Document:

EX-10.12

 Exhibit 10.12 

STOCKHOLDERS AGREEMENT 

DATED AS OF [                    
    ], 201[    ] 
 AMONG 

HILTON WORLDWIDE HOLDINGS INC. 

AND 
 THE OTHER PARTIES
HERETO 

 Table of Contents 

 

					
	 	  	Page	 
	 ARTICLE I. INTRODUCTORY MATTERS
	  	 	1	  
		
	 1.1        Defined Terms
	  	 	1	  
	 1.2        Construction
	  	 	3	  
		
	 ARTICLE II. CORPORATE GOVERNANCE MATTERS
	  	 	3	  
		
	 2.1        Election of Directors
	  	 	3	  
		
	 ARTICLE III. INFORMATION; VCOC
	  	 	5	  
		
	 3.1        Books and Records; Access
	  	 	5	  
	 3.2        Certain Reports
	  	 	5	  
	 3.3        VCOC
	  	 	5	  
		
	 ARTICLE IV. GENERAL PROVISIONS
	  	 	7	  
		
	 4.1        Termination
	  	 	7	  
	 4.2        Notices
	  	 	8	  
	 4.3        Amendment; Waiver
	  	 	8	  
	 4.4        Further Assurances
	  	 	9	  
	 4.5        Assignment
	  	 	9	  
	 4.6        Third Parties
	  	 	9	  
	 4.7        Governing Law
	  	 	9	  
	 4.8        Jurisdiction; Waiver of Jury Trial
	  	 	9	  
	 4.9        Specific Performance
	  	 	9	  
	 4.10      Entire Agreement
	  	 	10	  
	 4.11      Severability
	  	 	10	  
	 4.12      Table of Contents, Headings and Captions
	  	 	10	  
	 4.13      Grant of Consent
	  	 	10	  
	 4.14      Counterparts
	  	 	10	  
	 4.15      Effectiveness
	  	 	10	  
	 4.16      No Recourse
	  	 	10	  

  
 i 

 STOCKHOLDERS AGREEMENT 

This Stockholders Agreement is entered into as of
[                     ], 2013 by and among Hilton Worldwide Holdings Inc., a Delaware corporation (the “Company”), and
each of the other parties identified on the signature pages hereto (the “Investor Parties”). 
 BACKGROUND: 

WHEREAS, the Company is currently contemplating an underwritten initial public offering (“IPO”) of shares of its Common Stock
(as defined below); and 
 WHEREAS, in connection with the IPO, the Company and the Investor Parties wish to set forth certain
understandings between such parties, including with respect to certain governance matters. 
 NOW, THEREFORE, the parties agree as follows:

 ARTICLE I. 
 INTRODUCTORY
MATTERS 
 1.1 Defined Terms. In addition to the terms defined elsewhere herein, the following terms have the following meanings when
used herein with initial capital letters: 
 “Affiliate” has the meaning set forth in Rule 12b-2 promulgated under the
Exchange Act, as in effect on the date hereof. 
 “Agreement” means this Stockholders Agreement, as the same may be
amended, supplemented, restated or otherwise modified from time to time in accordance with the terms hereof. 
 “Beneficially
Own” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act. 
 “Blackstone Designee” has the
meaning set forth in Section 2.1(b). 
 “Blackstone Designator” means the Blackstone Party, or any group of Blackstone
Parties collectively, then holding of record a majority of Common Stock held of record by all Blackstone Parties. 
 “Blackstone
Entities” means the entities comprising the Blackstone Parties and their Affiliates. 
 “Blackstone Parties” means
the entities listed on the signature pages hereto under the heading “Blackstone Parties” and any other Blackstone Entities that may from time to time become parties hereto. 

“Board” means the board of directors of the Company. 

 “Business Day” means a day other than a Saturday, Sunday, federal or New York
State holiday or other day on which commercial banks in New York City are authorized or required by law to close. 

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

“Common Stock” means the shares of common stock, par value $0.01 per share, of the Company, and any other stock of the
Company into which outstanding shares of such stock is reclassified or reconstituted and any other common stock of the Company. 

“Control” (including its correlative meanings, “Controlled by” and “under common Control
with”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a
Person. 
 “Director” means any director of the Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time. 
 “Governmental Authority” means any nation or government, any state or
other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Investor Parties” has the meaning set forth in the Preamble. 

“IPO” has the meaning set forth in the Background. 

“Law” means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive,
requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental Authority or any department, agency or political
subdivision thereof. 
 “Plan Asset Regulation” has the meaning set forth in Section 3.3. 

“Pre-IPO Owners” means the Blackstone Entities and the other Persons who held Common Stock at the time of the IPO and any
Affiliate thereof that shall become a holder of any Common Stock. 
 “Subsidiary” means, with respect to any Person, any
corporation, limited liability company, partnership, association or other business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of

  
 2 

 
any contingency) to vote in the election of directors, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof; or (ii) if a limited liability company, partnership, association or other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited
liability company, partnership, association or other business entity is at the time owned or Controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or
Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership,
association or other business entity gains or losses or shall be or Control the managing member, managing director or other governing body or general partner of such limited liability company, partnership, association or other business entity. 

“Total Number of Directors” means the total number of directors comprising the Board. 

“Transfer” (including its correlative meanings, “Transferor”, “Transferee” and
“Transferred”) shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a security interest in, offer, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to such security. When used as a noun, “Transfer” shall
have such correlative meaning as the context may require. 
 “VCOC Investor” has the meaning set forth in Section 3.3.

 1.2 Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rule of strict construction will be applied against any party. Unless the context otherwise requires: (a) “or” is disjunctive but not exclusive, (b) words in the singular include the plural, and in
the plural include the singular, and (c) the words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any
particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified. 
 ARTICLE II. 

CORPORATE GOVERNANCE MATTERS 
 2.1
Election of Directors. 
 (a) Following the Closing Date, the Blackstone Designator shall have the right, but not the obligation, to
designate, and the individuals nominated for election as Directors by or at the direction of the Board or a duly-authorized committee thereof shall include, a number of individuals such that, upon the election of each such individual, and each other
individual nominated by or at the direction of the Board or a duly-authorized committee of the Board, as a Director and taking into account any Director continuing to serve as such without the 

  
 3 

 
need for re-election, the number of Blackstone Designees (as defined below) serving as Directors of the Company will be equal to: (i) if the Pre-IPO Owners collectively Beneficially Own 50%
or more of the total Common Stock as of the record date for such meeting, the lowest whole number that is greater than 50% of the Total Number of Directors; (ii) if the Pre-IPO Owners collectively Beneficially Own at least 40% (but less than
50%) of the total Common Stock as of the record date for such meeting, the lowest whole number that is greater than 40% of the Total Number of Directors; (iii) if the Pre-IPO Owners collectively Beneficially Own at least 30% (but less than 40%)
of the total Common Stock as of the record date for such meeting, the lowest whole number that is greater than 30% of the Total Number of Directors; (iv) if the Pre-IPO Owners collectively Beneficially Own at least 20% (but less than 30%) of
the total Common Stock as of the record date for such meeting, the lowest whole number that is greater than 20% of the Total Number of Directors; and (v) if the Pre-IPO Owners collectively Beneficially Own at least 5% (but less than 20%) of the
total Common Stock as of the record date for such meeting, the lowest whole number that is greater than 10% of the Total Number of Directors. 

(b) If at any time the Blackstone Designator has designated fewer than the total number of individuals that the Blackstone Designator is then
entitled to designate pursuant to Section 2.1(a), the Blackstone Designator shall have the right to designate such additional individuals which it is entitled to so designate, in which case, any individuals nominated by or at the direction of
the Board or any duly-authorized committee thereof for election as Directors to fill any vacancy on the Board shall include such designees, and the Company shall use its best efforts to (x) effect the election of such additional designees,
whether by increasing the size of the Board or otherwise, and (y) cause the election of such additional designees to fill any such newly-created vacancies or to fill any other existing vacancies. Each such individual whom the Blackstone
Designator shall actually designate pursuant to this Section 2.1 and who is thereafter elected and qualifies to serve as a Director shall be referred to herein as a “Blackstone Designee”. 

(c) In the event that a vacancy is created at any time by the death, disability, retirement or resignation of any Blackstone Designee, any
individual nominated by or at the direction of the Board or any duly-authorized committee thereof to fill such vacancy shall be, and the Company shall use its best efforts to cause such vacancy to be filled, as soon as possible, by a new designee of
the Blackstone Designator, and the Company shall take, to the fullest extent permitted by law, at any time and from time to time, all actions necessary to accomplish the same. 

(d) The Company shall, to the fullest extent permitted by law, include in the slate of nominees recommended by the Board at any meeting of
stockholders called for the purpose of electing directors, the persons designated pursuant to this Section 2.1 and use its reasonable best efforts to cause the election of each such designee to the Board, including nominating each such
individual to be elected as a Director as provided herein, recommending such individual’s election and soliciting proxies or consents in favor thereof. 

(e) In addition to any vote or consent of the Board or the stockholders of the Company required by applicable Law or the charter or bylaws of
the Company, and notwithstanding anything to the contrary in this Agreement, for so long as this Agreement is in effect, any action by the Board to increase or decrease the Total Number of Directors (other than

  
 4 

 
any increase in the Total Number of Directors in connection with the election of one or more directors elected exclusively by the holders of one or more classes or series of the Company’s
stock other than Common Stock) shall require the prior written consent of the Blackstone Designator, delivered in accordance with Section 4.13 of this Agreement. 

ARTICLE III. 
 INFORMATION; VCOC

 3.1 Books and Records; Access. The Company shall, and shall cause its Subsidiaries to, permit the Blackstone Entities and their
respective designated representatives, at reasonable times and upon reasonable prior notice to the Company, to review the books and records of the Company or any of such Subsidiaries and to discuss the affairs, finances and condition of the Company
or any of such Subsidiaries with the officers of the Company or any such Subsidiary; provided, however, that the Company shall not be required to disclose any privileged information of the Company so long as the Company has used
commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Blackstone Entities without the loss of any such privilege. 

3.2 Certain Reports. The Company shall deliver or cause to be delivered to the Blackstone Entities, at their request: 

(a) to the extent otherwise prepared by the Company, operating and capital expenditure budgets and periodic information packages relating to
the operations and cash flows of the Company and its Subsidiaries; and 
 (b) to the extent otherwise prepared by the Company, such other
reports and information as may be reasonably requested by the Blackstone Entities; provided, however, that the Company shall not be required to disclose any privileged information of the Company so long as the Company has used
commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Blackstone Entities without the loss of any such privilege. 

3.3 VCOC. With respect to each Blackstone Entity that is intended to qualify its direct or indirect investment in the Company as a
“venture capital investment” as defined in the Department of Labor regulations codified at 29 CFR Section 2510.3-101 (the “Plan Asset Regulation”) (each, a “VCOC Investor”), for so long as the VCOC
Investor, directly or through one or more subsidiaries, continues to hold any shares of Common Stock (or other securities of the Company into which such shares of Common Stock may be converted or for which such shares of Common Stock may be
exchanged), without limitation or prejudice of any the rights provided to the Blackstone Entities hereunder, the Company shall, with respect to each such VCOC Investor: 

(a) provide each VCOC Investor or its designated representative with: 

(i) upon reasonable notice and at mutually convenient times, the right to visit and inspect any of the offices and properties
of the Company and its Subsidiaries and inspect and copy the books and records of the Company and its Subsidiaries; 

  
 5 

 (ii) as soon as available and in any event within 45 days after the end of each
of the first three quarters of each fiscal year of the Company, consolidated balance sheets of the Company and its Subsidiaries as of the end of such period, and consolidated statements of income and cash flows of the Company and its Subsidiaries
for the period then ended prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis, except as otherwise noted therein, and subject to the absence of footnotes and to year-end
adjustments; 
 (iii) as soon as available and in any event within 120 days after the end of each fiscal year of the Company,
a consolidated balance sheet of the Company and its Subsidiaries as of the end of such year, and consolidated statements of income and cash flows of the Company and its Subsidiaries for the year then ended prepared in conformity with generally
accepted accounting principles in the United States applied on a consistent basis, except as otherwise noted therein, together with an auditor’s report thereon of a firm of established national reputation; 

(iv) to the extent the Company is required by law or pursuant to the terms of any outstanding indebtedness of the Company to
prepare such reports, any annual reports, quarterly reports and other periodic reports pursuant to Section 13 or 15(d) of the Exchange Act, actually prepared by the Company as soon as available; and 

(v) upon written request by the VCOC Investor, copies of all materials provided to the Board, subject to appropriate
protections with respect to confidentiality and preservation of attorney-client privilege; 
 provided, that, in each case, if the Company
makes the information described in clauses (ii), (iii) and (iv) of this clause (a) available through public filings on the EDGAR System or any successor or replacement system of the U.S. Securities and Exchange Commission, the
delivery of such information shall be deemed satisfied; 
 (b) make appropriate officers and/or Directors of the Company available,
and cause the officers and directors of its Subsidiaries to be made available, periodically and at such times as reasonably requested by each VCOC Investor, upon reasonable notice and at mutually convenient times, for consultation with such VCOC
Investor or its designated representative with respect to matters relating to the business and affairs of the Company and its Subsidiaries; 

(c) to the extent that the VCOC Investor requests to receive such information and rights, and to the extent consistent with applicable law,
rule, regulation or listing standards (and with respect to events which require public disclosure, only following the Company’s public disclosure thereof through applicable securities law filings or otherwise), inform each VCOC Investor or its
designated representative in advance with respect to any significant corporate actions, and to provide (or cause to be provided) each VCOC Investor or its designated representative with the right to consult with the Company and its Subsidiaries with
respect to such actions should the VCOC Investor elect to do so, provided however, that this right to 

  
 6 

 
consult must be exercised within five (5) days after the Company informs the VCOC Investor of the proposed corporate action and provided further that the Company shall be under no obligation
to provide the VCOC Investor with any material non-public information with respect to such corporate action; and 
 (d) provide each VCOC
Investor or its designated representative with such other rights of consultation which the VCOC Investor’s counsel may determine in writing to be reasonably necessary under applicable legal authorities promulgated after the date hereof to
qualify its investment in the Company as a “venture capital investment” for purposes of the Plan Asset Regulation, provided that the parties agree that any such rights of consultation shall be of a nature consistent with those granted
above and nothing in this Agreement shall be deemed to require the Company to grant to the VCOC Investor any additional rights with respect to the governance or management of the Company. 

The Company agrees to consider, in good faith, the recommendations of each VCOC Investor or its designated representative in connection with the matters on
which it is consulted as described above in this Section 3.3, recognizing that the ultimate discretion with respect to all such matters shall be retained by the Company. 

In the event a VCOC Investor or any of its Affiliates Transfers all or any portion of their investment in the Company to an Affiliated entity that is intended
to qualify as a “venture capital operating company” (as defined in the Plan Asset Regulation), such Transferee shall be afforded the same rights with respect to the Company afforded to the VCOC Investor hereunder and shall be treated, for
such purposes, as a third party beneficiary hereunder. 
 In the event that the Company ceases to qualify as an “operating company” (as defined in
the first sentence of 2510.3-101(c)(1) of the Plan Asset Regulation), or the investment in the Company by a VCOC Investor does not qualify as a “venture capital investment” as defined in the Plan Asset Regulation, then the Company and each
Blackstone Entity will cooperate in good faith to take all reasonable actions necessary, subject to applicable law, to preserve the VCOC status of each VCOC Investor or the qualification of the investment as a “venture capital investment,”
it being understood that such reasonable actions shall not require a VCOC Investor to purchase or sell any investments. 
 ARTICLE IV. 

GENERAL PROVISIONS 
 4.1
Termination. Except for Section 3.3, this Agreement shall terminate on the earlier to occur of (i) such time as the Blackstone Designator is no longer entitled to designate a Director pursuant to Section 2.1(a) and
(ii) the delivery of a written notice by the Blackstone Designator to the Company requesting that this Agreement terminate. The VCOC Investors shall advise the Company when they collectively first cease to beneficially own any of the
Company’s Common Stock or other securities of the Company into which such shares of Common Stock may be converted or for which such shares of Common Stock may be exchanged, whereupon Section 3.3 hereof shall terminate. 

  
 7 

 4.2 Notices. Any notice, designation, request, request for consent or consent provided for
in this Agreement shall be in writing and shall be either personally delivered, or mailed first class mail (postage prepaid) or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth below and to any
other recipient at the address indicated on the Company’s records, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Notices and other such documents
will be deemed to have been given or made hereunder when sent by facsimile (receipt confirmed) delivered personally, five (5) days after deposit in the U.S. mail and one (1) day after deposit with a reputable overnight courier service.

 The Company’s address is: 

Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 

McLean, VA 22102 
 Attention:
General Counsel 
 Telephone: [            ] 

with a copy (not constituting notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
NY 10017 
 Attention: Joshua Ford Bonnie, Esq. 

Fax: (212) 455-2502 
 The
Blackstone Entities’ address is: 
 The Blackstone Group L.P. 

345 Park Avenue 
 New York, NY
10154 
 Attention: Tyler Henritze 

Fax: [            ] 

with a copy (not constituting notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
NY 10017 
 Attention: Joshua Ford Bonnie, Esq. 

Fax: (212) 455-2502 
 4.3
Amendment; Waiver. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by the Company and the other parties hereto. Neither the failure nor delay on the part of any party hereto to exercise
any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right,
remedy, power or privilege, nor shall any waiver of 

  
 8 

 
any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be
effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 4.4 Further Assurances. The
parties hereto will sign such further documents, cause such meetings to be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full
effect to this Agreement and every provision hereof. To the fullest extent permitted by law, the Company shall not directly or indirectly take any action that is intended to, or would reasonably be expected to result in, Blackstone or any Blackstone
Entity being deprived of the rights contemplated by this Agreement. 
 4.5 Assignment. This Agreement will inure to the benefit of
and be binding on the parties hereto and their respective successors and permitted assigns. This Agreement may not be assigned without the express prior written consent of the other parties hereto, and any attempted assignment, without such
consents, will be null and void; provided, however, that, without the prior written consent of the Company, a Blackstone Party may assign this Agreement to an Affiliate that becomes a party hereto. 

4.6 Third Parties. Except as provided for in Article II and Section 3.3 with respect to any Blackstone Entity, this Agreement does
not create any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. 

4.7 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without
regard to principles of conflicts of laws thereof. 
 4.8 Jurisdiction; Waiver of Jury Trial. In any judicial proceeding involving
any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties unconditionally accepts the jurisdiction and venue of the courts of the State of Delaware or if jurisdiction over the matter is vested exclusively in
federal courts, the United States District Court for the District of Delaware, and the appellate courts to which orders and judgments thereof may be appealed. In any such judicial proceeding, the parties agree that in addition to any method for the
service of process permitted or required by such courts, to the fullest extent permitted by law, service of process may be made by delivery provided pursuant to the directions in Section 4.2. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

4.9 Specific Performance. Each party hereto acknowledges and agrees that in the event of any breach of this Agreement by any of them,
the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any action for specific performance that a remedy at law would be adequate and agrees that
the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement without the posting of bond. 

  
 9 

 4.10 Entire Agreement. This Agreement sets forth the entire understanding of the parties
hereto with respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly set forth herein and therein. This
Agreement supersedes all other prior agreements and understandings between the parties with respect to such subject matter. 
 4.11
Severability. If any provision of this Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement
shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid
and enforceable to the fullest extent permitted by law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby. 

4.12 Table of Contents, Headings and Captions. The table of contents, headings, subheadings and captions contained in this Agreement
are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

4.13 Grant of Consent. Any vote, consent or approval of, or designation by, or other action of, the Blackstone Designator hereunder
shall be effective if notice of such vote, consent, approval, designation or action is provided in accordance with Section 4.2 by the Blackstone Party or Parties holding of record a majority of the Common Stock then held of record by Blackstone
Parties as of the latest date any such notice is so provided. 
 4.14 Counterparts. This Agreement and any amendment hereto may be
signed in any number of separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 

4.15 Effectiveness. This Agreement shall become effective upon the Closing Date. 

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

  
 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Stockholders Agreement on the day and
year first above written. 
  

			
	 COMPANY
  

HILTON WORLDWIDE HOLDINGS INC.

		
	By:	 	 
	 Name:
 Title:
	 	

 [Signature Page to Stockholders’ Agreement] 

 
			
	 BLACKSTONE PARTIES:
  

BH HOTELS HOLDCO LLC

		
	By:	 	Blackstone Real Estate Partners VI L.P., its managing member
		
	By:	 	Blackstone Real Estate Associates VI L.P., its general partner
		
	By:	 	Blackstone Holdings III L.P. its general partner
		
	By:	 	 
		 	Name:
		 	Title: Authorized Signatory

 [Signature Page to Stockholders’ Agreement]EX-10.13

 Exhibit 10.13 
  

 
  
  

REGISTRATION RIGHTS AGREEMENT 

by and among 
 HILTON
WORLDWIDE HOLDINGS INC. 
 and 

the other parties hereto 

Dated as of [            ], 201[    ] 

 
  
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 SECTION 1.1
	  	Certain Definitions	  	 	1	  
	 SECTION 1.2
	  	Other Definitional Provisions; Interpretation	  	 	5	  
	 ARTICLE II REGISTRATION RIGHTS
	  	 	5	  
	 SECTION 2.1
	  	Piggyback Rights	  	 	5	  
	 SECTION 2.2
	  	Demand Registration	  	 	7	  
	 SECTION 2.3
	  	Registration Procedures	  	 	9	  
	 SECTION 2.4
	  	Other Registration-Related Matters	  	 	12	  
	 ARTICLE III INDEMNIFICATION
	  	 	14	  
	 SECTION 3.1
	  	Indemnification by the Company	  	 	14	  
	 SECTION 3.2
	  	Indemnification by the Holders and Underwriters	  	 	15	  
	 SECTION 3.3
	  	Notices of Claims, Etc.	  	 	16	  
	 SECTION 3.4
	  	Contribution	  	 	16	  
	 SECTION 3.5
	  	Other Indemnification	  	 	17	  
	 SECTION 3.6
	  	Non-Exclusivity	  	 	17	  
	 ARTICLE IV OTHER
	  	 	17	  
	 SECTION 4.1
	  	Notices	  	 	17	  
	 SECTION 4.2
	  	Assignment	  	 	18	  
	 SECTION 4.3
	  	Amendments; Waiver	  	 	18	  
	 SECTION 4.4
	  	Third Parties	  	 	19	  
	 SECTION 4.5
	  	Governing Law	  	 	19	  
	 SECTION 4.6
	  	Jurisdiction	  	 	19	  
	 SECTION 4.7
	  	MUTUAL WAIVER OF JURY TRIAL	  	 	19	  

  
 i 

							
	 SECTION 4.8
	  	Specific Performance	  	 	19	  
	 SECTION 4.9
	  	Entire Agreement	  	 	19	  
	 SECTION 4.10
	  	Severability	  	 	20	  
	 SECTION 4.11
	  	Counterparts	  	 	20	  
	 SECTION 4.12
	  	Effectiveness	  	 	20	  

  
 -ii- 

 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is dated as of
[            ], 201[    ] and is by and among Hilton Worldwide Holdings Inc. (the “Company”), Blackstone (as defined below) and the other Persons listed
on the signature pages hereto (each, a “Management Stockholder” and collectively, the “Management Stockholders”). 

RECITALS 
 WHEREAS, the Company
is currently contemplating an underwritten initial public offering (“IPO”) of shares of its Common Stock (as defined below); and 

WHEREAS, the Company desires to grant registration rights to Blackstone and the Management Stockholders on the terms and conditions set out in
this Agreement. 
 NOW, THEREFORE, the parties agree as follows: 

ARTICLE I 
 DEFINITIONS 

SECTION 1.1 Certain Definitions. As used in this Agreement: 

“Affiliate” has the meaning ascribed thereto in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date
hereof. 
 “Agreement” has the meaning set forth in the preamble. 

“Blackstone” means the entities listed on the signature pages hereto under the heading “Blackstone.” 

“Blackstone Entities” means the entities comprising Blackstone, their respective Affiliates and the successors and permitted
assigns of the entities and their respective Affiliates. 
 “Board” means the board of directors of the Company. 

“Business Day” means a day other than a Saturday, Sunday, federal or New York State holiday or other day on which commercial
banks in New York City are authorized or required by law to close. 
 “Closing Date” means the date of completion of the
IPO. 
 “Company” has the meaning set forth in the preamble. 

“Common Stock” means the shares of common stock, par value $0.01 per share, of the Company, and any other capital stock of
the Company into which such common stock is reclassified or reconstituted. 
 “Control” (including its correlative
meanings, “Controlled by” and “under common Control with”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities
or partnership or other ownership interests, by contract or otherwise) of a Person. 

  

 “Demand Party” has the meaning set forth in Section 2.2(a). 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder, as the same may be amended from time to time. 
 “FINRA” means the Financial Industry Regulatory Authority,
Inc. 
 “Governmental Authority” means any nation or government, any state or other political subdivision thereof, and any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Hilton
Global Registration Rights Agreement” means that certain Registration Rights Agreement to be entered into on or about the date hereof among the Company and certain members of Hilton Global Holdings LLC in accordance with the limited liability
company agreement of such company, but not any amendments thereto. 
 “Holder” means each entity comprising Blackstone and
each Management Stockholder that is a holder of Registrable Securities or Securities exercisable, exchangeable or convertible into Registrable Securities or any Transferee of such Person to whom registration rights are assigned pursuant to
Section 4.2. 
 “Indemnified Party” and “Indemnified Parties” have the meanings set forth in
Section 3.1. 
 “IPO” has the meaning set forth in the recitals. 

“Law” means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive,
requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority. 

“Lockup Period” has the meaning set forth in Section 2.4(d)(i). 

“Management Stockholder” and “Management Stockholders” have the meanings set forth in the preamble. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, a cooperative, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental Authority or any department, agency or
political subdivision thereof. 

  
 -2- 

 “Public Offering” means a public offering of equity securities of the Company or
any successor thereto or any Subsidiary of the Company pursuant to a registration statement declared effective under the Securities Act. 

“Registrable Securities” means all shares of Common Stock and any Securities into which the Common Stock may be converted or
exchanged pursuant to any merger, consolidation, sale of all or any part of its assets, corporate conversion or other extraordinary transaction of the Company held by a Holder (whether now held or hereafter acquired, and including any such
Securities received by a Holder upon the conversion or exchange of, or pursuant to such a transaction with respect to, other Securities held by such Holder). As to any Registrable Securities, such Securities will cease to be Registrable Securities
when: 
  

	 	(a)	a registration statement covering such Registrable Securities has been declared effective and such Registrable Securities have been disposed of pursuant to such effective registration statement; 

 

	 	(b)	such Registrable Securities shall have been sold pursuant to Rule 144 or 145 (or any similar provision then in effect) under the Securities Act; 

 

	 	(c)	such Registrable Securities may be sold pursuant to Rule 144 or 145 (or any similar provision then in effect) without limitation thereunder on volume or manner of sale, unless such Registrable Securities are held by a
Holder that beneficially owns 5% or more of the then outstanding shares of Common Stock; or 

  

	 	(d)	such Registrable Securities cease to be outstanding. 

 “Registration Expenses”
means any and all expenses incurred in connection with the performance of or compliance with this Agreement, including: 
  

	 	(a)	all SEC, stock exchange, or FINRA registration and filing fees (including, if applicable, the fees and expenses of any “qualified independent underwriter,” as such term is defined in Rule 5121 of FINRA, and of
its counsel); 

  

	 	(b)	all fees and expenses of complying with securities or blue sky Laws (including fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities);

  

	 	(c)	all printing, messenger and delivery expenses; 

  

	 	(d)	all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or FINRA and all rating agency fees; 

 

	 	(e)	the reasonable fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any special audits and/or “cold comfort” letters required by or incident to
such performance and compliance; 

  
 -3- 

	 	(f)	any fees and disbursements of underwriters customarily paid by the issuers or sellers of Securities, including liability insurance if the Company so desires or if the underwriters so require, and the reasonable fees and
expenses of any special experts retained in connection with the requested registration, but excluding underwriting discounts and commissions and transfer taxes, if any; 

 

	 	(g)	the reasonable fees and out-of-pocket expenses of not more than one law firm (as selected by the Holders of a majority of the Registrable Securities included in such registration) incurred by all the Holders in
connection with the registration; 

  

	 	(h)	the costs and expenses of the Company relating to analyst and investor presentations or any “road show” undertaken in connection with the registration and/or marketing of the Registrable Securities (including
the reasonable out-of-pocket expenses of the Holders); and 

  

	 	(i)	any other fees and disbursements customarily paid by the issuers of securities. 

“SEC” means the U.S. Securities and Exchange Commission or any successor agency. 

“Securities” means capital stock, limited partnership interests, limited liability company interests, beneficial interests,
warrants, options, notes, bonds, debentures, and other securities, equity interests, ownership interests and similar obligations of every kind and nature of any Person. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as
the same may be amended from time to time. 
 “Subsidiary” means, with respect to any Person, any corporation, limited
liability company, partnership, association or other business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election
of directors, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a limited liability
company, partnership, association or other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other business entity is at the time owned or
Controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company,
partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or Control the managing director or
general partner of such limited liability company, partnership, association or other business entity. 

  
 -4- 

 “Transfer” (including its correlative meanings, “Transferor”,
“Transferee” and “Transferred”) shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a security interest in, offer, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to such security. When used as a noun,
“Transfer” shall have such correlative meaning as the context may require. 
 SECTION 1.2 Other Definitional Provisions;
Interpretation 
 (a)    The words “hereof,” “herein,” and “hereunder” and words of
similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, and references in this Agreement to a designated “Article” or “Section” refer to an Article or
Section of this Agreement unless otherwise specified. 
 (b)    The headings in this Agreement are included for
convenience of reference only and do not limit or otherwise affect the meaning or interpretation of this Agreement. 

(c)    The meanings given to terms defined herein are equally applicable to both the singular and plural forms of such
terms. 
 ARTICLE II 

REGISTRATION RIGHTS 

SECTION 2.1 Piggyback Rights. If at any time following expiration of the Lockup Period (or, if earlier, such time as the Demand Party
exercises a demand right pursuant to Section 2.2(a)) the Company proposes to register Securities for public sale (whether proposed to be offered for sale by the Company or by any other Person) under the Securities Act (other than a registration
on Form S-4 or S-8, or any successor or other forms promulgated for similar purposes) in a manner which would permit registration of Registrable Securities for sale to
the public under the Securities Act, it will, at each such time following expiration of the Lockup Period (or if earlier, such time as the Demand Party exercises a demand right pursuant to Section 2.2(a)), give prompt written notice (which
notice shall specify the intended method or methods of disposition) to the Holders of its intention to do so and of such Holder’s rights under this Section 2.1. Upon the written request of any Holder made within fifteen (15) days
after the receipt of any such notice (which request shall specify the number of Registrable Securities intended to be disposed of by such Holder), the Company will use its reasonable best efforts to effect the registration under the Securities Act
of all Registrable Securities which the Holders have so requested to be registered; provided that: (i) if, at any time after giving written notice of its intention to register any Securities and prior to the effective date of the
registration statement filed in connection with such registration, the Company shall determine for any reason not to proceed with the proposed registration of the Securities to be sold by it, the Company may, at its election, give written notice of
such determination to the Holders and, thereupon, the Company shall be relieved of its obligation to register any Registrable Securities in connection with such 

  
 -5- 

 
registration (but not from its obligation to pay the Registration Expenses incurred in connection therewith) without prejudice to the rights of the Demand Party to request that such registration
be effected as a registration under Section 2.2(a); and (ii) if such registration involves an underwritten offering, the Holders of Registrable Securities requesting to be included in the registration must, upon the written request of the
Company, sell their Registrable Securities to the underwriters on the same terms and conditions as apply to the other Securities being sold through underwriters under such registration, with, in the case of a combined primary and secondary offering,
only such differences, including any with respect to representations and warranties, indemnification and liability insurance, as may be customary or appropriate in combined primary and secondary offerings. 

(b)    Expenses. The Company will pay all Registration Expenses in connection with each registration of Registrable
Securities requested pursuant to this Section 2.1. 
 (c)    Priority in Piggyback Registrations. If a
registration pursuant to this Section 2.1 involves an underwritten offering and the managing underwriter advises the Company in writing (a copy of which shall be provided to the Holders) that, in its opinion, the number of Registrable
Securities and other Securities requested to be included in such registration exceeds the number which can be sold in such offering, so as to be likely to have a material and adverse effect on the price, timing or distribution of the Securities
offered in such offering, then the Company will include in such registration: (i) first, the Securities the Company proposes to sell for its own account; and (ii) second, such number of Registrable Securities requested to be included in
such registration which, in the opinion of such managing underwriter, can be sold without having the material and adverse effect referred to above, which number of Registrable Securities shall be allocated pro rata among the Registrable
Securities held by all such requesting Holders and the Registrable Securities (as such term is defined in the Hilton Global Registration Rights Agreement) held by all Eligible Holders (as such term is defined in the Hilton Global Registration Rights
Agreement) that submitted a proper request for inclusion in such registration pursuant to Section 3(a) of the Hilton Global Registration Rights Agreement, if any, on the basis of the relative number of securities requested to be included in
such registration by each such Holder or Eligible Holder (as such terms are defined in the Hilton Global Registration Rights Agreement) (provided that any Securities thereby allocated to any such Holder that exceed such Holder’s request will be
reallocated among the remaining requesting Holders in like manner). Any other selling holders of the Company’s Securities (other than transferees to whom a Holder has assigned its rights under this Agreement) will be included in an underwritten
offering only with the consent of Holders holding a majority of the shares being sold in such offering. 

(d)    Excluded Transactions. The Company shall not be obligated to effect any registration of Registrable
Securities under this Section 2.1 incidental to the registration of any of its Securities in connection with: 

(i)    the IPO; 

  
 -6- 

 (ii)    a registration statement filed to cover issuances under employee
benefits plans or dividend reinvestment plans; or 
 (iii)    any registration statement relating solely to the
acquisition or merger after the date hereof by the Company or any of its Subsidiaries of or with any other businesses. 

(e)    Plan of Distribution, Underwriters and Counsel. If a registration pursuant to this Section 2.1 involves
an underwritten offering, the Holders of a majority of the Registrable Securities included in such underwritten offering shall have the right to (i) determine the plan of distribution, (ii) select the investment banker or bankers and
managers to administer the offering, including the lead managing underwriter (provided that such investment banker or bankers and managers shall be reasonably satisfactory to the Company) and (iii) select counsel for the selling Holders. 

(f)    Shelf Takedowns. In connection with any shelf takedown (whether pursuant to Section 2.2(f) or at the
initiative of the Company), the Holders may exercise “piggyback” rights in the manner described in this Agreement to have included in such takedown Registrable Securities held by them that are registered on such shelf registration
statement. 
 SECTION 2.2    Demand Registration, General. At any time, upon the written request of any
Blackstone Entity (the “Demand Party”) requesting that the Company effect the registration under the Securities Act of Registrable Securities and specifying the amount and intended method of disposition thereof (including, but not
limited to, an underwritten public offering), the Company will (i) promptly give written notice of such requested registration to the other Holders and other holders of Securities entitled to notice of such registration, if any, and
(ii) as expeditiously as possible, use its reasonable best efforts to file a registration statement to effect the registration under the Securities Act of: 

(i)     such Registrable Securities which the Company has been so requested to register by the Demand Party
in accordance with the intended method of disposition thereof; and 
 (ii)     the Registrable Securities
of other Holders which the Company has been requested to register by written request given to the Company within fifteen (15) days after the giving of such written notice by the Company. 

Notwithstanding the foregoing, the Company shall not be obligated to file a registration statement relating to any registration request under this
Section 2.2(a): 
 (x)     within a period of one hundred eighty (180) days (or such lesser
period as the managing underwriters in an underwritten offering may permit) after the effective date of any other registration statement relating to any registration request under this Section 2.2(a) or relating to any registration referred to
in Section 2.1; or 
 (y)     if, in the good faith judgment of a majority of the disinterested
members of the Board, the Company is in possession of material non-public 

  
 -7- 

 
information the disclosure of which would be materially adverse to the Company and would not otherwise be required under Law, in which case the filing of the registration statement may be delayed
until the earlier of the second Business Day after such conditions shall have ceased to exist and the 60th day after receipt by the Company of the written request from a Demand Party to register Registrable Securities under this Section 2.2(a);
provided that the Company shall not effect such a delay more than two times in any twelve (12) month period. 

(b)    Form. Each registration statement prepared at the request of a Demand Party shall be effected on such form
as reasonably requested by the Demand Party, including by a shelf registration pursuant to Rule 415 under the Securities Act on a Form S-3 (or any successor rule or form thereto) if so requested by the Demand Party and if the Company is then
eligible to effect a shelf registration and use such form for such disposition. 
 (c)    Expenses. The Company
will pay all Registration Expenses in connection with each registration of Registrable Securities requested pursuant to this Section 2.2. 

(d)    Plan of Distribution, Underwriters and Counsel. If a requested registration pursuant to this
Section 2.2 involves an underwritten offering, the Holders of a majority of the Registrable Securities included in such underwritten offering shall have the right to (i) determine the plan of distribution, (ii) select the investment
banker or bankers and managers to administer the offering, including the lead managing underwriter (provided that such investment banker or bankers and managers shall be reasonably satisfactory to the Company) and (iii) select counsel for the
selling Holders. 
 (e)    Priority in Demand Registrations. If a requested registration pursuant to this
Section 2.2 involves an underwritten offering and the managing underwriter advises the Company in writing (a copy of which shall be provided to the Holders) that, in its opinion, the number of Registrable Securities requested to be included in
such registration (including Securities of the Company which are not Registrable Securities) exceeds the number which can be sold in such offering, so as to be likely to have a material and adverse effect on the price, timing or distribution of the
Securities offered in such offering, then the number of such Registrable Securities to be included in such registration shall be allocated pro rata among Registrable Securities held by the Demand Party, the Registrable Securities (as such
term is defined in the Hilton Global Registration Rights Agreement) held by all Eligible Holders (as such term is defined in the Hilton Global Registration Rights Agreement) that have submitted a proper request for inclusion in such registration
pursuant to the Hilton Global Registration Rights Agreement, if any, and the Registrable Securities held by the other parties that have requested that their Registrable Securities be sold pursuant to Section 2.1(a), if any, on the basis of the
relative number of securities requested to be included in such registration by each such Holder or Eligible Holder (as such term is defined in the Hilton Global Registration Rights Agreement) (provided that any Securities thereby allocated to any
such Holder that exceed such Holder’s request will be reallocated among all such remaining parties in like manner). Any other selling holders of the Company’s Securities (other than transferees to whom a Holder has assigned its rights
under this Agreement) will be included in an underwritten offering only with the consent of Holders holding a majority of the shares being sold in such offering. 

  
 -8- 

 (f)     Shelf Takedowns. Upon the written request of the Demand Party
at any time and from time to time, the Company will facilitate in the manner described in this Agreement a “takedown” of the Demand Party’s Registrable Securities off of an effective shelf registration statement. Upon the written
request of the Demand Party, the Company will file and seek the effectiveness of a post-effective amendment to an existing shelf registration statement in order to register up to the number of the Demand Party’s Registrable Securities
previously taken down off of such shelf by the Demand Party and not yet “reloaded” onto such shelf registration statement. 

(g)     Additional Rights. Except as expressly provided in this Agreement, the Company shall not grant to any
Person the right to request or require the Company to register any equity Securities of the Company, or any Securities convertible, exchangeable or exercisable for or into such Securities, or amend any grant of such a right, without the prior
written consent of the Holders holding a majority of the Registrable Securities subject to this Agreement. In the event the Company engages in a merger or consolidation in which the shares of Common Stock are converted into Securities of another
company, appropriate arrangements will be made so that the registration rights provided under this Agreement continue to be provided to Holders by the issuer of such Securities. To the extent such new issuer, or any other company acquired by the
Company in a merger or consolidation, was bound by registration rights that would conflict with the provisions of this Agreement, the Company will use its reasonable best efforts to modify any such “inherited” registration rights so as not
to interfere in any material respects with the rights provided under this Agreement, unless otherwise agreed by Holders then holding a majority of Registrable Securities. 

SECTION 2.3 Registration Procedures. If and whenever the Company is required to file a registration statement with respect to, or to
use its reasonable best efforts to effect or cause the registration of, any Registrable Securities under the Securities Act as provided in this Agreement, the Company will as expeditiously as possible: promptly prepare and file with the SEC a
registration statement on an appropriate form with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective; provided, however, that the Company may discontinue
any registration of Securities which it has initiated for its own account at any time prior to the effective date of the registration statement relating thereto (and, in such event, the Company shall pay the Registration Expenses incurred in
connection therewith); and provided, further, that before filing a registration statement or prospectus, or any amendments or supplements thereto, the Company will (i) furnish to counsel for the sellers of Registrable Securities
covered by such registration statement copies of all documents proposed to be filed, which documents will be subject to the review of such counsel, (ii) fairly consider such reasonable changes in any such documents prior to or after the filing
thereof as the counsel to the sellers of Registrable Securities being sold may request, and (iii) make such of the representatives of the Company as shall be reasonably requested by the sellers of the Registrable Securities being sold available
for discussion of such documents; 
 (b)    prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection therewith as may be necessary to 

  
 -9- 

 
keep such registration statement effective for a period not in excess of two (2) years (which period shall not be applicable in the case of a shelf registration effected pursuant to a
request under Section 2.2(b)) and to comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Securities covered by such registration statement during such period in accordance with the
intended methods of disposition by the seller or sellers thereof set forth in such registration statement; provided that before filing a registration statement or prospectus, or any amendments or supplements thereto, the Company will
(i) furnish to counsel for the sellers of Registrable Securities covered by such registration statement copies of all documents proposed to be filed, which documents will be subject to the review of such counsel, (ii) fairly consider such
reasonable changes in any such documents prior to or after the filing thereof as the counsel to the sellers of Registrable Securities being sold may request, and (iii) make such of the representatives of the Company as shall be reasonably
requested by the sellers of the Registrable Securities being sold available for discussion of such documents; 
 (c)    
furnish to each seller of such Registrable Securities such number of copies of such registration statement and of each amendment and supplement thereto (in each case including all exhibits filed therewith, including any documents incorporated by
reference), such number of copies of the prospectus included in such registration statement (including each preliminary prospectus and summary prospectus), in conformity with the requirements of the Securities Act, and such other documents as such
seller may reasonably request in order to facilitate the disposition of the Registrable Securities by such seller; 

(d)     use its reasonable best efforts to register or qualify such Registrable Securities covered by such registration in
such jurisdictions as each seller shall reasonably request, and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such seller; 
 (e)     use its reasonable best efforts to cause such Registrable Securities covered
by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof to consummate the disposition of such Registrable Securities; 

(f)     notify each seller of any such Registrable Securities covered by such registration statement, at any time when a
prospectus relating thereto is required to be delivered under the Securities Act, of the Company’s becoming aware that the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and at the request of any such seller, prepare and furnish to such seller a
reasonable number of copies of an amended or supplemental prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 

(g)     otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make
available to its Security holders, as soon as 

  
 -10- 

 
reasonably practicable (but not more than eighteen (18) months) after the effective date of the registration statement, an earnings statement which shall satisfy the provisions of
Section 11(a) of the Securities Act; 
 (h)    (i) use its reasonable best efforts to list such Registrable
Securities on any securities exchange on which other Securities of the Company are then listed if such Registrable Securities are not already so listed and if such listing is then permitted under the rules of such exchange; and (ii) use its
reasonable best efforts to provide a transfer agent and registrar for such Registrable Securities covered by such registration statement not later than the effective date of such registration statement; 

(i)     enter into such customary agreements (including an underwriting agreement in customary form), which may include
indemnification provisions in favor of underwriters and other Persons in addition to, or in substitution for the indemnification provisions hereof, and take such other actions as sellers of a majority of such Registrable Securities or the
underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities; 

(j)     obtain a “cold comfort” letter or letters from the Company’s independent public accountants in
customary form and covering matters of the type customarily covered by “cold comfort” letters as the seller or sellers of a majority of such Registrable Securities shall reasonably request; 

(k)     make available for inspection by any seller of such Registrable Securities covered by such registration statement,
by any underwriter participating in any disposition to be effected pursuant to such registration statement and by any attorney, accountant or other agent retained by any such seller or any such underwriter, all pertinent financial and other records,
pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in
connection with such registration statement; 
 (l)     notify counsel for the Holders of Registrable Securities
included in such registration statement and the managing underwriter or agent, immediately, and confirm the notice in writing: (i) when the registration statement, or any post-effective amendment to the registration statement, shall have become
effective, or any supplement to the prospectus or any amendment to any prospectus shall have been filed; (ii) of the receipt of any comments from the SEC; (iii) of any request of the SEC to amend the registration statement or amend or
supplement the prospectus or for additional information; and (iv) of the issuance by the SEC of any stop order suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary
prospectus, or of the suspension of the qualification of the registration statement for offering or sale in any jurisdiction, or of the institution or threatening of any proceedings for any of such purposes; 

(m)     provide each Holder of Registrable Securities included in such registration statement reasonable opportunity to
comment on the registration statement, any post-effective amendments to the registration statement, any supplement to the prospectus or any amendment to any prospectus; 

  
 -11- 

 (n)     make every reasonable effort to prevent the issuance of any stop
order suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary prospectus and, if any such order is issued, to obtain the withdrawal of any such order at the earliest possible
moment; 
 (o)     if requested by the managing underwriter or agent or any Holder of Registrable Securities covered by
the registration statement, promptly incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or agent or such Holder reasonably requests to be included
therein, including, with respect to the number of Registrable Securities being sold by such Holder to such underwriter or agent, the purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the
underwritten offering of the Registrable Securities to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being
notified of the matters incorporated in such prospectus supplement or post-effective amendment; 
 (p)     cooperate
with the Holders of Registrable Securities covered by the registration statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing
Securities to be sold under the registration statement, and enable such Securities to be in such denominations and registered in such names as the managing underwriter or agent, if any, or the Holders may request; 

(q)     use its reasonable best efforts to make available the executive officers of the Company to participate with the
Holders of Registrable Securities and any underwriters in any “road shows” that may be reasonably requested by the Holders in connection with distribution of Registrable Securities; 

(r)     obtain for delivery to the Holders of Registrable Securities being registered and to the underwriter or agent an
opinion or opinions from counsel for the Company in customary form and in form, substance and scope reasonably satisfactory to such Holders, underwriters or agents and their counsel; and 

(s)     cooperate with each seller of Registrable Securities and each underwriter or agent participating in the
disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA. 

SECTION 2.4 Other Registration-Related Matters. The Company may require any Person that is Transferring Securities in a Public Offering
pursuant to Sections 2.1 or 2.2 to furnish to the Company in writing such information regarding such Person and pertinent to the disclosure requirements relating to the registration and the distribution of the Registrable Securities which are
included in such Public Offering as the Company may from time to time reasonably request in writing. 
 (b)     Each
Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.3(f), it will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement
covering such 

  
 -12- 

 
Registrable Securities until its receipt of the copies of the amended or supplemented prospectus contemplated by Section 2.3(f) and, if so directed by the Company, each Holder will deliver
to the Company or destroy (at the Company’s expense) all copies, other than permanent file copies then in their possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the
Company gives any such notice, the period for which the Company will be required to keep the registration statement effective will be extended by the number of days during the period from and including the date of the giving of such notice pursuant
to Section 2.3(f) to and including the date when each seller of Registrable Securities covered by such registration statement has received the copies of the supplemented or amended prospectus contemplated by Section 2.3(f). 

(c)     Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 2.3(l)(iv), it will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until the lifting of such stop order, other order or suspension or
the termination of such proceedings and, if so directed by the Company, each Holder will deliver to the Company or destroy (at the Company’s expense) all copies, other than permanent file copies then in its possession, of the prospectus
covering such Registrable Securities current at the time of receipt of such notice. In the event the Company gives any such notice, the period for which the Company will be required to keep the registration statement effective will be extended by
the number of days during the period from and including the date of the giving of such notice pursuant to Section 2.3(l)(iv) to and including the date when such stop order, other order or suspension is lifted or such proceedings are terminated.

 (d)     (i) Each Holder (x) hereby agrees, with respect to the Registrable Securities owned by such Holder, to
be bound by any and all restrictions on the sale, disposition, distribution, hedging or other Transfer of any interest in Registrable Securities imposed on Blackstone and/or its Affiliates in connection with the IPO by the underwriters managing such
offering for the duration of the term of such restriction (the period in which such sale, disposition, distribution, hedging or other Transfer of any interest is restricted, the “Lockup Period”) and (y) will, in connection with
a Public Offering of the Company’s equity Securities (whether for the Company’s account or for the account of any Holder or Holders, or both), upon the request of the Company or of the underwriters managing any underwritten offering of the
Company’s Securities, agree in writing not to effect any sale, disposition or distribution of Registrable Securities (other than those included in the Public Offering) without the prior written consent of the managing underwriter for such
period of time commencing seven (7) days before and ending one hundred eighty (180) days (or such earlier date as the managing underwriter shall agree) after the effective date of such registration; provided that the Company shall
cause all directors and officers of the Company, Holders of more than 5% of the Registrable Securities and all other Persons with registration rights with respect to the Company’s Securities (whether or not pursuant to this Agreement) to enter
into agreements similar to those contained in this Section 2.4(d)(i) (without regard to this proviso); and (ii) the Company and its Subsidiaries will, in connection with an underwritten Public Offering of the Company’s Securities in
respect of which Registrable Securities are included, upon the request of the underwriters managing such offering, agree in writing not to effect any sale, disposition or distribution of equity Securities of the Company (other than those included in
such Public Offering, offered pursuant to Section 2.2(f), offered on Form S-8, issuable upon conversion of Securities or upon the exercise of 

  
 -13- 

 
options, or the grant of options in the ordinary course of business pursuant to then-existing management equity plans or equity-based employee benefit plans, in each case outstanding on the date
a notice is given by the Company pursuant to Section 2.1(a) or a request is made pursuant to Section 2.2(a), as the case may be), without the prior written consent of the managing underwriter, for such period of time commencing seven
(7) days before and ending one hundred eighty (180) days (or such earlier date as the managing underwriter shall agree) after the effective date of such registration. 

(e)     With a view to making available the benefits of certain rules and regulations of the SEC which may at any time
permit the sale of Securities of the Company to the public without registration after such time as a public market exists for Registrable Securities, the Company agrees: 

(i)     to make and keep public information available, as those terms are understood and defined in Rule
144 under the Securities Act, at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its Securities to the public; 

(ii)     to use its commercially reasonable efforts to then file with the SEC in a timely manner all
reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 

(iii)     so long as a Holder owns any Registrable Securities, to furnish to such Holder promptly upon
request: (A) a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an
offering of its Securities to the public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); (B) a copy of the most recent annual or quarterly report of the Company; and
(C) such other reports and documents of the Company as such Holder may reasonably request in availing itself or himself of any rule or regulation of the SEC allowing such Holder to sell any such Securities without registration. 

(f)     Counsel to represent Holders of Registrable Securities shall be selected by the Holders of at least a majority of
the Registrable Securities included in the relevant registration. 
 (g)     Each of the parties hereto agrees that the
registration rights provided to the Holders herein are not intended to, and shall not be deemed to, override or limit any other restrictions on Transfer to which any such Holder may otherwise be subject. 

ARTICLE III 

INDEMNIFICATION 
 SECTION
3.1 Indemnification by the Company. In the event of any registration of any Securities of the Company under the Securities Act pursuant to Section 2.1 or 2.2, the Company hereby indemnifies and agrees to hold harmless, to the fullest
extent permitted by Law, 

  
 -14- 

 
each Holder who sells Registrable Securities covered by such registration statement, each Affiliate of such Holder and their respective directors and officers or general and limited partners (and
the directors, officers, employees, Affiliates and controlling Persons of any of the foregoing), each other Person who participates as an underwriter in the offering or sale of such Securities and each other Person, if any, who controls such Holder
or any such underwriter within the meaning of the Securities Act (each, and “Indemnified Party” and collectively, the “Indemnified Parties”), against any and all losses, claims, damages or liabilities, joint or
several, and reasonable and documented expenses to which such Indemnified Party may become subject under the Securities Act, common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect
thereof, whether or not such Indemnified Party is a party thereto) arise out of or are based upon: (a) any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which such Securities
were registered under the Securities Act, any preliminary, final or summary prospectus contained therein, or any amendment or supplement thereto, or any document incorporated by reference therein, or any other such disclosure document (including
reports and other documents filed under the Exchange Act and any document incorporated by reference therein) or related document or report; (b) any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, in the case of a prospectus, in the light of the circumstances when they were made; or (c) any violation or alleged violation by the Company or any of its Subsidiaries of any federal,
state, foreign or common law rule or regulation applicable to the Company or any of its Subsidiaries and relating to action or inaction in connection with any such registration, disclosure document or related document or report, and the Company will
reimburse such Indemnified Party for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, liability, action or proceeding; provided that the Company will not be liable to
any Indemnified Party in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon any untrue statement or alleged untrue statement or omission or
alleged omission made in such registration statement, in any such preliminary, final or summary prospectus, or any amendment or supplement thereto in reliance upon and in conformity with written information with respect to such Indemnified Party
furnished to the Company by such Indemnified Party expressly for use in the preparation thereof. Such indemnity will remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any Indemnified Party and
will survive the Transfer of such Securities by such Holder or any termination of this Agreement. 
 SECTION 3.2 Indemnification by the
Holders and Underwriters. The Company may require, as a condition to including any Registrable Securities in any registration statement filed in accordance with Section 2.1 or 2.2, that the Company shall have received an undertaking
reasonably satisfactory to it from the Holder of such Registrable Securities or any prospective underwriter to indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 3.1) the Company, all other Holders or
any prospective underwriter, as the case may be, and any of their respective Affiliates, directors, officers and controlling Persons, with respect to any untrue statement in or omission from such registration statement, any preliminary, final or
summary prospectus contained therein, or any amendment or supplement, if such untrue statement or omission was made in reliance upon and in conformity with written information with respect to such Holder or underwriter furnished to the Company by
such Holder or underwriter expressly for use in the preparation of such registration statement, preliminary, final 

  
 -15- 

 
or summary prospectus or amendment or supplement, or a document incorporated by reference into any of the foregoing. Such indemnity will remain in full force and effect regardless of any
investigation made by or on behalf of the Company or any of the Holders, or any of their respective Affiliates, directors, officers or controlling Persons and will survive the Transfer of such Securities by such Holder. In no event shall the
liability of any selling Holder of Registrable Securities hereunder be greater in amount than the dollar amount of the proceeds actually received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification
obligation. 
 SECTION 3.3 Notices of Claims, Etc. Promptly after receipt by an Indemnified Party hereunder of written notice of the
commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Article III, such Indemnified Party will, if a claim in respect thereof is to be made against an indemnifying party, give written
notice to the latter of the commencement of such action; provided that the failure of the Indemnified Party to give notice as provided herein will not relieve the indemnifying party of its obligations under Section 3.1 or 3.2, except to
the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an Indemnified Party, unless in such Indemnified Party’s reasonable judgment a conflict of interest between
such indemnified and indemnifying parties may exist in respect of such claim, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent
that it may wish, with counsel selected by the Holders of at least a majority of the Registrable Securities included in the relevant registration, and after notice from the indemnifying party to such Indemnified Party of its election so to assume
the defense thereof, the indemnifying party will not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation. If, in
such Indemnified Party’s reasonable judgment, having common counsel would result in a conflict of interest between the interests of such indemnified and indemnifying parties, then such Indemnified Party may employ separate counsel reasonably
acceptable to the indemnifying party to represent or defend such Indemnified Party in such action, it being understood, however, that the indemnifying party will not be liable for the reasonable fees and expenses of more than one separate firm of
attorneys at any time for all such Indemnified Parties (and not more than one separate firm of local counsel at any time for all such Indemnified Parties) in such action. No indemnifying party will consent to entry of any judgment or enter into any
settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect of such claim or litigation. 

SECTION 3.4 Contribution. If the indemnification provided for hereunder from the indemnifying party is unavailable to an Indemnified
Party hereunder in respect of any losses, claims, damages, liabilities or expenses referred to herein for reasons other than those described in the proviso in the first sentence of Section 3.1, then the indemnifying party, in lieu of
indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of
the indemnifying party and Indemnified Parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying
party and Indemnified Parties shall be determined by reference to, among other 

  
 -16- 

 
things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates
to information supplied by, such indemnifying party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party under this
Section 3.4 as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or
proceeding. In no event shall the liability of any selling Holder of Registrable Securities hereunder be greater in amount than the dollar amount of the proceeds actually received by such Holder upon the sale of the Registrable Securities giving
rise to such contribution obligation. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this
Section 3.4 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

SECTION 3.5 Other Indemnification. Indemnification similar to that specified in this Article III (with appropriate modifications) shall
be given by the Company and each seller of Registrable Securities with respect to any required registration or other qualification of Securities under any Law or with any Governmental Authority other than as required by the Securities Act. 

SECTION 3.6 Non-Exclusivity. The obligations of the parties under this Article III will be in addition to any liability which any party
may otherwise have to any other party. 
 ARTICLE IV 

OTHER 
 SECTION 4.1
Notices. Any notice, request, instruction or other document to be given hereunder by any party hereto to another party hereto shall be in writing and shall be deemed given (a) when delivered personally, (b) five (5) Business
Days after being sent by certified or registered mail, postage prepaid, return receipt requested, (c) one (1) Business Day after being sent by Federal Express or other nationally recognized overnight courier, or (d) if transmitted by
facsimile, if confirmed within 24 hours thereafter by a signed original sent in the manner provided in clause (a), (b) or (c) to parties at the following addresses (or at such other address for a party as shall be specified by
prior written notice from such party): 
 if to the Company: 

Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 

McLean, VA 22102 
 Attention:
General Counsel 
 Fax:
[                    ] 
 with a copy
(not constituting notice) to: 

  
 -17- 

 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
NY 10017 
 Attention: Joshua Ford Bonnie, Esq. 

Fax: (212) 455-2502 
 if to
Blackstone: 
 The Blackstone Group L.P. 

345 Park Avenue 
 New York, NY
10154 
 Attention: Tyler S. Henritze 

Fax: [                    ] 

with an additional copy (not constituting notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
NY 10017 
 Attention: Joshua Ford Bonnie, Esq. 

Fax: (212) 455-2502 
 if to
any Management Stockholder: 
 c/o Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 

McLean, VA 22102 
 Attention:
General Counsel 
 Fax:
[                    ] 
 or such other
address indicated in the records of the Company. 
 SECTION 4.2 Assignment. Neither the Company nor any Holder shall assign all or
any part of this Agreement without the prior written consent of the Company and Blackstone; provided, however, that any Blackstone Entity may assign its rights and obligations under this Agreement in whole or in part to any of its
Affiliates. Except as otherwise provided herein, this Agreement will inure to the benefit of and be binding on the parties hereto and their respective successors and permitted assigns. 

SECTION 4.3 Amendments; Waiver. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed
by the Company and the Holders holding a majority of the Registrable Securities subject to this Agreement; provided that no such amendment, supplement or other modification shall adversely affect the economic interests of any Holder hereunder
disproportionately to other Holders without the written consent of such Holder. For the avoidance of doubt, no consent pursuant to this Section 4.3 shall be required in connection with any amendment or revision to Schedule A unless such
amendment or 

  
 -18- 

 
revision is to remove a Holder from such schedule at a time when such Holder would otherwise be entitled to registration rights herein. No waiver by any party of any of the provisions hereof will
be effective unless explicitly set forth in writing and executed by the party so waiving. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including without limitation, any investigation by or on behalf of
any party, will be deemed to constitute a waiver by the party taking such action of compliance with any covenants or agreements contained herein. The waiver by any party hereto of a breach of any provision of this Agreement will not operate or be
construed as a waiver of any subsequent breach. 
 SECTION 4.4 Third Parties. This Agreement does not create any rights, claims or
benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. 
 SECTION 4.5
Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. 

SECTION 4.6 Jurisdiction. The Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if
the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware) shall have exclusive jurisdiction over the parties with respect to any dispute or controversy between
them arising under or in connection with this agreement and, by execution and delivery of this agreement, each of the parties to this Agreement submits to the exclusive jurisdiction of those courts, including but not limited to the in
personam and subject matter jurisdiction of those courts, waives any objections to such jurisdiction on the grounds of venue or forum non conveniens, the absence of in personam or subject matter jurisdiction and any similar
grounds, consents to service of process by mail (in accordance with the notice provisions of this Agreement) or any other manner permitted by Law, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement.

 SECTION 4.7 MUTUAL WAIVER OF JURY TRIAL. THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING
BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT. 
 SECTION 4.8 Specific Performance. Each of the parties
hereto acknowledges and agrees that in the event of any breach of this Agreement by any of them, the non-breaching party would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense
in any action for specific performance that a remedy at law would be adequate and that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to compel specific performance of this
Agreement. 
 SECTION 4.9 Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to
the subject matter hereof. There are no agreements, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This Agreement supersedes all other prior agreements
and understandings between the parties with respect to such subject matter. 

  
 -19- 

 SECTION 4.10 Severability. If one or more of the provisions, paragraphs, words, clauses,
phrases or sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision, paragraph, word,
clause, phrase or sentence in every other respect and of the remaining provisions, paragraphs, words, clauses, phrases or sentences hereof shall not be in any way impaired, it being intended that all rights, powers and privileges of the parties
hereto shall be enforceable to the fullest extent permitted by Law. 
 SECTION 4.11 Counterparts. This Agreement may be executed in
any number of counterparts, each of which will be deemed to be an original and all of which together will be deemed to be one and the same instrument. 

SECTION 4.12 Effectiveness 

This Agreement shall become effective, as to any Holder, as of the date signed by the Company and countersigned by such Holder. 

SECTION 4.13 Confidentiality 

Each Management Stockholder agrees that all material non-public information provided pursuant to or in accordance with the terms of this
Agreement shall be kept confidential by the person to whom such information is provided, until such time as such information becomes public other than through violation of this provision. Notwithstanding the foregoing, any party may disclose the
information if required to do so by any law, rule, regulation, order, decree or subpoena of any governmental agency or authority or court. 

[Remainder of Page Intentionally Left Blank] 

  
 -20- 

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

			
	COMPANY:
	
	HILTON WORLDWIDE HOLDINGS INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
  

 
  

[Signature Page to Registration Rights Agreement] 

  

 BLACKSTONE: 

 

			
	BLACKSTONE PARTIES:
	
	BH HOTELS HOLDCO LLC
		
	By:	 	 Blackstone Real Estate Partners VI L.P.,
 its
managing member

		
	By:	 	 Blackstone Real Estate Associates VI L.P.,

its general partner

		
	By:	 	 Blackstone Holdings III L.P.
 its general
partner

		
	By:	 	 
		 	Name:
		 	Title:     Authorized Signatory

  

			
	BLACKSTONE A23 HOLDINGS LLC
		
	By:	 	 Blackstone Real Estate Partners VI L.P.,
 its
managing member

		
	By:	 	 Blackstone Real Estate Associates VI L.P.,

its general partner

		
	By:	 	 Blackstone Holdings III L.P.
 its general
partner

		
	By:	 	 
		 	Name:
		 	Title:     Authorized Signatory

  
  

[Signature Page to Registration Rights Agreement] 

  

 MANAGEMENT STOCKHOLDERS: 

[By:                   
                                         
                                     

      Name: ]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]