) “Ownership Assets” has the meaning set forth in the Distribution Agreement and shall include any Assets owned leased or
licensed by HLT or its current or prior Subsidiaries at any time (whether or not owned, leased or licensed by HLT or its Subsidiaries at or prior to the Effective Time) that related primarily to, were used primarily in, or arose primarily from, the
Ownership Business. 
 (73) “Ownership Business” has the meaning set forth in the Distribution Agreement. 

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

(75) “Participating Party” has the meaning set forth in Section 8.2(c)(i). 

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

(77) “Paying Party” has the meaning set forth in Section 2.3(b). 

(78) “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. 

(79) “PK” has the meaning set forth in the preamble hereto. 

(80) “PK Allocable Audit Portion” means the amount, determined by HLT in its good faith discretion, equal to the product of
(a) the amount of any Taxes attributable to a Pre-Distribution Tax Period or the portion of a Straddle Tax Period ending on the Distribution Date that are not reported on a Tax Return filed for such periods, and (b) a fraction (i) the
numerator of which is the additional Taxes that would be due and payable determined on a separate basis for the Ownership Assets or the Ownership Business, and (ii) the denominator of which is the sum of the additional Taxes that would be due
and payable determined on a separate basis for each of the HLT Retained Assets or the HLT Retained Business, the Ownership Assets or the Ownership Business, and the Timeshare Assets or the Timeshare Business, respectively. For purposes of this
determination, any Distribution Taxes, Specified Audit Taxes or Restructuring Taxes incurred shall be deemed not to have been incurred, regardless of which entity incurs such Taxes. 

  
 8 

 (81) “PK 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 PK stock (as of immediately after the Distribution) Acquired pursuant to one or more PK Issuances of PK stock occurring on or after the Distribution
Date by (ii) the value of all outstanding stock of PK as of immediately after the Distribution, or (b) the percentage determined by dividing (i) the total combined voting power of all shares of PK stock (as of immediately after the
Distribution) Acquired pursuant to one or more PK Issuances occurring on or after the Distribution Date by (ii) the total combined voting power of all outstanding stock of PK 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 PK (or its Subsidiaries) of PK Common Stock following the Distribution and prior to the last such PK Issuance (with such reduction calculated in the case
of (a)(ii) 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. 
 (82) “PK Common Stock” has the meaning set
forth in the recitals hereto. 
 (83) “PK Percentage Shift Limit” means 8.34%, as adjusted from time to time by mutual
written consent of the Blackstone Representative and PK or under Section 5.4(f) or (g); 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 PK has actual knowledge that the Blackstone-PK Applicable Percentage exceeds the Blackstone-PK Percentage Shift Limit, the PK Percentage
Shift Limit shall be reduced by such excess (without prejudice to any rights or remedies PK or any other Party may have). 
 (84)
“PK Group” has the meaning set forth in the Distribution Agreement. 
 (85) “PK Issuance” has the meaning
set forth in Section 5.4(a). 
 (86) “PK Straddle Income Tax Returns” means any Income Tax Return required under
applicable Law to be filed by any member of the PK Group for a Straddle Tax Period. 
 (87) “Plan of Reorganization” has
the meaning set forth in the recitals hereto. 
 (88) “Post-Distribution Income Tax Returns” mean, collectively, all Income
Tax Returns required to be filed by a Party or its Affiliates for a Post-Distribution Tax Period. 
 (89) “Post-Distribution Payment
Tax Benefit” has the meaning set forth in Section 11.2(b). 
 (90) “Post-Distribution Ruling” has the meaning
set forth in Section 5.3. 
 (91) “Post-Distribution Tax Period” means a Tax period beginning and ending after the
Distribution Date. 
 (92) “Pre-Distribution Income Tax Returns” mean, collectively, all Income Tax Returns required to be
filed by a Party or its Affiliates for a Pre-Distribution Tax Period. 

  
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 (93) “Pre-Distribution Tax Period” means a Tax period beginning and ending on or
before the Distribution Date. 
 (94) “Preparing Party” has the meaning set forth in Section 2.3(b). 

(95) “Proposed Acquisition Transaction” means a transaction or series of transactions (i) as a result of which any of
the Parties would merge or consolidate with any other Person, or (ii) as a result of which any Person or any group of Persons would (directly or indirectly) acquire, or have the right to acquire (through an option or otherwise), from any of the
Parties or any of their Affiliates and/or one or more holders of their stock, respectively, any amount of stock of any of the Parties that would, when combined with any other changes in ownership of the stock of such Party, result in a shift of more
than forty-nine percent (49%) of (a) the value of all outstanding shares of stock of such Party as of the date of the Distribution, or (b) the total combined voting power of all outstanding shares of voting stock of such Party as of
the date of the Distribution. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include the adoption by a Party of, or the issuance of stock pursuant to, a stockholder rights plan. For purposes of the preceding sentence,
the total value or total combined voting power of all HLT Common Stock, PK Common Stock or HGV Common Stock, as applicable, issued and outstanding immediately after the Distribution shall be reduced by any redemption or repurchase (directly or
indirectly) by a Party (or any of its Affiliates) of HLT Common Stock, PK Common Stock or HGV Common Stock, as applicable, following the Distribution. For purposes of determining whether and to what extent a transaction constitutes an indirect
acquisition for purposes of the first sentence 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. Notwithstanding the two previous sentences, the effect of any such recapitalization, other action, or redemption or repurchase (directly or indirectly) of shares shall take into account any
applicable IRS private letter ruling received by one or more of the Parties with respect thereto. 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. 
 (96) “Protected REIT” shall
mean any entity that (i) has elected to be taxed as a REIT and (ii) either (a) is an Indemnified Party or (b) owns a direct or indirect equity interest in any Indemnified Party and is treated for purposes of Section 856 of
the Code as owning all or a portion of the assets of such Indemnified Party or as receiving all or a portion of such Indemnified Party’s income. 

(97) “Qualified Tax Advisor” means any Big Four Accounting Firm or any law firm of nationally recognized standing. 

(98) “Qualifying Income” shall mean gross income that is described in Section 856(c)(3) of the Code. 

(99) “Reallocation Event” has the meaning set forth in the Stockholders Agreement. 

  
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 (100) “Reallocation Event Reduction” has the meaning set forth in the
Stockholders Agreement. 
 (101) “REIT” shall mean any a “real estate investment trust” within the meaning of
Section 856(a) of the Code. 
 (102) “REIT Qualification Ruling” has the meaning set forth in Section 6.4. 

(103) “REIT Requirements” shall mean the requirements imposed on REITs pursuant to Sections 856 through and including 860 of
the Code. 
 (104) “Release Document” has the meaning set forth in Section 6.4. 

(105) “Reorganization Slide Deck” means the Plan of Reorganization (as such term is used in the Distribution Agreement). 

(106) “Requesting Party” shall have the meaning set forth in Section 5.3. 

(107) “Restricted Period” means the period beginning at the Effective Time and ending on the two-year anniversary of the day
after the Distribution Date. 
 (108) “Restructuring Tax” means any Tax, other than any Distribution Tax, required to be
paid by or imposed on a Party or any of its Affiliates, imposed directly in connection with transactions contemplated by the Plan of Reorganization, the Reorganization Slide Deck or the Implementing Agreements, in each case undertaken before or at
the same time as any of the Distributions. 
 (109) “Select Hotels Business” means the component of the Ownership Business
involving the day-to-day management and operation by PK of (i) the Hilton Garden Inn in El Segundo, California, (ii) the Hampton Inn & Suites in Memphis, Tennessee, (iii) the Hilton Garden Inn Chicago/Oakbrook Terrace, and
(iv) the Hilton Chicago/Oakbrook Suites. 
 (110) “Specified Audit Taxes” has the meaning set forth in
Section 8.3(b). 
 (111) “Stockholders Agreement” means that certain Stockholders Agreement by and among HLT, HGV and
the Blackstone Entities party thereto dated as of                         . 

(112) “Sharing Percentages” means, with respect to HLT, sixty-five percent (65%), with respect to PK, twenty-six percent
(26%), and with respect to HGV, nine percent (9%). 
 (113) “Simpson” means Simpson Thacher & Bartlett LLP. 

(114) “Straddle Tax Period” means a Tax period beginning before the Distribution Date and ending after the Distribution Date.

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

  
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 (116) “Tax” or “Taxes” means (i) all taxes, charges, fees,
imposts, levies or other assessments, including all net income, gross receipts, capital, sales, use, gains, ad valorem, value added, transfer, franchise, profits, inventory, capital stock, license, withholding, payroll, employment, social security,
unemployment, excise, severance, stamp, occupation, property and estimated taxes, custom duties, fees, assessments and charges of any kind whatsoever, and (ii) liability for the payment of any amount of the type described in clause
(i) above arising as a result of being (or having been) a member of any group or being (or having been) included or required to be included in any Tax Return related thereto. Whenever the term “Tax” or “Taxes” is used it
shall include penalties, fines, additions to tax and interest thereon. 
 (117) “Tax Attributes” mean for U.S. federal,
state, local, and non-U.S. Income Tax purposes, earnings and profits, tax basis, net operating and capital loss carryovers or carrybacks, alternative minimum Tax credit carryovers or carrybacks, general business credit carryovers or carrybacks,
income tax credits or credits against income tax, disqualified interest and excess limitation carryovers or carrybacks, overall foreign losses, research and experimentation credit base periods, and all other items that are determined or computed on
an affiliated group basis (as defined in Section 1504(a) of the Code determined without regard to the exclusion contained in Section 1504(b)(3) of the Code), or similar Tax items determined under applicable Tax law. 

(118) “Tax Benefit Actually Realized” means with respect to a Party and its Subsidiaries a reduction in the amount of Taxes
that are required to be paid or an increase in refund due, whether resulting from a deduction, from reduced gain or increased loss from disposition of an asset, or otherwise, such reduction or increase in refund due determined on an “actually
realized” basis. For purposes of this definition, a Party or its Subsidiaries will be deemed to have “actually realized” such reduction or increase in refund due at the time the amount of Taxes such Party or any of its Subsidiaries is
required to pay is reduced or the amount of any refund due is increased. The amount of any Tax Benefit Actually Realized shall be computed on a “with and without” basis. 

(119) “Taxing Authority” means any governmental authority or any subdivision, agency, commission, or authority thereof or any
quasi-governmental or private body having jurisdiction over the assessment, determination, collection, or imposition of any Tax (including the IRS). 

(120) “Tax Opinions” mean certain Tax opinions and supporting memoranda rendered by Simpson or KPMG to HLT or any of its
Affiliates in connection with the Plan of Reorganization. 
 (121) “Tax Package” means Tax data and information relating to
the operations of PK, HGV and/or their respective Subsidiaries, the Ownership Business (in the case of PK), or the Timeshare Business (in the case of HGV) that is reasonably necessary to prepare and file any Pre-Distribution Income Tax Return, HLT
Straddle Income Tax Return, PK Straddle Income Tax Return, or HGV Straddle Income Tax Return, as applicable. 
 (122) “Tax
Representation Letter” means any letter containing certain representations and covenants issued by HLT or any of its Affiliates to Simpson or KPMG in connection with the Tax Opinions. 

  
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 (123) “Tax Returns” mean any return, report, certificate, form or similar
statement or document (including any related or supporting information or schedule attached thereto and any information return, amended tax return, claim for refund, or declaration of estimated Tax) required to be supplied to, or filed with, a
Taxing Authority in connection with the determination, assessment or collection of any Tax or the administration of any Laws, regulations, or administrative requirements relating to any Taxes. 

(124) “Tax Sharing Agreement” has the meaning set forth in Section 8.3(c). 

(125) “Timeshare Assets” has the meaning set forth in the Distribution Agreement and shall include any Assets owned leased or
licensed by HLT or its current or prior Subsidiaries at any time (whether or not owned, leased or licensed by HLT or its Subsidiaries at or prior to the Effective Time) that related primarily to, were used primarily in, or arose primarily from, the
Timeshare Business. 
 (126) “Timeshare Business” has the meaning set forth in the Distribution Agreement. 

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

(128) “Treasury Regulations” mean the income tax and administrative regulations promulgated from time to time under the Code,
as in effect for the relevant Tax Period. 
 (129) “Unqualified 355(e) Opinion” means, with respect to an PK Issuance or
Reallocation Event, an unqualified “will” 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 PK Issuance or Reallocation
Event (including any future PK Issuance of stock pursuant to an option or other instrument that grants the holder a right (including if PK has a right to settle the obligation with property other than PK stock) to complete an Acquisition) 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. 

(130) “Unqualified Tax Opinion” means an unqualified “will” opinion of a Qualified Tax Advisor, in form and
substance reasonably acceptable to each of applicable Parties (other than OpCo) and upon which each of the applicable Parties (other than OpCo) may rely to confirm that a transaction (or transactions) will not result in Distribution Taxes. 

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

Section 1.2 References; Interpretation. 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 and Schedules shall be deemed references to Articles and Sections of, 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. 

  
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 Section 1.3 Effective Time. Notwithstanding that certain interrelated and
intermediate internal transactions must be given effect prior to the Distributions, the agreements contained herein, including, but not limited to, the manner in which Taxes are shared amongst the Parties, shall be effective no earlier than and only
upon the Effective Time. 
 ARTICLE II 

PREPARATION AND FILING OF TAX RETURNS 

Section 2.1 Responsibility of HLT to Prepare and File Tax Returns. 

(a) General. To the extent not previously filed and subject to the rights and obligations of each of the Parties set forth herein, HLT
shall prepare or cause to be prepared all (i) Pre-Distribution Income Tax Returns, and (ii) HLT Straddle Income Tax Returns. HLT shall file or cause to be filed all such Tax Returns with the applicable Taxing Authority to the extent a
member of the HLT Group is responsible under applicable Law for filing such Tax Returns, and the other Parties shall cooperate (or cause their Subsidiaries to cooperate) in the filing of such Tax Returns to the extent a member of their Group is
responsible for filing such Tax Returns under applicable Law. To the extent any member of the PK Group or the HGV Group could be liable after the Distribution Date for Taxes with respect to such Tax Returns (taking into account any provision under
this Agreement), HLT shall be required to prepare such Tax Returns in a manner consistent with the past practice of HLT and its Affiliates (unless otherwise modified by a Final Determination or required by applicable Law); provided,
however, that HLT shall be permitted to claim the maximum U.K. tax deductions or other tax reliefs available in the U.K. Tax Returns, including but not limited to capital allowances as provided for in the Capital Allowances Act 2001 and other
related U.K. tax legislation. All Tax Returns filed under this Section 2.1 shall be filed in a manner consistent with (and the Parties and their Affiliates shall not take any position inconsistent with) the IRS Ruling, the Tax Representation
Letters, and the Tax Opinions. Subject to the foregoing standards, HLT shall have the right with respect to any Tax Return filed under this Section 2.1, to determine: (a) except as provided in Section 10.2, the manner in which such
Tax Return will be prepared and filed, including the elections, method of accounting, positions, conventions, and principles of taxation to be used and the manner in which any Tax item will be reported; (b) whether any extensions may be
requested; and (c) except as provided in Section 10.2, the elections that will be made by HLT, any member of the HLT Group, any member of the PK Group, or any member of the HGV Group on such Tax Return. 

(b) Tax Package. To the extent not previously provided, PK and HGV shall (at their own cost and expense), to the extent that a
Pre-Distribution Income Tax Return or HLT Straddle Income Tax Return includes items of that Party or its Affiliates, the Ownership Business (in the case of PK), or the Timeshare Business (in the case of HGV), prepare and provide or cause to be
prepared and provided to HLT a Tax Package relating to such Tax Return. Such Tax Package shall be provided in a timely manner. In the event a Party does not fulfill its obligations pursuant to this Section 2.1(b), HLT shall be entitled, at the
sole cost and expense of such Party, to prepare or cause to be prepared the information required to be included in the Tax Package for purposes of preparing any such Tax Returns. 

  
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 Section 2.2 Responsibility of Parties to Prepare and File PK Straddle Income Tax Returns
and HGV Straddle Income Tax Returns. 
 (a) General. Subject to the rights and obligations of each of the Parties set forth
herein, PK shall prepare or cause to be prepared all PK Straddle Income Tax Returns and HGV shall prepare or cause to be prepared all HGV Straddle Income Tax Returns required to be filed after the Distribution Date. PK shall file or cause to be
filed all such PK Straddle Income Tax Returns with the applicable Taxing Authority, and HGV shall file or cause to be filed all such HGV Straddle Income Tax Returns with the applicable Taxing Authority. All such Tax Returns shall be prepared in a
manner: (i) consistent with the past practice of the Parties and their Affiliates unless otherwise modified by a Final Determination or required by applicable Law; (ii) consistent with (and the Parties and their Affiliates shall not take
any position inconsistent with) the IRS Ruling, the Tax Representation Letters, and the Tax Opinions; and (iii) consistent with any Pre-Distribution Income Tax Returns; provided, however, that PK and HGV shall file or cause to be
filed any such U.K. Tax Returns in a manner consistent with any elections or claims made in respect of group relief, as provided for in Part 5 of the Corporation Act 2010, from HLT and its Subsidiaries, subject to the grant of consent to surrender
such group relief, and shall claim or cause to be claimed the maximum amount of group relief available for U.K. Tax purposes with respect to such Tax Returns, after claiming the maximum available group relief within their own respective U.K. groups.

 (b) Tax Package. To the extent not previously provided, HLT shall (at its own cost and expense), prepare and provide or cause to
be prepared and provided to PK and HGV a Tax Package relating to any PK Straddle Income Tax Return (in the case of PK) or HGV Straddle Income Tax Return (in the case of HGV). Such Tax Package shall be provided in a timely manner. In the event HLT
does not fulfill its obligations pursuant to this Section 2.2(b), PK or HGV, as applicable, shall be entitled, at the sole cost and expense of HLT, to prepare or cause to be prepared the information required to be included in the Tax Package
for purposes of preparing any such PK Straddle Income Tax Return or HGV Straddle Income Tax Return. 
 (c) Procedures Relating to the
Preparation and Filing of PK Straddle Income Tax Returns and HGV Straddle Income Tax Returns. 
 (i) PK (in the case of PK Straddle
Income Tax Returns required to be filed after the Distribution Date) and HGV (in the case of HGV Straddle Income Tax Returns required to be filed after the Distribution Date) shall, no later than thirty (30) days prior to the Due Date of each
such Tax Return (reduced to twenty (20) days for state or local Tax Returns), shall make available or cause to be made available drafts of such Tax Returns to HLT. HLT shall have access to any and all data and information reasonably necessary
for its review of all such Tax Returns, and PK or HGV (as the case may be) shall cooperate fully in the preparation and review of such Tax Returns. Subject to the preceding sentence, no later than fifteen (15) days after receipt of such Tax
Returns (reduced to five (5) days for state or local Tax Returns), HLT shall have a right to object to such PK Straddle Income Tax Return or such HGV Straddle Income Tax Return (or, in each case, items with respect thereto) by written notice to
PK or HGV (as applicable); such written notice shall contain such disputed item (or items) and the basis for its objection. 

  
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 (ii) With respect to a PK Straddle Income Tax Return or HGV Straddle Income Tax Return submitted
by PK or HGV (as applicable) to HLT pursuant to Section 2.2(c)(i), if HLT does not object by proper written notice within the time period described, such Tax Return shall be deemed to have been accepted and agreed upon, and to be final and
conclusive, for purposes of this Section 2.2(c)(ii). If HLT does object by proper written notice within such applicable time period, PK or HGV (as applicable) shall reflect HLT’s comments on such Tax Return; provided,
however, that PK or HGV (as applicable) shall not be required to reflect comments to the extent such comments are inconsistent with the standards set forth in Section 2.2(a). The Parties shall act in good faith to resolve any such
dispute as promptly as practicable. If the Parties have not reached a final resolution with respect to all disputed items for which proper written notice was given within ten (10) days prior to the Due Date for such Tax Return, then any
disputed issues shall be submitted to an Big Four Accounting Firm (excluding any firm involved in preparing such Tax Return) mutually agreed by the Parties for a final binding resolution. 

Section 2.3 Responsibility of Parties to Prepare and File Post-Distribution Income Tax Returns and Non-Income Tax Returns. 

(a) General. The Party or its Affiliate responsible under applicable Law for filing a Post-Distribution Income Tax Return or a
Non-Income Tax Return (in each case required to be filed after the Distribution Date) shall prepare and file or cause to be prepared and filed that Tax Return (at that Party’s own cost and expense). All such Tax Returns shall be filed in a
manner (i) consistent with (and the Parties and their Affiliates shall not take any position inconsistent with) the IRS Ruling, the Tax Representation Letters, and the Tax Opinions and (ii) consistent with any (1) in the case of any
Post-Distribution Income Tax Return, any Pre-Distribution Income Tax Returns and (2) in the case of any Non-Income Tax Return, consistent with past practice. 

(b) Procedures Relating to the Preparation and Filing of Non-Income Tax Returns. 

(i) If the Party responsible for paying any Taxes shown on a Non-Income Tax Return set forth on Schedule 2.3 (the “Paying
Party”) is different from the Party responsible for preparing such Non-Income Tax Return under Section 2.3(a) (the “Preparing Party”), the Preparing Party shall, no later than thirty (30) days prior to the Due
Date of each such Tax Return, shall make available or cause to be made available drafts of such Non-Income Tax Return to the Paying Party. The Paying Party shall have access to any and all data and information reasonably necessary for its review of
all such Non-Income Tax Return, and the Preparing Party shall cooperate fully in the preparation and review of such Non-Income Tax Return. Subject to the preceding sentence, no later than fifteen (15) days after receipt of such Non-Income Tax
Return, the Paying Party shall have a right to object to such Non-Income Tax Return (or items with respect thereto) by written notice to the Preparing Party; such written notice shall contain such disputed item (or items) and the basis for its
objection. 

  
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 (ii) With respect to a Non-Income Tax Return submitted by the Preparing Party to the Paying Party
pursuant to Section 2.3(b)(i), if the Paying Party does not object by proper written notice within the time period described, such Non-Income Tax Return shall be deemed to have been accepted and agreed upon, and to be final and conclusive, for
purposes of this Section 2.3(b)(ii). If the Paying Party does object by proper written notice within such applicable time period, the Preparing Party shall reflect the Paying Party’s comments on such Non-Income Tax Return; provided,
however, that the Preparing Party shall not be required to reflect comments to the extent such comments are inconsistent with the standards set forth in Section 2.3(a). The Parties shall act in good faith to resolve any such dispute as
promptly as practicable. If the Parties have not reached a final resolution with respect to all disputed items for which proper written notice was given within ten (10) days prior to the Due Date for such Non-Income Tax Return, then any
disputed issues shall be submitted to an Big Four Accounting Firm (excluding any firm involved in preparing such Tax Return) mutually agreed by the Parties for a final binding resolution. 

Section 2.4 Time of Filing Tax Returns. Each Tax Return shall be filed on or prior to the Due Date for such Tax Return by the
Party responsible for filing such Tax Return hereunder. 
 Section 2.5 Costs and Expenses. The party responsible for preparing
any Tax Return or Tax Package under Section 2.1, 2.2, or 2.3 shall be responsible for the costs and expenses associated with preparing such Tax Return or Tax Package. 

ARTICLE III 

RESPONSIBILITY FOR PAYMENT OF TAXES 

Section 3.1 Responsibility for Payment of Taxes. Except as otherwise provided in this Agreement, each of HLT, PK and HGV shall be
liable for and shall pay or cause to be paid the Taxes shown on the Tax Returns for which it has the responsibility to prepare under Article II to the applicable Taxing Authority. 

Section 3.2 Reimbursement of Straddle Income Taxes and Restructuring Taxes. No later than five (5) Business Days prior to the
relevant Due Date for Taxes described in Section 3.1, a member of the HLT Group shall pay HGV or PK, as applicable, an amount in immediately available funds equal to such Taxes to the extent they represent Restructuring Taxes shown on Tax
Returns for which HGV or PK, as applicable, has responsibility to prepare under Article II or are Income Taxes shown on HGV Straddle Income Tax Returns or PK Straddle Income Tax Returns, as applicable, that relate to the portion of the relevant
Straddle Tax Period (as determined under Section 10.2) ending on the Distribution Date. No later than five (5) Business Days prior to relevant Due Date for Taxes shown on Non-Income Tax Returns, the Parties (or members of their Group)
shall make payments in immediately available funds to the other Parties for any Taxes for which the Paying Party is responsible pursuant to Schedule 2.3. 

Section 3.3 Timing of Payments of Taxes. All Taxes required to be paid or caused to be paid by a Party to a Taxing Authority
pursuant to this Article III shall be paid or caused to be paid by such Party on or prior to the Due Date of such Taxes. All amounts required to be paid by one Party to another Party pursuant to this Article III shall be paid or caused to be paid by
such first Party to such other Party in accordance with Article VII. 

  
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 ARTICLE IV 

REFUNDS, CARRYBACKS AND AMENDED TAX RETURNS 

Section 4.1 Refunds. 

(a) Each Party shall be entitled to refunds (including any similar credit or offset of Taxes) that relate to Taxes for which it is liable
hereunder in accordance with Article III (taking into account Section 3.2), including any refunds (or similar credit or offset of Taxes) resulting from overpayments of estimated Taxes on or prior to the Distribution Date in respect of a
Straddle Tax Period; provided, however, that each Party shall be entitled to refunds (including any similar credit or offset of Taxes) that relate to Taxes for which it was actually liable in accordance with Article V or Article VIII.

 (b) Any refund or portion thereof to which a Party is entitled pursuant to this Section 4.1 that is received or deemed to have been
received as described herein by another Party, shall be paid by such other Party to such first Party in immediately available funds in accordance with Article VII. 

Section 4.2 Carrybacks. PK and HGV agree and will cause their Subsidiaries not to carry back any Tax Attribute for any taxable
period ending after the Distribution Date to an HLT Combined Income Tax Return or any Pre-Distribution Income Tax Return, except as is required by applicable Law; provided that where such Tax Attribute is so required to be carried
back, HLT shall reimburse PK or HGV, as applicable, for any Tax Benefit Actually Realized with respect to such Tax Attribute. 

Section 4.3 Amended Tax Returns. 

(a) Notwithstanding Sections 2.1 and 2.2, a Party or its Subsidiary that is entitled to file an amended Tax Return for a Pre-Distribution Tax
Period or a Straddle Tax Period for members of its Group shall be permitted to prepare and file an amended Tax Return at its own cost and expense; provided, however, that (i) such amended Tax Return shall be prepared in a manner:
(x) consistent with the past practice of the Parties and their Affiliates unless otherwise modified by a Final Determination or required by applicable Law; (y) consistent with (and the Parties and their Affiliates shall not take any
position inconsistent with) the IRS Ruling, the Tax Representation Letters, and the Tax Opinions; and (z) consistent with any HLT Combined Income Tax Returns; and (ii) if such amended Tax Return could result in one or more other Parties
becoming responsible for a payment of Taxes pursuant to Article III or a payment to a Party pursuant to Article VIII, such amended Tax Return shall be permitted only if the consent of such other Parties is obtained. The consent of such other Parties
shall not be withheld unreasonably and shall be deemed to be obtained in the event that a Party or its Subsidiary is required to file an amended Tax Return as a result of an Audit adjustment that arose in accordance with Article VIII. 

  
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 (b) A Party or its Subsidiary that is entitled to file an amended Tax Return for a
Post-Distribution Tax Period shall be permitted to do so without the consent of any Party. 
 (c) A Party that is permitted (or whose
Subsidiary is permitted) to file an amended Tax Return shall not be relieved of any liability for payments pursuant to this Agreement notwithstanding that another Party consented thereto. 

ARTICLE V 
 DISTRIBUTION
TAXES 
 Section 5.1 Liability for Distribution Taxes. In the event that Distribution Taxes become due and payable to a
Taxing Authority pursuant to a Final Determination or are paid in the reasonable good faith discretion of the relevant Audit Representative, then, notwithstanding anything to the contrary in this Agreement: 

(a) No Fault. If such Distribution Taxes are not attributable to the Fault for Distribution Purposes of any Party or any of its
Affiliates, the responsibility for such Distribution Taxes shall be shared by the Parties in accordance with their Sharing Percentages. Notwithstanding anything to the contrary in this Agreement, such Distribution Taxes shall not be subject to
Article III or Section 8.3. 
 (b) Fault. If such Distribution Taxes are attributable to the Fault for Distribution Purposes of
one or more Parties or any of their Affiliates, the responsibility for such Distribution Taxes shall reside with the Party or Parties at Fault for Distribution Purposes. If more than one Party is at Fault for Distribution Purposes, the
responsibility for the Distribution Taxes shall be allocated equally among all of the Parties at Fault for Distribution Purposes. Notwithstanding anything to the contrary in this Agreement, such Distribution Taxes shall not be subject to Article III
or Section 8.3. 
 Section 5.2 Definition of Fault for Distribution Purposes. For purposes of this Agreement, Distribution
Taxes shall be deemed to result from the fault (“Fault for Distribution Purposes”) of a Party if such Distribution Taxes are attributable to, or result from: 

(a) any act, or failure or omission to act, by such Party or any of such Party’s Affiliates following the Distributions that results in
one or more Parties (or any of their Affiliates) being responsible for such Distribution Taxes pursuant to a Final Determination, regardless of whether such act or failure to act (i) is covered by a Post-Distribution Ruling, Unqualified Tax
Opinion, or waiver in accordance with Section 5.3, or (ii) occurs during or after the Restricted Period, or 
 (b) the direct or
indirect acquisition of all or a portion of the stock of such Party (or any transaction or series of related transactions that is deemed to be such an acquisition for purposes of Section 355(e) of the Code and the Treasury Regulations
promulgated thereunder) by any means whatsoever by any person including pursuant to an issuance or repurchase of stock by such Party or any of its Affiliates. 

  
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 Section 5.3 Limits on Proposed Acquisition Transactions and Other Transactions During
Restricted Period. During the Restricted Period, neither PK nor HGV shall (or allow any of their respective Subsidiaries to take any such action with respect to PK or HGV): 

(a) allow any Proposed Acquisition Transaction to occur with respect to PK or HGV (as applicable); 

(b) merge or consolidate with any other Person or dissolve, liquidate or partially liquidate (other than a wholly owned Subsidiary of PK or
HGV, as applicable, merging or consolidating with PK or HGV or another wholly owned Subsidiary of such PK or HGV, as applicable); 
 (c)
approve or allow the discontinuance, cessation, or sale or other transfer (to an Affiliate or otherwise) of any Active Business by PK or HGV, as applicable, for purposes of Section 355 of the Code; 

(d) sell or otherwise dispose of more than 35 percent (35%) of its consolidated gross or net assets or allow the sale or other
disposition (to an Affiliate or otherwise) of more than 35 percent (35%) of the consolidated gross or net assets of PK or HGV (as applicable) (in each case, excluding sales in the ordinary course of business, sales the net cash proceeds (taking
into account any Taxes payable) of which are reinvested in other assets (including pursuant to an exchange under Section 1031 of the Code) and sales the net cash proceeds (taking into account any Taxes payable) of which are used to repay
indebtedness, and measured based on fair market values as of the date of the applicable Distribution or other transaction); 
 (e) amend its
certificate of incorporation (or other organizational documents) or take any other action or approve or allow the taking of any action, whether through a stockholder vote or otherwise, in each case that affects the economic or voting rights of the
stock of such Party (in each case, other than certain amendments to such certificates of incorporation to be made in connection with the transactions contemplated by that certain Stock Purchase Agreement dated as of October 24, 2016 among HNA
Tourism Group Company Limited and the seller parties named therein); 
 (f) purchase, directly or through any Affiliate, any of its
outstanding stock after the Distributions, other than through stock purchases meeting the requirements of Section 4.05(1)(b) of Revenue Procedure 96-30; 

(g) take any action or fail to take any action, or permit any of its Affiliates to take any action or fail to take any action, that is
inconsistent with the representations and covenants made in the IRS Ruling or in the Tax Representation Letters, or that is inconsistent with any rulings or opinions in the IRS Ruling or any Tax Opinion; 

(h) in the case of PK, materially reduce the size or scope of the Select Hotels Business or the Hotel Laundry Business conducted by PK’s
“separate affiliated group” within the meaning of Section 355(b)(3)(B) of the Code; 

  
 20 

 (i) in the case of PK, enter into an exchange pursuant to Section 1031 of the Code with
respect to any of the assets comprising the Select Hotels Business or the Hotel Laundry Business; or 
 (j) enter into an arrangement or
agreement to do any of the foregoing. 
 provided, however, that a Party (the “Requesting Party”) shall be permitted to take
such action or one or more actions set forth in the foregoing clauses (a) through (g) if such action is described in the Reorganization Slide Deck or if, prior to taking any such actions: (1) such Requesting Party or HLT shall have
received a favorable private letter ruling from the IRS, or a ruling from another Taxing Authority (a “Post-Distribution Ruling”), in form and substance reasonably satisfactory to HLT and upon which HLT, PK and HGV are entitled to
rely that confirms that such action or actions will not result in Distribution Taxes, taking into account such actions and any other relevant transactions in the aggregate; (2) such Requesting Party shall have received an Unqualified Tax
Opinion that confirms that such action or actions will not result in Distribution Taxes, taking into account such actions and any other relevant transactions in the aggregate; or (3) such Requesting Party shall have received a written statement
from each of the other Parties that provides that such other Party waives the requirement to obtain a Post-Distribution Ruling or Unqualified Tax Opinion described in this paragraph. The Requesting Party shall bear all costs and expenses of securing
any such Post-Distribution Ruling or Unqualified Tax Opinion. 
 Section 5.4 Certain Limitations on PK with Respect to its
Stock. 
 (a) During the Restricted Period, PK may not 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 PK has a right to settle the obligation with property other than PK stock) to complete an Acquisition
(any such issuance or other transaction, a “PK Issuance”); provided that HGV shall have no right to enforce this Section 5.4(a) against PK. 

(b) Notwithstanding Section 5.4(a), a PK Issuance shall be permitted if, immediately after such PK Issuance, the PK Applicable Percentage
will be less than or equal to the PK Percentage Shift Limit. 
 (c) Notwithstanding Section 5.4(a), a PK Issuance shall be permitted
where such PK 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 a PK Issuance made in connection with a merger or other acquisition transaction
by a third party; provided, that no PK Issuance will be deemed to be connected with an acquisition pursuant to a secondary sale for cash of PK stock by one or more Blackstone Entities in a public offering). 

(d) Notwithstanding Section 5.4(a), a PK Issuance shall be permitted if PK provides an Unqualified 355(e) Opinion to HLT; provided,
further, that in the case of a PK Issuance of stock pursuant to an exercise of an option or other instrument that grants the holder a right (including if PK has a right to settle the obligation with property other than PK stock) to complete such an
acquisition, such PK Issuance shall be permitted if PK provided an Unqualified 355(e) Opinion to HLT in respect of the PK Issuance of such option or other instrument. 

  
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 (e) A PK Issuance which is permitted pursuant to Section 5.4(c) or (d) shall be
disregarded for purposes of clauses (a)(i) and (b)(i) of the definition of PK Applicable Percentage. 
 (f) Upon a Reallocation Event with
respect to PK stock, the Blackstone Representative, on the one hand, and PK, on the other, shall use reasonable efforts to allocate the Reallocation Event Reduction to and reduce the Blackstone-PK Percentage Shift Limit and/or PK Percentage Shift
Limit. If the Blackstone Representative and PK do not agree on an allocation, the Reallocation Event Reduction shall first be allocated to and reduce the PK Percentage Shift Limit (but not below the PK Applicable Percentage as of the time of the
Reallocation Event). Any excess Reallocation Event Reduction shall be allocated to and reduce the Blackstone-PK Percentage Shift Limit (but not below the Blackstone-PK Applicable Percentage as of the time of the Reallocation Event). For the
avoidance of doubt, the sum (immediately before the Reallocation Event) of the Blackstone-PK Percentage Shift Limit and PK Percentage Shift Limit shall equal the sum (immediately after the Reallocation Event), of the Reallocation Event Reduction
plus Blackstone-PK Percentage Shift Limit and PK Percentage Shift Limit. Notwithstanding anything to the contrary in this Section 5.4(f), if the Blackstone Representative or PK 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. 
 (g) During the Restricted Period,
if a proposed PK Issuance is a redemption or repurchase, then, immediately before such PK Issuance, (i) the Blackstone-PK Percentage Shift Limit shall be increased or decreased (but not below the Blackstone-PK Applicable Percentage as of
immediately before such PK Issuance) such that the number of shares permitted to be Disposed of under Section 2.2(a)(ii) of the Stockholders Agreement remains unchanged immediately after such PK Issuance (other than to reflect shares of PK
actually redeemed or repurchased from the Blackstone Entities pursuant to such PK Issuance), and (ii) the PK Percentage Shift Limit shall be decreased (in the case of an increase in clause (i), but not below the PK Applicable Percentage as of
immediately before such PK 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 PK Percentage Shift Limit and the amount of such reduction would be
limited by the parenthetical therein, then, notwithstanding any other provision of this Agreement (including Section 5.4(d)), PK shall not undertake such PK 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 (ii). For the avoidance of doubt, a PK Issuance that satisfies the requirements of this
Section 5.4(g) remains subject to the provisions of this Agreement, including, without limitation, this Section 5.4. For the avoidance of doubt, if a proposed PK Issuance is not consummated, the Blackstone-PK Percentage Shift Limit and PK
Percentage Shift Limit shall not be adjusted pursuant to this Section 5.4(g) as a result of such proposed PK Issuance. 
 (h) For
purposes of computing the (a) PK Applicable Percentage, (b) Blackstone-PK Applicable Percentage or (c) Reallocation Event Reduction, any calculation of the shift of ownership of PK under Section 355(e) shall take into account
(i) any IRS private letter ruling received by one or more of HLT, PK, HGV 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. 

  
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 (i) The provisions of this Section 5.4 are intended for the benefit of, and shall be
enforceable by, each of the Blackstone Entities. 
 Section 5.5 IRS Ruling, Tax Representation Letters, and Tax Opinions;
Consistency. Each Party represents that the information and representations furnished with respect to such Party or its Subsidiaries in or in connection with the IRS Ruling, the Tax Representation Letters, or the Tax Opinions are accurate and
complete as of the Effective Time. Each Party covenants that if, after the Effective Time, it or any of its Affiliates obtains information indicating, or otherwise becomes aware, that any such information or representations is or may be inaccurate
or incomplete, to promptly inform the other Parties. 
 Section 5.6 Timing of Payment of Taxes. All Distribution Taxes required
to be paid or caused to be paid by a Party to a Taxing Authority under applicable Law shall be paid or caused to be paid by such Party on or prior to the Due Date of such Distribution Taxes. All amounts required to be paid by one Party to another
Party (including obligations arising under Article VI) pursuant to this Article V shall be paid or caused to be paid by such first Party to such other Party in accordance with Article VII. 

Section 5.7 Protective Section 336(e) Elections. 

(a) PK, on the one hand, and each of OpCo and HGV, on the other, shall make a protective election under Section 336(e) of the Code (and
any similar election under state or local law) with respect to the applicable Internal Distribution in accordance with Treasury Regulation Section 1.336-2(h) and (j) (and any applicable provisions under state and local law), and the
Parties shall cooperate in the timely completion and/or filings of such elections and any related filings or procedures (including filing or amending any Tax Returns to implement an election that becomes effective). This Section 5.7(a) is
intended to constitute binding, written agreements to make elections under Section 336(e) of the Code with respect to the Internal Distributions. If an election under Section 336(e) of the Code is unavailable to PK, on the one hand, and
OpCo or HGV, on the other, in connection with the applicable Internal Distribution, PK and HLT shall (and shall cause their Affiliates to) cooperate in making an effective election under Section 338(h)(10) of the Code (and any similar election
under state or local law) with respect to such applicable Internal Distribution and cooperate with respect to any related filings or procedures (including having PK and HLT file an election under Section 338(h)(10) of the Code under the relief
provisions of Treasury Regulation Sections 301.9100-1, et. seq. and filing or amending any Tax Returns to implement an election that becomes effective). 

(b) HLT and HGV shall make a protective election under Section 336(e) of the Code (and any similar election under state or local law)
with respect to the HGV Distribution in accordance with Treasury Regulation Section 1.336-2(h) and (j) (and any applicable provisions under state and local law) and shall cooperate in the timely completion and/or filings of such elections
and any related filings or procedures (including filing or amending any Tax Returns to implement an election that becomes effective). This Section 5.7(b) is intended to constitute a binding, written agreement to make an election under
Section 336(e) of the Code with respect to the HGV Distribution. 

  
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 (c) HLT shall, within six (6) months of the Distribution Date, determine in its good faith
discretion whether HLT and PK and/or any additional applicable parent and subsidiary entities shall make a protective election under Section 336(e) of the Code (and any similar election under state or local law) in accordance with Treasury
Regulation Section 1.336-2(h) and (j) (and any applicable provisions under state and local law) with respect to the PK or the Subsidiaries of HLT immediately before the first of the External Distributions. If HLT so determines that HLT and
PK and/or an applicable parent and subsidiary entity shall make a protective election under Section 336(e), the relevant Parties shall cooperate (and shall cause their respective Affiliates to cooperate) in the timely completion and/or filings
of such elections and any related filings or procedures and any similar procedures or relief provisions with respect to Section 338(h)(10) of the Code in the event a protective election under Section 336(e) is not available with respect to
an Internal Distribution. The Parties shall cooperate (and shall cause their respective Affiliates to cooperate) in causing HLT and PK and/or the applicable parent and subsidiary entities to enter into binding agreements to make such elections under
Section 336(e) of the Code within twenty (20) days following such determination. 
 (d) Notwithstanding anything to the contrary
herein, in the event that an election contemplated in Section 5.7 is made and becomes effective, then the Parties shall share in the Tax Benefit Actually Realized as a result of such election in accordance with the Parties’ relative
responsibility for such Taxes under this Article V, and payments shall be made between the Parties, if necessary. 
 ARTICLE VI 

INDEMNIFICATION 

Section 6.1 Indemnification Obligations of HLT. HLT and OpCo shall jointly and severally indemnify PK and its Affiliates and HGV
and its Affiliates and hold the indemnified party harmless from and against (without duplication): 
 (a) all Taxes and other amounts for
which the HLT Group is responsible under this Agreement and any related Losses; and 
 (b) all Taxes and Losses attributable to a breach of
any representation, covenant, or obligation of HLT or OpCo under this Agreement. 
 Section 6.2 Indemnification Obligations of
PK. PK shall indemnify OpCo and its Affiliates and HGV and its Affiliates and hold them harmless from and against (without duplication): 

(a) all Taxes and other amounts for which the PK Group is responsible under this Agreement and any related Losses; and 

(b) all Taxes and Losses attributable to a breach of any representation, covenant, or obligation of PK under this Agreement. 

  
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 Section 6.3 Indemnification Obligations of HGV. HGV shall indemnify HLT and its
Affiliates and PK and its Affiliates and hold them harmless from and against (without duplication): 
 (a) all Taxes and other amounts for
which the HGV Group is responsible under this Agreement and any related Losses; and 
 (b) all Taxes and Losses attributable to a breach of
any representation, covenant or obligation of HGV under this Agreement. 
 Section 6.4 Protected REITs. Notwithstanding anything
to the contrary in this Agreement, in the event that counsel or independent accountants for a Protected REIT determine that there exists a material risk that any indemnification payments due under this Agreement would be treated as Nonqualifying
Income upon the payment of such amounts to the relevant Indemnified Party, the amount paid to the Indemnified Party pursuant to this Agreement in any tax year shall not exceed the maximum amount that can be paid to the Indemnified Party in such year
without causing the Protected REIT to fail to meet the REIT Requirements for any tax year, determined as if the payment of such amount were Nonqualifying Income as determined by such counsel or independent accountants to the Protected REIT. If the
amount payable for any tax year pursuant to the preceding sentence is less than the amount which the relevant Indemnifying Party would otherwise be obligated to pay to the relevant Indemnified Party pursuant to this Agreement (the “Expense
Amount”), then: (1) the Indemnifying Party shall place the Expense Amount into an escrow account (the “Escrow Account”) using an escrow agent and agreement reasonably acceptable to the Indemnified Party (which shall
include that (y) the amount in the Escrow Account shall be treated as the property of the Indemnifying Party, unless it is released from such Escrow Account to the Indemnified Party, and (z) all income earned upon the amount in the Escrow
Account shall be treated as the property of the Indemnifying Party and reported, as and to the extent required by applicable Law, by the escrow agent to the IRS, or any other taxing authority, on IRS Form 1099 or 1042S (or other appropriate form) as
income earned by the Indemnifying Party whether or not said income has been distributed during such taxable year) and shall not release any portion thereof to the Indemnified Party, and the Indemnified Party shall not be entitled to any such amount,
unless and until the Indemnified Party delivers to the Indemnifying Party, at the sole option of the relevant Protected REIT, (i) an opinion (an “Expense Amount Tax Opinion”) of the Protected REIT’s tax counsel to the
effect that such amount, if and to the extent paid, would not constitute Nonqualifying Income, (ii) a letter (an “Expense Amount Accountant’s Letter”) from the Protected REIT’s independent accountants indicating the
maximum portion of the Expense Amount that can be paid at that time to the Indemnified Party without causing the Protected REIT to fail to meet the REIT Requirements for any relevant taxable year, or (iii) a private letter ruling issued by the
IRS to the Protected REIT indicating that the receipt of any Expense Amount hereunder will not cause the Protected REIT to fail to satisfy the REIT Requirements (a “REIT Qualification Ruling” and, collectively with an Expense Amount
Tax Opinion and an Expense Amount Accountant’s Letter, a “Release Document”); (2) pending the delivery of a Release Document by the Indemnified Party to the Indemnifying Party, the Indemnified Party shall have the right,
but not the obligation, to borrow the Expense Amount from the Escrow Account pursuant to a loan agreement reasonably acceptable to the Indemnified Party that (i) requires the Indemnifying Party to lend the Indemnified Party immediately
available cash proceeds in an amount equal to the Expense 

  
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Amount, and (ii) provides for (A) a commercially reasonable interest rate and commercially reasonable covenants, taking into account the credit standing and profile of the Indemnified
Party or any guarantor of the Indemnified Party, including the Protected REIT, at the time of such loan, and (B) a fifteen (15) year maturity with no periodic amortization; and (3) the Indemnified Party shall bear all costs and
expenses with respect to the escrow as contemplated by clauses (1) and (2) in this Section 6.4. 
 ARTICLE VII 

PAYMENTS 
 Section 7.1
Payments. 
 (a) General. In the event that an Indemnifying Party is required to make a payment to an Indemnified Party
pursuant to this Agreement, such payment shall be made to the Indemnified Party within the time prescribed for payment in this Agreement, or if no period is prescribed, within twenty (20) days after delivery of written notice of payment owing
together with a computation of the amounts due. If the Indemnifying Party fails to make a payment to the Indemnified Party within the time period set forth in this Section 7.1 or as otherwise provided in this Agreement, such Indemnifying Party
shall pay to the Indemnified Party interest that accrues (at a rate equal to LIBOR) on the amount of such payment from the time that such payment was due to the Indemnified Party until the date that payment is actually made to the Indemnified
Party; provided, however, that this provision for interest shall not be construed to give the Indemnifying Party the right to defer payment beyond the due date hereunder. 

(b) Right of Setoff. It is expressly understood that an Indemnifying Party is hereby authorized to set off and apply any and all
amounts required to be paid to an Indemnified Party pursuant to this Section 7.1 against any and all of the obligations of the Indemnified Party to the Indemnifying Party arising under Section 7.1 of this Agreement that are then either due
and payable or past due, irrespective of whether such Indemnifying Party has made any demand for payment with respect to such obligations. 

Section 7.2 Treatment of Payments made Pursuant to Tax Matters Agreement. Unless otherwise required by a Final Determination or
this Agreement or otherwise agreed to among the Parties, for U.S. federal Tax purposes, any payment (other than payments of interest pursuant to Section 7.1(a)) made pursuant to this Agreement by: 

(a) PK to OpCo shall be treated for all Tax purposes as a tax-free contribution by PK to OpCo with respect to its stock occurring immediately
before the Internal Distribution of OpCo common stock; 
 (b) HGV to HLT shall be treated for all Tax purposes as a distribution by HGV to
HLT with respect to its stock occurring after HGV is directly owned by HLT and immediately before the HGV Distribution; 
 (c) OpCo to PK
shall be treated for all Tax purposes as a distribution by OpCo to PK with respect to stock of OpCo occurring immediately before the Internal Distribution of OpCo common stock; 

  
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 (d) HLT to PK shall be treated for all Tax purposes as a tax-free contribution by HLT to PK with
respect to its stock occurring immediately before the PK Distribution; 
 (e) HLT to HGV shall be treated for all Tax purposes as a tax-free
contribution by HLT to HGV with respect to its stock occurring after HGV is directly owned by HLT and immediately before the HGV Distribution; 

(f) PK to HGV shall be treated for all Tax purposes as a tax-free contribution by PK to HGV with respect to its stock occurring immediately
before the Internal Distribution of HGV Common Stock; 
 (g) HGV to PK shall be treated for all Tax purposes as a distribution by HGV to PK
with respect to its stock occurring immediately before the Internal Distribution of HGV Common Stock; and 
 (h) in each case, none of the
Parties shall take any position inconsistent with such treatment. In the event that a Taxing Authority asserts that a Party’s treatment of a payment pursuant to this Agreement should be other than as required pursuant to this Agreement
(ignoring any potential inconsistent or adverse Final Determination), such Party shall use its commercially reasonable efforts to contest such challenge. 

Section 7.3 Payments Net of Tax Benefit Actually Realized and Tax Cost. Subject to Section 5.7(d), all amounts required to be
paid by one Party to another pursuant to this Agreement or the Distribution Agreement shall be reduced by the Tax Benefit Actually Realized by the Indemnified Party or its Affiliates in the taxable year the payment is made or any prior taxable year
as a result of the claim giving rise to the payment. If the receipt or accrual of any such payment (other than payments of interest pursuant Section 11.11 of the Distribution Agreement or Section 7.1(a)) results in taxable income to the
Indemnified Party or its Affiliates, such payment shall be increased so that, after the payment of any Taxes with respect to the payment, the Indemnified Party or its Affiliates shall have realized the same net amount it would have realized had the
payment not resulted in taxable income. 
 ARTICLE VIII 

AUDITS 
 Section 8.1
Notice. Within twenty (20) Business Days after a Party or any of its Affiliates receives a written notice from a Taxing Authority of the existence of an Audit that may require indemnification pursuant to this Agreement, that Party shall
notify the other Parties of such receipt and send such notice to the other Parties via overnight mail. The failure of one Party to notify the other Parties of an Audit shall not relieve such other Party of any liability and/or obligation that it may
have under this Agreement, except to the extent that the Indemnifying Party’s rights under this Agreement are materially prejudiced by such failure. 

Section 8.2 Audits. 

(a) Determination of Administering Party. 

  
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 (i) Subject to Sections 8.2(b) and 8.2(c), HLT and its Subsidiaries shall administer and control
all Audits of Pre-Distribution Income Tax Returns. 
 (ii) Audits of PK Straddle Income Tax Returns, HGV Straddle Income Tax Returns,
Post-Distribution Income Tax Returns, and Non-Income Tax Returns shall be administered and controlled by the Party and its Subsidiaries that would be primarily liable under applicable Law to pay to the applicable Taxing Authority the Taxes resulting
from such Audits. Audits of Post-Distribution Income Tax Returns and Non-Income Tax Returns for taxable periods beginning after the Distribution Date shall not be subject to Sections 8.2(b) and 8.2(c). 

(b) Administration and Control; Cooperation. 

(i) Subject to Sections 8.2(b)(ii) and 8.2(c), the Audit Management Party shall have absolute authority to make all decisions (determined in
its sole discretion) with respect to the administration and control of such Audit, including the selection of all external advisors. In that regard, the Audit Management Party (a) may in its sole discretion settle or otherwise determine not to
continue to contest any issue related to such Audit without the consent of the other Parties, and (b) shall, as soon as reasonably practicable and prior to settlement of an issue that could cause one or more other Parties to become responsible
for Taxes under Section 8.3, notify the Audit Representatives of such other Parties of such settlement. The other Parties shall (and shall cause their Affiliates to) undertake all actions and execute all documents (including an extension of the
applicable statute of limitations) that are determined in the sole discretion of the Audit Management Party to be necessary to effectuate such administration and control. The Parties shall act in good faith and use their reasonable best efforts to
cooperate fully with each other Party (and their Affiliates) in connection with such Audit and shall provide or cause their Subsidiaries to provide such information to each other as may be necessary or useful with respect to such Audit in a timely
manner, identify and provide access to potential witnesses, and other persons with knowledge and other information within its control and reasonably necessary to the resolution of the Audit. 

(ii) In the case of any Audit in respect of Distribution Taxes for which a Party could be liable pursuant to Section 5.1(b), such Party
shall have the rights of a Participating Party described in Section 8.2(c); provided, however, that the relevant Audit Management Party shall not settle such Audit without the prior written consent of such Party that could be
liable for Distribution Taxes pursuant to Section 5.1(b). In the event more than one Party would be liable under Section 5.1(b), such Parties shall each have the rights described in this Section 8.2(b)(ii) with respect to such Audit.

 (c) Participation Rights of Parties and Information Sharing with respect to Audits. 

(i) Each Party that would be responsible under Section 8.3 for Taxes resulting from an Audit (other than the Audit Management Party) (a
“Participating Party”) shall have the rights as set forth in this Section 8.2(c) with respect to such Audit. Upon the reasonable request of a Participating Party, the Audit Management Party shall make available relevant
personnel and external advisors to meet with the Participating Party and its independent auditor in order to review the status of the Audits. The Participating Parties shall provide the Audit Management Party with reasonable notice of such requested
meetings or information. 

  
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 (ii) Each Participating Party shall have access to any written documentation in the possession
of the Audit Management Party that pertains to the Audit (including any written summaries of issues that the Audit Management Party has developed in the context of evaluating the financial reporting of the Audit); provided, however,
that if documentation was prepared solely by or on behalf of a Party, then the documentation must relate to the joint defense of the Audit. Copies of the documentation will be made available to the Participating Parties at their sole cost and
expense. 
 (iii) Upon becoming aware of any scheduled meeting or scheduled phone call with an Audit agent, the Audit Management Party
shall use commercially reasonable efforts to inform each Participating Party of the time, location and/or expected subject matter of such meeting or phone call. Such Participating Party shall be entitled to designate a representative to attend such
meeting or phone call (it being understood that the Audit Management Party shall not have any obligation to reschedule any such meeting or phone call to facilitate such representative’s attendance); provided, however, that such
Participating Party (and its representative) may not actively participate in such meeting or phone call. 
 (iv) The Participating Parties
are encouraged to provide consultation to the Audit Management Party in regards to Audit strategy and shall, upon request of the Audit Management Party, provide such consultation. The Participating Party may elect to employ separate counsel to
advise the Participating Party as additional counsel in or in connection with an Audit, but in that event, the fees and expenses of the separate counsel shall be paid solely by the Participating Party. The Audit Management Party shall in good faith
consider all advice and other input received from the Participating Parties in connection with their consultations with respect to an Audit. However, the Audit Management Party shall retain the sole authority to make all Audit decisions. In that
regard, the Participating Parties and their separate counsels shall not be allowed to participate in any Audit-related meetings other than those described in (i), (ii) or (iii) above, respond directly to a Taxing Authority conducting the
Audit, or in any manner control resolution of the Audit. 
 (d) Power of Attorney/Officer Signature. Each Party hereby appoints (and
shall cause its Subsidiaries to appoint) the Audit Management Party (and its designated representatives) as its agent and attorney-in-fact to take the actions the Audit Management Party deems necessary or appropriate to implement the
responsibilities of the Audit Management Party under this Agreement. Each Party also shall (or shall cause its Subsidiaries to) execute and deliver to the Audit Management Party a power of attorney, and such other documents as are reasonably
requested from time to time by the Audit Management Party (or its designee). 
 Section 8.3 Payment of Audit Amounts. 

(a) Except as set forth in Section 8.3(b) or (c), in connection with any Audit of any Income Tax Return or Non-Income Tax Return, in each
case for a Pre-Distribution Tax Period or a Straddle Tax Period: 
 (i) A member of the HLT Group shall be liable for and shall pay or cause
to be paid to the applicable Taxing Authority, PK or HGV (as the case may be) the HLT Allocable Audit Portion owed as a result of such Audit; 

  
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 (ii) PK shall be liable for and shall pay or cause to be paid to the applicable Taxing
Authority, a member of the HLT Group or HGV (as the case may be) the PK Allocable Audit Portion owed as a result of such Audit; 
 (iii)
HGV shall be liable for and shall pay or cause to be paid to the applicable Taxing Authority, a member of the HLT Group or PK (as the case may be) the HGV Allocable Audit Portion owed as a result of such Audit. 

(b) All additional U.S. federal, state or local Income Taxes for a Pre-Distribution Tax Period or a Straddle Tax Period due and payable as a
result of an Audit of an Income Tax Return for a Pre-Distribution Tax Period or a Straddle Tax Period relating to an item listed on Schedule 8.3(b) (including any corresponding or correlative adjustments for U.S. federal, state or local Income Tax
purposes) (“Specified Audit Taxes”) shall be allocated first, to a member of the HLT Group up to an aggregate amount equal to ninety million dollars ($90,000,000), and second, among the Parties in accordance with their
respective Sharing Percentages. All additional Taxes that are Restructuring Taxes and are due and payable as a result of an Audit shall be allocated among the Parties in accordance with their respective Sharing Percentages. Each Party shall be
liable for any shall pay or cause to be paid to the applicable Taxing Authority all such Taxes so allocated to it. 
 (c) Third Party
Indemnity Payments. Any benefit or liability resulting from any Tax sharing, contractual indemnity agreements or similar agreements, written or unwritten, as between any of the Parties or their respective Subsidiaries, on the one hand, and any
other third party, on the other hand (other than the Distribution Agreement, this Agreement or any other Ancillary Agreement) (“Tax Sharing Agreements”), shall remain the benefit or liability of such Party or its respective
Subsidiary; provided, however, that the Party responsible under this Agreement for any Taxes shall be responsible for any related liability in respect of such Taxes under any Tax Sharing Agreement, and be entitled to any related benefit in respect
of such Taxes under any Tax Sharing Agreement. No Party shall be entitled to indemnification under this Agreement in respect of Taxes to the extent such Party or one of its Subsidiaries is indemnified under any Tax Sharing Agreement, and the Parties
shall (and shall cause their Subsidiaries to) use commercially reasonable efforts to pursue any indemnification rights under any Tax Sharing Agreement if such indemnification would reduce the other Party’s responsibility for such Taxes under
this Agreement. 
 ARTICLE IX 

COOPERATION AND EXCHANGE OF INFORMATION 

Section 9.1 Cooperation and Exchange of Information. The Parties shall each cooperate fully (and each shall cause its respective
Subsidiaries to cooperate fully) and in a timely manner (considering the other Party’s normal internal processing or reporting requirements) with all reasonable requests in writing from another Party hereto, or from an agent, 

  
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representative, or advisor to such Party, in connection with the preparation and filing of Tax Returns, claims for refund, Audits, determinations of Tax Attributes and the calculation of Taxes or
other amounts required to be paid hereunder, and any applicable financial reporting requirements of a Party or its Affiliates, in each case, related or attributable to or arising in connection with Taxes or Tax Attributes of any of the Parties or
their respective Subsidiaries covered by this Agreement. Such cooperation shall include, without limitation: 
 (a) the retention until the
expiration of the applicable statute of limitations or, if later, until the expiration of all relevant Tax Attributes (in each case taking into account all waivers and extensions), and the provision upon request, of Tax Returns of the Parties and
their respective Subsidiaries for periods up to and including the Distribution Date, books, records (including information regarding ownership and Tax basis of property), documentation, and other information relating to such Tax Returns, including
accompanying schedules, related work papers, and documents relating to rulings or other determinations by Taxing Authorities; 
 (b) the
execution of any document that may be necessary or reasonably helpful in connection with any Audit of any of the Parties or their respective Subsidiaries, or the filing of a Tax Return or refund claim of the Parties or any of their respective
Subsidiaries (including the signature of an officer of a Party or its Subsidiary); 
 (c) the use of the Party’s reasonable efforts to
obtain any documentation and provide additional facts, insights or views as requested by another Party that may be necessary or reasonably helpful in connection with any of the foregoing (including without limitation any information contained in Tax
or other financial information databases); and 
 (d) the use of the Party’s reasonable efforts to obtain any Tax Returns (including
accompanying schedules, related work papers, and documents), documents, books, records, or other information that may be necessary or helpful in connection with any Tax Returns of any of the Parties or their Affiliates. 

Each Party shall make its and its Subsidiaries’ employees and facilities available on a reasonable and mutually convenient basis in
connection with the foregoing matters. Except for costs and expenses otherwise allocated among the Parties pursuant to this Agreement, including costs incurred under Article II and Article VIII, no reimbursement shall be made for costs and expenses
incurred by the Parties as a result of cooperating pursuant to this Section 9.1. 
 Section 9.2 Retention of Records.
Subject to Section 9.1, if any of the Parties or their respective Subsidiaries intends to dispose of any documentation relating to the Taxes of the Parties or their respective Subsidiaries for which another Party to this Agreement may be
responsible pursuant to the terms of this Agreement (including, without limitation, Tax Returns, books, records, documentation, and other information, accompanying schedules, related work papers, and documents relating to rulings or other
determinations by Taxing Authorities), such Party shall or shall cause written notice to the other Parties describing the documentation to be destroyed or disposed of sixty (60) Business Days prior to taking such action. The other Parties may
arrange to take delivery of the documentation described in the notice at their expense during the succeeding sixty (60) day period. 

  
 31 

 Section 9.3 Tax Opinions. The Parties shall reasonably cooperate (and cause the
members of the relevant Group to reasonably cooperate) in obtaining any Unqualified Tax Opinion, Unqualified 355(e) Opinion or, in the case of PK, any “Unqualified 355(e) Opinion” or “Unqualified Device Opinion”
each as defined in the Stockholders Agreement (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. 

ARTICLE X 
 ALLOCATION OF
TAX ATTRIBUTES 
 AND OTHER TAX MATTERS 

Section 10.1 Allocation of Tax Attributes. HLT shall in good faith advise each of PK and HGV in writing of the portion, if any, of
any Tax Attributes, earnings and profits, or other consolidated, combined or unitary attribute that HLT determines shall be allocated or apportioned to each Group under applicable Law; provided, however, that such determination shall be made in a
manner that is: (a) reasonably consistent with the past practices of the Parties; (b) in accordance with the rules prescribed by applicable Law, including the Code and the Treasury Regulations; and (c) consistent with the IRS Ruling,
the Tax Representation Letters, and the Tax Opinions. HLT agrees to provide the other Parties with all of the information supporting the Tax Attribute and other determinations made by HLT pursuant to this Section 10.1. In the case of an Audit
of Pre-Distribution Income Tax Returns that results in an increase in the earnings and profits allocated to PK, PK may be required to pay a “deficiency dividend,” in accordance with Section 860 of the Code, within ninety
(90) days after the “determination,” as defined in Section 860 of the Code. To provide PK with sufficient notice so that PK can make arrangements to pay such a deficiency dividend within ninety (90) days after the
determination, notwithstanding anything to the contrary in this Agreement, HLT agrees to keep PK informed of any Audit of Pre-Distribution Income Tax Returns that could result in an increase in the earnings and profits allocated to PK, and HLT
agrees to notify PK of a determination with respect to such Audit within five (5) Business Days after such determination. 

Section 10.2 Allocation of Tax Items. All determinations for purposes of this Agreement regarding the allocation of Income Tax
items (other than Tax items arising on the Distribution Date but after the applicable Distribution that are outside the ordinary course of business) between the portion of a Straddle Tax Period that ends on the Distribution Date and the portion that
begins the day after the Distribution Date shall be made based on a closing of the books method under the principles of Treasury Regulation 1.1502-76 (and any similar rule under U.S. state, local or non-U.S. Law) as determined by HLT on any HLT
Combined Income Tax Return, unless in each case the Parties unanimously agree otherwise; provided, however, any Taxes in respect of actions taken outside the ordinary course of business on the date of an External Distribution but after
such External Distribution shall be deemed to arise the day after such External Distribution. Any such allocation of Tax items shall initially be made by HLT. To the extent that HGV or PK disagrees with such determination, the dispute shall be
resolved by an Big Four Accounting Firm mutually agreed upon by the Parties for a final binding resolution. For purposes of preparing any Income Tax Returns for the year of the Distributions that require 

  
 32 

 
an allocation of Tax items between a Pre-Distribution Tax Period and a Post-Distribution Tax Period, Tax items shall be allocated based on a closing of the books method under Treasury Regulation
1.1502-76 (and any similar rule under U.S. state, local or non-U.S. Law) as determined by HLT on any HLT Combined Income Tax Return, unless the Parties unanimously agree otherwise. Except for the transactions contemplated in the Reorganization Slide
Deck or any Implementing Agreement, HGV and PK shall not (and shall not permit any member of their respective Groups to) take any action outside the ordinary course of business on the date of an External Distribution but after such External
Distribution. 
 ARTICLE XI 

DEFAULTED AMOUNTS 

Section 11.1 General. In the event that one or more Parties defaults on its obligation to pay Distribution Taxes for which it is
liable pursuant to Article V to another Party, then each non-defaulting Party shall be required to fund a portion of such Distribution Taxes in accordance with the Sharing Percentages of the non-defaulting Parties; provided, however, that no payment
obligation shall exist under this Section 11.1 with respect to Distribution Taxes that are attributable to the Fault for Distribution Purposes of one or more Parties; provided, further, that any payment of Distribution Taxes by a non-defaulting
Party pursuant to this Section 11.1 shall in no way release the defaulting Party from its obligations to pay such Distribution Taxes and any non-defaulting Party may exercise any available legal remedies available against such defaulting Party;
provided, further, that interest shall accrue on any such payment by a non-defaulting Party at a rate per annum equal to the then applicable LIBOR. In connection with the foregoing, it is expressly understood that any defaulting Party’s rights
to any amounts to be received by such defaulting Party hereunder may be used via a right of offset to satisfy, in whole or in part, the obligations of such defaulting Party to pay the Distribution Taxes that are borne by the non-defaulting Parties;
such rights of offset shall be applied in favor of the non-defaulting Party or Parties in proportion to the additional amounts paid by any such non-defaulting Party or Parties. 

ARTICLE XII 
 DISPUTE
RESOLUTION 
 Section 12.1 Negotiation. In the event of a dispute arising out of or in connection with this Agreement
(including its interpretation, performance or validity) (collectively, “Agreement Disputes”), the senior tax officers of the relevant Parties (or such other individuals designated thereby) shall negotiate for a maximum of 21 days
(or a mutually-agreed extension) (such period of days, the “Negotiation Period”) from the time of receipt by a Party of written notice of such Agreement Dispute. The relevant Parties shall not assert the defenses of statute of limitations
and laches for any delays arising due to the procedures in Sections 12.1 or 12.2. 
 Section 12.2 Mediation. If the Parties have
not timely resolved the Agreement Dispute under Section 12.1, the Parties agree to submit the Agreement Dispute to mediation no later than 10 days following the end of the Negotiation Period, with such mediation to be 

  
 33 

 
conducted in accordance with the Mediation Procedure of the International Institute for Conflict Prevention and Resolution (“CPR”). The Parties to the Agreement Dispute agree to bear
equally the CPR and mediator’s costs for same. The Parties agree to participate in good faith in the mediation for a maximum of 14 days (or a mutually agreed extension). If the Parties have not timely resolved the Agreement Dispute pursuant to
this Section 12.2, either Party may then bring an action in accordance with Sections 13.15 and 13.16 herein. 
 Section 12.3
Confidentiality. All information and communications between the Parties relating to an Agreement Dispute and/or under the procedures in Sections 12.1 and 12.2 shall be considered “Confidential Information” for which the provisions
of Section 8.6 of the Distribution Agreement shall apply herein, mutatis mutandis. 
 Section 12.4 Continuity of
Performance. Unless otherwise agreed in writing, the Parties shall continue to perform under this Agreement during the course of dispute resolution under this Article XII with respect to all matters not subject thereto. 

ARTICLE XIII 

MISCELLANEOUS 

Section 13.1 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 13.2 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; provided, however, that all indemnification for Taxes shall survive until ninety
(90) days following the expiration of the applicable statute of limitations (taking into account all extensions thereof), if any, of the Tax that gave rise to the indemnification; provided, further, that, in the event that notice for
indemnification has been given within the applicable survival period, such indemnification shall survive until such time as such claim is finally resolved. 

Section 13.3 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, 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 13.3): 
 To HLT: 

Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 

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

  
 34 

 To PK: 

Park Hotels & Resorts Inc. 

1600 Tysons Boulevard, Suite 1000 

McLean, Virginia 22102 
 Attn:
General Counsel 
 Facsimile: (703) 893-1057 

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

Orlando, Florida 32835 
 Attn:
General Counsel 
 Facsimile: (407) 722-3776 

Section 13.4 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 (and its Group). 

Section 13.5 Assignment. This Agreement may not be assigned without the express prior written consent of the other Parties, and
any attempted assignment, without such consents, will be null and void; provided, however, that 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 13.6 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 13.7 Termination and Amendment. This Agreement (including indemnification obligations hereunder) may be terminated,
modified or amended and each Distribution may be amended, modified or abandoned at any time prior to the Effective Time by and in the sole discretion of HLT without the approval of PK or HGV or the stockholders of HLT. In the event of such
termination, no Party shall have any liability of any kind to any other Party or any other Person. After the Effective Time, this Agreement may not be terminated except by an agreement in writing signed by a duly authorized representative of each of
HLT, PK, and HGV. 
 Section 13.8 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 member of any such Party’s Group 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 other Ancillary Agreement. 

  
 35 

 Section 13.9 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 13.10 Third Party Beneficiaries. Except as provided in
Section 5.4 relating to each of the Blackstone Entities, 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. 
 Section 13.11 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 13.12 Schedules. The 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 13.13 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 13.14 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. 
 Section 13.15 Consent to Jurisdiction. Each Party irrevocably submits to the exclusive jurisdiction of
(a) the Court of Chancery of the State of Delaware 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, to resolve any Agreement
Dispute that is not resolved pursuant to Sections 12.1 or 12.2. Any judgment of such court may be enforced by any court of competent jurisdiction. Further, notwithstanding Sections 12.1 and 12.2, either Party may apply to the above courts set forth
in Section 13.15(a) and 13.15(b) above for a temporary restraining order or similar emergency relief during the process set forth in Sections 12.1 and 

  
 36 

 
12.2. Each of the Parties agrees that service by U.S. registered mail to such Party’s respective address set forth above shall be effective service of process for any of the above Actions
and irrevocably and unconditionally waives any objection to the laying of venue of any Action in accordance with this Section 13.15. Nothing in this Section 13.15 shall limit or restrict the Parties from agreeing to arbitrate any Agreement
Dispute pursuant to mutually-agreed procedures. 
 Section 13.16 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 ACTION ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, INCLUDING ANY AGREEMENT DISPUTE. 

Section 13.17 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 13.18 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. 

Section 13.19 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 13.20 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. 

  
 37 

 Section 13.21 Tax Sharing Agreements. All Tax sharing, indemnification and similar
agreements, written or unwritten, as between any of the Parties or their respective Subsidiaries, on the one hand, and any other Party or its respective Subsidiaries, on the other hand (other than this Agreement, any other Ancillary Agreement or any
agreement solely between any of HLT, OpCo and/or any of their Subsidiaries), shall be or shall have been terminated as of the Distribution Date and, after the Distribution Date, none of such Parties (or their Subsidiaries) to any such Tax sharing,
indemnification or similar agreement shall have any further rights or obligations under any such agreement. 
 Section 13.22
Exclusivity. Except as specifically set forth herein or in the Distribution Agreement or any other Ancillary Agreement, all matters related to Taxes or Tax Returns of the Parties and their respective Subsidiaries shall be governed exclusively
by this Agreement. In the event of a conflict between this Agreement, the Distribution Agreement or any Ancillary Agreement with respect to such matters, this Agreement shall govern and control. 

Section 13.23 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 13.24 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. 

  
 38 

 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:
	
	PARK HOTELS & RESORTS INC.
	
	   

	Name:
	Title:
	
	HILTON GRAND VACATIONS INC.
	
	   

	Name:
	Title:
	
	HILTON DOMESTIC OPERATING COMPANY INC.
	
	   

	Name:
	Title:

 Schedule 2.3 

 

	1.	HLT is the Paying Party of amounts shown on Non-Income Tax Returns with respect to HLT Retained Assets (determined on a “with and without” basis, as determined by HLT in its good faith discretion).

  

	2.	PK is the Paying Party of amounts shown on Non-Income Tax Returns with respect to Ownership Assets (determined on a “with and without” basis, as determined by HLT in its good faith discretion).

  

	3.	HGV is the Paying Party of amounts shown on Non-Income Tax Returns with respect to Timeshare Assets (determined on a “with and without” basis, as determined by HLT in its good faith discretion).

 Schedule 8.3(b) 

 

	 	•	 	The IRS has asserted that certain foreign currency denominated intercompany loans, from HLT’s foreign subsidiaries to certain U.S. subsidiaries, should be recharacterized as equity for U.S. federal income tax
purposes and should constitute deemed dividends from such foreign subsidiaries to the U.S. subsidiaries as described in Note 12 of HLT’s financial statements included in its Form 10Q filing for the quarterly period ending September 30,
2016. 

  

	 	•	 	In calculating the amount of U.S. taxable income resulting from the Hilton HHonors guest loyalty program, the IRS has taken a position that Hilton HHonors Worldwide, L.L.C. should not reduce gross income by the
estimated costs of future redemptions, but rather such costs would be deductible only at the time the points are redeemed as described in Note 12 of HLT’s financial statements included in its Form 10Q filing for the quarterly period ending
September 30, 2016. 

  

	 	•	 	The IRS has asserted that foreign currency denominated loans entered into by one of HLT’s Luxembourg subsidiaries whose functional currency is the U.S. Dollar, should instead be treated as entered into by one
of HLT’s Belgian subsidiaries whose functional currency is the Euro, and thus foreign currency gains and losses with respect to such loans should have been measured in Euros, instead of the U.S. Dollar as described in Note 12 of HLT’s
financial statements included in its Form 10Q filing for the quarterly period ending September 30, 2016. 

  

	 	•	 	In the fourth quarter of 2015, certain of HLT’s U.S. subsidiary corporations were converted to limited liability companies and certain of HLT’s subsidiary controlled foreign corporations elected to be
disregarded for U.S. federal income tax purposes. These transactions were treated as tax-free liquidations for federal tax purposes.EX-10.16

  Exhibit 10.16 

LICENSE AGREEMENT 

by and between 

HILTON WORLDWIDE HOLDINGS INC. 

and 
 HILTON GRAND
VACATIONS INC. 
  Dated as of 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I LICENSES
	  	 	1	  
	 Section 1.1.
	 	Trademark License	  	 	1	  
	 Section 1.2.
	 	Content License	  	 	2	  
	 Section 1.3.
	 	Software Licenses	  	 	2	  
	 Section 1.4.
	 	Data Access	  	 	2	  
	 Section 1.5.
	 	Marketing Rights	  	 	2	  
	 Section 1.6.
	 	Brand Displays	  	 	2	  
		
	 ARTICLE II EXCLUSIVITY AND RESERVED RIGHTS
	  	 	2	  
	 Section 2.1.
	 	[Intentionally Omitted]	  	 	2	  
	 Section 2.2.
	 	Exclusivity	  	 	2	  
	 Section 2.3.
	 	Licensor’s Reserved Rights	  	 	3	  
	 Section 2.4.
	 	Licensee’s Reserved Rights	  	 	4	  
	 Section 2.5.
	 	Similar Lines of Business	  	 	4	  
	 Section 2.6.
	 	Licensor Transactions	  	 	4	  
		
	 ARTICLE III FEES
	  	 	5	  
	 Section 3.1.
	 	Royalty Fees	  	 	5	  
	 Section 3.2.
	 	Additional Fees	  	 	6	  
	 Section 3.3.
	 	Other Costs	  	 	6	  
	 Section 3.4.
	 	Reimbursement	  	 	6	  
	 Section 3.5.
	 	Licensee Forecasts	  	 	6	  
	 Section 3.6.
	 	Making of Payments	  	 	7	  
	 Section 3.7.
	 	Interest on Late Payments	  	 	7	  
	 Section 3.8.
	 	Currency and Taxes	  	 	7	  
		
	 ARTICLE IV TERM
	  	 	7	  
	 Section 4.1.
	 	Initial Term	  	 	7	  
	 Section 4.2.
	 	Extension Term; Tail Period	  	 	7	  
		
	 ARTICLE V EXISTING AND NEW PROJECTS
	  	 	8	  
	 Section 5.1.
	 	Existing Projects	  	 	8	  
	 Section 5.2.
	 	New Projects	  	 	8	  
	 Section 5.3.
	 	Undeveloped Parcels	  	 	9	  
	 Section 5.4.
	 	Projects at Third-Party Hotels	  	 	9	  

  
 i 

							
	 	 	 	  	Page	 
	 Section 5.5.
	 	Future Franchise and Management Agreements	  	 	9	  
	 Section 5.6.
	 	Vacation Ownership Properties at Licensor Lodging Properties	  	 	9	  
	 Section 5.7.
	 	Limitations on Licensed Business; Compliance with Contracts	  	 	10	  
	 Section 5.8.
	 	Delegation; Sublicensing	  	 	10	  
	 Section 5.9.
	 	Limited Lodging Operations by Licensee	  	 	11	  
		
	 ARTICLE VI SOURCING
	  	 	11	  
	 Section 6.1.
	 	Sourcing	  	 	11	  
		
	 ARTICLE VII LICENSOR BRAND IDENTITY GUIDELINES; STANDARDS; LOYALTY
PROGRAM
	  	 	11	  
	 Section 7.1.
	 	Licensor Brand Identity Guidelines	  	 	11	  
	 Section 7.2.
	 	Modified Standards	  	 	11	  
	 Section 7.3.
	 	Loyalty Program Participation	  	 	12	  
	 Section 7.4.
	 	Exclusivity/Licensee Status	  	 	12	  
	 Section 7.5.
	 	Sale of Loyalty Program Points	  	 	13	  
	 Section 7.6.
	 	Use of Loyalty Program Points	  	 	13	  
	 Section 7.7.
	 	Conversion to Loyalty Program Points	  	 	13	  
		
	 ARTICLE VIII OPERATIONS
	  	 	13	  
	 Section 8.1.
	 	Licensee Operations, Brand Standards	  	 	13	  
	 Section 8.2.
	 	Employees	  	 	13	  
	 Section 8.3.
	 	Management and Operation of the Projects	  	 	14	  
	 Section 8.4.
	 	Quality Assurance	  	 	14	  
	 Section 8.5.
	 	Licensed HOAs Not Controlled By Licensee	  	 	14	  
	 Section 8.6.
	 	Employee Discounts	  	 	15	  
	 Section 8.7.
	 	Managers	  	 	15	  
		
	 ARTICLE IX LICENSEE OBLIGATIONS
	  	 	15	  
	 Section 9.1.
	 	Lodging Business	  	 	15	  
	 Section 9.2.
	 	Hilton Competitors	  	 	15	  
	 Section 9.3.
	 	Acquisitions	  	 	15	  
	 Section 9.4.
	 	New Products and Services	  	 	16	  
	 Section 9.5.
	 	Advertising	  	 	16	  
	 Section 9.6.
	 	Sponsorships/Partnerships	  	 	16	  
	 Section 9.7.
	 	Reservations	  	 	17	  
	 Section 9.8.
	 	Diversion	  	 	17	  
	 Section 9.9.
	 	Finances	  	 	17	  

  
 ii 

							
	 	 	 	  	Page	 
	 ARTICLE X SYSTEMS
	  	 	17	  
	 Section 10.1.
	 	Systems	  	 	17	  
		
	 ARTICLE XI LICENSOR SERVICES
	  	 	18	  
	 Section 11.1.
	 	Call Center Transfer Services	  	 	18	  
	 Section 11.2.
	 	Other Services	  	 	18	  
		
	 ARTICLE XII REPAIRS AND MAINTENANCE
	  	 	18	  
	 Section 12.1.
	 	Repairs	  	 	18	  
		
	 ARTICLE XIII INTELLECTUAL PROPERTY
	  	 	18	  
	 Section 13.1.
	 	Ownership/New Marks	  	 	18	  
	 Section 13.2.
	 	Licensee’s Use of Licensed IP	  	 	19	  
	 Section 13.3.
	 	Enforcement	  	 	19	  
	 Section 13.4.
	 	Credit Cards	  	 	20	  
		
	 ARTICLE XIV CONFIDENTIALITY
	  	 	20	  
	 Section 14.1.
	 	Confidential Information	  	 	20	  
	 Section 14.2.
	 	Data and Data Security	  	 	21	  
		
	 ARTICLE XV ACCOUNTING AND REPORTS
	  	 	22	  
	 Section 15.1.
	 	Maintenance of Records	  	 	22	  
	 Section 15.2.
	 	Audit	  	 	22	  
	 Section 15.3.
	 	Royalty and Fee Reporting	  	 	22	  
		
	 ARTICLE XVI INDEMNIFICATION; INSURANCE
	  	 	22	  
	 Section 16.1.
	 	Indemnification	  	 	22	  
	 Section 16.2.
	 	Insurance Policies	  	 	23	  
	 Section 16.3.
	 	Insurance Requirements	  	 	24	  
	 Section 16.4.
	 	Licensee’s Obligations	  	 	24	  
	 Section 16.5.
	 	Contribution	  	 	24	  
		
	 ARTICLE XVII TRANSFERS
	  	 	25	  
	 Section 17.1.
	 	By Licensee	  	 	25	  
	 Section 17.2.
	 	By Licensor	  	 	25	  
	 Section 17.3.
	 	By Either Party	  	 	25	  
		
	 ARTICLE XVIII BREACH, DEFAULT, AND REMEDIES
	  	 	25	  
	 Section 18.1.
	 	Deflagging	  	 	25	  
	 Section 18.2.
	 	Termination by Licensor for Bankruptcy by Licensee	  	 	27	  

  
 iii 

							
	 	 	 	  	Page	 
	 Section 18.3.
	 	Termination by Licensor For Breach by Licensee	  	 	27	  
	 Section 18.4.
	 	Termination of Corporate Name Rights	  	 	28	  
	 Section 18.5.
	 	Suspension	  	 	28	  
		
	 ARTICLE XIX POST TERMINATION OBLIGATIONS
	  	 	28	  
	 Section 19.1.
	 	After Termination	  	 	28	  
	 Section 19.2.
	 	Liquidated Damages	  	 	29	  
	 Section 19.3.
	 	Cross-Default	  	 	29	  
	 Section 19.4.
	 	Survival	  	 	29	  
		
	 ARTICLE XX COMPLIANCE WITH LAWS
	  	 	29	  
	 Section 20.1.
	 	Applicable Laws	  	 	29	  
	 Section 20.2.
	 	Notice of Events	  	 	29	  
		
	 ARTICLE XXI RELATIONSHIP OF PARTIES
	  	 	30	  
	 Section 21.1.
	 	Consent Standard	  	 	30	  
	 Section 21.2.
	 	Independent Contractor	  	 	30	  
		
	 ARTICLE XXII GOVERNING LAW/DISPUTE RESOLUTION
	  	 	30	  
	 Section 22.1.
	 	Governing Law	  	 	30	  
	 Section 22.2.
	 	Negotiation	  	 	30	  
	 Section 22.3.
	 	Mediation	  	 	30	  
	 Section 22.4.
	 	Arbitration	  	 	30	  
		
	 ARTICLE XXIII NOTICES
	  	 	31	  
		
	 ARTICLE XXIV MISCELLANEOUS
	  	 	32	  
	 Section 24.1.
	 	Complete Agreement; Construction	  	 	32	  
	 Section 24.2.
	 	Counterparts	  	 	32	  
	 Section 24.3.
	 	Amendment	  	 	32	  
	 Section 24.4.
	 	Third Party Beneficiaries	  	 	32	  
	 Section 24.5.
	 	Title and Headings	  	 	32	  
	 Section 24.6.
	 	Severability	  	 	32	  
	 Section 24.7.
	 	Interpretation	  	 	32	  
	 Section 24.8.
	 	No Waiver	  	 	32	  
	 Section 24.9.
	 	Cumulative Remedies	  	 	32	  
	 Section 24.10.
	 	Force Majeure	  	 	32	  

  
 iv 

							
	 	 	 	  	Page	 
	 ARTICLE XXV WARRANTIES
	  	 	33	  
	 Section 25.1.
	 	By Each Party	  	 	33	  
	 Section 25.2.
	 	Disclaimer	  	 	33	  
	 Section 25.3.
	 	Limitation on Damages	  	 	33	  

  LIST OF EXHIBITS 
  

			
	Exhibit A	  	Definitions
	Exhibit B	  	Operating Guidelines
	Exhibit C	  	Licensed Marks
	Exhibit D	  	Excluded Products and Services
	Exhibit E	  	Licensee Products and Services
	Exhibit F	  	Properties Under Development
	Exhibit G	  	Non-Licensed Existing Projects
	Exhibit H	  	Excluded Fractional Vacation Club Services
	Exhibit I	  	Existing Vacation Ownership Properties
	Exhibit J	  	Undeveloped Real Estate Parcels
	Exhibit K	  	Approved Mixed-Use Development New Properties
	Exhibit L	  	Approved Subcontracting and Delegation Agreements
	Exhibit M    	  	Existing Marketing Agreements for Licensed Exchange Program

  
 v 

 HGV LICENSE AGREEMENT 

This HGV LICENSE AGREEMENT dated as of
                     2016 (the “Effective Date”), by and between Hilton Worldwide Holdings Inc., a Delaware corporation
(“Licensor and Hilton Grand Vacations Inc., a Delaware corporation (“Licensee”). Each of Licensor and Licensee is referred to herein as a “Party” and collectively, as the “Parties.” 

 W I T N E S S E T H: 

WHEREAS, Licensor, Park Hotels & Resorts Inc., a Delaware corporation (“PHRI”) and Licensee entered into that
certain Distribution Agreement, dated as of                      (the “Distribution Agreement”), pursuant to which Licensor will be
separated into three independent, publicly traded companies; and 
  WHEREAS, Licensor, directly or indirectly, owns the Licensed IP and
possesses the Hilton Data (as defined herein) and Licensee wishes to use the Licensed IP and Hilton Data in its Vacation Ownership Business after the Effective Date, and Licensor is willing to grant Licensee such a license on the terms and
conditions herein. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements and covenants contained in this Agreement,
the Parties hereby agree as follows: 
 ARTICLE I 

LICENSES 

Section 1.1. Trademark License. 

(a) Subject to the terms and conditions herein, during the Term, Licensor hereby grants to Licensee a license to use the Licensed Marks as
Trademarks in the Territory in connection with the current and future operation of the Licensed Vacation Ownership Business. Such license shall be exclusive for the Term. For clarity, (i) the above license covers only the exact Licensed Marks,
and Licensee may not use the term “Hilton” standing alone or, except as permitted by the Licensor Brand Identity Guidelines any variations, derivatives, abbreviations or stylizations of the Licensed Marks, in each case, without
Licensor’s prior written consent, and (ii) the above exclusivity means that, during the Term, Licensor will not use (or allow others to use) the Licensed Marks in connection with the Licensed Vacation Ownership Business. 

(b) Without the prior written consent of Licensor, Licensee shall not (i) bid for, purchase, register or use the term “Hilton”
or any other Trademark owned by Licensor or its Subsidiaries as or as part of any key word, ad word, metatag or similar device designed to attract viewers or users in online, social, mobile or other media or (ii) link to or frame any website,
online, social or mobile media property or venue of Licensor that Licensee is not already linking to or framing as of the Effective Date, regardless of whether the foregoing constitutes trademark use under applicable Laws. 

(c) Licensee hereby grants to Licensor and its Subsidiaries a non-exclusive sublicense during the Term to (i) use the Licensed Marks and
(ii) use and exercise the intellectual property rights in the Licensed Content, in each case, to the extent necessary to advertise and promote the Licensed Vacation Ownership Business on Licensee’s behalf during the Term. Licensee may
further sublicense the above license in connection with the foregoing. 

 Section 1.2. Content License. Subject to the terms and conditions herein, during the
Term, Licensor hereby grants to Licensee a license to use, reproduce, distribute, perform and display the Licensed Content in the Territory solely in connection with the current and future operation of the Licensed Vacation Ownership Business. Such
license shall be exclusive for the Noncompetition Term and non-exclusive for the remainder of the Term. Licensee may modify Licensed Content for format or technical reasons, but may not make substantive or artistic changes thereto, without
Licensor’s prior written consent. 
 Section 1.3. Software Licenses. 

(a) Licensor hereby at its option (i) grants to Licensee a non-exclusive sublicense or (ii) agrees to cause an Affiliate to grant to
Licensee a non-exclusive license, in each case, during the Term to use the Licensed Software in connection with the Licensed Vacation Ownership Business. Licensee shall comply with all terms and conditions of the applicable license or sublicense
(which shall be equivalent in all material respects to the then-current version of the Hilton Information Technology System Agreement) in connection with such use. 

(b) Licensor hereby grants to Licensee the non-exclusive right during the Term to access the Licensed System and provide the Licensed System
with information as to the current inventory of vacant rooms at Licensed Vacation Ownership Properties. 
 Section 1.4. Data
Access. Subject to the terms and conditions herein, Licensor hereby grants to Licensee the rights to use the Hilton Data as set forth in Section 14.2(b). 

Section 1.5. Marketing Rights. Subject to the terms and conditions herein, during the Noncompetition Term, Licensor hereby grants
to Licensee the right to market the Licensed Vacation Ownership Business at Licensor’s corporate-level advertising channels, including websites and social media properties (but not the channels of individual Hilton-branded properties). Such
right is exclusive, meaning that during the Noncompetition Term, Licensor will not allow any other Person to market a Vacation Ownership Business through such channels. 

Section 1.6. Brand Displays. Licensor acknowledges and agrees that during the Noncompetition Term, Licensor shall, wherever
legally permissible, include (i) the Licensed Mark “Hilton Grand Vacations” on its brand bar, and similar displays where Licensor advertises all of the Hilton Marks for the Licensor Lodging Business and (ii) inventory of
transient rentals for the Licensed Vacation Ownership Properties in all proprietary and third-party advertising venues that list such inventory for the Licensor Lodging Business, in each case, in the same manner and quality Licensor provided prior
to the Effective Date of this Agreement. 
 ARTICLE II 

EXCLUSIVITY AND RESERVED RIGHTS 

Section 2.1. [Intentionally Omitted]. 

Section 2.2. Exclusivity. 

(a) Until December 31, 2046 (the “Initial Noncompetition Term”), Licensor will not: (x) engage or license any
Person to engage in the Vacation Ownership Business worldwide under any Trademark; (y) use or license any Person to use the Licensed IP or Hilton Data in connection with the Vacation Ownership Business; and/or (z) allow any Person engaged
in the Vacation Ownership Business, other than Licensee, to participate in the Loyalty Program. 

  
 2 

 (b) The Initial Noncompetition Term shall be extended for additional 10-year terms (each 10-year
term, a “Renewal Noncompetition Term” and together with the Initial Noncompetition Term, the “Noncompetition Term”), if Licensee satisfies the criteria in either clause (i) or (ii) below in calendar
year 2046 (or the final calendar year of any Renewal Noncompetition Term) (each, a “Measuring Year”): 

(i) Licensee’s Gross Revenues in a Measuring Year must be equal to or greater than 80% of $1,493,000,000 USD
(Licensee’s 2016 projected Gross Revenues) as inflated to such Measuring Year dollars by the CPI Adjustment. For example, if Licensee had 2016 Gross Revenues of $100 USD, and that translated into $300 in projected Gross Revenues in 2046
due to CPI Adjustments, Licensee’s minimum 2046 revenue to renew the Noncompetition Term until December 31, 2056 would be $240; or  

(ii) Licensee must generate the sum of the Gross Sales Price and Fee For Services Sales Price in a Measuring Year that rank
first, second or third among Vacation Ownership Business worldwide, based on revenues disclosed in audited financial reports for such Measuring Year (or a comparable mutually-agreed metric, if such annual contract sales are no longer publicly
reported). 
  (c) If Licensee does not satisfy clause (i) or (ii) during a Measuring Year, Licensee may retain the
Noncompetition Term for one year terms by paying Licensor 5% of the shortfall between Licensee’s actual Gross Revenues for the Measuring Year and 100% of Licensee’s projected Gross Revenues for the Measuring Year as set forth in clause
(i) (each, a “Shortfall Payment”). The Shortfall Payment shall be due within 30 days after the end of the Measuring Year. For example, if Licensee had 2016 Gross Revenues of $100, and that translated into $300 in projected
Gross Revenues in 2046 due to CPI Adjustments, and Licensee’s Gross Revenues were $220 in 2046, that would be a shortfall of $80, and Licensee would submit a Shortfall Payment of $80 times 5% for the Royalty, or $4. 

(d) Licensee shall be allowed a maximum of five consecutive Shortfall Payments during any Renewal Noncompetition Term, with no carryover of
unused Shortfall Payments into the next Renewal Noncompetition Term. If during any year of noncompetition afforded by a Shortfall Payment, Licensee satisfies clause (i) or (ii), the Noncompetition Term shall be extended by a 10-year Renewal
Noncompetition Term beginning at the end of the prior Measuring Year. For example, if Licensee’s Gross Revenues are $220 in 2046, Licensee would make the above $4 Shortfall Payment for 2046, and if in 2047 Licensee’s Gross Revenues meet
the target, the Noncompetition Term would renew until December 31, 2056. If after five consecutive Shortfall Payments, Licensee fails to satisfy clauses (i) or (ii), the Noncompetition Term expires on December 31st in the year in which the last Shortfall Payment was made.
 (e) If the Noncompetition
Term terminates under Section 2.2(a) or Section 2.6(a), Licensor shall notify Licensee of same in writing. Thereafter, Licensee will continue to be bound by its obligations in this Agreement including Article IX, but Licensor may (and
may assist or allow other Persons to) engage in the Vacation Ownership Business in any form and under any Trademark (other than “HGV” and “Hilton Grand Vacations”) worldwide for the remainder of the Term. 

Section 2.3. Licensor’s Reserved Rights. Licensor reserves all rights not expressly licensed to Licensee hereunder, including
without limitation, the right to Operate any business or properties and/or use the Licensed IP and Hilton Data in any manner that does not violate Licensee’s exclusive rights herein. Licensor may sell, assign or license the Hilton Marks (other
than the Licensed Marks) without Licensee’s consent, and any acquirer, assignee or licensee shall have no obligation to Licensee herein. 

  
 3 

 Section 2.4. Licensee’s Reserved Rights. Licensee reserves the right to engage
in any activity worldwide not expressly prohibited in this Agreement. 
 Section 2.5. Similar Lines of Business. Licensee may
engage in the Fractional Vacation Club Business and the Whole Ownership Business, as a Separate Operation (or as part of the Licensed Vacation Ownership Business, subject to Licensor’s prior written consent), at any time during the Term.
Licensor may engage in the Fractional Vacation Club Business and the Whole Ownership Business at any time during the Term. 

Section 2.6. Licensor Transactions. 

(a) Notwithstanding Section 2.2(a), if at any time during the Noncompetition Term, Licensor merges with or acquires direct or indirect
Control of a Person that operates a Vacation Ownership Business as well as a Lodging Business (in either an equity or asset acquisition), Licensor shall use commercially reasonable efforts to allow Licensee to acquire or manage such acquired
Vacation Ownership Business (the “Acquired Vacation Business”) as a Licensed Vacation Ownership Business herein. For the avoidance of doubt, Licensor has no obligation to include Licensee in any pre-closing discussions or
negotiations with the third-party counter-party and may elect to present Licensee with the opportunity to acquire or manage the Acquired Vacation Business only after closing of the business transaction and, in either case, Licensor may proceed with
the transaction whether or not Licensee acquires or manages the Acquired Vacation Business. For the avoidance of doubt, during the Noncompetition Term Licensor may not merge with or acquire direct or indirect Control of a Person that operates solely
a Vacation Ownership Business. 
 (b) If Licensee does not acquire or manage the acquired Vacation Ownership Business: (i) Licensor
shall have no further obligations to include Licensee in the ownership or management of the Acquired Vacation Business; (ii) Licensor may merge its Loyalty Program with the loyalty program of the Acquired Vacation Business and, notwithstanding
the exclusivity and non-competition provisions herein, compete in the Vacation Ownership Business using the Hilton IP (but not the Licensed Marks), Hilton Data and the Loyalty Program in connection with such Acquired Vacation Business; and
(iii) during the Noncompetition Term, Licensor shall use Reasonable Best Efforts to continue to provide Licensee the Licensed IP and Hilton Data on a basis comparable to Licensor’s past practice under this Agreement. 

(c) If, on the closing date for the acquisition of the Acquired Vacation Business, 90% of all ownership interests, use rights, or other
entitlements to use overnight accommodations in the Vacation Ownership Properties within such business (“Acquired Vacation Property Inventory”) have been sold to Persons for their own use such that the Acquired Vacation Property
Inventory is not being actively marketed, during the Noncompetition Term, Licensor shall not use the Hilton Data to sell any newly created Acquired Vacation Property Inventory or develop new Vacation Ownership Properties under the Acquired Vacation
Business unless Licensee is given the right of first offer to manage such properties. However, Licensor shall be permitted to use the Hilton Data to sell any existing unsold Acquired Vacation Property Inventory or existing Acquired Vacation Property
Inventory that may become available through foreclosure or otherwise comes available to Licensor. 

  
 4 

 ARTICLE III 

FEES 
 Section 3.1. Royalty
Fees. 
 (a) (i) Licensee shall pay to Licensor a royalty (the “Royalty”) for the rights granted to Licensee under this
Agreement in an amount equal to five percent (5%) of Gross Revenues. 
 (ii) Except for the limited exception for Non-Licensed Existing
Projects below, if Licensee develops Vacation Ownership Properties or acquires Vacation Ownership Properties from a Person other than a Hilton Competitor and they are not operated as Separate Operations, the Royalty shall apply to such Vacation
Ownership Properties as if they were Licensed Vacation Ownership Properties, even if such properties are not Licensed Vacation Ownership Properties. The Royalty shall also apply to all Transient Rental Revenue at any Vacation Ownership Properties
that use the Licensed IP or Hilton Data. For clarity, Licensee shall not owe a Royalty arising out of its Vacation Ownership Properties that are operated as Separate Operations. 

(iii) If Licensee permits Non-Licensed Existing Projects, or other non-licensed Vacation Ownership Properties with which Licensee has entered
into a Marketing Agreement pursuant to Section 9.6(d), to be exchanged pursuant to an arrangement between the Licensed Exchange Program and a non-licensed Exchange Program whereby individual owners of the non-licensed Vacation Ownership
Properties do not have full access to the Loyalty Program through the Licensed Exchange Program, then the Royalty shall be due only on the applicable Club Revenue portion of the Gross Revenue. If Hilton Data is used to market the sale of units at
Non-Licensed Existing Projects, then the Royalty shall be due on Gross Sales Price, Club Revenue, and Marketing Package Revenues. 

(b) A sale occurs for Royalty purposes with respect to the initial sale or re-sale of an interest in a Licensed Vacation Ownership Property
when all of the following conditions have been satisfied, regardless of when, or whether, any part of the Gross Sales Price or Fee For Services Sales Price are actually paid to, or received by or on behalf of, Licensee. 

(i) A written agreement (“Purchase Contract”) is executed by a purchaser and has been accepted by Licensee
pursuant to which such purchaser contractually commits to acquire such interest; 
 (ii) With respect to purchase money
financing provided by or through Licensee or its Affiliates, if any, such purchaser has duly executed all applicable sales and purchase money financing documents in respect of such Purchase Contract; 

(iii) Such purchaser has duly tendered payment of the full purchase price in respect of such Purchase Contract (or full
installments thereof in the case of purchase money financing, as applicable) by cash, by check which has cleared, or by credit card which has been duly processed) to either (x) Licensee or its Affiliates or (y) a fiduciary, escrow agent,
trustee or other independent third-party designated by Licensee or its Affiliates, as may be required by applicable Laws; 

(iv) All rescission periods applicable to such Purchase Contract have expired, without any such right of rescission having been
exercised; and 

  
 5 

 (v) All pre-conditions set forth in such Purchase Contract and any legal
requirements under the applicable Laws in order to close the transaction which is the subject of the Purchase Contract as set forth in such Purchase Contract shall have been duly satisfied, without the purchaser having exercised any right of
cancellation afforded such purchaser under the terms of such Purchase Contract or under the applicable Laws. 
 (vi) To the
extent that the sale of a Licensed Vacation Ownership Property meets (i) through (v) above, but such Licensed Vacation Ownership Property has not achieved a Certificate of Occupancy granted by relevant municipalities that approve the use
by a purchaser of the Licensed Vacation Ownership Property, the sale for Royalty purposes will be multiplied by the Percentage of Completion. The Percentage of Completion will be calculated and applied to such Licensed Vacation Ownership Property
each reporting period until such time that the Licensed Vacation Ownership Property achieves its Certificate of Occupancy, at which time and for all periods thereafter, the Percentage of Completion will be 100%. 

(c) The Gross Sales Price or Fee For Services Sales Price shall, for purposes of calculating the Royalty under Section 3.1(a), exclude
the amount attributable to a gross up for imputed interest associated with a zero percent (0%) or below market interest rate program used in relation to financing a purchaser’s acquisition of interests in a Licensed Vacation Ownership Property,
but only where the Gross Sales Price or Fee For Services Sales Price is offered at different amounts to the customers on a programmatic basis, depending on the financing or payment terms selected by the customer. 

Section 3.2. Additional Fees. In addition to the Royalty, Licensee shall pay to Licensor: 

(a) An annual transition fee for the first five years of the Term of $5 million per year. 

(b) The then-current Loyalty Program fee for eligible guest folios, subject to caps in place as of the Effective Date for a period of twenty
(20) years from the Effective Date. At the end of such twenty (20) year period, the caps will be eliminated and Licensee will pay the same Loyalty Program fee that is in effect for Licensor Lodging Properties. 

Section 3.3. Other Costs. Licensee shall pay Licensor fees covering Licensor’s proportionate costs for Licensee’s use of
the Licensed Software. Licensee shall pay the non-refundable, up-front installation costs (if any) for the Licensed Software to be installed at any additional Licensed Vacation Ownership Properties, which shall include sales centers that are not in
existence as of the Effective Date. 
 Section 3.4. Reimbursement. Licensee shall reimburse Licensor for its costs (without
profits) that would typically be covered by the Program Fee, including marketing campaigns in which Licensee participates under Section 9.5 or Section 9.6 below or enhancements to the Licensed Software that are provided to all of Licensor
Lodging Properties, provided that Licensee will pay such costs only for services that Licensee uses. Licensee shall also reimburse Licensor for all costs associated with Call transfer services, GBCS Services used by Licensee, central delivery used
by Licensee, third party reservation charges, guest assistance services and the handling of guest complaints, whether such guests are Loyalty Program members or not. 

Section 3.5. Licensee Forecasts. At least one month prior to the end of each of Licensor’s fiscal years during the Term,
Licensee shall provide to Licensor a forecast of its projected Royalties and Gross Revenues (separated by the categories in the definition of “Gross Revenues” herein) for Licensor’s upcoming fiscal year, and then after each fiscal
year quarter during the Term, Licensee shall provide to Licensor the actual Royalties and Gross Revenues for such prior quarter and an updated rolling forecast of outstanding quarterly royalties for the remainder of Licensor’s then current
fiscal year. 

  
 6 

 Section 3.6. Making of Payments. The Royalty and all additional fees due in this
Article III shall be paid within thirty (30) days following the end of each calendar quarter. All other payments herein shall be made within thirty (30) days after receipt of an invoice from Licensor. Licensee shall pay via a wire
transfer (or other method reasonably designated by Licensor) of immediately available funds, pursuant to Licensor’s commercially reasonable instructions. All amounts payable to Licensor shall be invoiced in U.S. dollars unless Licensor
otherwise designates another currency. The exchange rate shall be set each month by Licensor as taken from an international reporting service. Licensee shall submit to Licensor, within eight (8) business days after the end of each month, a
statement in the form reasonably required by Licensor that includes all Information required by Licensor to determine all due payments hereunder, and on a quarterly basis, such statement will also aggregate the amounts presented on the monthly
statement itemizing the various revenue streams to Licensor that constitute the Royalty. Such Information is not Licensee’s Confidential Information and Licensor may use or disclose it for authorized business purposes. 

Section 3.7. Interest on Late Payments. If a Party does not make any payment due under this Agreement within fourteen
(14) days after its due date, such Party shall pay interest from the due date until the date of payment compounded monthly, at the interest rate of an annual rate equal to the lesser of (i) the prime rate (as published by the Wall Street
Journal or, if no longer published, such other similar source as reasonably selected by Licensor) applicable on the date such payment is due and on each date thereafter that interest is compounded, plus eight (8) percentage points and
(ii) the highest rate then permitted by applicable Laws. 
 Section 3.8. Currency and Taxes. Licensee shall bear and be
responsible for all taxes, duties and deductions (including any sales, value added, use, excise, gross receipts, income, goods and service taxes, stamp or other duties, fees, deductions, withholdings or other payments, and including penalties and
interest as a result of failure to comply) (collectively, “Taxes”) levied on, deducted or withheld from, or assessed or imposed on any payments made by Licensee hereunder. If Licensor or its designee pays any such amounts due, then
Licensee must reimburse Licensor therefor. Licensee shall gross-up all payments herein so that Licensor receives the same amount that it would have received if no Taxes were applicable. 

ARTICLE IV 
  TERM

  Section 4.1. Initial Term. The term of this Agreement begins on the Effective Date and expires on December 31, 2116
(the “Term”). 
 Section 4.2. Extension Term; Tail Period. For a period of thirty (30) years following the
Term (if it expires on December 31, 2116 and is not earlier terminated) (“Tail Period”), Licensee shall have a non-exclusive license (but no obligation) to use the Licensed IP (and a non-exclusive right to access and use the
Hilton Data and Loyalty Program) in connection with any Licensed Vacation Ownership Properties in existence at the end of the Term (including any new Licensed Vacation Ownership Properties under development and approved by Licensor as of such date),
provided that: (i) Licensee complies with all terms and conditions herein; (ii) the exclusivity granted in Section 2.2(a) (if not earlier terminated) shall immediately terminate at the expiration of the Term (not including the Tail
Period); and (iii) Licensee shall be required to pay the Royalty and other payments due under Article III during the Tail Period for so long as such properties use the Licensed IP, Hilton Data or Loyalty Program. All other applicable terms
and conditions of this Agreement, including Licensee’s requirement to pay all fees in Article III other than the Royalty, shall be in force during the Tail Period. 

  
 7 

 ARTICLE V 

EXISTING AND NEW PROJECTS 

Section 5.1. Existing Projects. The Vacation Ownership Properties listed on Exhibit I to this Agreement shall be deemed
“Licensed Vacation Ownership Properties” herein. 
 Section 5.2. New Projects. 

(a) If Licensee notifies Licensor that it wishes to develop additional Vacation Ownership Properties that use Hilton Marks (other than the
Licensed Marks) either alone or as co-branding with any Licensed Marks, it shall notify Licensor in writing by submitting to Licensor a written application that contains all material information with respect thereto. Licensor may, in its sole
discretion, grant Licensee a license to use such additional Trademarks in connection therewith, pursuant to a separate agreement or an amendment to this Agreement. 

(b) If Licensee notifies Licensor that it wishes to (i) develop or acquire additional Vacation Ownership Properties that would use the
Licensed Marks or (ii) expand the scope or size of an existing Licensed Vacation Ownership Property (if such expansion was not included in the original proposal for the property approved by Licensor), it shall notify Licensor in writing by
submitting to Licensor a written application that contains all material information with respect thereto. Licensor shall not unreasonably withhold its approval for such Vacation Ownership Properties to use the Licensed IP and Hilton Data (and upon
such approval, such properties shall become “Licensed Vacation Ownership Properties” herein) if the proposed additional Vacation Ownership Property or proposed expansion to an existing Licensed Vacation Ownership Property (each, a
“New Property”) and Licensee’s intended operation thereof complies with the then-current Standards and Agreements and: 

(i) the development of the proposed New Property would not breach, or be reasonably likely to breach, any applicable Laws or
agreement between Licensor or its Affiliates, including territorial restrictions or areas of protection; 
 (ii) the proposed
New Property will not involve any co-investor that (a) is a Hilton Competitor, (b) is known in the community as being of bad moral character, (c) has been convicted in any court of a felony or other offense that could result in
imprisonment for one (1) year or more or a fine or penalty of one million dollars ($1,000,000) (as adjusted annually after the Effective Date by the CPI Adjustment) or more (or is in Control of or Controlled by Persons who have been convicted
in any court of felonies or such offenses), or (d) is (or has an Affiliate that is) a Blocked Person; and 
 (iii) the
proposed New Property is not reasonably likely to harm Licensor, the Licensed IP, the Hilton Data or the goodwill associated therewith. 

(c) Licensor shall provide the plans and specifications for each New Project to Licensor for review and inspection to ensure that they are in
compliance with this Agreement and the Standards and Agreements. Licensee shall pay Licensor a fixed fee for such review. Notwithstanding such review and inspection, as between the Parties, Licensee is responsible for ensuring that all aspects of
each New Project comply with all applicable Laws, this Agreement and the Standards and Agreements, and Licensor disclaims all liability for any of same. 

  
 8 

 Section 5.3. Undeveloped Parcels. 

(a) Licensee has listed on Exhibit J all real estate owned by Licensee that have not been developed as of the Effective Date
(“Undeveloped Parcels”). Licensor hereby approves the Undeveloped Parcels as sites for future New Properties, which shall be subject to Section 5.2. 

(b) If Licensee wishes to sell an Undeveloped Parcel (or any part thereof or rights therein) to any Person other than a Hilton Competitor,
Licensee will notify Licensor, and for thirty (30) days after such notice, the Parties shall negotiate in good faith towards a sale agreement. If no such agreement is executed in such time period, for 270 days thereafter, Licensee shall be free
to execute such sale with such Person, so long as the sale price is at least 95% of the sale price proposed to Licensor. Licensee shall promptly provide Licensor with all information reasonably requested by Licensee to confirm Licensee’s
compliance with this Section 5.3(b). 
 (c) If Licensee wishes to sell an Undeveloped Parcel (or any part thereof or rights therein) to
a Hilton Competitor, Licensee will notify Licensor, and Licensor shall have a right of first refusal on such purchase for 30 days, on the same terms set forth in the offer from the Hilton Competitor. If the third party offer provides for payment of
consideration other than cash, Licensor may offer commercially reasonable cash equivalent. 
 (d) Licensee agrees that any purported
transaction in violation of Licensor’s rights in this Section 5.3 shall be deemed null and void at the outset and of no force or effect, and Licensor shall be entitled to equitable relief, including rescission, to effect such
nullification. 
 Section 5.4. Projects at Third-Party Hotels. Licensee shall not participate in a New Property that is a
mixed-use development project (whether or not such New Property uses the Licensed IP and/or Hilton Data) that includes Hilton Competitors without Licensor’s prior written consent, except for those projects set forth on Exhibit K. 

Section 5.5. Future Franchise and Management Agreements. Licensor will use commercially reasonable efforts to ensure that any
third-party management, operating and franchise agreements for Licensor Lodging Properties (i) if executed after the Effective Date, include commercially reasonable provisions to ensure that third party hotel owners and franchisees do not (and
do not allow other Persons to) operate, promote or sell interests in Vacation Ownership Properties other than Licensed Vacation Ownership Properties in connection with such Licensor Lodging Property; and (ii) if executed as of the Effective
Date, retain the above-described provisions, if such retention can be achieved with no material concession or liability by Licensor. Licensor shall not be liable to Licensee for any failure to obtain the above provisions, if it exercises the above
commercially reasonable efforts in this regard. 
 Section 5.6. Vacation Ownership Properties at Licensor Lodging Properties.

 (a) If a third-party developer of a Licensor Lodging Property intends to develop a Vacation Ownership Property as a component thereof
(the “Co-Located Licensor Lodging Property”), Licensor will notify Licensee and use commercially reasonable efforts to allow Licensee to negotiate with such developer to Operate the Vacation Ownership Property as a Licensed Vacation
Ownership Property. If, despite such efforts, such counterparty does not offer Licensee such opportunity, Licensor shall have no further obligations to Licensee in this regard (but Licensor’s obligations during the Noncompetition Term shall
still apply). 
 (b) If Licensor engages in a mixed-use project that includes a Vacation Ownership Property, Licensor will use commercially
reasonable efforts to include Licensee in same, and if Licensee is not included, Licensor shall not allow the Hilton Data or the Loyalty Program to be used to conduct direct marketing activities with respect to the above Vacation Ownership Business
component (but shall have no other restriction on the use of Hilton Data or Loyalty Program for such projects). 

  
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 Section 5.7. Limitations on Licensed Business; Compliance with Contracts. 

Licensee shall abide by all territorial and other contractual restrictions applicable to Licensor that relate to the Licensed Vacation
Ownership Business and are in effect as of the Effective Date (or thereafter, subject to Licensee’s consent). Licensor will not agree to an extension of the duration, or a broadening of the scope, of any such restrictions without
Licensee’s prior written consent (which shall be required only during the Noncompetition Term), except for extending or renewing such agreements in accordance with their terms. Licensee shall not enter into any agreement with any third party
that purports to limit or restrict Licensor’s right to Operate Licensor Lodging Properties in any manner that is inconsistent with this Agreement. 

Section 5.8. Delegation; Sublicensing. 

(a) Licensee may sublicense the Licensed IP 

(i) as expressly permitted in this Agreement; 

(ii) to Persons other than Licensee who are authorized to manage Licensed Vacation Ownership Properties under
Section 8.3(a), to the extent necessary to enable such operation; and 
 (iii) to its Subsidiaries and their respective
suppliers, service providers and contractors, solely (x) to the extent necessary to assist Licensee in conducting the Licensed Vacation Ownership Business, with respect to the Licensed Marks and Licensed Content and (y) with the prior
written consent of Licensor for Persons other than Subsidiaries, with respect to the Licensed Software and Licensed System. 
 (b) Except as
permitted above, Licensee may not sublicense the Licensed IP to any Person, or use the Licensed IP for the direct or indirect benefit of any other Person, without Licensor’s prior written consent. 

(c) Licensee may also sublicense the Licensed Marks to Licensed HOAs, solely to the extent necessary for their operation. Licensee shall
ensure that all Licensed HOAs include all information and terms reasonably requested by Licensor (in a form approved by Licensor) in their sales offering documents, sale, deed and other agreements with potential buyers, including provisions that
(i) Licensor is a third-party beneficiary with the right to enforce such terms directly against the Licensed HOA and buyer and (ii) the intended buyer is not acquiring any rights in or to use any Licensed IP or Hilton Data. Licensee shall
obtain Licensor’s prior written consent before signing any agreement with respect to the creation, operation, title, deed or sales provisions of any Licensed HOA. Licensee will, at its expense, submit to Licensor within ninety (90) days
request for the same, information regarding the length of the terms, renewal rights and expiration dates of all Licensed HOA management agreements. 

(d) Licensee is liable for any act or omission by any of its sublicenses that would breach this Agreement if committed by such Licensee. 

(e) The Subsidiaries of each Party may exercise the rights of such Party herein and are bound by the obligations of such Party herein. A Party
is liable for any act or omission by any of its Affiliates that would breach this Agreement if committed by such Party. 

  
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 Section 5.9. Limited Lodging Operations by Licensee. Notwithstanding the prohibition
on Licensee operating a Lodging Business in Section 9.1, Licensee may: 
 (a) On a limited basis, engage in the transient rental of
inventory of Vacation Ownership Properties that are held for development and sale and owned by Licensee, its Affiliates, an HOA or a third party with which Licensee or its Affiliates has entered into a development agreement or management agreement
(together, “Licensee Parties”) or that is controlled by Licensee, its Affiliates or an HOA as a result of a Vacation Ownership Property owner default pending foreclosure or cure in the ordinary course of business, in each case,
solely to support Licensee’s Vacation Ownership Business. Licensee agrees that all Licensed Vacation Ownership Properties’ transient rental inventory shall be made available through the Licensed System and shall not be placed on any third
party platforms or distribution channels. 
 (b) In the event Licensee acquires a hotel, resort or other transient or extended stay lodging
facilities for the purpose of converting such facilities into a Vacation Ownership Property, Licensee may during such conversion process operate such facilities, or a significant portion thereof, as a hotel provided Licensee shall pursue such
conversion in a commercially reasonable manner so as to limit Licensee’s competition with Licensor in the Lodging Business. The parties agree Licensee’s obligation in this regard shall be met if Licensee diligently pursues the conversion
and has commenced bona fide sales of Vacation Ownership Property intervals within 24 months of Licensee’s obtaining ownership, control or management of such property. If the Licensee fails to commence bona fide sales of Vacation Ownership
Property intervals within the 24-month period, Licensee shall retain Licensor (for any Licensed Vacation Ownership Properties) or a third party management company (for any Separate Operations) to manage the hotel component of the project. 

ARTICLE VI 

SOURCING 

Section 6.1. Sourcing. Licensee will source the furniture, fixtures and equipment for the Licensed Vacation Ownership Properties
in compliance with all applicable Laws and the Standards and Agreements. 
 ARTICLE VII 

LICENSOR BRAND IDENTITY GUIDELINES; STANDARDS; LOYALTY PROGRAM 

Section 7.1. Licensor Brand Identity Guidelines. Licensee shall use the Licensed Marks solely: (i) in good faith, in a
dignified manner and in accordance with the Licensor Brand Identity Guidelines and good trademark practice in the Territory; (ii) in a manner that does not harm or jeopardize the value of the Licensed Marks or their associated goodwill; and
(iii) in connection with activities, products, and services that maintain at all times the high levels of quality associated with Licensee’s use of the Licensed Marks prior to the Effective Date. Licensee shall not take any action (or fail
to take any action) that materially harms or jeopardizes (or could reasonably be expected to materially harm or jeopardize) the value, validity, reputation or goodwill of the Licensed IP. 

Section 7.2. Modified Standards. 

(a) Licensor may modify or implement any existing or new Standards during the Term, effective upon notice to Licensee, provided that
(i) Licensor may not require Licensee to comply with any Standards that, as a whole, place a disproportionate or discriminatory burden upon Licensee relative to practices for similarly situated Licensor Lodging Properties, but Licensee
acknowledges that certain Standards may not apply to all of Licensor’s branded hotels and (ii) Licensee shall have a commercially reasonable time to transition to comply with the above new Standards (unless new or modified Standards
reflect changes in applicable Laws, in which case, Licensee must adopt such changes sufficiently promptly to comply with such Laws). 

  
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 (b) On an annual basis during the Term, Licensee may submit proposed changes to the Brand
Standards for Licensor’s prior written approval. Licensor shall not unreasonably withhold its approval to any such changes. 

Section 7.3. Loyalty Program Participation. 

(a) Licensee shall participate in the Loyalty Program pursuant to the terms in this Article VII, the Loyalty Program terms, and all
additional terms contained in any other agreement executed between the Parties at any time during the Term with respect to the Loyalty Program. 

(b) Licensor may modify the Loyalty Program terms in its sole discretion, provided that: 

(i) Licensee shall receive commercially reasonable advance notice of any material changes; 

(ii) Owners at Licensed Vacation Ownership Properties maintain the Loyalty Program status tier level or equivalent that was
purchased prior to such notice; 
 (iii) Licensee may opt out of select programs if they are optional for similarly situated
Licensor Lodging Properties; and 
 (iv) Licensor will not modify the Loyalty Program in any manner that places a
disproportionate or discriminatory burden upon (x) Licensee relative to similarly situated participants or (y) owners at Licensed Vacation Ownership Properties related to other Loyalty Program members. 

(c) All Loyalty Program members shall have the right to redeem Loyalty Program Points for nightly stays at Licensed Vacation Ownership
Properties. Licensee shall provide Loyalty Program members benefits for stays at Licensed Vacation Ownership Properties, consistent with the tiers and rules of the Loyalty Program. Licensee shall have sole responsibility for all matters, activities
and disputes involving Loyalty Program members with respect to their stays in Licensed Vacation Ownership Properties. 
 (d) So long as the
Loyalty Program maintains an air travel mileage partner, Licensor will use commercially reasonable efforts to allow Licensee to purchase air travel miles at the same cost as Licensor. 

Section 7.4. Exclusivity/Licensee Status. Licensee may not participate in a loyalty program (or purchase and use loyalty program
points) of a Hilton Competitor unless such loyalty program relates solely to Vacation Ownership Properties maintained as Separate Operations. Licensor will not authorize Loyalty Program Points to be used solely for the creation of a Vacation
Ownership Business that conflicts with Licensee’s rights under this Agreement. Licensor will maintain Licensee’s tier status (or grant comparable tier status to Licensee) in the Loyalty Program, if Licensee changes the tier structure of
the Loyalty Program during the Term. Licensee may purchase tier status from Licensor for the Loyalty Program. 

  
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 Section 7.5. Sale of Loyalty Program Points. Licensor shall cause Hilton HHonors
Worldwide, L.L.C. (“HHonors LLC”) to sell Loyalty Program Points to Licensee at cost for a period of 20 years after the Effective Date. Licensor shall cause HHonors LLC to inform Licensee of the cost per point at the beginning of
each calendar year during such 20 year period. Thereafter, (i) Licensor shall cause HHonors LLC to sell Loyalty Program Points to Licensee at the market rate (which shall not be (x) less than cost or (y) more than the amount paid by
any other Person participating in the Loyalty Program who buys the similar quantity of points on the same terms and is otherwise similarly situated to Licensee), provided that such market rate is no higher than the price per point paid by any
strategic partner that purchases a comparable volume of points annually on comparable business terms from HHonors LLC. During the Term and in accordance with the restrictions in this Article VII, HHonors LLC shall be entitled to increase the
price per point on an annual basis. 
 Section 7.6. Use of Loyalty Program Points. Licensee may use the Loyalty Program Points
it purchases: 
 (i) to fulfill benefits related to the Licensed Vacation Ownership Business; 

(ii) as awards or incentives associated with the marketing or sale of the Licensed Vacation Ownership Properties; 

(iii) in connection with customer complaints or customer service responses; or 

(iv) for any other reason approved by Licensor in advance in writing. 

Licensee may not resell or transfer Loyalty Program Points to any other Person or allow any Person (other than members of the Loyalty Program
for end-use purposes) to do same. 
 Section 7.7. Conversion to Loyalty Program Points. Licensee can convert points associated
with Licensee’s own point-based reservations and exchange system into Loyalty Program Points through a Licensed Exchange Program at a conversion rate to be determined by Licensee. Licensee’s members’ elections to convert such points
to Loyalty Program Points will be irrevocable and irreversible. All costs and expenses associated with such point conversion shall be the sole responsibility of Licensee. 

ARTICLE VIII 

OPERATIONS 

Section 8.1. Licensee Operations, Brand Standards. At all times during the Term, Licensee will, at its sole expense,
(i) operate the Licensed Vacation Ownership Business in strict compliance with all Standards and Agreements and all applicable Laws; (ii) obtain and maintain all approvals, permits, licenses and consents required for the operation of the
Licensed Vacation Ownership Properties; and (iii) pay all Taxes relating thereto. Licensee acknowledges that, although Licensor provides the Standards and Agreements, Licensee has exclusive day-to-day control of the business and operation of
the Licensed Vacation Ownership Business. Without limiting any obligations in this Agreement or the Standards and Agreements, Licensee shall, at its sole cost and expense, comply with its obligations set forth on Exhibit B. 

Section 8.2. Employees. Licensee will employ sufficient and suitably qualified individuals with respect to the Licensed Vacation
Ownership Business. Licensee will ensure that Licensee’s employees at all times comply with the Standards and Agreements. 

  
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 Section 8.3. Management and Operation of the Projects. 

(a) Licensee may subcontract or delegate its property-level, non-management functions with respect to Operating one or more Licensed Vacation
Ownership Properties, such as housekeeping, security and maintenance to vendors without Licensor’s prior written consent, provided that such functions are delegated or subcontracted in accordance with the Brand Standards. Licensee may
subcontract or delegate both property-level and management functions to (i) a Subsidiary without notice to or consent of Licensor or (ii) any other Person, with Licensor’s prior written consent not to be unreasonably withheld.
Licensor hereby consents to the subcontracting and delegation agreements set forth on Exhibit L. 
  (b) Licensee shall require all
sublicensees (and all Persons referenced in Section 8.3(a)) to agree in writing to abide by all terms herein relating to the Standards and Agreements and protection of the Licensed IP, and Licensee is liable to Licensor hereunder for any act or
omission by a sublicensee or a Person referenced in Section 8.3(a) that would breach this Agreement if committed by Licensee. A Party may not license or authorize any Person (including Subsidiaries) to take any action that such Party is
prohibited from doing under this Agreement, and each Party is liable hereunder for any action by a Subsidiary that would breach this Agreement if committed by such Party. 

Section 8.4. Quality Assurance. 

(a) Subject to any pre-existing third-party agreements prohibiting same, Licensor and its representatives have the right (but not the
obligation) to enter the Licensed Vacation Ownership Properties at any time without notice or additional permission from Licensee to verify that Licensee is complying with this Agreement and the Standards and Agreements. Licensee shall provide
commercially reasonable assistance to facilitate such inspections and promptly (or immediately, for material deficiencies or issues involving health or safety) take all actions necessary to correct any deficiencies found during any inspection. If
Licensor is required to conduct more than one (1) inspection in any twelve (12) month period because of Licensee’s failure to comply with the Standards and Agreements or this Agreement, Licensee shall reimburse Licensor for the
commercially reasonable out-of-pocket costs of such additional inspections. The results of such inspection are Licensor’s Confidential Information, and Licensor may use and disclose them for authorized business purposes. 

(b) Licensor’s representatives who travel to the Licensed Vacation Ownership Properties to perform design review, training, inspections,
assistance or other services shall be permitted, subject to availability, to stay at the relevant Licensed Vacation Ownership Property and use its facilities (including commercially reasonable food and beverage consumption) without charge. 

Section 8.5. Licensed HOAs Not Controlled By Licensee. If any Licensed HOA not Controlled by Licensee operates or maintains a
Licensed Vacation Ownership Property in a manner that would constitute a Deflagging Event or an action set forth in Section 18.3 of this Agreement if committed by Licensee, Licensee shall promptly notify the Licensed HOA of such failure and
request the same be cured within thirty (30) days. If such failure is not susceptible to being cured during such 30 day period, Licensee may extend such cure period for such additional periods as is reasonable under the circumstances if cure is
being diligently pursued, and in no event will such period be more than one year from the date of the initial notice without Licensor’s prior written consent. If the Licensed HOA cannot effect cure within such time (or an extension thereof,
which requires Licensor’s prior written consent, not to be unreasonably withheld), then Licensee shall immediately Deflag such Licensed Vacation Ownership Property, and the provisions of Section 18.1 shall apply. 

  
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  Section 8.6. Employee Discounts. Licensor’s employees may stay at the
Licensed Vacation Ownership Properties (and Licensee’s employees may stay at the Licensor Lodging Properties) for other business or non-business purposes at reduced rates (such rates also covering food and beverage costs), subject to the terms
and conditions contained in the Employee Matters Agreement dated as of the date hereof among the Parties, Park Hotels & Resorts Inc. and Hilton Domestic Operating Company Inc. (the “Employee Matters Agreement”).
Licensee’s employees may enjoy discounts consistent with Licensor’s then-current discount offers to its own employees for in-room amenities, in accordance with the Standards and Agreements and the Employee Matters Agreement. If Licensor so
requests in writing, Licensor’s employees may enjoy discounts consistent with Licensee’s then-current discount offers to Licensee’s own employees to purchase units in Licensed Vacation Ownership Properties. 

Section 8.7. Managers. Each Party shall give the other Party notice of one representative to act as such Party’s primary
contact(s) with respect to the various performance areas and obligations in this Agreement. Each Party may change one or more of its primary contacts in accordance with the procedures set forth in Article XXIII. The Parties’ contacts shall
fully cooperate to perform this Agreement and meet regularly or as needed. 
 ARTICLE IX 

LICENSEE OBLIGATIONS 

Section 9.1. Lodging Business. During the Term and except as permitted in Section 5.9 and this Section 9.1, Licensee
will not engage in the Lodging Business under any Trademark anywhere in the world. 
 Section 9.2. Hilton Competitors. Without
Licensor’s prior written consent, Licensee may not: 
 (a) merge with or acquire direct or indirect Control of a (x) Hilton
Competitor or (y) Vacation Ownership Business (in either an equity or asset acquisition) which has entered into an agreement for Operating activities with a Hilton Competitor; 

(b) acquire direct or indirect Control of a Vacation Ownership Business together with a Lodging Business (in either an equity or asset
acquisition); or 
 (c) be directly or indirectly acquired by, merged into or combined with any Person other than an Affiliate (in either an
equity or asset transaction). 
 Any purported transaction in violation of this Section 9.2 shall be deemed null and void at the outset
and of no force or effect. 
 Section 9.3. Acquisitions. 

(a) Without Licensor’s prior written consent, Licensee may acquire direct or indirect Control of a business that is not a Vacation
Ownership Business or Lodging Business (in either an equity or asset acquisition), and Licensee may (i) operate such new business as Separate Operations or (ii) use the Licensed IP in connection with such new business, subject to
Licensor’s prior written consent. 
 (b) Without Licensor’s prior written consent, Licensee may acquire direct or indirect Control
of Vacation Ownership Properties (in either an equity or asset acquisition) that have never been branded with any Hilton Marks, and Licensee may operate such Vacation Ownership Properties as (i) Separate Operations or (ii) new Licensed
Vacation Ownership Properties, subject to all terms and conditions herein regarding same. 

  
 15 

  Section 9.4. New Products and Services. Licensee may develop or acquire products
or services that are not in the Vacation Ownership Business but are substantially similar to products and services being offered at the time by other Persons who operate a business described in clause (i) of the definition of “Vacation
Ownership Business” of quality similar to Licensee: (i) as Separate Operations or (ii) subject to Licensor’s prior written consent, as part of the Licensed Vacation Ownership Business. 

Section 9.5. Advertising. 

(a) Licensee shall, at its cost and expense, advertise and promote the Licensed Vacation Ownership Business, in all venues and media, in a
first-class, dignified manner, in compliance with all Standards and Agreements and this Agreement. Licensee shall ensure that all advertising and promotional materials used in connection with the Licensed Vacation Ownership Business, in any form or
media (“Marketing Content”) comply with all applicable Laws and the Standards and Agreements. Notwithstanding the foregoing, Licensee may continue to use all Marketing Content that Licensee has used prior to the Effective Date, to
the extent such Marketing Content is consistent with the Standards and Agreements, and will not violate any Standards and Agreements by such use. Licensor has the right to review (on a periodic basis), and Licensee shall respond to Licensor’s
commercially reasonable requests to submit to Licensor any new Marketing Content that differs materially from that used by Licensee as of the Effective Date. Licensee shall promptly revise or cease using any Marketing Content after it becomes aware
(whether from notice from Licensor or otherwise) that it does not comply with this Agreement, the Standards and Agreements (subject to this Section 9.5(a)) or applicable Laws. 

(b) The Parties will cooperate to facilitate advertising the Licensed Vacation Ownership Properties in Licensor’s distribution channels,
and develop and exploit new Marketing Content and channels to support the Licensed Vacation Ownership Business, provided that, in each case, Licensor has sole discretion as to any specific advertising activities. 

(c) The Parties will coordinate all marketing activities provided under this Agreement, including online demand generation, Internet keyword
purchasing and email marketing (and future successors and equivalents of the foregoing), so as to prevent current and prospective customers from declining to receive marketing for Licensor and/or the Loyalty Program. 

Section 9.6. Sponsorships/Partnerships. 

(a) The Parties shall meet quarterly during the Term to discuss future Marketing Content and any sponsorship, marketing, endorsement or
similar agreements (“Marketing Agreements”) for the Licensed Vacation Ownership Business between the Parties and their advertisers. 

(b) If Licensor wishes to enter into any Marketing Agreement on an exclusive basis, and such exclusivity would restrict the Licensed Vacation
Ownership Business, Licensor shall notify Licensee (i) at the quarterly meeting or (ii) for time-sensitive matters, at least 30 days prior to executing same. In each case, Licensor shall consult with Licensee and in good faith consider
Licensee’s comments with respect to such agreement; however, for the avoidance of doubt, nothing in this Section 9.6(b) shall give Licensee the right to block or delay any such exclusive marketing agreement. Licensor shall have the sole
right to approve and execute any such exclusive Marketing Agreements that involve the Licensed Marks. However, should Licensor request Licensee participate in a marketing or similar agreement with respect to co-branded credit cards, and such
arrangement includes a bounty fee or similar payment by the issuer for acquisitions at Licensee’s Vacation Ownership Properties, Licensee shall not be required to participate in such marketing activates unless Licensee receives a share of such
payment. 

  
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 (c) Licensee shall ensure that all marketing activities, Marketing Content and Marketing
Agreements entered into in connection with the Licensed Vacation Ownership Business comply with all applicable Laws and the Standards and Agreements and, absent the prior written consent of Licensor, do not involve a Hilton Competitor. Licensee
shall not use any of the Licensed Marks or participate in a Marketing Agreement that may subject Licensor to public ridicule, criticism or controversy or that may substantially tarnish Licensor’s goodwill. 

(d) Licensee may continue to perform under all Marketing Agreements that Licensee has entered into in writing and made available to Licensor
for review prior to the Effective Date. Licensor acknowledges that Licensee has prior to the Effective Date entered into certain Marketing Agreements or other arrangements designed to support the Licensed Exchange Program with Hilton Competitors, a
list of which is attached hereto as Exhibit M. Should Licensee desire to enter into a new Marketing Agreement or other arrangement with a Hilton Competitor, or materially expand the scope of such an existing arrangement, Licensee must first obtain
Licensor’s prior written consent. 
 (e) Licensee may enter into new local Marketing Agreements and enterprise-wide Marketing
Agreements at any time, subject to Licensor’s prior written approval for all enterprise-wide Marketing Agreements and any new local Marketing Agreement that differs materially from that used by Licensee as of the Effective Date. Licensee shall
notify Licensor of all proposed new Marketing Agreements (i) at the quarterly meeting or (ii) for time-sensitive matters, at least 30 days prior to the signing date. Licensor shall not unreasonably withhold its approval for any Marketing
Agreement that does not involve a Hilton Competitor. In each case, Licensee shall consult with Licensor and in good faith consider Licensor’s comments with respect to such agreement. Should Licensor determine, in its reasonable discretion, that
a Marketing Agreement does not comply with this Agreement, the Standards and Agreements (subject to this Section 9.6(e)) or applicable Laws, then Licensor shall notify Licensee of same and Licensee shall terminate such Marketing Agreement.
Licensee shall respond to Licensor’s reasonable requests to submit to Licensor any Marketing Content. 
 Section 9.7.
Reservations. Licensee shall, at all times during the Term, participate in and use the Licensed System and honor all confirmed reservations referred to the Licensed Vacation Ownership Properties through the Licensed System. 

Section 9.8. Diversion. Licensee shall not divert any business from the Licensed Vacation Ownership Properties to any other
facilities or products (except other Vacation Ownership Properties through an exchange program or facilities or products affiliated with Licensor, in each case, as approved by Licensor in its sole discretion). 

Section 9.9. Finances. Licensee shall have sole responsibility for all debts, liabilities, permits, Taxes and other financial
obligations incurred in the operation of the Licensed Vacation Ownership Business, and make all such payments when due. 
 ARTICLE X

  SYSTEMS 

Section 10.1. Systems. Licensee shall maintain all Licensee Systems in connection with all Standards and Agreements. 

  
 17 

 ARTICLE XI 

LICENSOR SERVICES 

Section 11.1. Call Center Transfer Services. The Parties have executed the Marketing Services Agreement, effective as of the
Effective Date (the “Marketing Services Agreement”), which shall govern the transfer of Calls from Licensor to Licensee. The Marketing Services Agreement shall at a minimum provide that: 

(i) it shall terminate automatically, if the Noncompetition Term expires or terminates (either standing alone or if this
Agreement terminates in its entirety); 
 (ii) Licensor shall have no service level obligations or required minimums for
transferred Calls; however, for ten years after the Effective Date, Licensor shall use Reasonable Best Efforts to transfer Calls to Licensee at a level consistent with past practice prior the Effective Date as adjusted in good faith to reflect,
among other facts and circumstances that could affect the overall value proposition of the Marketing Services Agreement, overall call volume, changes to the demographic mix of callers and changes in customers’ preference or willingness to be
presented with Licensed Vacation Ownership offers; 
 (iii) For three years after the Effective Date, Licensor’s
existing call center procedures shall not be changed in a way that negatively and materially affects the order in which Calls are forwarded by Licensor to third parties, including Licensee; and 

(iv) Licensor shall provide the Call transfer services described therein at cost for the first 30 years and at market rates
thereafter. 
 All other terms and conditions with respect to such Call transfers shall be set forth in the Marketing
Services Agreement. 
 Section 11.2. Other Services. Licensor shall otherwise provide services to Licensee as set forth in all
other Party Agreements. 
 ARTICLE XII 

REPAIRS AND MAINTENANCE 

Section 12.1. Repairs. Licensee shall ensure that all Licensed Vacation Ownership Properties are in good repairs and first-class
condition and conform with applicable Laws and the Standards and Agreements. 
 ARTICLE XIII 

INTELLECTUAL PROPERTY 

Section 13.1. Ownership/New Marks. 

(a) Licensor, together with its Affiliates, is the sole owner of all Licensed IP, and Licensee will not file to register, register, patent,
maintain or renew any of same. Licensee will not directly or indirectly attack, contest or otherwise challenge the validity, enforceability or ownership of any Licensed IP or Hilton Data. Notwithstanding the foregoing, if Licensee is deemed to be
the owner of any Licensed 

  
 18 

 
IP (or own any rights in any Hilton Data), Licensee hereby assigns and agrees to assign to Licensor all of such rights in same. Unless Licensee has notified Licensor that it no longer requires
the use of any Licensed Marks, Licensor shall continue to maintain and renew all Licensed Marks (and file and use Reasonable Best Efforts to prosecute until registration all new “Licensed Marks” approved hereunder), so long as Licensee
reimburses Licensor for all commercially reasonable out-of-pocket costs incurred. 
 (b) Without limiting Section 13.1(a), Licensor
agrees that Licensee may (i) serve as the administrative and technical contact for all domain names and social or mobile media registrations included in the Licensed Marks, provided that Licensor shall be the registrant of any such
domain names (and social or mobile media registrations, if and to the extent the trademark owner is intended to be the registrant) and (ii) file to register corporate, trade, d/b/a and similar names containing the Licensed Marks, so long as any
such registration does not modify or compromise Licensor’s ownership rights in the Licensed Marks. 
 (c) If Licensee wishes to use a
Licensed Mark in a country or jurisdiction for which it is not registered as of the Effective Date, it may notify Licensor of same. The Parties will cooperate to perform all necessary due diligence with respect to Licensee’s proposed use.
Licensor shall not withhold its consent to any proposed new Trademark if the new Trademark, in Licensor’s good-faith judgment, would not reasonably be expected to harm or jeopardize the value, validity, reputation or goodwill of the Licensed
Marks or subject Licensor to any risk of legal liability or an adverse Action anywhere in the world. Any new Trademark approved by Licensor hereunder shall be owned by Licensor and deemed to be a “Licensed Mark” hereunder. 

Section 13.2. Licensee’s Use of Licensed IP. 

(a) Licensee shall use all Licensed IP solely in compliance with applicable Laws and all Standards and Agreements. Licensee will use all
notices and legends for the Licensed IP that are required by applicable Laws or reasonably requested by Licensor. 
 (b) Licensee
acknowledges that Licensor may change the stylization, font or appearance of the Licensed Marks during the Term. Licensee must use the latest version of the Licensed Marks that Licensor has adopted for its own use, subject to a commercially
reasonable transition period during which Licensee may engage in traditional “phase out” use of the prior version of the Licensed Marks. 

(c) Licensee may use the Trademarks of third parties in connection with permitted marketing activities in the ordinary course of business in
the Licensed Vacation Ownership Business, provided that, without Licensor’s prior written consent (whether provided in connection with the Parties’ marketing activities in Section 9.5 or Section 9.6 or otherwise), Licensee shall
not use (i) the Licensed Marks with any other Trademark in such a manner so as to suggest (a) a co-branded, combined or composite Trademark or (b) that Licensor is affiliated with, endorses or sponsors the owner of such Trademark; or
(ii) the Trademarks of any Hilton Competitor in the Licensed Vacation Ownership Business. 
  Section 13.3.
Enforcement. If Licensee learns of any actual or threatened unauthorized use of the Licensed IP by any Person, Licensee shall promptly notify Licensor. Licensor, in its sole discretion, shall decide whether to commence an Action against such
use. If Licensor elects not to bring an Action and such unauthorized use is materially impairing Licensee’s rights under this Agreement, Licensor shall not unreasonably refuse a request by Licensee to bring an Action in its own name. If
Licensor refuses such a request, Licensee may not bring such an Action. If Licensor grants such a request, Licensor may participate in such Action with counsel of its own choice at its own expense. The Parties may also elect in their discretion to
bring a joint Action. The Parties shall fully cooperate in any such Action brought in this Section 13.3. Absent a joint Action or later agreement to the contrary, the Party that brings any 

  
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Action herein shall control its prosecution, pay all costs and expenses associated therewith and have the sole right to any and all damages, settlements and proceeds therefrom; provided
that a Party shall not enter into any settlement or other agreement that would impose any liability or obligations or have any adverse effect upon on the other Party without its prior written consent, which consent shall not be unreasonably
withheld. Licensee hereby agrees that this Section 13.3 limits its rights under applicable Laws to commence an Action against any Person’s unauthorized use of the Licensed IP, and hereby waives such rights, to the extent they conflict with
this Section 13.3. 
 Section 13.4. Credit Cards. 

(a) Licensee may not enter into any agreement with a financial institution or any other Person to create a co-branded credit card or any
co-branded alternative payment technology (e.g., Google Wallet) without Licensor’s prior written consent. Should Licensee establish Separate Operations, Licensee may co-brand a credit card or other payment alternative provided such co-branding
does not include any Hilton Marks and is only utilized in connection with the Separate Operations. 
 (b) Licensee shall use the
then-current Loyalty Program credit card designated by Licensor as the exclusive instant credit card issued for down payments, renewals or other fees in connection with Licensed Vacation Ownership Properties and honor all nationally recognized
credit cards and credit vouchers and enter into all necessary agreements with issuers therefor. 
 ARTICLE XIV 

CONFIDENTIALITY 

Section 14.1. Confidential Information. 

(a) Absent the prior written consent of the disclosing Party (the “Disclosing Party”), each Party (the “Receiving
Party”) shall not use any of the Disclosing Party’s Confidential Information other than as required to perform this Agreement or exercise its rights hereunder, and shall not disclose any such Confidential Information to any Person,
other than to its Subsidiaries (but not including Licensee’s Subsidiaries engaged in Separate Operations) and their respective employees and counsel (and Persons described in Section 8.3(a) who need to know it for such Party to perform
under this Agreement (“Recipients”), subject to commercially reasonable confidentiality agreements or obligations of confidentiality (and the provisions of Section 14.2 for Hilton Data). Each Party shall protect the security of
the other Party’s Confidential Information with the same measures it uses to protect its own most sensitive information, and shall use at least a commercially reasonable standard of care in this regard. Each Party is liable for any unauthorized
use or disclosure of Confidential Information by its Recipients, and shall promptly notify the other Party about (and cooperate with the other Party to remediate) any instance of same. 

(b) Confidential Information shall not include Information (other than Hilton Data, for which such exceptions do not apply) that: (i) was
in the Receiving Party’s possession on a non-confidential basis prior to the time of disclosure to such Party by or on behalf of the Disclosing Party; (ii) was or becomes generally available to the public other than as a result of a
disclosure by the Receiving Party or its Recipients; (iii) becomes available to such Party on a non-confidential basis from a source other than the Disclosing Party or its Recipients; (iv) was independently developed by the Receiving Party
without the use of Confidential Information of the Disclosing Party; or (v) is required to be disclosed by applicable Laws, subpoena, legal process or document demand (or to enforce a Party’s rights under this Agreement), provided
that the Receiving Party shall promptly inform the Disclosing Party of any such requirement, disclose no more Information than as required and cooperate with any efforts by the Disclosing Party to obtain a protective order or similar treatment.

  
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 Section 14.2. Data and Data Security. 

(a) As between Licensor and Licensee, (i) Licensor is the owner of all Hilton Data and (ii) Licensee is the owner of all Licensee
Data. Unless otherwise specified, to the extent that any data may fall within the definitions of both Hilton Data and Licensee Data, the use by a Party of such data shall be in accordance with the rights and restrictions applicable to data owned by
such Party, without regard to the restrictions applicable to the same data to the extent owned by the other Party. 
  (b) Subject to all
terms and conditions herein, including this Section 14.2(b), Licensor grants to Licensee during the Term a limited, non-transferable right to use the Hilton Data: (i) to engage in the promotion of the Licensed Vacation Ownership Business
and (ii) for research and analysis in furtherance of Licensee’s internal business purposes, in each case solely in connection with Licensee’s operation of the Licensed Vacation Ownership Business. Except as otherwise expressly set
forth herein, Licensee shall not use the Hilton Data (including in aggregate form) for any purpose. Without limiting the generality of the foregoing, in no event shall Hilton Data (including in aggregate form) be disclosed, sold, assigned, leased or
otherwise provided to third parties (including any non-Subsidiary Licensee Parties and Separate Operations) by Licensee except as otherwise expressly permitted herein or with Licensor’s prior written consent. Notwithstanding the above rights,
Licensor is not required to provide any Hilton Data to Licensee to the extent such provision would result in Licensor’s violation of any applicable Laws, Privacy Policies or Data Security Policies. 

(c) Licensee’s Systems and Licensee’s use of Hilton Data, whether acquired, obtained or developed prior to or after the Effective
Date shall at all times comply with: (i) this Agreement, all applicable Laws, the Standards and Agreements and best practices in the industry; and (ii) Licensee’s own Privacy Policies and Data Security Policies. Licensee shall provide
to Licensor all of its policies and procedures with respect to the Licensee Systems as of the Effective Date and will not materially change same without Licensor’s prior written consent. Licensee may not share or disclose Hilton Data to any
third party vendor, or agent of Licensee without Licensor’s prior written consent. Licensee shall ensure that its third-party vendors that operate, host or otherwise have access to Licensee Systems or Hilton Data also comply with the above
applicable Laws, the Standards and Agreements, best practices in the industry and Licensor’s Privacy Policies and Data Security Policies, and in all agreements with such vendors, shall expressly (i) require such compliance and
(ii) designate Licensor as a third-party beneficiary with the right to enforce such agreement directly against such vendor with respect to all Hilton Data or Licensed IP. Other than as permitted under this Agreement, Licensee will not have,
claim or assert any right against or to such Hilton Data. 
 (d) Licensee will notify Licensor immediately following discovery of any
actual, attempted, suspected or threatened or reasonably foreseeable circumstance that compromises, or could reasonably be expected to compromise, either physical security (including security at any facility housing Licensee Systems or relating to
transportation of Licensee Systems or the physical media containing Licensor’s Confidential Information) or Systems security (including security control measures of Systems of any variety) of any Licensee Systems used in connection with the
Licensed Vacation Ownership Business (or Systems interacting with same) in any manner that either does or could reasonably be expected to permit unauthorized processing, use, disclosure or acquisition of or access to any Licensee Systems, Hilton
Data, or other Confidential Information of Licensor, or otherwise harm the Licensed Vacation Ownership Business or the reputation or goodwill of Licensor (a “Security Breach”). Licensee shall remedy any such breach at its own
expense, in compliance with all applicable Laws and the Standards and Agreements, and a remediation plan approved by Licensor, and the Parties shall cooperate fully in all such remedial actions. Unless otherwise required by applicable Laws, Licensee
shall not make any notifications to customers, members or the general public of any such Security Breach without Licensor’s prior written consent. 

  
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 ARTICLE XV 

ACCOUNTING AND REPORTS 

Section 15.1. Maintenance of Records. Licensee, at its expense, will maintain and preserve for at least five (5) years (or, if
longer, the period of time required by applicable Laws) after their creation or generation complete and accurate books, records and accounts for the Licensed Vacation Ownership Business, in accordance with United States Generally Accepted Accounting
Principles, applicable Laws and the Standards and Agreements. 
 Section 15.2. Audit. During the Term and for three
(3) years thereafter, Licensor and its representatives have the right, at any time, upon commercially reasonable notice to Licensee and at Licensor’s cost, to examine, copy and audit all Information of Licensee for the past five
(5) years preceding as is required to ensure that Licensee complies with this Agreement. Licensee will fully cooperate with any such audit. If an examination or audit reveals that Licensee has underpaid Licensor, Licensee will promptly pay to
Licensor the amount underpaid plus interest. If the underpayment is five (5%) or more for the period being audited, Licensee will reimburse Licensor for all commercially reasonable costs and expenses connected with the audit. If the examination
or audit establishes a pattern of underreporting, Licensor may require that the financial reports due hereunder be audited by an internationally recognized independent accounting firm. 

Section 15.3. Royalty and Fee Reporting. During the Term and Tail Period, and for a period of at least one (1) year
thereafter, Licensee agrees that it shall, at Licensee’s expense, maintain accurate and complete records with respect to the basis upon which the Royalties and fees are calculated under this Agreement. Upon reasonable advance notice to
Licensee, such records shall be open for inspection by representatives of Licensor during Licensee’s regular business hours. Licensor has the right to inspect the records of all Licensee Parties to the extent that such records are relevant to
how the Royalties and fees were calculated under this Agreement. 
 ARTICLE XVI 

INDEMNIFICATION; INSURANCE 

Section 16.1. Indemnification. 

(a) Licensee shall indemnify, defend at its expense and hold harmless Licensor and its Subsidiaries and their respective officers, directors,
agents, employees and representatives (“Related Parties”) from and against any and all losses, costs, liabilities, damages, judgments, settlements, fees, claims, demands and expenses (including commercially reasonable
attorneys’ fees and costs of suit) (“Losses”) resulting from (i) third-party claims based upon (w) Licensee’s breach of this Agreement or any representation, warranty or covenant herein, (x) the operation of
its Vacation Ownership Business, and all acts and omissions in connection therewith, (y) Licensee’s use of or access to the Licensed IP or Hilton Data other than as expressly authorized herein and (z) Licensor’s use as authorized
herein of any content provided by Licensee under Section 1.2 and/or (ii) claims based upon any Security Breach or any unauthorized use, processing or disclosure of any Hilton Data. 

  
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 (b) Licensor shall indemnify, defend at its expense and hold harmless Licensee and its
Subsidiaries and their Related Parties from and against all Losses resulting from third-party claims based upon (i) Licensor’s breach of this Agreement or any representation, warranty or covenant herein, (ii) Licensor and its
Subsidiaries’ operation of their businesses, and all of their acts and omissions in connection therewith or (iii) Licensee’s use of the Licensed IP as expressly authorized herein. 

(c) A Party receiving notice of an indemnified claim herein shall promptly notify the other Party. The indemnified Party may, at its expense,
employ separate counsel and participate in (but not control) the defense, compromise or settlement of such claim, and shall fully cooperate with the indemnifying Party in connection therewith. Neither Party shall settle or compromise an indemnified
claim in any manner that adversely affects the other Party without its prior written consent. 
 Section 16.2. Insurance
Policies. Licensee shall obtain and maintain at all times during the Term and thereafter, to the extent any such policies require coverage at the time a claim is made (unless such requirement is waived pursuant to Licensor’s prior written
consent), insurance of the following types: 
 (a) Commercial General Liability Insurance including coverage for premises and operations,
contractual liability, bodily injury, personal injury, advertising injury, property damage, innkeeper’s liability and liquor liability if applicable with a minimum policy limit of $25,000,000 USD per occurrence. 

(b) Business Automobile Liability Insurance with coverage for any auto or vehicle whether owned, non-owned, hired, leased or otherwise used in
the performance of this Agreement with limits of $25,000,000 USD combined single limit each accident. 
 (c) Crime, Employee Dishonesty
Insurance with coverage for loss arising out of or in connection with any fraudulent or dishonest acts committed by the employees, acting alone or in collusion with others, in an amount of at least $2,000,000 USD. 

(d) Employment Practice Liability Insurance shall be obtained in an amount no less than $1,000,000 USD. Such insurance shall include coverage
for “mass”/class action multi-party claims, and shall specifically amend the definition of “Employer” to include both “Owner” and “Manager,” regardless of who is the statutory employer. 

(e) Property Damage and Business Interruption Insurance as follows: 

(i) Property Damage and Business Interruption insurance on a special causes of loss policy form (“all-risk”),
covering one hundred percent (100%) of the insurable replacement value of the building and its contents, and for full recovery of the net profits and continuing expenses for the property (including rental value and franchise fees) for a twelve
(12) month period must be carried. The policy must include coverage for the peril of windstorm, earthquake, and flood with limits as close to replacement cost of the building as is available at commercially reasonable prices. Limits below full
replacement cost should be based on a professional study probable maximum loss. 
 (ii) Broad form Boiler and Machinery
Insurance, including business interruption coverage, against loss from accidental damage to, or from the explosion of, boilers, air conditioning systems, including refrigeration and heating apparatus, pressure vessels and pressure pipes in an amount
equal to one hundred percent (100%) of the actual replacement value of such items plus full recovery of the net profits and continuing expenses of the property. 

  
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 (iii) Terrorism Insurance coverage for both first party damage and third party
liability either stand-alone, through a government operated or mandated pool, or as part of the General Liability coverage and the Property Damage and Business Interruption coverage. 

(f) Workers’ Compensation Insurance per applicable Laws and Employers Liability insurance with a limit not less than $1,000,000 USD each
accident for bodily injury, $100,000,000 USD each employee for bodily injury by disease, and $1,000,000 USD policy limit for disease. 
 (g)
Cyber Liability Insurance, including but not limited to coverage for privacy and network security liability: 1st and 3rd party liability, wrongful disclosure of data, breach of security, downtown, identification theft, credit monitoring service and
with a minimum policy limit of $3,500,000 USD each occurrence of claim. 
 (h) Upon sixty (60) days written notice, such other
insurance in such amounts as Licensor may reasonably request against such other insurable hazards common in the industry, taking into account the changing circumstances in the law and insurance marketplace. 

Section 16.3. Insurance Requirements. 

(a) Licensee shall purchase the insurance in Section 16.2 solely from insurance companies with a financial rating acceptable to Licensor,
which shall be no less than A—VII if rated by the company A.M. Best. Licensee shall provide evidence to Licensor via certificate (initial coverage, renewal or change in limits) by fax, email or upload to Licensor (or Licensor’s external
partner as indicated by Licensor to Licensee) of its compliance with Section 16.2 and Section 16.3 herein. 
  (b) With the
exception of Boiler & Machinery and Workers’ Compensation, all insurance policies must name Licensor and its Affiliates and their respective past and current employees, officers and directors as additional insureds. Licensor shall
cause all policies to be endorsed to be primary insurance with no recourse to, or contribution from, other similar insurance, if any, which may be carried by Licensor or its Affiliates. 

(c) Requests by Licensee to modify requirements for Earthquake, Flood, Windstorm or Terrorism may be submitted to Licensor’s “Risk
Management” division for consideration. Guidelines for such requests may be requested from RiskManagement@hilton.com. 
  (d) If
Licensee breaches its obligations under Section 16.2 or Section 16.3, Licensor may (but is not obligated to) obtain and maintain insurance to remedy such breach without notifying Licensee, and Licensee shall immediately reimburse Licensor
for all costs and premiums in this regard. 
 Section 16.4. Licensee’s Obligations. Licensor makes no representation,
implied or express, that the foregoing insurance requirements are adequate to protect Licensee from its potential liability relating to this Agreement or the Licensed Vacation Ownership Business. The insurance coverage requirements do not limit
Licensee’s indemnification or other liabilities to Licensor under this Agreement. Any failure of Licensor to demand evidence of compliance by Licensee with Section 16.2 or Section 16.3 shall not be construed as a waiver of
Licensee’s obligations. 
 Section 16.5. Contribution. If a Party’s indemnification obligations herein are
unavailable, unenforceable or insufficient to indemnify, hold harmless and defend the indemnified Party and its Related Parties from an indemnified claim herein, the indemnifying Party will, to the fullest extent permitted by applicable Laws,
contribute to the Losses of any indemnified parties for an indemnified claim, in proportion to the relative fault of the indemnifying Party in relation to such claim. 

  
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 ARTICLE XVII 

TRANSFERS 

Section 17.1. By Licensee. Without the prior written consent of Licensor, Licensee cannot assign, mortgage or pledge its rights
under this Agreement, in whole or in part, to any Person other than an assignment of this Agreement in its entirety to an Affiliate, solely as part of an internal reorganization for tax or administrative purposes, and solely if (i) Licensee
guarantees the performance of such Subsidiary thereafter and (ii) the assignee is the ultimate parent entity in Licensee’s organization or otherwise has the power to control the actions of all of Licensee’s Affiliates receiving the
benefit of this Agreement. For clarity, this Agreement shall be construed as an agreement for the personal services of Licensee in its current form as a non-bankrupt entity, and Licensee may not assume this Agreement (or assign this Agreement to any
other Person, including an Affiliate) in bankruptcy without Licensor’s prior written consent. Without the prior written consent of Licensor, Licensee shall not permit a tax sale, seizure, security interest, lien, mortgage or encumbrance or
attachment to occur with respect to any Licensed Vacation Ownership Property. 
 Section 17.2. By Licensor. Licensor may assign
this Agreement, in whole or in part, in its discretion, provided that any successor or acquirer must assume in writing all of Licensor’s obligations hereunder. Licensor may delegate its obligations herein to any Person, provided
that Licensor is obligated hereunder for such Person’s acts or omissions. 
 Section 17.3. By Either Party. Any
purported assignment, sublicense, acquisition or other transaction with a third party in violation of any provision of this Agreement shall be null and void at the outset. In the event of a permitted assignment hereunder, this Agreement will be
binding upon and inure to the benefit of the Parties’ permitted successors or assigns. 
 ARTICLE XVIII 

BREACH, DEFAULT, AND REMEDIES 

Section 18.1. Deflagging. Upon the occurrence of any of the events below (each a “Deflagging Event”), without
limiting its other rights and remedies herein, Licensor has the right to require Licensee to Deflag the applicable Licensed Vacation Ownership Property and terminate access to or use of all Licensed IP, Hilton Data and Loyalty Program by the
applicable Licensed Vacation Ownership Property, whether or not it is Controlled by an HOA or Controlled by Licensee (the “Deflagged Property”), and Licensor may exercise the applicable remedy as set forth below: 

(a) If execution is levied against any Licensed Vacation Ownership Property in connection with a final, non-appealable judgment for the payment
of an amount in excess of $10,000,000 USD (as adjusted annually after the Effective Date by the CPI Adjustment), or a suit to foreclose any lien, mortgage or security interest (except for foreclosures with respect to consumer financing and mechanics
liens that are placed on such Licensed Vacation Ownership Property in the ordinary course of business) on such Licensed Vacation Ownership Property or any property necessary for the operation of such Licensed Vacation Ownership Property in
accordance with Standards and Agreements, is initiated and not vacated within ninety (90) days, then Licensor may issue of notice of breach to Licensee with respect to such Licensed Vacation Ownership Property. Licensee shall have thirty
(30) days following notice of breach to post a bond or provide other financial assurances reasonably acceptable to Licensor that such Licensed Vacation Ownership Property can continue to operate as part of the Licensed Vacation Ownership
Business in accordance with this Agreement. Licensee’s failure to obtain such bond or provide adequate financial assurances is a Deflagging Event and Licensor may Deflag such Licensed Vacation Ownership Property immediately upon notice to
Licensee. 

  
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 (b) An on-going threat or danger to public health or safety occurs at any Licensed Vacation
Ownership Property, and such occurrence has or is reasonably expected to have a substantial, material and adverse effect on such Licensed Vacation Ownership Property, Licensor, the Licensed IP or any goodwill associated therewith, Licensee will
notify Licensor of the threat or danger and Licensee will provide Licensor with a plan to address such threat or danger in a manner reasonably acceptable to Licensor, which plan may include proposed arrangements to accommodate guests at alternative
lodging facilities. Depending on the severity of such threat or danger, Licensor may suspend or remove such Licensed Vacation Ownership Property from the Licensed IP, Hilton Data and Loyalty Program until resolution of the threat or danger. If the
threat or danger to public health or safety is not eliminated within six (6) months and Licensee fails to develop a plan to address such threat or danger in a manner reasonably acceptable to Licensor, it shall be a Deflagging Event and Licensor
may Deflag such Licensed Vacation Ownership Property, immediately upon notice to Licensee. 
 (c) Except where the failure to meet the
applicable thresholds for performance under the quality assurance audit system at such Licensed Vacation Ownership Property is directly a result of Licensor’s actions or inactions with respect to the provision of management services or shared
services at such Licensed Vacation Ownership Property, it shall be a Deflagging Event if Licensed Vacation Ownership Property fails to achieve the thresholds of performance established by the Licensor’s quality assurance audit system and such
failure has not been cured within the applicable cure period under the quality assurance audit system which shall not be less than thirty (30) days. If Licensee fails to cure or enter into a remediation arrangement with Licensor within ninety
(90) days following the date of the Deflagging Event, or fails to improve the performance of such Licensed Vacation Ownership Property in accordance with the remediation arrangement, Licensor may Deflag such Licensed Vacation Ownership
Property, immediately upon notice to Licensee. 
 (d) If any Licensed Vacation Ownership Property is not Operated in compliance with the
Standards and Agreements and this Agreement, Licensor may issue a notice of breach to Licensee with respect to such Licensed Vacation Ownership Property. If Licensee fails to cure the breach within the time period specified in the notice, which
shall not be less than thirty (30) days, it shall be a Deflagging Event. If Licensee fails to cure or enter into a remediation arrangement with Licensor within sixty (60) days following the date of the Deflagging Event, or fails to improve
the performance of such Licensed Vacation Ownership Property in accordance with the remediation arrangement, Licensor may Deflag such Licensed Vacation Ownership Property, immediately upon notice to Licensee. 

(e) Any Deflagging Event shall not affect the rights of the other Licensed Vacation Ownership Properties hereunder. Upon notice from Licensor
of Deflagging, Licensee shall notify the Deflagged Property within 30 days, and starting from the date of Deflagging, Licensee will comply with the terms of Section 19.1 with respect to such property. If Licensee then wishes to continue to
operate the Deflagged Property, Licensee may operate it solely as a Separate Operation. This Section 18.1 is cumulative with, and shall not limit Licensor’s rights under Section 18.3. 

(f) If Licensee fails to operate any Sales Facility or Member Service Center in compliance with the Standards and Agreements or this
Agreement, then Licensor may issue a notice of breach with respect to such failure. If Licensee fails to remedy within thirty (30) days of such notice, then Licensor may require Licensee to close such Sales Facility or Member Service Center or
cease to operate such Sales Facility or Member Service Center as part of the Licensed Vacation Ownership Business. 

  
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  (g) Upon the occurrence of a Deflagging Event, without limiting its other rights and remedies
herein, Licensee shall not develop new phases of such Licensed Vacation Ownership Property as determined by Licensor its sole discretion until the breach is cured. 

Section 18.2. Termination by Licensor for Bankruptcy by Licensee. Licensor may immediately terminate this Agreement, effective
upon notice to the Licensee, if Licensee dissolves, liquidates, ceases business operations (excluding a merger into another entity that continues such operations thereafter), becomes insolvent, generally does not pay its debts as they become due or
files a voluntary petition (or consents to an involuntary petition) or an involuntary petition is filed and is not dismissed within sixty (60) days under any bankruptcy, insolvency or similar Laws. 

Section 18.3. Termination by Licensor For Breach by Licensee. Licensor may immediately terminate this Agreement in its entirety,
effective upon notice to Licensee, if at any time during the Term: 
 (a) (i) 25% or more of the Licensed Vacation Ownership Properties are
failing the performance thresholds of Licensor’s then-current quality assurance system for Vacation Ownership Properties or (ii) Licensee’s overall customer satisfaction score for all Licensed Vacation Ownership Properties is less
than 60, and in each case of (i) and (ii), such failure has not been cured within the applicable cure period under the quality assurance or customer satisfaction audit system, which shall not be less than thirty (30) days or
(iii) Licensee fails to operate any Licensed Vacation Ownership Property in compliance with this Agreement or the Standards and Agreements, or otherwise breaches any of the foregoing, and such failure or breach has a material adverse effect on
the business, goodwill, operations, assets, liabilities (actual or contingent) or financial condition of Licensor and its Subsidiaries, taken as a whole; 

(b) Licensee timely fails to pay any amounts due herein in excess of (i) $5 million USD (as adjusted annually after the Effective Date by
the CPI, or its equivalent, if the CPI is unavailable (the “CPI Adjustment”) and does not cure such payment within fifteen (15) days or (ii) $3 million USD (subject to the CPI Adjustment) two (2) or more times within
any twenty-four (24) month period; 
  (c) A threat or danger to public health or safety occurs at any Licensed Vacation Ownership
Property, and such occurrence has a material adverse effect on the business, goodwill, operations, assets, liabilities (actual or contingent) or financial condition of Licensor and its Subsidiaries, taken as a whole; 

(d) Licensee directly or indirectly becomes an Affiliate of a Person who is (i) (x) owned or Controlled by, or is acting on behalf
of any Governmental Entity of any country that is subject to comprehensive U.S. sanctions in force; (y) located in, organized under the laws of or ordinarily resident in any such country; or (c) identified by any Governmental Entity as a
person with whom dealings and transactions by Licensee are prohibited or restricted or (ii) a Hilton Competitor, unless the Hilton Competitor’s Vacation Ownership Business is managed thereafter as a Separate Operation; 

(e) Licensee breaches Section 9.2 (without giving effect to the provisions therein that would render any breaching transaction null and
void) or Section 9.3; or 
 (f) Licensee (i) contests in any Action Licensor’s ownership or the validity of the Licensed IP
or Hilton Data or assists any other Person to do same; (ii) assigns this Agreement in violation of Section 17.1 (without giving effect to the provisions in Section 17.3 that would render such assignment null and void);
(iii) intentionally submits false information or maintains false records or books with respect to its payment obligations herein; (iv) has a senior executive or board member that is convicted of a felony (or any other crime that is
reasonably likely to harm Licensor, the Licensed Marks or their goodwill); or (v) is the subject of publicly disclosed information that harms any licenses or permits held by Licensor or its Subsidiaries or their stature with any Governmental
Entity. 

  
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 Section 18.4. Termination of Corporate Name Rights. Licensee’s license to use
the Licensed Marks as a trade, corporate, d/b/a or similar name shall terminate automatically if: (x) the aggregate number of units of accommodation in the Licensed Vacation Ownership Business falls below two-thirds of the total number of units
of accommodation in Licensee’s entire Vacation Ownership Business; (y) if Licensee, directly or indirectly, merges with or into or acquires Control of the assets of Marriott International, Inc., Marriott Vacations Worldwide Corporation,
Hyatt Hotels Corporation, Wyndham Worldwide Corporation, and Interval Leisure Group, Inc. or their respective Affiliates and Licensee or any such other Person uses the brands of such Persons in any business after such acquisition or
(z) Licensee becomes an Affiliate of a Hilton Competitor, in each case regardless of whether the Licensed Vacation Ownership Business is operated as a Separate Operation. 

Section 18.5. Suspension. Upon a default under Section 18.3(a) or Section 18.3(c), without limiting its other rights and
remedies herein, Licensor has the right to (i) suspend Licensee’s access to and use of all Licensed IP and/or Hilton Data (other than the Licensed Marks and Licensed Content) until such breach is cured. 

ARTICLE XIX 
  POST
TERMINATION OBLIGATIONS 
 Section 19.1. After Termination. On termination or expiration of this Agreement, Licensee will:

 (a) within 10 days, pay all sums due and owing to Licensor, including all costs and expenses incurred by Licensor in obtaining injunctive
relief in connection with the enforcement of this Agreement; 
 (b) cease using (and at Licensor’s option, securely destroy or return
when applicable) the Licensed IP and Hilton Data according to the following deadlines: 
 (i) immediately, cease creating new
advertising, marketing and promotional materials in any form or media that contain the Licensed Marks; 
 (ii) immediately,
cease all access to and use of Licensor’s Confidential Information; 
 (iii) within 10 days, cease all access to the
Licensed System; 
 (iv) within 10 days, at Licensor’s option, securely destroy or return to Licensor all of
Licensor’s Confidential Information; 
 (v) within 20 days, delete all uses of Licensed Marks from all websites, social
and mobile media and other digital or electronic venues in Licensee’s possession or control and establish Licensor’s designated employees as all contact names on any registrations or reservations for domain names, social, mobile media and
similar identifiers; 
 (vi) within 30 days, file to change or transfer to Licensor, at Licensor’s option, all
corporate, trade and d/b/a names and vanity telephone numbers to names (or numbers corresponding to names) that do not contain any Licensed Marks; 

  
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 (vii) within 60 days, cease using all Licensed Content in digital or electronic
media; 
 (viii) within 6 months, cease using all business cards, stationery, brochures, portable signage and all other
printed matter and collateral that is visible to the public and bears the Licensed Marks; 
 (ix) within 1 year, remove the
Licensed Marks from all motor vehicles and large outdoor signage; and 
 (x) in the next replacement cycle, cease using all
internal office collateral that is not visible to the public and bears the Licensed Marks. 
 Section 19.2. Liquidated Damages.
Each Party agrees that the termination of this Agreement due to the fault of Licensee will cause substantial damage to Licensor, and without limiting Licensor’s right to seek injunctive or equitable relief, Licensor may in its sole discretion
elect to receive, in lieu of actual damages, a payment of liquidated damages not as a penalty, but as a commercially reasonable estimate of the minimum just and fair compensation for its lost profits and/or direct damages. If Licensor so elects,
such liquidated damages will be due thirty (30) days following any termination of this Agreement and shall be an amount equal to the net present value as of the termination date of all unpaid Royalties and fees under Article III that Licensor
expected (had Licensee not breached) to collect for the remainder of the Term. A discount rate of 8% shall be used to determine the net present value. 

Section 19.3. Cross-Default. Upon termination of this Agreement, all Standards and Agreements shall automatically terminate. 

 Section 19.4. Survival. Section 1.1(b), Article III (for fees accruing prior to termination date), Section 4.2,
Section 13.1, Section 14.1, Section 14.2(a), Section 15.1–Section 15.3, Section 16.1 and Section 16.5, Article XIX and Article XXI–Article XXV shall survive the expiration or termination of
this Agreement. 
  ARTICLE XX 

COMPLIANCE WITH LAWS 

Section 20.1. Applicable Laws. At all times during the Term, Licensee will (i) at its sole expense, operate the Licensed
Vacation Ownership Business in strict compliance with all applicable Laws and (ii) subject to reimbursement by Licensor for its commercially reasonable out-of-pocket costs, provide Licensor with all information relating to the Licensed Vacation
Ownership Business that is necessary or desirable to allow Licensor to comply with all applicable Laws. 
 Section 20.2. Notice of
Events. 
 (a) Licensee shall promptly provide to Licensor all Information Licensor reasonably requests about Licensee and its
Subsidiaries (including its and their respective beneficial owners, officers, directors, shareholders, partners or members) and/or the Licensed Vacation Ownership Business and the Licensed Vacation Ownership Properties; 

(b) Licensee shall give Licensor notice within ten (10) business days of (i) any occurrence that reasonably could materially
adversely affect any Licensed Vacation Ownership Property, the Licensed Vacation Ownership Business or the financial condition of Licensee, (ii) any communication from a Governmental Entity alleging that the Licensed Vacation Ownership Business
(or Licensee’s 

  
 29 

 
Operating of same) fails to comply with any Laws, or that may materially adversely affect the Operation or financial condition of Licensee or the Licensed Vacation Ownership Business or
(iii) any potential or pending Action of which Licensee becomes aware (x) that names Licensor or its Subsidiaries, the Licensed IP or Hilton Data, (y) that would be reasonably likely to have a material adverse effect on the Licensed
Vacation Ownership Business, the Licensed IP or Hilton Data or (z) with respect to which the amount in controversy relating to the Licensed Vacation Ownership Business exceeds five million dollars ($5,000,000 USD). 

ARTICLE XXI 

RELATIONSHIP OF PARTIES 

Section 21.1. Consent Standard. Any consent or approval given under this Agreement may be given or withheld by a Party in its sole
discretion, unless otherwise specified. 
 Section 21.2. Independent Contractor. The Parties are independent contractors, and
nothing in this Agreement is intended to constitute or deem either Party as an agent, legal representative, fiduciary, subsidiary, joint venturer, partner, manager, employee or servant of the other Party for any purpose, provided that Licensor may
act on Licensee’s behalf as Licensee’s agent for purposes of booking reservations at any Licensed Vacation Ownership Property. Nothing in this Agreement authorizes either Party to make, provide, or enter into any contract, agreement,
warranty or representation on the other Party’s behalf or to incur any debt or other obligation in the other Party’s name. 

ARTICLE XXII 

GOVERNING LAW/DISPUTE RESOLUTION 

Section 22.1. Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of New
York 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. 

Section 22.2. Negotiation. In the event of a dispute arising out of or in connection with this Agreement (including its
interpretation, performance or validity) (collectively, “Agreement Disputes”), the general counsels of the relevant Parties (or such other individuals designated thereby) shall negotiate for a maximum of 21 days (or a
mutually-agreed extension) (such period of days, the “Negotiation Period”) from the time of receipt by a Party of written notice of such Agreement Dispute. The relevant Parties shall not assert the defenses of statute of limitations
and laches for any delays arising due to the procedures in Sections 22.2 or 22.3. 
 Section 22.3. Mediation. If the Parties
have not timely resolved the Agreement Dispute under Section 22.2, the Parties agree to submit the Agreement Dispute within to mediation no later than 10 days following the end of the Negotiation Period, with such mediation to be conducted in
accordance with the Mediation Procedure of the International Institute for Conflict Prevention and Resolution (“CPR”). The Parties to the Agreement Dispute agree to bear equally the CPR and mediator’s costs. The Parties agree
to participate in good faith in the mediation for a maximum of 14 days (or a mutually agreed extension). If the Parties have not timely resolved the Agreement Dispute pursuant to this Section 22.3, either Party may then bring an action in
accordance with Sections 22.4 and 22.5 herein. 
 Section 22.4. Consent to Jurisdiction. Each Party irrevocably submits to the
exclusive jurisdiction of (a) the Court of Chancery of the State of Delaware 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 

  
 30 

  
State of Delaware, to resolve any Agreement Dispute that is not resolved pursuant to Sections 22.2 or 22.3. Any judgment of such court may be enforced by any court of competent jurisdiction.
Further, notwithstanding Sections 22.2 and 22.3, either Party may apply to the above courts set forth in Section 22.4(a) & 22.4(b) above for a temporary restraining order or similar emergency relief during the process set forth in
Sections 22.2 and 22.3. Each of the Parties agrees that service by U.S. registered mail to such Party’s respective address set forth above shall be effective service of process for any of the above Actions and irrevocably and unconditionally
waives any objection to the laying of venue of any Action in accordance with this Section 22.4. Nothing in this Section 22.4 shall limit or restrict the Parties from agreeing to arbitrate any Agreement Dispute pursuant to mutually-agreed
procedures. 
 Section 22.5. 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 ACTION ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, INCLUDING ANY AGREEMENT DISPUTE. 

Section 22.6. Confidentiality. All information and communications between the Parties relating to an Agreement Dispute and/or
under the procedures in Sections 22.2 and 22.3 shall be considered “Confidential Information” under Article XIV herein. 

Section 22.7. Continuity of Performance. Unless otherwise agreed in writing, the Parties shall continue to perform under this
Agreement during the course of dispute resolution under this Article XXII with respect to all matters not subject thereto. 

ARTICLE XXIII 

NOTICES 
  All notices
under this Agreement shall be in English, in writing and given or made 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, 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 Article XXIII): 

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

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

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

Orlando, Florida 32835 
 Attn:
General Counsel 
  Facsimile: (407) 722-3776 

  
 31 

 ARTICLE XXIV 

MISCELLANEOUS 

Section 24.1. Complete Agreement; Construction. This Agreement, including the Exhibits, shall constitute the entire agreement
between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments, course of dealings and writings with respect to such subject matter. 

Section 24.2. 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. Facsimile or PDF signature shall serve as originals for purposes of binding the Parties
hereto. 
 Section 24.3. Amendment. This Agreement may not be modified or waived in whole or in part except by an agreement in
writing signed by Licensor and Licensee. 
 Section 24.4. 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. 

Section 24.5. 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 24.6. 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 shall not in any way be
affected or impaired thereby, and such provision shall be interpreted to fullest extent possible consistent with the Parties’ intent. Further, 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 24.7. 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. 

Section 24.8. 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 or thereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. 
 Section 24.9. Cumulative Remedies. No right or remedy conferred upon or reserved to
Licensor or Licensee by this Agreement is intended to be, nor will be, deemed exclusive of any other right or remedy herein or by law or equity provided or permitted, but each will be cumulative of every other right or remedy. 

Section 24.10. Force Majeure. Neither 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 or Licensee’s obligations under Article XIV) under this Agreement (which is an “Ancillary Agreement” as 

  
 32 

 
defined in the Distribution 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. 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 Party 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. 
 ARTICLE XXV 

WARRANTIES 

Section 25.1. By Each Party. Without modifying the Distribution Agreement, each Party represents and warrants to the other Party
that: (i) the warranting Party has full power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement and (ii) this Agreement has been duly executed and delivered by the warranting Party and,
assuming the due execution and delivery of this Agreement by both Parties, constitutes a valid and binding agreement of the warranting Party enforceable against the warranting Party in accordance with its terms. 

Section 25.2. Disclaimer. Except as expressly set forth in Section 25.1, each Party disclaims any representations and
warranties, either express or implied, with respect to this Agreement, and Licensor disclaims any representations and warranties, either express or implied, with respect to the Licensed Marks, including any warranty of ownership, non-infringement,
suitability, value, fitness for use or non-infringement of third party rights. 
 Section 25.3. Limitation on Damages.
Except for claims arising under or breaches of Article XVI, neither Party will be liable to the other Party for any (i) special, incidental, indirect, exemplary, punitive or consequential damages or (ii) except for Licensor’s
reasonably estimated lost profits included in the liquidated damages payment in Section 19.2, lost profits, in each case, relating to this Agreement, regardless of whether such Party has been notified of the possibility or the foreseeability
thereof. 
 [Signature Page Follows] 

  
 33 

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

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

 EXHIBIT A 

DEFINITIONS 
 As used in this Agreement,
the following terms shall have the following meanings: 
 (1) “Action” shall mean any demand, action, claim, suit,
countersuit, arbitration, inquiry, subpoena, case, litigation, proceeding or investigation (whether civil, criminal, administrative or investigative) by or before any court or grand jury, any Governmental Entity or any arbitration or mediation
tribunal. 
 (2) “Acquired Vacation Business” has the meaning set forth in Section 2.6(a). 

(3) “Acquired Vacation Property Inventory” has the meaning set forth in Section 2.6(c). 

(4) “Affiliate” shall mean, when used with respect to any Person, another Person that directly or indirectly Controls, is
Controlled by or is under common Control with such Person. For clarity, Licensor, Licensee and PHRI (and their respective Subsidiaries after the Effective Date) shall not be deemed to be Affiliates of each other in this Agreement. 

(5) “Agreement” means this HGV License Agreement, including all Exhibits and Schedules, as each may be amended by the Parties
from time to time. 
 (6) “Blocked Person” shall mean (i) a Person designated by the U.S. Department of
Treasury’s Office of Foreign Assets Control as a “specially designated national or blocked person” or similar status; (ii) a Person described in Section 1 of U.S. Executive Order 13224, issued on September 23, 2001; or
(iii) a Person otherwise identified by government or legal authority as a Person with whom Licensor, Licensee or any of their Affiliates, are prohibited from transacting business As of the Effective Date, a list of such designations and the
text of the Executive Order are published under the internet website address www.ustreas.gov/offices/enforcement/ofac. 
 (7) “Brand
Standards” shall mean the guidelines developed for use with the Licensed Vacation Ownership Business as modified, amended or supplemented from time to time in accordance with Article VII, which include without limitation standards and
specifications related to health, fire and life safety, security, guest services and assistance, quality assurance as well as design and construction standards, it being acknowledged Brand Standards differ from other Licensor brand standards in a
manner to reflect appropriate differences between hotel service levels and service levels applicable to the Licensed Vacation Ownership Business. 

(8) “Call” has the meaning set forth in the Marketing Services Agreement. 

(9) “Club Revenue” shall mean Licensee’s revenue resulting from the collection of annual dues paid by members (mandatory
and voluntary) of the Licensed Exchange Program. 
 (10) “Co-Located Licensor Lodging Property” has the meaning set forth
in Section 5.6(a). 
 (11) “Confidential Information” shall mean all confidential, proprietary or non-public
Information, content or materials in any form or media provided by or on behalf of a Party to the other Party hereunder, including any information relating to a Party or its Subsidiaries (or any other Person who has provided such Information to them
under obligations of confidentiality) and/or their respective activities, businesses or operations, including financial, technical, customer, personnel and marketing Information. For clarity, Licensor’s Confidential Information shall include
the Standards and Agreements, Hilton Data, Licensed Software and Licensed System. 

 (12) “Contract Sales” shall mean the sum of (i) the gross sale price paid
or to be paid to a third party in a fee for service transaction or arrangement for the initial sale or re-sale of interests held by third parties in Vacation Ownership Properties, and (ii) gross sale price paid or to be paid for the initial
sale or re-sale of interests held in Vacation Ownership Properties, regardless of whether any part thereof is financed. For the avoidance of doubt, the Contract Sales excludes maintenance fees, management fees, dues, exchange fees, enrollment fees,
closing costs, transaction costs, including brokerage commissions and expenses, applicable Taxes paid by an owner of Vacation Ownership Business or its Affiliates or gross up for Taxes paid by purchasers, or interest or financing charges with
respect to financed purchases. 
 (13) “Control” of a person shall mean having direct or indirect (i) ownership of all
or substantially all of the properties or assets of a person; (ii) right to appoint a majority of the members of the board of directors of such person; and/or (iii) beneficial ownership of more than 50% of the outstanding shares of stock
or other equity interests of any class of such person entitled to vote in the election of directors, or otherwise to participate in the direction of the management and policies, of such person (excluding shares or equity interests entitled so to
vote or participate only upon the happening of some contingency). For the purposes of this definition, “person” and “beneficial owner” have the meanings used in Section 13(d) of the Securities Exchange Act of 1934. 

(14) “CPI” shall mean the “Consumer Price Index” published by the Bureau of Labor Statistics of the United States
Department of Labor, U.S. City Average, All Items (Not Seasonally Adjusted) (1982-1984=100). If the Consumer Price Index is hereafter converted to a different standard reference base or otherwise revised, any determination hereunder that uses the
Consumer Price Index shall be made with the use of such conversion factor, formula or table for converting the Consumer Price Index as may be published by the Bureau of Labor Statistics, or, if the bureau shall no longer publish the same, then with
the use of such conversion factor, formula or table as may be published by any nationally recognized publisher of similar statistical information. 

(15) “CPI Adjustment” has the meaning set forth in Section 18.3(b). 

(16) “CPR” has the meaning set forth in Section 22.3. 

(17) “Data Security Policies” shall mean any current or future posted or internal agreement, standard or policy of a Person
relating to the integrity, operation, redundancy, disaster recovery, security testing, monitoring and remediation of Systems used in such Person’s or its Affiliates’ business (and the data therein). 

(18) “Deflag” shall mean, with respect to (i) a Licensed Vacation Ownership Property, for such property to lose its
license to use the Hilton Data, Loyalty Program and Licensed IP herein and (ii) Licensor Lodging Property, for Licensor to cease Operating such property under a Hilton Mark. 

(19) “Deflagged Property” has the meaning set forth in Section 18.1. 

(20) “Deflagging Event” has the meaning set forth in Section 18.1. 

(21) “Disclosing Party” has the meaning set forth in Section 14.1(a). 

(22) “Disputes” has the meaning set forth in Section 22.2. 

  
 2 

 (23) “Distribution Agreement” has the meaning set forth in the Recitals to this
Agreement. 
 (24) “Effective Date” has the meaning set forth in the opening paragraph of this Agreement. 

(25) “Eligible HOA Expenses” shall mean Eligible HOA operating expenses, reserves and real estate taxes. 

(26) “Eligible HOAs” shall mean HOAs operated in connection with Licensed Vacation Ownership Properties (i) subsequent
to the Effective Date of this Agreement and ii) along with the following Licensed Vacation Ownership Properties operated as of the Effective Date: HLTV Vacation Suites, LV Tower 52 Vacation Suites, AOC Vacation Suites, Ocean 22 Vacation Suites,
Sunrise Lodge, Las Palmeras, GI Vacation Suites, Ocean Oak Vacation Suites, TD Suites, HC Suites and BW Vacation Suites. Future phases of existing resorts where new phases will be combined with existing phases for HOA assessment purposes, such as RL
Vacation Suites, WBKL Vacation Suites and Las Vegas Boulevard Vacation Suites, shall be excluded from this definition, however, if such new phases are not under the existing HOA, they shall be counted when assessing Royalty. 

(27) “Exchange Program” shall mean any program or arrangement for the voluntary exchange of the right to use and occupy an
accommodation unit for the right to use or occupy another accommodation unit. For example, as of the Effective Date, Licensee operates the following Exchange Programs: Hilton Grand Vacations Club Exchange Program and Hilton Club Exchange Program.

 (28) “Fee For Services Sales Price” shall mean the gross sale price paid or to be paid to a third party in a fee for
service transaction or arrangement for the initial sale or re-sale of interests held by third-parties in Licensed Vacation Ownership Properties (excluding HGVClub at Craigendarroch Suites and HGVClub at MarBrisa). For the avoidance of doubt, the Fee
For Services Sales Price excludes maintenance fees, management fees, dues, exchange fees, enrollment fees, closing costs, transaction costs, including brokerage commissions and expenses, applicable Taxes paid by Licensee or its Affiliates or gross
up for Taxes paid by purchasers, or interest or financing charges with respect to financed purchases. To the extent that interests in Licensed Vacation Ownership Properties are used as consideration, in whole or in part, for the purchase of
interests in other Licensed Vacation Ownership Properties (i.e., upgrades), then the Fee For Services Sales Price shall be the difference between the gross sales price paid by the owner for the prior interest in the Licensed Vacation Ownership
Property and the gross sales price paid by the owner for the newly acquired interest in the Licensed Vacation Ownership Property. 
 (29)
“Force Majeure” shall mean, with respect to a Party, an event beyond the commercially reasonable control of such Party (or any Person acting on its behalf), which by its nature could not have been foreseen by such Party (or such
Person), or, if it could have been foreseen, was unavoidable, and includes acts of God, storms, floods, riots, labor unrest, pandemics, nuclear incidents, fires, sabotage, civil commotion or civil unrest, interference by civil or military
authorities, acts of war (declared or undeclared) or armed hostilities or other national or international calamity or one or more acts of terrorism or failure of energy sources or distribution facilities. 

(30) “Fractional Vacation Club Business” shall mean (i) business of Operating properties for vacation or leisure
purposes in which Persons acquire an shared ownership interest in or right to use (including through interests in a land trust or similar real estate vehicle, Destination Club, and/or in the form of points, deeded weeks or other currency) one or
more specified overnight accommodations and associated facilities, in each case, on a recurring, minimum periodic basis greater than twenty-seven (27) days per calendar year, and pay for such interest or right in advance (whether payments
lump-sum or periodically over time and (ii) natural ancillary products or services for such business. 

  
 3 

 (31) “GBCS Services” shall mean a series of commercial services centrally
delivered by Licensor including, but not limited to, group lead generation, business travel sales RFP management, sales operational support, EDGE program management and online demand generation and optimization, and third party distribution. 

(32) “Governmental Entity” shall mean any (i) nation or government, any state, municipality or other political
subdivision thereof; (ii) entity, body, agency, commission, department, board, bureau or court, whether U.S., state, municipal, foreign or multinational, exercising executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government and any official thereof; and (iii) stock exchange or industry self-regulatory organization. 
 (33)
“Gross Revenues” shall mean the sum of: 
  

	 	(a)	the aggregate Gross Sales Price; 

  

	 	(b)	the Fee For Services Sales Price; 

  

	 	(c)	Leasehold Sales Price Amortization; 

  

	 	(d)	Property Operations Revenue; 

  

	 	(e)	Club Revenue; 

  

	 	(f)	Marketing Package Revenue; 

  

	 	(g)	Transient Rental Revenue; and 

  

	 	(h)	Eligible HOA Expenses. 

 (34) “Gross Sales Price” shall mean the gross sale
price paid or to be paid to Licensee or its Affiliates for the initial sale or re-sale of interests, other than those sold with a reversionary leasehold interest, held by Licensee or its Affiliates in Licensed Vacation Ownership Properties
(excluding HGVClub at Craigendarroch Suites and HGVClub at MarBrisa), regardless of whether any part thereof is financed by Licensee or any third-party. For the avoidance of doubt, the Gross Sales Price excludes bad debt expense, maintenance fees,
management fees, dues, exchange fees, enrollment fees, closing costs, transaction costs, including brokerage commissions and expenses and incentives granted to a purchaser at the time of purchase, applicable Taxes paid by Licensee or its Affiliates
or gross up for Taxes paid by purchasers, or interest or financing charges with respect to financed purchases. To the extent that interests in Licensed Vacation Ownership Properties are used as consideration, in whole or in part, for the purchase of
interests in other Licensed Vacation Ownership Properties (i.e. upgrades), then the Gross Sales Price shall be the difference between the original gross sales price paid for the first Licensed Vacation Ownership Property and gross sales price of the
newly acquired Licensed Vacation Ownership Property. 
 (35) “HHonors LLC” has the meaning set forth in Section 7.5.

 (36) “Hilton Competitor” shall mean any Person who (i) Operates a Lodging Business and/or (ii) competes with
Licensor or its Subsidiaries in any other business other than exclusively in the Vacation Ownership Business at any time during the Term, and the Affiliates of any such Person. 

  
 4 

 (37) “Hilton Data” shall mean the Loyalty Program Data and all guest, customer
or member profiles, contact information (including addresses, phone numbers and email addresses), histories, preferences and other related information obtained or derived from guests, customers or members in connection with any Lodging Business of
Licensor or its Subsidiaries. 
 (38) “Hilton Information Technology System Agreement” shall mean that certain Hilton
Information Technology System Agreement which the Parties have entered into concurrent with this Agreement. 
 (39) “Hilton
Marks” shall mean all Trademarks owned or controlled by Licensor or its Affiliates, including the Licensed Marks. 
 (40)
“HOA” shall mean an association of owners with ownership interests in a Vacation Ownership Property (i.e., the single governing association, not the individual homeowners within the HOA). 

(41) “Information” shall mean information and data in any form or media, including written, oral, electronic, computerized or
digital. 
 (42) “Initial Noncompetition Term” has the meaning set forth in Section 2.2(a). 

(43) “Intellectual Property” shall mean all worldwide intellectual property, proprietary and industrial property rights,
including all (i) patents, patent applications, inventions and invention disclosures and utility models, (ii) trademarks, service marks, corporate, trade, d/b/a or similar names, logos, slogans, designs, trade dress, domain names, social
and mobile media identifiers and other designations of source or origin, together with the goodwill symbolized by any of the foregoing (collectively, “Trademarks”), (iii) copyrights, (iv) trade secrets, know-how, processes
and methods, and (v) all registrations, applications, continuations, continuations-in-part, divisionals, reissues, re-examinations, substitutions, renewals, extensions and foreign counterparts thereof. 

(44) “Laws” shall mean all laws, statutes, ordinances, orders, rules, directives, judgments and decrees (by consent or
otherwise), regulations, codes, permits, licenses, certificates, authorizations, directions and requirements of, issued by or executed with any Governmental Entity. 

(45) “Leasehold Sales Price Amortization” shall mean the recognition of the sales price of a Licensed Vacation Ownership
Property sold subject to a reversionary leasehold interest. For avoidance of doubt, Leasehold Sales Price Amortization will be calculated by multiplying the sales price of the Licensed Vacation Ownership Property by a fraction, the numerator of
which is the time period over which the license is being recognized and the denominator is the leasehold period. 
 (46) “Licensed
Content” shall mean all consumer-facing advertising and promotional materials in any form or media that are owned by Licensor or its Subsidiaries and displayed in print, digital, electronic or computerized form and are provided to Licensee
in Licensor’s discretion during the Term for use in connection with the Licensed Vacation Ownership Business, but excluding all software, information technology infrastructure and other non-consumer-facing assets and items. 

(47) “Licensed Exchange Program” shall mean an exchange program operated by Licensee that uses the Licensed Marks. For
example, as of the Effective Date, Licensee operates the following Licensed Exchange Programs: Hilton Grand Vacations Club Exchange Program and Hilton Club Exchange Program. 

  
 5 

 (48) “Licensed HOA” shall mean the HOA in the Licensed Vacation Ownership
Business that has hired Licensee to manage its Licensed Vacation Ownership Property. 
 (49) “Licensed IP” shall mean the
Licensed Marks, the Licensed Content, the Licensed System and the Licensed Software. 
 (50) “Licensed Marks” shall mean
the trademarks “Hilton Grand Vacations” and “HGV” and “Hilton Club” in their entirety, and not any variations thereof, including the term “Hilton” standing alone or used with any other words, terms, designs or
other elements, including those registered trademarks set forth on Exhibit C. 
 (51) “Licensed Software” shall mean the
business software and hardware system, currently known as OnQ, which Licensor may periodically change in its sole discretion (including changes to the way in which OnQ data is delivered to users and their properties), that is currently comprised of
software that includes a proprietary property management component, reservations component, revenue management component, rate & inventory component, learning management component and other components Licensor considers necessary to support
the following activities: reservations, sales, distribution, customer relationship management, operations, and business intelligence gathering and analysis. 

(52) “Licensed System” shall mean Licensor’s then-current reservation system pursuant to which Licensor offers inventory
of vacant rooms to the public. 
 (53) “Licensed Vacation Ownership Business” shall mean (i) Licensee’s business
of Operating the Licensed Exchange Program and Licensed Vacation Ownership Properties (or interests therein) for vacation or leisure purposes, (ii) natural extensions of and ancillary products and services for such business of Licensee,
including membership services, financing, establishing and operating sales facilities, managing rental programs associated with Licensed Vacation Ownership Properties, but excluding products on Exhibit D or products and services of the type excluded
from the Vacation Ownership Business definition, (iii) products and services that Licensor has approved pursuant to Section 9.4 and (iv) the products and services of Licensee set forth on Exhibit E. 

(54) “Licensed Vacation Ownership Property” shall mean the existing Licensed Vacation Ownership Properties and Vacation
Ownership Properties under development listed in Exhibit F and additional Vacation Ownership Properties approved by Licensor pursuant to Section 9.1, and for clarity, excluding any Separate Operations and any Non-Licensed Existing Projects.
Where the Licensed Vacation Ownership Property is limited to Licensed Vacation Ownership units being offered within a larger, mixed-use facility, and Licensee or its Affiliates do not control the other improvements, structures, facilities, entry and
exit rights, parking, pools, landscaping, and other appurtenances located at such facility, then the Licensed Vacation Ownership Property shall refer to such Licensed Vacation Ownership units and not to which Licensee or its Affiliates do not
control. 
 (55) “Licensee” has the meaning set forth in the opening paragraph of this Agreement. 

(56) “Licensee Data” shall mean all guest, customer or member profiles, contact information (including addresses, phone
numbers and email addresses), histories, preferences and other related information obtained or derived by Licensee or its Subsidiaries from guests, customers or members in connection with (i) owners of Licensed Vacation Ownership Properties in
their capacity as owners of such Licensed Vacation Ownership Properties; and (ii) owners or other guests, members or customers of the Licensed Vacation Ownership Business to the extent collected by Licensee or its Subsidiaries in connection
with the marketing and sale of Licensed Vacation Ownership Properties. “Licensee Data” shall not include any (x) Loyalty Program Data or (y) data collected from owners, members or other guests or customers in connection with a
transient stay or event at Licensed Vacation Ownership Properties, except as covered by subsection (ii) above. 

  
 6 

 (57) “Licensee Parties” has the meaning set forth in Section 5.9(a). 

(58) “Licensee Systems” shall mean, collectively, all Systems used in the Licensed Vacation Ownership Business, whether owned
by Licensee or any other Person. 
 (59) “Licensor” has the meaning set forth in the opening paragraph of this Agreement.

 (60) “Licensor Brand Identity Guidelines” shall mean Licensor’s general guidelines for its licensees’ use of
the Licensed Marks, as may be modified by Licensor and provided to Licensee throughout the Term. 
 (61) “Licensor Lodging
Properties” shall mean those hotels, resorts and other lodging properties that are Operated by Licensor or its Affiliates, including those bearing the Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by
Hilton, Hilton Hotels & Resorts, Curio–A Collection by Hilton, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton by Hilton, Tru by Hilton, Homewood Suits by Hilton, Home2 Suits by Hilton and Hilton brand names.

 (62) “Lodging Business” shall mean the (i) business of Operating hotels, resorts or other transient or extended
stay lodging, fractional residential sales, whole ownership or branded residential sales, destination clubs, travel clubs, travel agencies (including online travel agencies), serviced apartments, condo hotels, home sharing and similar facilities and
(ii) all related ancillary services, including travel agent services and loyalty programs (in any current or future media). 
 (63)
“Losses” has the meaning set forth in Section 16.1(a). 
 (64) “Loyalty Program” shall mean the guest
frequency or reward program predominantly used by Licensor Branded Lodging Properties at any time during the Term, which such program is currently titled the Hilton HHonors® program. 

(65) “Loyalty Program Data” shall mean all member profiles, contact information (including addresses, phone numbers and email
addresses), histories, preferences and other related information obtained or derived from members of the Loyalty Program. 
 (66)
“Loyalty Program Points” shall mean any point credits earned by Loyalty Program members that are redeemable for various rewards in the Loyalty Program. 

(67) “Marketing Agreements” has the meaning set forth in Section 9.6(a). 

(68) “Marketing Content” has the meaning set forth in Section 9.5(a). 

(69) “Marketing Package Revenue” shall mean revenue from the sale of vacation packages for stays at Licensor Lodging
Properties or Licensed Vacation Ownership Properties which related to the marketing of Licensed Vacation Ownership Properties which include the sale of trial memberships of the Licensed Exchange Program known as exit, sampler or vacation
introduction programs as well as forfeiture revenue related to the expiration of vacation packages and trial memberships. 
 (70)
“Marketing Services Agreement” has the meaning set forth in Section 11.1 

  
 7 

 (71) “Measuring Year” has the meaning set forth in Section 2.2(b). 

(72) “Member Service Center” shall mean a facility at which Licensee provides owners of Vacation Ownership Properties with
off-site services with respect to their use and enjoyment of such ownership interests. 
 (73) “New Property” has the
meaning set forth in Section 5.2(b). 
 (74) “Noncompetition Term” shall have the meaning set forth in
Section 2.2(b). 
 (75) “Non-Licensed Existing Projects” shall mean the projects that do not use the Licensed Marks
and existed prior to the Effective Date listed on Exhibit G. 
 (76) “Operate” shall mean, with respect to a business or
property, (i) owning, financing, developing, redeveloping, managing, marketing, operating, licensing, leasing or franchising vacation properties; and/or (ii) acquiring or selling ownership of or the right to use individual units within
properties included in such business. 
 (77) “Operating Guidelines” shall mean Licensor’s general guidelines set
forth on Exhibit B for operation of Vacation Ownership Properties under the Licensed Marks, as may be modified by Licensor throughout the Term. 

(78) “Parties” has the meaning set forth in the opening paragraph of this Agreement. 

(79) “Party” has the meaning set forth in the opening paragraph of this Agreement. 

(80) “Party Agreements” has the meaning set forth in the definition of Standards and Agreements. 

(81) “Percentage of Completion” shall mean a fraction of which the numerator is the total project construction costs incurred
for a Licensed Vacation Ownership Property under construction at the end of a reporting period and the denominator is the total expected project construction costs for such Licensed Vacation Ownership Property. 

(82) “Person” shall mean 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. 

(83) “PHRI” has the meaning set forth in the Recitals to this Agreement. 

(84) “Privacy Policy” shall mean any current or future posted or internal agreement, standard or policy of a Person relating
to privacy, personal, regulated or confidential information or personally identifiable information. 
 (85) “Program Fee”
shall mean the fee paid by Licensor’s branded hotels to Licensor or its designee for various programs benefitting Licensor’s branded hotel system, including (i) advertising, promotion, publicity, public relations, market research, and
other marketing programs, (ii) developing and maintaining directories and Internet sites for properties; (iii) developing and maintaining the reservation service systems and support; (iv) quality assurance programs; and
(v) administrative costs and overhead related to the administration or direction of these projects and programs. 

  
 8 

 (86) “Property Operations Revenue” shall mean Licensee’s or its
Affiliates’ gross revenue resulting from the operation of spas and wellness centers; retail; food and beverage; and other on-property operations, in conjunction with a Licensed Vacation Ownership Property. Property Operations Revenue shall not
include any onsite revenue related to the Anderson Ocean Club with respect to managing the Anderson Ocean Club HOA (this property is a joint timeshare and whole ownership project that includes multiple associations and the revenues represent
reimbursements from the various associations). 
 (87) “Purchase Contract” has the meaning in Section 3.1(b)(i). 

(88) “Reasonable Best Efforts” shall mean (i) commercially reasonable efforts plus, if necessary, (ii) any
additional actions that do not (x) incur material out-of-pocket costs; (y) require material additional employee resources; and/or (z) materially interfere with the conduct of the performing party’s applicable business. 

(89) “Receiving Party” has the meaning set forth in Section 14.1(a). 

(90) “Recipients” has the meaning set forth in Section 14.1(a). 

(91) “Related Parties” has the meaning set forth in Section 16.1(a). 

(92) “Renewal Noncompetition Term” has the meaning set forth in Section 2.2(b). 

(93) “Royalty” has the meaning set forth in Section 3.1(a)(i). 

(94) “Sales Facilities” shall mean galleries, desks and other physical facilities from which interests in units of Vacation
Ownership Properties are offered and sold to the public. 
 (95) “Security Breach” has the meaning set forth in
Section 14.2(d). 
 (96) “Separate Operations” shall mean a project or business that satisfies all of the following
conditions: (i) it is operated completely separately from the Licensed Vacation Ownership Business with respect to physical locations of Licensed Vacation Ownership Properties and is not directly exchangeable or interchangeable with Licensed
Vacation Ownership Properties (including through Exchange Programs owned or operated by Licensee or its Affiliates); (ii) it is sold through separate and distinct sales locations and personnel (other than common regional-level management
personnel) from the Licensed Vacation Ownership Business and uses separate Member Service Centers and Sales Facilities; (iii) it is operated and marketed without use of (or access to) the Loyalty Program, any Licensed IP or Hilton Data (or any
key word, ad word, metatag or similar device designed to attract viewers or users in online, social, mobile or other media that uses a Licensed Mark); (iv) it is not a Subsidiary of, or operated directly or indirectly by a Person that uses the
Licensed Marks as a corporate, trade or d/b/a name; and (v) it is advertised, marketed and otherwise presented to the public as being operated completely separately from the Licensed Vacation Ownership Business. 

(97) “Shortfall Payment” has the meaning set forth in Section 2.2(c). 

(98) “Standards” has the meaning set forth in the definition of “Standards and Agreements.” 

(99) “Standards and Agreements” shall mean all (i) standards, rules, guidelines, manuals and policies that are provided
to the Licensee, including Brand Standards, Licensor Brand Identity Guidelines, Licensor’s Privacy Polices, Data Security Policies and Operating Guidelines (the “Standards”) and (ii) agreements executed by the Parties as
of the Effective Date (other than the Agreement) or at any time during the Term, in each case, with respect to the Licensed IP or Hilton Data and/or any aspect of Licensee’s activities, the Licensed Vacation Ownership Business and the Marketing
Services Agreement (the “Party Agreements”). 

  
 9 

 (100) “Subsidiary” shall mean, when used with respect to any Person, another
Person that is directly or indirectly Controlled by such Person. 
 (101) “Systems” shall mean software, systems, networks,
computers, hardware and other information technology assets. 
 (102) “Tail Period” has the meaning set forth in
Section 4.2. 
 (103) “Taxes” has the meaning set forth in Section 3.8. 

(104) “Term” has the meaning set forth in Section 4.1. 

(105) “Territory” for each Licensed Mark shall mean all countries and jurisdictions worldwide in which (i) Licensor has
a valid registration for such Licensed Mark as of the Effective Date or (ii) Licensor has approved Licensee’s use of the Licensed Mark in writing pursuant to Section 5.2. 

(106) “Trademarks” has the meaning set forth within the definition of “Intellectual Property.” 

(107) “Transient Rental Revenue” shall mean all revenues generated from the transient rental of inventory of Licensed
Vacation Ownership Properties and conversion properties (but not Marketing Package Revenue) (i) that is held for development and sale and owned by a Licensee Party; (ii) that is Controlled by Licensee or its Affiliates as a result of VOP
Owner’s participation in programmatic elements of Licensed Vacation Ownership Business (e.g., exchange, banking, borrowing, Brand Loyalty Program trade, and similar programs); and (iii) that is Controlled by Licensee, its Affiliates or an
HOA as a result of VOP Owner default (e.g., maintenance fee defaults or financing defaults) pending foreclosure or cure in the ordinary course of business. Transient Rental Revenue shall also include bonus point, guest resort charge, open season
rental, access fees and no show revenue for stays at Licensed Vacation Ownership Properties. 
 (108) “Undeveloped Parcels”
has the meaning set forth in Section 5.3(a). 
 (109) “Vacation Ownership Business” shall mean (i) the business
of Operating Vacation Ownership Properties (or interests therein) for vacation or leisure purposes, (ii) natural ancillary products and services for such business of Licensee, including membership services, Exchange Programs, financing,
establishing and operating sales facilities, managing rental programs associated with Vacation Ownership Properties, but excluding destination clubs, travel clubs, travel agencies (including online travel agencies), serviced apartments, condo
hotels, home sharing and similar facilities, (iii) products and services that Licensor has approved Licensee to offer pursuant to Section 9.4, and (iv) any business ancillary amenities to Vacation Ownership Properties, such as country
clubs, spas, golf courses, food and beverage outlets, gift and sundry shops, only if they are physically located on a Vacation Ownership Property (and excluding any of same, if they are not physically located on such property). Vacation Ownership
Business excludes the Fractional Vacation Club Business, Whole Ownership Business, and any products and services of the type set forth on Exhibit H. 

(110) “Vacation Ownership Property” shall mean (i) a property in which Persons acquire an ownership interest in or right
to use (including through interests in a land trust or similar real estate vehicle and/or in the form of points, deeded weeks or other currency) one or more specified overnight 

  
 10 

 
accommodations and associated facilities on a recurring, periodic basis, in all cases for less than 28 days per calendar year, and pay for such interest or right in advance (whether payments
lump-sum or periodically over time), (ii) all improvements, structures, facilities, entry and exit rights, parking, pools, landscaping and other appurtenances (including the property building) located at the site of the property and
(iii) all furniture, fixtures, equipment, supplies and inventories installed or located in such improvements at the site of the property. 

(111) “Whole Ownership Business” shall mean the business of developing or operating a project that includes whole residential
units, including single family homes, condominium units, or other housing units which are owned on a whole (not fractional) ownership basis. 

References; Interpretation. 
 References
in this Agreement to the singular include references to the plural and vice versa. The word “including” shall be deemed to be followed by the phrase “without limitation”. All references to “$” or “dollar”
herein shall be references to U.S. dollars. 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. 
 The Parties acknowledge that given the long length of the Term, evolutions in technology and industry practices will occur.
Therefore, the definitions herein shall be interpreted broadly to include new media and distribution channels or new industry products and services that are equivalent or analogous to those existing on the Effective Date, so as to give each Party
the full benefit of its bargain herein over the Term. By way of example, the terms telephone, domain names, metatags and credit cards shall be interpreted to include their successor versions and replacements during the Term. 

  
 11 

 EXHIBIT B 

OPERATING GUIDELINES 
 Licensee shall perform all
of the obligations listed herein. In the event of a conflict between these guidelines and any existing or new Standards and Agreements, the latter shall control. 
  

	I.	Operation of the Licensed Vacation Ownership Properties 

 (a) Keep the Licensed Vacation
Ownership Properties open and operating twenty-four (24) hours a day, three hundred sixty-five (365) days a year. 
 (b) Operate
the Licensed Vacation Ownership Business in such a manner to provide courteous, uniform, respectable and high quality lodging and other services and conveniences to the public. 

(c) Purchase a particular brand of product or service to maintain the common identity and reputation of the Licensed Marks and/or purchase
products or services from suppliers or distributors approved by Licensor. 
 (d) Participate in and pay all charges in connection with all
required guest complaint resolution programs, which programs may include chargebacks to a Licensed Vacation Ownership Property for guest refunds or credits and all required quality assurance programs, such as guest comment cards, customer surveys
and mystery shopper programs. 
 (e) Participate in, and promptly pay all fees, commissions and charges associated with all travel agent
commission programs and third-party reservation and distribution services (such as airline reservation systems). 
 (f) Pay Licensor all
fees and charges, if any, Licensor requires for Licensee’s personnel to attend such training programs. Licensee is responsible for all travel, lodging and other expenses Licensee or its employees incur in attending these programs. 

(g) Purchase and maintain property management, revenue management, in-room entertainment, telecommunications, high-speed internet access and
other computer and technology systems that Licensor designates as necessary based on its assessment of the long-term best interests of the Vacation Ownership Business. 
  

	II.	Ownership and Control of the Vacation Ownership Properties 

 (a) Not directly or
indirectly conduct or permit any gaming or casino operations in or connected to any Licensed Vacation Ownership Property or otherwise engage in any activity which, in Licensor’s business judgment, is likely to adversely reflect upon or affect
in any manner, any gaming licenses or permits held or applied for by Licensor or its Affiliates. 
 (b) Not share the business operations of
or license, lease or sublease commercial space in the Licensed Vacation Ownership Properties, or enter into concession or other arrangements for operations in connection with the Licensed Vacation Ownership Business, without Licensor’s prior
written consent. 

	III.	Marketing and Promotion 

 (a) Display in a manner reasonably prominent and visible to
visitors, guests and customers of the Licensed Vacation Ownership Business all Marketing Content that Licensor provides, and allow advertising and promotion only of Licensor Lodging Properties on the Licensed Vacation Ownership Properties. 

(b) Honor the terms of any discount or promotional programs (including any frequent guest program) that Licensor offers to the public, any
room rate quoted to any guest for an advance reservation and any award certificates issued to guests participating in these programs. 

  EXHIBIT C 

(Licensed Marks) 
   

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	HGVCLUB	  	United States of America	  	Registered	  	74412050	  	1827728
	HGV	  	United States of America	  	Pending	  	86926636	  	
	HGVCLUB	  	EUTM	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Austria	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Benelux	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Bulgaria	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Croatia	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Cyprus	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Czech Republic	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Denmark	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Estonia	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Finland	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	France	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Germany	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Gibraltar	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Greece	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Hungary	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Ireland	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Italy	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Latvia	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Lithuania	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Malta	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Poland	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Portugal	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Romania	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Slovakia	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Slovenia	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Spain	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Sweden	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	United Kingdom	  	Registered	  	003520079	  	003520079
	HGVCLUB	  	Jersey	  	Registered	  	003520079	  	003520079
	HILTON GRAND VACATIONS	  	United States of America	  	Registered	  	85445480	  	4157339
	HILTON GRAND VACATIONS	  	United States of America	  	Registered	  	78804055	  	3304342
	HILTON GRAND VACATIONS	  	Peru	  	Registered	  	472351	  	3725

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	HILTON GRAND VACATIONS	  	United Arab Emirates	  	Registered	  	163800	  	163800
	HILTON GRAND VACATIONS	  	St. Maarten	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Samoa	  	Registered	  	6048	  	6048
	HILTON GRAND VACATIONS	  	Kenya	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Israel	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Tonga	  	Registered	  	02515	  	02082
	HILTON GRAND VACATIONS	  	Guatemala	  	Registered	  	20119209	  	182520
	HILTON GRAND VACATIONS	  	Guatemala	  	Registered	  	20119210	  	183444
	HILTON GRAND VACATIONS	  	Djibouti	  	Registered	  	43711RADM	  	43711RADM
	HILTON GRAND VACATIONS	  	Ecuador	  	Registered	  	201111607	  	196313
	HILTON GRAND VACATIONS	  	Ecuador	  	Registered	  	201111609	  	196213
	HILTON GRAND VACATIONS	  	Gaza	  	Registered	  	15931	  	15931
	HILTON GRAND VACATIONS	  	Kazakhstan	  	Registered	  	56017	  	40344
	HILTON GRAND VACATIONS	  	Mauritius	  	Registered	  	MUM1114121	  	123382012
	HILTON GRAND VACATIONS	  	Mozambique	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Aruba	  	Registered	  	11101218	  	29916
	HILTON GRAND VACATIONS	  	Aruba	  	Registered	  	11101219	  	29917
	HILTON GRAND VACATIONS	  	Costa Rica	  	Registered	  	201110256	  	216085
	HILTON GRAND VACATIONS	  	El Salvador	  	Registered	  	2011113303	  	07200015016
	HILTON GRAND VACATIONS	  	Hong Kong	  	Registered	  	302055186	  	302055186
	HILTON GRAND VACATIONS	  	New Zealand	  	Registered	  	850844	  	850844
	HILTON GRAND VACATIONS	  	Macau	  	Registered	  	N60404	  	N60404
	HILTON GRAND VACATIONS	  	Macau	  	Registered	  	N60405	  	N60405

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	HILTON GRAND VACATIONS	  	United Arab Emirates	  	Registered	  	163799	  	163799
	HILTON GRAND VACATIONS	  	Namibia	  	Pending	  	110434	  	
	HILTON GRAND VACATIONS	  	United Kingdom	  	Registered	  	2597428	  	2597428
	HILTON GRAND VACATIONS	  	Canada	  	Registered	  	1547389	  	TMA836213
	HILTON GRAND VACATIONS	  	Zanzibar	  	Registered	  	ZND2011387	  	ZND2011387
	HILTON GRAND VACATIONS	  	Honduras	  	Registered	  	3478311	  	17436
	HILTON GRAND VACATIONS	  	Honduras	  	Registered	  	3478811	  	17433
	HILTON GRAND VACATIONS	  	Philippines	  	Registered	  	42015002850	  	42015002850
	HILTON GRAND VACATIONS	  	WIPO	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Albania	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Antigua & Barbuda	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Armenia	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Australia	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Azerbaijan	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Bahrain	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Belarus	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Bhutan	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Bosnia & Herzegovina	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	China	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Croatia	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Curacao	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Georgia	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Iceland	  	Registered	  	1105480	  	1105480

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	HILTON GRAND VACATIONS	  	Japan	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Kyrgyzstan	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Liechtenstein	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Macedonia	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Madagascar	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Moldova (Republic of)	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Monaco	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Mongolia	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Montenegro	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Morocco	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Norway	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Oman	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Republic of Korea (South)	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Russian Federation	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	San Marino	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Sao Tome & Principe	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Serbia	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Singapore	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Turkey	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Turkmenistan	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Ukraine	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Uzbekistan	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Vietnam	  	Registered	  	1105480	  	1105480

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	HILTON GRAND VACATIONS	  	Andorra	  	Registered	  	26322	  	34740
	HILTON GRAND VACATIONS	  	Chile	  	Registered	  	974149	  	1072111
	HILTON GRAND VACATIONS	  	Gaza	  	Registered	  	15930	  	15930
	HILTON GRAND VACATIONS	  	Jersey	  	Registered	  		  	9142
	HILTON GRAND VACATIONS	  	Kosovo	  	Registered	  	121611	  	13973
	HILTON GRAND VACATIONS	  	Kuwait	  	Registered	  	129762	  	109269
	HILTON GRAND VACATIONS	  	Kuwait	  	Registered	  	129763	  	109270
	HILTON GRAND VACATIONS	  	Liberia	  	Registered	  		  	LRM201100301
	HILTON GRAND VACATIONS	  	Namibia	  	Pending	  	110435	  	
	HILTON GRAND VACATIONS	  	Nepal	  	Registered	  	041733	  	33107
	HILTON GRAND VACATIONS	  	Nicaragua	  	Registered	  	2011003774	  	2013099854LM
	HILTON GRAND VACATIONS	  	Rwanda	  	Registered	  		  	RWM10000354
	HILTON GRAND VACATIONS	  	Samoa	  	Registered	  	6047	  	6047
	HILTON GRAND VACATIONS	  	Solomon Islands	  	Registered	  		  	TM2847
	HILTON GRAND VACATIONS	  	St. Lucia	  	Registered	  	11000405	  	TM2011000405
	HILTON GRAND VACATIONS	  	Swaziland	  	Registered	  	2352011	  	2352011
	HILTON GRAND VACATIONS	  	Switzerland	  	Registered	  	615502011	  	625861
	HILTON GRAND VACATIONS	  	Taiwan	  	Registered	  	100052312	  	1514684
	HILTON GRAND VACATIONS	  	Tajikistan	  	Registered	  	11011339	  	10581
	HILTON GRAND VACATIONS	  	Tunisia	  	Pending	  	TNE201101731	  	
	HILTON GRAND VACATIONS	  	Uganda	  	Registered	  	UGT2014050383	  	50383
	HILTON GRAND VACATIONS	  	Uganda	  	Pending	  	UGT2014050384	  	
	HILTON GRAND VACATIONS	  	West Bank	  	Registered	  	19794	  	19794

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	HILTON GRAND VACATIONS	  	Zanzibar	  	Registered	  	ZNS2011386	  	ZNS2011386
	HILTON GRAND VACATIONS	  	ARIPO	  	Registered	  	APM 2011001142	  	APM 2011001142
	HILTON GRAND VACATIONS	  	Tajikistan	  	Registered	  	13012798	  	TJ11100
	HILTON GRAND VACATIONS	  	Zambia	  	Pending	  	7392011	  	
	HILTON GRAND VACATIONS	  	Nepal	  	Registered	  	041734	  	33108
	HILTON GRAND VACATIONS	  	Malawi	  	Registered	  	MWTM201100380	  	MWTM201100380
	HILTON GRAND VACATIONS	  	St. Vincent & Grenadines	  	Registered	  	3182011	  	3182011
	HILTON GRAND VACATIONS	  	Paraguay	  	Registered	  	441192011	  	376378
	HILTON GRAND VACATIONS	  	Paraguay	  	Registered	  	441202011	  	376274
	HILTON GRAND VACATIONS	  	Qatar	  	Registered	  	72273	  	72273
	HILTON GRAND VACATIONS	  	Qatar	  	Registered	  	72274	  	72274
	HILTON GRAND VACATIONS	  	Nigeria	  	Pending	  	FTM201118292	  	
	HILTON GRAND VACATIONS	  	Nigeria	  	Pending	  	FTM201118293	  	
	HILTON GRAND VACATIONS	  	Uruguay	  	Registered	  	428233	  	428233
	HILTON GRAND VACATIONS	  	Afghanistan	  	Registered	  	1137	  	11902
	HILTON GRAND VACATIONS	  	Tanzania	  	Registered	  	TZS2011460	  	TZS2011460
	HILTON GRAND VACATIONS	  	Bahamas	  	Pending	  		  	
	HILTON GRAND VACATIONS	  	Laos	  	Registered	  	24879	  	24181
	HILTON GRAND VACATIONS	  	Laos	  	Registered	  	24880	  	24182
	HILTON GRAND VACATIONS	  	Anguilla	  	Registered	  	5162	  	5162
	HILTON GRAND VACATIONS	  	Barbados	  	Pending	  	8128820	  	
	HILTON GRAND VACATIONS	  	Dominican Republic	  	Registered	  	20123781	  	195056
	HILTON GRAND VACATIONS	  	Pakistan	  	Pending	  	308776	  	

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	HILTON GRAND VACATIONS	  	Pakistan	  	Pending	  	308777	  	
	HILTON GRAND VACATIONS	  	Palau	  	Cautionary Notice	  		  	
	HILTON GRAND VACATIONS	  	Bolivia	  	Registered	  	SM055122011	  	136596
	HILTON GRAND VACATIONS	  	Bolivia	  	Registered	  	SM055112011	  	136595
	HILTON GRAND VACATIONS	  	Puerto Rico	  	Pending	  	78336	  	
	HILTON GRAND VACATIONS	  	Malaysia	  	Registered	  	2011018295	  	2011018295
	HILTON GRAND VACATIONS	  	Malaysia	  	Registered	  	2011018296	  	2011018296
	HILTON GRAND VACATIONS	  	Jamaica	  	Registered	  	59078	  	59078
	HILTON GRAND VACATIONS	  	Benin	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Burkina Faso	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Cameroon	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Central African Republic	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Chad	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Comoros	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Ivory Coast	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Equatorial Guinea	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Gabon	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Guinea	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Guinea-Bissau	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Mali	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Mauritania	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Niger	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Senegal	  	Registered	  	3201101862	  	68599

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	HILTON GRAND VACATIONS	  	Togo	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Angola	  	Pending	  	30443	  	
	HILTON GRAND VACATIONS	  	Argentina	  	Pending	  	3121920	  	
	HILTON GRAND VACATIONS	  	Brazil	  	Pending	  	831141352	  	
	HILTON GRAND VACATIONS	  	Burundi	  	Registered	  	6146BUR	  	6146BUR
	HILTON GRAND VACATIONS	  	Cambodia	  	Registered	  	43324	  	KH4116412
	HILTON GRAND VACATIONS	  	Colombia	  	Registered	  	2011134961	  	454809
	HILTON GRAND VACATIONS	  	Colombia	  	Registered	  	2011134965	  	454810
	HILTON GRAND VACATIONS	  	Sudan	  	Registered	  	44384	  	44384
	HILTON GRAND VACATIONS	  	Sudan	  	Registered	  	44383	  	44383
	HILTON GRAND VACATIONS	  	Bangladesh	  	Registered	  	147534	  	147534
	HILTON GRAND VACATIONS	  	Bangladesh	  	Registered	  	147535	  	147535
	HILTON GRAND VACATIONS	  	Bermuda	  	Registered	  	51221	  	51221
	HILTON GRAND VACATIONS	  	Bermuda	  	Registered	  	51220	  	51220
	HILTON GRAND VACATIONS	  	Zimbabwe	  	Registered	  	APM2011001142	  	APM2011001142
	HILTON GRAND VACATIONS	  	Caribbean Netherlands (BES-Bonaire,Eustatius,Saba)	  	Registered	  	1105480	  	1105480
	HILTON GRAND VACATIONS	  	Algeria	  	Pending	  	113081	  	
	HILTON GRAND VACATIONS	  	Angola	  	Pending	  	30442	  	
	HILTON GRAND VACATIONS	  	Argentina	  	Registered	  	3121918	  	2549132
	HILTON GRAND VACATIONS	  	Belize	  	Registered	  	829511	  	829511
	HILTON GRAND VACATIONS	  	Brazil	  	Pending	  	831141360	  	
	HILTON GRAND VACATIONS	  	British Virgin Islands	  	Registered	  	N/A	  	2864

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	HILTON GRAND VACATIONS	  	Brunei Darussalam	  	Registered	  	42343	  	42343
	HILTON GRAND VACATIONS	  	Cambodia	  	Registered	  	43323	  	KH4116312
	HILTON GRAND VACATIONS	  	Cape Verde	  	Pending	  	17132011	  	
	HILTON GRAND VACATIONS	  	Cayman Islands	  	Registered	  	2597428	  	2597428
	HILTON GRAND VACATIONS	  	Comoros	  	Cautionary Notice	  		  	
	HILTON GRAND VACATIONS	  	Dominica	  	Registered	  	2822011	  	2822011
	HILTON GRAND VACATIONS	  	Eritrea	  	Cautionary Notice	  		  	
	HILTON GRAND VACATIONS	  	Eritrea	  	Cautionary Notice	  		  	
	HILTON GRAND VACATIONS	  	Ethiopia	  	Registered	  	6168	  	7747
	HILTON GRAND VACATIONS	  	Fiji	  	Registered	  	4782012	  	4782012
	HILTON GRAND VACATIONS	  	Gambia	  	Pending	  	GMM201100130	  	
	HILTON GRAND VACATIONS	  	Ghana	  	Pending	  	0006512011	  	
	HILTON GRAND VACATIONS	  	Ghana	  	Pending	  		  	
	HILTON GRAND VACATIONS	  	Gibraltar	  	Registered	  		  	10330
	HILTON GRAND VACATIONS	  	Grenada	  	Registered	  	752012	  	752012
	HILTON GRAND VACATIONS	  	Guernsey	  	Registered	  	N/A	  	GGGT7797
	HILTON GRAND VACATIONS	  	Guernsey	  	Pending	  		  	
	HILTON GRAND VACATIONS	  	Guyana	  	Registered	  	25112C	  	025112
	HILTON GRAND VACATIONS	  	Haiti	  	Registered	  	1447G	  	355191
	HILTON GRAND VACATIONS	  	India	  	Registered	  	2218768	  	2218768
	HILTON GRAND VACATIONS	  	Jordan	  	Registered	  	120322	  	120322
	HILTON GRAND VACATIONS	  	Jordan	  	Registered	  	120370	  	120370
	HILTON GRAND VACATIONS	  	Kiribati	  	Registered	  		  	3220

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	HILTON GRAND VACATIONS	  	Lesotho	  	Registered	  	LSM1100129	  	LSM1100129
	HILTON GRAND VACATIONS	  	Libya	  	Pending	  		  	
	HILTON GRAND VACATIONS	  	Libya	  	Pending	  		  	
	HILTON GRAND VACATIONS	  	Maldives	  	Cautionary Notice	  		  	
	HILTON GRAND VACATIONS	  	Marshall Islands	  	Cautionary Notice	  		  	
	HILTON GRAND VACATIONS	  	Montserrat	  	Registered	  	99281770	  	4238
	HILTON GRAND VACATIONS	  	Myanmar	  	Cautionary Notice	  	119412011	  	
	HILTON GRAND VACATIONS	  	Nauru	  	Pending	  		  	
	HILTON GRAND VACATIONS	  	Nauru	  	Pending	  		  	
	HILTON GRAND VACATIONS	  	Panama	  	Registered	  	205459	  	205459
	HILTON GRAND VACATIONS	  	Panama	  	Registered	  	205456	  	20545601
	HILTON GRAND VACATIONS	  	Papua New Guinea	  	Registered	  	69946	  	A69946
	HILTON GRAND VACATIONS	  	Papua New Guinea	  	Registered	  	69947	  	A69947
	HILTON GRAND VACATIONS	  	Puerto Rico	  	Pending	  	78335	  	
	HILTON GRAND VACATIONS	  	Saudi Arabia	  	Registered	  	174423	  	143212839
	HILTON GRAND VACATIONS	  	Saudi Arabia	  	Registered	  	174424	  	143212838
	HILTON GRAND VACATIONS	  	Seychelles	  	Registered	  	4232011	  	10184
	HILTON GRAND VACATIONS	  	Seychelles	  	Registered	  	4222011	  	10183
	HILTON GRAND VACATIONS	  	Sierra Leone	  	Pending	  	19320	  	
	HILTON GRAND VACATIONS	  	South Africa	  	Registered	  	201125367	  	201125367
	HILTON GRAND VACATIONS	  	South Africa	  	Registered	  	201125368	  	201125368
	HILTON GRAND VACATIONS	  	Sri Lanka	  	Pending	  	166219	  	
	HILTON GRAND VACATIONS	  	Sri Lanka	  	Pending	  	166220	  	

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	HILTON GRAND VACATIONS	  	St. Helena	  	Registered	  		  	1836
	HILTON GRAND VACATIONS	  	St. Kitts Nevis	  	Pending	  		  	
	HILTON GRAND VACATIONS	  	Surinam	  	Registered	  	23535	  	23535
	HILTON GRAND VACATIONS	  	Tanzania	  	Pending	  	TZS2011456	  	
	HILTON GRAND VACATIONS	  	Trinidad & Tobago	  	Registered	  	44501	  	44501
	HILTON GRAND VACATIONS	  	Turks & Caicos Islands	  	Registered	  	16861	  	16861
	HILTON GRAND VACATIONS	  	Tuvalu	  	Pending	  		  	
	HILTON GRAND VACATIONS	  	Vanuatu	  	Registered	  		  	25503
	HILTON GRAND VACATIONS	  	West Bank	  	Registered	  	19793	  	19793
	HILTON GRAND VACATIONS	  	Yemen	  	Registered	  	56673	  	56673
	HILTON GRAND VACATIONS	  	Yemen	  	Registered	  	56674	  	56674
	HILTON GRAND VACATIONS	  	Gambia	  	Pending	  	GMM200100131	  	
	HILTON GRAND VACATIONS	  	Haiti	  	Registered	  	1448G	  	356191
	HILTON GRAND VACATIONS	  	Venezuela	  	Pending	  	2011019377	  	
	HILTON GRAND VACATIONS	  	Venezuela	  	Pending	  	2011019378	  	
	HILTON GRAND VACATIONS	  	Kiribati	  	Registered	  		  	3219
	HILTON GRAND VACATIONS	  	Turks & Caicos Islands	  	Registered	  	16862	  	16862
	HILTON GRAND VACATIONS	  	Barbados	  	Pending	  	8128821	  	
	HILTON GRAND VACATIONS	  	Botswana	  	Registered	  	APM2011001142	  	APM2011001142
	HILTON GRAND VACATIONS	  	Fiji	  	Registered	  	4792012	  	4792012
	HILTON GRAND VACATIONS	  	Congo (Republic / Brazzaville)	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	OAPI	  	Registered	  	3201101862	  	68599
	HILTON GRAND VACATIONS	  	Indonesia	  	Pending	  		  	

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	HILTON GRAND VACATIONS	  	Indonesia	  	Pending	  		  	
	HILTON GRAND VACATIONS	  	Thailand	  	Pending	  	823967	  	
	HILTON GRAND VACATIONS	  	Thailand	  	Pending	  	823968	  	
	HILTON GRAND VACATIONS CLUB	  	United States of America	  	Registered	  	74228130	  	1810193
	HILTON GRAND VACATIONS CLUB in English and Katakana	  	Japan	  	Registered	  	2004042827	  	4821215
	HILTON GRAND VACATIONS design	  	United States of America	  	Registered	  	78809165	  	3304364
	HILTON INTERNATIONAL GRAND VACATIONS	  	Slovenia	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Spain	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Sweden	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	United Kingdom	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Jersey	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Lithuania	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Malta	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Poland	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Portugal	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Romania	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Slovakia	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Gibraltar	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Greece	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Hungary	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Ireland	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Italy	  	Registered	  	001717537	  	001717537

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	HILTON INTERNATIONAL GRAND VACATIONS	  	Latvia	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Czech Republic	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Denmark	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Estonia	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Finland	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	France	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Germany	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	EUTM	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Austria	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Benelux	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Bulgaria	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Croatia	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Cyprus	  	Registered	  	001717537	  	001717537
	HILTON INTERNATIONAL GRAND VACATIONS	  	Egypt	  	Registered	  	152093	  	152093
	HILTON INTERNATIONAL GRAND VACATIONS	  	Egypt	  	Registered	  	152094	  	152094
	HILTON INTERNATIONAL GRAND VACATIONS	  	Egypt	  	Registered	  	152095	  	152095
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	United States of America	  	Registered	  	85079550	  	4309459
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Canada	  	Pending	  	1502904	  	
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Slovakia	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Slovenia	  	Registered	  	009551623	  	009551623

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Spain	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Sweden	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	United Kingdom	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Jersey	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Latvia	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Lithuania	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Malta	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Poland	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Portugal	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Romania	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Germany	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Gibraltar	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Greece	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Hungary	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Ireland	  	Registered	  	009551623	  	009551623

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Italy	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Cyprus	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Czech Republic	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Denmark	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Estonia	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Finland	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	France	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Austria	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Benelux	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Bulgaria	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	Croatia	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	EUTM	  	Registered	  	009551623	  	009551623
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	China	  	Registered	  	8953399	  	8953399
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	China	  	Registered	  	8953400	  	8953400
	STAY CONNECTED @ HILTON GRAND VACATIONS	  	India	  	Pending	  	2052008	  	2052008
	THE HILTON CLUB	  	United States of America	  	Registered	  	78096709	  	2811681

									
	 TRADEMARK
	  	 COUNTRY
	  	 TRADEMARK

STATUS
	  	 APPLICATION

NO.
	  	 REGISTRATION

NO.

	THE HILTON CLUB design	  	United States of America	  	Registered	  	78167627	  	2788816
	WEST 57TH STREET BY HILTON CLUB design	  	United States of America	  	Registered	  	77465368	  	3549743

  EXHIBIT D 

(Excluded Products and Services) 
 None. 

  EXHIBIT E 

(Licensee’s Products and Services included in Licensed Vacation Ownership Business) 

 

	1.	Programs and Services 

  

	 	1.1.	Local programs providing access and discounts to local attractions, entertainment, dining, and similar services to guests at Licensed Vacation Ownership Properties. Such programs include Fun in the Sun, Elevated
Rewards, Village Experience, and the Holo Holo card. 

  

	 	1.2.	Short term membership programs (sometimes known as “sampler” or “exit programs”) where after a sales presentation a potential owner is offered the option to experience the benefits of being an owner
for a limited time for a fee. Licensee’s current programs are known as the Vacation Introduction Program and Hawaii Vacation Introduction Program. 

  

	2.	Travel agency operations:  

  

	 	2.1.	Hilton Travel, LLC (operates a travel agency in Florida) 

  

	 	2.2.	Hilton Resorts Corporation (operates a travel agency in Hawaii) 

  

	 	2.3.	Hilton Resorts Marketing Corp (operates a travel agency in Japan) 

  EXHIBIT F 

(Licensed Vacation Ownership Properties under development) 
   

					
	 	  	 Project Name
	  	 Location

	1.	  	Maui Bay	  	Hawaii
	2.	  	48th Street New York	  	New York, New York

  EXHIBIT G 

(Non-Licensed Vacation Ownership Properties) 
   

					
	 	  	 Property Name
	  	 Property Address

	1.	  	Casa Ybel	  	 2255 West Gulf Drive
 Sanibel, FL
33957

			
	2.	  	Charter Club	  	 700 S. Colllier Boulevard
 Marco Island, FL
34145

			
	3.	  	Club Regency	  	 50 S. Collier Boulevard
 Marco Island, FL
34145

			
	4.	  	Cottages at South Seas Plantation	  	13000 South Seas Plantation Road
			
	5.	  	Eagles Nest	  	 410 S. Collier Boulevard
 Marco Island, FL
34145

			
	6.	  	Harbourview Villas	  	 970 South Seas Plantation
 Captiva, FL
33924

			
	7.	  	Hurricane House	  	 2939 West Gulf Drive
 Sanibel, FL
33957

			
	8.	  	Plantation Beach Club at Indian River Plantation	  	 329 NE Tradewind Lane
 Stuart, FL
34996

			
	9.	  	Plantation Bay Villas	  	 13000 South Seas Plantation Road
 Captiva
Island, FL 33924

			
	10.	  	Plantation Beach Club	  	 13000 South Seas Plantation Road
 Captiva
Island, FL 33924

			
	11.	  	Plantation House at South Seas	  	 13000 South Seas Plantation Road
 Captiva
Island, FL 33924

			
	12.	  	Sanibel Cottages	  	 2341 West Gulf Drive
 Sanibel, FL
34996

			
	13.	  	Seawatch on the Beach	  	 6550 Estero Boulevard
 Fort Myers Beach, FL
33931

			
	14.	  	South Seas Plantation	  	 13000 South Seas Plantation Rd
 Captiva, FL
33924

			
	15.	  	Surf Club	  	 540 S. Collier Boulevard
 Marco Island, FL
34145

			
	16.	  	Tortuga Beach Club	  	 959 East Gulf Drive
 Sanibel, FL
33957

			
	17.	  	Valdoro Mountain Lodge	  	 500 Village Road
 Breckenridge, CO
80424

  EXHIBIT H 

(Excluded Fractional Club Services) 
 None. 

  EXHIBIT I 

(Existing Licensed Vacation Ownership Properties) 
   

					
	 	  	 Property Name
	  	 Property Address

		  	CENTRAL FLORIDA	  	
	1.	  	 Hilton Grand Vacations Club at SeaWorld
  

aka Orlando Vacation Suites
	  	 6924 Grand Vacations Way
 Orlando, Florida
32821

			
	2.	  	 Hilton Grand Vacations Club at Tuscany Village
  

aka Tuscany Village Vacation Suites
	  	 8122 Arezzo Way
 Orlando, Florida
32821

			
	3.	  	 Parc Soleil by Hilton Grand Vacations Club
  

aka RL Vacation Suites
	  	 11272 Desforges, Avenue
 Orlando, FL
32836

			
	4.	  	 Las Palmeras by Hilton Grand Vacations Club
  

aka LP Vacation Suites
	  	 9501 Universal Boulevard
 Orlando, FL
32839

			
		  	SOUTH FLORIDA	  	
			
	5.	  	 Hilton Grand Vacations Club at McAlpin
  

aka South Beach Vacation Suites
	  	 1430 Ocean Drive
 Miami, Florida
33139

			
		  	NEVADA	  	
			
	6.	  	 Hilton Grand Vacations Club at the Flamingo
  

aka FHRC Suites
	  	 3575 Las Vegas Blvd. South
 Las Vegas, Nevada
89109

			
	7.	  	 Hilton Grand Vacations Club on Paradise
  

aka Las Vegas Vacation Suites
	  	 455 Karen Avenue
 Las Vegas, Nevada
89109

			
	8.	  	 Hilton Grand Vacations Club on the Boulevard
  

aka Las Vegas Boulevard Vacation Suites
	  	 455 Karen Avenue
 Las Vegas, Nevada
89109

			
	9.	  	 Hilton Grand Vacations Club at the Trump International HotelTM Las Vegas

 
 aka HLTV Vacations Suites
	  	 2000 Fashion Drive,
 Las Vegas, NV
89109

			
	10.	  	 Elara, Hilton Grand Vacations Club
  

aka LV Tower 52 Vacation Suites
	  	 80 East Harmon Avenue
 Las Vegas, NV
89109

			
		  	HAWAII	  	
			
	11.	  	 Lagoon Tower by Hilton Grand Vacations Club
  

aka Hawaiian Village Vacation Suites
	  	 2003 Kalia Road
 Honolulu, Hawaii
96815

			
	12.	  	 Kalia Suites by Hilton Grand Vacations Club
  

aka KT Vacation Suites
	  	 2005 Kalia Road,
 Honoluly, Hawaii
96815

			
	13.	  	 Kohala Suites by Hilton Grand Vacations Club
  

aka Kohala Coast Vacation Suites
	  	 69-550 Waikoloa Beach Drive
 Waikoloa, Hawaii
96738

			
	14.	  	 Kings’ Land by Hilton Grand Vacations Club
  

aka WBKL Vacation Suites
	  	 69-699 Waikoloa Beach Drive
 Waikoloa, Hawaii
96738

			
	15.	  	 Grand Waikikian by Hilton Grand Vacations Club
  

aka GW Vacation Suites
	  	 1811 Ala Moana Boulevard
 Honolulu, Hawaii
96815

			
	16.	  	 Hokulani Waikiki by Hilton Grand Vacations Club
  

aka BW Vacation Suites
	  	 2181 Kalakaua Condominium
 Honolulu,
Hawaii

					
	 	  	 Property Name
	  	 Property Address

	17.	  	 Grand Islander by Hilton Grand Vacations Club
  

aka GI Vacation Suites
	  	 Kalia road,
 Honolulu, Hawaii
96815

			
	18.	  	The Bay Club at Waikoloa Beach Resort	  	 69-450 Waikoloa Beach Drive
 Waikoloa, Hawaii
96738

			
		  	NEW YORK	  	
			
	19.	  	 The Hilton Club-New York
  

aka HNY Club Suites
	  	1335 Avenue of the Americas, New York, NY 10019
			
	20.	  	 The Residences by Hilton club
  

aka HC Suites
	  	1335 Avenue of the Americas, New York, NY 10019
			
	21.	  	 West 57th Street by Hilton Club

 
 aka 57th Street Vacation
Suites
	  	102 West 57th St., New York, New York 10019
			
		  	SOUTH CAROLINA	  	
			
	22.	  	 Ocean 22 by Hilton Grand Vacations Club
  

aka Ocean 22 by Hilton Grand Vacations Club
	  	2200 North Ocean Boulevard, Myrtle Beach, South Carolina
			
	23.	  	 Hilton Grand Vacations Club at Anderson Ocean Club
  

aka AOC Vacation Suites
	  	 2600 North Ocean Boulevard
 Myrtle Beach, SC
29577

			
	24.	  	 Ocean Oak by Hilton Grand Vacations Club
  

aka MBV Vacation Suites
	  	 41 South Forest Beach Road
 Hilton Head, SC
29929

			
		  	SCOTLAND	  	
			
	25.	  	 Hilton Grand Vacations Club at Craigendarroch Suites
  

aka Craigendarroch Suites
	  	Braemar Road, Ballater, Royal Deeside, Aberdeenshire, Scotland AB35 5XA.
			
	26.	  	Hilton Grand Vacations Club at Craigendarroch Lodges	  	Braemar Road, Ballater, Royal Deeside, Aberdeenshire, Scotland AB35 5XA.
			
	27.	  	Coylumbridge Highland Lodges	  	 Coylumbridge, Aviemore
 Inverness-shire PH 22
IQN

			
	28.	  	Lodges at Dunkheld House Lodges Club	  	 Dunkeld, Perthshire
 PH8 OHX
Scotland

			
		  	OTHER	  	
			
	29.	  	The District by Hilton Club aka TD Suites	  	 1250 22nd Street NW

Washington DC 20037

			
	30.	  	 Hilton Grand Vacations Club at MarBrisa
  

aka Grand Pacific MarBrisa Resort
	  	5500 Grand Pacific Drive, Carlsbad, CA 92008
			
	31.	  	 Sunrise Lodge, a Hilton Grand Vacations Club
  

aka Sunrise Lodge
	  	 2307 West High Mountains Road
 Park City, Utah
84098

			
	32.	  	 Hilton Grand Vacations Club at Borgo Alle Vigne
  

aka Borgo Alle Vigne Fractional Ownership
	  	 Via Casanova 11
 Selvatelle, Terricolla

Italy 56030

  EXHIBIT J 

(Undeveloped Real Estate Parcels) 
   

					
	 	  	 Project
	  	 Parcels

	1.	  	 Parc Soleil
 11272 Desforges Ave, Orlando, FL
32836
	  	 52 acres total
 Developed: 22.315

Undeveloped: 29.685

			
	2.	  	 Las Vegas Boulevard
 2650 S Las Vegas Blvd, Las
Vegas, Nevada 89109
	  	 10 acres total
 Developed: 4.83

Undeveloped: 2.17

			
	3.	  	 Kings Land
 69-699 Waikoloa Beach Drive,
Waikoloa Village, HI 96738
	  	 112.4 acres total
 Developed: 54.505

Undeveloped: 57.895

			
	4.	  	 Coylumbridge,
 Coylumbridge Hotel, Coylumbridge
Aviermore
	  	Plots of land at Coylumbridge Hotel registered in the Land Register of Scotland under Title Number INV20700

  EXHIBIT K 

(Approved Mixed-Use Development New Properties) 

Third Party Mixed Use Developments: 
  

	1.	Grand Pacific Resorts, Carlsbad, California 

  

	2.	Trump International Hotel and Spa, Las Vegas, Nevada 

  

	3.	Miracle Mile Shops at Planet Hollywood, Las Vegas, Nevada 

  

	4.	Flamingo Hotel and Casino, Las Vegas, Nevada 

  

	5.	Waikiki Beach Walk, Honolulu, Hawaii 

  

	6.	Sunrise at Escala – Canyons Resort, Park City, Utah 

  

	7.	Dunkeld House Hotel (formerly Hilton Dunkeld), Scotland, United Kingdom 

 Hilton Mixed Use Developments:

  

	1.	New York Hilton, New York City, New York 

  

	2.	Hilton Hawaiian Village, Honolulu, Hawaii 

  

	3.	Hilton Waikoloa Resort, Waikoloa, Hawaii 

  

	4.	Embassy Suites Georgetown, Washington, DC 

  

	5.	Hilton Odawara, Odawara, Japan 

  

	6.	Hilton Coylumbridge, Scotland, United Kingdom 

  

	7.	Hilton Vilamoura Resort, Vilamoura, Portugal 

  EXHIBIT L 

(Approved Subcontracting and Delegation Agreements) 
   

					
	 PROPERTY LEGAL NAME
	  	 MANAGEMENT CO.
	  	SUB-MANAGEMENT CO
	 BW Vacation Suites
 270 Lewers Street,
Honolulu, Hawaii
	  	Hilton Grand Vacations Management, LLC	  	Outrigger Hotel Hawaii
			
	 Grand Pacific MarBrisa Resort
 5900
Pasteur Ct., Suite 200
 Carlsbad, CA 92008
	  	Hilton Grand Vacations Management, LLC	  	Grand Pacific Resort
Services, L.P.
			
	 Borgo alle Vigne Fractional Ownership Project

Viale Della Repubblica 298
 Prato 59100, Italy
	  	Hilton Grand Vacations Italy s.r.l.	  	Prime Service SRL

  EXHIBIT M 

(Existing Marketing Agreements for Licensed Exchange Program) 
  

	1.	Anantara Resorts 

  

	2.	Fiesta Americana 

  

	3.	O.A.R.S. Adventure Travel 

  

	4.	Guided Journeys via Tauck 

  

	5.	Forever Resorts Houseboats 

  

	6.	EagleRider Motorcycles 

  

	7.	El Monte RV Motorhomes 

  

	8.	Walking Excursions via Country Walkers 

  

	9.	The Moorings Yacht Charters 

  

	10.	International Cruise Exchange (ICE) 

  

	11.	World Travel Holdings 

  

	12.	RCI 

  

	13.	SFX Preferred Resorts 

  

	14.	ResorTime 

  

	15.	Tokyu Resort Services 

  

	16.	Tokyu corporation 

  

	17.	Unimat Precious Co. Ltd 

  

	18.	Kamori Kanko Co. Ltd 

  

	19.	JTB Corporate Sales 

  

	20.	CLEAR (airport security program) 

  

	21.	GroundLink (car service) 

  

	22.	Luggage Forward (door to door delivery) 

  

	23.	Grand Pacific Resorts 

  

	24.	Miki Tours (Japan Cruise partner) 

  

	25.	Priority Pass (lounge airport access) 

  

	26.	Vacation Guard (insurance) 

  

	27.	Smart Destinations (Destination attractions) 

  

	28.	Miracle Mile Shops at Planet Hollywood Resort and Casino 

  

	29.	Avis/Budget Group 

  

	30.	The Forbes Company-The Mall at Millenia 

  

	31.	Engage/LRG (online shopping channel) 

  

	32.	Waikoloa Golf Resort 

  

	33.	Waikoloa Kohala Spa 

  

	34.	JAL 

  

	35.	Hawaiian Airlines

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