Document:

Exhibit

CONFIDENTIAL INFORMATION, MARKED BY BRACKETS AND ASTERISKS ([***]), IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION.

LEASE ACQUISITION AGREEMENT

This Lease Acquisition Agreement (“Agreement”) is executed effective December 18, 2017 (the “Effective Date”) and is entered into by and between Navitas Oil & Gas, LLC (hereinafter “Navitas”), whose address is 202 Rue Iberville, Suite 130, Lafayette, Louisiana 70508, and PetroQuest Energy, L.L.C. (hereinafter “PQ”), whose address is 400 E. Kaliste Saloom Road, Suite 6000, Lafayette, Louisiana 70508.  Navitas and PQ are sometimes referred to herein individually as “Party” and collectively as “Parties”.

WHEREAS, Navitas has acquired certain leases or the right to acquire certain leases in the Contract Area and is in the process of attempting to secure additional leases; and,

WHEREAS, Navitas desires to convey and assign to PQ all of its right, title and interest in and to the leases and rights to acquire such leases in the Contract Area and PQ desires to acquire such leases and rights from Navitas. 

NOW, THEREFORE, for and in consideration of the benefits and mutual covenants contained herein and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

ARTICLE I. 
DEFINITIONS

For purposes of this Agreement the terms listed below shall have the following meanings:

1.1    “Additional Lease Consideration” shall refer to the additional consideration to be paid to a lessor, pursuant to a Side Letter Agreement, in the event Navitas assigns, subleases or transfers a working interest in such lease, whereby the lessor is to be paid additional consideration (e.g., [***] of the value of cash consideration in excess of a base amount per acre [***] received or otherwise realized by Navitas).

		
	1.2
	“Contract Area” shall refer to the geographical area within the red outline on the plat attached as Exhibit “A”.

		
	1.3
	“Core Area” shall mean an area within two miles of any lease owned by PQ or which PQ has a right to acquire in the Contract Area.

1.4    “Cost Free Royalty Provision” shall refer to a provision in the royalty clause of a lease pursuant to which the lessor does not bear certain post production costs traditionally shared by the lessor, i.e., providing that the lessor’s royalty interest shall not bear any charge for the cost of compressing, treating, dehydrating, processing, extracting, transporting or marketing the gas and gasoline and other products extracted therefrom.

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1.5    “Offering Letters” shall refer to [***].

1.6    “Offering Letter Leases” shall refer to the leases listed on Exhibit “B” attached hereto and made a part hereof, which were the subject of the Offering Letters.

1.7    “Pre-Agreement Leases” shall refer to the leases listed on Exhibit “C” attached hereto and made a part hereof, covering [***], more or less.

1.8    “Side Letter Agreement” shall refer to the agreement by and between Navitas and a lessor providing for additional terms and consideration.

1.9    “Target Date Leases” shall refer to any leases other than the Pre-Agreement Leases or the Offering Letter Leases acquired by Navitas within the Contract Area prior to the Effective Date.

1.10    “Post-Target Date Leases” shall refer to any leases acquired by Navitas within the Contract Area on or after the Effective Date and during the term of this Agreement.

ARTICLE II
LEASE ACQUISITION

2.1    Offering Letter Leases  Navitas has acquired, or has the right to acquire, the Offering Letter Leases. Pursuant to the Offering Letters, PQ has previously paid to Navitas the sum of Six Million Nine Hundred Eighty-Two Thousand Five Hundred Thirty-Four and 90/100 Dollars ($6,982,534.90) in partial payment for all of Navitas’ rights, title and interest in and to the Offering Letter Leases.  Within three business days after the Effective Date, as full and final consideration PQ will reimburse Navitas in the amount of One Million Three Hundred Eighty Thousand Three Hundred Seventy-Six and 00/100 Dollars ($1,380,376.00) for amounts previously paid by Navitas towards the total bonus consideration due for the Offering Letter Leases.  Upon payment of the reimbursement amount to Navitas, PQ shall own all of Navitas’ right, title and interest of every kind in and to the Offering Letter Leases, including its rights and obligations under the Side Letter Agreements applicable thereto.  Once the reimbursement has been received, Navitas shall execute an assignment of any Offering Letter Leases currently held by Navitas and Navitas shall execute such further assignments or other documents or instruments as may be requested by PQ from time to time to evidence PQ’s ownership of such leases or rights thereto.  The Parties acknowledge that additional lease bonus payments are still due for certain of the Offering Letter Leases as set forth on Exhibit “B”.  After the Effective Date, PQ shall be responsible for and shall pay such bonus payments directly to the lessors or their designated agents.

 2.2    Target Date Leases  In the event Navitas has acquired, whether directly or indirectly through an affiliate, by contract or otherwise, any Target Date Leases, it shall be obligated to promptly notify PQ and offer them to PQ for [***] per acre generation fee; provided that PQ shall have no obligation to acquire any such leases.    

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2.3    Pre-Agreement Leases  PQ shall purchase the Pre-Agreement Leases from Navitas. The total consideration paid by PQ for the Pre-Agreement Leases shall be Seven Million Ten Thousand Three Hundred Seventy-Three and 00/100 Dollars ($7,010,373) cash ([***]) plus two million shares of PetroQuest Energy, Inc. common stock (the “PQ Shares”). The shares of common stock of PetroQuest Energy, Inc. are currently listed on the NYSE under the symbol “PQ”, and PQ shall take all necessary action to cause the PQ Shares to be listed on the NYSE within 3 business days after the Effective Date.  The PQ Shares and cash shall be delivered to Navitas within 3 business days after the Effective Date, at which time Navitas shall execute and deliver assignments of the Pre-Agreement Leases to PQ.  Navitas hereby represents and warrants that all lease bonus due under the terms of the Pre-Agreement Leases has been fully and properly paid by Navitas and that the leases are in full force and effect.  In connection with the receipt of the PQ Shares, Navitas represents, warrants and agrees with PQ and for the benefit of PetroQuest Energy, Inc. (“Parent”) as set forth on Exhibit “E” attached hereto.   
 
2.4    Post-Target Date Leases  For a six month period after the Effective Date,  Navitas shall work exclusively for PQ and attempt in good faith to obtain additional leases or the right acquire additional leases within the Contract Area.  [***].  PQ shall have the option to extend the term for an additional six months by providing notice of such election at least thirty days prior to expiration of the initial six month term.  [***].   

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2.5     [***].

2.6    Ownership and Assignment of Leases; Nominee Agreement  All leases or rights to acquire leases acquired by Navitas on behalf of PQ under the terms of this Agreement shall be owned by PQ, subject to PQ’s obligation to make any subsequent installment payments in connection therewith.  Promptly upon request by PQ (but in no event later than five (5) business days after such request), Navitas shall deliver an assignment to PQ of any requested leases using the form attached hereto as Exhibit “D”, which assignment shall be without warranty, except as to those claiming by, through and under Navitas, but not otherwise.  Until a lease is assigned to PQ, PQ shall be the beneficial owner of such lease and  Navitas shall continue to hold record title to such lease as nominee on behalf of PQ until PQ requests an assignment.  Navitas agrees that, without the prior written consent of PQ, it shall not assign, sublease, convey or otherwise transfer or encumber any Offering Letter Leases, Target Date Leases, Pre-Agreement Leases or Post-Target Date Leases.  

2.7    AMI Area  The Parties hereby agree to establish an area of mutual interest as set forth on Exhibit “A” (“AMI Area”) (which shall for the avoidance of doubt include the Contract Area).  If Navitas acquires, whether directly or indirectly through an affiliate, by contract or otherwise, any lease (other than a Post-Target Date Lease covered under Section 2.4) within the AMI Area it shall offer such lease to PQ.  The offering notice shall be in writing and contain a description of the lease, any title information in the possession of Navitas and the amount paid for such lease.  PQ shall have thirty days from receipt of such notice to elect to acquire the lease from Navitas for the amount paid by Navitas for the lease.  If PQ elects to acquire such lease, the closing shall occur within ten days after such election at which time Navitas shall convey and assign the lease to PQ and PQ shall pay to Navitas the cost of the lease.  In the event PQ fails to respond within thirty days to an offering notice, it shall be deemed to have elected NOT to acquire such lease.  The term of this AMI provision shall remain in effect for so long as PQ or its successors and assigns owns any leases within the AMI Area.

2.8     [***].

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2.9    Post Closing Title Review.    Within one week after the Effective Date, Navitas will deliver to PQ all title review documents and information in its possession related to the Pre-Agreement Leases.  PQ shall have a period of thirty days after receipt of all such title documents and information to review title to the Pre-Agreement Leases.  In the event PQ identifies any material defects in title to the leases during such period by providing written notice thereof to Navitas explaining in reasonable detail the defect and the acreage it affects, Navitas shall, at its election, (i) cure such defect at Navitas’ cost to PQ’s reasonable satisfaction, (ii) replace the defect acreage at Navitas’ cost with other lease acreage reasonably acceptable to PQ of (iii) refund to PQ the lease bonus and generation fee paid by PQ for such defective acreage.

ARTICLE III
MISCELLANEOUS

3.1    Notices  All notices between the Parties authorized or required by any of the provisions of this Agreement, unless otherwise specifically provided, shall be given in writing and delivered in person, by mail, courier service or telegram, postage or charges prepaid, or by telex or telecopier and addressed to the Party to whom the notice is given as follows:

Navitas:    
202 Rue Iberville, Suite 130
Lafayette, Louisiana 70508
Attention:   Chris Roy & Cye T. Courtois    
Telephone: (337) 278-2951 & (337) 303-6749        
Facsimile:        

PQ:
400 E. Kaliste Saloom Road, Suite 6000
Lafayette, Louisiana 70508
Attention:    Bryan D. Martiny    
Telephone:    (337) 232-7028    
Facsimile:    (337) 234-4699    

The originating notice given under any provision hereof shall be deemed given only when received by the Party to whom such notice is directed, and the time for such Party to give any notice in response thereto shall run from the date the originating notice is received.  The second or any responsive notice shall be deemed given when deposited in the mail or with the courier service, with postage or charges prepaid, or upon transmission by facsimile or telecopier.  Each Party shall have the right to change its address at any time, and from time to time, by giving written notice thereof to the other Party.

3.2    Relationship of Parties  This Agreement does not create, and shall not be construed to create, a partnership, association, joint venture or fiduciary relationship of any kind or character between 

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the Parties, and shall not be construed to impose any duty, obligation, or liability arising from such a relationship by or with respect to any Party.   

3.3    Entire Agreement  When executed by the duly authorized representatives of PQ and Navitas, this Agreement shall constitute the entire agreement between the Parties regarding the Offering Letter Leases, Target Date Leases, Pre-Agreement Leases and Post-Target Date Leases and the Contract Area and shall supersede and replace any and all other writings, understandings, or memoranda of understanding entered into or discussed prior to the execution date hereof.

3.4    Savings Clause  If any part or portion of this Agreement is held to be invalid, such invalidity of any such part or portion shall not affect any remaining part or portion hereof. 

3.5    Survival Clause  Upon termination of this Agreement, the obligations of Section 2.6 shall survive until PQ has been assigned any applicable lease.

3.6    Corporate Authority  The Parties represent that, as of the date of the execution hereof, they are corporations duly authorized, validly existing and in good standing under the laws of the states of their incorporation and are qualified and authorized to do business in the State of Louisiana and that all requisite corporate power and authority to execute, deliver and effectuate this Agreement have been duly obtained.

3.7    Waiver of Consequential and Punitive Damages  FOR THE AVOIDANCE OF DOUBT, EACH PARTY HEREBY EXPRESSLY DISCLAIMS, WAIVES AND RELEASES THE OTHER PARTY FROM ITS OWN SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL, INCIDENTAL, AND INDIRECT DAMAGES (INCLUDING LOSS OF, DAMAGE TO OR DELAY IN PROFIT, REVENUE OR PRODUCTION) RELATING TO, ASSOCIATED WITH, OR ARISING OUT OF THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. NO LAW, THEORY, OR PUBLIC POLICY SHALL BE GIVEN EFFECT WHICH WOULD UNDERMINE, DIMINISH, OR REDUCE THE EFFECTIVENESS OF THE FOREGOING WAIVER, IT BEING THE EXPRESS INTENT, UNDERSTANDING, AND AGREEMENT OF THE PARTIES THAT SUCH DAMAGE WAIVER IS TO BE GIVEN THE FULLEST EFFECT, NOTWITHSTANDING THE NEGLIGENCE (WHETHER SOLE, JOINT OR CONCURRENT), GROSS NEGLIGENCE, WILLFUL MISCONDUCT, STRICT LIABILITY OR OTHER LEGAL FAULT OF ANY PARTY.

3.8    Default    In the event either Party fails to timely perform its obligations hereunder (a ”Defaulting Party”), the other Party (“Non-Defaulting Party”) shall give written notice to the Defaulting Party describing in reasonable detail the event of default (a “Default Notice”).  The Defaulting Party shall then have five business days from receipt of the Default Notice to cure any alleged default.  If the Defaulting Party fails to cure the alleged default during such cure period, the Non-Defaulting Party may then pursue whatever remedies are available to it hereunder. 

3.8    Headings For Convenience  The article and paragraph headings used in this Agreement are inserted for convenience only and shall not be regarded in construing this Agreement.

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3.9    Amendments  This Agreement may be amended, modified, changed, altered or supplemented only by written instrument duly executed by the Parties specifically for such purpose and which specifically refers to this Agreement.

3.10    Governing Law  This Agreement and the exhibits attached hereto shall be governed by and interpreted in accordance with the laws of the State of Louisiana.

3.11    Counterparts  This Agreement may be executed in any number of counterparts, each of which shall be considered an original for all purposes, but this Agreement shall be binding on the Parties only if both parties execute same.

[Signatures on following page]

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WITNESS the execution hereof by the Parties as of the dates of the acknowledgments of their execution, but effective for all purposes as of the Effective Date.

WITNESSES:                NAVITAS OIL & GAS, LLC

/s/ Johnnie Alexander                BY:     /s/ Chris Roy                
Name:    Johnnie Alexander            Name:    Chris Roy                
/s/ Lorraine B. Meche                Title:     Manager                
Name:    Lorraine B. Meche    

PETROQUEST ENERGY, L.L.C.

/s/ Johnnie Alexander                BY:    /s/ Charles T. Goodson            
Name:    Johnnie Alexander            Name:    Charles T. Goodson                
/s/ Lorraine B. Meche                Title:     CEO & President                 
Name:    Lorraine B. Meche    

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STATE OF LOUISIANA

PARISH OF LAFAYETTE

On this the 18th day of December 2017, before me appeared Chris Roy, to me personally known, who, being by me duly sworn, did say that he is the Manager for NAVITAS OIL & GAS, LLC, and that the foregoing instrument was executed in behalf of said limited liability company by authority of its members, and said appearer acknowledged said instrument to be the free act and deed of said limited liability company.

_________________________________________
NOTARY PUBLIC
Printed Name of Notary: __________________________
Notary Public ID #: ________________
My Commission Expires: _______________________

STATE OF LOUISIANA

PARISH OF LAFAYETTE

On this the 18th day of December, 2017, before me appeared Charles T. Goodson, to me personally known, who, being by me duly sworn, did say that he is the Chairman, Chief Executive Officer and President for PETROQUEST ENERGY, L.L.C., and that the foregoing instrument was executed in behalf of said limited liability company by authority of its members, and said appearer acknowledged said instrument to be the free act and deed of said limited liability company.

_________________________________________
NOTARY PUBLIC
Printed Name of Notary: __________________________
Notary Public ID #: ________________
My Commission Expires: _______________________

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[***]

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Exhibit “B”

[***]

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[***]

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PAGE 2 TO EXHIBIT “B”
PAYMENT SCHEDULE 
OFFERING LETTER LEASES

[***]

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Exhibit “C”

[***]

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[***]

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Exhibit “D”

Attached to and made a part of that certain Lease Acquisition Agreement dated effective 
December 18, 2017 by and between Navitas Oil & Gas, LLC and PetroQuest Energy, L.L.C.

ASSIGNMENT OF OIL, GAS AND MINERAL LEASE(S)
STATE OF LOUISIANA
PARISHES OF 
KNOW ALL MEN BY THESE PRESENTS:  That
WHEREAS, NAVITAS OIL & GAS, LLC, whose mailing address is 202 Rue Iberville, Suite 130, Lafayette, Louisiana 70508, is the owner and holder of certain Oil, Gas and Mineral Lease(s) described on Exhibit “A”, attached hereto and made a part hereof, which lease(s) cover and affect lands situated in                      Parishes, Louisiana.
NOW THEREFORE, for ONE HUNDRED DOLLARS AND OTHER VALUABLE CONSIDERATION, ($100.00 & OVC), the receipt and adequacy of which are hereby acknowledged said NAVITAS OIL & GAS, LLC, hereinafter called “ASSIGNOR”, does hereby grant, bargain, sell transfer, set over and assign unto
PETROQUEST ENERGY, L.L.C.
Post Office Box 51205
Lafayette, Louisiana 70505

hereinafter called “ASSIGNEE”, subject to the terms, provisions and conditions herein set out, all of Assignor’s right, title and interest in and to said lease(s).
This Assignment is expressly subject to the terms, provisions and conditions of said lease(s).
TO HAVE AND TO HOLD unto Assignee, its successors and assigns forever, in accordance with the terms and provisions of said lease(s) and leasehold rights.  Assignee agrees and obligates 

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itself to assume and discharge all of the express and implied obligations and liabilities imposed upon the Lessee under the terms and provisions of the said lease(s) affected hereby and agrees to hold Assignor harmless from its failure to do so.  This Assignment is made and accepted without warranty of any kind, either expressed or implied, and without recourse except as against the claims or anyone holding by, through or under Assignor, but with full substitution and subrogation in and to all rights and actions in warranty held by Assignor.
The terms and conditions of this Assignment shall extend to and be binding upon the heirs, successors and assigns of the parties hereto and Assignee hereby agrees to protect and defend Assignor from and against all claims, demands and causes of action arising out of or in connection with the obligations and liabilities herein assumed by Assignee.
IN WITNESS WHEREOF, this instrument is executed in the presence of the undersigned witnesses this          day of December 2017, effective the date of each lease.
ASSIGNOR
WITNESSES:                    NAVITAS OIL & GAS, LLC
                                                    
Signature                        Name:
Title:
Print Name

                        
Signature

                        
Print Name

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STATE OF LOUISIANA    §

PARISH OF LAFAYETTE    §

ON THIS      day of December 2017, before me, appeared                 , to me personally known, who, being by me duly sworn, did say that he is the                  of NAVITAS OIL & GAS, LLC, a Louisiana limited liability company, and that said instrument was signed on behalf of said limited liability company, and said              acknowledged said instrument to be the free act and deed of said company.

                                                    
Notary Public

ASSIGNEE
WITNESSES:                    PETROQUEST ENERGY, L.L.C.
                                                    
Signature                        Name:
Title:
Print Name

                        
Signature

                        
Print Name

STATE OF LOUISIANA    §

PARISH OF LAFAYETTE    §

ON THIS      day of December 2017, before me, appeared                 , to me personally known, who, being by me duly sworn, did say that he is the                  of PETROQUEST ENERGY, L.L.C., a Louisiana limited liability company, and that said instrument was signed on behalf of said limited liability company, and said              acknowledged said instrument to be the free act and deed of said company.

                                                    
Notary Public

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EXHIBIT “A”

Attached hereto and made a part hereof that certain
Assignment of Oil, Gas and Mineral Lease(s)
Dated                 
By and between Navitas Oil & Gas, LLC, Assignor and
PetroQuest Energy, L.L.C., Assignee
 Prospect,              Parishes, Louisiana

    

    

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EXHIBIT “E”

1.    Capitalized terms used herein without definition have the meanings ascribed to them in the Lease Acquisition Agreement (the “Agreement”) to which this Exhibit E is attached.

2.    Navitas is a resident of the state set forth in Section 3.1 of the Agreement and is not acquiring the PQ Shares as a nominee or agent or otherwise for any other person.

3.    Navitas will comply with all applicable laws and regulations in effect in any jurisdiction in which Navitas purchases or sells PQ Shares and obtain any consent, approval or permission required for such purchases or sales under the laws and regulations of any jurisdiction to which Navitas is subject or in which Navitas makes such purchases or sales, and neither PQ nor Parent shall have any responsibility therefor.

4.    Navitas has received copies of (i) the Parent’s Annual Report on Form 10-K for the year ended December 31, 2016, (ii) the Parent’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2017, June 30, 2017 and September 30, 2017, and (iii) a description of the Parent’s capital stock contained in the Parent’s Form 8-A filed with the U.S. Securities and Exchange Commission (the “Commission”) on November 18, 2005 (collectively, the “Offering Documents”). Navitas has not been furnished any offering literature other than the Offering Documents and has relied only on the information contained therein.

5.    Navitas understands and accepts that the purchase of the PQ Shares involves various risks, including the risks outlined in the Offering Documents and in this Exhibit D. Navitas represents that it is able to bear any loss associated with an investment in the PQ Shares. 

6.    Navitas confirms that it is not relying on any communication (written or oral) of the Parent, PQ or any of their respective affiliates, as investment advice or as a recommendation to invest in the PQ Shares. It is understood that information and explanations related to the terms and conditions of the PQ Shares provided in the Offering Documents or otherwise by the Parent, PQ or any of their respective affiliates shall not be considered investment advice or a recommendation to purchase the PQ Shares, and that none of the Parent, PQ or any of their respective affiliates is acting or has acted as an advisor to Navitas in deciding to invest in the PQ Shares. Navitas acknowledges that none of the Parent, PQ or any of their respective affiliates has made any representation regarding the proper characterization of the PQ Shares for purposes of determining Navitas’ authority to invest in the PQ Shares.

7.    Navitas is familiar with the business and financial condition and operations of the Parent, all as generally described in the Offering Documents. Navitas has had access to such information concerning the Parent and the PQ Shares as it deems necessary to enable it to make an informed investment decision concerning the purchase of the PQ Shares. 

8.    Navitas understands that no federal or state agency has passed upon the merits or risks of an investment in the PQ Shares or made any finding or determination concerning the fairness or advisability of this investment.

9.    Navitas represents that it is not relying on (and will not at any time rely on) any communication (written or oral) of the Parent, PQ or any of their respective affiliates, as investment advice or as a recommendation to invest in the PQ Shares, it being understood that information and explanations related 

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to the terms and conditions of the PQ Shares that are described in the Offering Documents shall not be considered investment advice or a recommendation to invest in the PQ Shares.

10.    Navitas confirms that none of the Parent, PQ or any of their respective affiliates has (A) given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the PQ Shares or (B) made any representation to Navitas regarding the legality of an investment in the PQ Shares under applicable legal investment or similar laws or regulations. In deciding to invest in the PQ Shares, Navitas is not relying on the advice or recommendations of the Parent, PQ or any of their respective affiliates and Navitas has made its own independent decision that the investment in the PQ Shares is suitable and appropriate for Navitas.

11.    Navitas has such knowledge, skill and experience in business, financial and investment matters that Navitas is capable of evaluating the merits and risks of an investment in the PQ Shares. With the assistance of Navitas’ own professional advisors, to the extent that Navitas has deemed appropriate, Navitas has made its own legal, tax, accounting and financial evaluation of the merits and risks of an investment in the PQ Shares and the consequences of the Agreement. Navitas has considered the suitability of the PQ Shares as an investment in light of its own circumstances and financial condition and Navitas is able to bear the risks associated with an investment in the PQ Shares and its authority to invest in the PQ Shares. 

12.    Navitas is an “accredited investor” as defined in Rule 501(a) under the Securities Act of 1933, as amended (the “Securities Act”). Navitas agrees to furnish any additional information requested by the Parent, PQ or any of their respective affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the investment in the PQ Shares. Navitas acknowledges that Navitas has completed the Investor Questionnaire contained in Appendix A and that the information contained therein is complete and accurate as of the date thereof and is hereby affirmed as of the date hereof. Any information that has been furnished or that will be furnished by Navitas to evidence its status as an accredited investor is accurate and complete, and does not contain any misrepresentation or material omission.

13.    Navitas is acquiring the PQ Shares solely for Navitas’ own beneficial account, for investment purposes, and not with a view to, or for resale in connection with, any distribution of the PQ Shares. Navitas understands that the PQ Shares have not been registered under the Securities Act or any state securities laws by reason of specific exemptions under the provisions thereof which depend in part upon the investment intent of Navitas and of the other representations made by Navitas in this Agreement. Navitas understands that the Parent is relying upon the representations and agreements contained in this Agreement (and any supplemental information) for the purpose of determining whether this transaction meets the requirements for such exemptions.

14.    Navitas understands that the PQ Shares are “restricted securities” under applicable federal securities laws and that the Securities Act and the rules of the Commission provide in substance that Navitas may dispose of the PQ Shares only pursuant to an effective registration statement under the Securities Act or an exemption therefrom (including pursuant to Rule 144 under the Securities Act (“Rule 144”)), and Navitas understands that the Parent has no obligation or intention to register any of the PQ Shares, or to take action so as to permit sales pursuant to the Securities Act. Accordingly, until such time as the PQ Shares are eligible for resale pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold, Navitas understands that under the Commission’s rules, Navitas may dispose of the PQ Shares principally only in “private placements” which are exempt from registration under the Securities Act, in which event the transferee will acquire “restricted securities” subject to the same limitations as in the hands of Navitas. Consequently, Navitas understands that Navitas must bear the economic risks of the investment in the PQ Shares for an indefinite period of time.  

21

CONFIDENTIAL INFORMATION, MARKED BY BRACKETS AND ASTERISKS ([***]), IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION.

15.    Navitas agrees: (A) that Navitas will not sell, assign, pledge, give, transfer or otherwise dispose of the PQ Shares or any interest therein, or make any offer or attempt to do any of the foregoing, except pursuant to a registration of the PQ Shares under the Securities Act and all applicable state securities laws, or in a transaction which is exempt from the registration provisions of the Securities Act and all applicable state securities laws (including pursuant to Rule 144); (B) that, until such time as the PQ Shares have been registered under the Securities Act or the PQ Shares are eligible for resale pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold, the certificates representing the PQ Shares will bear a legend making reference to the foregoing restrictions as set forth in paragraph 17 below; and (C) that the Parent and its affiliates shall not be required to give effect to any purported transfer of such PQ Shares except upon compliance with the foregoing restrictions.  The Company shall cooperate with Navitas to effect removal of such legend in compliance with the requirements of Rule 144.

16.    Navitas acknowledges that none of the Parent, PQ, any of their respective affiliates or any other person offered to sell the PQ Shares to it by means of any form of general solicitation or advertising, including but not limited to: (A) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio or (B) any seminar or meeting whose attendees were invited by any general solicitation or general advertising.

17.    The certificates representing the PQ Shares sold pursuant to this Agreement will be imprinted with a legend in substantially the following form until such time as the PQ Shares have been registered under the Securities Act or the PQ Shares are eligible for resale pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold: 
 
“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.”

APPENDIX A
INVESTOR QUESTIONNAIRE

		
	1.
	Except as may be indicated by the undersigned below, the undersigned is an “accredited investor,” as that term is defined in Rule 501(a) promulgated under the Securities Act of 1933, as amended (the “Securities Act”).  The undersigned has checked the box below indicating the basis on which the undersigned is representing his, her or its status as an “accredited investor” or indicating that the undersigned is not an “accredited investor”.  The undersigned agrees to furnish any additional information that PetroQuest Energy, Inc., a Delaware corporation (the “Company”), deems necessary in order to verify the answers set forth below.  All information in response to this paragraph will be kept strictly confidential except as necessary to document compliance with applicable law.  

		
	o
	The undersigned is a natural person (not a partnership, corporation, etc.) whose individual net worth, or joint net worth with spouse, presently exceeds $1,000,000.

Explanation.  In calculating “net worth,” you may include equity in personal property and real estate, including cash, short-term investments, stock and securities.  Equity in personal property and real estate should be based on the fair market value of such property less debt secured by such property. You should not include your primary residence as an asset. Total liabilities excludes any mortgage on the primary home in an amount of up to the home's estimated fair market value as long as the mortgage was incurred more than 60 days before the date hereof, but includes (i) any mortgage amount in excess of the home's fair market value and (ii) any mortgage amount that was borrowed during the 60-day period before the date hereof for the purpose of investing in the securities of the Company.
		
	o
	The undersigned is a natural person (not a partnership, corporation, etc.) who had an individual income in excess of $200,000 in each of the two most recent years, or joint income with their spouse in excess of $300,000 in each of those years (in each case including foreign income, tax exempt income and full amount of capital gains and losses but excluding any income of other family members and any unrealized capital appreciation) and has a reasonable expectation of reaching the same income level in the current year. 

		
	o
	The undersigned is a director or executive officer of the Company.

		
	o
	The undersigned is a bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934, as amended; any insurance company as defined in section 2(a)(13) of the Securities Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in section 2(a)(48) of that Act; any Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended, if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors:

                                                    

                                                    
(describe entity)

		
	o
	The undersigned is a private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940:

                                                    

                                                    
(describe entity)

		
	o
	The undersigned is a corporation, Massachusetts or similar business trust, partnership, or organization described in Section 501(c)(3) of the Internal Revenue Code, in each case not formed for the specific purpose of acquiring securities of the Company and with total assets in excess of $5,000,000:

                                                    

                                                    
(describe entity)

		
	o
	The undersigned is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring securities in the Company, where the purchase is directed by a “sophisticated person” as defined in Rule 506(b)(2)(ii) of the Securities Act. 

		
	o
	The undersigned is an entity of which all the equity owners are “accredited investors” within one or more of the above categories.  If relying upon this category alone, each equity owner must complete a separate copy of this Investor Questionnaire: 

                                                    

                                                    
(describe entity)

THE UNDERSIGNED IS INFORMED OF THE SIGNIFICANCE OF THE FOREGOING REPRESENTATIONS, AND THEY ARE MADE WITH THE INTENTION THAT THE COMPANY WILL RELY ON THEM. 
		
	•
	Manner in which title to be held (check one)

o    Individual Ownership
o    Community Property
o    Joint Tenant with Right of Survivorship (both parties must sign)
o    Partnership
o    Tenants in Common
o    Corporation
o    Trust
o    Other

		
	•
	State of residence (if an individual): ____________________________________

State where investment decision made (if an entity): ______________________

		
	•
	Is the undersigned a broker or dealer in securities?

o    Yes    o    No

EXECUTED this __________ day of __________, 2017.

                                                    
(Signature)

                                                    
(Name and Title, if applicable)

22EX-10.1

 Exhibit 10.1 

PERFORMANCE- AND SERVICE-BASED 

RESTRICTED STOCK UNIT AGREEMENT 

HILTON GRAND VACATIONS INC. 

2017 OMNIBUS INCENTIVE PLAN 

AWARD NOTICE 
 The Participant has been
granted Performance- and Service-Based Restricted Stock Units (or “RSUs”) with the terms set forth in this Award Notice and subject to the terms and conditions of the Plan and the Performance- and Service-Based Restricted Stock Unit
Agreement, including its appendices, to which this Award Notice is attached. Capitalized terms used and not defined in this Award Notice shall have the meanings set forth in the Performance- and Service-Based Restricted Stock Unit Agreement and the
Plan. 
  

	1.	General. 

 Participant:  

Date of Grant:  
 Performance Period:
January 1, 2018 to December 31, 2020 
 Target Number of Restricted Stock Units Granted: 

 

	 	•	 	Adjusted EBITDA Performance Condition: RSUs 

  

	 	•	 	Contract Sales Performance Condition: RSUs 

  

	2.	Performance Conditions. 

 Performance Conditions (the “Performance Conditions”):
The extent to which the Performance Conditions are satisfied and the number of RSUs which become vested, if any, shall be calculated with respect to each Performance Component identified below. All determinations made with respect to Adjusted EBITDA
and Contract Sales shall be made by the Committee in its sole discretion and the applicable Performance Conditions shall not be achieved and the RSUs shall not vest unless and to the extent that the Committee certifies that such Performance
Conditions have been met. 
  

	 	•	 	Adjusted EBITDA. The total number of RSUs which become vested based on the achievement of Adjusted EBITDA performance levels shall be equal to (x) the target number of RSUs specified above with respect to
Adjusted EBITDA multiplied by (y) the Achievement Percentage determined as follows, and rounded down to the nearest whole Share: 

  

							
	 Level of Achievement
	  	Adjusted EBITDA Position	  	Percentage of
Award Earned	 
	 Below Threshold
	  	Less than $[●]M	  	 	0	% 
	 Threshold
	  	$[●]M	  	 	50	% 
	 Target
	  	$[●]M	  	 	100	% 
	 Maximum
	  	$[●]M	  	 	200	% 

	 	•	 	Contract Sales. The total number of RSUs which become vested based on the achievement of Contract Sales performance levels shall be equal to (x) the target number of RSUs specified above with respect to
Contract Sales multiplied by (y) the Achievement Percentage determined as follows, and rounded down to the nearest whole Share: 

  

							
	 Level of Achievement
	  	Contract Sales Position	  	Percentage of
Award Earned	 
	 Below Threshold
	  	Less than $[●]M	  	 	0	% 
	 Threshold
	  	$[●]M	  	 	50	% 
	 Target
	  	$[●]M	  	 	100	% 
	 Maximum
	  	$[●]M	  	 	200	% 

  

	 	•	 	Continued Employment or Service. In addition to the attainment of the Performance Conditions, the Participant must be an employee of or in service to the Company or the Company Group from the Date of Grant until
the last day of the Performance Period, except to the extent otherwise provided in the Plan or the Agreement. 

  

	3.	Definitions. 

 For purposes of this Award Notice: 

(a)    “Achievement Percentage” means the “Percentage of Award Earned” specified with respect
to the below threshold, threshold, target, and/or maximum levels for each Performance Component, as applicable, or a percentage determined using linear interpolation if actual performance falls between threshold and target, or between target and
maximum levels (and rounded to the nearest whole percentage point and, if equally between two percentage points, rounded up). In the event that actual performance does not meet the threshold level for any Performance Component, the “Achievement
Percentage” with respect to such Performance Component shall be zero. 
 (b)    “Adjusted EBITDA”
means the Company’s earnings before interest expense, taxes and depreciation and amortization, adjusted for percentage of completion accounting, and further adjusted to exclude gains, losses and expenses in connection with (i) asset
dispositions; (ii) foreign currency transactions; (iii) debt restructurings/retirements; (iv) non-cash impairment losses; (v) reorganization costs, including severance and relocation costs;
(vi) share-based and certain other compensation expenses; (vii) costs related to the spin-off; and (viii) other items. 

(c)    “Contract Sales” means the total dollar amount of vacation ownership interest products under
purchase agreements signed during the period where the Company has received a down payment of at least ten percent (10%) of the contract price, net of upgrades, before first-day incentives. 

(d)    “Performance Components” means the performance criteria applicable to an Award, as set forth on
the Award Notice. 

  
 1 

 PERFORMANCE- AND SERVICE-BASED 

RESTRICTED STOCK UNIT AGREEMENT 

HILTON GRAND VACATIONS INC. 

2017 OMNIBUS INCENTIVE PLAN 

This Performance- and Service-Based Restricted Stock Unit Agreement, effective as of the Date of Grant (as defined below), is between Hilton
Grand Vacations Inc., a Delaware corporation (the “Company”), and the Participant (as defined below). 
 WHEREAS,
the Company has adopted the Hilton Grand Vacations Inc. 2017 Omnibus Incentive Plan (as it may be amended, the “Plan”) to provide a means through which the Company and the other members of the Company Group may attract and retain
key personnel and to provide a means whereby officers, employees, consultants and advisors of the Company and the other members of the Company Group can acquire and maintain an equity interest in the Company or receive an incentive award; 

WHEREAS, the Participant is an employee or consultant of the Company or another member of the Company Group; and 

WHEREAS, the Committee has determined to grant performance- and service-based RSUs to the Participant as provided for herein, and the
Company and the Participant hereby wish to memorialize the terms and conditions applicable to the performance- and service-based RSUs. 

NOW, THEREFORE, the parties hereto agree as follows: 

1.    Definitions. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. In
addition to other terms defined herein or in the Award Notice, the following terms shall have the following meanings for purposes of this Agreement: 

(a)    “Agreement” shall mean this Performance- and Service-Based Restricted Stock Unit Agreement
including (unless the context otherwise requires) the Award Notice, Appendix A, and the appendices for non-U.S. Participants attached hereto as Appendix B and Appendix C. 

(b)    “Award Notice” shall mean the notice to the Participant. 

(c)    “Date of Grant” shall mean the “Date of Grant” listed in the Award Notice. 

(d)    “Participant” shall mean the “Participant” listed in the Award Notice. 

(e)    “Performance Conditions” shall mean the performance conditions set forth in the Award Notice. 

(f)    “Performance Period” shall mean the performance period set forth in the Award Notice. 

(g)    “Restrictive Covenant Violation” shall mean the Participant’s breach of the Restrictive
Covenants listed on Appendix A or any covenant regarding confidentiality, competitive activity, solicitation of the Company’s vendors, suppliers, customers, or employees, or any similar provision applicable to or agreed to by the Participant.

 (h)    “Retirement” shall mean the Participant’s
termination of employment with the Company Group, other than (i) for Cause or while grounds for Cause exist, (ii) due to the Participant’s death or (iii) due to or during the Participant’s Disability, in each case, following
the date on which both (X) the Participant attained the age of 55 years old and (Y) the number of completed years of the Participant’s employment with any member(s) of the Company Group (including any predecessor of a member thereof,
including, for the avoidance of doubt, employment by Hilton Worldwide and its affiliates prior to January 3, 2017) is at least ten (10). 

(i)    “RSUs” shall mean that total number of performance- and service-based restricted stock units
listed in the Award Notice as “Target Number of Restricted Stock Units Granted” (or such greater or lesser number of RSUs as may be vested and earned herein, as determined in the Committee’s discretion), as such number of performance-
and service-based restricted stock units may be adjusted in accordance with Section 10 below. 

(j)    “Shares” shall mean a number of shares of the Company’s Common Stock equal to the number of
RSUs (or such greater or lesser number of shares as may be vested and earned herein, as determined in the Committee’s discretion). 

2.    Grant of Units. The Company hereby grants the RSUs to the Participant, each of which represents the right to
receive one Share upon vesting of such RSUs, subject to and in accordance with the terms, conditions and restrictions set forth in the Plan, the Award Notice, and this Agreement. 

3.    RSU Account. The Company shall cause an account (the “Unit Account”) to be
established and maintained on the books of the Company to record the number of RSUs credited to the Participant under the terms of this Agreement. The Participant’s interest in the Unit Account shall be that of a general, unsecured creditor of
the Company. 
 4.    Vesting; Settlement; Tax Withholding. 

(a)    As promptly as practicable (and, in no event more than 70 days) following the last day of the Performance Period,
the Committee shall determine if and the extent to which the Performance Conditions have been satisfied (the date of such determination, the “Determination Date”), and any RSUs with respect to which the Performance Conditions have
been satisfied shall become vested effective as of the last day of the Performance Period, subject to Section 5(d); provided that, unless otherwise provided in Section 5, the Participant also meets the continued employment or service
condition set forth in the Award Notice. Any RSU which does not become vested effective as of the last day of the Performance Period shall be cancelled and forfeited to the Company without consideration or any further action by the Participant or
the Company. In the event of an equity restructuring, the Committee shall adjust any Performance Condition to the extent it is affected by such restructuring in order to preserve (without enlarging) the likelihood that such Performance Condition
shall be satisfied. The manner of such adjustment shall be determined by the Committee in its sole discretion. For this purpose, “equity restructuring” shall mean an “equity restructuring” as defined in Financial Accounting
Standards Board Accounting Standards Codification 718-10 (formerly Statement of Financial Accounting Standards 123R). 

(b)     The Company shall deliver to the Participant one share of Common Stock for each vested RSU (as adjusted under the
Plan), pursuant to Section 4(c) below, and each such vested RSU shall be cancelled upon delivery. 

  
 2 

 (c)    Shares, free and clear of all restrictions, shall be issued to the
Participant (or his or her beneficiary) only in the event, and to the extent, that the RSUs have vested and been earned as provided in the Award Notice and in the Agreement. Upon vesting of the RSUs, Shares shall be issued to the Participant (or his
or her beneficiary) within 70 days following the applicable vesting date set forth in Section 4(a) herein. Notwithstanding the foregoing, the following provisions shall apply: (i) any Shares earned and vested due to termination of
employment or service as provided in Section 5(b) or Section 5(e) shall be paid within 70 days following the Participant’s Termination Date; (ii) any Shares earned and vested following Retirement as provided in Section 5(c)
shall be paid within 70 days following the applicable vesting date set forth in Section 4(a) and Section 5(c) herein; and (iii) any Shares earned and vested as a result of a Change of Control as provided in Section 5(h) shall be
paid within 70 days following the date of the Change of Control event. If the 70-day period described herein begins in one calendar year and ends in another, the Participant (or his or her beneficiary)
shall not have the right to designate the calendar year of the payment (except as otherwise provided below with respect to a delay in payments if the Participant is a “specified employee”). Further, if calculation of the amount of the
payment is not administratively practicable due to events beyond the control of the Participant (or his or her beneficiary), the payment will be treated as made within the applicable 70-day time period
specified herein if the payment is made during the first taxable year of the Participant in which the calculation of the amount of the payment is administratively practicable or otherwise in accordance with Code Section 409A. Notwithstanding
the foregoing, if the Participant is or may be a “specified employee” (as defined under Code Section 409A), and the distribution is considered deferred compensation under Code Section 409A, then such distribution if made due to
separation from service shall be subject to delay as provided in Section 14(u) of the Plan (or any successor provision thereto). 

(d)    The Participant shall be required to pay to the Company or, if different, the Service Recipient, an amount in cash
(by check or wire transfer) equal to the aggregate amount of any income, employment and/or other applicable taxes (the “Withholding Taxes”) that are statutorily required to be withheld in respect of the RSUs. Alternatively, the
Company may elect, in its sole discretion, to satisfy this requirement by withholding such amount from any cash compensation or other cash amounts owing to the Participant. Without limiting the foregoing, the Committee may (but is not obligated to),
in its sole discretion, permit or require the Participant to satisfy, all or any portion of the minimum Withholding Taxes that are statutorily required to be withheld with respect to the RSUs by (i) the delivery of shares of Common Stock (which
are not subject to any pledge or other security interest) that have been both held by the Participant and vested for any period of time as established from time to time by the Committee in order to avoid adverse accounting treatment under GAAP
having an aggregate Fair Market Value equal to such minimum statutorily required Withholding Taxes (or portion thereof); or (ii) having the Company withhold from the Shares otherwise issuable or deliverable to, or that would otherwise be
retained by, the Participant upon the vesting of the RSUs, a number of Shares with an aggregate Fair Market Value equal to an amount not in excess of such minimum statutorily required Withholding Taxes (or portion thereof). Notwithstanding the
foregoing, the Committee, subject to its having considered the applicable accounting impact of any such determination, has full discretion to allow the Participant to satisfy, in whole or in part, any additional Withholding Taxes payable by him or
her with respect to the RSUs by electing to have the Company withhold from the Shares issuable to the Participant upon the vesting of the RSUs, a number of Shares having an aggregate Fair Market Value that is greater than the applicable minimum
required statutory Withholding Taxes (but such withholding may in no event be in excess of the maximum statutory withholding amount(s) in the Participant’s relevant tax jurisdiction). Further, for
non-U.S. Participants, the Company may withhold from the Shares issuable to such non-U.S. Participant upon the vesting of the RSUs, a number of Shares having an
aggregate Fair Market Value up to the maximum statutory withholding amount(s) in the non-U.S. Participant’s relevant tax jurisdiction. 

(e)    The Company shall pay any costs incurred in connection with issuing the Shares. Upon the issuance of the Shares (to
the extent earned) to the Participant, the Participant’s Unit Account shall be eliminated. Notwithstanding anything in this Agreement to the contrary, the Company shall have no obligation to issue or transfer the Shares as contemplated by this
Agreement unless and until such issuance or transfer shall comply with all relevant provisions of law and the requirements of any stock exchange on which the Company’s shares are listed for trading. 

  
 3 

 5. Termination of Employment or Service. 

(a)    Subject to the provisions of this Section 5, if the Participant’s employment with or service to the
Company Group terminates for any reason, the unvested RSUs shall terminate as of the effective date of termination (the “Termination Date”), and all of the Participant’s rights hereunder with respect to such unvested RSUs shall
cease as of the Termination Date (unless otherwise provided for by the Committee in accordance with the Plan). 

(b)    If the Participant’s employment or service is terminated by the Service Recipient during the Performance
Period due to or during the Participant’s Disability or due to the Participant’s death, a pro-rated number of the target number of RSUs granted hereunder shall become vested and nonforfeitable
(irrespective of performance) based on the number of days in the Performance Period prior to the Termination Date relative to the number of the days in the full Performance Period. Any RSUs that vest as provided herein shall be settled in accordance
with Section 4. 
 (c)    In the event the Participant’s employment with or service to the Company Group is
terminated as a result of the Participant’s Retirement, a pro-rated number of the RSUs granted hereunder shall remain outstanding and eligible to vest, notwithstanding such termination of employment or
service, based on (and to the extent) the Committee’s determination that the Performance Conditions have been satisfied on the Determination Date, in accordance with the schedule set forth in the Award Notice, so long as no Restrictive Covenant
Violation occurs (as determined by the Committee, or its designee, in its sole discretion) prior to the Determination Date, with such pro-rated number of RSUs which remain outstanding calculated based on the
number of days in the Performance Period prior to the Termination Date relative to the number of the days in the full Performance Period. Any RSUs that vest as provided herein shall be settled in accordance with Section 4. As a pre-condition to the Participant’s right to continued vesting following Retirement, the Committee, or its designee, may require the Participant to certify in writing prior to the applicable vesting date that no
Restrictive Covenant Violation has occurred. Notwithstanding the foregoing, if the Date of Grant of the RSUs is not at least six months prior to the date of the Participant’s Retirement, any unvested RSUs shall terminate as of the Termination
Date. 
 (d)    If the Participant’s employment with or service to the Company Group terminates for any reason
after the last day of the Performance Period and before the Determination Date (other than a termination by the Company for Cause, or by the Participant while grounds for Cause exist or without Good Reason), and no Restrictive Covenant Violation
occurs before the Determination Date, then all RSUs shall remain outstanding and eligible to vest based on (and to the extent) the Committee’s determination that the Performance Conditions have been satisfied on the Determination Date. 

(e)    Notwithstanding anything herein to the contrary, the RSUs granted hereunder shall become immediately fully vested
as of the Termination Date and settled in accordance with Section 4 if the Participant’s employment with or service to the Company Group shall be terminated by the Company other than for Cause, or by the Participant for Good Reason, in
either case if such termination of the Participant’s employment occurs within 12 months following a Change in Control (for the avoidance of doubt, a Change in Control alone shall not, also, result in any vesting hereunder), with the actual
number of RSUs determined based on (i) actual performance through the Termination Date, as determined by the Committee, or (ii) if the Committee determines that measurement of actual performance cannot be reasonably assessed, the assumed
achievement of target performance as determined by the Committee, in each case prorated based on the time elapsed from the Date of Grant to the Termination Date. 

  
 4 

 (f)    For purposes of this Section 5, “Good Reason”
means the occurrence of any of the following, without the Participant’s written consent: 
 (i) a material diminution in
the Participant’s base salary; 
 (ii) a material diminution in the Participant’s authority, duties,
responsibilities or position; or 
 (iii) a permanent reassignment by the Company or the Service Recipient of the
Participant’s primary office to a location that is more than 100 miles from the Participant’s assigned primary office; 
 provided, however, that
a termination by the Participant for any of the reasons listed in (i) through (iii) above shall not constitute a termination for Good Reason unless the Participant shall first have delivered to the Company written notice setting forth with
specificity the occurrence deemed to give rise to a right to terminate for Good Reason (which notice must be given no later than 60 days after the initial occurrence of such event), and the Company fails to cure such event within 30 days after
receipt of this written notice. The Participant’s employment must be terminated for Good Reason within 120 days after the occurrence of an event of Good Reason. 

(g)    The Participant’s rights with respect to the RSUs shall not be affected by any change in the nature of the
Participant’s employment or service so long as the Participant continues to be an employee or consultant, respectively, of the Company Group. Whether (and the circumstances under which) employment or service has terminated and the determination
of the Termination Date for the purposes of this Agreement shall be determined by the Committee (or, with respect to any Participant who is not a director or “officer” as defined under Rule 16a-1(f)
of the Exchange Act, such action may also be taken by its designee, in each case whose good faith determination shall be final, binding and conclusive; provided, that such designee may not make any such determination with respect to the
designee’s own employment for purposes of the RSUs). 
 (h)    Without limiting the effect of Section 5(e)
herein, and subject to Section 12 of the Plan, in the event of a Change in Control during the Participant’s employment with or service to the Company Group or while any RSUs remain outstanding and eligible to vest, and prior to the
completion of the Performance Period, the successor or surviving company in the Change in Control event may assume or substitute for the RSUs (or in which the Company is the ultimate parent corporation and continues the RSUs), with the actual number
of RSUs determined based on (i) actual performance through the date of such Change in Control, as determined by the Committee, or (ii) if the Committee determines that measurement of actual performance cannot be reasonably assessed, the
assumed achievement of target performance as determined by the Committee, and such assumed or substituted RSUs shall remain outstanding and eligible to vest based on continued service through the last day of the Performance Period, except to the
extent otherwise provided in the Plan or the Agreement. Notwithstanding the foregoing, in the event the successor or surviving company in the Change in Control event does not assume or substitute for the RSUs (or in which the Company is the ultimate
parent corporation and does not continue the RSUs) on substantially similar terms or with substantially equivalent economic benefits (as determined by the Committee) as RSUs outstanding under the Plan immediately prior to the Change in Control
event, then a pro-rated number of RSUs granted hereunder shall become immediately fully vested as of the date of such Change in Control and settled in accordance with Section 4, with the actual number of
RSUs determined based on (X) (i) actual performance through the date of such Change in Control, as determined by the Committee, or (ii) if the Committee determines that measurement of actual performance cannot be reasonably assessed, the
assumed achievement of target performance as determined by the Committee, and (Y) the pro-rated number of RSUs calculated based on the number of days in the Performance Period prior to the date of the
Change in Control relative to the number of the days in the full Performance Period. 

  
 5 

 6.    Dividends Equivalents. A Participant holding unvested RSUs shall
be entitled to be credited with dividend equivalent payments (upon the payment by the Company of dividends on Shares), which shall accrue in cash without interest (unless otherwise elected by the Committee) and shall be delivered in cash (unless the
Committee in its sole discretion, elects to settle such amount in shares of Common Stock, other securities, other Awards or other property having a Fair Market Value as of the settlement date equal to the amount of such dividends). Accrued dividend
equivalents shall not be paid unless and until the underlying RSUs (or portion thereof) have vested. Any such dividend equivalents in respect of unvested RSUs shall be paid within fifteen (15) days after the RSUs are vested and become payable
or distributable unless the Committee determines otherwise. 
 7.    Restrictions on Transfer. The Participant
may not assign, alienate, pledge, attach, sell or otherwise transfer or encumber the RSUs or the Participant’s right under the RSUs to receive Shares (unless such transfer is specifically required pursuant to a domestic relations order or by
applicable law), other than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against any member of the Company Group;
provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 

8.    No Right to Continued Employment or Service. Neither the Plan, the Agreement nor any action taken thereunder
or hereunder shall be construed as giving the Participant any right to be retained in the employ or service of the Service Recipient or any other member of the Company Group. The Service Recipient or any other member of the Company Group may at any
time dismiss the Participant from employment or discontinue any consulting relationship, free from any liability or claim under the Plan or this Agreement, unless otherwise expressly provided in the Plan or this Agreement. 

9.    No Rights as a Stockholder. Except as otherwise provided in the Plan or this Agreement, the
Participant shall not be entitled to the privileges of ownership in respect of the Shares until the Shares have been issued or delivered to the Participant. 

10.    Adjustments Upon Change in Capitalization. The terms of this Agreement, including the RSUs, the
Participant’s Unit Account, any dividend equivalent payments accrued pursuant to Section 6 and/or the Shares, shall be subject to adjustment in accordance with Section 12 of the Plan. This paragraph shall also apply with respect to
any extraordinary dividend or other extraordinary distribution in respect of the Company’s Common Stock (whether in the form of cash or other property) to the extent provided in the Plan. 

11.    Award Subject to Plan. By entering into this Agreement, the Participant agrees and acknowledges that the
Participant has received and read a copy of the Plan. The RSUs granted hereunder are subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. Unless the Committee
determines otherwise, in the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan shall govern and prevail. 

12.    Severability. If any provision of the Plan or this Agreement is or becomes or is deemed to be invalid,
illegal or unenforceable in any jurisdiction or as to the Participant or the RSUs, or would disqualify the Plan or the RSUs under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the
applicable laws, or if it cannot be 

  
 6 

 
construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Agreement, such provision shall be construed or deemed stricken as to
such jurisdiction, the Participant or the RSUs and the remainder of the Plan and this Agreement shall remain in full force and effect. 

13.    Governing Law; Waive of Jury Trial; Venue. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof. The Participant hereby irrevocably waives
all right to a trial by jury in any suit, action or other proceeding instituted by or against such Participant in respect of the Participant’s rights or obligations hereunder. Any suit, action or proceeding with respect to this Agreement (or
any provision incorporated by reference), or any judgment entered by any court in respect of any thereof, shall be brought in any court of competent jurisdiction in the State of Florida, and each of the Participant, the Company, and any transferees
who hold RSUs pursuant to a valid assignment, hereby submit to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding, or judgment. Each of the Participant, the Company, and any transferees who hold RSUs
pursuant to a valid assignment hereby irrevocably waive (a) any objections which he or she may now or hereafter have to the laying of the venue of any suit, action, or proceeding arising out of or relating to this Agreement brought in any court
of competent jurisdiction in the State of Florida and (b) any claim that any such suit, action, or proceeding brought in any such court has been brought in any inconvenient forum. 

14.    Language. If the Participant has received a copy of this Agreement (or the Plan or any other document
related hereto or thereto) translated into a language other than English, such translated copy is qualified in its entirety by reference to the English version thereof, and in the event of any conflict the English version shall govern. The
Participant acknowledges that the Participant is sufficiently proficient in English to understand the terms and conditions of the Plan and this Agreement. 

15.    Successors in Interest. Any successor to the Company shall have the benefits of the Company under,
and be entitled to enforce, this Agreement. Likewise, the Participant’s legal representative shall have the benefits of the Participant under, and be entitled to enforce, this Agreement. All obligations imposed upon the Participant and all
rights granted to the Company under this Agreement shall be final, binding and conclusive upon the Participant’s heirs, executors, administrators and successors. 

16.    Data Privacy Consent. 

The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the
Participant’s personal data as described in this Agreement and any other RSU grant materials by and among, as applicable, the Service Recipient, the Company and other members of the Company Group for the purpose of implementing, administering
and managing the Plan. 
 Participant understands that the Company and the Service Recipient may hold certain personal
information about the Participant, including, but not limited to, the Participant’s name, home address, email address and telephone number, date of birth, passport, social insurance number or other identification number, salary, nationality,
job title, any shares of stock or directorships held in the Company, details of all stock options, restricted stock units or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the
Participant’s favor (“Data”), for the purpose of implementing, administering and managing the Plan. 

  
 7 

 The Participant understands that Data will be transferred to any third parties as may be
selected by the Company (presently or in the future), which assist the Company with the implementation, administration and management of the Plan. The Participant understands that the recipients of the Data may be located in the United States or
elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Participant’s country. The Participant understands that if the Participant resides outside the United
States the Participant may request a list with the names and addresses of any potential recipients of the Data by contacting the Participant’s local human resources representative. The Participant authorizes the Company and any other possible
recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purpose of implementing,
administering and managing the Plan. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Plan. The Participant understands that if the Participant resides outside the United States,
the Participant may, at any time, view Data, request information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the
Participant’s local human resources representative. Further, the Participant understands that the Participant is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks
to revoke the Participant’s consent, the Participant’s employment status or service with the Service Recipient will not be affected; the only consequence of refusing or withdrawing the Participant’s consent is that the Company may not
be able to grant options or other equity awards to the Participant or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing the Participant’s consent may affect the Participant’s ability to
participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant understands that the Participant may contact the Participant’s local human resources
representative. 
 17.    Restrictive Covenants. The Participant acknowledges and recognizes the
highly competitive nature of the businesses of the Company and its Affiliates, that the Participant shall be allowed access to confidential and proprietary information (including but not limited to trade secrets) about those businesses, as well as
access to the prospective and actual customers, suppliers, investors, clients and partners involved in those businesses, and the goodwill associated with the Company and its Affiliates. Participant accordingly agrees to the provisions of Appendix A
to this Agreement (the “Restrictive Covenants”). For the avoidance of doubt, the Restrictive Covenants contained in this Agreement are in addition to, and not in lieu of, any other restrictive covenants or similar covenants or
agreements between the Participant and the Company or any of its Affiliates. 
 18.    Repayment of Proceeds;
Clawback Policy; Compliance with Ownership and Other Policies and Agreements. 
 (a)    If a Restrictive Covenant
Violation occurs or the Company discovers after a termination of employment or service that grounds existed for Cause at the time thereof, then the Participant shall be required, unless the Committee determines otherwise, in addition to any other
remedy available (on a non-exclusive basis), to pay to the Company, within ten (10) business days of the Company’s request to the Participant therefor, an amount equal the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) the Participant received upon the sale or other
disposition of, or distributions in respect of, the RSUs and any Shares or cash issued in respect thereof. Any reference in this Agreement to grounds existing for a termination of employment or service with Cause shall be determined without regard
to any notice period, cure period or other procedural delay or event required prior to finding of or termination with Cause. 

  
 8 

 (b)    The RSUs shall be subject to reduction, cancellation, forfeiture or
recoupment to the extent necessary to comply with (i) any clawback, forfeiture or other similar policy adopted by the Board or the Committee and as in effect from time to time and (ii) applicable law. Further, to the extent that the
Participant receives any amount in excess of the amount that the Participant should otherwise have received under the terms of this Agreement for any reason (including, without limitation, by reason of a financial restatement, mistake in
calculations or other administrative error), the Participant shall be required to repay any such excess amount to the Company. 

(c)    Without limiting the terms of the Plan, and as a condition to receiving the RSUs or any benefit hereunder, the
Participant agrees that he or she shall abide by all provisions of any equity retention policy, stock ownership guidelines and/or other policies adopted by the Company or an Affiliate, each as in effect from time to time and to the extent applicable
to the Participant. 
 19.    Limitation on Rights; No Right to Future Grants; Extraordinary Item of
Compensation. By accepting this Agreement and the grant of the RSUs contemplated hereunder, the Participant expressly acknowledges that (a) the Plan is discretionary in nature and may be suspended or terminated by the Company at any
time; (b) the grant of RSUs is a one-time benefit that does not create any contractual or other right to receive future grants of RSUs or other Awards under the Plan, or benefits in lieu of RSUs;
(c) all determinations with respect to future grants of RSUs, if any, including the grant date, the number of Shares granted and the applicable vesting terms, shall be at the sole discretion of the Committee and/or the Company; (d) the
Participant’s participation in the Plan is voluntary; (e) the value of the RSUs is an extraordinary item of compensation that is outside the scope of the Participant’s employment or consulting contract, if any, and nothing can or must
automatically be inferred from such employment or consulting contract or its consequences; (f) grants of RSUs are not part of normal or expected compensation for any purpose and are not to be used for calculating any severance, resignation,
redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, the Participant waives any claim on such basis, and for the avoidance of doubt, the RSUs shall not constitute an “acquired
right” under the applicable law of any jurisdiction; and (g) the future value of the underlying Shares is unknown and cannot be predicted with certainty. In addition, the Participant hereby waives any claim to continued vesting of the RSUs
or to damages or severance entitlement related to non-continuation of the RSUs beyond the period provided under the Plan or this Agreement, except to the extent of any provision to the contrary in any written
employment contract or other agreement between the Service Recipient and/or any member of the Company Group and the Participant, whether any such agreement is executed before, on or after the Date of Grant. 

20.    Amendment of Agreement. The Committee may, to the extent consistent with the terms of the Plan and
this Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any RSUs granted hereunder or this Agreement, prospectively or retroactively (including after the Participant’s
Termination); provided, that, other than as provided in the Plan, any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with respect
to the RSUs granted hereunder shall not to that extent be effective without the consent of the Participant; provided, further, that in no event shall any such amendment alter the Minimum Vesting Condition. 

21.    Award Administrator. The Company may from time to time designate a third party (an “Award
Administrator”) to assist the Company in the implementation, administration and management of the Plan and any RSUs granted thereunder, including, but not limited to, by sending award notices on behalf of the Company to Participants, and by
facilitating through electronic means acceptance of agreements by Participants. 

  
 9 

 22.     Section 409A of the Code. 

(a)    Notwithstanding any provision of the Plan or this Agreement to the contrary, it is intended that the provisions of
this Agreement comply with, or be exempt from, Section 409A of the Code, and all provisions of this Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under
Section 409A of the Code. The Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of the Participant in connection with this Agreement (including any taxes and
penalties under Section 409A of the Code), and neither the Service Recipient nor any other member of the Company Group shall have any obligation to indemnify or otherwise hold the Participant (or any beneficiary) harmless from any or all such
taxes or penalties. If the RSUs are considered “deferred compensation” subject to Section 409A of the Code, references in this Agreement to “termination of employment” (and substantially similar phrases) shall mean
“separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of the RSUs shall be deemed as separate payments. 

(b)    Notwithstanding anything in the Plan or this Agreement to the contrary, if a Participant is a “specified
employee” within the meaning of Section 409A of the Code, no payments in respect of any RSU that is “deferred compensation” subject to Section 409A of the Code and which would otherwise be payable upon the Participant’s
“separation from service” (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six (6) months after the date of the Participant’s “separation from service” or, if
earlier, the date of the Participant’s death. Following any applicable six (6) month delay, all such delayed payments shall be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a
business day. 
 (c)    Unless otherwise provided by the Committee in this Agreement or otherwise, in the event that the
timing of payments in respect of the RSUs (that would otherwise be considered “deferred compensation” subject to Section 409A of the Code) would be accelerated upon the occurrence of (i) a Change in Control, no such acceleration
shall be permitted (to the extent required under Section 409A) unless the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a
substantial portion of the assets of a corporation pursuant to Section 409A of the Code or (ii) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of “Disability” pursuant to
Section 409A of the Code if and to the extent required under Section 409A of the Code. 

23.    Restriction on Restricted Stock Unit Award and Shares. The obligation of the Company to settle the
RSUs in Shares or other consideration shall be subject to all applicable laws, rules and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of this Agreement to the contrary, the
Company shall be under no obligation to offer to sell, and shall be prohibited from offering to sell or selling, any Shares underlying the RSUs unless such shares have been properly registered for sale pursuant to the Securities Act with the
Securities and Exchange Commission or unless the Company has received an opinion of counsel (if the Company has requested such an opinion), satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an
available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the Shares. The Committee shall have the
authority to provide that all Shares shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, this Agreement, the Federal securities laws or the rules, regulations and other
requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted and any other applicable Federal, state, local or non-U.S. laws, rules, regulations and other requirements, and, without limiting the 

  
 10 

 
generality of the Plan, the Committee may cause a legend or legends to be put on certificates representing the Shares. Notwithstanding any provision in the Plan to the contrary, the Committee
reserves the right to add any additional terms or provisions to the Performance- and Service-Based Restricted Stock Unit Agreement that the Committee, in its sole discretion, deems necessary or advisable in order that this Agreement complies with
the legal requirements of any governmental entity to whose jurisdiction this Agreement is subject. The Committee may cancel the RSUs or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or
blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock from the public markets, the Company’s issuance of the Shares to the Participant, the Participant’s acquisition of the Shares
from the Company and/or the Participant’s sale of Common Stock to the public markets, illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion of the RSUs in accordance with the foregoing, the Company
shall, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code, provide the Participant with a cash payment or equity subject to deferred vesting and delivery consistent with the vesting restrictions
applicable to the RSUs. 
 24.    Book Entry Delivery of Shares. Whenever reference in this Agreement is
made to the issuance or delivery of certificates representing one or more Shares, the Company may elect to issue or deliver such Shares in book entry form in lieu of certificates. 

25.    Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents
related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an
on-line or electronic system established and maintained by the Company or a third party designated by the Company. 

26.    Acceptance and Agreement by the Participant; Forfeiture upon Failure to Accept. By accepting the RSUs
(including through electronic means), the Participant agrees to be bound by the terms, conditions and restrictions set forth in the Plan, this Agreement and the Company’s policies, as in effect from time to time, relating to the Plan. The
Participant’s rights under the RSUs will lapse ninety (90) days from the Date of Grant, and the RSUs will be forfeited to the Company on such date, if the Participant shall not have accepted this Agreement by such date. For the avoidance
of doubt, the Participant’s failure to accept this Agreement shall not affect the Participant’s continuing obligations under any other agreement between the Company and the Participant. 

27.    No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the
Company making any recommendations regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her own personal tax,
legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan. 

28.    Appendices For Non-U.S. Participants. Notwithstanding any provisions
in this Agreement, Participants residing and/or working outside the United States shall be subject to the Terms and Conditions for Non-U.S. Participants attached hereto as Appendix B and to any
Country-Specific Terms and Conditions for the Participant’s country attached hereto as Appendix C. If the Participant relocates from the United States to another country, the Terms and Conditions for
Non-U.S. Participants and the applicable Country-Specific Terms and Conditions shall apply to the Participant, to the extent the Company determines that the application of such terms and conditions is
necessary or advisable for legal or administrative reasons. Moreover, if the Participant relocates between any of the countries included in the Country-Specific Terms and Conditions, the special terms and conditions for such country shall apply to
the Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Terms and Conditions for Non-U.S.
Participants and the Country-Specific Terms and Conditions constitute part of this Agreement. 

  
 11 

 29.    Imposition of Other Requirements. The Company reserves the
right to impose other requirements on the Participant’s participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and
to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

30.    Right of Offset. Subject to any considerations under Section 409A of the Code, the Company shall have
the right to offset against its obligation to deliver Shares under this Agreement any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards or amounts
repayable to the Company pursuant to tax equalization, housing, automobile or other employee programs) that the Participant then owes to any member of the Company Group and any amounts the Committee otherwise deems appropriate pursuant to any tax
equalization policy or agreement. Notwithstanding the foregoing, if the RSUs are “deferred compensation” subject to Section 409A of the Code, the Committee shall have no right to offset against its obligation to deliver Shares under
this Agreement if such offset could subject the Participant to the additional tax imposed under Section 409A of the Code in respect of the RSUs. 

31.    Waiver. The Participant acknowledges that a waiver by the Company of breach of any provision of this
Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant or any other participant in the Plan. 

32.    Rules of Construction. Headings are given to the section of this Agreement solely as a convenience to
facilitate reference. The reference to any statute, regulation or other provision of law shall (unless the Administrator determines otherwise) be construed to refer to any amendment to or successor of such provision of law. 

33.    Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be
an original and all of which taken together constitute one in the same agreement. 
 [Signatures follow] 

  
 12 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be effective as of the Date of
Grant. 
  

			
	HILTON GRAND VACATIONS INC.

 
			
		
	By:	 	  

 
			
	[NAME]	 	
	[TITLE]	 	

  

	
	Acknowledged and Agreed:
	
	  

	Participant Signature

 APPENDIX A 

Restrictive Covenants 

1.    Non-Competition;
Non-Solicitation. 
 (a)    Participant acknowledges and recognizes the
highly competitive nature of the businesses of the Company and its Affiliates and accordingly agrees as follows: 

(i)    During Participant’s employment with or service to the Company or its Affiliates (the
“Employment Term”) and for a period that ends on the later of (A) one year following the date Participant ceases to be employed by or in service to the Company or any of its Affiliates or (B) the last date any portion of
the Award granted under this Agreement is eligible to vest if Participant ceases to be employed by the Company or any of its Affiliates as a result of the Participant’s Retirement (the “Restricted Period”), Participant shall
not, whether on Participant’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”),
directly or indirectly solicit or assist in soliciting in competition with the Restricted Group in the Business, the business of any then current or prospective client or customer with whom Participant (or his direct reports) had personal contact or
dealings on behalf of the Company or any of its Affiliates during the one-year period preceding Participant’s termination of employment or service. 

(ii)    During the Restricted Period, Participant shall not directly or indirectly: 

(A)    engage in the Business providing services in the nature of the services Participant provided to the
Company at any time in the one year prior to the termination of Participant’s employment or service, for a Competitor; 

(B)    enter the employ of, or render any services to, a Competitor, except where such employment or
services do not relate in any manner to the Business; 
 (C)    acquire a financial interest in, or
otherwise become actively involved with, a Competitor, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or 

(D)    intentionally and adversely interfere with, or attempt to adversely interfere with, business
relationships between the members of the Restricted Group and any of their clients, customers, suppliers, partners, members or investors. 

(iii)    Notwithstanding anything to the contrary in this Appendix A, Participant may, directly or
indirectly own, solely as an investment, securities of any Person engaged in a Business (including, without limitation, a Competitor) which are publicly traded on a national or regional stock exchange or on the over-the-counter market if Participant (A) is not a controlling person of, or a member of a group which controls, such person and (B) does not, directly or indirectly, own 2% or more of any class of
securities of such Person. 

 Appendix A - 2 
  

 (iv)    During the Restricted Period, Participant shall
not, whether on Participant’s own behalf or on behalf of or in conjunction with any Person, directly or indirectly: 

(A)    solicit or encourage any executive-level employee of the Restricted Group, with whom Participant has
had material business contact during the Employment Term or, if no longer an employee or consultant, in the one year prior to the termination of Participant’s employment with or service to any member of the Company Group, to leave the
employment of the Restricted Group to become affiliated in any respect with a Competitor or otherwise be engaged in the Business; or 

(B)    hire any such executive-level employee to become affiliated in any respect with a Competitor or
otherwise be engaged in the Business and with whom Participant had material business contact in the one year prior to the termination of Participant’s employment with or service to the Company, who (x) was employed by the Restricted Group
as of the date of Participant’s termination of employment with or service to the Company or any of its Affiliates or (y) left the employment of the Restricted Group within one year after the termination of Participant’s employment
with or service to the Company or any of its Affiliates. 
 (v)    For purposes of this Agreement: 

(A)    “Restricted Group” shall mean the Company Group and, to the extent engaged in the
Business, its Affiliates, provided, however, that for the purposes of this definition, an “Affiliate” shall not include any portfolio company of The Blackstone Group L.P. or its Affiliates (other than the Company Group). 

(B)    “Business” shall mean the business of owning, financing, developing, redeveloping,
managing, marketing, operating, licensing, leasing or franchising vacation, timeshare or lodging properties, and natural ancillary business products and services related to such business, including, without limitation, membership services, exchange
programs, rental programs, and provision of amenities. 
 (C)    “Competitor” shall mean
any person engaged in the Business, including but not limited to any vacation, timeshare or lodging companies that are comparable in size to the Company, including, without limitation, Marriott Vacations Worldwide, Wyndham Vacation Ownership,
Interval Leisure Group, Disney Vacation Club, Hyatt Vacation Ownership, Holiday Inn Club Vacations, Bluegreen Vacations, Diamond Resorts International and Westgate Resorts. 

(b)    It is expressly understood and agreed that although Participant and the Company consider the restrictions contained
in this Section 1 to be reasonable, if a judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Appendix A is an unenforceable restriction against Participant,
the provisions of this Appendix A shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively,
if any court of competent jurisdiction finds that any restriction contained in this Appendix A is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the
other restrictions contained herein. Notwithstanding the foregoing, if Participant’s principal place of employment or service on the date hereof is located in Virginia, then this Section 1(b) of this Appendix A shall not apply following
Participant’s termination of employment or service to the extent any such provision is prohibited by applicable Virginia law. 

(c)    The period of time during which the provisions of this Section 1 shall be in effect shall be extended by the
length of time during which Participant is in breach of the terms hereof as determined by any court of competent jurisdiction on the Company’s application for injunctive relief. 

 Appendix A - 3 
  

 (d)    Notwithstanding the foregoing, if Participant’s principal
place of employment or service on the date hereof is located in California or any other jurisdiction where any provision of this Section 1 is prohibited by applicable law, then the provisions of this Section 1 shall not apply following
Participant’s termination of employment or service to the extent any such provision is prohibited by applicable law. 

2.    Confidentiality; Non-Disparagement; Intellectual Property; Protected
Rights. 
 (a)    Confidentiality. 

(i)    Participant shall not at any time (whether during or after Participant’s employment with or
service to the Company) (x) retain or use for the benefit, purposes or account of Participant or any other Person; or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company or any of
its Affiliates (other than its professional advisers who are bound by confidentiality obligations or otherwise in performance of Participant’s duties under Participant’s employment or service and pursuant to customary industry practice),
any non-public, proprietary or confidential information (including, without limitation, trade secrets, know-how, research and development, software, databases,
inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel,
compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals) concerning the past, current or future business, activities and operations of the Company, its Subsidiaries or
Affiliates and/or any third party that has disclosed or provided any of same to the Company on a confidential basis (“Confidential Information”) without the prior written authorization of the Board. 

(ii)    “Confidential Information” shall not include any information that is
(a) generally known to the industry or the public other than as a result of Participant’s breach of this covenant; (b) made legitimately available to Participant by a third party without breach of any confidentiality obligation of
which Participant has knowledge; or (c) required by law to be disclosed; provided that, unless otherwise provided under applicable law, with respect to subsection (c), Participant shall give prompt written notice to the Company of such
requirement, disclose no more information than is so required, and reasonably cooperate with any attempts by the Company to obtain a protective order or similar treatment. 

(iii)    Except as required by law, Participant shall not disclose to anyone, other than Participant’s
family (it being understood that, in this Agreement, the term “family” refers to Participant’s spouse, minor children, parents and spouse’s parents) and advisors, the existence or contents of this Agreement; provided that
Participant may disclose to any prospective future employer the provisions of this Appendix A. This Section 2(a)(iii) shall terminate if the Company publicly discloses a copy of this Agreement (or, if the Company publicly discloses summaries or
excerpts of this Agreement, to the extent so disclosed). 
 (iv)    Upon termination of
Participant’s employment with or service to the Company or any of its Affiliates for any reason, Participant shall (x) cease and not thereafter commence use of any Confidential Information or intellectual property (including without
limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the Company, its Subsidiaries or Affiliates; and (y) immediately destroy, delete, or return to the
Company, at the Company’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other data) in Participant’s possession or control (including any of the foregoing
stored 

 Appendix A - 4 
  

 
or located in Participant’s office, home, laptop or other computer, whether or not Company property) that contain Confidential Information, except that Participant may retain only those
portions of any personal notes, notebooks and diaries that do not contain any Confidential Information.     

(v)    Participant acknowledges and agrees that the Company and its Affiliates will prosecute any non-confidential disclosure or misappropriation of the Company’s and/or its Affiliates’ trade secrets to the full extent allowed by federal, state and common law. Participant further acknowledges and
agrees that Participant has received and understands the following notice concerning immunity from liability for confidential disclosure of a trade secret to the government or in a court filing: Pursuant to the Defend Trade Secrets Act, 18 U.S.C.
§ 1833, an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (A) in confidence to a federal, state or local government official, either
directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law, or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 (b)    Non-Disparagement. During Participant’s
Employment Term and at all times thereafter (including following the termination of Participant’s Employment Term for any reason), Participant shall not to intentionally make any statement that criticizes, ridicules, disparages or is otherwise
derogatory of the Company, any of its Affiliates, or any of their respective officers, directors, stockholders, employees or other service providers, or any product or service offered by the Company or any of its Affiliates; provided, however, that
nothing contained in this Section 2(b) shall preclude Participant from providing truthful testimony in any legal proceeding, or making any truthful statement (i) to any governmental agency; (ii) as required or permitted by applicable
law or regulation; (iii) as required by court order or other legal process; or (iv) after the Restricted Period, for any legitimate business reason. 

(c)    Intellectual Property. 

(i)    If Participant has created, invented, designed, developed, contributed to or improved any works of
authorship, inventions, intellectual property, materials, documents or other work product (including without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content, or audiovisual materials)
(“Works”), either alone or with third parties, prior to Participant’s employment or engagement by the Company or any of its Affiliates, that are relevant to or implicated by such employment (“Prior Works”),
Participant hereby grants the Company a perpetual, non-exclusive, royalty-free, worldwide, assignable, sublicensable license under all rights and intellectual property rights (including rights under patent,
industrial property, copyright, trademark, trade secret, unfair competition and related laws) therein for all purposes in connection with the Company’s current and future business. 

(ii)    If Participant creates, invents, designs, develops, contributes to or improves any Works, either
alone or with third parties, at any time during Participant’s employment by or service to the Company and within the scope of such employment or service and with the use of any Company resources (“Company Works”), Participant
shall promptly and fully disclose same to the Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under patent,
industrial property, copyright, trademark, trade secret, unfair competition and related laws) to the Company to the extent ownership of any such rights does not vest originally in the Company. 

 Appendix A - 5 
  

 (iii)    Participant shall take all reasonably requested
actions and execute all reasonably requested documents (including any licenses or assignments required by a government contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining,
protecting, enforcing, perfecting, recording, patenting or registering any of the Company’s rights in the Prior Works and Company Works. If the Company is unable for any other reason, after reasonable attempt, to secure Participant’s
signature on any document for this purpose, then Participant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Participant’s agent and attorney in fact, to act for and in Participant’s
behalf and stead to execute any documents and to do all other lawfully permitted acts required in connection with the foregoing. 

(iv)    Participant shall not improperly use for the benefit of, bring to any premises of, divulge,
disclose, communicate, reveal, transfer or provide access to, or share with the Company any confidential, proprietary or non-public information or intellectual property relating to a former employer or other
third party without the prior written permission of such third party. Participant shall comply with all relevant policies and guidelines of the Company that are from time to time previously disclosed to Participant, including regarding the
protection of Confidential Information and intellectual property and potential conflicts of interest. Participant acknowledges that the Company may amend any such policies and guidelines from time to time, and that Participant remains at all times
bound by their most current version from time to time previously disclosed to Participant. 

(d)    Protected Rights. Notwithstanding any other provision of this Agreement, (i) nothing in
this Agreement or any other agreement prohibits the Participant from reporting possible violations of law or regulation to any governmental agency or entity, including, but not limited to, the Department of Justice, the Securities and Exchange
Commission, the Congress and any agency Inspector General (the “Government Agencies”), or communicating with Government Agencies or otherwise participating in any investigation or proceeding that may be conducted by Government
Agencies, including providing documents or other information, (ii) the Participant does not need the prior authorization of the Company to take any action described in (i), and the Participant is not required to notify the Company that he or
she has taken any action described in (i); and (iii) this Agreement does not limit the Participant’s right to receive an award for providing information relating to a possible securities law violation to the Securities and Exchange
Commission. Further, notwithstanding the foregoing, the Participant will not be held criminally or civilly liable under any federal, state or local trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to
a federal, state or local government official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual suing an employer for retaliation based on the reporting of a suspected violation of law may disclose a trade secret to his or her attorney and
use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal and the individual does not disclose the trade secret except pursuant to court order. 

The provisions of Section 2 hereof shall survive the termination of Participant’s employment or service for any reason (except as otherwise set
forth in Section 2(a)(iii) hereof). 

 APPENDIX B 

HILTON GRAND VACATIONS INC. 

2017 OMNIBUS INCENTIVE PLAN 

PERFORMANCE- AND SERVICE-BASED 

RESTRICTED STOCK UNIT AGREEMENT 

TERMS AND CONDITIONS FOR NON-U.S. PARTICIPANTS 

Capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Plan and the Performance- and
Service-Based Restricted Stock Unit Agreement. 
 1.    Responsibility for Taxes. This provision
supplements Section 4(d) of the Performance- and Service-Based Restricted Stock Unit Agreement: 
 (a)    The
Participant acknowledges that, regardless of any action taken by the Company or, if different, the Service Recipient, the ultimate liability for all income tax, excise tax, social insurance, payroll tax, fringe benefits tax, payment on account or
other tax-related items related to the Participant’s participation in the Plan and legally applicable to the Participant (“Tax-Related Items”) is
and remains the Participant’s responsibility and may exceed the amount actually withheld by the Company or the Service Recipient. The Participant further acknowledges that the Company and/or the Service Recipient (1) make no
representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, the
subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalents; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the RSUs
to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related
Items in more than one jurisdiction, the Participant acknowledges that the Company and/or the Service Recipient (or former service recipient, as applicable) may be required to withhold or account for
Tax-Related Items in more than one jurisdiction. 
 (b)    If the obligation for
Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of
the Shares are held back solely for the purpose of satisfying the Withholding Taxes. 
 (c)    Finally, the Participant
agrees to pay to the Company or the Service Recipient, any amount of the Withholding Taxes that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if
the Participant fails to comply with the Participant’s obligations in connection with the Withholding Taxes. 

(d)     Notwithstanding anything to the contrary in the Plan or in Section 4(d) of the Performance- and Service-Based
Restricted Stock Unit Agreement, if the Company is required by applicable law to use a particular definition of fair market value for purposes of calculating the taxable income for the Participant, the Company shall have the discretion to calculate
the Shares to be withheld to cover any Withholding Taxes by using either the price used to calculate the taxable income under applicable law or by using the closing price per Share on the New York Stock Exchange (or other principal exchange on which
the Shares then trade) on the trading day immediately prior to the date of delivery of the Shares. 

 Appendix B - 2 
  

 2.    Nature of Grant. This provision supplements
Section 19 of the Performance- and Service-Based Restricted Stock Unit Agreement: 
 In accepting the grant of the RSUs, the
Participant acknowledges, understands and agrees that: 
 (a)    the RSU grant and the Participant’s participation
in the Plan shall not create a right to employment or be interpreted as forming an employment or services contract with the Company or any member of the Company Group; 

(b)    the RSUs and the Shares subject to the RSUs, and the income from and value of same, are not intended to replace any
pension rights or compensation; 
 (c)    unless otherwise agreed with the Company, the RSUs and the Shares subject to
the RSUs, and the income from and value of same, are not granted as consideration for, or in connection with, the service the Participant may provide as a director of any member of the Company Group; 

(d)    for purposes of the RSUs, the Termination Date shall be the date the Participant is no longer actively providing
services to the Company or any member of the Company Group (regardless of the reason for such termination and whether or not later to be found invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms
of the Participant’s employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, the Participant’s right to vest in the RSUs under the Plan, if any, shall terminate as of such date
and shall not be extended by any notice period (e.g., the Participant’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the
jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any); the Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for
purposes of the RSUs grant (including whether the Participant may still be considered to be providing services while on a leave of absence); 

(e)    unless otherwise provided in the Plan or by the Company in its discretion, the RSUs and the benefits evidenced by
this Agreement do not create any entitlement to have the RSUs or any such benefits transferred to, or assumed by, another company nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the
Company’s Common Stock; and 
 (f)    neither the Company nor any member of the Company Group shall be liable for
any foreign exchange rate fluctuation between the Participant’s local currency and the United States Dollar that may affect the value of the RSUs or of any amounts due to the Participant pursuant to the settlement of the RSUs or the subsequent
sale of any Shares acquired upon settlement. 
 3.    Insider Trading Restrictions/Market Abuse Laws. The
Participant acknowledges that the Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, which may affect his or her ability to, directly or indirectly, acquire, sell, or attempt to sell
Shares or rights to Shares (e.g., RSUs) under the Plan during such times as the Participant is considered to have “inside information” regarding the Company (as defined by the laws in the applicable jurisdictions or
Participant’s country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. The Participant is responsible for ensuring
compliance with any applicable restrictions and is advised to consult his or her personal legal advisor on this matter. 

 Appendix B - 3 
  

 4.    Foreign Asset/Account Reporting; Exchange Controls.
The Participant’s country may have certain foreign asset and/or account reporting requirements and/or exchange controls that may affect the Participant’s ability to acquire or hold Shares under the Plan or cash received from
participating in the Plan (including from any dividends received or sale proceeds arising from the sale of Shares) in a brokerage or bank account outside the Participant’s country. The Participant may be required to report such accounts, assets
or transactions to the tax or other authorities in his or her country. The Participant also may be required to repatriate sale proceeds or other cash received as a result of the Participant’s participation in the Plan to his or her country
through a designated bank or broker and/or within a certain time after receipt. The Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and the Participant is advised to consult his or her personal
legal advisor for any details. 
 5.    Termination of Employment. This provision supplements
Section 5(c) of the Performance- and Service-Based Restricted Stock Unit Agreement: 
 Notwithstanding anything in this Section 5(c), if the
Company receives a legal opinion that there has been a legal judgment and/or legal development in the Participant’s jurisdiction that likely would result in the favorable treatment that applies to the RSUs when the Participant terminates
employment as a result of the Participant’s Retirement being deemed unlawful and/or discriminatory, the provisions of this Section 5(c) regarding the treatment of the RSUs when the Participant terminates employment as a result of the
Participant’s Retirement shall not be applicable to the Participant and the remaining provisions of this Section 5 shall govern. 

 Appendix C - 1 
  

 APPENDIX C 

HILTON GRAND VACATIONS INC. 

2017 OMNIBUS INCENTIVE PLAN 

PERFORMANCE- AND SERVICE-BASED 

RESTRICTED STOCK UNIT AGREEMENT 

COUNTRY-SPECIFIC TERMS AND CONDITIONS 

Capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Plan, the Performance- and
Service-Based Restricted Stock Unit Agreement and the Terms and Conditions for Non-U.S. Participants. 
 Terms
and Conditions 
 This Appendix C includes additional terms and conditions that govern the RSUs if the Participant resides
and/or works in one of the countries listed below. If the Participant is a citizen or resident of a country (or is considered as such for local law purposes) other than the one in which the Participant is currently residing and/or working or if the
Participant moves to another country after receiving the grant of the RSUs, the Company shall, in its discretion, determine the extent to which the terms and conditions herein shall be applicable to the Participant. 

Notifications 
 This
Appendix C also includes information regarding exchange controls and certain other issues of which the Participant should be aware with respect to the Participant’s participation in the Plan. The information is based on the securities,
exchange control and other laws in effect in the respective countries as of January 2017. Such laws are often complex and change frequently. As a result, the Company strongly recommends that the Participant not rely on the information in this
Appendix C as the only source of information relating to the consequences of the Participant’s participation in the Plan because the information may be out of date at the time that the RSUs vest or the Participant sells Shares acquired
under the Plan. 
 In addition, the information contained herein is general in nature and may not apply to the Participant’s particular
situation and the Company is not in a position to assure the Participant of a particular result. Accordingly, the Participant is advised to seek appropriate professional advice as to how the relevant laws in the Participant’s country may apply
to the Participant’s situation. 
 If the Participant is a citizen or resident of a country other than the one in which the Participant
is currently residing and/or working (or if the Participant is considered as such for local law purposes) or if the Participant moves to another country after receiving the grant of the RSUs, the information contained herein may not be applicable to
the Participant in the same manner. 
 JAPAN 

Notifications 
 Foreign
Asset/Account Reporting Information. If the Participant holds assets (including cash and Shares acquired under the Plan, and possibly RSUs) outside of Japan with a value exceeding ¥50,000,000 (as of December 31 each year), the
Participant is required to comply with annual tax reporting obligations with respect to such assets. The Participant is responsible for complying with 

this reporting obligation, if applicable, and should consult with Participant’s personal tax advisor to ensure that the Participant is properly complying
with applicable reporting requirements. 

 Appendix C - 2 
  

 UNITED KINGDOM 

Terms and Conditions 

Responsibility for Taxes. This provision supplements Section 1 of the Terms and Conditions for
Non-U.S. Participants: 
 Without limitation to Section 1 of the Terms and Conditions for Non-U.S. Participants, the Participant hereby covenants to pay all Tax-Related Items, as and when requested by the Company, the Service Recipient or by Her Majesty’s
Revenue and Customs (“HMRC”) (or any other tax authority or other relevant authority). The Participant also agrees to indemnify and keep indemnified the Company and the Service Recipient against any
Tax-Related Items that they are required to pay or withhold on the Participant’s behalf, have paid or will pay to HMRC (or any other tax authority or other relevant authority).

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