Document:

Letter Agreement

 Exhibit 10.1 
 December 14, 2012 
 Michael Hunkapiller 

 

	 	Re:	Base Salary Compensation 

 Dear Michael:

 This Letter Agreement is in reference to your voluntary waiver of your annual base salary (“Base Salary”)
and your annual performance bonus (the “Bonus”), as previously discussed between you and Pacific Biosciences of California, Inc. (the “Company”). 

This Letter Agreement serves to confirm your acknowledgement and agreement, that you will be waiving: (a) your Base Salary such that
your Base Salary payable by the Company to you will be equal to $1 per year (the “Reduced Salary”), commencing January 1, 2013, through December 31, 2013 (the “Reduction Period”), and (b) one hundred
percent (100%) of the amount of any Bonus otherwise payable by the Company to you with respect to the calendar year 2012 performance period (together with the Reduced Salary, the “Reductions”). Unless the Reduction Period is
extended by mutual agreement between the Company and you, then effective as of January 1, 2014, your Base Salary payable by the Company to you will be equal to the amount of your Base Salary in effect immediately prior to the effectiveness of
the Reduced Salary. 
 In addition, for purposes of the Employment Agreement entered into between you and the Company, dated
January 5, 2012 (the “Employment Agreement”), and the Change in Control Severance Agreement entered into between you and the Company, dated January 5, 2012 (the “Severance Agreement”), you
acknowledge and agree that the Reductions will not constitute “Good Reason,” as defined in Section 13(e) of the Employment Agreement and Section 7(d) of the Severance Agreement. 

During the period that your Reduced Salary remains in effect, the amount of any salary severance that you may become entitled to receive
under Section 9(a)(i) of the Employment Agreement or Section 3(a)(i) of the Severance Agreement will be determined without regard to the Reduced Salary and instead will be calculated based on your Base Salary in effect immediately prior to
the effectiveness of such Reduced Salary. 
 Except as expressed modified by the terms of this Letter Agreement, your Employment
Agreement and Severance Agreement will remain in full force and effect in accordance with their terms. 
  

			
	Sincerely,
	
	PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
		
	By:	 	 /s/ Susan K. Barnes

		 	Susan K. Barnes
		 	Executive Vice President and Chief Financial Officer

 Acknowledged and Agreed: 
  

							
	 /s/ Michael Hunkapiller
	  		  	 December 14, 2012
	  	
	Michael Hunkapiller	  		  	DateLetter Agreement

 Exhibit 10.2 
 December 14, 2012 
 Susan K. Barnes 

 

	 	Re:	Base Salary Compensation 

 Dear Susan:

 This Letter Agreement is in reference to your voluntary waiver of your annual base salary (“Base Salary”)
and your annual performance bonus (the “Bonus”), as previously discussed between you and Pacific Biosciences of California, Inc. (the “Company”). 

This Letter Agreement serves to confirm your acknowledgement and agreement, that you will be waiving: (a) your Base Salary such that
your Base Salary payable by the Company to you will be equal to $1 per year (the “Reduced Salary”), commencing January 1, 2013, through December 31, 2013 (the “Reduction Period”), and (b) one hundred
percent (100%) of the amount of any Bonus otherwise payable by the Company to you with respect to the calendar year 2012 performance period (together with the Reduced Salary, the “Reductions”). Unless the Reduction Period is
extended by mutual agreement between you and the Company, then effective as of January 1, 2014, your Base Salary payable by the Company to you will be equal to the amount of your Base Salary in effect immediately prior to the effectiveness of
the Reduced Salary. 
 In addition, for purposes of the Change in Control Severance Agreement entered into between you and the
Company, dated September 9, 2010 (the “Severance Agreement”), you acknowledge and agree that such Reductions will not constitute “Good Reason,” as defined in Section 6(d) of the Severance Agreement. 

During the period that your Reduced Salary remains in effect, the amount of any salary severance that you may become entitled to receive
under Section 3(a)(i) of the Severance Agreement will be determined without regard to the Reduced Salary and instead will be calculated based on your Base Salary in effect immediately prior to the effectiveness of such Reduced Salary.

 Except as expressed modified by the terms of this Letter Agreement, your employment letter agreement entered into between you
and the Company, dated September 15, 2010, and the Severance Agreement will remain in full force and effect in accordance with their terms. 
  

			
	Sincerely,
	
	PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
		
	By:	 	 /s/ Michael Hunkapiller

		 	Michael Hunkapiller
		 	Chairman, President and Chief Executive Officer

 Acknowledged and Agreed: 
  

							
	 /s/ Susan K. Barnes
	  		  	 December 14, 2012
	  	
	Susan K. Barnes	  		  	DateEmployment Letter Agreement - Mr. Thomas J. Pritzker

 Exhibit 10.1 

 

					
		 		 	                            Hyatt 
Hotels Corporation
		 		 	                            71 South
Wacker Drive
	

	 		 	                            Chicago,
IL 60606
	 		 	                            
312-780-5816
	 		 	                            Fax:
312-780-5282

 December 12, 2012 
 Thomas J. Pritzker 
 c/o The Pritzker Organization 

71 South Wacker Drive, 47th Floor 

Chicago, Illinois 60606 
 Dear Tom: 

This letter agreement will set forth the terms of your employment as Executive Chairman of Hyatt Hotels Corporation (“Hyatt” or the
“Company”), commencing January 1, 2013 (the “Effective Date”), and shall supersede and replace the letter agreement between you and Hyatt dated July 30, 2009 (the “Prior Agreement”).

  

			
	Position:	  	Executive Chairman of the Board.
		
	Board:	  	For so long as you are a member of the Company’s Board of Directors (“Board”) the Company will use commercially reasonable efforts to appoint you as
Executive Chairman as long as you are willing and able to serve in that office. If you are not re-appointed as Executive Chairman, you will be entitled to terminate your employment with the rights and entitlements available to you under the
Company’s Corporate Office Severance Plan (as in effect and as amended from time to time, the “Severance Plan”) (or, if applicable, the Company’s Executive Change in Control Plan, as in effect and as amended from time to
time (the “CiC Policy”)) as if your employment was terminated by the Company without Cause (as defined in the Severance Plan).
		
	Reporting:	  	You will report to the Board.
		
	Scope:	  	You will devote sufficient business time and attention to the business and affairs of the Company as reasonably necessary to fulfill your duties and responsibilities hereunder.
You will be permitted to (a) engage in civic, philanthropic or similar activities and teach or speak at educational or civic institutions or organizations, (b) manage your personal affairs and investments, and (c) engage in other business
activities.
		
	Term:	  	From the Effective Date through December 31, 2015, at which time your employment under the terms of this letter agreement will renew automatically each year as of January 1 for
one year (each a “renewal year”), unless prior written notice of such nonrenewal is given by either party by June 30th of the renewal year.

			
		
	Base Salary:	  	Your base salary will be $500,000 on an annualized basis (payable in accordance with the Company normal
payroll of base salary to senior executives), less required tax and
other authorized withholdings. Your salary will
be reviewed annually by the Compensation Committee of the Board (the “Committee”) and is subject to
adjustment at its discretion.
		
	Annual Equity Participation:	  	You will remain eligible for annual grants under the Amended and Restated Hyatt Hotels Corporation Long Term Incentive Plan (as amended and restated from time to time, or any
successor equity plan maintained by the Company “LTIP”) similar to other senior executives of Hyatt. Such annual LTIP grants currently take the form of stock appreciation rights (“SARs”), restricted stock units
(“RSUs”) and restricted stock. RSUs and SARs generally vest pro rata annually over the vesting period determined by the Committee (as Administrator of the LTIP), but RSUs and restricted stock may also vest based on performance, as
determined by the Committee. Your annual grant is targeted to have a grant date fair value (as determined under FASB (ASC) Topic 718, Compensation-Stock Compensation) of $3,722,500 and is subject to change at the discretion of the Compensation
Committee.
		
	LTIP:	  	 All SAR, RSU and restricted stock grants (other than any grants that vest based on performance and are intended to be “qualified
performance based compensation” under 162(m) of the Internal Revenue Code), whether annual or supplemental, will be subject to the terms and conditions set forth in the LTIP (including the class of shares available) and the applicable award
agreements approved by the Committee; provided that to the extent your employment with the Company terminates for any reason other than Cause (as defined in the Severance Plan) prior to full vesting of any of your LTIP awards, such awards will
continue to vest and be exercisable and payable as if your employment continued so long as you (a) provide a general release of claims against the Company in such form as the Company may reasonably require and (b) you do not engage in Competition
(as defined below). If you do not provide a general release of claims against the Company within fifty (50) days following your termination of employment, you revoke or violate such release or you engage in Competition with the Company, then you
will forfeit any LTIP awards which were not vested upon your termination of employment.
  
 For this purpose “Competition” shall mean the provision of services as an employee, contractor, director, advisor, or in any other capacity, or ownership, directly or indirectly for or
with a Competitor, as determined in the sole discretion of the Committee; provided, however, you will not be deemed to be engaged in Competition by reason of your ownership of less than 5% of any public company that is a Competitor, whether directly
or indirectly. A “Competitor” shall mean any enterprise a principal business of which is the ownership, management and/or development of hotels, resorts and/or timeshares and fractional properties in any geographic area in
which

  
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	 	  	the Company is then conducting or planning to conduct such business, and which actively competes with the
Company for customers, as determined in the sole discretion of the
Committee.
		
	Benefits:	  	 As an employee of Hyatt you will receive the following benefits at the level and under terms which, in the aggregate are substantially
equivalent to those provided from time to time to the Company’s senior executive officers generally:
  

•    Medical and Dental insurance

 
 •    Life
Insurance
  

•    401(k) and Retirement Savings Plan

 
 •    Disability
Coverage
  

•    Vacation benefits

 
 •    Monthly
parking in Hyatt Center
  

•    Executive Dining Room privileges for you and your business guests

 
 •    Deferred
Compensation Plan
  
 All our benefit plans and programs are subject to change
or termination at any time at the discretion of the Committee or the Board.

		
	 Termination;

Severance;
 Change of

Control:
	  	Upon termination of your employment with the Company your rights to any severance will be determined under the Severance Plan (or, if applicable, the CiC Policy) applicable to your
position, if any, as in effect at such time.
		
	 Restrictive

Covenants:
	  	You will be bound by the restrictive covenants set forth in your LTIP award agreements and in your Confidentiality, Intellectual Property, Non-Solicitation and Non-Disparagement
Agreement (“CIPN&N Agreement”).
		
	Legal Costs:	  	You will be responsible for any legal costs associated with this letter agreement.
		
	Indemnification:	  	You shall be indemnified to the maximum extent provided under the indemnification provisions for officers and directors of the Company set forth in the Company’s Certificate of
Incorporation and Bylaws.
		
	Other:	  	As a condition of your continued employment with Hyatt, you confirm that you have signed the CIPN&N Agreement and the Company’s Code of Business Conduct and Ethics. In
addition, you will be bound by all Company policies to the extent that they apply to senior executives of the Company, including, the T&E Policy, the Internet Use Policy, the Compensation Recovery Policy, the Share Ownership Guidelines, the
Severance Plan, the CiC Policy, and the Compensation Recovery Policy (including as such policy may be amended to reflect the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act).

  
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 Please note that your employment at Hyatt is “at will.” This means that you may resign from Hyatt
at any time with or without cause, and Hyatt has the right to terminate your employment with or without cause at any time subject to the terms of any Company policies applicable to your position at the time of termination, including, without
limitation, the Severance Policy and the CiC Policy. Neither this letter agreement nor any other communication, either written or oral, should be construed as a contract of employment for any particular duration. This letter agreement supersedes and
replaces all prior written and oral communication on employment related subjects, including any Prior Agreement. 
 Please sign and date this
letter agreement in the space indicated and return it to my attention to evidence your understanding and agreement to the terms set forth herein. 
 Sincerely, 
 Mark S. Hoplamazian 
 President and Chief Executive Officer 
 Hyatt Hotels Corporation 

 

					
	Acknowledged and Agreed:	 	 	 	 
			
	  
 /s/ Thomas J.
Pritzker
	 	 	 	 
	 Thomas J. Pritzker
	 		 	                             
                       Date: December 12, 2012

  
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