Document:

EX-10.5

 Exhibit 10.5 

Execution Version 

STOCKHOLDERS AGREEMENT 

by and among 
 HILTON
WORLDWIDE HOLDINGS INC., 
 HILTON GRAND VACATIONS INC., 

and 
 the Blackstone
Holders 
 (as defined herein) 

Dated as of January 2, 2017 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	 	2	  
				
		 	 Section 1.1
	  	Definitions	  	 	2	  
		 	 Section 1.2
	  	References; Interpretation	  	 	9	  
		 	 Section 1.3
	  	Effective Time	  	 	9	  
		
	 ARTICLE II SECTION 355(e) RESTRICTIONS
	  	 	9	  
				
		 	 Section 2.1
	  	General	  	 	9	  
		 	 Section 2.2
	  	Exceptions for Applicable Percentage, Safe Harbor VIII and Unqualified 355(e) Opinion	  	 	10	  
		 	 Section 2.3
	  	Blackstone Ownership Shift due to Issuance	  	 	11	  
		 	 Section 2.4
	  	Special Rule	  	 	11	  
		
	 ARTICLE III DEVICE RESTRICTIONS
	  	 	11	  
				
		 	 Section 3.1
	  	General	  	 	11	  
		 	 Section 3.2
	  	Exceptions for In Parallel and Unqualified Device Opinion	  	 	11	  
		
	 ARTICLE IV ADDITIONAL RULES
	  	 	12	  
				
		 	 Section 4.1
	  	Plan of Reorganization and Blackstone Restructuring	  	 	12	  
		 	 Section 4.2
	  	Representation Regarding Blackstone Restructuring	  	 	12	  
		 	 Section 4.3
	  	Joint and Several Liability	  	 	12	  
		 	 Section 4.4
	  	Margin Loan	  	 	12	  
		 	 Section 4.5
	  	Reallocation Event	  	 	12	  
		 	 Section 4.6
	  	Cooperation	  	 	13	  
		 	 Section 4.7
	  	Effect of Rulings and Opinion on Section 355(e) Calculations	  	 	13	  
		
	 ARTICLE V MISCELLANEOUS
	  	 	13	  
				
		 	 Section 5.1
	  	Counterparts	  	 	13	  
		 	 Section 5.2
	  	Survival	  	 	13	  
		 	 Section 5.3
	  	Notices	  	 	14	  
		 	 Section 5.4
	  	Waivers	  	 	14	  
		 	 Section 5.5
	  	Assignment	  	 	14	  
		 	 Section 5.6
	  	Successors and Assigns	  	 	15	  
		 	 Section 5.7
	  	Termination and Amendment	  	 	15	  
		 	 Section 5.8
	  	No Circumvention	  	 	15	  
		 	 Section 5.9
	  	Subsidiaries	  	 	15	  
		 	 Section 5.10
	  	Third Party Beneficiaries	  	 	15	  
		 	 Section 5.11
	  	Title and Headings	  	 	15	  
		 	 Section 5.12
	  	Schedules	  	 	15	  
		 	 Section 5.13
	  	Specific Performance	  	 	15	  

  
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	 	 	 	  	 	  	Page	 
		 	 Section 5.14
	  	Governing Law	  	 	16	  
		 	 Section 5.15
	  	Consent to Jurisdiction	  	 	16	  
		 	 Section 5.16
	  	Waiver of Jury Trial	  	 	16	  
		 	 Section 5.17
	  	Force Majeure	  	 	16	  
		 	 Section 5.18
	  	Interpretation	  	 	17	  
		 	 Section 5.19
	  	Changes in Law	  	 	17	  
		 	 Section 5.20
	  	Severability	  	 	17	  
		 	 Section 5.21
	  	No Waiver	  	 	17	  
		 	 Section 5.22
	  	No Duplication; No Double Recovery	  	 	17	  
		 	 Section 5.23
	  	No Recourse	  	 	17	  
			
	Schedules	  		  			
			
	Schedule I	  	List of Blackstone Entities	  			

  
 ii 

 STOCKHOLDERS AGREEMENT 

THIS STOCKHOLDERS AGREEMENT (this “Agreement”) is made and entered into as of the day of January 2, 2017, by and among Hilton
Worldwide Holdings Inc., a Delaware corporation (“HLT”), Hilton Grand Vacations Inc., a Delaware corporation (“HGV”), and the Blackstone Holders (as defined herein). Each of HLT, HGV and each Blackstone Holder is
sometimes referred to herein as a “Party” and collectively, as the “Parties”. Each of HLT, HGV and Park Hotels & Resorts Inc., a Delaware corporation (“PK”), is sometimes referred to herein
as a “Spinoff Party” and collectively, as the “Spinoff Parties”. 
 WITNESSETH: 

WHEREAS, the Board of Directors of HLT (the “Board”) has determined that it is appropriate, desirable and in the best
interests of HLT and its stockholders to separate HLT into three separate, publicly traded companies, one for each of (i) the HLT Retained Business (as defined herein), which shall be owned and conducted, directly or indirectly, by HLT,
(ii) the Ownership Business (as defined herein), which shall be owned and conducted, directly or indirectly, by PK (which will elect to be a REIT (as defined herein)), and (iii) the Timeshare Business (as defined herein), which shall be
owned and conducted, directly or indirectly, by HGV; 
 WHEREAS, in order to effect such separation, the Board has determined that it is
appropriate, desirable and in the best interests of HLT and its stockholders (i) to enter into a series of transactions after giving effect to which (A) HLT and/or one or more of its Subsidiaries (as defined herein) will, collectively, own
all of the HLT Retained Assets (as defined herein) and assume (or retain) all of the HLT Retained Liabilities (as defined herein), (B) PK and/or one or more of its Subsidiaries will, collectively, own all of the Ownership Assets (as defined
herein) and assume (or retain) all of the Ownership Liabilities (as defined herein) and (C) HGV and/or one or more of its Subsidiaries will, collectively, own all of the Timeshare Assets (as defined herein) and assume (or retain) all of the
Timeshare Liabilities (as defined herein) and (ii) for HLT to distribute to the holders of its common stock, par value $0.01 per share (“HLT Common Stock”), on a pro rata basis (in each case without consideration being paid by
such stockholders) (A) all of the outstanding shares of common stock, par value $0.01 per share, of PK (the “PK Common Stock”), and (B) all of the outstanding shares of common stock, par value $0.01 per share, of HGV (the
“HGV Common Stock”) (such transactions as they may be amended or modified from time to time, collectively, the “Plan of Reorganization”); and 

WHEREAS, it is the intention of the Parties that each of the distributions by HLT of all of the PK Common Stock (the “PK
Distribution”) and HGV Common Stock (the “HGV Distribution” and together with the PK Distribution, the “External Distributions”) qualifies as a tax-free distribution within the meaning of Section 355
of the Internal Revenue Code of 1986, as amended (the “Code”). 
 NOW, THEREFORE, in consideration of the foregoing and the
terms, conditions, covenants and provisions of this Agreement, each of the Parties mutually covenant and agree as follows: 

 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings: 

(1) “Acquisition” means an “acquisition” for purposes of Section 355(e) of the Code of stock of the applicable
Spinoff Party, or issuance by a Spinoff Party of any options or other instruments that grant the holder a right (including if such Spinoff Party has a right to settle the obligation with property other than stock of such Spinoff Party) to complete
such an acquisition. The terms “Acquire” and “Acquired” have a corresponding meaning. For purposes of determining whether and to what extent a transaction shall be taken into account for purposes of this definition,
any recapitalization or other action resulting in a shift of voting power or any redemption or repurchase of shares of stock shall be treated as an indirect acquisition of shares of stock by the benefitted or non-exchanging stockholders. 

(2) “Additional Blackstone Entity” means any Blackstone Entity designated as an Additional Blackstone Entity on Schedule I
hereto. 
 (3) “Affiliate” means a Person that directly, or indirectly, through one or more intermediaries, controls, or is
controlled by, or is under common control with, a specified Person. A Person shall be deemed to control another Person if such first Person possesses, directly or indirectly, the power to direct, or cause the direction of, the management and
policies of such other Person, whether through the ownership of voting securities, by contract or otherwise. For purposes hereof, none of the Spinoff Parties or their respective Subsidiaries shall be considered an “Affiliate” of any of the
other Parties or their respective Subsidiaries (determined on the same basis). For the avoidance of doubt, for purposes hereof, neither The Blackstone Group L.P. (nor any of its Affiliates) shall be considered an “Affiliate” of any of the
Spinoff Parties or their respective Subsidiaries. 
 (4) “Agreement” has the meaning set forth in the preamble hereto. 

(5) “Ancillary Agreement” has the meaning set forth in the Distribution Agreement. 

(6) “Big Four Accounting Firm” means each of Deloitte & Touche LLP, Ernst & Young LLP, KPMG LLP, and
PricewaterhouseCoopers LLP. 
 (7) “Blackstone Acquisition” has the meaning set forth in Section 2.1(a). 

(8) “Blackstone Applicable Percentage” means, with respect to a Spinoff Party, the percentage shift in ownership equal to the
greater of (a) the percentage determined by dividing (i) the value of all shares of such Spinoff Party (as of immediately after the Distribution) transferred in one or more Dispositions of stock of such Spinoff Party occurring on or after
the Distribution Date by (ii) the value of all outstanding stock of such Spinoff Party as of immediately after the Distribution, or (b) the percentage determined by dividing (i) the total combined voting power of all shares of such
Spinoff Party (as of immediately after the Distribution) transferred in one or more Dispositions of stock of such Spinoff Party occurring on 

  
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or after the Distribution Date by (ii) the total combined voting power of all outstanding stock of such Spinoff Party as of immediately after the Distribution. The amount set forth in
(a)(ii) or (b)(ii) shall be reduced by any redemption or repurchase (directly or indirectly) by a Spinoff Party (or any of its Subsidiaries) of HLT Common Stock, PK Common Stock or HGV Common Stock, as applicable, following the Distribution and
prior to the last such Disposition (with such reduction calculated in the case of (a)(ii) by using the value of the applicable stock as of immediately after the Distribution). This definition and the application thereof is intended to monitor
compliance with Section 355(e) of the Code and the Treasury Regulations promulgated thereunder and shall be interpreted accordingly by the Parties in good faith. 

(9) “Blackstone Entity” means any of the entities listed on Schedule I hereto and any successors thereto. 

(10) “Blackstone-HGV Applicable Percentage” means the Blackstone Applicable Percentage with respect to HGV. 

(11) “Blackstone-HGV Percentage Shift Limit” means 35.08%, as adjusted from time to time by mutual written consent of the
Blackstone Representative and HGV or under Section 2.3 or Section 4.5; provided, however, that the sum of the Blackstone-HGV Percentage Shift Limit and the HGV Percentage Shift Limit immediately after such adjustments must
equal such sum immediately before such adjustments; provided further, that if the Blackstone Representative has actual knowledge that the HGV Applicable Percentage exceeds the HGV Percentage Shift Limit, the Blackstone-HGV Percentage
Shift Limit shall be reduced by such excess (without prejudice to any rights or remedies any Blackstone Holder or any other Party may have). 

(12) “Blackstone-HLT Applicable Percentage” means the Blackstone Applicable Percentage with respect to HLT. 

(13) “Blackstone-HLT Percentage Shift Limit” means 35.08%, as adjusted from time to time by mutual written consent of the
Blackstone Representative and HLT or under Section 2.3 or Section 4.5; provided, however, that the sum of the Blackstone-HLT Percentage Shift Limit and the HLT Percentage Shift Limit immediately after such adjustments must
equal such sum immediately before such adjustments; provided further, that if the Blackstone Representative has actual knowledge that the HLT Applicable Percentage exceeds the HLT Percentage Shift Limit, the Blackstone-HLT Percentage
Shift Limit shall be reduced by such excess (without prejudice to any rights or remedies any Blackstone Holder or any other Party may have). 

  
 3 

 (14) “Blackstone Holder” means any Blackstone Entity designated as a Blackstone
Holder on Schedule I hereto. 
 (15) “Blackstone-PK Applicable Percentage” means the Blackstone Applicable Percentage with
respect to PK. 
 (16) “Blackstone-PK Percentage Shift Limit” means 35.08%, as adjusted from time to time in connection
with an adjustment to PK Applicable Percentage pursuant to the terms of the Tax Matters Agreement or under Section 5.4(f) or (g) of the Tax Matters Agreement; provided, however, that the sum of the Blackstone-PK Percentage
Shift Limit and the PK Percentage Shift Limit immediately after such adjustments must equal such sum immediately before such adjustments; provided further, that if the Blackstone Representative has actual knowledge that the PK
Applicable Percentage exceeds the PK Percentage Shift Limit, the Blackstone-PK Percentage Shift Limit shall be reduced by such excess. 

(17) “Blackstone Representative” means Tyler Henritze, or such other person as the Blackstone Holders may designate. 

(18) “Blackstone Restructuring” has the meaning set forth in Section 4.1. 

(19) “Board” has the meaning set forth in the recitals hereto. 

(20) “Code” has the meaning set forth in the recitals hereto. 

(21) “Delaware Courts” has the meaning set forth in Section 5.15. 

(22) “Disposition” has the meaning set forth in Section 2.1(a). The terms “Dispose” and
“Disposed” have a corresponding meaning. 
 (23) “Distribution” or “Distributions” means,
individually or collectively, the Internal Distributions and the External Distributions. 
 (24) “Distribution Agreement”
means the Distribution Agreement by and among HLT, PK, HGV and OpCo dated as of January 2, 2017. 
 (25) “Distribution
Date” means the date on which the Distributions to holders of record of shares of HLT Common Stock of the HGV Common Stock and the PK Common Stock owned by HLT are effectuated pursuant to the Distribution Agreement. 

(26) “Effective Time” has the meaning set forth in the Distribution Agreement. 

(27) “External Distributions” has the meaning set forth in the recitals hereto. 

(28) “HGV” has the meaning set forth in the recitals hereto. 

 

  
 4 

 (29) “HGV Applicable Percentage” means the percentage shift in ownership equal
to the greater of (a) the percentage determined by dividing (i) the value of all shares of HGV stock (as of immediately after the Distribution) Acquired pursuant to one or more Issuances of HGV stock occurring on or after the Distribution
Date by (ii) the value of all outstanding stock of HGV as of immediately after the Distribution, or (b) the percentage determined by dividing (i) the total combined voting power of all shares of HGV stock (as of immediately after the
Distribution) Acquired pursuant to one or more Issuances of HGV stock occurring on or after the Distribution Date by (ii) the total combined voting power of all outstanding stock of HGV as of immediately after the Distribution. The amount set
forth in (a)(ii) or (b)(ii) shall be reduced by any redemption or repurchase (directly or indirectly) by HGV (or its Subsidiaries) of HGV Common Stock following the Distribution and prior to the last such Issuance (with such reduction calculated in
the case of (a)(ii) by using the value of the applicable stock as of immediately after the Distribution). This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and the Treasury Regulations
promulgated thereunder and shall be interpreted accordingly by the Parties in good faith. 
 (30) “HGV Common Stock” has
the meaning set forth in the recitals hereto. 
 (31) “HGV Distribution” has the meaning set forth in the recitals hereto.

 (32) “HGV Group” has the meaning set forth in the Distribution Agreement. 

(33) “HGV Percentage Shift Limit” means 8.34%, as adjusted from time to time by mutual written consent of the Blackstone
Representative and HGV or under Section 2.3 or Section 4.5; provided, however, that the sum of the Blackstone-HGV Percentage Shift Limit and the HGV Percentage Shift Limit immediately after such adjustments must equal such
sum immediately before such adjustments; provided further, that if HGV has actual knowledge that the Blackstone-HGV Applicable Percentage exceeds the Blackstone-HGV Percentage Shift Limit, the HGV Percentage Shift Limit shall be
reduced by such excess (without prejudice to any rights or remedies HGV or any other Party may have). 
 (34) “HLT” has the
meaning set forth in the preamble of this Agreement. 
 (35) “HLT Applicable Percentage” means the percentage shift in
ownership equal to the greater of (a) the percentage determined by dividing (i) the value of all shares of HLT stock (as of immediately after the Distribution) Acquired pursuant to one or more Issuances of HLT stock occurring on or after
the Distribution Date by (ii) the value of all outstanding stock of HLT as of immediately after the Distribution, or (b) the percentage determined by dividing (i) the total combined voting power of all shares of HLT stock (as of
immediately after the Distribution) Acquired pursuant to one or more Issuances of HLT stock occurring on or after the Distribution Date by (ii) the total combined voting power of all outstanding stock of HLT as of immediately after the
Distribution. The amount set forth in (a)(ii) or (b)(ii) shall be reduced by any redemption or repurchase (directly or indirectly) by HLT (or its Subsidiaries) of HLT Common Stock following the Distribution and prior to the last such Issuance (with
such reduction calculated in the case of (a)(ii) by using the value of the applicable stock as of immediately after the Distribution). This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code
and the Treasury Regulations promulgated thereunder and shall be interpreted accordingly by the Parties in good faith. 

  
 5 

 (36) “HLT Common Stock” has the meaning set forth in the Distribution Agreement.

 (37) “HLT Group” has the meaning set forth in the Distribution Agreement. 

(38) “HLT Percentage Shift Limit” means 8.34%, as adjusted from time to time by mutual written consent of the Blackstone
Representative and HLT or under Section 2.3 or Section 4.5; provided, however, that the sum of the Blackstone-HLT Percentage Shift Limit and the HLT Percentage Shift Limit immediately after such adjustments must equal such
sum immediately before such adjustments; provided further, that if HLT has actual knowledge that the Blackstone-HLT Applicable Percentage exceeds the Blackstone-HLT Percentage Shift Limit, the HLT Percentage Shift Limit shall be
reduced by such excess (without prejudice to any rights or remedies HLT or any other Party may have). 
 (39) “HLT Retained
Assets” has the meaning set forth in the Distribution Agreement. 
 (40) “HLT Retained Business” has the meaning
set forth in the Distribution Agreement. 
 (41) “HLT Retained Liabilities” has the meaning set forth in the Distribution
Agreement. 
 (42) “In Parallel” describes one or more Dispositions by a Blackstone Entity if and only if such Dispositions
(i) result in the disposition of proportionate or almost proportionate amounts of HLT Common Stock, PK Common Stock and HGV Common Stock (e.g., a sale by a Blackstone Entity of 5% of its HLT stock would require a sale by such Blackstone Entity
(or its parallel Additional Blackstone Entity) of 5% of its (or such parallel Additional Blackstone Entity’s) PK stock and 5% of its HGV stock), (ii) commenced at the same time and as part of the same plan, (iii) completed within a
single taxable year of such Blackstone Entity, and (iv) all in the same form of transaction, for example, all in the form of a sale or all in the form of a distribution. The determination of whether one or more Dispositions by a Blackstone
Entity are In Parallel shall be made taking into account only those shares of HLT Common Stock, PK Common Stock and HGV Common Stock owned by such Blackstone Entity on the Distribution Date. For the avoidance of doubt, one or more Dispositions shall
not fail to meet the requirements of (i) solely because such Dispositions include, in addition to a proportionate or almost proportionate amount of PK Common Stock owned on the Distribution Date, an amount of PK Common Stock received in the
Purging Distribution. 
 (43) “Internal Distributions” has the meaning set forth in the Tax Matters Agreement. 

(44) “IRS” means the United States Internal Revenue Service or any successor thereto, including, but not limited to its
agents, representatives, and attorneys. 
 (45) “Issuance” has the meaning set forth in Section 2.1(b). 

(46) “Issuer” has the meaning set forth in Section 2.1(b). 

  
 6 

 (47) “Law” means any U.S. or non-U.S. federal, national, supranational, state,
provincial, local or similar statute, law, ordinance, regulation, rule, code, administrative pronouncement, order, requirement or rule of law (including common law), or any income tax treaty. 

(48) “Margin Loan Agreement” means that certain Margin Loan Agreement dated as of June 30, 2014 among HLT Holdco III
LLC, as borrower, the Margin Loan Lenders party thereto, and Morgan Stanley Bank International Limited, as Administrative Agent and any related security agreements, control agreements, issuer agreements and guarantees, in each case as amended,
supplemented or modified from time to time. 
 (49) “Margin Loan Collateral” has the meaning given to the term
“Collateral” in the Margin Loan Agreement. 
 (50) “Margin Loan Event of Default” has the meaning given to the
term “Event of Default” in the Margin Loan Agreement. 
 (51) “Margin Loan Lender” has the meaning given to the
term “Lender” in the Margin Loan Agreement. 
 (52) “Ownership Assets” has the meaning set forth in the Tax
Matters Agreement. 
 (53) “Ownership Business” has the meaning set forth in the Distribution Agreement. 

(54) “Ownership Liabilities” has the meaning set forth in the Distribution Agreement. 

(55) “Party” has the meaning set forth in the preamble hereto. 

(56) “Person” means any natural person, firm, individual, corporation, business trust, joint venture, association, company,
limited liability company, partnership, or other organization or entity, whether incorporated or unincorporated, or any governmental entity. 

(57) “PK” has the meaning set forth in the recitals hereto. 

(58) “PK Applicable Percentage” has the meaning set forth in the Tax Matters Agreement. 

(59) “PK Distribution” has the meaning set forth in the recitals hereto. 

(60) “PK Percentage Shift Limit” has the meaning set forth in the Tax Matters Agreement. 

(61) “PK Common Stock” has the meaning set forth in the recitals hereto. 

(62) “Plan of Reorganization” has the meaning set forth in the recitals hereto. 

(63) “Purging Distribution” means any distribution made by PK in order to comply with the requirements of
Section 857(a)(2)(B) of the Code. 

  
 7 

 (64) “Qualified Tax Advisor” means any Big Four Accounting Firm or any law firm
of nationally recognized standing. 
 (65) “Reallocation Event” means any Acquisition during the Restricted Period of the
stock of a Spinoff Party (other than a Disposition or an Issuance) that could reasonably be viewed as increasing the ownership shift with respect to such Spinoff Party for purposes of Section 355(e) of the Code, taking into account any
available safe harbors under Treasury Regulations Section 1.355-7 (and the amount of such increase, the “Reallocation Event Reduction”). This definition and the application thereof is intended to monitor compliance with
Section 355(e) of the Code and the Treasury Regulations promulgated thereunder and shall be interpreted accordingly by the Parties in good faith. 

(66) “REIT” means a “real estate investment trust” within the meaning of Section 856(a) of the Code. 

(67) “Reorganization Slide Deck” has the meaning set forth in the Tax Matters Agreement. 

(68) “Restricted Period” means the two-year period beginning on the Distribution Date. 

(69) “Spinoff Party” has the meaning set forth in the preamble hereto. 

(70) “Subsidiary” has the meaning set forth in the Distribution Agreement. 

(71) “Tax Matters Agreement” means that certain Tax Matters Agreement by and among HLT, PK, HGV and Hilton Domestic Operating
Company Inc., a Delaware corporation, dated as of January 2, 2017. 
 (72) “Timeshare Assets” has the meaning set forth in
the Tax Matters Agreement. 
 (73) “Timeshare Business” has the meaning set forth in the Distribution Agreement. 

(74) “Timeshare Liabilities” has the meaning set forth in Distribution Agreement. 

(75) “Unqualified 355(e) Opinion” means, with respect to a Disposition, Blackstone Acquisition, Issuance or Reallocation
Event, an unqualified “will” opinion (or, with respect to Issuance or Reallocation Event, in either case with respect to which HLT delivers the opinion, a “will” or “should” opinion) of a Qualified Tax Advisor addressed
to HLT and in form and substance reasonably satisfactory to HLT, without substantive qualifications, to the effect that such Disposition, Blackstone Acquisition, Issuance (including any future Issuance of stock pursuant to an option or other
instrument that grants the holder a right (including if the Issuer has a right to settle the obligation with property other than stock of such Issuer) to complete an Acquisition) or Reallocation Event will not be part of a plan (or series of related
transactions) within the meaning of Section 355(e) of the Code involving the Distributions. 

  
 8 

 (76) “Unqualified Device Opinion” means, with respect to a Disposition, an
unqualified “will” opinion of a Qualified Tax Advisor addressed to HLT, in form and substance reasonably satisfactory to HLT, without substantive qualifications, to the effect that such Disposition will not cause any of the Distributions
to be considered to be used principally as a device for the distribution of earnings and profits within the meaning of Section 355(a)(1)(B) of the Code, taking into account the facts and circumstances as they exist at that time, including the
existence of prior dispositions, if any, and any planned or intended transactions as of such time. 
 (77) “U.S.” means the
United States of America. 
 Section 1.2 References; Interpretation. 

(a) Terms not otherwise defined herein shall have the meaning ascribed to them in the Distribution Agreement. References in this Agreement to
any gender include references to all genders, and references to the singular include references to the plural and vice versa. Unless the context otherwise requires, the words “include”, “includes”, and “including” when
used in this Agreement shall be deemed to be followed by the phrase “without limitation”. Unless the context otherwise requires, references in this Agreement to Articles, Sections, Exhibits and Schedules shall be deemed references to
Articles and Sections of, and Exhibits and Schedules to, this Agreement. Unless the context otherwise requires, the words “hereof”, “hereby”, and “herein” and words of similar meaning when used in this Agreement refer
to this Agreement in its entirety and not to any particular Article, Section or provision of this Agreement. Unless the context otherwise requires, the word “stock” or “shares” refers to any equity interests of the applicable
entity for U.S. federal income tax purposes and any references to a Person include a reference to any successor to such Person. 
 Section
1.3 Effective Time. 
 (a) The agreements contained herein, including, but not limited to, the certain restrictions on the transfer
and other actions with respect to HLT Common Stock, PK Common Stock and HGV Common Stock shall be effective upon the Distribution Date. 

ARTICLE II 
 SECTION
355(e) RESTRICTIONS 
 Section 2.1 General. 

(a) During the Restricted Period, (i) the Blackstone Holders shall not, and shall cause the other Blackstone Entities not to, permit any
person to sell, transfer or otherwise dispose of interests in any Blackstone Entity unless such disposition is described in Treasury Regulations Section 1.355-7(d)(7)(i) and (ii) the Blackstone Holders shall not, and shall cause the other
Blackstone Entities not to, directly or indirectly dispose of any HLT Common Stock, PK Common Stock or HGV Common Stock, including through the issuance of an interest in any Blackstone Entity (any such sale, transfer or disposition described in
(i) or (ii), a “Disposition”); provided, however, that no transaction entered into by a Spinoff Party shall constitute a Disposition. During the Restricted Period, the Blackstone Holders shall not, and shall cause
the other Blackstone Entities not to, Acquire any HLT stock, PK stock or HGV stock (such Acquisition, a “Blackstone Acquisition”); provided that the foregoing shall not be applicable to any Acquisition resulting from
action by a Spinoff Party or a Subsidiary thereof. 

  
 9 

 (b) During the Restricted Period, neither HLT nor HGV (each, an “Issuer”) may
issue any of its stock or take any action with respect to its stock that would cause an Acquisition (including redemptions or repurchases), or issue any options or other instruments that grant the holder a right (including if such Issuer has a right
to settle the obligation with property other than stock of such Issuer) to complete an Acquisition (any such issuance or other transaction, an “Issuance”); provided that, HGV shall have no right to enforce this
Section 2.1(b) against HLT. 
 Section 2.2 Exceptions for Applicable Percentage, Safe Harbor VIII and Unqualified 355(e)
Opinion. 
 (a) Applicable Percentage. Notwithstanding Section 2.1, but subject to Article III, 

(i) a Disposition of HLT Common Stock shall be permitted if, immediately after such Disposition, the Blackstone-HLT Applicable Percentage
will be less than or equal to the Blackstone-HLT Percentage Shift Limit; 
 (ii) a Disposition of PK Common Stock shall be permitted if,
immediately after such Disposition, the Blackstone-PK Applicable Percentage will be less than or equal to the Blackstone-PK Percentage Shift Limit; 

(iii) a Disposition of HGV Common Stock shall be permitted if, immediately after such Disposition, the Blackstone-HGV Applicable Percentage
will be less than or equal to the Blackstone-HGV Percentage Shift Limit; 
 (iv) an Issuance by HLT shall be permitted if, immediately
after such Issuance, the HLT Applicable Percentage will be less than or equal to the HLT Percentage Shift Limit; and 
 (v) an Issuance by
HGV shall be permitted if, immediately after such Issuance, the HGV Applicable Percentage will be less than or equal to the HGV Percentage Shift Limit. 

(b) Safe Harbor VIII. Notwithstanding Section 2.1(b), an Issuance shall be permitted where such Issuance (or the related issuance
of stock in the case of an option issuance) is described in Treasury Regulations Section 1.355-7(d)(8) (other than an Issuance made in connection with a merger or other acquisition transaction by a third party of the relevant Issuer’s
stock; provided, that no Issuance will be deemed to be connected with an acquisition pursuant to a secondary sale for cash of Issuer stock by one or more Blackstone Entities in a public offering). 

(c) Unqualified 355(e) Opinion. Notwithstanding Section 2.1, but subject to Article III, a Disposition, Blackstone Acquisition or
Issuance, as the case may be, shall be permitted if the Blackstone Representative (in the case of a Disposition or Blackstone Acquisition) or Issuer (in the case of an Issuance) provides an Unqualified 355(e) Opinion to HLT; provided,
further, that in the case of an Issuance of stock pursuant to an exercise of an option or other instrument that grants the holder a right (including if the Issuer has a right to settle the obligation with property other than stock of such
Issuer) to complete such an acquisition, such Issuance shall be permitted if the Issuer provided an Unqualified 355(e) Opinion to HLT in respect of the Issuance of such option or other instrument. 

  
 10 

 Section 2.3 Blackstone Ownership Shift due to Issuance. During the Restricted Period, if a
proposed Issuance is a redemption or repurchase, then, immediately before such Issuance, (i) the Blackstone-HLT Percentage Shift Limit or Blackstone-HGV Percentage Shift Limit (as applicable) shall be increased or decreased (but not below the
Blackstone-HLT Applicable Percentage or Blackstone-HGV Applicable Percentage, respectively, as of immediately before such Issuance) such that the number of shares permitted to be Disposed of under Section 2.2(a)(i) or (a)(iii) remains unchanged
immediately after such Issuance (other than to reflect shares of the relevant Issuer actually redeemed or repurchased from the Blackstone Entities pursuant to such Issuance), and (ii) the HLT Percentage Shift Limit or HGV Percentage Shift Limit
(as applicable) shall be decreased (in the case of an increase in clause (i), but not below the HLT Applicable Percentage or HGV Applicable Percentage, respectively, as of immediately before such Issuance) or increased (in the case of a decrease in
clause (i)) by the amount set forth in clause (i). If clause (ii) calls for a reduction in the HLT Percentage Shift Limit or HGV Percentage Shift Limit (as applicable) and the amount of such reduction would be limited by the parenthetical
therein, then, notwithstanding any other provision of this Agreement (including Section 2.2(c)), the relevant Issuer shall not undertake such Issuance without the written consent of the Blackstone Representative; provided that in the
event the Blackstone Representative so consents, the amount of the increase set forth in (i) shall not exceed the amount of the decrease set forth in clause (ii). For the avoidance of doubt, an Issuance that satisfies the requirements of this
Section 2.3 remains subject to the provisions of this Agreement, including, without limitation, Sections 2.1(b) and 2.2(a)(iv) and (a)(v). For the avoidance of doubt, if a proposed Issuance is not consummated, the Blackstone-HLT Percentage
Shift Limit and HLT Percentage Shift Limit, or Blackstone-HGV Percentage Shift Limit and HGV Percentage Shift Limit, as applicable shall not be adjusted pursuant to this Section 2.3 as a result of such proposed Issuance. 

Section 2.4 Special Rule. Any Disposition or Issuance which is permitted pursuant to Section 2.2(b) or (c) shall be
disregarded for purposes clauses (a)(i) and (b)(i) of the definition of Blackstone-HLT Applicable Percentage, Blackstone-PK Applicable Percentage, Blackstone-HGV Applicable Percentage, HLT Applicable Percentage or HGV Applicable Percentage, as
applicable. 
 ARTICLE III 

DEVICE RESTRICTIONS 

Section 3.1 General. During the Restricted Period, the Blackstone Holders shall cause the Blackstone Entities not to directly or
indirectly dispose of HLT Common Stock, PK Common Stock or HGV Common Stock. 
 Section 3.2 Exceptions for In Parallel and Unqualified
Device Opinion. 
 (a) In Parallel. Notwithstanding Section 3.1, but subject to Article II, one or more Dispositions shall
be permitted if such Dispositions are In Parallel. 

  
 11 

 (b) Unqualified Device Opinion. Notwithstanding Section 3.1, but subject to Article
II, a Disposition shall be permitted if the Blackstone Representative provides an Unqualified Device Opinion to HLT. 
 ARTICLE IV

 ADDITIONAL RULES 

Section 4.1 Plan of Reorganization and Blackstone Restructuring. For the avoidance of doubt, this Agreement does not impose any
restrictions of any kind on the consummation of the transactions set forth in the Plan of Reorganization, the Reorganization Slide Deck or that certain series of transactions relating to the Blackstone Entities previously described by the Blackstone
Holders to HLT (such series of transactions, the “Blackstone Restructuring”). 
 Section 4.2 Representation Regarding
Blackstone Restructuring. Each of the Blackstone Holders represents and warrants to HLT and HGV that (i) the ultimate indirect ownership of HLT Common Stock, PK Common Stock and HGV Common Stock held by each Blackstone Entity will remain
unchanged as a result of the Blackstone Restructuring and (ii) the transactions comprising the Blackstone Restructuring are tax-free for U.S. federal income tax purposes. 

Section 4.3 Joint and Several Liability. The Blackstone Holders shall be jointly and severally liable for all of their respective
obligations pursuant to Article II and Article III of this Agreement. 
 Section 4.4 Margin Loan. Notwithstanding anything to the
contrary herein, this Agreement shall not impose any restrictions of any kind on a Disposition resulting from the exercise by any Margin Loan Lender of its right to foreclosure or similar enforcement action on any of the Margin Loan Collateral
following the occurrence of a Margin Loan Event of Default; provided that immediately after such foreclosure or similar enforcement action, the Blackstone-HLT Applicable Percentage, Blackstone-PK Applicable Percentage and/or
Blackstone-HGV Applicable Percentage, as applicable, shall be increased to reflect such foreclosure or similar enforcement action. Notwithstanding the foregoing, if the Blackstone Representative or a Spinoff Party provides an Unqualified 355(e)
Opinion with respect to such foreclosure or similar enforcement action to HLT, such foreclosure or similar enforcement action shall not increase the relevant Blackstone Applicable Percentage. 

Section 4.5 Reallocation Event. Upon a Reallocation Event with respect to HLT stock or HGV stock, the Blackstone Representative, on the
one hand, and the relevant Spinoff Party, on the other, shall use reasonable efforts to allocate the Reallocation Event Reduction to and reduce the Blackstone-HLT Percentage Shift Limit and/or HLT Percentage Shift Limit, or Blackstone-HGV Percentage
Shift Limit and/or HGV Percentage Shift Limit, as applicable. If the Blackstone Representative and the relevant Spinoff Party do not agree on an allocation, the Reallocation Event Reduction shall first be allocated to and reduce the relevant HLT
Percentage Shift Limit or HGV Percentage Shift Limit (but not below the HLT Applicable Percentage or HGV Applicable Percentage, respectively, as of the time of the Reallocation 

  
 12 

 
Event). Any excess Reallocation Event Reduction shall be allocated to and reduce the relevant Blackstone-HLT Percentage Shift Limit or Blackstone-HGV Percentage Shift Limit (but not below the
Blackstone-HLT Applicable Percentage or Blackstone-HGV Applicable Percentage, respectively, as of the time of the Reallocation Event). For the avoidance of doubt, the sum (immediately before the Reallocation Event) of the Blackstone-HLT Percentage
Shift Limit and HLT Percentage Shift Limit, or Blackstone-HGV Percentage Shift Limit and HGV Percentage Shift Limit, as applicable, shall equal the sum (immediately after the Reallocation Event), of the Reallocation Event Reduction plus the
Blackstone-HLT Percentage Shift Limit and HLT Percentage Shift Limit, or Blackstone-HGV Percentage Shift Limit and HGV Percentage Shift Limit, as applicable. Notwithstanding anything to the contrary in this Section 4.5, if the Blackstone
Representative or the relevant Spinoff Party provides an Unqualified 355(e) Opinion with respect to a purported Reallocation Event to HLT, such purported Reallocation Event shall not constitute a Reallocation Event. 

Section 4.6 Cooperation. The Parties shall reasonably cooperate (and, in the case of HLT and HGV, cause the members of the HLT Group
and the HGV Group, respectively, to reasonably cooperate) in obtaining any Unqualified Device Opinion or Unqualified 355(e) Opinion (including making reasonable representations required in connection with any such opinion), including by maintaining
and making available to each other all records necessary in connection with such opinions and making employees available on a mutually convenient basis to provide additional information or explanation of any material provided hereunder. 

Section 4.7 Effect of Rulings and Opinion on Section 355(e) Calculations. For purposes of computing the (a) HLT Applicable
Percentage, (b) HGV Applicable Percentage, (c) Blackstone-HLT Applicable Percentage, (d) Blackstone-HGV Applicable Percentage, (e) Blackstone-PK Applicable Percentage or (f) Reallocation Event Reduction, any calculation of
the shift of ownership of one or more of the Spinoff Parties under Section 355(e) shall take into account (i) any IRS private letter ruling received by one or more of the Spinoff Parties and/or the Blackstone Entities and (ii) any
unqualified “will” opinion of a Qualified Tax Advisor (or, with respect to an opinion delivered by HLT, “should” opinion) addressed to HLT and in form and substance reasonably satisfactory to HLT, without substantive
qualifications, in each case addressing the manner in which the calculation of such shift is performed. 
 ARTICLE V 

MISCELLANEOUS 
 Section 5.1
Counterparts. This Agreement may be executed in more than one counterpart, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and
delivered to the other Parties. 
 Section 5.2 Survival. Except as otherwise contemplated by this Agreement or the Distribution
Agreement, all covenants and agreements of the Parties contained in this Agreement shall survive the Distribution Date and remain in full force and effect in accordance with their applicable terms. 

  
 13 

 Section 5.3 Notices. All notices, requests, claims, demands, and other communications
under this Agreement shall be in English, shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile with receipt confirmed
(followed by delivery of an original via overnight courier service), or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall
be specified in a notice given in accordance with this Section 5.3): 
 To HLT: 

Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 

McLean, Virginia 22102 

Attn: General Counsel 

Facsimile: (703) 883-6188 

To HGV: 
 Hilton
Grand Vacations Inc. 
 6355 MetroWest Boulevard, Suite 180 

Orlando, Florida 32835 

Attn: General Counsel 

Facsimile: (407) 722-3776 

To the Blackstone Holders: 

The Blackstone Group L.P. 

345 Park Avenue 

New York, New York 

Attn: Tyler Henritze 

Facsimile: (212) 583-5191 

Section 5.4 Waivers. Any consent required or permitted to be given by any Party to the other Parties under this Agreement shall be in
writing and signed by the Party giving such consent and shall be effective only against such Party. 
 Section 5.5 Assignment. This
Agreement may not be assigned without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, will be null and void; provided, however, that, (i) without the prior
written consent of HLT or HGV, a Blackstone Entity may assign this Agreement to an Affiliate that becomes a party hereto and (ii) this Agreement shall be assignable in whole in connection with a merger or consolidation or the sale of all or
substantially all the assets of a Party hereto so long as the resulting, surviving or transferee entity assumes all the obligations of the relevant Party hereto by operation of law or pursuant to an agreement in form and substance reasonably
satisfactory to the other Parties to this Agreement. 

  
 14 

 Section 5.6 Successors and Assigns. The provisions of this Agreement and the obligations
and rights hereunder shall be binding upon, inure to the benefit of and be enforceable by (and against) the Parties and their respective successors and permitted transferees and assigns. 

Section 5.7 Termination and Amendment. This Agreement may not be terminated or amended except by an agreement in writing signed by a
duly authorized representative of each of HLT, HGV and the Blackstone Representative (on behalf of the Blackstone Holders). HLT and HGV agree not to amend Sections 5.4, 9.3 or 13.10 of the Tax Matters Agreement (or the relevant definitions used in
such Sections), or grant any waivers with respect thereto, without the written consent of the Blackstone Representative (on behalf of the Blackstone Holders). 

Section 5.8 No Circumvention. The Parties agree not to directly or indirectly take any actions, act in concert with any Person who
takes an action, or cause or allow any Subsidiary of such Party to take any actions (including the failure to take a reasonable action) such that the resulting effect is to materially undermine the effectiveness of any of the provisions of this
Agreement, the Distribution Agreement or any Ancillary Agreement. 
 Section 5.9 Subsidiaries. Each of the Parties shall cause to be
performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any Subsidiary of such Party or by any entity that becomes a Subsidiary of such Party on and after the Effective Time,
to the extent such Subsidiary remains a Subsidiary of the applicable Party. 
 Section 5.10 Third Party Beneficiaries. This Agreement
is solely for the benefit of the Parties and should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement; provided
that the Blackstone Holders shall be jointly and severally liable for any losses, costs, expenses, damages, claims and other liabilities (including reasonable attorneys’ fees) incurred by PK or any of its Affiliates arising, directly or
indirectly, from or in connection with any breach by any Blackstone Holder of its obligations hereunder. 
 Section 5.11 Title and
Headings. Titles and headings to sections herein are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

Section 5.12 Schedules. Any Schedules shall be construed with and as an integral part of this Agreement to the same extent as if the
same had been set forth verbatim herein. 
 Section 5.13 Specific Performance. In the event of any actual or threatened default in,
or breach of, any of the terms, conditions and provisions of this Agreement, the Party who is or is to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in
addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach, including monetary damages, may be
inadequate compensation for any loss and that the Parties may be irreparably harmed as a result. Accordingly, any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or
posting of any bond with such remedy are waived by the Parties to this Agreement. 

  
 15 

 Section 5.14 Governing Law. This Agreement shall be governed by and construed in
accordance with the Laws of the State of Delaware without reference to any choice-of-law or conflicts of law principles that would result in the application of the laws of a different jurisdiction. 

Section 5.15 Consent to Jurisdiction. Each of the Parties irrevocably submits to the exclusive jurisdiction of (a) the Court of
Chancery of the State of Delaware and any appeals court thereof or (b) if such court does not have subject matter jurisdiction, any other state or federal court located within the County of New Castle in the State of Delaware and any appeals
court thereof (the courts referred to in clauses (a) and (b), the “Delaware Courts”), for the purposes of any suit, action, or other proceeding to compel arbitration or for provisional relief in aid of arbitration or to prevent
irreparable harm, and to the non-exclusive jurisdiction of the Delaware Courts for the enforcement of any award issued thereunder. Each of the Parties further agrees that service of any process, summons, notice, or document by U.S. registered mail
to such Party’s respective address set forth above shall be effective service of process for any action, suit, or proceeding in the Delaware Courts with respect to any matters to which it has submitted to jurisdiction in this Section 5.15.
Each of the Parties irrevocably and unconditionally waives any objection to the laying of venue of any action, suit, or proceeding arising out of this Agreement or the transactions contemplated hereby in the Delaware Courts, and hereby further
irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 5.16 Waiver of Jury Trial. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.16. 

Section 5.17 Force Majeure. No Party (or any Person acting on its behalf) shall have any liability or responsibility for failure to
fulfill any obligation (other than a payment obligation) under this Agreement so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered, or delayed as a consequence of circumstances of Force Majeure
(as defined in the Distribution Agreement). A Party claiming the benefit of this provision shall, as soon as reasonably practicable after the occurrence of any such event: (a) notify the other applicable Parties of the nature and extent of any such
Force Majeure condition and (b) use due diligence to remove any such causes and resume performance under this Agreement as soon as feasible. 

  
 16 

 Section 5.18 Interpretation. The Parties have participated jointly in the negotiation and
drafting of this Agreement. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted. 

Section 5.19 Changes in Law. 

(a) Any reference to a provision of the Code, Treasury Regulations, or a Law of another jurisdiction shall include a reference to any
applicable successor provision or Law. 
 (b) If, due to any change in applicable Law or regulations or their interpretation by any court of
Law or other governing body having jurisdiction subsequent to the date hereof, performance of any provision of this Agreement or any transaction contemplated hereby shall become impracticable or impossible, the Parties hereto shall use their
commercially reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such provision. 

Section 5.20 Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The Parties shall endeavor in good-faith negotiations to
replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

Section 5.21 No Waiver. No failure to exercise and no delay in exercising, on the part of any Party, any right, remedy, power or
privilege hereunder shall operate as a waiver hereof or thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. No waiver shall be effective unless it is in writing and is signed by the Party asserted to have granted such waiver. 

Section 5.22 No Duplication; No Double Recovery. Nothing in this Agreement is intended to confer to or impose upon any Party a
duplicative right, entitlement, obligation, or recovery with respect to any matter arising out of the same facts and circumstances. 

Section 5.23 No Recourse. This Agreement may only be enforced against, and any claims or cause of action that may be based upon, arise
out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as parties hereto and no past, present or future Affiliate, director, officer,
employee, incorporator, member, manager, partner, stockholder, agent, attorney or representative of any party hereto or any of the foregoing shall have any liability for any obligations or liabilities of the parties to this Agreement or for any
claim based on, in respect of, or by reason of, the transactions contemplated hereby. 

  
 17 

 [Remainder of Page Intentionally Left Blank] 

  
 18 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed the day and year
first above written. 
  

			
	HILTON WORLDWIDE HOLDINGS INC.
	
	/s/ W. Steven Standefer
	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

 
			
	
	HILTON GRAND VACATIONS INC.
	
	/s/ Mark Wang
	Name:	 	Mark Wang
	Title:	 	President and CEO
	
	HLT A23 BREH VI HOLDCO LLC
	
	/s/ Michael Lascher
	Name:	 	Michael Lascher
	Title:	 	Managing Director
	
	HLT BREH VI HOLDCO LLC
	
	/s/ Michael Lascher
	Name:	 	Michael Lascher
	Title:	 	Managing Director

 
			
	HLT BREH INT’L II HOLDCO LLC
	
	/s/ Michael Lascher
	Name:	 	Michael Lascher
	Title:	 	Managing Director
	
	HLT A23 HOLDCO LLC
	
	/s/ Michael Lascher
	Name:	 	Michael Lascher
	Title:	 	Managing Director
	
	HLT BREP VI.TE.2 HOLDCO LLC
	
	/s/ Michael Lascher
	Name:	 	Michael Lascher
	Title:	 	Managing Director
	
	HLT HOLDCO III, LLC
	
	/s/ Michael Lascher
	Name:	 	Michael Lascher
	Title:	 	Managing Director

  
 2 

 
			
	
	HLT A23 BREH VI HOLDCO PRIME LLC
	
	/s/ Michael Lascher
	Name:	 	Michael Lascher
	Title:	 	Managing Director
	
	HLT BREH VI HOLDCO PRIME LLC
	
	/s/ Michael Lascher
	Name:	 	Michael Lascher
	Title:	 	Managing Director
	
	HLT BREH INTL II HOLDCO PRIME LLC
	
	/s/ Michael Lascher
	Name:	 	Michael Lascher
	Title:	 	Managing Director

  
 3 

 
			
	HLT A23 HOLDCO PRIME LLC
	
	/s/ Michael Lascher
	Name:	 	Michael Lascher
	Title:	 	Managing Director
	
	HLT BREP VI.TE.2 HOLDCO PRIME LLC
	
	/s/ Michael Lascher
	Name:	 	Michael Lascher
	Title:	 	Managing Director
	
	HLT HOLDCO III PRIME, LLC
	
	/s/ Michael Lascher
	Name:	 	Michael Lascher
	Title:	 	Managing Director

  
 4 

 Schedule I 

 

					
	 Blackstone Entity
	 	 Additional
Blackstone

Entity
	 	 Blackstone

Holder

	Blackstone Capital Partners V L.P.	 		 	
	Blackstone Capital Partners V-AC L.P.	 		 	
	BCP V-S L.P.	 		 	
	Blackstone Family Investment Partnership V L.P.	 		 	
	Blackstone Family Investment Partnership V - SMD L.P.	 		 	
	Blackstone Participation Partnership V L.P.	 		 	
	BCP V Co-Investors L.P.	 		 	
	Blackstone Real Estate Partners VI.TE.1 L.P.	 		 	
	Blackstone Real Estate Partners VI L.P.	 		 	
	Blackstone Real Estate Partners VI.F L.P.	 		 	
	Blackstone Real Estate Partners VI.TE.2 L.P.	 		 	
	Blackstone Family Real Estate Partnership VI-SMD L.P.	 		 	
	Blackstone Real Estate Holdings VI L.P.	 		 	
	Blackstone Real Estate Partners VI (AIV) L.P.	 		 	
	Blackstone Real Estate Holdings International II-Q L.P.	 		 	
	Blackstone Real Estate Partners International II (AIV) L.P.	 		 	
	Blackstone Family Real Estate Partnership International II-SMD L.P.	 		 	
	Blackstone HLT Principal Transaction Partners L.P.	 		 	
	Blackstone HLT Principal Transaction Partners-A L.P.	 		 	
	Blackstone HLT Principal Transaction Partners-B L.P.	 		 	
	HLT A23 BREH VI Holdco LLC	 		 	X
	HLT BREH VI Holdco LLC	 		 	X
	HLT BREH Int’l II Holdco LLC	 		 	X
	HLT A23 HoldCo LLC	 		 	X
	HLT BREP VI.TE.2 Holdco LLC	 		 	X
	HLT Holdco III, LLC	 		 	X
	HLT Holdco II, LLC	 		 	
	HLT Holdco, LLC	 		 	
	HLT BREH Int’l II Holdings Holdco LLC	 		 	
	HLT BREH VI-A Holdings Holdco LLC	 		 	
	HLT BREP VI.TE.2 Holdings Holdco, LLC	 		 	
	BH Hotels Holdco LLC	 		 	
	BX A23 Holdings LLC	 		 	
	HLT BREH VI Holdings Holdco LLC	 		 	
	Blackstone Capital Partners V Prime L.P.	 	X	 	
	Blackstone Capital Partners V-AC Prime L.P.	 	X	 	
	BCP V-S Prime L.P.	 	X	 	
	Blackstone Family Investment Partnership V Prime L.P.	 	X	 	
	Blackstone Family Investment Partnership V - SMD Prime L.P.	 	X	 	
	Blackstone Participation Partnership V Prime L.P.	 	X	 	
	BCP V Co-Investors Prime L.P.	 	X	 	
	Blackstone Real Estate Partners VI.TE.1 Prime L.P.	 	X	 	
	Blackstone Real Estate Partners VI Prime L.P.	 	X	 	
	Blackstone Real Estate Partners VI.F Prime L.P.	 	X	 	
	Blackstone Real Estate Partners VI.TE.2 Prime L.P.	 	X	 	
	Blackstone Family Real Estate Partnership VI-SMD Prime L.P.	 	X	 	
	Blackstone Real Estate Holdings VI Prime L.P.	 	X	 	
	Blackstone Real Estate Partners AIV (VI) Prime L.P.	 	X	 	
	Blackstone Real Estate Holdings International II-Q Prime L.P.	 	X	 	

					
	Blackstone Real Estate Partners International II (AIV) Prime L.P.	 	X	 	
	Blackstone Family Real Estate Partnership International II-SMD Prime L.P.	 	X	 	
	HLT A23 BREH VI Holdco Prime LLC	 	X	 	X
	HLT BREH VI Holdco Prime LLC	 	X	 	X
	HLT BREH Int’l II Holdco Prime LLC	 	X	 	X
	HLT A23 HoldCo Prime LLC	 	X	 	X
	HLT BREP VI.TE.2 Holdco Prime LLC	 	X	 	X
	HLT Holdco III Prime, LLC	 	X	 	X
	HLT Holdco II Prime, LLC	 	X	 	
	HLT Holdco Prime, LLC	 	X	 	
	HLT BREH Int’l II Holdings Holdco Prime LLC	 	X	 	
	HLT BREH VI-A Holdings Holdco Prime LLC	 	X	 	
	HLT BREP VI.TE.2 Holdings Holdco Prime, LLC	 	X	 	
	BH Hotels Holdco Prime LLC	 	XEX-10.68

 Exhibit 10.68 

EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT, entered into on December 30, 2016 and effective as of January 1, 2017 (the “Effective Date”),
between Monro Muffler Brake, Inc. (the “Company”) and Brian J. D’Ambrosia (the “Executive”). 
 WHEREAS, the
Company and the Executive wish for the Executive to be employed by the Company upon the terms and conditions as set forth herein; 
 NOW,
THEREFORE, in consideration of the mutual covenants and promises herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Employment and Duties. 

1.1 Employment by the Company. The Company hereby agrees to employ the Executive for the Term (as herein defined), to render exclusive
and full-time services in the capacity of Senior Vice President and Chief Financial Officer of the Company, subject to the control and direction of the Company’s Chief Executive Officer (the “CEO”) and its Board of Directors (the
“Board”). 
 1.2 Duties/Authority. During the Term, the Executive shall have responsibility for the conduct of the fiscal
affairs of the Company and the general supervision of and control over the Company’s Finance, Human Resources, Information Technology and Risk Management Departments, in each case subject to the control and direction of the CEO and the Board.
The Executive’s duties hereunder during the Term shall be consistent with the duties, responsibilities and authority generally incident to the position of Senior Vice President and Chief Financial Officer and such other reasonably related
duties as may be assigned to him from time to time by the CEO or the Board. 
 2. Term of Employment. The term of this Agreement
shall commence on the Effective Date and end on December 31, 2020 (the “Term”), unless sooner terminated as provided herein. 

3. Compensation. 
 3.1
Salary. As consideration for services rendered, the Company shall pay the Executive a salary of $275,000 per annum (the “Base Salary”), payable not less frequently than monthly. The Executive’s Base Salary will be reviewed
annually by the Compensation Committee of the Board (the “Committee”) and may be increased (but not decreased without the Executive’s consent) to reflect the Executive’s performance and responsibilities. 

3.2 Annual Bonus. Pursuant to the Company’s bonus plan (the “Bonus Plan”), the Company shall pay the Executive, within
120 days of its fiscal year-end, a bonus in 

 
respect of each prior fiscal year during the Term (beginning with the fiscal year ending in March 2018), of 30% of the Base Salary if the Company achieves its performance targets set by the
Committee with respect to such fiscal year, increased up to a maximum of 75% of the Base Salary if the Company exceeds such performance targets by amounts to be determined by the Committee (the “Annual Bonus”). For the Executive’s
bonus opportunity in respect of the fiscal year ending in March 2017, such bonus shall be calculated under its existing terms; provided, however, that (A) the portion of such bonus for the period from the first day of the fiscal year through
December 31, 2016 shall be calculated under the terms of such bonus opportunity, using the Executive’s base salary as of the date hereof (as in effect prior to the Effective Date) and a percentage of base salary for target Company
performance of 20% (increased up to a maximum of 50%), and (B) the portion of such bonus for the period from the Effective Date through the last day of the fiscal year shall be calculated under the terms of such bonus opportunity, using the
Base Salary and a percentage of the Base Salary for target Company performance of 30% (increased up to a maximum of 75%); and each portion of the Executive’s bonus for the fiscal year ending in March 2017 shall be equal to the bonus the
Executive would have received for the entire fiscal year based on the Company’s actual performance for the fiscal year using the base salary (or Base Salary) and percentage of base salary (or Base Salary) for target Company performance
applicable to that respective portion, multiplied by a fraction, the numerator of which shall be the number of days in the fiscal year covered by that respective portion and the denominator of which shall be the number of days in the entire fiscal
year ending in March 2017. If this Agreement terminates other than at the end of a fiscal year either: (i) upon the expiration of the Term; or (ii) pursuant to Section 4, and the Executive is entitled to a pro rata bonus for such
partial fiscal year pursuant to Section 5 or Section 6 hereof, such pro rata bonus shall be equal to the bonus the Executive would have received under the Bonus Plan, based on the Company’s actual performance during such fiscal year,
had he been employed by the Company for the entire fiscal year, multiplied by a fraction, the numerator of which shall be the number of days during such fiscal year he was so employed and the denominator of which shall be the number of days in such
fiscal year (the “Pro Rata Bonus”). The Executive may be entitled to the Annual Bonus for the fiscal year prior to the fiscal year in which the Executive’s employment is terminated, to the extent not yet paid (the “Preceding
Bonus”). The Executive shall be entitled to receive the Preceding Bonus and/or the Pro Rata Bonus, as applicable: (a) at the same time the annual bonuses for the same periods are paid to other senior executives of the Company; and
(b) only to the extent the Board or the Committee determines to pay such bonus to the other senior executives of the Company. The Annual Bonus shall, in all respects, be subject to the terms of the Bonus Plan. 

3.3 Option Grant. The Committee shall meet to determine whether to grant to the Executive an option to purchase 40,000 shares of the
Company’s Common Stock (the “Option”) under the terms of the 2007 Stock Incentive Plan (as amended and including any successor stock incentive plan thereto, the “Plan”). The Option shall have an exercise price per share
equal to the fair market value of one share of the Company’s Common Stock on the date of grant, as determined in accordance with the Plan, and shall have a five-year term. The date of grant of the Option shall be the date on which the Committee
approves the grant of the Option, or such later date of grant specified by the Committee as the effective date of grant. Subject to the final determination by the Committee referenced above, as well as the Executive’s continued

 
employment with the Company, the Option shall become exercisable with respect to the shares of Common Stock in accordance with the following schedule: 

 

			
	 Vesting Date
	  	Amount Exercisable
		
	 1st Anniversary of the Date of Grant
	  	25%  
		
	 2nd Anniversary of the Date of Grant
	  	50%  
		
	 3rd Anniversary of the Date of Grant
	  	75%  
		
	 4th Anniversary of the Date of Grant
	  	100%

 3.4 Participation in Employee Benefit Plans. The Executive shall be permitted during the Term, if and
to the extent eligible, to participate in any group life, hospitalization or disability insurance plan, health program, or any pension plan or similar benefit plan of the Company, which is available generally to other senior executives of the
Company. 
 3.5 Expenses. Subject to such policies generally applicable to senior executives of the Company, as may from time to time
be established by the Board, the Company shall pay or reimburse the Executive for all reasonable expenses (including travel expenses) actually incurred or paid by the Executive during the Term in the performance of the Executive’s services
under this Agreement (“Expenses”) upon presentation of expense statements or vouchers or such other supporting information as it may require. 

3.6 Vacation. During the Term, the Executive shall be entitled to such amount of vacation which is available generally to other senior
executives of the Company. 
 3.7 Additional Benefits. During the Term, the Executive shall be entitled to the use of an automobile
comparable to that provided to other senior executives in connection with the rendering of services to the Company pursuant to this Agreement, together with reimbursement for all gas, maintenance, insurance and repairs required by reason of his use
of such vehicle. 
 3.8 Controlling Document. To the extent there is any inconsistency between the terms of this Agreement and the
terms of any plan or program under which compensation or benefits are provided hereunder, this Agreement shall control. Otherwise, the Executive shall be subject to the terms, conditions and provisions of the Company’s plans and programs, as
applicable. 
 4. Termination or Removal from Duties. 

4.1 Termination Upon Death. This Agreement shall terminate automatically upon the Executive’s death. 

 4.2 Removal from Position Upon Disability. If during the Term, as a result of a physical
or mental incapacity or infirmity, the Executive is unable to perform the essential functions of his job with or without reasonable accommodation for a period or periods aggregating 90 days during any 12-month period, the Executive shall be deemed
disabled (his “Disability”) and the Company, by written notice to the Executive, shall have the right to remove him from his position. The Executive’s status as an inactive employee of the Company shall continue after such removal for
the period of time that his Disability continues. However, the Company shall have no obligation to reinstate or otherwise continue the Executive’s employment if he should recover from his Disability and any such termination shall not constitute
a termination without Cause or without Good Reason (as herein defined). The existence of his Disability shall be determined by a reputable, licensed physician selected by the Company in good faith, whose determination shall be final and binding on
the parties. 
 4.3 Termination for Cause. The Company may at any time, by written notice to the Executive, terminate the
Executive’s employment hereunder for Cause. For purposes hereof, the term “Cause” shall mean: (A) the Executive’s conviction of or pleading guilty or no contest to a felony; (B) failure or refusal of the Executive in
any material respect (i) to perform the duties of his employment or to follow the lawful and proper directives of the CEO or the Board, provided such duties or directives are consistent with this Agreement and such duties or directives have
been given to the Executive in writing, or (ii) to comply with the reasonable and substantial written policies, practices, standards or regulations of the Company (so long as same are not inconsistent with this Agreement) as may be established
from time to time, if such failure or refusal under either clause (i) or clause (ii) continues uncured for a period of ten days after written notice thereof, specifying the nature of such failure or refusal and requesting that it be cured,
is given by the Company to the Executive; (C) any willful or intentional act of the Executive committed for the purpose, or having the reasonably foreseeable effect, of injuring the Company, its business or reputation or of improperly or
unlawfully converting for the Executive’s own personal benefit any property of the Company; or (D) any violation or breach of the provisions of Section 7 of this Agreement. 

4.4 Termination without Cause. The Company may terminate the Executive’s employment without Cause at any time. 

4.5 Termination with or without Good Reason. With 45 days’ prior written notice to the Company, this Agreement and the
Executive’s employment hereunder may be terminated by the Executive with or without Good Reason. For purposes of this Agreement, “Good Reason” means if the Executive is able to document, to the reasonable satisfaction of the
Company’s outside counsel, that the reason for such resignation is as a direct result of either: (i) the Company’s material breach of this Agreement; or (ii) the Board or the CEO requiring the Executive to act, or omit to act, in
a way that the Executive reasonably believes is illegal; provided, however, that a termination by the Executive for Good Reason pursuant to (i) or (ii) shall be effective only if, within 30 days following the delivery of written notice of
a termination for Good Reason by Executive to the Company, the Company has failed to cure the circumstances giving rise to the Good Reason. The written notice of termination for Good Reason must specify in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, if applicable. 

 Any resignation or termination pursuant to the terms of this Section shall not constitute a breach of this
Agreement by either party. 
 5. Rights and Obligations of the Company and the Executive Upon Termination, or Removal. Other
provisions of this Agreement notwithstanding, and except as otherwise provided by Section 6 hereof, upon the occurrence of an event described in Section 4, the parties shall have the following rights and obligations: 

5.1 Death. If the Executive’s employment is terminated during the Term by reason of the Executive’s death, the Company shall
pay the Executive’s estate in one lump sum amount: (A) the lesser of (i) one year’s Base Salary (as in effect as of the date of termination), or (ii) the amount of Base Salary that would have been payable to the Executive
from the date of death through the end of the Term, payable on the six-month anniversary of the date of the Executive’s death; plus (B) any Preceding and/or Pro Rata Bonus to which the Executive is entitled, which shall be paid in
accordance with Section 3.2. 
 5.2 Disability. 

(A) If the Executive is removed from his position during the Term because of a Disability, the Executive, for the period of time during which
his Disability continues, may continue to participate in certain of the employee benefit plans in which he participated immediately prior to his removal. These benefits would include participation in, as applicable and to the extent defined in the
Company’s applicable plans, group life, medical/dental and disability insurance plans, each at the same ratio of employer/employee contribution as applicable to the Executive immediately prior to his removal; and, thereafter, at the same ratio
of employer/employee contribution as then-applicable to other executive-level employees in the Company. In addition, the Executive shall be entitled to compensation and benefits accrued through the date of his removal from his duties, including any
amounts payable to the Executive under any Company profit sharing or other employee benefit plan up to the date of removal, to the extent permitted under the terms of such plan. For avoidance of doubt, the payment of any bonus to which the Executive
may be entitled for the period of time up to the date of his removal pursuant to Section 4.2 hereof, would be paid pursuant to Section 5.2(B), below. However, the Executive’s rights to bonuses and fringe benefits accruing after his
removal, if any, shall cease upon such removal; provided, however, that nothing contained in this Agreement is intended to limit or otherwise restrict the availability of any benefits to the Executive required to be provided pursuant to
Section 4980B of the Code. 
 (B) If the Executive is removed from his position during the Term because of a Disability, the Executive
shall be entitled to payments equal to: (i) the lesser of (a) one year’s Base Salary (as in effect as of the date of removal), or (b) the amount of Base Salary that would have been payable to the Executive from the date of
removal through the end of the Term, either (a) or (b) payable as follows, (x) a lump sum payment six months following such removal equal to the lesser of (1) six months of Base Salary or (2) Base Salary for the remainder of
the Term and (y), if applicable, following such six month period, continued payment of Base Salary (payable in accordance with the Company’s payroll practice) for the lesser of six months or the remainder of the Term; plus (ii) any
Preceding and/or Pro Rata Bonus to which the Executive is 

 
entitled (payable not less than six months following such removal from his position; but otherwise in accordance with Section 3.2). 

5.3 Termination for Cause or without Good Reason. If the Executive’s employment shall be terminated during the Term (A) by
the Company for Cause, or (B) by the Executive without Good Reason, the Company shall pay to the Executive his Base Salary through the date of termination at the rate then in effect and shall reimburse the Executive for any Expenses incurred
but not yet paid and shall have no further obligations to the Executive under this Agreement. 
 5.4 Termination without Cause or with
Good Reason. If the Executive’s employment is terminated during the Term (A) by the Company without Cause, or (B) by the Executive with Good Reason, the Company shall pay (unless otherwise noted, in the normal course) to the
Executive or provide the following amounts or benefits: 
 (i) to the extent not yet paid, the Executive’s Base Salary through the
date of termination at the rate in effect on the date of termination; 
 (ii) one year’s Base Salary (as in effect as of the date of
termination), payable as follows, (x) a lump sum payment six months following such termination equal to six months of Base Salary and (y) following such six month period, continued payment of Base Salary (payable in accordance with the
Company’s payroll practice) for the remaining six months; 
 (iii) payment of the Preceding and/or Pro Rata Bonus to which the
Executive is entitled, payable no earlier than six months following such termination of employment, but otherwise in accordance with Section 3.2; and 

(iv) any and all stock options that have been granted to the Executive (that have neither expired nor been previously exercised by the
Executive) through the termination date shall be deemed fully vested on such termination date and exercisable for a period of 90 days following such date (but, in no case, beyond each such option’s specified expiration date), all in accordance
with the other terms of any such plan or grant. 
 All payments to be provided to the Executive under this Section 5.4 shall be subject to the
Executive’s (x) compliance with the restrictions in Section 7 and (y) execution, within 60 days of the Executive’s termination, of a general release and waiver of claims against the Company, its officers, directors,
employees and agents from any and all liability arising from the Executive’s employment relationship with the Company (which release will include an agreement between both parties not to disparage the other) that is not revoked. 

6. Change in Control.  

6.1 In the event of the occurrence of a Change in Control of the Company, the Executive shall remain employed by the Company, pursuant to the
terms and conditions of this Agreement. If, within two years after the Change in Control, (A) the Executive’s employment is terminated without Cause or (B) the Executive resigns following: 

 (i) a material diminution in his duties as set forth in Section 1.2 of this Agreement; or

 (ii) in the case of the sale of the Company, the Executive either: (a) is not offered a comparable position by the buyer; or
(b) is required by the buyer to be based anywhere beyond 50 miles from the Company’s current offices in Rochester, New York (except for required travel on Company business to an extent substantially consistent with that preceding the
Change in Control), (either (i) or (ii), a “Resignation for Good Cause”), then the Executive shall be entitled to the benefits described in Section 6.2. 

6.2 Upon a termination without Cause in a Change in Control or a Resignation for Good Cause described in Section 6.1 during the Term, the
Executive will receive in one lump sum amount, unless otherwise noted: 
 (A) to the extent not yet paid, the Executive’s Base Salary
through the date of termination at the rate in effect on the date of termination; 
 (B) two year’s Base Salary (as in effect as of
the date of such termination or resignation), payable as follows, (x) a lump sum payment six months following such termination or resignation equal to six months of Base Salary and (y) following such six month period, continued payment of
Base Salary (payable in accordance with the Company’s payroll practice) for the remaining 18 months; 
 (C) payment of the Preceding
and/or Pro Rata Bonus to which the Executive is entitled, payable not less than six months following such termination of employment, but otherwise in accordance with Section 3.2; and 

(D) any and all stock options that have been granted to the Executive (that have neither expired nor been previously exercised by the
Executive) through the termination date shall be deemed fully vested on such termination date and exercisable for a period of 90 days following such date (but, in no case, beyond each such option’s specified expiration date), all in accordance
with the other terms of any such plan or grant. 
 All payments to be provided to the Executive under this Section shall be subject to the Executive’s
(x) compliance with the restrictions in Section 7 and (y) execution, within 60 days of the Executive’s termination, of a general release and waiver of claims against the Company, its officers, directors, employees and agents from
any and all liability arising from the Executive’s employment relationship with the Company (which release will include an agreement between both parties not to disparage the other) that is not revoked. 

6.3 For purposes of this Agreement, a “Change in Control” shall mean any of the following: (A) any person who is not an
“affiliate” (as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended) of the Company as of the date of this Agreement becomes the beneficial owner, directly or indirectly, of 50% or more of the combined voting power
of the then outstanding securities of the Company except pursuant to a public offering of securities of the Company; (B) the sale of the Company substantially as an entity (whether by 

 
sale of stock, sale of assets, merger, consolidation, or otherwise) to a person who is not an affiliate of the Company as of the date of this Agreement; or (C) there occurs a merger,
consolidation or other reorganization of the Company with a person who is not an affiliate of the Company as of the date of this Agreement, and in which shareholders of the Company immediately preceding the merger hold less than 50% (the voting and
consent rights of Class C Preferred Stock shall be disregarded in this calculation) of the combined voting power for the election of directors of the Company immediately following the merger. For purposes of this Section 6.3, the term
“person” shall include a legal entity, as well as an individual. A Change in Control shall not be deemed to occur because of the sale or conversion of any or all of Class C Preferred Stock of the Company unless there is a simultaneous
change described in clauses (A), (B) or (C) of the preceding sentence. 
 7. Confidentiality and Covenant against
Competition. 
 7.1 Non-Disclosure. 

(A) The Executive shall forever hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge
or data relating to the Company or any of its affiliated companies, and their respective businesses, which shall have been obtained by the Executive during the Executive’s employment by the Company or any of its affiliated companies and which
shall not be public knowledge (other than as a result of a breach of this Section 7.1 by the Executive). The Executive shall not, without the prior written consent of the Company or except as required by law or in a judicial or administrative
proceeding with subpoena powers, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. 

(B) Notwithstanding the foregoing, nothing in this Agreement shall (i) prohibit the Executive from making reports of possible violations
of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or of
any other whistleblower protection provisions of state or federal law or regulation, or (ii) require notification or prior approval by the Company of any reporting described in clause (i). 

(C) Pursuant to The Defend Trade Secrets Act (18 USC § 1833(b)), the Executive may not be held criminally or civilly liable under any
federal or state trade secret law for disclosure of a trade secret: (i) made in confidence to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of
law; and/or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, the Executive, if suing the Company for retaliation based on the reporting of a suspected violation of
law, may disclose a trade secret to his 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 Executive does not disclose the trade secret except
pursuant to court order. 

 7.2 Non-Competition. The Executive will not, during the period of the Executive’s
employment with the Company, and for a period of one year thereafter, directly or indirectly, (a) engage in (as a principal, partner, director, officer, stockholder (except as permitted below), agent, employee, consultant or otherwise); or
(b) be financially interested in, any entity materially engaged in any portion of the business of the Company within the territory served, or contemplated to be entered, by the Company on the date of such termination of employment. Nothing
contained herein shall prevent the Executive from owning beneficially or of record not more than five percent of the outstanding equity securities of any entity whose equity securities are registered under the Securities Act of 1933, as amended, or
are listed for trading on any recognizable United States or foreign stock exchange or market. The business of the Company shall be defined to include the automotive repair/maintenance services and related activities, as well as the sale and service
of tires and related accessories, each of which shall be deemed a portion of the business. 
 7.3 Non-Solicitation of Employees. The
Executive will not, during the period of the Executive’s employment with the Company, and for a period of one year after the termination of the Executive’s employment with the Company for any reason, directly or indirectly, recruit,
solicit or otherwise induce or attempt to induce any employee of the Company to leave the employment of the Company, nor hire any such employee at any enterprise with which the Executive is then affiliated. 

7.4 Enforceability of Provisions. If any restriction set forth in this Section 7 is found by any court of competent jurisdiction
to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic
area as to which it may be enforceable, it being understood and agreed that by the execution of this Agreement, the parties hereto regard the restrictions herein as reasonable and compatible with their respective rights. 

7.5 Remedy for Breach. The Executive hereby acknowledges that the provisions of this Section 7 are reasonable and necessary for
the protection of the Company and its respective subsidiaries and affiliates. In addition, the Executive further acknowledges that the Company and its respective subsidiaries and affiliates will be irrevocably damaged if such covenants are not
specifically enforced. Accordingly, the Executive agrees that, in addition to any other relief to which the Company may be entitled, the Company will be entitled to seek and obtain injunctive relief (without the requirement of any bond) from a court
of competent jurisdiction for the purposes of restraining the Executive from an actual or threatened breach of such covenants. In addition, and without limiting the Company’s other remedies, in the event of any breach by the Executive of such
covenants, the Company will have no obligation to pay any of the amounts that remain payable by the Company in Sections 5 and 6 of this Agreement. 

8. Executive’s Representations. The Executive represents that he is not precluded from performing this employment by reason of a
pre-existing contractual restriction or physical or mental disability. Upon any breach or inaccuracy of the foregoing, the terms and benefits of this Agreement shall be null and void. The Executive shall indemnify and hold harmless the Company from
and against any and all claims, liabilities, damages and reasonable costs of 

 
defense and investigation arising out of any breach or inaccuracy in any of the foregoing representations.  

9. Other Provisions. 

9.1 Withholdings. The Company may withhold from any amounts payable under this Agreement such federal, state or local taxes as shall be
required to be withheld pursuant to any applicable law or regulation. 
 9.2 Notices. Any notice or other communication required or
which may be given hereunder shall be in writing and shall be delivered personally, telecopied, or sent by certified, registered or express mail, postage prepaid, to the parties at the following addresses or at such other addresses as shall be
specified by the parties by like notice, and shall be deemed given when so delivered personally, telecopied or if mailed, two days after the date of mailing, as follows: 
  

	 	(a)	if to the Company, to it at: 

 Monro Muffler Brake, Inc. 

200 Holleder Parkway 

Rochester, New York 14615 

Attention: Chief Executive Officer 

with a copy to: 

Monro Muffler Brake, Inc. 

200 Holleder Parkway 

Rochester, New York 14615 

Attention: General Counsel 
  

	 	(b)	if to the Executive, to him at: 

 500 Webster Road 

Webster, New York 14580 

9.3 Entire Agreement. This Agreement, together with the Bonus Plan and the agreements evidencing the Option, contains the entire
understanding of the Company and the Executive with respect to the subject matter hereof. 
 9.4 Waivers and Amendments. This
Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. No delay on the part of any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, power or privilege hereunder. 

 9.5 Governing Law; Jurisdiction. This Agreement shall be governed by and construed and
enforced in accordance with and subject to, the laws of the State of New York applicable to agreements made and to be performed entirely within such state. The courts of New York and the United States District Courts for New York shall have
jurisdiction over the parties with respect to any dispute or controversy between them arising under or in connection with this Agreement. 

9.6 Assignment. This Agreement shall inure to the benefit of and shall be binding upon the Company and its successors. This Agreement
is personal to the Executive and shall not be assignable by Executive otherwise than by will or the laws of descent and distribution. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such
succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise. 
 9.7 Headings. The headings in this Agreement are for reference purposes only and shall not in any way affect
the meaning or interpretation of this Agreement. 
 9.8 Severability. If any term, provision, covenant or restriction of this
Agreement, or any part thereof, is held by a court of competent jurisdiction of any foreign, federal, state, county or local government or any other governmental, regulatory or administrative agency or authority to be invalid, void, unenforceable or
against public policy for any reason, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 

9.9 Section 409A. The compensation and benefits provided under this Agreement are intended to qualify for an exemption from or to
comply with the requirements of Section 409A of the Code and the treasury regulations and other official guidance issued thereunder (collectively, “Section 409A”), so as to prevent the inclusion in gross income of any compensation or
benefits accrued hereunder in a taxable year prior to the taxable year or years in which such amount would otherwise be actually distributed or made available to the Executive, and this Agreement shall be administered and interpreted consistent with
such intention. For purposes of Sections 4, 5 and 6 of this Agreement, “removal,” “termination of the Executive’s employment” and words of similar import mean a “separation from service” with the Company as defined
by Section 409A. The reimbursement of taxable expenses such as contemplated in Sections 3.5 and 3.7 to the Executive shall be made no later than the end of the year following the year in which the expense was incurred, and the expenses
reimbursed in one year shall not affect the expenses eligible for reimbursement in any other year. Where the 60-day period for the Executive to execute and not revoke a general release and waiver begins in one calendar year and ends in the following
calendar year, payment shall be made no sooner than the first day of the following calendar year. 

 IN WITNESS WHEREOF, the parties have executed this Employment Agreement on the date first above
written. 
  

			
	MONRO MUFFLER BRAKE, INC.
		
	By:	 	/s/ John W. Van Heel
		 	John W. Van Heel
		 	President and Chief Executive Officer
		
		 	/s/ Brian J. D’Ambrosia
		 	Brian J. D’Ambrosia

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