Document:

EX-10.11

  Exhibit 10.11 

FORM OF PARK HOTELS & RESORTS INC. 

2017 EXECUTIVE DEFERRED COMPENSATION PLAN 

(Effective as of                 ) 

 PARK HOTELS & RESORTS INC. 

EXECUTIVE DEFERRED COMPENSATION PLAN 

TABLE OF CONTENTS 
  

							
	ARTICLE I TITLE AND DEFINITIONS	  	 	1	  
			
	 Section 1.1
	 	Title	  	 	1	  
			
	 Section 1.2
	 	Definitions	  	 	1	  
		
	ARTICLE II PARTICIPATION	  	 	5	  
		
	ARTICLE III DEFERRAL ELECTIONS	  	 	5	  
			
	 Section 3.1
	 	Elections to Defer Compensation	  	 	5	  
			
	 Section 3.2
	 	Distribution Elections	  	 	7	  
			
	 Section 3.3
	 	Investment Elections	  	 	8	  
			
	 Section 3.4
	 	Subsequent Elections	  	 	9	  
		
	ARTICLE IV DISTRIBUTION OPTION ACCOUNTS	  	 	9	  
			
	 Section 4.1
	 	Compensation Deferrals	  	 	9	  
			
	 Section 4.2
	 	Company Contribution	  	 	10	  
			
	 Section 4.3
	 	Investment Return	  	 	10	  
		
	ARTICLE V VESTING	  	 	10	  
			
	 Section 5.1
	 	Compensation Deferral	  	 	10	  
			
	 Section 5.2
	 	Company Contribution	  	 	10	  
		
	ARTICLE VI DISTRIBUTIONS	  	 	11	  
			
	 Section 6.1
	 	Form and Timing of Distribution	  	 	11	  
			
	 Section 6.2
	 	Small Benefit Cashout	  	 	12	  
			
	 Section 6.3
	 	Payout	  	 	12	  
			
	 Section 6.4
	 	Financial Hardship of Participant	  	 	13	  
			
	 Section 6.5
	 	Permissible Distribution Event	  	 	13	  
			
	 Section 6.6
	 	Payment by Trust	  	 	13	  
			
	 Section 6.7
	 	Inability to Locate Participant	  	 	14	  
		
	ARTICLE VII CHANGE IN CONTROL	  	 	14	  
		
	ARTICLE VIII DEATH BENEFITS	  	 	14	  
		
	ARTICLE IX CLAIMS PROCEDURES	  	 	14	  
			
	 Section 9.1
	 	Claims	  	 	14	  
			
	 Section 9.2
	 	Appeal	  	 	15	  
			
	 Section 9.3
	 	Authority	  	 	15	  

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

  
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  PARK HOTELS & RESORTS INC. 

2017 EXECUTIVE DEFERRED COMPENSATION PLAN 

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

TITLE AND DEFINITIONS 

Section 1.1 Title. 

This Plan shall be known as the Park Hotels & Resorts Inc. 2017 Executive Deferred Compensation Plan. 

Section 1.2 Definitions. 

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

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

  
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representative of the Participant’s estate (which shall include either the Participant’s probate estate or living trust) shall be the Beneficiary. In any case where there is no
such personal representative of the Participant’s estate duly appointed and acting in that capacity within 90 days after the Participant’s death (or such extended period as the Administrator determines is reasonably necessary to allow such
personal representative to be appointed, but not to exceed 180 days after the Participant’s death), then Beneficiary shall mean the Person or Persons who can verify by affidavit or court order to the satisfaction of the Administrator that they
are legally entitled to receive the benefits specified hereunder. In the event any amount is payable under the Plan to a minor, payment shall not be made to the minor, but instead be paid (i) to that Person’s living parent(s) to act as
custodian, (ii) if that Person’s parents are then divorced, and one parent is the sole custodial parent, to such custodial parent, or (iii) if no parent of that Person is then living, to a custodian selected by the Administrator to hold the
funds for the minor under the Uniform Transfers or Gifts to Minors Act in effect in the jurisdiction in which the minor resides. If no parent is living and the Administrator decides not to select another custodian to hold the funds for the
minor, then payment shall be made to the duly appointed and currently acting guardian of the estate for the minor or, if no guardian of the estate for the minor is duly appointed and currently acting within 60 days after the date the amount becomes
payable, payment shall be deposited with the court having jurisdiction over the estate of the minor. 
 “Bonus Compensation
Deferral” shall mean that portion of Bonus Compensation as to which an Eligible Employee has made an irrevocable election to defer receipt of until the date specified under the In-Service Distribution Option and/or as otherwise specified under
this Plan. 
  “Change in Control” shall mean a “Change in Control” under the Company’s 2017
Omnibus Incentive Plan, as amended from time to time, which also constitutes a “change in control event” under Section 409A. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Committee” shall mean the Compensation Committee of the Board of Directors of the Company, or if no such committee exists, the full
Board of Directors of the Company. 
  “Company” shall mean Park Hotels & Resorts Inc., any successor corporation and each
corporation which is a member of a controlled group of corporations (within the meaning of Section 414(b) or (c) of the Code) of which Park Hotels & Resorts Inc. is a component member. 

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

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

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

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

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

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

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

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

“Highly Compensated Employee” shall mean an employee of the Company who the Administrator, in its discretion, anticipates will
receive Compensation in excess of the salary limitation contained in Section 401(a)(17) of the Code for the applicable Plan Year or who the Administrator otherwise determines to be a highly compensated employee or member of a select group of
management within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 
 “In-Service Distribution Account” or
“Accounts” shall mean the Account(s) maintained for a Participant to which Compensation Deferrals and Company Contributions are credited pursuant to the In-Service Distribution Option. 

“In-Service Distribution Option” shall mean the Distribution Option pursuant to which benefits are payable in accordance with
Article VI. 
 “Investment Return” shall mean, for each Fund, an amount equal to the net investment performance of such Fund on a
given day, as determined by the Administrator. 

  
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   “Participant” shall mean any Eligible Employee who elects to defer
Compensation in accordance with Section 3.1. 
 “Person” shall mean any individual, corporation, partnership, limited liability
company, joint venture, association, joint stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity. 

“PK Employees” shall (i) any individual designated as a “PK Employee” in the Employee Matters Agreement
by and between Hilton Worldwide Holdings Inc., Hilton Grand Vacations Inc., and the Company, dated as of                     , and (ii) any
individual who is an Eligible Employee and who commences employment with the Company upon or following the date hereof. 
 “Plan”
shall mean the Park Hotels & Resorts Inc. 2017 Executive Deferred Compensation Plan set forth herein, in effect as of the Effective Date, or as amended from time to time. 

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

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

“Retirement” shall mean a Participant’s Separation from Service (for reasons other than death) on or after the combination of
the Participant’s age and Years of Vesting Service equals at least 55. 
 “Section 409A” means Section 409A of the Code and
the treasury regulations promulgated thereunder. 
 “Separation Date” shall mean the date a Participant incurs a Separation from
Service. 
 “Separation Distribution Account” shall mean the Account maintained for a Participant to which Compensation Deferrals
and Company Contributions are credited pursuant to the Separation Distribution Option. 
 “Separation Distribution Option” shall
mean the Distribution Option pursuant to which benefits are payable in accordance with Article VI. 
 “Separation from Service”
shall mean a Participant’s separation from service with the Company within the meaning of Section 409A. 
 “Unforeseeable
Financial Emergency” shall mean: (i) a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, beneficiary, or a dependent (as defined in Code Section 152(a)) of the
Participant, loss of the Participant’s property due to casualty, the imminent foreclosure of or eviction from the Participant’s primary residence, the need to pay medical expenses (including nonrefundable

  
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deductibles) or prescription drug medications, the need to pay for funeral expenses of a spouse, beneficiary, or dependent, or other similar extraordinary and unforeseeable circumstances arising
as a result of events beyond the control of the Participant; or (ii) such other definition of “unforeseeable emergency” within the meaning of Code Section 409A(a)(2)(B)(ii). 

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

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

DEFERRAL ELECTIONS 

Section 3.1 Elections to Defer Compensation. 

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

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

(d) The Administrator may, in its discretion, permit Eligible Employees who first become Eligible Employees after the beginning of a Plan
Year, including Eligible Employees who become Eligible Employees because they are promoted or hired by the Company on or after January 1 of a Plan Year to a position which has been designated by the Administrator as an Eligible Employee, to
enroll in the Plan for that Plan Year by filing a completed and fully executed Enrollment Agreement as soon as practicable following the date the Employee is notified that of such Employee’s eligibility but, in any event, within 30 days after
such date. Notwithstanding the foregoing, however, any Enrollment Agreement executed by an Eligible Employee, pursuant to this Section, to make a Compensation Deferral shall apply only to Compensation earned by the Eligible Employee after the date
on which such Enrollment Agreement is filed. 
 (e) All deferral elections under the Plan shall be made in accordance with Section 409A.

  
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 Section 3.2 Distribution Elections. 

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

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

  
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 (c) Separation from Service. 

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

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

  
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 Section 3.4 Subsequent Elections. 

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

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

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

Section 4.1 Compensation Deferrals. 

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

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

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

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

Section 4.2 Company Contribution. 

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

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

ARTICLE V 
 VESTING

 Section 5.1 Compensation Deferral. 

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

 Section 5.2 Company Contribution. 

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

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

ARTICLE VI 

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

(b) If a Participant has not incurred a Separation from Service as of the date an
In-Service Distribution Account is to be distributed, and the Participant’s In-Service Distribution Account exceeds $25,000 (applied on an Account by Account basis), the Participant’s In-Service Distribution Account shall
be paid to the Participant within 30 days following the date elected by the Participant pursuant to Sections 3.2 and 3.4, as applicable; provided that if the amount to be distributed does not exceed $25,000, distribution shall be made in a lump sum
in accordance with Section 6.2.
 (c) If the Participant incurs a Separation from Service after distribution has commenced
in accordance with this Section 6.1(c) but prior to the date on which the Participant’s In-Service Distribution Account(s) is fully distributed, distribution of the remaining amounts held in the Participant’s In-Service
Distribution Account(s) shall continue to be distributed in accordance with the Participant’s election for such Participant’s In-Service Distribution Account. 

(d) In the case of a Participant whose Separation Date occurs prior to the earliest date on which the Participant is eligible
for Retirement, other than by reason of death, and the vested portion of the Participant’s Distribution Option Accounts exceeds $100,000 (taking into account all deferrals made to the Participant’s Distribution Option Accounts), the

  
 11 

 
vested portion of a Participant’s Distribution Option Accounts shall be distributed in the form elected by the Participant pursuant to Sections 3.2 and 3.4, as applicable, and shall be paid
or commence to be paid within 30 days following the end of the twelfth full calendar month after the Participant has a Separation from Service, unless payment is deferred pursuant to Section 3.4. Any unvested portion of any Distribution Option
Account shall be forfeited in accordance with Section 5.2. 
 Section 6.2 Small Benefit Cashout. 

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

Section 6.3 Payout. 

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

  
 12 

 Section 6.4 Financial Hardship of Participant. 

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

Section 6.5 Permissible Distribution Event. 

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

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

  
 13 

 Section 6.7 Inability to Locate Participant. 

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

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

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

CLAIMS PROCEDURES 

Section 9.1 Claims. 

A Participant or, following the Participant’s death, a Beneficiary (collectively referred to in this section as “Claimant”) may
submit a claim for benefits under the Plan. Any claim for benefits under this Plan shall be made in writing to the Administrator. If such claim for benefits is wholly or partially denied, the Administrator shall, within 90 days after
receipt of the claim, notify the Claimant of the denial of the claim unless special circumstances require an extension of time for processing the claim, which extension shall not exceed 180 days from receipt of the claim. If such extension is
required, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial 90-day period and shall indicate the special circumstances requiring an extension of time and the date by which the Administrator
expects to render a final decision. A notice of denial shall be in writing, shall be written in a manner calculated to be understood by the Claimant, and shall contain the specific reason or reasons for denial of the claim, a specific reference
to the pertinent Plan provisions upon which the denial is based, a description of the additional material or information (if any) necessary to perfect the claim, together with an explanation of why such material or information is necessary, and an
explanation of the claims review procedure set forth below, including a statement of the Claimant’s right to bring a civil action under section 502(a) of ERISA following an adverse benefit determination on review. 

  
 14 

 Section 9.2 Appeal. 

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

Section 9.3 Authority. 

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

ADMINISTRATION 

Section 10.1 Administrator. 

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

  
 15 

 Section 10.2 Administrator Action. 

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

Section 10.3 Powers and Duties of the Administrator. 

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

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

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

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

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

Section 10.4 Construction and Interpretation. 

(a) The Administrator shall have full discretion to construe and interpret the terms and provisions of this Plan, which interpretation or
construction shall be final and binding 

  
 16 

 
on all parties, including but not limited to, the Company and any Participant or Beneficiary. The Administrator shall administer such terms and provisions in a uniform and nondiscriminatory
manner and in full accordance with any and all laws applicable to the Plan. 
 (b) Nothing contained in the Plan shall be construed to
prevent the Company from taking any action which is deemed by it to be appropriate or in its best interest. No Participant, Beneficiary, or other Person shall have any claim against the Company as a result of such action. Any decisions,
actions or interpretations to be made under the Plan by the Company or the Committee, or the Administrator acting on behalf of the Company, shall be made in its respective sole discretion, not as a fiduciary, need not be uniformly applied to
similarly situated individuals and shall be final, binding and conclusive on all Persons interested in the Plan. 
 Section 10.5
Information. 
 To enable the Administrator to perform its functions, the Company shall supply full and timely information to
the Administrator on all matters relating to the Compensation of all Participants, their death, Disability, or other cause of termination, and such other pertinent facts as the Administrator may require. 

Section 10.6 Compensation, Expenses and Indemnity. 

(a) The Administrator is authorized at the expense of the Company to employ such legal counsel as it may deem advisable to assist in the
performance of its duties hereunder. Expenses and fees in connection with the administration of the Plan shall be paid by the Company. 

(b) To the extent permitted by applicable state law, the Company shall indemnify and save harmless the Administrator and each member thereof,
the Committee and any delegate of the Administrator who is an employee of the Company against any and all expenses, liabilities and claims, including legal fees to defend against such liabilities and claims arising out of their discharge in good
faith of responsibilities under or incident to the Plan, other than expenses and liabilities arising out of willful misconduct. This indemnity shall not preclude such further indemnities as may be available under insurance purchased by the
Company or provided by the Company under any bylaw, agreement or otherwise, as such indemnities are permitted under state law. 

Section 10.7 Quarterly Statements. 

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

MISCELLANEOUS 
 Section
11.1 Unsecured General Creditor. 
 Participants and their Beneficiaries, heirs, successors, and assigns shall have no
legal or equitable rights, claims, or interest in any specific property or assets of the Company. No assets 

  
 17 

 
of the Company shall be held under any trust, or held in any way as collateral security for the fulfilling of the obligations of the Company under this Plan. Any and all of the
Company’s assets shall be, and remain, the general unpledged, unrestricted assets of the Company. The Company’s obligation under the Plan shall be merely that of an unfunded and unsecured promise of the Company to pay money in the
future, and the rights of the Participants and Beneficiaries shall be no greater than those of unsecured general creditors. 
 Section
11.2 Restriction Against Assignment. 
 The Company shall pay all amounts payable hereunder only to the Persons designated
by the Plan and not to any other Persons. No part of a Participant’s Accounts shall be liable for the debts, contracts, or engagements of any Participant, the Participant’s Beneficiary, or successors in interest, nor shall a
Participant’s Accounts be subject to execution by levy, attachment, or garnishment or by any other legal or equitable proceeding, nor shall any such Person have any right to alienate, anticipate, commute, pledge, encumber, or assign any
benefits or payments hereunder in any manner whatsoever. If any Participant, Beneficiary or successor in interest is adjudicated bankrupt or purports to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge any distribution
or payment from the Plan, voluntarily or involuntarily, the Administrator, in its discretion, may cancel such distribution or payment (or any part thereof) to or for the benefit of such Participant, Beneficiary or successor in interest in such
mariner as the Administrator shall direct. 
 Section 11.3 Withholding. 

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

Section 11.4 Amendment, Modification, Suspension or Termination. 

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

Section 11.5 Governing Law. 

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

  
 18 

 Section 11.6 Receipt or Release. 

Any payment to a Participant or the Participant’s Beneficiary in accordance with the provisions of the Plan shall, to the extent thereof,
be in full satisfaction of all claims against the Administrator, the Company and the Trustee. The Administrator may require such Participant or Beneficiary, as a condition precedent to such payment, to execute a receipt and release to such
effect. 
 Section 11.7 Payments on Behalf of Persons Under Incapacity. 

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

  
 19 

  IN WITNESS WHEREOF, the Company has caused this document to be executed by its duly
authorized officer to be effective on this                 , 2017. 

 

			
	PARK HOTELS & RESORTS INC.
		
	By:	 	  

	Its:EX-10.12

 Exhibit 10.12 
  

 
 REGISTRATION RIGHTS AGREEMENT

 by and between 

PARK HOTELS & RESORTS INC. 

and 
 HNA TOURISM GROUP
CO., LTD. 
 Dated as of October 24, 2016 
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I. DEFINITIONS
	  	 	1	  
			
	 Section 1.1
	 	Certain Definitions	  	 	1	  
	 Section 1.2
	 	Other Definitional Provisions; Interpretation	  	 	5	  
		
	 ARTICLE II. REGISTRATION RIGHTS
	  	 	6	  
			
	 Section 2.1
	 	Piggyback Rights	  	 	6	  
	 Section 2.2
	 	Demand Registration	  	 	8	  
	 Section 2.3
	 	Registration Procedures	  	 	11	  
	 Section 2.4
	 	Other Registration-Related Matters	  	 	14	  
		
	 ARTICLE III. INDEMNIFICATION
	  	 	16	  
			
	 Section 3.1
	 	Indemnification by the Company	  	 	16	  
	 Section 3.2
	 	Indemnification by the Holders and Underwriters	  	 	17	  
	 Section 3.3
	 	Notices of Claims, Etc.	  	 	18	  
	 Section 3.4
	 	Contribution	  	 	18	  
	 Section 3.5
	 	Other Indemnification	  	 	19	  
	 Section 3.6
	 	Non-Exclusivity	  	 	19	  
		
	 ARTICLE IV. REPRESENTATIONS AND WARRANTIES
	  	 	19	  
			
	 Section 4.1
	 	Representations and Warranties of the Company	  	 	19	  
	 Section 4.2
	 	Representations and Warranties of HNA	  	 	20	  
		
	 ARTICLE V. OTHER
	  	 	20	  
			
	 Section 5.1
	 	Notices	  	 	20	  
	 Section 5.2
	 	Assignment	  	 	22	  
	 Section 5.3
	 	Amendments; Waiver	  	 	22	  
	 Section 5.4
	 	Third Parties	  	 	22	  
	 Section 5.5
	 	Governing Law	  	 	22	  
	 Section 5.6
	 	Jurisdiction	  	 	22	  
	 Section 5.7
	 	MUTUAL WAIVER OF JURY TRIAL	  	 	22	  
	 Section 5.8
	 	Specific Performance	  	 	23	  
	 Section 5.9
	 	Entire Agreement	  	 	23	  
	 Section 5.10
	 	Severability	  	 	23	  
	 Section 5.11
	 	Counterparts	  	 	23	  
	 Section 5.12
	 	Effectiveness	  	 	23	  
	 Section 5.13
	 	Confidentiality	  	 	23	  

 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is dated as of October 24, 2016 and is by and between Park Hotels &
Resorts Inc. (the “Company”) and HNA Tourism Group Co., Ltd., a PRC company (“HNA”). 
 RECITALS 

WHEREAS, HNA and Blackstone (as defined below) have, as of the date hereof, entered into the Stock Purchase Agreement (as defined below),
pursuant to which, among other things, HNA has agreed to purchase from Blackstone, and Blackstone has agreed to sell to HNA, shares of the common stock of Hilton Worldwide Holdings Inc., a Delaware corporation (“Hilton”), subject to
the terms and conditions set forth in the Stock Purchase Agreement; 
 WHEREAS, Hilton intends to distribute its entire interest in the
Company by way of a dividend of all outstanding shares of the Company’s Common Stock owned by Hilton to holders of Hilton common stock; 

WHEREAS, the Company is entering into this Agreement as a condition to HNA’s willingness to enter into the Stock Purchase Agreement; 

WHEREAS, concurrently with the execution of this Agreement, the Company and HNA are entering into the Stockholders Agreement (as defined
below); 
 WHEREAS, the Company is entering into this Agreement in consideration of, and as a condition and inducement to, HNA’s
willingness to enter into the Stockholders Agreement; and 
 WHEREAS, in connection with the transactions contemplated by the Stock Purchase
Agreement, the Company and HNA wish to define certain registration rights granted to HNA on the terms and conditions set out in this Agreement. 

NOW, THEREFORE, in consideration of the foregoing, and the representations, warranties, covenants and agreements set forth herein, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows: 

ARTICLE I. 
 DEFINITIONS

 SECTION 1.1 Certain Definitions. As used in this Agreement: 

“Advice” has the meaning set forth in Section 2.4(b). 

“Adverse Disclosure” means public disclosure of material, non-public information that, in the Board of Directors’ good
faith judgment, after consultation with outside counsel to the Company, (i) would be required to be made in any Registration Statement or report filed with the SEC by the Company so that such Registration Statement or report would not be materially
misleading and such material, non-public information would not be required to be made at such time but for the filing of such Registration Statement or report, and (ii) the Company has a bona fide business purpose for not disclosing publicly.

 “Affiliate” means any entity of which HNA owns, directly or indirectly, at least
a majority of the voting interests. 
 “Agreement” has the meaning set forth in the preamble. 

“Blackstone” means HLT Holdco II LLC, HLT Holdco III LLC, HLT BREH VI Holdco LLC, HLT BREP VI.2 Holdco LLC, HLT BREH INTL II
Holdco LLC, HLT A23 BREH VI Holdco LLC, and HLT A23 Holdco LLC. 
 “BX Holder” means the holders of securities entitled to
registration rights under the Existing Registration Rights Agreement. 
 “Board” means the board of directors of the
Company. 
 “Business Day” means a day other than a Saturday, Sunday, holiday or other day on which commercial banks in New
York, New York and Beijing, PRC 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
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). 
 “Distribution Date” means the date on which the distribution to holders of record
of shares of Hilton common stock of the Park Common Stock owned by Hilton is effectuated. 
 “Effective Date” means the
date on which the Closing (as defined in the Stock Purchase Agreement) occurs or, if the Distribution Date occurs after the date of such Closing, the Distribution Date. 

“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. 
 “Existing Registration Rights Agreement” means that certain
Registration Rights Agreement, of even date herewith, by and among the Company and Blackstone, but not any further amendments thereto. 

  
 2 

 “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. 
 “HNA
Entities” means HNA, its Affiliates and the successors and permitted assigns of HNA and their respective Affiliates. 

“Holder” means HNA or any Transferee of such Person to whom registration rights are assigned pursuant to Section 5.2, in each
case that is a holder of Registrable Securities or Securities exercisable, exchangeable or convertible into Registrable Securities. 

“Indemnified Party” and Indemnified Parties” have the meanings set forth in Section 3.1. 

“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, 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. 
 “PRC” means the People’s Republic of China. 

“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; 

  
 3 

	 	(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; 

  

	 	(f)	any fees and disbursements of underwriters customarily paid by the issuers 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 by the Company 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; 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. 

  
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 “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. 
 “Stockholders Agreement” means that certain Stockholders Agreement, dated as
of the date hereof, by and between the Company and HNA. 
 “Stock Purchase Agreement” means that certain Stock Purchase
Agreement, dated as of the date hereof, among HNA and Blackstone. 
 “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. 

“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. The word “including” and words of similar import when used in this Agreement mean “including, without limitation,” unless otherwise
specified. References in this Agreement to a designated “Article” or “Section” refer to an Article or Section of this Agreement unless otherwise specified and references to clauses without a cross-reference to a Section or
subsection are references to clauses within the same Section or, if more specific, subsection. The word “extent” in the phrase “to the extent” means the degree to which a subject or other thing extends and such phrase shall
not mean simply “if.” References to “day” means a calendar day unless otherwise indicated as a “Business Day.”

  
 5 

 (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. 
 (d) When calculating the period of time before which, within which or
following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period is excluded. If the last day of such period is a non-Business Day, the period in question ends on the
next succeeding Business Day. 
 ARTICLE II. 

REGISTRATION RIGHTS 

SECTION 2.1 Piggyback Rights. 

(a) Subject to Section 4.1 of the Stockholders Agreement (as it may be amended or waived), if after the second (2nd) anniversary of the Effective Date (or earlier if the Company agrees to waive the two-year transfer restriction under the Stockholders Agreement), 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 shall, at each such time, other than in the case of an underwritten secondary offering initiated by a BX Holder, give prompt written notice
(which notice shall be given not less than ten (10) Business Days prior to the filing by the Company with the SEC of any registration statement with respect thereto and shall specify the intended method or methods of disposition and the number of
Securities proposed to be registered) to each Holder of its intention to do so and of such Holder’s rights under this Section 2.1, provided, no such notice need be given of any underwritten offering if the managing underwriter advises
the Company in writing (a copy of which shall be provided to each Holder) that, in its opinion, the inclusion of Registrable Securities would be likely to have an adverse impact on the price, timing or distribution of the Securities offered in such
offering. Upon the written request of any Holder made within five (5) Business 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
shall 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) any Holder shall have the right to withdraw such
Holder’s request for inclusion of any of such Holder’s Registrable Securities in any registration statement pursuant to this Section 2.1(a) by giving written notice to the Company of such withdrawal, provided, that, in the case of
any underwritten offering, written notice of such withdrawal must be given to the Company prior to the time at which the offering price or underwriter’s discount is determined with the managing underwriter or underwriters; (ii) if, at any time
after giving written notice of its intention to 

  
 6 

 
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 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 (iii) subject to clause (i), if such registration involves an underwritten offering, each Holder of Registrable Securities requesting to be included in the registration must, upon the written request of the
Company, sell its 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 shall 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 each Holder) 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 an adverse effect on the price, timing or distribution of the Securities offered in such offering, then the Company shall include in such
registration: (i) first, the Securities the Company proposes to sell for its own account; and (ii) second, such number of Securities requested to be included in such registration which, in the opinion of such managing underwriter, can be sold
without having the adverse effect referred to above, which number of Securities shall be allocated (A) until the date that is the second anniversary of the Effective Date, (x) first, to the holders of shares requested to be included in such
registration by BX Holders pursuant to Section 2.1(a) of the Existing Registration Rights Agreement, and (y) second, pro rata among all other holders of Registrable Securities (if the two-year transfer restriction referred to in Section
2.1(a) has been waived by the Company) and other Securities entitled to include Securities in such registration and that submitted a proper request for inclusion in such registration, on the basis of the relative number of Securities requested to be
included in such registration by each such holder and (B) after the date that is the second anniversary of the Effective Date, pro rata among the holders of Registrable Securities requested to be included in such registration pursuant to
Section 2.1(a) and all other holders of Securities entitled to include Securities in such registration that submitted a proper request for inclusion in such registration, on the basis of the relative number of Securities requested to be included in
such registration by each such holder. Any other selling holders of the Company’s Securities will be included in an underwritten offering only with the consent of holders holding a majority of the shares being sold in such offering. 

  
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 (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) a registration statement filed to cover issuances under employee benefits plans or dividend reinvestment plans; 

(ii) 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, assets or properties; 
 (iii) any registration statement covering securities
other than shares of the same class as those held by Holders (even if such securities are convertible into, or exchangeable or exercisable for, shares that are registered as part of such offering); or 

(iv) any registration related solely to an exchange by the Company of its own securities. 

(e) Plan of Distribution, Underwriters and Counsel. If a registration pursuant to this Section 2.1 involves an underwritten
offering that is initiated by selling holders, the holders that initiated such underwritten offering (by action of the holders of a majority of the Securities requested to be registered thereby) 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. If a registration pursuant to this Section 2.1 involves an underwritten offering that is initiated by the Company, the Company shall have the right to (i) determine the plan of distribution
and (ii) select the investment banker or bankers and managers to administer the offering, including the lead managing underwriter; and the holders of a majority of the Securities requested to be registered thereby by selling holders (by action of
the holders of a majority of the Securities requested to be registered thereby by such selling holders) shall have the right to 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)
after the second (2nd) anniversary of the Effective Date (or earlier if the Company agrees to waive the two-year transfer restriction under the Stockholders Agreement), other than in the case of
an underwritten secondary offering initiated by a BX Holder, 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, provided, that in the case of any shelf takedown for an underwritten offering, at the initiative of the Company, the ten (10) Business Day period in Section 2.1(a) shall be reduced to seven (7) Business
Days. 
 SECTION 2.2 Demand Registration. 

(a) General. Subject to Section 4.1 of the Stockholders Agreement (as it may be amended or waived), after the second (2nd) anniversary of the Effective Date (or earlier if the Company agrees to waive the two-year transfer restriction under the Stockholders Agreement), upon the written request of any HNA 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

  
 8 

 
underwritten public offering), the Company shall (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 five (5) Business 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; provided, that if greater than
50% of the Registrable Securities requested to be registered pursuant to Section 2.1 or Section 2.2(a) by the HNA Entities taken as a whole are excluded from the applicable registration pursuant to Section 2.1(c) or Section 2.2(e), HNA shall have
the right, with respect to such excluded Registrable Securities, to request one (1) additional registration pursuant to Section 2.2(a) within such period of one hundred eighty (180) days; provided further, that such request shall not be made within
ninety (90) days after the effective date of the registration statement from which such Registrable Securities were excluded; or 

(y) if, in the good faith judgment of a majority of the disinterested members of the Board, the filing, initial effectiveness
or continued use of the registration statement would be adverse to the Company because (i) such action would require the Company to make an Adverse Disclosure or (ii) the Board of Directors of the Company has determined in good faith that the
registration or sale of the Registrable Securities would be reasonably expected to materially and adversely affect a planned bona fide financing of the Company that is reasonably likely to be promptly initiated by the Company, then the Company may
delay the filing (but not the preparation of) or initial effectiveness of, or suspend use of, the registration statement (a “Demand Suspension”); provided, however, that the Company shall not be permitted to exercise more than two (2)
Demand Suspensions during any twelve-(12) month period for more than an aggregate of ninety (90) days; and provided, further, that in the event of a Demand Suspension, such Demand Suspension shall terminate at such time as the Company would no
longer be required to make any Adverse Disclosure or any such planned financing has been abandoned or completed. 

  
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 (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
shall 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 Demand Party 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 each Holder) that, in its opinion, the number of 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 an 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 (1) Registrable Securities held by the Demand Party, and (2) the Registrable Securities held by the other Holders 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 the Demand Party and each such other Holder. Any other selling holders of the Company’s Securities will be included in an underwritten offering only with the
consent of holders holding a majority of the shares being sold in such offering. 
 (f) Shelf Takedowns. Upon the written request
of the Demand Party at any time and from time to time, the Company shall 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 shall 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. The Company shall not enter into any agreement with respect to its securities that is inconsistent with the
rights granted to the Holders in this Agreement or grant any additional registration rights to any Person or with respect to any securities that are not Registrable Securities that adversely affects the priorities of the Holders pursuant to Sections
2.1(c) or 2.2(e) of this Agreement. 
 (h) Number of Demands. The Holders shall be entitled to a maximum of six (6) demand
registrations (including shelf “takedowns”) for an underwritten offering pursuant to Section 2.2(a); provided a registration (or shelf “takedown”) shall not count for this purpose until, in the case of a registration statement,
the registration statement has been declared effective by the SEC and, in the case of a shelf “takedown,” the prospectus supplement for such offering has been filed with the SEC. 

  
 10 

 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 shall as expeditiously as
possible: 
 (a) 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 shall (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 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 shall (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 and the underwriters of the
securities being registered 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 or underwriters may
reasonably request in order to facilitate the disposition of the Registrable Securities by such seller or the sale of such securities by such underwriters (it being 

  
 11 

 
understood that, subject to the requirements of the Securities Act and applicable state securities laws, the Company consents to the use of the prospectus and any amendment or supplement thereto
by each seller and the underwriters in connection with the offering and sale of the Registrable Securities covered by the registration statement of which such prospectus, amendment or supplement is a part); 

(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 to keep each such registration or qualification (or exemption therefrom) effective during the period in which the registration statement is required to be kept effective, 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) promptly notify each seller and any underwriter 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, as promptly as practicable thereafter
prepare and furnish to such seller and any underwriter 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) comply with all applicable rules and regulations of the SEC, and make available to its Security holders, as soon as 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) 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) provide a transfer agent registrar and CUSIP number 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; 

  
 12 

 (j) if requested by the managing underwriter(s) of an underwritten offering or if reasonably
requested by the seller or sellers of a majority of such Registrable Securities, use reasonable best efforts to obtain a “cold comfort” letter or letters from the Company’s independent public accountants addressed to the underwriters
or seller or sellers in customary form and covering matters of the type customarily covered by “cold comfort” letters; 
 (k)
subject to the execution and delivery of confidentiality agreements in form and substance reasonably satisfactory to the Company, make available for inspection by any seller of such Registrable Securities covered by such registration statement and
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, at reasonable times and in a reasonable
manner, 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 to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act that is customary for a participant in a registered securities
offering; 
 (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; 
 (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

  
 13 

 
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 underwriter 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. 

(a) The Company may require any Person that is Transferring Securities in a Public Offering pursuant to Section 2.1 or Section 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 and the Company shall not be required to include the Securities of such Person in such Public Offering if such information is not provided to the Company. 

(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 Registrable Securities until its receipt of the copies of the amended or supplemented prospectus contemplated by Section 2.3(f)
or until it is advised in writing (the “Advice”) by the Company that the use of the prospectus may be resumed 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 shall be required to keep the registration statement 

  
 14 

 
effective shall 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) or the Advice. The Company shall use its reasonable best efforts and take such
actions as are reasonably necessary to render the Advice as promptly as practicable. 
 (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 shall be required to keep
the registration statement effective shall 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 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, any BX Holder or BX Holders, or any or all of them), 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 ninety (90) 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, and all other Persons with registration rights with respect to the Company’s Securities (whether or not pursuant to this Agreement) (other than those that are parties to the Existing
Registration Rights Agreement) to enter into agreements similar to those contained in this Section 2.4(d)(i) (without regard to this proviso), subject to exceptions for gifts, sales pursuant to pre-existing Rule 10b5-1 plans and other customary
exclusions agreed to by such managing underwriter; and (ii) the Company and its Subsidiaries shall, 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 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, or agreed to by such managing underwriter) without the prior written consent of the
managing underwriter, for such period of time commencing seven (7) days before and ending ninety (90) days (or such earlier date as the managing underwriter shall agree) after the effective date of such registration. 

  
 15 

 (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 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; 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) 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 Section 2.2, the Company hereby indemnifies and agrees to hold harmless, to the fullest extent permitted by Law, each Holder who sells Registrable Securities covered by such registration statement, each
Affiliate of such Holder and their respective directors, officers, employees, partners and equityholders (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 

  
 16 

 
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 shall 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 shall 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 Section 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 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. 

  
 17 

 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 Section 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 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. Any obligation of Holders to contribute pursuant to this Section 3.4 shall be several in proportion to the amount
of Registrable Securities registered by them and not joint.

  
 18 

 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. 

If indemnification is available under Section 3.1, the indemnifying parties shall indemnify each Indemnified Party to the full extent provided in Section 3.1
without regard to the relative fault of said indemnifying party or Indemnified Party or any other equitable consideration provided for in this Section 3.4. 

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. 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.1 Representations and Warranties of the Company. The Company hereby represents and warrants to HNA as follows as of the
Effective Date: 
 (a) The Company is a corporation, duly incorporated, validly existing and in good standing under the laws of the State of
Delaware. The Company has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under the Agreement. 

(b) The execution and delivery by the Company of this Agreement and the performance of the obligations of the Company under this Agreement do
not and will not conflict with or violate any provision of, or require the consent or approval of any Person (except for any such consents or approvals which have been obtained) under, (x) applicable Law, (y) the organizational documents of the
Company or (z) any contract or agreement to which the Company is a party. 
 (c) The execution and delivery by the Company of this Agreement
and the performance of the obligations of the Company under this Agreement have been duly authorized by all necessary corporate action on the part of the Company. This Agreement has been duly executed and delivered by the Company and, assuming
the due authorization, execution and delivery by HNA, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency and other laws of general
applicability relating to or affecting creditors’ rights and to general principles of equity. 

  
 19 

 (d) Other than the Existing Registration Rights Agreement, the Company is not party to any
agreement, arrangement or understanding whereby any Person, other than as set forth herein, has any outstanding registration rights with respect to any securities of the Company. 

SECTION 4.2 Representations and Warranties of HNA. HNA hereby represents and warrants to the Company as follows as of the
Effective Date: 
 (a) HNA is duly organized and validly existing under the laws of the PRC. HNA has all requisite power and authority to
execute and deliver this Agreement and to perform its obligations under this Agreement. 
 (b) The execution and delivery by HNA of this
Agreement and the performance by HNA of its obligations under this Agreement do not and will not conflict with or violate any provision of, or require the consent or approval of any Person (except for any such consents or approvals which have been
obtained) under, (x) applicable Law, (y) its organizational documents or (z) any contract or agreement to which it is a party. 
 (c) The
execution and delivery by HNA of this Agreement and the performance by HNA of its obligations under this Agreement have been duly authorized by all necessary corporate or other analogous action on its part. This Agreement has been duly executed and
delivered by HNA and, assuming the due authorization, execution and delivery by the Company, constitutes a legal, valid and binding obligation of HNA, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other
laws of general applicability relating to or affecting creditors’ rights and to general principles of equity. 
 ARTICLE V. 

OTHER 
 SECTION 5.1
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) one (1) Business Day after
being sent by internationally recognized overnight courier, or (c) if transmitted by facsimile or sent by electronic mail transmission, if confirmed within 24 hours thereafter by a signed original sent in the manner provided in clause (a) or (b) 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: 
  

	
	 Park Hotels & Resorts Inc.

	 1600 Tysons Boulevard, Suite 1000

	 McLean, VA 22102

	 Attention: General Counsel

	 Fax: (703) 893-1057

  
 20 

 with a copy (not constituting notice) to: 

 

			
	Wilmer Cutler Pickering Hale and Dorr LLP
	60 State Street
	Boston, MA 02109
	Attention:	  	Mark G. Borden
		  	Jay E. Bothwick
	Fax: (617) 526-5000
	Email:	  	mark.borden@wilmerhale.com
		  	jay.bothwick@wilmerhale.com

 if to HNA: 
  

			
	HNA Tourism Group Co., Ltd.
	No. 29, Haixiu Road
	Haikou, 570203 Hainan Province
	People’s Republic of China
	Attention:	  	Liang Du
		  	Xun Wang
	Fax:	  	+86 898 6887 6656 / +86 898 6887 5382
	Email:	  	duliang@hnair.com
		  	wang-xun@hnair.com

 with a copy (not constituting notice) to: 

 

			
	Weil, Gotshal & Manges LLP
	29/F, Alexandra House
	18 Chater Road
	Central, Hong Kong
	Attention:	  	Akiko Mikumo
		  	Charles Ching
	Fax:	  	+852 3015 9354
	Email:	  	akiko.mikumo@weil.com
		  	charles.ching@weil.com

 and 
  

			
	Fangda Partners
	27/F, North Tower, Beijing Kerry Centre
	1 Guanghua Road, Chaoyang District
	Beijing 100020
	People’s Republic of China
	Attention:	  	Fei Qiao
	Fax:	  	+86 10 5769 5788
	Email:	  	fei.qiao@fangdalaw.com

  
 21 

 SECTION 5.2 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 HNA; provided, however, that any Holder may assign its rights and obligations under this Agreement in whole or in part to any HNA Entity to which Registrable
Securities are transferred pursuant to, and subject to the conditions set forth in, the Stockholders Agreement, provided, such assignee executes and delivers to the Company a counterpart to this Agreement whereby it agrees to be bound by the
terms of the Agreement. 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 5.3 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. No waiver by any party hereto 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 5.4 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 5.5 Governing Law. This Agreement shall be
governed by, and construed and enforced in accordance with, the laws of the State of Delaware. 
 SECTION 5.6 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 5.7 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. 

  
 22 

 SECTION 5.8 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 5.9 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. 
 SECTION 5.10 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 5.11
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 5.12 Effectiveness. This Agreement shall become effective automatically on the Effective Date, without further action by
any party. Until the Effective Date (if any), this Agreement shall be of no force or effect and shall create no rights or obligations on the part of any party hereto. 

SECTION 5.13 Confidentiality. Each Holder 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 (i) if required to do so by any law, rule, regulation, order, decree or subpoena of any governmental agency or authority or court, (ii) that (A) is or becomes available to such party on a non-confidential basis
from a source other than the Company or its representatives (which source was not to such party’s knowledge prohibited from disclosing such information to such party by a legal, contractual or fiduciary obligation owed to the Company), (B) is
already in such party’s possession (not including information furnished by or on behalf of the Company), and (C) is independently developed or acquired by such party without reference to, or use of, any material non-public information and
without violating this Section 5.13 and (iii) to its representatives who have a need to know such information in connection with the transactions contemplated by this Agreement, provided that such party shall remain liable for any breach of
this Section 5.13 by its representatives. 
 [Remainder of Page Intentionally Left Blank] 

  
 23 

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

			
	 COMPANY:

	
	 PARK HOTELS & RESORTS INC.

		
	 By:
	 	 /s/ Sean Dell’Orto

	 Name:
	 	 Sean Dell’Orto

	 Title:
	 	 Senior Vice President and Treasurer

 [Signature Page to HNA-Park Registration Rights Agreement] 

 
			
	 HNA:

	
	 HNA TOURISM GROUP CO., LTD.

		
	 By:
	 	 /s/ Ling Zhang

	 Name:
	 	 Ling Zhang

	 Title:
	 	 Chairman of the Board

 [Signature Page to HNA-Park Registration Rights Agreement]

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