SEC Contract Filing

Filing Date: 2018-03-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.24
<SEQUENCE>3
<FILENAME>hgv-ex1024_686.htm
<DESCRIPTION>EX-10.24
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<p style="text-align:right;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:right;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman Bold;letter-spacing:0.25pt;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.24</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;text-align:center;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman Bold;letter-spacing:0.25pt;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">HILTON GRAND VACATIONS INC.</p>
<p style="margin-top:0pt;text-align:center;margin-bottom:12pt;text-indent:0%;font-weight:bold;font-family:Times New Roman Bold;letter-spacing:0.25pt;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">SEVERANCE AGREEMENT</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">THIS SEVERANCE AGREEMENT (the &#8220;<font style="text-decoration:underline;">Agreement</font>&#8221;) is entered into effective as of November 30, 2017 (the &#8220;<font style="text-decoration:underline;">Effective Date</font>&#8221;), by and between HILTON GRAND VACATIONS INC., a Delaware corporation (the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;), and Sherri Silver (the &#8220;<font style="text-decoration:underline;">Executive</font>&#8221;). </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Executive is currently employed by the Company; and </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company considers the establishment and maintenance of a sound and vital management group to be essential to protecting and enhancing the best interests of the Company and its stockholders; and </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company has determined that the best interests of the Company and its stockholders will be served by reinforcing and encouraging the continued dedication of the Executive to his or her assigned duties without distractions, including but not limited to distractions arising from a potential change in control of the Company; and </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, this Agreement is intended to remove such distractions and to reinforce the continued attention and dedication of the Executive to his or her assigned duties; </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE, in consideration of the mutual promises and agreements contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Executive and the Company hereby agree as follows: </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;color:#000000;text-transform:uppercase;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-variant: normal;">1.<font style="margin-left:0pt;"></font><font style="font-weight:bold;text-transform:none;color:#000000;">Certain Defined Terms</font><font style="text-transform:none;color:#000000;">.&nbsp;&nbsp;In addition to other terms defined herein, for purposes of the Agreement, the following terms shall have the meanings indicated below:</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.1<font style="margin-left:0pt;"></font><font style="color:#000000;">&#8220;</font><font style="text-decoration:underline;color:#000000;">Accrued Amounts</font><font style="color:#000000;">&#8221; means (a) accrued but unpaid base salary through the Termination Date; (b) a cash payment in lieu of any accrued but unused vacation through the Termination Date; (c) any unreimbursed business expenses incurred through the Termination Date and payable to Executive, in accordance with any Company business expense policies (as applicable); (d) if the Executive&#8217;s termination occurs after the end of the annual bonus performance period but before the annual bonus for the preceding year is paid, the annual bonus for the preceding year, to the extent earned; and (e) any payments and benefits to which Executive is entitled pursuant to the terms of any employee benefit or compensation plan or program in which Executive participates (or participated). The Company shall pay Executive the items in (a) through (c) within 30 days following the Termination Date; the item in (d) on or before March 15 of the year follo