Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

SHARE REPURCHASE AGREEMENT 

THIS SHARE REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of December 7, 2016, by and among
Extended Stay America, Inc., a Delaware corporation (the “Corporation”), ESH Hospitality, Inc., a Delaware corporation (“ESH REIT” and, together with the Corporation, the
“Companies”), and each of the entities identified on Schedule 1 hereto (each, a “Seller,” and collectively, the “Sellers”). 

WHEREAS, the Sellers own in aggregate 98,397,436 shares of paired common stock, each comprised of one share of common stock, par value $0.01
per share, of the Corporation (the “Corporation Common Stock”) and one share of Class B common stock, par value $0.01 per share, of ESH REIT (the “Class B Common Stock”), which are attached and trade
together. These paired shares are collectively referred to as the “Shares” in this Agreement; 
 WHEREAS, the
Companies and the Sellers propose to enter into a transaction (the “Repurchase Transaction”) whereby the Sellers shall sell to the Companies and the Companies shall purchase from the Sellers a number of Shares (the
“Repurchase Shares”) at the Per Share Purchase Price (as defined below) as shall be equal to the lesser of (i) 5% of the total number of Shares to be sold in the Secondary Offering (as defined below) and (ii) 625,000 Shares
(rounded down to the nearest whole Share), as set forth in this Agreement; 
 WHEREAS, the Corporation will purchase shares of Corporation
Common Stock (its portion of the Repurchase Shares) and pay its portion (the “Corporation Proportion”) of the Per Share Purchase Price, with such portion being determined by reference to the proportionate amount of the
aggregate valuation of the Shares that was attributable to the Corporation Common Stock in connection with the most recent third party valuation of the fair market value of the Shares performed before the Secondary Offering; 

WHEREAS, ESH REIT will purchase shares of Class B Common Stock (its portion of the Repurchase Shares) and pay its portion (the “ESH
REIT Proportion”) of the Per Share Purchase Price, with such portion being determined by reference to the proportionate amount of the aggregate valuation of the Shares that was attributable to the Class B Common Stock in connection with
the most recent third party valuation of the fair market value of the Shares performed before the Secondary Offering; 
 WHEREAS, the
Sellers propose to sell through an underwritten public offering (the “Secondary Offering”) registered with the Securities and Exchange Commission (the “SEC”) certain other Shares owned by the Sellers
(the “Secondary Shares”); 
 NOW, THEREFORE, in consideration of the foregoing, of the mutual promises herein set
forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows: 

 ARTICLE I 

REPURCHASE 

Section 1.1 Repurchase of Shares. The Companies shall purchase from the Sellers the Repurchase Shares, under the terms and
subject to the conditions hereof and in reliance upon the representations, warranties and agreements contained herein, at the Closing (as defined below), and each Seller, severally and not jointly, shall sell to the Companies a number of Shares
equal to such Seller’s pro rata portion of the total number of Repurchase Shares, at the per share price at which the Secondary Shares are sold to the underwriter(s) in the Secondary Offering (the “Per Share Purchase
Price”); provided that, the number of Shares to be sold by each Seller shall be equitably adjusted to avoid fractional shares. 

Section 1.2 Closing.
 (a)
The closing (the “Closing”) of the Repurchase Transaction shall be held at the offices of Fried, Frank, Harris, Shriver & Jacobson LLP, One New York Plaza, New York, New York, immediately subsequent to the satisfaction or
waiver of the conditions set forth in Article IV herein (with the date upon which such satisfaction or waiver occurs being referred to here as the “Closing Date”) or at such other time, date or place as the Sellers and the
Companies may agree in writing. 
 (b) At the Closing, each Seller shall deliver the number of Repurchase Shares sold by such Seller to the
Companies or as instructed by the Companies duly executed stock powers relating to the Repurchase Shares sold by such Seller, as applicable, and the Corporation and ESH REIT agree to deliver to such Seller a dollar amount equal to the Corporation
Proportion and ESH REIT Proportion, respectively, of the product of the Per Share Purchase Price and the number of Repurchase Shares sold by such Seller by wire transfer of immediately available funds. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE SELLERS 

Each of the Sellers severally and not jointly represents and warrants to the Companies as follows: 

Section 2.1 Title to Repurchase Shares. Such Seller has good and valid title to the Repurchase Shares to be sold at the Closing
Date by such Seller hereunder, free and clear of all liens, encumbrances, equities or adverse claims; such Seller will have, immediately prior to the Closing Date, good and valid title to the Repurchase Shares to be sold at the Closing Date by such
Seller, free and clear of all liens, encumbrances, equities or adverse claims; and, upon delivery of such Repurchase Shares and payment therefor pursuant hereto, good and valid title to such Repurchase Shares, free and clear of all liens,
encumbrances, equities or adverse claims, will pass to the Companies. 
 Section 2.2 Required Consents; Authority. All consents,
approvals, authorizations and orders necessary for the execution and delivery by such Seller of this 

  
 2 

 
Agreement, and for the sale and delivery of the Repurchase Shares to be sold by such Seller hereunder, have been obtained; and such Seller has full right, power and authority to enter into this
Agreement and to sell, assign, transfer and deliver the Repurchase Shares to be sold by such Seller hereunder; this Agreement have each been duly authorized, executed and delivered by or on behalf of such Seller. 

Section 2.3 Receipt of Information. Such Seller has received all the information it considers necessary or appropriate for
deciding whether to consummate the Repurchase Transaction. Such Seller has had an opportunity to ask questions and receive answers from the Companies. Such Seller has had the opportunity to discuss with its tax advisors the consequences of the
Repurchase Transaction. Such Seller has not received, nor is it relying on, any representations or warranties from the Companies other than as provided herein, and each Company hereby disclaims any other express or implied representations or
warranties with respect to itself. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANIES 

Each of the Companies severally and not jointly represents and warrants to the Sellers as follows: 

Section 3.1 Authority Relative to this Agreement. Each of the Companies has the power and authority to execute and deliver this
Agreement and to perform its obligations hereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and the consummation by it of the transactions contemplated hereby has been
duly and validly taken. 
 Section 3.2 Approvals. No consent, approval, authorization, order, license, registration or
qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Companies of this Agreement and the consummation of the transactions contemplated by this
Agreement. 
 ARTICLE IV 

CONDITIONS TO CLOSING 

Section 4.1 Completion of Secondary Offering. The obligations of the Companies to purchase the Repurchase Shares at the Closing
are subject to the fulfillment on or prior to the Closing of the condition that the Secondary Offering shall have been consummated in accordance with the terms and conditions of any underwriting or purchase agreement entered into in connection
therewith. 

  
 3 

 ARTICLE V 

MISCELLANEOUS 

Section 5.1 Termination. This Agreement may be terminated at any time by the mutual written consent of each of the parties hereto.
Furthermore, unless such date is extended by the mutual written consent of each of the parties hereto, this Agreement shall automatically terminate and be of no further force and effect in the event that (a) the commencement of the Secondary
Offering has not been publicly announced within four (4) business days after the date hereof or (b) the conditions in Section 4.1 of this Agreement have not been satisfied within ten (10) business days after the date hereof. 

Section 5.2 Savings Clause. No provision of this Agreement shall be construed to require any party or its affiliates to take any action
that would violate any applicable law (whether statutory or common), rule or regulation. 
 Section 5.3 Amendment and Waiver. This
Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto. Any party may waive in whole or in part any benefit or right provided to it under this Agreement, such waiver being effective only if
contained in a writing executed by such party (and by the Companies, in the case of any waiver by any Seller). The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions
and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

Section 5.4 Severability. If any provision of this Agreement shall be declared by any court of competent jurisdiction to be
illegal, void or unenforceable, all other provisions of this Agreement shall not be affected and shall remain in full force and effect. 

Section 5.5 Entire Agreement. Except as otherwise expressly set forth herein, this Agreement, together with the several agreements
and other documents and instruments referred to herein or therein or annexed hereto and executed contemporaneously herewith, embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and
supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way. 

Section 5.6 Successors and Assigns. Neither this Agreement nor any of the rights or obligations of any party under this Agreement shall
be assigned, in whole or in part by any party without the prior written consent of the other parties. 
 Section 5.7 No Third Party
Beneficiaries. No Person other than the parties hereto shall have any rights or benefits under this Agreement, and nothing in this Agreement is intended to, or will, confer on any Person other than the parties hereto any rights, benefits or
remedies. 

  
 4 

 Section 5.8 Counterparts. This Agreement may be executed in separate counterparts
each of which shall be an original and all of which taken together shall constitute one and the same agreement.
 Section 5.9
Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Companies shall be
given to them at Extended Stay America, Inc., 11525 N. Community House Road, Suite 100, Charlotte, North Carolina 28277, fax: (980) 335-3089; Attention: General Counsel and Corporate Secretary with a copy to Fried, Frank, Harris, Shriver &
Jacobson LLP, One New York Plaza, New York, New York 10004, Attention: Stuart Gelfond, Esq. Notices to the Sellers shall be given to Centerbridge Partners, L.P. at 375 Park Ave., New York, NY 10152, Attention: Office of the General Counsel, with
copies to: legalnotices@centerbridge.com; to Paulson & Co. Inc. at 1251 Avenue of the Americas, 50th Floor, New York, New York 10020, Attention: General Counsel, (fax: (212) 977-9505 ); and to The Blackstone Group, L.P. at 345 Park Avenue, New
York, New York 10154, Attention: General Counsel, (fax: (646) 253-8983). 
 Section 5.10 Governing Law; Consent to
Jurisdiction. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be
performed in such state. 
 Section 5.11 Interpretation. The headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as
a whole and not to any particular provision of this Agreement, and Article and Section references are to this Agreement unless otherwise specified. The meanings given to terms defined herein shall be equally applicable to both the singular and
plural forms of such terms. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” “Business
Day” means any day that is not a Saturday, Sunday or other day on which banks are required or authorized by law to be closed in New York, New York. “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated by the Commission from time to time thereunder (or under any successor statute). “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated by the Commission from time to time thereunder (or under any successor statute). 
 [Signature Pages Follow] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the date first above written. 
  

					
	EXTENDED STAY AMERICA, INC.
		
	By:	 	 /s/ John R. Dent

		 	Name:	 	John R. Dent
		 	Title:	 	General Counsel
	
	ESH HOSPITALITY, INC.
		
	By:	 	 /s/ John R. Dent

		 	Name:	 	John R. Dent
		 	Title:	 	General Counsel

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	CENTERBRIDGE CREDIT
PARTNERS, L.P.
	
	BY: CENTERBRIDGE CREDIT PARTNERS GENERAL PARTNER, L.P., its general partner
	
	BY: CENTERBRIDGE CREDIT CAYMAN GP LTD., its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	 CENTERBRIDGE CREDIT PARTNERS

TE INTERMEDIATE I, L.P.

	
	BY: CENTERBRIDGE CREDIT PARTNERS GENERAL PARTNER, L.P., its general partner
	
	BY: CENTERBRIDGE CREDIT CAYMAN GP LTD., its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	CENTERBRIDGE CREDIT PARTNERS OFFSHORE INTERMEDIATE III, L.P.
	
	BY: CENTERBRIDGE CREDIT PARTNERS OFFSHORE GENERAL PARTNER, L.P., its general partner
	
	BY: CENTERBRIDGE CREDIT CAYMAN GP LTD., its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	CENTERBRIDGE CAPITAL
PARTNERS AIV VI-A, L.P.
	
	BY: CENTERBRIDGE ASSOCIATES, L.P., its general partner
	
	BY: CENTERBRIDGE CAYMAN GP LTD., its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	 CENTERBRIDGE CAPITAL

PARTNERS AIV VI-B, L.P.

	
	BY: CENTERBRIDGE ASSOCIATES, L.P., its general partner
	
	BY: CENTERBRIDGE CAYMAN GP LTD., its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	 CENTERBRIDGE CAPITAL

PARTNERS STRATEGIC AIV I, L.P.

	
	BY: CENTERBRIDGE ASSOCIATES, L.P., its general partner
	
	BY: CENTERBRIDGE CAYMAN GP LTD., its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	 CENTERBRIDGE CAPITAL

PARTNERS SBS, L.P.

	
	BY: CCP SBS GP, LLC, its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	 BLACKSTONE REAL ESTATE

PARTNERS VI.A-ESH L.P.

	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

		 	Name:	 	A.J. Agarwal
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	 BLACKSTONE REAL ESTATE

PARTNERS VI.B-ESH L.P.

	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

		 	Name:	 	A.J. Agarwal
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	 BLACKSTONE REAL ESTATE

PARTNERS VI.C-ESH L.P.

	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

		 	Name:	 	A.J Agarwal
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	 BLACKSTONE REAL ESTATE

PARTNERS VI.F-ESH L.P.

	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

		 	Name:	 	A.J. Agarwal
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	 BLACKSTONE REAL ESTATE

PARTNERS VI.TE.1-ESH L.P.

	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

		 	Name:	 	A.J. Agarwal
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	 BLACKSTONE REAL ESTATE

PARTNERS VI.TE.2-ESH L.P.

	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

		 	Name:	 	AJ. Agarwal
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	 BLACKSTONE REAL ESTATE

HOLDINGS VI L.P.

	
	BY: BREP VI SIDE-BY-SIDE GP L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

		 	Name:	 	A.J. Agarwal
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	 BLACKSTONE REAL ESTATE

PARTNERS (AIV) VI-ESH L.P.

	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

		 	Name:	 	A.J. Agarwal
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	 PAULSON SPECIAL SITUATIONS
 PEQ1
LTD.

	
	By: PAULSON & CO. INC., its authorized signatory
		
	By:	 	 /s/ Stuart Merzer

		 	Name:	 	Stuart Merzer
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON ADVANTAGE LTD.
	
	By: PAULSON & CO. INC., its authorized signatory
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	ESA RECOVERY ACQUISITION, LLC
		
	By:	 	 /s/ Stuart Merzer

		 	Name:	 	Stuart Merzer
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
					
	PCO PP LLC
		
	By:	 	 /s/ Stuart Merzer

		 	Name:	 	Stuart Merzer
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PCO EN LLC
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON SPECIAL SITUATIONS FUND LP
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON PARTNERS ENHANCED, L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	 PAULSON ENHANCED LTD.
  

By: PAULSON & CO. INC., its authorized signatory

		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON ADVANTAGE, L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON ADVANTAGE PLUS II L.P.
		
	By:	 	/s/ Stuart Merzer
		 	 Name: Stuart Merzer
 Title: Authorized
Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON ADVANTAGE PLUS II LTD.
	
	By: PAULSON & CO. INC., its authorized signatory
		
	By:	 	/s/ Stuart Merzer
		 	 Name: Stuart Merzer
 Title: Authorized
Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON ADVANTAGE II L.P.
		
	By:	 	/s/ Stuart Merzer
		 	 Name: Stuart Merzer
 Title: Authorized
Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON PARTNERS LP
		
	By:	 	/s/ Stuart Merzer
		 	 Name: Stuart Merzer
 Title: Authorized
Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON INTERNATIONAL LTD.
	
	By: PAULSON & CO. INC., its authorized signatory
		
	By:	 	/s/ Stuart Merzer
		 	 Name: Stuart Merzer
 Title: Authorized
Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON CREDIT OPPORTUNITIES, L.P.
		
	By:	 	/s/ Stuart Merzer
		 	 Name: Stuart Merzer
 Title: Authorized
Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON CREDIT OPPORTUNITIES PEQ1 LTD.
	
	By: PAULSON & CO. INC., its authorized signatory
		
	By:	 	/s/ Stuart Merzer
		 	 Name: Stuart Merzer
 Title: Authorized
Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON CREDIT OPPORTUNITIES IV LTD.
	
	By: PAULSON & CO. INC., its authorized signatory
		
	By:	 	/s/ Stuart Merzer
		 	 Name: Stuart Merzer
 Title: Authorized
Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON CREDIT OPPORTUNITIES IV L.P.
		
	By:	 	/s/ Stuart Merzer
		 	 Name: Stuart Merzer
 Title: Authorized
Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 
			
	PAULSON CREDIT OPPORTUNITIES II PEQ1 LTD.
	
	By: PAULSON & CO. INC., its authorized signatory
		
	By:	 	/s/ Stuart Merzer
		 	 Name: Stuart Merzer
 Title: Authorized
Signatory

  
 [Signature Page to
Share Repurchase Agreement] 

 Schedule 1 
  

	
	 Sellers

	ENTITES RELATED TO CENTERBRIDGE PARTNERS, L.P.
	 CENTERBRIDGE CREDIT PARTNERS, L.P.

	 CENTERBRIDGE CREDIT PARTNERS TE INTERMEDIATE I L.P.

	 CENTERBRIDGE CREDIT PARTNERS OFFSHORE INTERMEDIATE III, L.P.

	 CENTERBRIDGE CAPITAL PARTNERS AIV VI-A, L.P.

	 CENTERBRIDGE CAPITAL PARTNERS AIV VI-B, L.P.

	 CENTERBRIDGE CAPITAL PARTNERS STRATEGIC AIV I, L.P.

	 CENTERBRIDGE CAPITAL PARTNERS SBS, L.P.

	ENTITIES RELATED TO THE BLACKSTONE GROUP, L.P.
	 BLACKSTONE REAL ESTATE PARTNERS VI.A-ESH L.P.

	 BLACKSTONE REAL ESTATE PARTNERS VI.B-ESH L.P.

	 BLACKSTONE REAL ESTATE PARTNERS VI.C-ESH L.P.

	 BLACKSTONE REAL ESTATE PARTNERS (AIV) VI-ESH L.P.

	 BLACKSTONE REAL ESTATE PARTNERS VI.TE.1-ESH L.P.

	 BLACKSTONE REAL ESTATE PARTNERS VI.TE.2-ESH L.P.

	 BLACKSTONE REAL ESTATE PARTNERS VI.F-ESH L.P.

	 BLACKSTONE REAL ESTATE HOLDINGS VI L.P.

	ENTITIES RELATED TO PAULSON & CO. INC.
	 PCO EN LLC

PCO PP LLC

PAULSON ADVANTAGE, L.P.

ESA RECOVERY ACQUISITION LLC

PAULSON ENHANCED LTD.

PAULSON PARTNERS ENHANCED L.P.

PAULSON SPECIAL SITUATIONS FUND LP

PAULSON ADVANTAGE PLUS II L.P.

PAULSON ADVANTAGE PLUS II LTD.

PAULSON SPECIAL SITUATIONS PEQ1 LTD.

PAULSON ADVANTAGE LTD.

PAULSON ADVANTAGE II L.P.

PAULSON PARTNERS LP

PAULSON INTERNATIONAL LTD.

PAULSON CREDIT OPPORTUNITIES, L.P.

PAULSON CREDIT OPPORTUNITIES PEQ1 LTD.

PAULSON CREDIT OPPORTUNITIES IV LTD.

PAULSON CREDIT OPPORTUNITIES IV L.P.

PAULSON CREDIT OPPORTUNITIES II PEQ1 LTD.EX-10.1

 Exhibit 10.1 

FORM OF PACE SUBSCRIPTION AGREEMENT 

This SUBSCRIPTION AGREEMENT is entered into this              day of December,
2016, by and among Pace Holdings Corp., a Cayman Islands exempted company (“Pace”), Porto Holdco B.V., a Dutch private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) that will be converted to
a Dutch public limited liability company (naamloze vennootschap) prior to completion of the Transaction (as defined below) and renamed Playa Hotels & Resorts N.V. (the “Issuer”), and
             (“Subscriber”). 
 WHEREAS, Pace, Playa
Hotels & Resorts B.V., a Dutch private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) (“Playa”), and the other parties named therein have entered into that certain Transaction
Agreement, dated as of the date hereof (the “Transaction Agreement”) pursuant to which Pace and Playa will be combined into the Issuer, on the terms and subject to the conditions set forth therein (the
“Transaction”); 
 WHEREAS, in connection with the Transaction, Subscriber desires to subscribe for and purchase from Pace
that number of Pace’s Class A ordinary shares, par value $0.0001 per share (the “Class A Shares”), set forth on the signature page hereto (the “Acquired Shares”) for a purchase price of $10.00 per share,
or the aggregate purchase price set forth on the signature page hereto (the “Purchase Price”), and Pace desires to issue and sell to Subscriber the Acquired Shares in consideration of the payment of the Purchase Price by or on
behalf of Subscriber to Pace on or prior to the Closing (as defined below); and 
 WHEREAS, pursuant to the Transaction, Subscriber’s
Acquired Shares shall be exchanged for ordinary shares, par value euro (EUR) 0.10 per share, of the Issuer (the “Issuer Shares”), in the same manner as the Class A Shares held by each other holder of Class A Shares
immediately prior to consummation of the Transaction (such Issuer Shares received by Subscriber in the Transaction, the “Acquired Issuer Shares”); from and after consummation of the Transaction, references herein to the
“Acquired Shares” shall be deemed to refer to and include the Acquired Issuer Shares; 
 NOW, THEREFORE, in consideration of the
foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

1. Subscription. Subject to the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase, and Pace hereby
agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Acquired Shares (such subscription and issuance, the “Subscription”). 

 2. Closing. 

a. The closing of the Subscription contemplated hereby (the “Closing”) is contingent upon the substantially concurrent
consummation of the Transaction and shall occur immediately prior to the merger of Pace into a subsidiary of the Issuer in connection therewith. Not less than five (5) business days prior to the scheduled closing date of the Transaction (the
“Closing Date”), Pace shall provide written notice to Subscriber (the “Closing Notice”) of such Closing Date. Subscriber shall deliver to Pace at least one (1) business day prior to the Closing Date, to be held
in escrow until the Closing, the Purchase Price for the Acquired Shares by wire transfer of U.S. dollars in immediately available funds to the account specified by Pace in the Closing Notice. On the Closing Date, Pace shall deliver to Subscriber the
Acquired Shares in book entry form and a copy of the register of members of Pace showing Subscriber as the owner of the Acquired Shares, and the Purchase Price shall be released from escrow automatically and without further action by Pace or
Subscriber. In the event the Closing does not occur on the Closing Date, Pace shall promptly (but not later than one (1) business day thereafter) return the Purchase Price to Subscriber. 

b. The Closing shall be subject to the conditions that, on the Closing Date: 

(i) no suspension of the qualification of the Acquired Shares for offering or sale or trading in any jurisdiction, or initiation or
threatening of any proceedings for any of such purposes, shall have occurred; 
 (ii) all representations and warranties of Pace, the
Issuer and Subscriber contained in this Subscription Agreement shall be true and correct in all material respects as of the Closing Date, and consummation of the Closing shall constitute a reaffirmation by each of Pace, the Issuer and Subscriber of
each of the representations, warranties and agreements of each such party contained in this Subscription Agreement as of the Closing Date; 

(iii) no governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, rule or regulation (whether
temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise preventing or prohibiting consummation of the transactions contemplated hereby; and

 (iv) all conditions precedent to the closing of the Transaction, including the approval of Pace’s shareholders, shall have been
satisfied or waived (other than those conditions that may only be satisfied at the closing of the Transaction, but subject to satisfaction of such conditions as of the closing of the Transaction). 

c. At the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties
reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Subscription Agreement. 

  
 2 

 3. Pace Representations and Warranties. Pace represents and warrants that: 

a. Pace has been duly incorporated and is validly existing as an exempted company in good standing under the laws of the Cayman Islands, with
corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement. 

b. The Acquired Shares have been duly authorized and, when issued and delivered to Subscriber against full payment for the Acquired Shares in
accordance with the terms of this Subscription Agreement and registered in Pace’s register of members, the Acquired Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any
preemptive or similar rights created under Pace’s amended and restated memorandum and articles of association or under the laws of the Cayman Islands. 

c. This Subscription Agreement has been duly authorized, executed and delivered by Pace and is enforceable against it in accordance with its
terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity,
whether considered at law or equity. 
 d. The execution, delivery and performance of this Subscription Agreement (including compliance by
Pace with all of the provisions hereof), issuance and sale of the Acquired Shares and the consummation of the other transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or
constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Pace pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease,
license or other agreement or instrument to which Pace is a party or by which Pace is bound or to which any of the property or assets of Pace is subject, which would reasonably be expected to have a material adverse effect on the business,
properties, financial condition, stockholders’ equity or results of operations of Pace (a “Material Adverse Effect”) or materially affect the validity of the Acquired Shares or the legal authority of Pace to comply in all
material respects with the terms of this Subscription Agreement; (ii) result in any violation of the provisions of the organizational documents of Pace; or (iii) result in any violation of any statute or any judgment, order, rule or
regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Pace or any of its properties that would reasonably be expected to have a Material Adverse Effect or materially affect the validity of the Acquired
Shares or the legal authority of Pace to comply in all material respects with this Subscription Agreement. 
 4. Issuer Representations
and Warranties. The Issuer represents and warrants that: 
 a. The Issuer has been duly organized and is validly existing as a private
limited liability company (besloten vennootschap met beperkte aansprakelijkheid) and, prior to completion of the Transaction, will be converted to a public limited liability company (naamloze vennootschap) under the laws of the
Netherlands, with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement. 

  
 3 

 b. This Subscription Agreement has been duly authorized, executed and delivered by the Issuer and
is enforceable against it in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of
creditors generally, and (ii) principles of equity, whether considered at law or equity. 
 c. The execution, delivery and performance
of this Subscription Agreement and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or
imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or
instrument to which the Issuer or any of its subsidiaries is a party or by which the Issuer or any of its subsidiaries is bound or to which any of the property or assets of the Issuer or any of its subsidiaries is subject, which would reasonably be
expected to have a material adverse effect on the business, properties, financial condition, stockholders’ equity or results of operations of Issuer or any of its subsidiaries, taken as a whole (an “Issuer Material Adverse
Effect”) or materially affect the legal authority of the Issuer to comply in all material respects with the terms of this Subscription Agreement; (ii) result in any violation of the provisions of the organizational documents of the
Issuer or any of its subsidiaries; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Issuer or any of its
subsidiaries or any of their respective properties that would reasonably be expected to have an Issuer Material Adverse Effect or materially affect the legal authority of the Issuer to comply in all material respects with this Subscription
Agreement. 
 5. Subscriber Representations and Warranties. Subscriber represents and warrants that: 

a. If Subscriber is not an individual, Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws
of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and perform its obligations under this Subscription Agreement. If Subscriber is an individual, Subscriber has the authority to enter into, deliver and
perform its obligations under this Subscription Agreement. 
 b. If Subscriber is not an individual, this Subscription Agreement has been
duly authorized, executed and delivered by Subscriber. If Subscriber is an individual, the signature on this Subscription Agreement is genuine, and Subscriber has legal competence and capacity to execute the same. This Subscription Agreement is
enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of
creditors generally, and (ii) principles of equity, whether considered at law or equity. 
 c. The execution, delivery and performance
by Subscriber of this Subscription Agreement and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the
creation or imposition of any lien, charge or encumbrance upon any 

  
 4 

 
of the property or assets of Subscriber or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or
instrument to which Subscriber or any of its subsidiaries is a party or by which Subscriber or any of its subsidiaries is bound or to which any of the property or assets of Subscriber or any of its subsidiaries is subject, which would reasonably be
expected to have a material adverse effect on the business, properties, financial condition, stockholders’ equity or results of operations of Subscriber and its subsidiaries, taken as a whole (a “Subscriber Material Adverse
Effect”) or materially affect the legal authority of Subscriber to comply in all material respects with the terms of this Subscription Agreement; (ii) if Subscriber is not an individual, result in any violation of the provisions of the
organizational documents of Subscriber or any of its subsidiaries; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over Subscriber or any of its subsidiaries or any of their respective properties that would reasonably be expected to have a Subscriber Material Adverse Effect or materially affect the legal authority of Subscriber to comply in all material respects
with this Subscription Agreement. 
 d. Subscriber (i) is a “qualified institutional buyer” (as defined in Rule 144A under
the Securities Act of 1933, as amended (the “Securities Act”)) or an institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) satisfying the applicable requirements set forth on
Schedule A, (ii) is acquiring the Acquired Shares only for its own account and not for the account of others, or if Subscriber is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts, each owner
of such account is a qualified institutional buyer and Subscriber has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of
each owner of each such account, and (iii) is not acquiring the Acquired Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested information on
Schedule A following the signature page hereto). Subscriber is not an entity formed for the specific purpose of acquiring the Acquired Shares. 

e. Subscriber understands that the Acquired Shares are being offered in a transaction not involving any public offering within the meaning of
the Securities Act and that the Acquired Shares have not been registered under the Securities Act. Subscriber understands that the Acquired Shares may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective
registration statement under the Securities Act, except (i) to Pace or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities
Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and that any certificates representing the Acquired Shares shall contain a legend to such effect. Subscriber acknowledges that the
Acquired Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. Subscriber understands and agrees that the Acquired Shares will be subject to transfer restrictions and, as a result of these transfer
restrictions, Subscriber may not be able to readily resell the Acquired Shares and may be required to bear the financial risk of an investment in the Acquired Shares for an indefinite period of time. Subscriber understands that it has been advised
to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Acquired Shares. 

  
 5 

 f. Subscriber understands and agrees that Subscriber is purchasing the Acquired Shares directly
from Pace. Subscriber further acknowledges that there have been no representations, warranties, covenants and agreements made to Subscriber by Pace or the Issuer or any of their respective officers or directors, expressly or by implication, other
than those representations, warranties, covenants and agreements included in this Subscription Agreement. 
 g. Subscriber represents and
warrants that its acquisition and holding of the Acquired Shares will not constitute or result in a non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the
Internal Revenue Code of 1986, as amended, or any applicable similar law. 
 h. In making its decision to purchase the Acquired Shares,
Subscriber represents that it has relied solely upon independent investigation made by Subscriber. Subscriber acknowledges and agrees that Subscriber has received such information as Subscriber deems necessary in order to make an investment decision
with respect to the Acquired Shares, including with respect to Pace, the Issuer, Playa and the Transaction. Subscriber represents and agrees that Subscriber and Subscriber’s professional advisor(s), if any, have had the full opportunity to ask
such questions, receive such answers and obtain such information as Subscriber and such Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Acquired Shares. 

i. Subscriber became aware of this offering of the Acquired Shares solely by means of direct contact between Subscriber and Pace, and the
Acquired Shares were offered to Subscriber solely by direct contact between Subscriber and Pace. Subscriber did not become aware of this offering of the Acquired Shares, nor were the Acquired Shares offered to Subscriber, by any other means.
Subscriber acknowledges that Pace represents and warrants that the Acquired Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering
under, or in a distribution in violation of, the Securities Act, or any state securities laws. 
 j. Subscriber acknowledges that it is
aware that there are substantial risks incident to the purchase and ownership of the Acquired Shares. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment
in the Acquired Shares, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to make an informed investment decision. 

k. Alone, or together with any professional advisor(s), Subscriber represents and acknowledges that Subscriber has adequately analyzed and
fully considered the risks of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a
total loss of Subscriber’s investment in Pace. Subscriber acknowledges specifically that a possibility of total loss exists. 
 l.
Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Acquired Shares or made any findings or determination as to the fairness of this investment. 

  
 6 

 m. Subscriber represents and warrants that Subscriber is not (i) a person or entity named on
the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the President of the United States and
administered by OFAC (“OFAC List”), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S.
shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a “Prohibited Investor”). Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by
applicable law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as
amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”), that Subscriber maintains policies and procedures reasonably designed to comply
with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs,
including the OFAC List. Subscriber further represents and warrants that, to the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by Subscriber and used to purchase the Acquired Shares were
legally derived. 
 n. Subscriber has, and at the Closing will have, sufficient funds to pay the Purchase Price pursuant to
Section 2(a). 
 6. Registration Rights. The Issuer agrees that, within thirty (30) calendar days after the consummation of
the Transaction, the Issuer will file with the U.S. Securities and Exchange Commission a registration statement registering the resale of the Acquired Issuer Shares (the “Registration Statement”), and the Issuer shall use its
commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof; provided, however, that the Issuer’s obligations to include the Acquired Issuer Shares in the
Registration Statement are contingent upon Subscriber furnishing in writing to the Issuer such information regarding Subscriber, the securities of the Issuer held by Subscriber and the intended method of disposition of the Acquired Issuer Shares as
shall be reasonably requested by the Issuer to effect the registration of the Acquired Issuer Shares, and shall execute such documents in connection with such registration as the Issuer may reasonably request that are customary of a selling
stockholder in similar situations, including providing that the Issuer shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement during any customary blackout or similar period. 

7. Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and
obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier to occur of (a) such date and time as the Transaction Agreement is terminated in accordance with
its terms, (b) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement or (c) if any of the conditions to Closing set forth in Section 2 of this Subscription Agreement are not satisfied
on or prior to the Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Closing; provided, that nothing herein will relieve any party from liability for any willful breach
hereof 

  
 7 

 
prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach. Pace shall promptly
notify Subscriber of the termination of the Transaction Agreement promptly after the termination of such agreement. 
 8. Trust Account
Waiver. Subscriber acknowledges that Pace is a blank check company with the powers and privileges to effect a merger, asset acquisition, reorganization or similar business combination involving Pace and one or more businesses or assets.
Subscriber further acknowledges that, as described in Pace’s prospectus relating to its initial public offering dated September 10, 2015 (the “Prospectus”) available at www.sec.gov, substantially all of Pace’s assets
consist of the cash proceeds of Pace’s initial public offering and private placements of its securities, and substantially all of those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of
Pace, its public shareholders and the underwriters of Pace’s initial public offering. Except with respect to interest earned on the funds held in the Trust Account that may be released to Pace to pay its tax obligations, if any, the cash in the
Trust Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration of Pace entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber, on behalf of
itself and its Representatives, hereby irrevocable waives any and all right, title and interest, or any claim of any kind they have or may have in the future, in or to any monies held in the Trust Account, and agrees not to seek recourse against the
Trust Account as a result of, or arising out of, this Subscription Agreement. 
 9. Miscellaneous. 

a. Subscriber acknowledges that Pace, the Issuer and others will rely on the acknowledgments, understandings, agreements, representations and
warranties contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify Pace if any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate in
all material respects. 
 b. Each of Pace and the Issuer is entitled to rely upon this Subscription Agreement and is irrevocably authorized
to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

c. This Subscription Agreement and all of Subscriber’s rights and obligations hereunder (including Subscriber’s obligation to
purchase the Acquired Shares) may be transferred or assigned, at any time and from time to time, to one or more parties, in related or unrelated transactions (each such transferee, a “Transferee”). Upon any such assignment: 

(i) the applicable Transferee shall enter into a subscription agreement (each such subscription agreement, a “New Subscription
Agreement”) with the Company to purchase that number of Subscriber’s Acquired Shares specified therein (the “Transferee Acquired Shares”), which New Subscription Agreement shall be in substantially the same form as
this Subscription Agreement, except that this Section 9.c. shall be replaced with the following: 

  
 8 

 “Neither this Subscription Agreement nor any rights that may accrue to Subscriber hereunder
(other than the Acquired Shares acquired hereunder, if any) may be transferred or assigned.”; and 
 (ii) upon a Transferee’s
execution and delivery of a New Subscription Agreement, the number of Acquired Shares to be purchased by Subscriber hereunder shall be reduced by the total number of Transferee Acquired Shares to be purchased by the applicable Transferee pursuant to
the applicable New Subscription Agreement, which reduction shall be evidenced by Subscriber and the Company amending Schedule B to this Subscription Agreement to reflect each transfer and to update the “Number of Acquired Shares subscribed
for” and “Aggregate Purchase Price” on the signature page hereto to reflect such reduced number of Acquired Shares, and Subscriber shall be fully and unconditionally released from its obligation to purchase such Transferee Acquired
Shares hereunder. For the avoidance of doubt, this Subscription Agreement need not be amended and restated in its entirety, but only Schedule B and Subscriber’s signature page hereto need be so amended and updated and executed by each of
Subscriber and the Company upon the occurrence of any such transfer of Transferee Acquired Shares. 
 d. All the agreements, representations
and warranties made by each party hereto in this Subscription Agreement shall survive the Closing. 
 e. Pace may request from Subscriber
such additional information as Pace may deem necessary to evaluate the eligibility of Subscriber to acquire the Acquired Shares, and Subscriber shall provide such information as may be reasonably requested, to the extent readily available and to the
extent consistent with its internal policies and procedures. 
 f. This Subscription Agreement may not be modified, waived or terminated
except by an instrument in writing, signed by the party against whom enforcement of such modification, waiver, or termination is sought. 

g. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof. 
 h. Except as otherwise provided
herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. 

i. If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the
remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect. 

  
 9 

 j. This Subscription Agreement may be executed in two (2) or more counterparts (including by
electronic means), all of which shall be considered one and the same agreement and shall become effective when signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

 k. Subscriber shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 l. Notices. Any notice or communication required or permitted hereunder shall be in writing and either delivered personally,
telegraphed, emailed or telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and received (a) when so delivered personally, (b) upon
receipt of an appropriate electronic answerback or confirmation when so delivered by telegraph or telecopy (to such number specified below or another number or numbers as such person may subsequently designate by notice given hereunder),
(c) when sent, with no mail undeliverable or other rejection notice, if sent by email, or (d) five (5) business days after the date of mailing to the address below or to such other address or addresses as such person may hereafter
designate by notice given hereunder: 
 (i) if to Subscriber, to such address or addresses set forth on the signature page hereto; 

(ii) if to Pace or, prior to the closing of the Transaction, the Issuer, to: 

c/o Pace Holdings Corp. 
 301
Commerce St., Suite 3300 
 Fort Worth, TX 76102 

Attn: General Counsel 
 Email:
cbode@tpg.com 
 with a required copy to (which copy shall not constitute notice): 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, NY
10153 
 Attention: Douglas Warner; Christopher Machera 

Email: doug.warner@weil.com; chris.machera@weil.com 

Weil, Gotshal & Manges LLP 

201 Redwood Shores Parkway 

Redwood Shores, CA 94065 

Attention: Kyle Krpata 
 Email:
kyle.krpata@weil.com 
 (iii) if, after the closing of the Transaction, to the Issuer, to: 

Playa Hotels & Resorts B.V. 

c/o Playa Management USA LLC 

  
 10 

 3950 University Drive, Suite 301 

Fairfax, VA 22030 
 Attention:
Bruce D. Wardinski 
 with a required copy to (which copy shall not constitute notice): 

Playa Hotels & Resorts B.V. 

1560 Sawgrass Corporate Parkway, Suite 310 

Fort Lauderdale, FL 33323 

Attention: General Counsel 

Hogan Lovells US LLP 
 555 13th
St. NW 
 Washington, DC 20004 

Attention: Bruce Gilchrist 

Email: bruce.gilchrist@hoganlovells.com 

m. This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Subscription
Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the Laws of the
State of New York, without giving effect to the principles of conflicts of law thereof. 
 THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE
EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK SOLELY IN RESPECT OF
THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A
DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE
THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD
AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER
PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 9(l) OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. 

  
 11 

 EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER;
(III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 9(m). 

  
 12 

 IN WITNESS WHEREOF, each of Pace, the Issuer and Subscriber has executed or caused this
Subscription Agreement to be executed by its duly authorized representative as of the date set forth below. 
  

			
	PACE HOLDINGS CORP.
		
	By:	 	 
		 	Name:
		 	Title:

 Date: December             , 2016 

 

			
	PORTO HOLDCO B.V.
		
	By:	 	 
		 	Name:
		 	Title:

 Date: December             , 2016 

  
 13 

 SUBSCRIBER: 

 

			
	Signature of Subscriber:
		
	By:	 	 
	Name:	 	
	Title:	 	

 

			
	Signature of Joint Subscriber, if applicable:
		
	By:	 	 
	Name:	 	
	Title:	 	

 
 

  
 Date: December
            , 2016 

 

	
	Name of Subscriber:
	
	 
	(Please print. Please indicate name and
capacity of person signing above)

 

	
	Name of Joint Subscriber, if applicable:
	
	 
	(Please Print. Please indicate name and
capacity of person signing above)

 
 

  

	
	
	 
	Name in which securities are to be registered (if different):
	
	Email Address:
	
	 If there are joint investors, please check one:
  

☐ Joint Tenants with Rights of Survivorship
  

☐ Tenants-in-Common
  

☐ Community Property

 

			
		
	Subscriber’s EIN:	 	 

 

			
		
	Joint Subscriber’s EIN:	 	 

 
 

 

 Business Address-Street: 
  

 
  

 
 City, State, Zip: 

 

 Mailing Address-Street (if different): 

 
  
  

 
 City, State, Zip:

 

  
  

  
 14 

 

			
	Attn:	  	
		
	Telephone No.:	  	 
		
	Facsimile No.:	  	 

 

			
	Attn:	  	
		
	Telephone No.:	  	 
		
	Facsimile No.:	  	 

 
 

  
 Aggregate
Number of Acquired Shares subscribed for: 
 ______________________________, 

Aggregate Purchase Price: $____________ . 

You must pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the account specified by Pace in the Closing
Notice. 

  
 15 

 SCHEDULE A 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER 
  

	A.	QUALIFIED INSTITUTIONAL BUYER STATUS 
(Please check the applicable subparagraphs): 

  

	 	1.	☐  We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)). 

 

	 	2.	☐  We are subscribing for the Acquired Securities as a fiduciary or agent for one or more investor accounts, and each owner of such account is a QIB. 

*** OR *** 
  

	B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS 
(Please check the applicable subparagraphs): 

  

	 	1.	☐  We are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) or an entity in which all of the equity holders are accredited investors within the meaning of
Rule 501(a) under the Securities Act, and have marked and initialed the appropriate box on the following page indicating the provision under which we qualify as an “accredited investor.” 

 

	 	2.	☐  We are not a natural person. 

 *** AND *** 

 

	C.	AFFILIATE STATUS 
(Please check the applicable box) 

 SUBSCRIBER: 

 

	 	☐	is: 

  

	 	☐	is not: 

 an “affiliate” (as defined in Rule 144 under the Securities Act) of Pace or
the Issuer or acting on behalf of an affiliate of Pace or the Issuer. 
 This page should be completed by Subscriber 
and
constitutes a part of the Subscription Agreement. 

  
 Exhibit A-1 

 Rule 501(a), in relevant part, states that an “accredited investor” shall mean any person who comes
within any of the below listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by marking and initialing the
appropriate box below, the provision(s) below which apply to Subscriber and under which Subscriber accordingly qualifies as an “accredited investor.” 

☐ Any bank, registered broker or dealer, insurance company, registered investment company, business development company, or small
business investment company; 
 ☐ Any plan established and maintained by a state, its political subdivisions, or any agency or
instrumentality of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000; 

☐ Any employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company, or
registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000; 
 ☐ Any
organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess
of $5,000,000; 
 ☐ Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any
director, executive officer, or general partner of a general partner of that issuer; 
 ☐ Any natural person whose individual net
worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000. For purposes of calculating a natural person’s net worth: (a) the person’s primary residence must not be included as an asset;
(b) indebtedness secured by the person’s primary residence up to the estimated fair market value of the primary residence must not be included as a liability (except that if the amount of such indebtedness outstanding at the time of
calculation exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess must be included as a liability); and (c) indebtedness that is secured by the
person’s primary residence in excess of the estimated fair market value of the residence must be included as a liability; 
 ☐
Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the
same income level in the current year; 
 ☐ Any trust with assets in excess of $5,000,000, not formed to acquire the securities
offered, whose purchase is directed by a sophisticated person; or 
 ☐ Any entity in which all of the equity owners are accredited
investors meeting one or more of the above tests. 

  
 Exhibit A-2 

 SCHEDULE B 
SCHEDULE OF TRANSFERS 

Subscriber’s Original Subscription was in the amount of [•] shares of Class A Shares. The following transfers of a portion of
the Original Subscription Amount have been made: 
  

							
	Date of Transfer    	 	Transferee	 	 Number of Transferee

    Acquired Shares Transferred    
	 	
Subscriber Revised

    Subscription Amount    

	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 		 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 
	 	 		 
	 	 	 	 	 	 	 

  
 Schedule B-1 

 Schedule B as of             , 2016, accepted and
agreed to as of this             day of             , 2016 by: 

 

			
	PACE HOLDINGS CORP.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	PORTO HOLDCO B.V.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	Signature of Subscriber:
		
	By:	 	 
		 	Name:
		 	Title:

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