SEC Contract Filing

Filing Date: 2020-07-30

Document Content:
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<TYPE>EX-10.4
<SEQUENCE>2
<FILENAME>hgv-ex104_8.htm
<DESCRIPTION>EX-10.4
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<p style="text-align:right;margin-bottom:10pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.4</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Execution Version</p>
<p style="margin-bottom:0pt;text-align:center;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;text-align:center;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SEPARATION, WAIVER AND RELEASE AGREEMENT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:5.77%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Separation, Waiver and Release Agreement (this &#8220;<font style="text-decoration:underline;">Agreement</font>&#8221;) is entered into by between Barbara L. Hollkamp (&#8220;<font style="text-decoration:underline;">You</font>&#8221; or &#8220;<font style="text-decoration:underline;">Your</font>&#8221;) and Hilton Grand Vacations Inc. (&#8220;<font style="text-decoration:underline;">HGV</font>&#8221; or the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;).</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:5.77%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, You currently serve as the Company&#8217;s Executive Vice President and Chief Human Resources Officer;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:5.77%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, You and the Company are parties to that certain severance agreement, dated as of April l7, 2017 (the &#8220;<font style="text-decoration:underline;">Severance Agreement</font>&#8221;), that provides for certain severance payments and benefits in certain termination of employment events; </p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:5.77%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, You and the Company are parties to several award agreements related to certain stock options, service-based restricted stock units and performance-based restricted stock units (such equity awards, collectively, the &#8220;<font style="text-decoration:underline;">Equity Awards</font>&#8221;) granted under the Hilton Grand Vacations Inc. 2017 Omnibus Incentive Plan (the &#8220;<font style="text-decoration:underline;">2017 Plan</font>&#8221;) that have been previously issued to You;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:5.77%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, under the award agreements evidencing the Equity Awards, among other things, You currently meet the minimum age and years of service requirements within the definition of a &#8220;Qualifying Retirement&#8221; (as defined therein) that would inure certain additional vesting rights in the event of certain separation events; and</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:5.77%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company and You have discussed a mutually agreeable separation from the Company, such separation to be effective as of July 31, 2020, and which separation shall be treated as a &#8220;Qualifying Termination&#8221; as defined in the Severance Agreement. </p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:5.77%;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 premises and the mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows:<font style="margin-left:36pt;"></font></p>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:12pt;">You acknowledge and agree that Your employment with the Company will terminate effective July 31, 2020 (the &#8220;<font style="text-decoration:underline;">Separation Date</font>&#8221;). All other positions that You hold with the Company, its subsidiaries and affiliates shall terminate effe